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Investment In Films and Television Programs and Program Rights (Tables)

9 Months Ended

Dec. 31, 2020

Investment In Films And Television Programs and Program Rights [Abstract]

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 unaudited condensed consolidated statements of operations, and represented the following amounts by segment for the three and nine months ended December 31, 2020 and 2019:


	Three Months Ended				Nine Months Ended
	December 31,				December 31,
	2020		2019		2020		2019
	(Amounts in millions)
Impairments by segment:
Motion Picture	$	13.7	$	37.2	$	14.6	$	38.8
Television Production	5.2		—		8.0		0.7

Impairments not included in segment operating results(1)	—		74.0		15.4		74.0

	$	18.9	$	111.2	$	38.0	$	113.5

________________________

(1)Impairments not included in segment operating results in the nine months ended December 31, 2020 represent a charge due to changes in performance expectations resulting from circumstances associated with the COVID-19 global pandemic. In the three and nine months ended December 31, 2019, amounts represent 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 13 and Note 14).

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:


	December 31, 2020
	(Amounts in millions)
Investment in Films and Television Programs:
Individual Monetization
Released, net of accumulated amortization	$	389.4
Completed and not released	139.5
In progress	304.9
In development	91.6
	925.4
Film Group Monetization
Released, net of accumulated amortization	$	229.0
Completed and not released	—
In progress	292.8
In development	32.1
	553.9
Licensed program rights, net of accumulated amortization	$	482.1
Investment in films and television programs and program rights, net	$	1,961.4

Amortization of Investment in Films and Television Programs and Licensed Program Rights

Amortization of investment in film and television programs and licensed program rights by predominant monetization strategy is as follows for the three and nine months ended December 31, 2020, and was included in direct operating expense in the unaudited condensed consolidated statement of operations:


	Three Months Ended		Nine Months Ended
	December 31,		December 31,
	2020			2020
	(Amounts in millions)
Amortization expense:
Individual monetization	$	132.9		$	361.7
Film group monetization	78.6			193.2
Licensed program rights	110.7			298.7
	$	322.2		$	853.6

Schedule of Estimated Future Amortization Expense for Investment in Films and Television Programs and Licensed Program Rights

The table below summarizes estimated future amortization expense for the Company's investment in film and television programs and licensed program rights as of December 31, 2020:


	Twelve Months Ended
	December 31,
	2021		2022		2023
	(Amounts in millions)
Estimated future amortization expense:
Released investment in films and television programs:
Individual monetization	$	135.2	$	64.3	$	48.0
Film group monetization	$	102.0	$	60.7	$	27.4
Licensed program rights	$	217.0	$	87.3	$	47.8

Completed and not released investment in films and television programs:
Individual monetization	$	99.4	n/a		n/a
Film group monetization	$	—	n/a		n/a