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Film Related and Other Obligations | 12 Months Ended
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Mar. 31, 2022
Film Related And Other Obligations [Abstract] |
Film Related and Other Obligations | Film Related and Other Obligations
| March 31, 2022 |  | March 31, 2021
| (Amounts in millions)
Program rights and film obligations | $ | 278.4 |  |  | $ | 214.6 |
Production and related loans | 1,286.7 |  |  | 493.5 |
IP Credit Facility and other financing obligations(1) | 123.5 |  |  | — |
Total film related and other obligations | 1,688.6 |  |  | 708.1 |
Unamortized debt issuance costs | (8.5) |  |  | (4.6) |
Total film related and other obligations, net | 1,680.1 |  |  | 703.5 |
Less current portion | (951.1) |  |  | (385.0) |
Total non-current film related and other obligations | $ | 729.0 |  |  | $ | 318.5 |
________________________ (1)See further discussion under the "IP Credit Facility and Other Financing Obligations" section below and Note 21 - Subsequent Events for amounts received under the IGR Facility (as defined below) subsequent to March 31, 2022. The following table sets forth future annual repayment of film related and other obligations as of March 31, 2022.
| Year Ending March 31,
| 2023 |  | 2024 |  | 2025 |  | 2026 |  | 2027 |  | Thereafter |  | Total
| (Amounts in millions)
Program rights and film obligations | $ | 199.6 |  |  | $ | 46.7 |  |  | $ | 17.7 |  |  | $ | 4.6 |  |  | $ | 1.3 |  |  | $ | 8.5 |  |  | $ | 278.4 |
Production and related loans | 732.9 |  |  | 190.1 |  |  | 363.7 |  |  | — |  |  | — |  |  | — |  |  | 1,286.7 |
IP Credit Facility and other financing obligations(1) | 27.1 |  |  | 25.4 |  |  | 26.3 |  |  | 26.3 |  |  | 18.4 |  |  | — |  |  | 123.5 |
| $ | 959.6 |  |  | $ | 262.2 |  |  | $ | 407.7 |  |  | $ | 30.9 |  |  | $ | 19.7 |  |  | $ | 8.5 |  |  | $ | 1,688.6 |
Less unamortized debt issuance costs |  |  |  |  |  |  |  |  |  |  |  |  | (8.5) |
|  |  |  |  |  |  |  |  |  |  |  |  | $ | 1,680.1 |
________________________ (1)IP Credit Facility amounts represent outstanding amounts under our IP Credit Facility at March 31, 2022, and repayment dates are based on the projected future cash flows generated from the exploitation of the rights, subject to a minimum guaranteed payment amount, as applicable (see further information below). See further discussion under the "IP Credit Facility and Other Financing Obligations" section below and Note 21 - Subsequent Events for amounts received under the IGR Facility (as defined below) subsequent to March 31, 2022. Program Rights and Film Obligations Program rights and film obligations include minimum guarantees and accrued licensed program rights obligations, which represent amounts payable for film or television rights that the Company has acquired or licensed and certain theatrical marketing obligations for amounts received from third parties that are contractually committed for theatrical marketing expenditures associated with specific titles. Production and Related Loans Production and related loans include individual loans for the production or license of film and television programs that the Company produces or licenses and the Company's Production Tax Credit Facility (as defined below). Individual Loans. The majority of the Company's individual production and related loans have contractual repayment dates either at or near the expected completion date, with the exception of certain loans containing repayment dates on a longer term basis, and incur primarily LIBOR and SOFR-based interest at a weighted average rate of 3.00% (before the impact of interest rate swaps, see Note 18 for interest rate swaps). Production Tax Credit Facility. In January 2021, as amended on March 31, 2021 and March 29, 2022, the Company entered into a non-recourse senior secured revolving credit facility (the "Production Tax Credit Facility") based on collateral consisting of certain of the Company’s tax credit receivables. The maximum principal amount of the Production Tax Credit Facility is $235.0 million, subject to the amount of collateral available, which is based on specified percentages of amounts payable to the Company by governmental authorities pursuant to the tax incentive laws of certain eligible jurisdictions that arise from the production or exploitation of motion pictures and