v3.25.2
Fair Value Measurements
 3 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Fair Value

Accounting guidance and standards about fair value define fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

Fair Value Hierarchy

Fair value hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The accounting guidance and standards establish three levels of inputs that may be used to measure fair value:

•Level 1 — Quoted prices in active markets for identical assets or liabilities.
•Level 2 — Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which all significant inputs are observable or can be derived principally from or corroborated by observable market data for substantially the full term of the assets or liabilities.
•Level 3 — Unobservable inputs to the valuation methodology that are significant to the measurement of fair value of assets or liabilities.

The following table sets forth the assets and liabilities required to be carried at fair value on a recurring basis as of June 30, 2025 and March 31, 2025:
June 30, 2025March 31, 2025
Level 1Level 2TotalLevel 1Level 2Total
Assets:(Amounts in millions)
Forward exchange contracts (see Note 18)
$— $1.5 $1.5 $— $1.8 $1.8 
Liabilities:
Forward exchange contracts (see Note 18)
— 3.4 3.4 — — — 
Interest rate swaps (see Note 18)
— 3.7 3.7 — 3.1 3.1 
The following table sets forth the carrying values and fair values of the Company’s outstanding debt and film related obligations at June 30, 2025 and March 31, 2025:
 
June 30, 2025March 31, 2025
(Amounts in millions)
Carrying Value
Fair Value(1)
Carrying Value
Fair Value(1)
(Level 2)(Level 2)
Revolving Credit Facility$5.3 $20.0 $— $— 
Term Loan A— — 313.4 312.9 
Exchange Notes382.0 338.2 381.6 360.9 
eOne IP Credit Facility309.4 314.5 317.6 323.0 
LG IP Credit Facility938.7 953.8 962.9 978.8 
3 Arts Credit Facility30.0 30.1 — — 
Production Loans1,395.1 1,397.7 1,393.9 1,395.4 
Production Tax Credit Facility281.3 284.9 276.2 280.0 
Backlog Facility and Other318.4 321.8 238.4 238.9 
Film Library Facility65.5 66.9 74.4 75.9 
________________
(1)The Company measures the fair value of its outstanding debt and interest rate swaps using discounted cash flow techniques that use observable market inputs, such as SOFR-based yield curves, swap rates, and credit ratings (Level 2 measurements).

The Company’s financial instruments also include cash and cash equivalents, accounts receivable, accounts payable, content related payables, other accrued liabilities, and other liabilities. The carrying values of these financial instruments approximated the fair values as of June 30, 2025 and March 31, 2025.