XML 32 R17.htm IDEA: XBRL DOCUMENT
v3.22.1

Leases | 12 Months Ended
--- | ---
Mar. 31, 2022
Leases [Abstract] |
Leases | LeasesThe Company has operating leases primarily for office space, studio facilities, and other equipment. The Company's leases have remaining lease terms of up to approximately 10 years, and the Starz commercial building lease includes four successive five-year renewal periods at the Company's option. The components of lease cost were as follows:
| Year Ended
| March 31,
| 2022 |  | 2021 |  | 2020
| (Amounts in millions)
Operating lease cost(1) | $ | 54.9 |  |  | $ | 45.1 |  |  | $ | 35.3 |
Finance lease cost |  |  |  |  |
Amortization of right-of-use assets | — |  |  | 2.6 |  |  | 3.0 |
Interest on lease liabilities | — |  |  | 1.6 |  |  | 3.4 |
Total finance lease cost | — |  |  | 4.2 |  |  | 6.4 |
Short-term lease cost(2) | 233.1 |  |  | 129.5 |  |  | 93.3 |
Variable lease cost(3) | 1.4 |  |  | 2.6 |  |  | 2.5 |
Total lease cost | $ | 289.4 |  |  | $ | 181.4 |  |  | $ | 137.5 |
___________________ (1)Operating lease cost amounts primarily represent the amortization of right-of-use assets and are included in the “other amortization” line of the consolidated statements of cash flows. Amounts include costs capitalized during the period for leased assets used in the production of film and television programs. (2)Short-term lease cost primarily consists of leases of facilities and equipment associated with film and television productions and are capitalized when incurred. (3)Variable lease cost primarily consists of insurance, taxes, maintenance and other operating costs. Supplemental balance sheet information related to leases was as follows:
Category |  | Balance Sheet Location |  | March 31, 2022 |  | March 31, 2021
Operating Leases |  |  |  | (Amounts in millions)
Right-of-use assets |  | Other assets - non-current |  | $ | 170.7 |  |  | 127.0 |
Lease liabilities (current) |  | Accounts payable and accrued liabilities |  | $ | 41.4 |  |  | 41.4 |
Lease liabilities (non-current) |  | Other liabilities - non-current |  | 159.3 |  |  | 119.9 |
|  |  |  | $ | 200.7 |  |  | 161.3 |
| March 31, 2022 |  | March 31, 2021
Weighted average remaining lease term (in years): |  |  |
Operating leases | 6.0 |  | 5.1
Weighted average discount rate: |  |  |
Operating leases | 3.32 | % |  | 3.88 | %
The expected future payments relating to the Company's lease liabilities at March 31, 2022 are as follows:
| Operating Leases |  |
| (Amounts in millions)
Year ending March 31, |  |  |
2023 | $ | 36.6 |  |  |
2024 | 38.1 |  |  |
2025 | 36.8 |  |  |
2026 | 30.7 |  |  |
2027 | 24.1 |  |  |
Thereafter | 59.6 |  |  |
Total lease payments | 225.9 |  |  |
Less imputed interest | (25.2) |  |  |
Total | $ | 200.7 |  |  |
As of March 31, 2022, the Company has entered into certain leases that have not yet commenced primarily related to studio facilities, certain of which are owned by an equity-method investee, for which construction related to those leases has not yet been completed. The leases are for terms up to 10.5 years, commencing upon completion of construction (currently expected to be ranging from calendar years 2022 to 2024). The leases include an option to terminate the leases prior to expiration of lease year seven, and an option to extend the initial term for an additional 10 years. The total minimum lease payments under these leases in aggregate are approximately $179.0 million. See Note 20 for further information related to leases with equity-method investees.
Leases | LeasesThe Company has operating leases primarily for office space, studio facilities, and other equipment. The Company's leases have remaining lease terms of up to approximately 10 years, and the Starz commercial building lease includes four successive five-year renewal periods at the Company's option. The components of lease cost were as follows:
| Year Ended
| March 31,
| 2022 |  | 2021 |  | 2020
| (Amounts in millions)
Operating lease cost(1) | $ | 54.9 |  |  | $ | 45.1 |  |  | $ | 35.3 |
Finance lease cost |  |  |  |  |
Amortization of right-of-use assets | — |  |  | 2.6 |  |  | 3.0 |
Interest on lease liabilities | — |  |  | 1.6 |  |  | 3.4 |
Total finance lease cost | — |  |  | 4.2 |  |  | 6.4 |
Short-term lease cost(2) | 233.1 |  |  | 129.5 |  |  | 93.3 |
Variable lease cost(3) | 1.4 |  |  | 2.6 |  |  | 2.5 |
Total lease cost | $ | 289.4 |  |  | $ | 181.4 |  |  | $ | 137.5 |
___________________ (1)Operating lease cost amounts primarily represent the amortization of right-of-use assets and are included in the “other amortization” line of the consolidated statements of cash flows. Amounts include costs capitalized during the period for leased assets used in the production of film and television programs. (2)Short-term lease cost primarily consists of leases of facilities and equipment associated with film and television productions and are capitalized when incurred. (3)Variable lease cost primarily consists of insurance, taxes, maintenance and other operating costs. Supplemental balance sheet information related to leases was as follows:
Category |  | Balance Sheet Location |  | March 31, 2022 |  | March 31, 2021
Operating Leases |  |  |  | (Amounts in millions)
Right-of-use assets |  | Other assets - non-current |  | $ | 170.7 |  |  | 127.0 |
Lease liabilities (current) |  | Accounts payable and accrued liabilities |  | $ | 41.4 |  |  | 41.4 |
Lease liabilities (non-current) |  | Other liabilities - non-current |  | 159.3 |  |  | 119.9 |
|  |  |  | $ | 200.7 |  |  | 161.3 |
| March 31, 2022 |  | March 31, 2021
Weighted average remaining lease term (in years): |  |  |
Operating leases | 6.0 |  | 5.1
Weighted average discount rate: |  |  |
Operating leases | 3.32 | % |  | 3.88 | %
The expected future payments relating to the Company's lease liabilities at March 31, 2022 are as follows:
| Operating Leases |  |
| (Amounts in millions)
Year ending March 31, |  |  |
2023 | $ | 36.6 |  |  |
2024 | 38.1 |  |  |
2025 | 36.8 |  |  |
2026 | 30.7 |  |  |
2027 | 24.1 |  |  |
Thereafter | 59.6 |  |  |
Total lease payments | 225.9 |  |  |
Less imputed interest | (25.2) |  |  |
Total | $ | 200.7 |  |  |
As of March 31, 2022, the Company has entered into certain leases that have not yet commenced primarily related to studio facilities, certain of which are owned by an equity-method investee, for which construction related to those leases has not yet been completed. The leases are for terms up to 10.5 years, commencing upon completion of construction (currently expected to be ranging from calendar years 2022 to 2024). The leases include an option to terminate the leases prior to expiration of lease year seven, and an option to extend the initial term for an additional 10 years. The total minimum lease payments under these leases in aggregate are approximately $179.0 million. See Note 20 for further information related to leases with equity-method investees.

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

X
- 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
Name: | us-gaap_LesseeFinanceLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_LesseeOperatingLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration