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Film Obligations, Production Loans and Production Tax Credit Facility
 12 Months Ended
Mar. 31, 2021
Film Obligations, Production Loans And Production Tax Credit Facility [Abstract]  
Film Obligations, Production Loans and Production Tax Credit Facility Film Obligations, Production Loans and Production Tax Credit Facility
 
March 31,
2021		March 31,
2020
 (Amounts in millions)
Film obligations$214.6 $299.3 
Production loans373.5 151.4 
Production tax credit facility120.0 — 
Total film obligations, production loans and production tax credit facility708.1 450.7 
Unamortized debt issuance costs(4.6)(0.1)
Total film obligations, production loans, and production tax credit facility, net703.5 450.6 
Less current portion(385.0)(353.7)
Total non-current film obligations, production loans and production tax credit facility$318.5 $96.9 
The following table sets forth future annual repayment of film obligations, production loans and the Production Tax Credit Facility (as defined and discussed below) as of March 31, 2021:
 
 Year Ended March 31,
 20222023202420252026ThereafterTotal
 (Amounts in millions)
Film obligations$146.3 $38.1 $13.1 $5.7 $4.5 $6.6 $214.3 
Production loans238.7 102.1 32.7 — — — 373.5 
Production tax credit facility(1)
— — — 120.0 — — 120.0 
$385.0 $140.2 $45.8 $125.7 $4.5 $6.6 $707.8 
Less imputed interest on film obligations and issuance costs on production loans and production tax credit facility(4.3)
$703.5 
________________________
(1)The repayment amount for the Production Tax Credit Facility represents the amount outstanding at March 31, 2021, and the repayment date represents the maturity date of the Production Tax Credit Facility (January 27, 2025), however net advances and payments under the Production Tax Credit Facility can fluctuate depending on the amount of collateral available.
Film Obligations
Film obligations include minimum guarantees and accrued licensed program rights obligations, which represent amounts payable for film or television rights that the Company has acquired or licensed and certain theatrical marketing obligations for amounts received from third parties that are contractually committed for theatrical marketing expenditures associated with specific titles.
Production Loans
Production loans represent individual loans for the production of film and television programs that the Company produces. The majority of production loans have contractual repayment dates either at or near the expected completion date, with the exception of certain loans containing repayment dates on a longer term basis, and incur LIBOR-based interest at rates ranging from 2.25% to 2.92% (before the impact of interest rate swaps, see Note 19 for interest rate swaps).
Production Tax Credit Facility
In January 2021, as amended on March 31, 2021, the Company entered into a non-recourse senior secured revolving credit facility (the "Production Tax Credit Facility") based on collateral consisting of certain of the Company’s tax credit receivables. The maximum principal amount of the Production Tax Credit Facility is $220.0 million, subject to the amount of collateral available, which is based on specified percentages of amounts payable to the Company by governmental authorities pursuant to the tax incentive laws of certain eligible jurisdictions that arise from the production or exploitation of motion pictures and television programming in such jurisdiction. Advances under the Production Tax Credit Facility bear interest at a rate equal to, at the Company’s option, LIBOR plus 1.50% per annum or the base rate plus 0.50% per annum (effective interest rate of 1.61% at March 31, 2021). The Production Tax Credit Facility matures on January 27, 2025. As of March 31, 2021, there was $79.2 million available under the Production Tax Credit Facility.