XML 26 R16.htm IDEA: XBRL DOCUMENT
v3.21.2

Revenue | 6 Months Ended
--- | ---
Sep. 30, 2021
Revenue from Contract with Customer [Abstract] |
Revenue | Revenue The Company's Motion Picture and Television Production segments generate revenue principally from the licensing of content in domestic theatrical exhibition, home entertainment (e.g., digital media and packaged media), television, and international market places. The Company's Media Networks segment generates revenue primarily from the distribution of the Company's STARZ branded premium subscription video services. Revenue by Segment, Market or Product Line The table below presents revenues by segment, market or product line for the three and six months ended September 30, 2021 and 2020:
| Three Months Ended |  | Six Months Ended
| September 30, |  | September 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
| (Amounts in millions)
Revenue by Type: |  |  |  |  |  |  |
Motion Picture |  |  |  |  |  |  |
Theatrical | $ | 16.0 |  |  | $ | — |  |  | $ | 44.4 |  |  | $ | 0.3 |
Home Entertainment |  |  |  |  |  |  |
Digital Media | 129.8 |  |  | 116.1 |  |  | 242.0 |  |  | 243.9 |
Packaged Media | 31.2 |  |  | 33.9 |  |  | 65.2 |  |  | 73.5 |
Total Home Entertainment | 161.0 |  |  | 150.0 |  |  | 307.2 |  |  | 317.4 |
Television | 90.9 |  |  | 59.1 |  |  | 141.6 |  |  | 117.6 |
International | 59.3 |  |  | 45.5 |  |  | 122.1 |  |  | 97.9 |
Other | 3.7 |  |  | 3.0 |  |  | 6.8 |  |  | 5.1 |
Total Motion Picture revenues | 330.9 |  |  | 257.6 |  |  | 622.1 |  |  | 538.3 |
Television Production |  |  |  |  |  |  |
Television | 228.2 |  |  | 116.7 |  |  | 500.4 |  |  | 212.6 |
International | 57.0 |  |  | 47.9 |  |  | 124.4 |  |  | 94.3 |
Home Entertainment |  |  |  |  |  |  |
Digital Media | 33.2 |  |  | 15.9 |  |  | 57.8 |  |  | 61.8 |
Packaged Media | 1.0 |  |  | 1.1 |  |  | 3.2 |  |  | 1.8 |
Total Home Entertainment | 34.2 |  |  | 17.0 |  |  | 61.0 |  |  | 63.6 |
Other | 16.6 |  |  | 15.6 |  |  | 36.3 |  |  | 22.4 |
Total Television Production revenues | 336.0 |  |  | 197.2 |  |  | 722.1 |  |  | 392.9 |
Media Networks - Programming Revenues |  |  |  |  |  |  |
Domestic(1) | 358.6 |  |  | 374.1 |  |  | 716.7 |  |  | 731.3 |
International | 26.1 |  |  | 14.2 |  |  | 50.3 |  |  | 24.2 |
| 384.7 |  |  | 388.3 |  |  | 767.0 |  |  | 755.5 |
Intersegment eliminations | (163.8) |  |  | (98.1) |  |  | (322.2) |  |  | (128.0) |
Total revenues | $ | 887.8 |  |  | $ | 745.0 |  |  | $ | 1,789.0 |  |  | $ | 1,558.7 |
___________________ (1)Media Networks domestic revenues for the three and six months ended September 30, 2020 included revenue from the Company's former Other Streaming Services product line of $13.3 million and $24.8 million, respectively, substantially all of which related to the Company's former interest in Pantaya, which was sold on March 31, 2021 (see Note 2). Remaining Performance Obligations Remaining performance obligations represent deferred revenue on the balance sheet plus fixed fee or minimum guarantee contracts where the revenue will be recognized and the cash received in the future (i.e., backlog). Revenues expected to be recognized in the future related to performance obligations that are unsatisfied at September 30, 2021 are as follows:
|  | Rest of Year Ending March 31, 2022 |  | Year Ending March 31, |  |  |  |
|  |  | 2023 |  | 2024 |  | Thereafter |  | Total
|  | (Amounts in millions)
Remaining Performance Obligations |  | $ | 711.7 |  |  | $ | 470.5 |  |  | $ | 152.1 |  |  | $ | 305.7 |  |  | $ | 1,640.0 |
The above table does not include estimates of variable consideration for transactions involving sales or usage-based royalties in exchange for licenses of intellectual property. The revenues included in the above table include all fixed fee contracts regardless of duration. Revenues of $60.0 million and $132.8 million, respectively, including variable and fixed fee arrangements, were recognized during the three and six months ended September 30, 2021, from performance obligations satisfied prior to March 31, 2021. These revenues were primarily associated with the distribution of television and theatrical product in electronic sell-through and video-on-demand formats, and to a lesser extent, the distribution of theatrical product in the domestic and international markets related to films initially released in prior periods. Accounts Receivable, Contract Assets and Deferred Revenue The timing of revenue recognition, billings and cash collections affects the recognition of accounts receivable, contract assets and deferred revenue. At September 30, 2021 and March 31, 2021, accounts receivable, contract assets and deferred revenue are as follows.
