Program Rights

3 Months Ended

Mar. 31, 2024

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


	March 31, 2024
(In thousands)	Predominantly Monetized Individually		Predominantly Monetized as a Group		Total
Owned original program rights, net:
Completed	$	114,384	$	587,345	$	701,729
In-production and in-development	—		246,276		246,276
Total owned original program rights, net	$	114,384	$	833,621	$	948,005

Licensed program rights, net:
Licensed film and acquired series	$	732	$	572,597	$	573,329
Licensed originals	—		162,587		162,587
Advances and other production costs	—		83,230		83,230
Total licensed program rights, net	732		818,414		819,146
Program rights, net	$	115,116	$	1,652,035	$	1,767,151

Current portion of program rights, net					$	13,881
Program rights, net (long-term)					1,753,270
					$	1,767,151


	December 31, 2023
(In thousands)	Predominantly Monetized Individually		Predominantly Monetized as a Group		Total
Owned original program rights, net:
Completed	$	139,363	$	532,839	$	672,202
In-production and in-development	—		284,455		284,455
Total owned original program rights, net	$	139,363	$	817,294	$	956,657

Licensed program rights, net:
Licensed film and acquired series	$	973	$	599,607	$	600,580
Licensed originals	1,555		169,489		171,044
Advances and other production costs	—		82,252		82,252
Total licensed program rights, net	2,528		851,348		853,876
Program rights, net	$	141,891	$	1,668,642	$	1,810,533

Current portion of program rights, net					$	7,880
Program rights, net (long-term)					1,802,653
					$	1,810,533

Amortization, including write-offs, 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, 2024
(In thousands)		Predominantly Monetized Individually		Predominantly Monetized as a Group		Total

Owned original program rights		$	24,852	$	60,106	$	84,958
Licensed program rights		1,631		115,963		117,594
Program rights amortization		$	26,483	$	176,069	$	202,552


	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

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 condensed 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, 2024 or 2023.

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 as of March 31, 2024 consisted of $235.9 million recorded in Prepaid expenses and other current assets and $45.9 million recorded in Other assets. Receivables related to tax incentives earned on production spend as of December 31, 2023 consisted of $230.3 million recorded in Prepaid expenses and other current assets and $49.9 million recorded in Other assets.