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☑			Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended September 30, 2020

☐			Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from   to

Delaware						27-5403694
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)
11 Penn Plaza,
New York,			NY			10001
(Address of principal executive offices)						(Zip Code)

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Class A Common Stock, par value $0.01 per share

AMCX

The

NASDAQ

Stock Market LLC

Large accelerated filer			þ			Accelerated filer			¨
Non-accelerated filer			¨			Smaller reporting company			☐
						Emerging growth company			☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Class A Common Stock par value $0.01 per share			29,754,780
Class B Common Stock par value $0.01 per share			11,484,408

AMC NETWORKS INC. AND SUBSIDIARIES

FORM 10-Q

TABLE OF CONTENTS

			Page
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (unaudited)
Condensed Consolidated Balance Sheets			1
Condensed Consolidated Statements of Income			2
Condensed Consolidated Statements of Comprehensive Income			3
Condensed Consolidated Statements of Stockholders' Equity			4
Condensed Consolidated Statements of Cash Flows			6
Notes to Condensed Consolidated Financial Statements			7
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			25
Item 3. Quantitative and Qualitative Disclosures About Market Risk			46
Item 4. Controls and Procedures			47
PART II. OTHER INFORMATION
Item 1. Legal Proceedings			48
Item 1A. Risk Factors			48
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			48
Item 6. Exhibits			49
SIGNATURES			50

			September 30, 2020						December 31, 2019
ASSETS
Current Assets:
Cash and cash equivalents			$	1,071,860					$	816,170
Accounts receivable, trade (less allowance for doubtful accounts of $9,345 and $5,733)			768,506						857,143
Current portion of program rights, net			17,933						426,624
Prepaid expenses and other current assets			174,682						230,360
Total current assets			2,032,981						2,330,297
Property and equipment, net of accumulated depreciation of $254,312 and $347,302			255,729						283,752
Program rights, net			1,336,612						1,038,060
Intangible assets, net			417,778						524,531
Goodwill			673,810						701,980
Deferred tax asset, net			39,778						51,545
Operating lease right-of-use asset			151,801						170,056
Other assets			477,938						496,465
Total assets			$	5,386,427					$	5,596,686
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable			$	80,967					$	94,306
Accrued liabilities			281,023						251,214
Current portion of program rights obligations			302,061						304,692
Deferred revenue			61,557						63,921
Current portion of long-term debt			76,000						56,250
Current portion of lease obligations			33,519						33,959
Total current liabilities			835,127						804,342
Program rights obligations			198,197						239,813
Long-term debt			2,791,091						3,039,979
Lease obligations			209,549						211,047
Deferred tax liability, net			135,476						136,911
Other liabilities			130,244						163,638
Total liabilities			4,299,684						4,595,730
Commitments and contingencies
Redeemable noncontrolling interests			314,397						309,451
Stockholders' equity:
Class A Common Stock, $0.01 par value, 360,000 shares authorized, 63,348 and 63,886 shares issued and 40,557 and 44,078 shares outstanding, respectively			643						639
Class B Common Stock, $0.01 par value, 90,000 shares authorized, 11,484 shares issued and outstanding			115						115
Preferred stock, $0.01 par value, 45,000 shares authorized; none issued			—						—
Paid-in capital			320,681						286,491
Accumulated earnings			1,752,740						1,609,428
Treasury stock, at cost (23,790 and 19,808 shares Class A Common Stock, respectively)			(1,166,119)						(1,063,181)
Accumulated other comprehensive loss			(160,457)						(167,711)
Total AMC Networks stockholders' equity			747,603						665,781
Non-redeemable noncontrolling interests			24,743						25,724
Total stockholders' equity			772,346						691,505
Total liabilities and stockholders' equity			$	5,386,427					$	5,596,686

			Three Months Ended September 30,												Nine Months Ended September 30,
			2020						2019						2020						2019
Revenues, net			$	654,015					$	718,597					$	2,034,681					$	2,275,117
Operating expenses:
Technical and operating (excluding depreciation and amortization)			333,816						354,992						960,379						1,080,763
Selling, general and administrative			148,769						159,357						488,581						505,233
Depreciation and amortization			27,547						25,619						80,182						75,568
Impairment charges			—						—						130,411						—
Restructuring and other related charges			4,406						10,191						13,879						29,995
Total operating expenses			514,538						550,159						1,673,432						1,691,559
Operating income			139,477						168,438						361,249						583,558
Other income (expense):
Interest expense			(33,418)						(39,621)						(105,283)						(118,982)
Interest income			2,994						4,626						11,276						13,571
Loss on extinguishment of debt			—						—						(2,908)						—
Miscellaneous, net			11,138						(1,490)						(10,088)						(16,972)
Total other (expense) income			(19,286)						(36,485)						(107,003)						(122,383)
Income from operations before income taxes			120,191						131,953						254,246						461,175
Income tax expense			(52,195)						(8,727)						(95,490)						(53,807)
Net income including noncontrolling interests			67,996						123,226						158,756						407,368
Net income attributable to noncontrolling interests			(6,356)						(6,303)						(13,488)						(18,305)
Net income attributable to AMC Networks' stockholders			$	61,640					$	116,923					$	145,268					$	389,063
Net income per share attributable to AMC Networks' stockholders:
Basic			$	1.18					$	2.09					$	2.72					$	6.91
Diluted			$	1.17					$	2.07					$	2.69					$	6.80
Weighted average common shares:
Basic			52,346						55,847						53,374						56,339
Diluted			52,904						56,605						53,917						57,218

