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Leases | 6 Months Ended
--- | ---
Sep. 30, 2020
Leases [Abstract] |
Leases | LeasesThe Company has operating leases primarily for office space, studio facilities, and other equipment. The Company also has a finance lease for a satellite transponder, and through the quarter ended June 30, 2020 the Company had classified its lease for the Starz commercial building as a finance lease. During the three months ended September 30, 2020, due to a change in the expected lease term of the Starz commercial building, the Company reassessed the lease classification of the Starz commercial building, which resulted in a change in classification of this lease from a finance lease to an operating lease. As a result, the right-of-use assets and lease liabilities (including the fair value adjustment) under finance leases decreased by $42.0 million and $48.6 million, respectively, and the right-of-use assets and lease liabilities under operating leases increased by $6.0 million and $12.6 million, respectively. The Company's leases have remaining lease terms of up to approximately 10 years. Supplemental balance sheet information related to leases was as follows:
Category |  | Balance Sheet Location |  | September 30, 2020 |  | March 31, 2020
Operating Leases |  |  |  | (Amounts in millions)
Right-of-use assets |  | Other assets - non-current |  | $ | 134.3 |  |  | 136.9 |
Lease liabilities (current) |  | Accounts payable and accrued liabilities |  | $ | 39.5 |  |  | 35.3 |
Lease liabilities (non-current) |  | Other liabilities - non-current |  | 130.2 |  |  | 129.6 |
|  |  |  | $ | 169.7 |  |  | 164.9 |
Finance Leases |  |  |  |  |  |
Right-of-use assets |  | Property and equipment, net |  | $ | 1.2 |  |  | 46.4 |
Lease liabilities (current) |  | Debt - short-term portion |  | $ | 1.0 |  |  | 3.0 |
Lease liabilities (non-current) |  | Debt - non-current |  | — |  |  | 39.4 |
|  |  |  | $ | 1.0 |  |  | 42.4 |
| September 30, 2020 |  | March 31, 2020
Weighted average remaining lease term (in years): |  |  |
Operating leases | 5.5 |  | 6.1
Finance leases | 0.4 |  | 21.6
Weighted average discount rate: |  |  |
Operating leases | 3.91 | % |  | 4.10 | %
Finance leases | 7.00 | % |  | 6.40 | %
The expected future payments relating to the Company's operating and finance lease liabilities at September 30, 2020 are as follows:
| Operating Leases |  | Finance Leases
| (Amounts in millions)
Six months ending March 31, 2021 | $ | 24.8 |  |  | $ | 1.0 |
Year ending March 31, |  |  |
2022 | 38.7 |  |  | — |
2023 | 37.4 |  |  | — |
2024 | 25.2 |  |  | — |
2025 | 14.9 |  |  | — |
Thereafter | 49.0 |  |  | — |
Total lease payments | 190.0 |  |  | 1.0 |
Less imputed interest | (20.3) |  |  | — |
Total | $ | 169.7 |  |  | $ | 1.0 |
Leases | LeasesThe Company has operating leases primarily for office space, studio facilities, and other equipment. The Company also has a finance lease for a satellite transponder, and through the quarter ended June 30, 2020 the Company had classified its lease for the Starz commercial building as a finance lease. During the three months ended September 30, 2020, due to a change in the expected lease term of the Starz commercial building, the Company reassessed the lease classification of the Starz commercial building, which resulted in a change in classification of this lease from a finance lease to an operating lease. As a result, the right-of-use assets and lease liabilities (including the fair value adjustment) under finance leases decreased by $42.0 million and $48.6 million, respectively, and the right-of-use assets and lease liabilities under operating leases increased by $6.0 million and $12.6 million, respectively. The Company's leases have remaining lease terms of up to approximately 10 years. Supplemental balance sheet information related to leases was as follows:
Category |  | Balance Sheet Location |  | September 30, 2020 |  | March 31, 2020
Operating Leases |  |  |  | (Amounts in millions)
Right-of-use assets |  | Other assets - non-current |  | $ | 134.3 |  |  | 136.9 |
Lease liabilities (current) |  | Accounts payable and accrued liabilities |  | $ | 39.5 |  |  | 35.3 |
Lease liabilities (non-current) |  | Other liabilities - non-current |  | 130.2 |  |  | 129.6 |
|  |  |  | $ | 169.7 |  |  | 164.9 |
Finance Leases |  |  |  |  |  |
Right-of-use assets |  | Property and equipment, net |  | $ | 1.2 |  |  | 46.4 |
Lease liabilities (current) |  | Debt - short-term portion |  | $ | 1.0 |  |  | 3.0 |
Lease liabilities (non-current) |  | Debt - non-current |  | — |  |  | 39.4 |
|  |  |  | $ | 1.0 |  |  | 42.4 |
| September 30, 2020 |  | March 31, 2020
Weighted average remaining lease term (in years): |  |  |
Operating leases | 5.5 |  | 6.1
Finance leases | 0.4 |  | 21.6
Weighted average discount rate: |  |  |
Operating leases | 3.91 | % |  | 4.10 | %
Finance leases | 7.00 | % |  | 6.40 | %
The expected future payments relating to the Company's operating and finance lease liabilities at September 30, 2020 are as follows:
| Operating Leases |  | Finance Leases
| (Amounts in millions)
Six months ending March 31, 2021 | $ | 24.8 |  |  | $ | 1.0 |
Year ending March 31, |  |  |
2022 | 38.7 |  |  | — |
2023 | 37.4 |  |  | — |
2024 | 25.2 |  |  | — |
2025 | 14.9 |  |  | — |
Thereafter | 49.0 |  |  | — |
Total lease payments | 190.0 |  |  | 1.0 |
Less imputed interest | (20.3) |  |  | — |
Total | $ | 169.7 |  |  | $ | 1.0 |

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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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