The predominant monetization strategy for all of the Company’s investments in films and television programs is on an individual film basis. Total investment in films and television programs is as follows:


	December 31, 2025		March 31, 2025
	(Amounts in millions)
Investment in Films and Television Programs:
Released, net of accumulated amortization	$	1,108.8	$	992.4
Completed and not released	211.9		135.1
In progress	805.4		779.5
In development	97.2		87.2
Investment in films and television programs	$	2,223.3	$	1,994.2

At December 31, 2025, acquired film and television libraries have remaining unamortized costs of $215.7 million, which are monetized individually and are being amortized on a straight-line basis or the individual-film-forecast method over a weighted-average remaining period of approximately 12.7 years (March 31, 2025 - unamortized costs were $235.7 million).

Amortization of investment in film and television programs was $267.1 million and $679.7 million for the three and nine months ended December 31, 2025, respectively, and was included in direct operating expense in the unaudited condensed consolidated statements of operations (three and nine months ended December 31, 2024 - amortization was $277.8 million and $772.1 million, respectively).

Impairments. Investment in films and television programs include write-downs to fair value. Impairments that are recorded to direct operating expense are included in amortization expense. The following table sets forth impairments by segment and the line item on the unaudited condensed consolidated statement of operations for the three and nine months ended December 31, 2025 and 2024:


	Three Months Ended December 31,				Nine Months Ended December 31,
	2025		2024		2025		2024
	(Amounts in millions)
Impairments by segment:
Included in direct operating expense(1):
Motion Picture	$	—	$	0.2	$	—	$	18.8
Television Production	—		0.4		1.5		0.4
Impairments not included in segment operating results(2):

Included in restructuring and other	2.3		7.3		10.9		6.8
	$	2.3	$	7.9	$	12.4	$	26.0

(1) Impairments included in direct operating expense are included in the amortization expense amounts as disclosed above.

(2) Impairments included in restructuring and other represents write-downs in connection with the restructuring of the Motion Picture and Television Production businesses. See Note 15 for further information.