			Three Months Ended September 30,												Nine Months Ended September 30,
			2020						2019						2020						2019
Net income including noncontrolling interests			$	67,996					$	123,226					$	158,756					$	407,368
Other comprehensive income (loss):
Foreign currency translation adjustment			21,475						(33,281)						7,383						(38,490)
Unrealized gain (loss) on interest rate swaps			615						(187)						(1,041)						(2,076)
Other comprehensive income (loss), before income taxes			22,090						(33,468)						6,342						(40,566)
Income tax (expense) benefit			(144)						335						242						483
Other comprehensive income (loss), net of income taxes			21,946						(33,133)						6,584						(40,083)
Comprehensive income			89,942						90,093						165,340						367,285
Comprehensive income attributable to noncontrolling interests			(6,648)						(5,217)						(12,818)						(17,048)
Comprehensive income attributable to AMC Networks' stockholders			$	83,294					$	84,876					$	152,522					$	350,237

			Class A Common Stock						Class B Common Stock						Paid-in Capital						Accumulated Earnings						Treasury Stock						Accumulated Other Comprehensive Loss						AMC Networks Stockholders’ Equity						Noncontrolling Interests						Total Stockholders' Equity
Balance, June 30, 2020			$	643					$	115					$	308,288					$	1,691,100					$	(1,166,119)					$	(182,111)					$	651,916					$	23,229					$	675,145
Net income attributable to AMC Networks’ stockholders			—						—						—						61,640						—						—						61,640						—						61,640
Net income attributable to non-redeemable noncontrolling interests			—						—						—						—						—						—						—						1,785						1,785
Distributions to noncontrolling member			—						—						—						—						—						—						—						(563)						(563)
Other comprehensive income			—						—						—						—						—						21,654						21,654						292						21,946
Share-based compensation expense			—						—						12,393						—						—						—						12,393						—						12,393
Balance, September 30, 2020			$	643					$	115					$	320,681					$	1,752,740					$	(1,166,119)					$	(160,457)					$	747,603					$	24,743					$	772,346

			Class A Common Stock						Class B Common Stock						Paid-in Capital						Accumulated Earnings						Treasury Stock						Accumulated Other Comprehensive Loss						AMC Networks Stockholders’ Equity						Noncontrolling Interests						Total Stockholders' Equity
Balance, December 31, 2019			$	639					$	115					$	286,491					$	1,609,428					$	(1,063,181)					$	(167,711)					$	665,781					$	25,724					$	691,505
Net income attributable to AMC Networks’ stockholders			—						—						—						145,268						—						—						145,268						—						145,268
Net income attributable to non-redeemable noncontrolling interests			—						—						—						—						—						—						—						700						700
Adoption of ASU 2016-13, credit losses			—						—						—						(1,956)						—						—						(1,956)						—						(1,956)
Distributions to noncontrolling member			—						—						—						—						—						—						—						(1,011)						(1,011)
Other comprehensive income (loss)			—						—						—						—						—						7,254						7,254						(670)						6,584
Share-based compensation expense			—						—						43,141						—						—						—						43,141						—						43,141
Treasury stock acquired			—						—						—						—						(102,938)						—						(102,938)						—						(102,938)
Restricted stock units converted to shares			4						—						(8,951)						—						—						—						(8,947)						—						(8,947)
Balance, September 30, 2020			$	643					$	115					$	320,681					$	1,752,740					$	(1,166,119)					$	(160,457)					$	747,603					$	24,743					$	772,346

