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Investment in Films and Television Programs and Licensed Program Rights
 12 Months Ended
Mar. 31, 2021
Investment in Films and Television Programs and Licensed Program Rights [Abstract]  
Investment in Films and Television Programs and Licensed Program Rights Investment in Films and Television Programs and Licensed Program Rights
Total investment in films and television programs and licensed program rights by predominant monetization strategy is as follows:
March 31,
2021
 (Amounts in millions)
Investment in Films and Television Programs:
Individual Monetization(1)
Released, net of accumulated amortization$414.7 
Completed and not released60.3 
In progress418.7 
In development92.9 
986.6 
Film Group Monetization
Released, net of accumulated amortization$200.4 
Completed and not released— 
In progress497.1 
In development28.2 
725.7 
Licensed program rights, net of accumulated amortization$510.4 
Investment in films and television programs and program rights, net$2,222.7 
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(1)At March 31, 2021, the unamortized balance related to completed and not released and in progress theatrical films was $253.1 million.

At March 31, 2021, acquired film and television libraries have remaining unamortized costs of $18.3 million, which are monetized individually and are being amortized using the individual-film-forecast method over a remaining period of approximately 19.5 years.

Amortization of investment in film and television programs and licensed program rights by predominant monetization strategy is as follows for the fiscal year ended March 31, 2021, and was included in direct operating expense in the consolidated statement of operations:
Year Ended
March 31,
2021
 
Amortization expense:
Individual monetization$539.3 
Film group monetization229.0 
Licensed program rights421.5 
$1,189.8 

Amortization of investment in film and television programs and licensed program rights for the fiscal years ended March 31, 2020 and 2019 was $1,706.7 million and $1,516.5 million, respectively.
The table below summarizes estimated future amortization expense for the Company's investment in film and television programs and licensed program rights as of March 31, 2021:
Year Ended
March 31,
202220232024
 (Amounts in millions)
Estimated future amortization expense:
Released investment in films and television programs:
Individual monetization$174.2 $77.3 $64.1 
Film group monetization$87.9 $58.2 $18.4 
Licensed program rights$219.8 $90.7 $55.2 
Completed and not released investment in films and television programs:
Individual monetization$30.4 n/an/a
Film group monetization$— n/an/a

Investment in films and television programs and licensed program rights includes write-downs to fair value, which are included in direct operating expense on the consolidated statements of operations, and represented the following amounts by segment for the fiscal years ended March 31, 2021, 2020 and 2019:
Year Ended
March 31,
202120202019
 (Amounts in millions)
Impairments by segment:
Motion Picture$19.4 $42.1 $22.9 
Television Production10.3 1.8 8.0 
Impairments not included in segment operating results(1)
15.4 91.6 35.1 
$45.1 $135.5 $66.0 
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(1)Impairments not included in segment operating results in the years ended March 31, 2021 and 2020 include charges due to changes in performance expectations resulting from circumstances associated with the COVID-19 global pandemic. In fiscal 2020 and fiscal 2019, these amounts also include certain programming and content charges recorded as a result of changes to the Company's programming and broadcasting strategy in connection with management changes (see Note 16 and Note 17). Of these amounts, $15.4 million, $13.1 million and $4.3 million for fiscal 2021, 2020 and 2019, respectively, related to motion picture titles.