v3.24.3
Program Rights
9 Months Ended
Sep. 30, 2024
Film, Disclosures [Abstract]  
Program Rights Program Rights
Total capitalized produced and licensed content by predominant monetization strategy is as follows:
September 30, 2024
(In thousands) Predominantly Monetized Individually  Predominantly Monetized as a Group  Total
Owned original program rights, net:
Completed$76,360 $655,968 $732,328 
In-production and in-development — 286,056 286,056 
Total owned original program rights, net$76,360 $942,024 $1,018,384 
Licensed program rights, net:
Licensed film and acquired series$384 $574,710 $575,094 
Licensed originals— 110,282 110,282 
Advances and other production costs— 81,004 81,004 
Total licensed program rights, net384 765,996 766,380 
Program rights, net $76,744 $1,708,020 $1,784,764 
Current portion of program rights, net$9,136 
Program rights, net (long-term)1,775,628 
$1,784,764 
December 31, 2023
(In thousands) Predominantly Monetized Individually  Predominantly Monetized as a Group  Total
Owned original program rights, net:
Completed$139,363 $532,839 $672,202 
In-production and in-development — 284,455 284,455 
Total owned original program rights, net$139,363 $817,294 $956,657 
Licensed program rights, net:
Licensed film and acquired series$973 $599,607 $600,580 
Licensed originals1,555 169,489 171,044 
Advances and other production costs— 82,252 82,252 
Total licensed program rights, net2,528 851,348 853,876 
Program rights, net $141,891 $1,668,642 $1,810,533 
Current portion of program rights, net$7,880 
Program rights, net (long-term)1,802,653 
$1,810,533 

Amortization, including write-offs, of owned and licensed program rights, included in Technical and operating expenses in the condensed consolidated statements of income, is as follows:
Three Months Ended September 30, 2024Nine Months Ended September 30, 2024
(In thousands)Predominantly Monetized IndividuallyPredominantly Monetized as a GroupTotalPredominantly Monetized IndividuallyPredominantly Monetized as a GroupTotal
Owned original program rights$20,707 $77,289 $97,996 $62,872 $215,959 $278,831 
Licensed program rights148 128,846 128,994 1,980 360,895 362,875 
Program rights amortization$20,855 $206,135 $226,990 $64,852 $576,854 $641,706 
Three Months Ended September 30, 2023Nine Months Ended September 30, 2023
(In thousands)Predominantly Monetized IndividuallyPredominantly Monetized as a GroupTotalPredominantly Monetized IndividuallyPredominantly Monetized as a GroupTotal
Owned original program rights$21,116 $63,800 $84,916 $101,947 $165,547 $267,494 
Licensed program rights485 110,898 111,383 2,620 356,571 359,191 
Program rights amortization$21,601 $174,698 $196,299 $104,567 $522,118 $626,685 
For programming rights predominantly monetized individually or as a group, the Company periodically reviews the programming usefulness of licensed and owned original program rights based on several factors, including expected future revenue generation from airings on the Company's networks and streaming services and other exploitation opportunities, ratings, type and quality of program material, standards and practices, and fitness for exhibition through various forms of distribution. If events or changes in circumstances indicate that the fair value of a film predominantly monetized individually or a film group is less than its unamortized cost, the Company will write off the excess to technical and operating expenses in the condensed consolidated statements of income. Program rights with no future programming usefulness are substantively abandoned resulting in the write-off of remaining unamortized cost. There were no significant program rights write-offs included in technical and operating expenses for the three and nine months ended September 30, 2024 or 2023.
In the normal course of business, the Company may qualify for tax incentives through eligible investments in productions. Receivables related to tax incentives earned on production spend as of September 30, 2024 consisted of $150.6 million recorded in Prepaid expenses and other current assets and $57.8 million recorded in Other assets. Receivables related to tax incentives earned on production spend as of December 31, 2023 consisted of $230.3 million recorded in Prepaid expenses and other current assets and $49.9 million recorded in Other assets.