			Class A Common Stock						Class B Common Stock						Paid-in Capital						Accumulated Earnings						Treasury Stock						Accumulated Other Comprehensive Loss						AMC Networks Stockholders’ Equity						Noncontrolling Interests						Total Stockholders' Equity
Balance, June 30, 2019			$	639					$	115					$	258,150					$	1,501,082					$	(1,051,022)					$	(167,144)					$	541,820					$	26,693					$	568,513
Net income attributable to AMC Networks’ stockholders			—						—						—						116,923						—						—						116,923						—						116,923
Net income attributable to non-redeemable noncontrolling interests			—						—						—						—						—						—						—						1,772						1,772
Distributions to noncontrolling member			—						—						—						—						—						—						—						(705)						(705)
Settlement of treasury stock			—						—						832						—						—						—						832						—						832
Other comprehensive loss			—						—						—						—						—						(33,133)						(33,133)						(1,085)						(34,218)
Share-based compensation expense			—						—						13,841						—						—						—						13,841						—						13,841
Treasury stock acquired			—						—						—						—						(12,159)						—						(12,159)						—						(12,159)
Balance, September 30, 2019			$	639					$	115					$	272,823					$	1,618,005					$	(1,063,181)					$	(200,277)					$	628,124					$	26,675					$	654,799

			Class A Common Stock						Class B Common Stock						Paid-in Capital						Accumulated Earnings						Treasury Stock						Accumulated Other Comprehensive Loss						AMC Networks Stockholders’ Equity						Noncontrolling Interests						Total Stockholders' Equity
Balance, December 31, 2018			$	633					$	115					$	239,767					$	1,228,942					$	(992,583)					$	(160,194)					$	316,680					$	28,528					$	345,208
Net income attributable to AMC Networks’ stockholders			—						—						—						389,063						—						—						389,063						—						389,063
Net income attributable to non-redeemable noncontrolling interests			—						—						—						—						—						—						—						2,842						2,842
Distributions to noncontrolling member			—						—						—						—						—						—						—						(3,439)						(3,439)
Other comprehensive loss			—						—						—						—						—						(40,083)						(40,083)						(1,256)						(41,339)
Share-based compensation expense			—						—						50,465						—						—						—						50,465						—						50,465
Proceeds from the exercise of stock options			—						—						4,630						—						—						—						4,630						—						4,630
Treasury stock acquired			—						—						985						—						(70,598)						—						(69,613)						—						(69,613)
Restricted stock units converted to shares			6						—						(23,024)						—						—						—						(23,018)						—						(23,018)
Balance, September 30, 2019			$	639					$	115					$	272,823					$	1,618,005					$	(1,063,181)					$	(200,277)					$	628,124					$	26,675					$	654,799

			Nine Months Ended September 30,
			2020						2019
Cash flows from operating activities:
Net income including noncontrolling interests			$	158,756					$	407,368
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization			80,182						75,568
Impairment charges			130,411						—
Share-based compensation expense related to equity classified awards			43,141						50,465
Non-cash restructuring and other related charges			6,126						14,026
Amortization and write-off of program rights			622,204						696,326
Amortization of deferred carriage fees			21,088						14,624
Unrealized foreign currency transaction loss			9,242						489
Amortization of deferred financing costs and discounts on indebtedness			6,039						5,970
Loss on extinguishment of debt			2,908						—
Bad debt expense			340						3,628
Deferred income taxes			12,403						(65,245)
Write-down of non-marketable equity securities and note receivable			5,103						20,206
Other, net			(10,696)						(8,481)
Changes in assets and liabilities:
Accounts receivable, trade (including amounts due from related parties, net)			92,328						6,993
Prepaid expenses and other assets			79,098						(121,375)
Program rights and obligations, net			(565,267)						(676,718)
Income taxes payable			17,265						3,101
Deferred revenue			(2,234)						10,395
Deferred carriage fees, net			(15,057)						(14,409)
Accounts payable, accrued liabilities and other liabilities			(49,293)						(22,534)
Net cash provided by operating activities			644,087						400,397
Cash flows from investing activities:
Capital expenditures			(34,990)						(69,096)
Return of capital from investees			924						9,232
Acquisition of investment securities			(4,111)						—
Principal payment received on loan to investee			3,750						—
Proceeds from sale of investments			10,000						—
Net cash used in investing activities			(24,427)						(59,864)
Cash flows from financing activities:
Proceeds from the issuance of long-term debt			6,000						1,521
Principal payments on long-term debt			(242,500)						(12,613)
Deemed repurchases of restricted stock units			(8,947)						(23,019)
Purchase of treasury stock			(102,938)						(70,598)
Proceeds from stock option exercises			—						4,630
Principal payments on finance lease obligations			(2,404)						(4,059)
Distributions to noncontrolling interests			(13,955)						(13,545)
Net cash used in financing activities			(364,744)						(117,683)
Net increase in cash and cash equivalents			254,916						222,850
Effect of exchange rate changes on cash and cash equivalents			774						(4,350)
Cash and cash equivalents at beginning of period			816,170						554,886
Cash and cash equivalents at end of period			$	1,071,860					$	773,386

Description of Business

AMC Networks Inc. ("AMC Networks") and its subsidiaries (collectively referred to as the "Company") own and operate entertainment businesses and assets. The Company is comprised of two operating segments:

•National Networks: Includes activities of our five national programming networks, AMC Studios operations and AMC Broadcasting & Technology. Our national programming networks are AMC, WE tv, BBC AMERICA, IFC and SundanceTV and also include our AMC Premiere service. Our AMC Studios operations produces original programming for our programming networks and also licenses such program rights worldwide. AMC Networks Broadcasting & Technology is our technical services business, which primarily services most of the national programming networks.

