Investment in Films and Television Programs and Program Rights



	September 30, 2018			March 31, 2018⁽¹⁾
	(Amounts in millions)
Motion Picture Segment - Theatrical and Non-Theatrical Films
Released, net of accumulated amortization	$	417.4		$	410.5
Acquired libraries, net of accumulated amortization	1.6			2.1
Completed and not released	93.3			55.0
In progress	268.4			347.2
In development	23.0			24.6
	803.7			839.4
Television Production Segment - Direct-to-Television Programs
Released, net of accumulated amortization	188.8			238.9
In progress	239.2			186.6
In development	9.9			4.8
	437.9			430.3
Media Networks Segment
Released program rights, net of accumulated amortization	530.7			616.9
In progress	114.2			45.6
In development	52.8			30.0
	697.7			692.5

Intersegment eliminations	(42.2		)	(17.0		)

Investment in films and television programs and program rights, net	1,897.1			1,945.2
Less current portion of program rights	(234.2		)	(253.2		)
Non-current portion	$	1,662.9		$	1,692.0

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(1)	As a result of the segment reorganization in the first quarter of fiscal 2019 (see Note 15), the Company has presented prior period segment data in a manner that conforms to the current period presentation.

During the three and six months ended September 30, 2018 and 2017, 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 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, 2018, the Company recorded $2.5 million and $7.0 million, respectively, of fair value film write-downs (2017 - $2.3 million and $2.6 million, respectively).