Investment in Films and Television Programs and Program Rights



	June 30, 2017			March 31, 2017
	(Amounts in millions)
Motion Pictures Segment - Theatrical and Non-Theatrical Films
Released, net of accumulated amortization	$	475.1		$	610.5
Acquired libraries, net of accumulated amortization	2.9			2.3
Completed and not released	45.3			24.1
In progress	207.6			169.3
In development	32.4			29.7
	763.3			835.9
Television Production Segment - Direct-to-Television Programs
Released, net of accumulated amortization	182.4			179.3
In progress	132.8			104.1
In development	4.2			7.3
	319.4			290.7
Media Networks Segment
Licensed program rights, net of accumulated amortization	495.0			526.9
Produced programming
Released, net of accumulated amortization	170.7			132.7
In progress	136.8			200.9
In development	14.0			4.1
	816.5			864.6
Investment in films and television programs and program rights, net	1,899.2			1,991.2
Less current portion of program rights	(238.8		)	(261.7		)
Non-current portion	$	1,660.4		$	1,729.5

During the three months ended June 30, 2017 and 2016, the Company performed fair value measurements related to films having indicators of impairment. In determining the fair value of its films, the Company employs a discounted cash flows ("DCF") methodology that includes cash flow estimates of a film’s ultimate revenue and costs as well as a discount rate. The discount rate utilized in the DCF analysis is based on the Company’s weighted average cost of capital plus a risk premium representing the risk associated with producing a particular film. As the primary determination of fair value is determined using a DCF model, the resulting fair value is considered a Level 3 measurement (see Note 8). During the three months ended June 30, 2017 and 2016, the Company recorded $0.4 million and $1.9 million, respectively, of fair value film write-downs.