•International and Other: Includes AMC Networks International ("AMCNI"), our international programming businesses consisting of a portfolio of channels around the world; AMC Networks SVOD, consisting of our targeted subscription streaming services (Acorn TV, Shudder, Sundance Now, UMC), AMC+ and other subscription video on demand ("SVOD") initiatives; Levity, our production services and comedy venues business; and IFC Films, our independent film distribution business.

Basis of Presentation

Principles of Consolidation

The consolidated financial statements include the accounts of AMC Networks and its subsidiaries in which a controlling voting interest is maintained or variable interest entities ("VIEs") in which the Company has determined it is the primary beneficiary. All intercompany transactions and balances have been eliminated in consolidation.

Investments in business entities in which the Company lacks control but does have the ability to exercise significant influence over operating and financial policies are accounted for using the equity method of accounting.

Unaudited Interim Financial Statements

These condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information and Article 10 of Regulation S-X of the Securities and Exchange Commission ("SEC"), and should be read in conjunction with the Company's consolidated financial statements and notes thereto for the year ended December 31, 2019 contained in the Company's Annual Report on Form 10-K ("2019 Form 10-K") filed with the SEC. The condensed consolidated financial statements presented in this Quarterly Report on Form 10-Q are unaudited; however, in the opinion of management, such financial statements reflect all adjustments, consisting solely of normal recurring adjustments, necessary for a fair presentation of the results for the interim periods presented.

The results of operations for interim periods are not necessarily indicative of the results that might be expected for future interim periods or for the full year ending December 31, 2020.

Risks and Uncertainties

In March 2020, the World Health Organization characterized the novel coronavirus ("COVID-19") a pandemic, and the President of the United States declared the COVID-19 outbreak a national emergency. The rapid spread of the pandemic and the continuously evolving responses to combat it have had a negative impact on the global economy.

The impact of COVID-19 and measures to prevent its spread are affecting our businesses in a number of ways. Beginning in mid-March, the Company has experienced adverse advertising sales impacts, suspended content production, which has led to delays in the creation and availability of substantially all of its programming, and the temporary closure of its comedy venues. In the third quarter of 2020, the Company commenced production activities, however substantially all Company employees continue to work remotely, and the Company continues to restrict business travel. If significant portions of our workforce, including key personnel, are unable to work effectively because of illness, government actions or other restrictions in connection with the COVID-19 pandemic, the impact of the pandemic on our businesses could be exacerbated.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements; and the reported amounts of revenues and expenses during the reported period. Actual results could differ from those estimates. Significant estimates and judgments inherent in the preparation of the consolidated financial statements include the useful lives and methodologies used to amortize and assess recoverability of program rights, the estimated useful lives of intangible assets and the valuation and recoverability of goodwill and intangible assets.

Recently Adopted Accounting Standards

Effective January 1, 2020, the Company adopted Financial Accounting Standard Board (“FASB”) Accounting Standards Update (“ASU”) 2016-13, Measurement of Credit Losses on Financial Instruments, which changed the impairment model for most financial assets and certain other instruments, including trade and other receivables, held-to-maturity debt securities and loans, and requires entities to use a new forward-looking "expected loss" model that would generally result in the earlier recognition of allowances for losses. The Company adopted the standard using the modified retrospective approach and recorded a decrease to opening retained earnings of $2.0 million, after taxes, for the cumulative-effect of the adoption.

Effective January 1, 2020, the Company adopted FASB ASU No. 2018-13, Fair Value Measurement (Topic 820). The standard changed the disclosure requirements related to transfers between Level I and II assets, as well as several aspects surrounding the valuation process and unrealized gains and losses related to Level III assets. The adoption of the standard did not have any effect on the Company's consolidated financial statements.

Effective January 1, 2020, the Company adopted FASB ASU No. 2018-15, Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract. The standard amended prior guidance to align the accounting for costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing costs associated with developing or obtaining internal-use software. Capitalized implementation costs must be expensed over the term of the hosting arrangement and presented in the same line item in the income statement as the fees associated with the hosting element (service) of the arrangement. The adoption of the standard did not have a material effect on the Company's consolidated financial statements.

Effective January 1, 2020, the Company adopted FASB ASU No. 2019-02, Improvements to Accounting for Costs of Films and License Agreements for Program Materials. The standard aligns the accounting for production costs of episodic television series with the accounting for production costs of films. In addition, the standard modifies certain aspects of the capitalization, impairment, presentation and disclosure requirements in Accounting Standards Codification (“ASC”) 926-20 and the impairment, presentation and disclosure requirements in ASC 920-350. The Company adopted the standard on a prospective basis. See Note 5 for further information.

Recently Issued Accounting Pronouncements

In December 2019, the FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 - Income Taxes. These changes are effective for the first quarter of 2021, with early adoption permitted. The Company is currently evaluating the impact the adoption and does not expect it to have material impact on its consolidated financial statements.

Note 2. Revenue Recognition

Transaction Price Allocated to Future Performance Obligations

As of September 30, 2020, other than contracts for which the Company has applied the practical expedients, the aggregate amount of transaction price allocated to future performance obligations was not material to our consolidated revenues.

Contract Balances from Contracts with Customers

The following table provides information about receivables, contract assets, and contract liabilities from contracts with customers.

(In thousands)						September 30, 2020						December 31, 2019
Balances from contracts with customers:
Accounts receivable (including long-term, included in Other assets)						$	1,014,956					$	1,121,834
Contract assets, short-term (included in Other current assets)						4,373						7,283
Contract assets, long-term (included in Other assets)						3,225						9,964
Contract liabilities (Deferred revenue)						61,557						63,921

Revenue recognized for the nine months ended September 30, 2020 relating to the contract liability at December 31, 2019 was $37.0 million.

(In thousands)			Three Months Ended September 30,												Nine Months Ended September 30,
			2020						2019						2020						2019
Basic weighted average common shares outstanding			52,346						55,847						53,374						56,339
Effect of dilution:
Stock options			—						7						—						18
Restricted stock units			558						751						543						861
Diluted weighted average common shares outstanding			52,904						56,605						53,917						57,218

Approximately 1.1 million and 1.5 million restricted stock units outstanding as of September 30, 2020 and September 30, 2019, respectively, have been excluded from diluted weighted average common shares outstanding since a performance condition for these awards had not been met in each of the respective periods. As of September 30, 2020 and September 30, 2019, 0.7 million and 0.3 million, respectively, of restricted stock units and stock options have been excluded from diluted weighted average common shares outstanding, as their impact would have been anti-dilutive.

Stock Repurchase Program

The Company's Board of Directors has authorized a program to repurchase up to $1.5 billion of its outstanding shares of common stock (the "Stock Repurchase Program"). The Stock Repurchase Program has no pre-established closing date and may be suspended or discontinued at any time. For the nine months ended September 30, 2020, the Company repurchased 4.0 million shares of its Class A Common Stock at an average purchase price of approximately $25.85 per share. As of September 30, 2020, the Company had $385.9 million of authorization remaining for repurchase under the Stock Repurchase Program.

Restructuring and other related charges of $4.4 million and $13.9 million for the three and nine months ended September 30, 2020, respectively, related to restructuring costs associated with termination of distribution in certain territories as well as severance and other personnel related costs associated with restructuring activities.

Restructuring and other related charges of $10.2 million and $30.0 million for the three and nine months ended September 30, 2019, respectively, primarily related to the AMC Networks SVOD re-organization as well as severance and other personnel related costs incurred at AMCNI associated with the termination of distribution in certain territories.

The following table summarizes the restructuring and other related charges recognized by operating segment:

(In thousands)			Three Months Ended September 30,												Nine Months Ended September 30,
			2020						2019						2020									2019
National Networks			$	5,991					$	6,199					$	8,714								$	6,776
International & Other			(1,585)						3,992						5,165									23,915
Inter-segment eliminations			—						—						—									(696)
Total restructuring and other related charges			$	4,406					$	10,191					$	13,879								$	29,995

The following table summarizes the accrued restructuring costs:

(In thousands)			Severance and employee-related costs						Other exit costs						Total
December 31, 2019			$	27,407					$	221					$	27,628
Charges			9,563						4,316						13,879
Cash payments			(26,763)						(191)						(26,954)
Non-cash adjustments			(1,810)						(4,316)						(6,126)
Currency translation			1						—						1
Balance, September 30, 2020			$	8,398					$	30					$	8,428

Accrued restructuring costs of $8.4 million are included in accrued liabilities in the condensed consolidated balance sheet at September 30, 2020.

Effective January 1, 2020, the Company adopted FASB ASU No. 2019-02, Improvements to Accounting for Costs of Films and License Agreements for Program Materials. The new guidance impacts the Company as follows:

•Allows for the classification of acquired/licensed program rights as long-term assets. Previously, the Company reported a portion of these rights in current assets. Advances for live programming rights made prior to the live event and acquired/licensed program rights with license terms of less than one year continue to be reported in current assets.

•Aligns the capitalization of production costs for episodic television programs with the capitalization of production costs for theatrical content. Previously, theatrical content production costs could be fully capitalized while episodic television production costs were generally limited to the amount of contracted revenues.

