Investments in Productions and Investments in Acquired Content Rights

3 Months Ended

Mar. 27, 2022

Other Industries [Abstract]

Investment in Productions and Investments in Acquired Content Rights

Investments in Productions and Investments in Acquired Content RightsInvestments in productions and investments in acquired content rights are predominantly monetized on a title-by-title basis and are recorded within other assets in the Company's consolidated balance sheets, to the extent they are considered recoverable

against future revenues. These amounts are being amortized to program cost amortization using a model that reflects the consumption of the asset as it is released through various channels including broadcast licenses, theatrical release and home entertainment. Amounts capitalized are reviewed periodically on an individual film basis and any portion of the unamortized amount that appears not to be recoverable from future net revenues is expensed as part of program cost amortization during the period the loss becomes evident.

The Company's unamortized investments in productions and investments in acquired content rights consisted of the following at March 27, 2022, March 28, 2021, and December 26, 2021:

	March 27, 2022		March 28, 2021		December 26, 2021
Investment in Films and Television Programs:
Individual Monetization
Released, net of amortization	$	489.1	$	481.9	$	481.7
Completed and not released	12.7		35.0		18.5
In production	157.8		147.4		151.6
Pre-production	87.7		72.8		84.0
	747.3		737.1		735.8
Film/TV Group Monetization (1)
Released, net of amortization	31.5		—		32.2
In production	15.8		—		13.0
	47.3		—		45.2
Investment in Other Programming
Released, net of amortization	5.2		14.8		5.3
Completed and not released	0.4		2.8		0.4
In production	14.4		4.2		12.6
Pre-production	1.8		8.7		1.7
	21.8		30.5		20.0
Total Program Investments	$	816.4	$	767.6	$	801.0

(1) Due to a monetization strategy change, as of December 26, 2021 the Company began monetizing certain content assets as a Film/TV group.

The Company recorded $138.5 million of program cost amortization related to released programming in the quarter ended March 27, 2022, consisting of the following:

	Investment in Production		Investment in Content		Other		Total
Program cost amortization	$	122.8	$	15.6	$	0.1	$	138.5