Restructuring and Other (Tables)

6 Months Ended

Sep. 30, 2024

Restructuring and Related Activities [Abstract]

Schedule of Restructuring and Other

During the three and six months ended September 30, 2024 and 2023, the Company also incurred certain other unusual charges or benefits, which are included in direct operating expense in the consolidated statements of operations and are described below. The following table sets forth restructuring and other and these other unusual charges or benefits and the statement of operations line items they are included in for the three and six months ended September 30, 2024 and 2023:

	Three Months Ended				Six Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
	(Amounts in millions)
Restructuring and other:
Other impairments(1)	$	0.5	$	—	$	18.5	$	—
Severance(2)	1.1		1.0		4.1		3.5
Transaction and other costs(3)	5.6		3.9		12.3		5.5
Total Restructuring and Other	7.2		4.9		34.9		9.0
Other unusual charges not included in restructuring and other or the Company’s operating segments:
COVID-19 related charges (benefit) included in direct operating expense(4)	—		(0.5)		(2.1)		(0.4)
Unallocated rent cost included in direct operating expense(5)	5.2		—		10.5		—
Total restructuring and other and other unusual charges not included in restructuring and other	$	12.4	$	4.4	$	43.3	$	8.6

_______________________

(1)Amounts in the three and six months ended September 30, 2024 include impairments of certain operating lease right-of-use and leasehold improvement assets related to the Television Production segment associated with facility leases that will no longer be utilized by the Company primarily related to the integration of eOne.

(2)Severance costs were primarily related to restructuring, acquisition integration activities and other cost-saving initiatives.

(3)Transaction and other costs in the three and six months ended September 30, 2024 and 2023 reflect transaction, integration and legal costs associated with certain strategic transactions, and restructuring activities and also include costs and benefits associated with legal and other matters.

(4)Amounts include incremental costs incurred, if any, due to circumstances associated with the COVID-19 global pandemic, net of insurance recoveries of nil and $2.1 million in the three and six months ended September 30, 2024, respectively (three and six months ended September 30, 2023 - insurance recoveries of $0.5 million and $0.5 million, respectively). In the six months ended September 30, 2024 and the three and six months ended September 30, 2023, insurance recoveries exceeded the incremental costs expensed in the period, resulting in a net benefit included in direct operating expense.

(5)Amounts represent rent cost for production facilities that were unutilized as a result of the industry strikes, and therefore such amounts are not allocated to the segments.

Changes in the restructuring and other severance liability were as follows for the six months ended September 30, 2024 and 2023:

	Six Months Ended
	September 30,
	2024		2023
	(Amounts in millions)
Severance liability
Beginning balance	$	19.3	$	3.7
Accruals(2)	(0.5)		3.0
Severance payments	(11.4)		(5.1)
Ending balance(1)	$	7.4	$	1.6

_______________________

(1)As of September 30, 2024, the remaining severance liability of approximately $7.4 million is expected to be paid in the next 12 months.

(2)Excludes $4.6 million and $0.5 million in the six months ended September 30, 2024 and 2023, respectively, of accelerated vesting on equity awards.