XML 23 R12.htm IDEA: XBRL DOCUMENT v3.20.4
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:
CategoryBalance Sheet LocationDecember 31,
2020		March 31,
2020
Operating Leases(Amounts in millions)
Right-of-use assetsOther 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-current122.8 129.6 
$162.7 164.9 
Finance Leases
Right-of-use assetsProperty 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 leases5.46.1
Finance leases0.221.6
Weighted average discount rate:
Operating leases3.90 %4.10 %
Finance leases7.00 %6.40 %
The expected future payments relating to the Company's operating and finance lease liabilities at December 31, 2020 are as follows:
Operating LeasesFinance Leases
(Amounts in millions)
Three months ending March 31, 2021$13.5 $0.4 
Year ending March 31,
202240.9 — 
202337.5 — 
202425.3 — 
202515.0 — 
Thereafter49.4 — 
Total lease payments181.6 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:
CategoryBalance Sheet LocationDecember 31,
2020		March 31,
2020
Operating Leases(Amounts in millions)
Right-of-use assetsOther 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-current122.8 129.6 
$162.7 164.9 
Finance Leases
Right-of-use assetsProperty 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 leases5.46.1
Finance leases0.221.6
Weighted average discount rate:
Operating leases3.90 %4.10 %
Finance leases7.00 %6.40 %
The expected future payments relating to the Company's operating and finance lease liabilities at December 31, 2020 are as follows:
Operating LeasesFinance Leases
(Amounts in millions)
Three months ending March 31, 2021$13.5 $0.4 
Year ending March 31,
202240.9 — 
202337.5 — 
202425.3 — 
202515.0 — 
Thereafter49.4 — 
Total lease payments181.6 0.4 
Less imputed interest(18.9)— 
Total$162.7 $0.4