•Introduces the concept of “predominant monetization strategy” to classify capitalized program rights for purposes of amortization and impairment as follows:

◦Individual program rights - programming value is predominantly derived from third-party revenues that are directly attributable to the specific film or television title (e.g., theatrical revenues, significant in-show advertising on the Company’s programming networks or specific content licensing revenues).

◦Group program rights - programming value is predominantly derived from third-party revenues that are not directly attributable to a specific film or television title (e.g., library of program rights for purpose of the Company’s programming networks or subscription revenue for AMC Networks SVOD).

The determination of the predominant monetization strategy is made at commencement of production and is based on the means by which we derive third-party revenues from use of the programming. The classification of program rights as individual or group only changes if there is a significant change to the title’s monetization strategy relative to its initial assessment.

Total capitalized produced and licensed content by predominant monetization strategy is as follows:

			September 30, 2020
(In thousands)			Predominantly Monetized Individually						Predominantly Monetized as a Group						Total
Owned original program rights, net:
Completed			$	288,705					$	33,288					$	321,993
In-production and in-development			145,228						14,209						159,437
Total owned original program rights, net			$	433,933					$	47,497					$	481,430
Licensed program rights, net:
Licensed film and acquired series			$	8,080					$	581,253					$	589,333
Licensed originals			235,149						—						235,149
Advances and content versioning costs			—						48,633						48,633
Total licensed program rights, net			243,229						629,886						873,115
Program rights, net			$	677,162					$	677,383					$	1,354,545
Current portion of program rights, net															$	17,933
Program rights, net (long-term)															1,336,612
															$	1,354,545

Amortization, including write-offs, of owned and licensed program rights is as follows:

			Three Months Ended September 30,																		Nine Months Ended September 30,
(In thousands)			Predominantly Monetized Individually						Predominantly Monetized as a Group						Total						Predominantly Monetized Individually						Predominantly Monetized as a Group						Total
Owned original program rights			$	74,597					$	11,854					$	86,451					$	235,868					$	27,831					$	263,699
Licensed program rights			20,479						100,019						120,498						61,741						296,764						358,505
Program rights amortization			$	95,076					$	111,873					$	206,949					$	297,609					$	324,595					$	622,204

Rights to programming, including feature films and episodic series, acquired under license agreements are stated at the lower of unamortized cost or fair value. Such licensed rights along with the related obligations are recorded at the contract value when a license agreement is executed, unless there is uncertainty with respect to either cost, acceptability or availability. If such uncertainty exists, those rights and obligations are recorded at the earlier of when the uncertainty is resolved or the license period begins. Costs are amortized to technical and operating expense on a straight-line or accelerated basis, based on the expected exploitation strategy of the rights, over a period not to exceed the respective license periods.

Owned original programming costs, including estimated participation and residual costs, qualifying for capitalization as program rights are amortized to technical and operating expense over their estimated useful lives, commencing upon the first airing, based on attributable revenue for airings to date as a percentage of total projected attributable revenue, or ultimate revenue (individual-film-forecast-computation method). Projected attributable revenue is based on previously generated revenues for similar content in established markets, primarily consisting of distribution and advertising revenues, and projected program usage. Projected program usage is based on the Company's current expectation of future exhibitions taking into

The Company periodically reviews the programming usefulness of its licensed and owned original program rights based on several factors, including expected future revenue generation from airings on the Company's networks and other exploitation opportunities, ratings, type and quality of program material, standards and practices, and fitness for exhibition through various forms of distribution. If it is determined that film or other program rights have limited, or no, future programming usefulness, the useful life is updated, which generally results in a write-off of the unamortized cost to technical and operating expense in the consolidated statements of income. Program rights write-offs, included in technical and operating expense, were $24.8 million and $36.9 million for the three and nine months ended September 30, 2020, respectively, and $1.6 million and $15.2 million for the three and nine months ended September 30, 2019, respectively.

The Company holds several investments and loans in non-consolidated entities which are included in Other assets in the condensed consolidated balance sheet. Equity method investments were $69.6 million at September 30, 2020 and $69.1 million at December 31, 2019.

Marketable Equity Securities

The Company classifies publicly traded investments with readily determinable fair values that are not accounted for under the equity method as marketable equity securities. Marketable equity securities are recorded at cost and adjusted to fair value at each reporting period. The changes in fair value between measurement dates are recorded in miscellaneous, net in the condensed consolidated statement of income. In April 2020, one of our investments with a cost of $25.0 million, previously classified as a non-marketable equity security, became a publicly traded company. Accordingly, the investment is now classified within marketable equity securities. Investments in marketable equity securities were $39.7 million at September 30, 2020 and $4.4 million at December 31, 2019. For the three and nine months ended September 30, 2020, unrealized gains and losses on marketable equity securities were a loss of $3.7 million and a gain of $10.3 million, respectively, included in miscellaneous, net in the condensed consolidated statement of income.

