XML 44 R35.htm IDEA: XBRL DOCUMENT
v3.22.0.1

Restructuring and Other (Tables) | 9 Months Ended
--- | ---
Dec. 31, 2021
Restructuring and Related Activities [Abstract] |
Restructuring and Other | Restructuring and other includes restructuring and severance costs, certain transaction and related costs, and certain unusual items, when applicable. During the three and nine months ended December 31, 2021 and 2020, the Company also incurred certain other unusual charges related to the COVID-19 global pandemic. The following table sets forth restructuring and other and COVID-19 related charges and the statement of operations line items they are included in for the three and nine months ended December 31, 2021 and 2020:
| Three Months Ended |  | Nine Months Ended
| December 31, |  | December 31,
| 2021 |  | 2020 |  | 2021 |  | 2020
| (Amounts in millions)
Restructuring and other: |  |  |  |  |  |  |
Severance(1) |  |  |  |  |  |  |
Cash | $ | — |  |  | $ | 0.9 |  |  | $ | 3.8 |  |  | $ | 11.6 |
Accelerated vesting on equity awards (see Note 11) | — |  |  | — |  |  | — |  |  | 2.8 |
Total severance costs | — |  |  | 0.9 |  |  | $ | 3.8 |  |  | $ | 14.4 |
COVID-19 related charges included in restructuring and other(2) | 0.2 |  |  | 0.8 |  |  | 0.9 |  |  | 1.6 |
Transaction and related costs(3) | 0.3 |  |  | 0.7 |  |  | 2.5 |  |  | 2.9 |
Total Restructuring and Other | 0.5 |  |  | 2.4 |  |  | 7.2 |  |  | 18.9 |
COVID-19 related charges (benefit) not included in restructuring and other, included in: |  |  |  |  |  |  |
Direct operating expense(4) | (2.8) |  |  | 8.6 |  |  | (2.3) |  |  | 36.6 |
Distribution and marketing expense(4) | — |  |  | 5.4 |  |  | 0.3 |  |  | 16.1 |
Total restructuring and other and COVID-19 related charges | $ | (2.3) |  |  | $ | 16.4 |  |  | $ | 5.2 |  |  | $ | 71.6 |
_______________________ (1)Severance costs were primarily related to restructuring activities in connection with cost-saving initiatives. (2)During the three and nine months ended December 31, 2021, the Company has incurred certain incremental general and administrative costs associated with the COVID-19 global pandemic. In the three and nine months ended December 31, 2020, these costs were primarily related to transitioning the Company to a remote-work environment and other incremental general and administrative costs associated with the COVID-19 global pandemic. (3)Transaction and related costs in the three and nine months ended December 31, 2021 and 2020 reflect transaction, integration and legal costs associated with certain strategic transactions, restructuring activities and legal matters. (4)In connection with the disruptions associated with the COVID-19 global pandemic and measures to prevent its spread and mitigate its effects both domestically and internationally, and the related economic disruption, including the worldwide closure of theaters, international travel restrictions and the pausing of motion picture and television productions, certain incremental costs were incurred and expensed. The charges (benefit) included in direct operating expense includes incremental costs associated with the pausing and restarting of productions including paying/hiring certain cast and crew, maintaining idle facilities and equipment costs resulting from circumstances associated with the COVID-19 global pandemic, net of insurance recoveries. In the nine months ended December 31, 2020, these charges also included film impairment 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, 2021, insurance recoveries exceeded the incremental costs expensed in the periods, resulting in a net benefit included in direct operating expense. In addition, the costs included in distribution and marketing expense primarily consist of contractual marketing spends for film releases and events that have been canceled or delayed and will provide no economic benefit. The Company is in the process of seeking additional insurance recovery for some of these costs. The ultimate amount of insurance recovery cannot be estimated at this time. Changes in the restructuring and other severance liability were as follows for the nine months ended December 31, 2021 and 2020:
| Nine Months Ended
| December 31,
| 2021 |  | 2020 |  |
| (Amounts in millions)
Severance liability |  |  |  |  |
Beginning balance | $ | 5.7 |  |  | $ | 11.1 |  |  |
Accruals | 3.8 |  |  | 11.6 |  |  |
Severance payments | (8.0) |  |  | (15.7) |  |  |
Ending balance(1) | $ | 1.5 |  |  | $ | 7.0 |  |  |
_______________________ (1)As of December 31, 2021, the remaining severance liability of approximately $1.5 million is expected to be paid in the next 12 months.

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

X
- Definition Tabular disclosure of costs incurred for restructuring including, but not limited to, exit and disposal activities, remediation, implementation, integration, asset impairment, and charges against earnings from the write-down of assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 5.P.3) -URI http://asc.fasb.org/extlink&oid=115931487&loc=d3e140864-122747 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB TOPIC 5.P.4) -URI http://asc.fasb.org/extlink&oid=115931487&loc=d3e140904-122747 + Details
Name: | us-gaap_ScheduleOfRestructuringAndRelatedCostsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration