Investments in Productions and Investments in Acquired Content Rights

3 Months Ended

Apr. 02, 2023

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 title 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 April 2, 2023, March 27, 2022, and December 25, 2022:

	April 2, 2023		March 27, 2022		December 25, 2022
Investment in Films and Television Programs:
Individual Monetization
Released, net of amortization	$	613.3	$	489.1	$	584.5
Completed and not released	53.0		12.7		23.3
In production	85.8		157.8		199.4
Pre-production	126.4		87.7		41.3
	878.5		747.3		848.5
Film/TV Group Monetization
Released, net of amortization	17.6		31.5		25.8
In production	24.0		15.8		22.2
	41.6		47.3		48.0
Investment in Other Programming
Released, net of amortization	13.2		5.2		9.8
Completed and not released	—		0.4		—
In production	8.2		14.4		11.8
Pre-production	3.9		1.8		3.3
	25.3		21.8		24.9
Total Program Investments	$	945.4	$	816.4	$	921.4

The Company recorded $122.5 million of program cost amortization related to released programming in the quarter ended April 2, 2023, consisting of the following:

	Investment in Production		Investment in Content		Total
Program cost amortization	$	110.9	$	11.6	$	122.5