Investment In Films and Television Programs and Program Rights

3 Months Ended

Jun. 30, 2019

Investment In Films And Television Programs and Program Rights [Abstract]

Investment In Films and Television Programs and Program Rights

Investment in Films and Television Programs and Program Rights



	June 30, 2019			March 31, 2019
	(Amounts in millions)
Motion Picture Segment - Theatrical and Non-Theatrical Films
Released, net of accumulated amortization	$	459.6		$	376.7
Acquired libraries, net of accumulated amortization	1.8			1.8
Completed and not released	18.8			80.6
In progress	173.8			250.4
In development	47.3			45.0
	701.3			754.5
Television Production Segment - Direct-to-Television Programs
Released, net of accumulated amortization	193.8			186.1
In progress	277.4			295.6
In development	19.4			17.6
	490.6			499.3
Media Networks Segment
Released program rights, net of accumulated amortization	613.7			591.0
In progress	67.4			106.8
In development	44.1			56.2
	725.2			754.0

Intersegment eliminations	(23.3		)	(40.1		)

Investment in films and television programs and program rights, net	1,893.8			1,967.7
Less current portion of program rights	(274.3		)	(295.7		)
Non-current portion	$	1,619.5		$	1,672.0

During the three months ended June 30, 2019 and 2018, 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 months ended June 30, 2019, the Company recorded $1.6 million of fair value film write-downs (2018 - $4.5 million).