Investments in Productions and Investments in Acquired Content Rights

6 Months Ended

Jun. 26, 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 June 26, 2022, June 27, 2021, and December 26, 2021:

	June 26, 2022		June 27, 2021		December 26, 2021
Investment in Films and Television Programs:
Individual Monetization
Released, net of amortization	437.6		$	499.4	$	481.7
Completed and not released	6.3		17.7		18.5
In production	140.6		220.5		151.6
Pre-production	160.5		73.8		84.0
	745.0		811.4		735.8
Film/TV Group Monetization (1)
Released, net of amortization	35.6		—		32.2
In production	21.1		—		13.0
	56.7		—		45.2
Investment in Other Programming
Released, net of amortization	8.9		3.4		5.3
Completed and not released	0.4		0.4		0.4
In production	11.8		6.3		12.6
Pre-production	1.9		1.7		1.7
	23.0		11.8		20.0
Total Program Investments	$	824.7	$	823.2	$	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 $219.2 million of program cost amortization related to released programming in the six months ended June 26, 2022, consisting of the following:

	Investment in Production		Investment in Content		Other		Total
Program cost amortization	$	191.8	$	27.4	$	—	$	219.2