Non-marketable Equity Securities

The Company classifies investments without readily determinable fair values that are not accounted for under the equity method as non-marketable equity securities. The accounting guidance requires non-marketable equity securities to be recorded at cost and adjusted to fair value at each reporting period. However, the guidance allows for a measurement alternative, which is to record the investments at cost, less impairment, if any, and subsequently adjust for observable price changes of identical or similar investments of the same issuer. The Company applies this measurement alternative to its non-marketable equity securities. When an observable event occurs, the Company estimates the fair values of its non-marketable equity securities based on Level 2 inputs that are derived from observable price changes of similar securities adjusted for insignificant differences in rights and obligations. The changes in value are recorded in miscellaneous, net in the condensed consolidated statement of income.

Investments in non-marketable equity securities were $34.5 million at September 30, 2020 and $61.8 million at December 31, 2019. For the nine months ended September 30, 2020 and September 30, 2019, the Company recognized impairment charges of $20.0 million and $20.2 million, respectively, related to the write-down of certain non-marketable equity securities and a note receivable, included in miscellaneous, net in the condensed consolidated statements of income. Additionally, in September 2020, an observable price change occurred with respect to one of the Company's non-marketable equity securities, resulting in an unrealized gain of $14.9 million, included in miscellaneous, net in the condensed consolidated statement of income.

Note 7. Goodwill and Other Intangible Assets

The carrying amount of goodwill, by operating segment is as follows:

(In thousands)			National Networks						International and Other						Total
December 31, 2019			$	237,103					$	464,877					$	701,980
Impairment charge			—						(25,062)						(25,062)
Amortization of "second component" goodwill			(996)						—						(996)
Foreign currency translation			—						(2,112)						(2,112)
September 30, 2020			$	236,107					$	437,703					$	673,810

As of September 30, 2020 and December 31, 2019, accumulated impairment charges in the International and Other segment totaled $123.1 million and $98.0 million, respectively.

The reduction of $1.0 million in the carrying amount of goodwill for National Networks is due to the realization of a tax benefit for the amortization of "second component" goodwill at SundanceTV. Second component goodwill is the amount of tax deductible goodwill in excess of goodwill for financial reporting purposes. In accordance with the authoritative guidance at the time of the SundanceTV acquisition, the tax benefits associated with this excess are applied to first reduce the amount of goodwill, and then other intangible assets for financial reporting purposes, if and when such tax benefits are realized in the Company's tax returns.

The Company performs its annual goodwill impairment test as of December 1 each year. In addition to the annual impairment test, the Company is required to regularly assess whether a triggering event has occurred which would require an interim impairment test. As a result of the continuing impact of the COVID-19 pandemic, the Company qualitatively assessed whether it was more likely than not that goodwill and long-lived assets were impaired as of June 30, 2020. The Company considered the current and expected future economic and market conditions surrounding the COVID-19 pandemic and its impact on each of its reporting units. Further, the Company assessed the current forecasts (including significant assumptions about revenue growth rates, long-term growth rates and enterprise specific discount rates) and the amount of excess fair value over carrying value for each of its reporting units in the 2019 impairment test. In connection with the preparation of the second quarter financial information, the Company determined that a triggering event had occurred with respect to its AMCNI reporting unit, which required an interim impairment test to be performed as of June 30, 2020. As such, the Company performed a quantitative assessment for its AMCNI reporting unit. The fair value was determined using a combination of an income approach, using a discounted cash flow (DCF) model, and a market comparables approach. The DCF model includes significant assumptions about revenue growth rates, long-term growth rates and enterprise specific discount rates. Additionally, the market comparables approach is determined using guideline company financial multiples. Given the uncertainty in determining assumptions underlying the DCF approach, actual results may differ from those used in the valuations.

Based on the valuations performed, in response to current and expected trends across the International television broadcasting markets, the fair value of the Company's AMCNI reporting unit declined below its carrying amount. As a result, in June 2020, the Company recognized an impairment charge of $25.1 million related to the AMCNI reporting unit, included in impairment charges in the condensed consolidated income statement.

The determination of fair value of the Company's AMCNI reporting unit represents a Level 3 fair value measurement in the fair value hierarchy due to its use of internal projections and unobservable measurement inputs. Changes in significant judgments and estimates could significantly impact the concluded fair value of the reporting unit or the valuation of intangible assets. Changes to assumptions that would decrease the fair value of the reporting unit would result in corresponding increases to the impairment of goodwill at the reporting unit.

