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Leases | 12 Months Ended
--- | ---
Mar. 31, 2020
Leases [Abstract] |
Leases | Leases The Company has operating leases primarily for office space, studio facilities, and other equipment. The Company also has finance leases for a satellite transponder and the Starz commercial building. The Company's leases have remaining lease terms of up to approximately 10 years, and the Starz commercial building lease includes four successive five-year renewal periods at the Company's option. Most leases are not cancelable prior to their expiration. The components of lease cost were as follows:
| Year Ended
| March 31,
| 2020
| (Amounts in millions)
Operating lease cost(1) | $ | 35.3 |
Finance lease cost |
Amortization of right-of-use assets | 3.0 |
Interest on lease liabilities | 3.4 |
Total finance lease cost | 6.4 |
Short-term lease cost(1)(2) | 93.3 |
Total lease cost | $ | 135.0 |
___________________
(1) | Amounts include costs capitalized during the period for leased assets used in the production of film and television programs. Operating lease cost amounts primarily represent the amortization of right-of-use assets and are included in the “other amortization” line of the consolidated statement of cash flows.
(2) | Short-term lease cost primarily consists of leases of facilities and equipment associated with film and television productions.
Supplemental cash flow information related to leases was as follows:
| Year Ended
| March 31,
| 2020
| (Amounts in millions)
Cash paid for amounts included in the measurement of lease liabilities: |
Operating cash flows for operating leases | $ | 37.1 |
Operating cash flows for finance leases | 3.4 |
Financing cash flows for finance leases | 3.0 |
Right-of-use assets obtained in exchange for new lease obligations: |
Operating leases | 8.3 |
Supplemental balance sheet information related to leases was as follows:
Category |  | Balance Sheet Location |  | March 31, 2020
Operating Leases |  |  |  | (Amounts in millions)
Right-of-use assets |  | Other assets - non-current |  | $ | 136.9 |
Lease liabilities (current) |  | Accounts payable and accrued liabilities |  | $ | 35.3 |
Lease liabilities (non-current) |  | Other liabilities - non-current |  | 129.6 |
|  |  |  | $ | 164.9 |
Finance Leases |  |  |  |
Right-of-use assets |  | Property and equipment, net |  | $ | 46.4 |
Lease liabilities (current) |  | Debt - short-term portion |  | $ | 3.0 |
Lease liabilities (non-current) |  | Debt - non-current |  | 39.4 |
|  |  |  | $ | 42.4 |
| March 31, 2020
Weighted average remaining lease term (in years): |
Operating leases | 6.1 |
Finance leases | 21.6 |
Weighted average discount rate: |
Operating leases | 4.10 | %
Finance leases | 6.40 | %
The expected future payments relating to the Company's operating and finance lease liabilities at March 31, 2020 are as follows:
| Operating Leases |  | Finance Leases
| (Amounts in millions)
Year ending March 31, |  |  |
2021 | $ | 41.2 |  |  | $ | 6.2 |
2022 | 33.1 |  |  | 3.9 |
2023 | 32.4 |  |  | 3.9 |
2024 | 20.3 |  |  | 3.9 |
2025 | 13.0 |  |  | 3.9 |
Thereafter | 47.0 |  |  | 69.6 |
Total lease payments | 187.0 |  |  | 91.4 |
Less imputed interest | (22.1 | ) |  | (49.0 | )
Total | $ | 164.9 |  |  | $ | 42.4 |
As of March 31, 2020, the Company has entered into a lease that has not yet commenced related to a studio facility owned by an equity-method investee, for which construction has not yet been completed. The lease is for a term of 10.5 years, commencing upon completion of construction of the studio facility (currently expected to be in calendar year 2021), and includes an option to extend the term for an additional 5 years. The total minimum lease payments under this lease are approximately $71.7 million. Under the accounting guidance in effect prior to April 1, 2019, the Company incurred rent expense of $27.0 million and $20.7 million in the years ended March 31, 2019 and 2018, respectively.
Leases | Leases The Company has operating leases primarily for office space, studio facilities, and other equipment. The Company also has finance leases for a satellite transponder and the Starz commercial building. The Company's leases have remaining lease terms of up to approximately 10 years, and the Starz commercial building lease includes four successive five-year renewal periods at the Company's option. Most leases are not cancelable prior to their expiration. The components of lease cost were as follows:
| Year Ended
| March 31,
| 2020
| (Amounts in millions)
Operating lease cost(1) | $ | 35.3 |
Finance lease cost |
Amortization of right-of-use assets | 3.0 |
Interest on lease liabilities | 3.4 |
Total finance lease cost | 6.4 |
Short-term lease cost(1)(2) | 93.3 |
Total lease cost | $ | 135.0 |
___________________
(1) | Amounts include costs capitalized during the period for leased assets used in the production of film and television programs. Operating lease cost amounts primarily represent the amortization of right-of-use assets and are included in the “other amortization” line of the consolidated statement of cash flows.
(2) | Short-term lease cost primarily consists of leases of facilities and equipment associated with film and television productions.
Supplemental cash flow information related to leases was as follows:
| Year Ended
| March 31,
| 2020
| (Amounts in millions)
Cash paid for amounts included in the measurement of lease liabilities: |
Operating cash flows for operating leases | $ | 37.1 |
Operating cash flows for finance leases | 3.4 |
Financing cash flows for finance leases | 3.0 |
Right-of-use assets obtained in exchange for new lease obligations: |
Operating leases | 8.3 |
Supplemental balance sheet information related to leases was as follows:
Category |  | Balance Sheet Location |  | March 31, 2020
Operating Leases |  |  |  | (Amounts in millions)
Right-of-use assets |  | Other assets - non-current |  | $ | 136.9 |
Lease liabilities (current) |  | Accounts payable and accrued liabilities |  | $ | 35.3 |
Lease liabilities (non-current) |  | Other liabilities - non-current |  | 129.6 |
|  |  |  | $ | 164.9 |
Finance Leases |  |  |  |
Right-of-use assets |  | Property and equipment, net |  | $ | 46.4 |
Lease liabilities (current) |  | Debt - short-term portion |  | $ | 3.0 |
Lease liabilities (non-current) |  | Debt - non-current |  | 39.4 |
|  |  |  | $ | 42.4 |
| March 31, 2020
Weighted average remaining lease term (in years): |
Operating leases | 6.1 |
Finance leases | 21.6 |
Weighted average discount rate: |
Operating leases | 4.10 | %
Finance leases | 6.40 | %
The expected future payments relating to the Company's operating and finance lease liabilities at March 31, 2020 are as follows:
| Operating Leases |  | Finance Leases
| (Amounts in millions)
Year ending March 31, |  |  |
2021 | $ | 41.2 |  |  | $ | 6.2 |
2022 | 33.1 |  |  | 3.9 |
2023 | 32.4 |  |  | 3.9 |
2024 | 20.3 |  |  | 3.9 |
2025 | 13.0 |  |  | 3.9 |
Thereafter | 47.0 |  |  | 69.6 |
Total lease payments | 187.0 |  |  | 91.4 |
Less imputed interest | (22.1 | ) |  | (49.0 | )
Total | $ | 164.9 |  |  | $ | 42.4 |

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- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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