Investment in Films and Television Programs and Program Rights



	September 30, 2017			March 31, 2017
	(Amounts in millions)
Motion Pictures Segment - Theatrical and Non-Theatrical Films
Released, net of accumulated amortization	$	515.5		$	610.5
Acquired libraries, net of accumulated amortization	2.8			2.3
Completed and not released	54.4			24.1
In progress	232.5			169.3
In development	33.6			29.7
	838.8			835.9
Television Production Segment - Direct-to-Television Programs
Released, net of accumulated amortization	164.4			179.3
In progress	173.8			104.1
In development	7.4			7.3
	345.6			290.7
Media Networks Segment
Licensed program rights, net of accumulated amortization	460.2			526.9
Produced programming
Released, net of accumulated amortization	164.5			132.7
In progress	96.9			200.9
In development	13.4			4.1
	735.0			864.6
Investment in films and television programs and program rights, net	1,919.4			1,991.2
Less current portion of program rights	(229.7		)	(261.7		)
Non-current portion	$	1,689.7		$	1,729.5

During the three and six months ended September 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 and six months ended September 30, 2017, the Company recorded $2.4 million and $2.7 million, respectively, of fair value film write-downs (2016 - $4.4 million and $6.3 million, respectively).