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Film Related and Other Obligations | 9 Months Ended
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Dec. 31, 2021
Film Related And Other Obligations [Abstract] |
Film Related and Other Obligations | Film Related and Other Obligations
| December 31, 2021 |  | March 31, 2021
| (Amounts in millions)
Program rights and film obligations | $ | 239.7 |  |  | $ | 214.6 |
Production and related loans | 1,014.6 |  |  | 493.5 |
IP Credit Facility | 134.7 |  |  | — |
Total film related and other obligations | 1,389.0 |  |  | 708.1 |
Unamortized debt issuance costs | (7.4) |  |  | (4.6) |
Total film related and other obligations, net | 1,381.6 |  |  | 703.5 |
Less current portion | (671.4) |  |  | (385.0) |
Total non-current film related and other obligations | $ | 710.2 |  |  | $ | 318.5 |
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-based interest at a weighted average rate of 2.47% (before the impact of interest rate swaps, see Note 16 for interest rate swaps). Production Tax Credit Facility. In January 2021, as amended on March 31, 2021, 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 $220.0 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, at the Company’s option, LIBOR plus 1.50% per annum or the base rate plus 0.50% per annum (effective interest rate of 1.60% at December 31, 2021). The Production Tax Credit Facility matures on January 27, 2025. As of December 31, 2021, there was $214.1 million outstanding under the Production Tax Credit Facility, and there were no material additional amounts available under the Production Tax Credit Facility (March 31, 2021 - $120.0 million outstanding). IP Credit Facility 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 2.50% at December 31, 2021). The IP Credit Facility matures on July 30, 2026. As of December 31, 2021, there was $134.7 million outstanding under the IP Credit Facility. Other Financing Obligations. During the three and nine months ended December 31, 2021, the Company repaid its previously outstanding other financing obligations incurred in the quarter ended September 30, 2021, which included financing collateralized by certain contractual payments to be received in the future.

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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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