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Restructuring and Other (Tables)

3 Months Ended

Jun. 30, 2022

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 months ended June 30, 2022 and 2021, the Company also incurred certain other unusual charges, which are included in direct operating expense in the consolidated statements of operations as described below. The following table sets forth restructuring and other and these other unusual charges and the statement of operations line items they are included in for the three months ended June 30, 2022 and 2021:

									Three Months Ended
									June 30,
															2022						2021
															(Amounts in millions)
Restructuring and other:
Severance(1)
Cash															$	2.8					$	2.4
Accelerated vesting on equity awards (see Note 11)															0.6						—
Total severance costs															$	3.4					$	2.4
COVID-19 related charges included in restructuring and other(2)															0.1						0.3
Transaction and related costs(3)															4.5						0.5
Total Restructuring and Other															8.0						3.2
Other unusual charges not included in restructuring and other:
COVID-19 related charges (benefit) included in:
Direct operating expense(4)															(1.0)						1.6
Total restructuring and other and COVID-19 related charges															$	7.0					$	4.8

_______________________

(1)Severance costs were primarily related to restructuring activities in connection with cost-saving initiatives.

(2)Amounts represent certain incremental general and administrative costs associated with the COVID-19 global pandemic, such as costs related to transitioning the Company to a remote-work environment, costs associated with return-to-office safety protocols, and other incremental general and administrative costs associated with the COVID-19 global pandemic.

(3)Transaction and related costs in the three months ended June 30, 2022 and 2021 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 of $1.0 million in the three months ended June 30, 2022 (three months ended June 30, 2021 - $5.9 million). In the three months ended June 30, 2022, insurance recoveries exceeded the incremental costs expensed in the period, resulting in a net benefit included in direct operating expense. 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 three months ended June 30, 2022 and 2021:

			Three Months Ended
			June 30,
			2022						2021
			(Amounts in millions)
Severance liability
Beginning balance			$	1.5					$	5.7
Accruals			2.8						2.4
Severance payments			(2.0)						(3.8)
Ending balance(1)			$	2.3					$	4.3

_______________________

(1)As of June 30, 2022, the remaining severance liability of approximately $2.3 million is expected to be paid in the next 12 months.

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- References

No definition available.

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- 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

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-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

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