Program Rights

6 Months Ended

Jun. 30, 2023

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


	June 30, 2023
(In thousands)	Predominantly Monetized Individually		Predominantly Monetized as a Group		Total
Owned original program rights, net:
Completed	$	218,360	$	535,004	$	753,364
In-production and in-development	—		297,007		297,007
Total owned original program rights, net	$	218,360	$	832,011	$	1,050,371

Licensed program rights, net:
Licensed film and acquired series	$	1,633	$	594,451	$	596,084
Licensed originals	4,837		153,175		158,012
Advances and content versioning costs	—		91,087		91,087
Total licensed program rights, net	6,470		838,713		845,183
Program rights, net	$	224,830	$	1,670,724	$	1,895,554

Current portion of program rights, net					$	11,162
Program rights, net (long-term)					1,884,392
					$	1,895,554


	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 June 30, 2023						Six Months Ended June 30, 2023
(In thousands)	Predominantly Monetized Individually		Predominantly Monetized as a Group		Total		Predominantly Monetized Individually		Predominantly Monetized as a Group		Total

Owned original program rights	$	59,528	$	56,811	$	116,339	$	80,831	$	101,747	$	182,578
Licensed program rights	471		126,503		126,974		2,135		245,673		247,808
Program rights amortization	$	59,999	$	183,314	$	243,313	$	82,966	$	347,420	$	430,386


	Three Months Ended June 30, 2022						Six Months Ended June 30, 2022
(In thousands)	Predominantly Monetized Individually		Predominantly Monetized as a Group		Total		Predominantly Monetized Individually		Predominantly Monetized as a Group		Total

Owned original program rights	$	44,504	$	30,381	$	74,885	$	94,344	$	47,316	$	141,660
Licensed program rights	9,633		119,520		129,153		17,241		237,989		255,230
Program rights amortization	$	54,137	$	149,901	$	204,038	$	111,585	$	285,305	$	396,890

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 and six months ended June 30, 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 $188.0 million and $143.1 million as of June 30, 2023 and December 31, 2022, respectively, recorded in Prepaid expenses and other current assets, and $75.0 million and $104.5 million as of June 30, 2023 and December 31, 2022, respectively, recorded in Other assets.