Program Rights

3 Months Ended

Mar. 31, 2023

Total capitalized produced and licensed content by predominant monetization strategy is as follows:


	March 31, 2023
(In thousands)	Predominantly Monetized Individually		Predominantly Monetized as a Group		Total
Owned original program rights, net:
Completed	$	217,577	$	369,878	$	587,455
In-production and in-development	62,655		362,921		425,576
Total owned original program rights, net	$	280,232	$	732,799	$	1,013,031

Licensed program rights, net:
Licensed film and acquired series	$	2,084	$	611,963	$	614,047
Licensed originals	5,807		167,274		173,081
Advances and content versioning costs	—		79,788		79,788
Total licensed program rights, net	7,891		859,025		866,916
Program rights, net	$	288,123	$	1,591,824	$	1,879,947

Current portion of program rights, net					$	10,765
Program rights, net (long-term)					1,869,182
					$	1,879,947


	December 31, 2022
(In thousands)	Predominantly Monetized Individually		Predominantly Monetized as a Group		Total
Owned original program rights, net:
Completed	$	215,496	$	322,248	$	537,744
In-production and in-development	45,098		294,086		339,184
Total owned original program rights, net	$	260,594	$	616,334	$	876,928

Licensed program rights, net:
Licensed film and acquired series	$	3,092	$	642,768	$	645,860
Licensed originals	5,373		171,418		176,791
Advances and content versioning costs	—		74,167		74,167
Total licensed program rights, net	8,465		888,353		896,818
Program rights, net	$	269,059	$	1,504,687	$	1,773,746

Current portion of program rights, net					$	10,807
Program rights, net (long-term)					1,762,939
					$	1,773,746

Amortization of owned and licensed program rights, included in Technical and operating expenses in the condensed consolidated statements of income, is as follows:


	Three Months Ended March 31, 2023
(In thousands)		Predominantly Monetized Individually		Predominantly Monetized as a Group		Total

Owned original program rights		$	21,303	$	44,936	$	66,239
Licensed program rights		1,664		119,170		120,834
Program rights amortization		$	22,967	$	164,106	$	187,073


	Three Months Ended March 31, 2022
(In thousands)		Predominantly Monetized Individually		Predominantly Monetized as a Group		Total

Owned original program rights		$	49,840	$	16,935	$	66,775
Licensed program rights		7,608		118,469		126,077
Program rights amortization		$	57,448	$	135,404	$	192,852

For programming rights predominantly monetized individually or as a group, the Company periodically reviews the programming usefulness of licensed and owned original program rights based on several factors, including expected future revenue generation from airings on the Company's networks and streaming services and other exploitation opportunities, ratings, type and quality of program material, standards and practices, and fitness for exhibition through various forms of distribution. If events or changes in circumstances indicate that the fair value of a film predominantly monetized individually or a film group is less than its unamortized cost, the Company will write off the excess to technical and operating expenses in the consolidated statements of income. Program rights with no future programming usefulness are substantively abandoned resulting in the write-off of remaining unamortized cost. There were no significant program rights write-offs included in technical and operating expenses for the three months ended March 31, 2023 or 2022.

In the normal course of business, the Company may qualify for tax incentives through eligible investments in productions. Receivables related to tax incentives earned on production spend were $155.2 million and $143.1 million as of March 31, 2023 and December 31, 2022, respectively, recorded in Prepaid expenses and other current assets, and $119.4 million and $104.5 million as of March 31, 2023 and December 31, 2022, respectively, recorded in Other assets.