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Derivative Instruments and Hedging Activities
 3 Months Ended
Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments and Hedging Activities Derivative Instruments and Hedging Activities
Forward Foreign Exchange Contracts
The Company may enter forward foreign exchange contracts to hedge its foreign currency exposures on future production costs and tax credit receivables denominated in various foreign currencies (i.e., cash flow hedges). The Company may also enter forward foreign exchange contracts that economically hedge certain of its foreign currency risks, even though hedge accounting does not apply or the Company elects not to apply hedge accounting. The Company monitors its positions with, and the credit quality of, the financial institutions that are party to its financial transactions. Changes in the fair value of the foreign exchange contracts that are designated as hedges are reflected in accumulated other comprehensive income (loss), and changes in the fair value of foreign exchange contracts that are not designated as hedges and do not qualify for hedge accounting are recorded in other operating expense. Gains and losses realized upon settlement of the foreign exchange contracts that are designated as hedges are amortized to other programming expense included in other operating expense.
As of June 30, 2025, the Company had the following outstanding forward foreign exchange contracts (all outstanding contracts have maturities of less than 24 months from June 30, 2025):
June 30, 2025
Foreign CurrencyForeign Currency AmountUS Dollar AmountWeighted Average Exchange Rate Per $1 USD
(Amounts in millions)
British Pound£30.20in exchange forUS$41.00US$0.73
British Pound£6.60in exchange forUS$8.90US$0.74
Interest Rate Swaps
The Company is exposed to the impact of interest rate changes primarily through its borrowing activities. The Company’s objective is to mitigate the impact of interest rate changes on earnings and cash flows. The Company primarily uses pay-fixed interest rate swaps to facilitate its interest rate risk management activities. Pay-fixed swaps effectively convert floating-rate borrowings to fixed-rate borrowings. The unrealized gains or losses from designated cash flow hedges are deferred in accumulated other comprehensive income (loss) and recognized in interest expense as the interest payments occur. Changes in the fair value of interest rate swaps that are not designated as hedges are recorded in interest expense (see further explanation below).
As of June 30, 2025, the Company had the following pay-fixed interest rate swaps, which the Company has elected not to apply hedge accounting (all related to the Company’s SOFR-based debt, see Note 4, Debt):
Effective DateNotional AmountFixed Rate PaidMaturity Date
(in millions)
June 6, 2025$35.0 3.59%June 6, 2028
June 6, 202515.0 3.58%June 6, 2028
June 6, 202535.0 3.62%June 6, 2028
June 6, 202565.0 3.59%June 6, 2028
Total$150.0 
Financial Statement Effect of Derivatives
Unaudited condensed consolidated statements of operations and comprehensive loss: The following table presents the pre-tax effect of the Company’s derivatives on the accompanying statements of operations and comprehensive income (loss) for the three months ended June 30, 2025:         
Three Months Ended
June 30,
2025
(Amounts in millions)
Forward exchange contracts
Gain (loss) recognized in other operating expense$0.2 
Interest rate swaps
Gain (loss) recognized in interest expense(0.6)
Unaudited condensed consolidated balance sheets: The Company classifies its forward foreign exchange contracts and interest rate swap agreements within Level 2 as the valuation inputs are based on quoted prices and market observable data of similar instruments (see Note 6, Fair Value Measurements, for further details). Pursuant to the Company’s accounting policy to offset the fair value amounts recognized for derivative instruments, the Company presents the asset or liability position of the swaps that are with the same counterparty under a master netting arrangement net as either an asset or liability in the accompanying balance sheets. As of June 30, 2025, there were no swaps outstanding that were subject to a master netting arrangement.
As of June 30, 2025, the Company had the following amounts recorded in the accompanying balance sheets related to the Company’s use of derivatives:
June 30, 2025
Other Current AssetsOther Accrued Liabilities (current)
(Amounts in millions)
Forward exchange contracts$0.2 $— 
Interest rate swaps— 0.6 
Fair value of derivatives$0.2 $0.6