The Company predominantly monetizes film and television programs on an individual film basis. The following table summarizes investment in film and television programs at May 31:


	2026		2025
Released, net of accumulated amortization	$	28.9	$	26.2
Completed and not released		—		—
In production		4.3		6.8
In development		3.7		5.2
Acquired library content (1)		3.1		3.6
Other (2)		0.4		0.3
Investment in Film and Television Programs, net (3)	$	40.4	$	42.1

(1) Acquired library content is monetized individually and amortized on a straight-line basis. At May 31, 2026, the weighted-average remaining amortization period was approximately 6.4 years.

(3) Production tax credits reduced total investment in films and television programs by $3.5 and $5.8 as of May 31, 2026 and May 31, 2025, respectively, and resulted in a reduction of Cost of goods sold related to the amortization of investment in films and television programs of approximately $11.8 and $9.5 for the fiscal years ended May 31, 2026 and May 31, 2025, respectively.

Amortization of film and television programs was $11.9 and $9.9 for the fiscal years ended May 31, 2026 and May 31, 2025, respectively, which was included in Cost of goods sold in the Consolidated Statement of Operations.

The following table summarizes estimated future amortization expense for the Company’s investment in film and television programs as of May 31, 2026:


	Fiscal year ending May 31,
	2027		2028		2029
Estimated future amortization expense:
Released, net of accumulated amortization	$	4.1	$	5.8	$	4.1
Acquired library content		0.5		0.5		0.5

Investment in film and television programs, net includes write-downs to fair value which are included in Cost of goods sold in the Consolidated Statement of Operations. During the fiscal years ended May 31, 2026 and May 31, 2025, the Company recognized write-downs of $0.3 and $0.2, respectively, related to programs in development. In addition, during fiscal 2026, the Company identified certain investment in film and television programs that were not recoverable and recognized an impairment charge of $4.9. Refer to Note 5, "Asset Write Down," for further details.

Participation costs represent amounts payable to parties associated with the film or television program and are based on the performance of the film or television program. The Company estimates participation costs based on the contractual participation percentage on the revenue recognized to date, less participation payments made to date. As of May 31, 2026 and May 31, 2025, accrued participation costs were $9.9 and $7.0, respectively, and were included in Accrued royalties on the Company’s Consolidated Balance Sheet.