Leases

12 Months Ended

Mar. 31, 2025

The Company has operating leases primarily for office space. The Company's leases have remaining lease terms of up to approximately 9.5 years.

The following disclosures are based on leases whereby the Company has a contract for which the leased asset and lease liability are recognized on the Company's combined balance sheets. The amounts presented are not necessarily indicative of future lease arrangements and do not necessarily reflect the results that the Company would have experienced as a standalone company for the periods presented.

The components of lease cost from continuing operations were as follows:


	Year Ended
	March 31,
	2025		2024		2023
	(Amounts in millions)
Operating lease cost(1)	$	9.7	$	12.7	$	13.1
Variable lease cost(2)	1.2		0.4		0.4
Total lease cost	$	10.9	$	13.1	$	13.5

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(1)Operating lease cost amounts primarily represent the amortization of right-of-use assets and are included in the “other amortization” line of the combined statements of cash flows. Amounts include costs capitalized during the period for leased assets used in the production of film and television programs.

(2)Variable lease cost primarily consists of insurance, taxes, maintenance and other operating costs.

Supplemental balance sheet information related to leases was as follows:


Category	Location on Balance Sheet	March 31, 2025		March 31, 2024
Operating Leases		(Amounts in millions)
Right-of-use assets	Other assets- non-current	$	37.3	$	44.5

Lease liabilities (current)	Other accrued liabilities	$	9.9	$	9.0
Lease liabilities (non-current)	Other liabilities- non-current	45.6		55.4
		$	55.5	$	64.4


	March 31, 2025		March 31, 2024
Weighted average remaining lease term (in years):
Operating leases	6.3		7.1

Weighted average discount rate:
Operating leases	4.05	%	4.11	%

The expected future net payments relating to the Company's lease liabilities at March 31, 2025 are as follows:


	Operating Leases
	(Amounts in millions)
Year ending March 31,
2026	$	11.8
2027	12.4
2028	12.4
2029	6.0
2030	3.6
Thereafter	16.4
Total lease payments	62.6
Less imputed interest	(7.1)
Total	$	55.5