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Investment in Films and Television Programs and Licensed Program Rights (Tables)
 12 Months Ended
Mar. 31, 2024
Investment in Films and Television Programs and Licensed Program Rights [Abstract]  
Investment in Films and Television Programs and Licensed Program Rights
Total investment in films and television programs and licensed program rights by predominant monetization strategy is as follows:
March 31,
2024		March 31,
2023
 (Amounts in millions)
Investment in Films and Television Programs:
Individual Monetization(1)(2)
Released, net of accumulated amortization$878.3 $611.7 
Completed and not released225.4 278.7 
In progress469.2 457.0 
In development65.7 64.1 
1,638.6 1,411.5 
Film Group Monetization
Released, net of accumulated amortization$497.1 657.8 
Completed and not released170.1 281.7 
In progress179.0 303.0 
In development4.3 8.2 
850.5 1,250.7 
Licensed program rights, net of accumulated amortization273.1 285.7 
Investment in films and television programs and program rights, net$2,762.2 $2,947.9 
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(1)At March 31, 2024, the unamortized balance related to completed and not released and in progress theatrical films was $532.5 million.
(2)Production tax credits reduced total investment in films and television programs by $112.2 million and $181.2 million during the years ended March 31, 2024 and 2023, respectively, which resulted in a reduction of direct operating expense related to the amortization of investment in films and television programs cost of approximately $70.6 million and $84.3 million for the years ended March 31, 2024 and 2023, respectively.
Amortization of Investment in Films and Television Programs and Licensed Program Rights
Amortization of investment in film and television programs and licensed program rights by predominant monetization strategy is as follows, and was included in direct operating expense in the consolidated statement of operations:
Year Ended
March 31,
202420232022
 (Amounts in millions)
Amortization expense:
Individual monetization$907.1 $951.2 $887.3 
Film group monetization382.0 330.0 303.0 
Licensed program rights288.8 384.1 377.4 
$1,577.9 $1,665.3 $1,567.7 
Schedule of Estimated Future Amortization Expense for Investment in Films and Television Programs and Licensed Program Rights
The table below summarizes estimated future amortization expense for the Company's investment in film and television programs and licensed program rights as of March 31, 2024:
Year Ending
March 31,
202520262027
 (Amounts in millions)
Estimated future amortization expense:
Released investment in films and television programs:
Individual monetization$348.8 $166.0 $138.9 
Film group monetization$225.9 $102.2 $70.3 
Licensed program rights$161.8 $32.4 $16.0 
Completed and not released investment in films and television programs:
Individual monetization$139.6 n/an/a
Film group monetization$138.0 n/an/a
Impairments By Segment Investment in films and television programs and licensed program rights includes write-downs to fair value. The following table sets forth impairments by segment and the line item in our consolidated statement of operations they are recorded in for the fiscal years ended March 31, 2024, 2023 and 2022:
Year Ended
March 31,
202420232022
 (Amounts in millions)
Impairments by segment:
Included in direct operating expense(1):
Motion Picture$34.6 $6.2 $1.2 
Television Production8.4 4.6 34.9 
Impairments not included in segment operating results(2):
Included in direct operating expense— — 36.9 
Included in restructuring and other377.3 379.3 — 
$420.3 $390.1 $73.0 
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(1)Impairments included in direct operating expense are included in the amortization expense amounts reflected in the table further above which presents amortization of investment in film and television programs and licensed program rights by predominant monetization strategy.
(2)Fiscal 2024 and 2023: Represents primarily charges related to the Media Networks restructuring plan initiatives, including content impairment of programming removed from its platforms and in certain international territories exited or to be exited. Amounts in fiscal 2024 also include $12.8 million of development costs written off in connection with changes in strategy in the Television Production segment as a result of the acquisition of eOne.

Fiscal 2022: Represents impairment charges recorded as a result of a strategic review of original programming on the STARZ platform, which identified certain titles with limited viewership or strategic purpose which were removed from the STARZ service and abandoned by the Media Networks segment.

See Note 15 and Note 16 for further information.