television programming in such jurisdiction. Advances under the Production Tax Credit Facility bear interest at a rate equal to SOFR plus 0.10% to 0.25% depending on the SOFR term (i.e., one, three or six months), plus 1.50% per annum or the base rate plus 0.50% per annum (effective interest rate of 1.90% at March 31, 2022). The Production Tax Credit Facility matures on January 27, 2025. As of March 31, 2022, there was $224.0 million outstanding under the Production Tax Credit Facility, and there was $10.5 million available under the Production Tax Credit Facility (March 31, 2021 - $120.0 million outstanding). IP Credit Facility and Other Financing Obligations IP Credit Facility. In July 2021, as amended on September 30, 2021, certain subsidiaries of the Company entered into a senior secured amortizing term credit facility (the "IP Credit Facility") based on the collateral consisting solely of certain of the Company’s rights in certain library titles, including the Spyglass and other recently acquired libraries. The maximum principal amount of the IP Credit Facility is $140.0 million, subject to the amount of collateral available, which is based on the valuation of cash flows from the libraries. The cash flows generated from the exploitation of the rights will be applied to repay the IP Credit Facility subject to cumulative minimum guaranteed payment amounts as set forth below:
Cumulative Period Through: |  | Cumulative Minimum Guaranteed Payment Amounts |  | Payment Due Date
|  | (in millions) |  |
September 30, 2022 |  | $26.3 |  | November 14, 2022
September 30, 2023 |  | $52.5 |  | November 14, 2023
September 30, 2024 |  | $78.8 |  | November 14, 2024
September 30, 2025 |  | $105.0 |  | November 14, 2025
July 30, 2026 |  | $140.0 |  | July 30, 2026
Advances under the IP Credit Facility bear interest at a rate equal to, at the Company’s option, LIBOR plus 2.25% per annum (with a LIBOR floor of 0.25%) or the base rate plus 1.25% per annum (effective interest rate of 2.70% at March 31, 2022). The IP Credit Facility matures on July 30, 2026. As of March 31, 2022, there was $123.5 million outstanding under the IP Credit Facility. Other Financing Obligations. During the third quarter ended December 31, 2021, the Company repaid its previously outstanding other financing obligations incurred in the second quarter ended September 30, 2021, which included financing collateralized by certain contractual payments to be received in the future. On March 31, 2022 certain subsidiaries of the Company entered into a committed secured revolving credit facility (the "Investment Grade Receivables (IGR) Facility") based on collateral consisting of certain of the Company's fixed fee or minimum guarantee contracts where cash will be received in the future. The maximum principal amount of the IGR Facility is $125.0 million, subject to the amount of eligible collateral contributed to the facility. Advances under the IGR Facility bear interest at a rate equal to Term SOFR plus 0.10% to 0.25% depending on the SOFR term (i.e., one, three or six months), plus an applicable margin amounting to 1.15% per annum at March 31, 2022. The applicable margin is subject to a potential increase to either 1.25% or 1.50% based on the weighted average credit quality rating of the collateral contributed to the facility. The IGR Facility revolving period finishes on March 31, 2025, at which point cash collections from the underlying collateral is used to repay the facility. The facility maturity date is up to 2 years, 90 days after the revolving period ends, currently June 28, 2027. As of March 31, 2022, there were no amounts outstanding under the IGR Facility, however, on April 1, 2022, the Company received $125.0 million under the IGR Facility. See Note 21 - Subsequent Events.

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- Definition Information about program rights and film obligations, production and related loans, and IP Credit Facility and other financing obligations, which includes amounts of borrowings under each obligation and any other contractual agreement to repay funds, and about the underlying arrangements, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, and other matters important to users of the financial statements. + References No definition available. + Details
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