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Leases | 9 Months Ended
--- | ---
Dec. 31, 2020
Leases [Abstract] |
Leases | Leases The 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 first quarter ended June 30, 2020 the Company had classified its lease for the Starz commercial building as a finance lease. During the second quarter 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 in the nine months ended December 31, 2020. 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 |  | December 31, 2020 |  | March 31, 2020
Operating Leases |  |  |  | (Amounts in millions)
Right-of-use assets |  | Other assets - non-current |  | $ | 128.7 |  |  | 136.9 |
Lease liabilities (current) |  | Accounts payable and accrued liabilities |  | $ | 39.9 |  |  | 35.3 |
Lease liabilities (non-current) |  | Other liabilities - non-current |  | 122.8 |  |  | 129.6 |
|  |  |  | $ | 162.7 |  |  | 164.9 |
Finance Leases |  |  |  |  |  |
Right-of-use assets |  | Property and equipment, net |  | $ | 0.8 |  |  | 46.4 |
Lease liabilities (current) |  | Debt - short-term portion |  | $ | 0.4 |  |  | 3.0 |
Lease liabilities (non-current) |  | Debt - non-current |  | — |  |  | 39.4 |
|  |  |  | $ | 0.4 |  |  | 42.4 |
| December 31, 2020 |  | March 31, 2020
Weighted average remaining lease term (in years): |  |  |
Operating leases | 5.4 |  | 6.1
Finance leases | 0.2 |  | 21.6
Weighted average discount rate: |  |  |
Operating leases | 3.90 | % |  | 4.10 | %
Finance leases | 7.00 | % |  | 6.40 | %
The expected future payments relating to the Company's operating and finance lease liabilities at December 31, 2020 are as follows:
| Operating Leases |  | Finance Leases
| (Amounts in millions)
Three months ending March 31, 2021 | $ | 13.5 |  |  | $ | 0.4 |
Year ending March 31, |  |  |
2022 | 40.9 |  |  | — |
2023 | 37.5 |  |  | — |
2024 | 25.3 |  |  | — |
2025 | 15.0 |  |  | — |
Thereafter | 49.4 |  |  | — |
Total lease payments | 181.6 |  |  | 0.4 |
Less imputed interest | (18.9) |  |  | — |
Total | $ | 162.7 |  |  | $ | 0.4 |
Leases | Leases The 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 first quarter ended June 30, 2020 the Company had classified its lease for the Starz commercial building as a finance lease. During the second quarter 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 in the nine months ended December 31, 2020. 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 |  | December 31, 2020 |  | March 31, 2020
Operating Leases |  |  |  | (Amounts in millions)
Right-of-use assets |  | Other assets - non-current |  | $ | 128.7 |  |  | 136.9 |
Lease liabilities (current) |  | Accounts payable and accrued liabilities |  | $ | 39.9 |  |  | 35.3 |
Lease liabilities (non-current) |  | Other liabilities - non-current |  | 122.8 |  |  | 129.6 |
|  |  |  | $ | 162.7 |  |  | 164.9 |
Finance Leases |  |  |  |  |  |
Right-of-use assets |  | Property and equipment, net |  | $ | 0.8 |  |  | 46.4 |
Lease liabilities (current) |  | Debt - short-term portion |  | $ | 0.4 |  |  | 3.0 |
Lease liabilities (non-current) |  | Debt - non-current |  | — |  |  | 39.4 |
|  |  |  | $ | 0.4 |  |  | 42.4 |
| December 31, 2020 |  | March 31, 2020
Weighted average remaining lease term (in years): |  |  |
Operating leases | 5.4 |  | 6.1
Finance leases | 0.2 |  | 21.6
Weighted average discount rate: |  |  |
Operating leases | 3.90 | % |  | 4.10 | %
Finance leases | 7.00 | % |  | 6.40 | %
The expected future payments relating to the Company's operating and finance lease liabilities at December 31, 2020 are as follows:
| Operating Leases |  | Finance Leases
| (Amounts in millions)
Three months ending March 31, 2021 | $ | 13.5 |  |  | $ | 0.4 |
Year ending March 31, |  |  |
2022 | 40.9 |  |  | — |
2023 | 37.5 |  |  | — |
2024 | 25.3 |  |  | — |
2025 | 15.0 |  |  | — |
Thereafter | 49.4 |  |  | — |
Total lease payments | 181.6 |  |  | 0.4 |
Less imputed interest | (18.9) |  |  | — |
Total | $ | 162.7 |  |  | $ | 0.4 |

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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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