Item |  | Balance Sheet Location |  | September 30, 2021 |  | March 31, 2021 |  | Addition (Reduction)
|  |  |  | (Amounts in millions) |  |
Accounts receivable, net - current |  | Accounts receivable, net |  | $ | 419.3 |  |  | $ | 383.7 |  |  | $ | 35.6 |
Accounts receivable, net - non-current |  | Other assets - non-current |  | 42.7 |  |  | 49.4 |  |  | (6.7) |
Contract asset - current |  | Other assets - current(1) |  | 29.6 |  |  | 25.6 |  |  | 4.0 |
Contract asset - non-current |  | Other assets - non-current(1) |  | 13.7 |  |  | 10.3 |  |  | 3.4 |
Deferred revenue - current |  | Deferred revenue - current |  | 276.7 |  |  | 165.7 |  |  | 111.0 |
Deferred revenue - non-current |  | Deferred revenue - non-current |  | 49.0 |  |  | 56.2 |  |  | (7.2) |
__________________ (1)Included in prepaid expenses and other (see Note 17). Accounts Receivable. Accounts receivable are presented net of a provision for doubtful accounts. The Company estimates provisions for accounts receivable based on historical experience for the respective risk categories and current and future expected economic conditions. To assess collectibility, the Company analyzes market trends, economic conditions, the aging of receivables and customer specific risks, and records a provision for estimated credit losses expected over the lifetime of the receivables in direct operating expense. The Company performs ongoing credit evaluations and monitors its credit exposure through active review of customers' financial condition, aging of receivable balances, historical collection trends, and expectations about relevant future events that may significantly affect collectibility. The Company generally does not require collateral for its trade accounts receivable. Changes in the provision for doubtful accounts consisted of the following:
| March 31, 2021 |  |  |  | (Benefit) provision for doubtful accounts(1) |  | Uncollectible accounts written-off |  | September 30, 2021
| (Amounts in millions)
Trade accounts receivable | $ | 6.5 |  |  |  |  | $ | (0.6) |  |  | $ | (0.1) |  |  | $ | 5.8 |
_______________________ (1)Represents collections on accounts receivable previously reserved. Contract Assets. Contract assets relate to the Company’s conditional right to consideration for completed performance under the contract (e.g., unbilled receivables). Amounts relate primarily to contractual payment holdbacks in cases in which the Company is required to deliver additional episodes or seasons of television content in order to receive payment, complete certain administrative activities, such as guild filings, or allow the Company's customers' audit rights to expire. Deferred Revenue. Deferred revenue relates primarily to customer cash advances or deposits received prior to when the Company satisfies the corresponding performance obligation. Revenues of $42.9 million and $107.0 million, respectively, were recognized during the three and six months ended September 30, 2021 related to the balance of deferred revenue at March 31, 2021.

X
- References No definition available. + Details
Name: | us-gaap_RevenueFromContractWithCustomerAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI http://asc.fasb.org/topic&trid=49130388 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130551-203045 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b)(2) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130556-203045 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130550-203045 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130558-203045 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 + Details
Name: | us-gaap_RevenueFromContractWithCustomerTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration