Investment in Films and Television Programs and Program Rights



	December 31, 2017			March 31, 2017
	(Amounts in millions)
Motion Pictures Segment - Theatrical and Non-Theatrical Films
Released, net of accumulated amortization	$	451.7		$	610.5
Acquired libraries, net of accumulated amortization	3.2			2.3
Completed and not released	22.9			24.1
In progress	328.3			169.3
In development	29.1			29.7
	835.2			835.9
Television Production Segment - Direct-to-Television Programs
Released, net of accumulated amortization	173.4			179.3
In progress	137.0			104.1
In development	11.3			7.3
	321.7			290.7
Media Networks Segment
Licensed program rights, net of accumulated amortization	460.7			526.9
Produced programming
Released, net of accumulated amortization	135.5			132.7
In progress	127.0			200.9
In development	21.4			4.1
	744.6			864.6
Investment in films and television programs and program rights, net	1,901.5			1,991.2
Less current portion of program rights	(215.6		)	(261.7		)
Non-current portion	$	1,685.9		$	1,729.5

During the three and nine months ended December 31, 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 nine months ended December 31, 2017, the Company recorded $24.2 million and $26.8 million, respectively, of fair value film write-downs (2016 - $2.3 million and $6.9 million, respectively).