Total film costs

[Table of Contents](#i3d0ebbc4e2a2420f98ed7e6fe698936a_7) HASBRO, INC. AND SUBSIDIARIESNotes to Consolidated Financial Statements — (Continued)  
Programming costs are included in other assets and consist of the following at December 26, 2021 and December 27, 2020:

|  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |
| (In millions) | 2021 |  | 2020 |
| Investment in Films and Television Programs: |  |  |  |
| Individual Monetization |  |  |  |
| Released, net of amortization | $ | 481.7  |  |  | $ | 428.0  |  |
| Completed and not released | 18.5  |  |  | 17.3  |  |
| In production | 151.6  |  |  | 185.5  |  |
| Pre-production | 84.0  |  |  | 67.6  |  |
|  | 735.8  |  |  | 698.4  |  |
| Film/TV Group Monetization (1) |  |  |  |
| Released, net of amortization | 32.2  |  |  | —  |  |
|  |  |  |  |
| In production | 13.0  |  |  | —  |  |
|  |  |  |  |
|  | 45.2  |  |  | —  |  |
| Investment in Other programming: |  |  |  |
| Released, net of amortization | 5.3  |  |  | 13.7  |  |
| Completed and not released | 0.4  |  |  | 2.1  |  |
| In production | 12.6  |  |  | 5.4  |  |
| Pre-production | 1.7  |  |  | 7.6  |  |
|  | 20.0  |  |  | 28.8  |  |
|  |  |  |  |
| Total Program Investments | $ | 801.0  |  |  | $ | 727.2  |  |

  
(1) Due to a monetization strategy change, during 2021 the Company began monetizing certain content assets as a film/TV group.   
The Company recorded $628.6 million of program cost amortization related to released programming during 2021, consisting of the following:  


|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| (In millions) |  | Investment in Production |  | Investment in Content |  | Other |  | Total  |
| Program cost amortization |  | $ | 541.8  |  |  | $ | 78.3  |  |  | $ | 8.5  |  |  | $ | 628.6  |  |

  
Based on management’s total revenue estimates at December 26, 2021, the Company's expected future amortization expenses for capitalized programming costs over the next five years are as follows:

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| (In millions) |  | 2022 |  | 2023 |  | 2024 |  | 2025 |  | 2026 |
| Completed and not released |  | $ | 19.6  |  |  | 0.4  |  |  | 0.4  |  |  | 0.3  |  |  | 0.3  |  |
| Released |  | 102.2  |  |  | 71.0  |  |  | 65.0  |  |  | 72.5  |  |  | 60.1  |  |
| In production |  | 46.6  |  |  | 49.2  |  |  | 8.7  |  |  | 7.9  |  |  | 7.1  |  |
| Pre-production |  | 6.0  |  |  | 8.0  |  |  | 10.0  |  |  | —  |  |  | —  |  |
|     Total |  | $ | 174.4  |  |  | 128.6  |  |  | 84.1  |  |  | 80.7  |  |  | 67.5  |  |

In the normal course of its business, the Company also enters into contracts related to obtaining right of first refusal ("first look deals") to purchase, distribute, or license certain entertainment projects or content. See note 20 for more information on the Company's expected future payments for first look deals.  
  