The following tables summarize information relating to the Company's identifiable intangible assets:

(In thousands)			September 30, 2020
			Gross						Accumulated Amortization						Net						Estimated Useful Lives
Amortizable intangible assets:
Affiliate and customer relationships			$	617,178					$	(317,770)					$	299,408					6 to 25 years
Advertiser relationships			46,282						(24,976)						21,306						11 years
Trade names and other amortizable intangible assets			114,869						(37,705)						77,164						3 to 20 years
Total amortizable intangible assets			778,329						(380,451)						397,878
Indefinite-lived intangible assets:
Trademarks			19,900						—						19,900
Total intangible assets			$	798,229					$	(380,451)					$	417,778
(In thousands)			December 31, 2019
			Gross						Accumulated Amortization						Net
Amortizable intangible assets:
Affiliate and customer relationships			$	616,197					$	(232,193)					$	384,004
Advertiser relationships			46,282						(21,820)						24,462
Trade names and other amortizable intangible assets			115,873						(19,708)						96,165
Total amortizable intangible assets			778,352						(273,721)						504,631
Indefinite-lived intangible assets:
Trademarks			19,900						—						19,900
Total intangible assets			$	798,252					$	(273,721)					$	524,531

Aggregate amortization expense for amortizable intangible assets for the nine months ended September 30, 2020 and 2019 was $32.6 million and $34.2 million, respectively. Estimated aggregate amortization expense for intangible assets subject to amortization for each of the following five years is:

(In thousands)
Years Ending December 31,
2020			$	42,325
2021			37,808
2022			37,763
2023			37,687
2024			37,618

Note 8. Accrued Liabilities

Accrued liabilities consist of the following:

(In thousands)			September 30, 2020						December 31, 2019
Employee related costs			81,830						$	89,753
Participations and residuals			91,411						70,682
Interest			37,089						29,767
Other accrued expenses			70,693						61,012
Total accrued liabilities			$	281,023					$	251,214

The Company's long-term debt consists of the following:

(In thousands)			September 30, 2020						December 31, 2019
Senior Secured Credit Facility: (a)
Term Loan A Facility			$	693,750					$	731,250
Senior Notes:
4.75% Notes due August 2025			800,000						800,000
5.00% Notes due April 2024			1,000,000						1,000,000
4.75% Notes due December 2022			400,000						600,000
Other debt (b)			1,000						—
Total long-term debt			2,894,750						3,131,250
Unamortized discount			(19,527)						(24,351)
Unamortized deferred financing costs			(8,132)						(10,670)
Long-term debt, net			2,867,091						3,096,229
Current portion of long-term debt			76,000						56,250
Noncurrent portion of long-term debt			$	2,791,091					$	3,039,979

(a)The Company's $500 million revolving credit facility remains undrawn at September 30, 2020. Total undrawn revolver commitments are available to be drawn for general corporate purposes of the Company.

(b)A majority owned subsidiary of the Company has credit facilities totaling $7.0 million, which bear interest at the greater of 3.5% or the prime rate plus 1% and mature on November 23, 2020. As of September 30, 2020, there was $1.0 million of outstanding borrowings on the credit facilities.

4.75% Notes due December 2022

In March 2020, the Company redeemed $200 million principal amount of the outstanding $600 million principal amount of its 4.75% Notes due December 2022. In connection with the redemption, the Company incurred a loss on extinguishment of debt for the nine months ended September 30, 2020 of $2.9 million representing the redemption premium and the write-off of a portion of the unamortized discount and deferred financing costs.

The following table summarizes the leases included in the condensed consolidated balance sheets as follows:

(In thousands)			Balance Sheet Location						September 30, 2020						December 31, 2019
Assets
Operating			Operating lease right-of-use asset						$	151,801					$	170,056
Finance			Property and equipment, net						13,453						15,713
Total lease assets									$	165,254					$	185,769
Liabilities
Current:
Operating			Current portion of lease obligations						$	30,011					$	30,171
Finance			Current portion of lease obligations						3,508						3,788
									$	33,519					33,959
Noncurrent:
Operating			Lease obligations						$	181,032					193,570
Finance			Lease obligations						28,517						17,477
									209,549						211,047
Total lease liabilities									$	243,068					$	245,006

For the nine months ended September 30, 2020, impairment charges were recorded related to certain operating lease right-of-use assets at the AMCNI business. See Note 7 for additional details regarding the impairment test of long-lived assets.

The fair value hierarchy is based on inputs to valuation techniques that are used to measure fair value that are either observable or unobservable. Observable inputs reflect assumptions market participants would use in pricing an asset or liability based on market data obtained from independent sources while unobservable inputs reflect a reporting entity's pricing based upon their own market assumptions. The fair value hierarchy consists of the following three levels:

•Level I - Quoted prices for identical instruments in active markets.

•Level II - Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable.

•Level III - Instruments whose significant value drivers are unobservable.

The following table presents for each of these hierarchy levels, the Company's financial assets and liabilities that are measured at fair value on a recurring basis at September 30, 2020 and December 31, 2019:

(In thousands)						Level I						Level II						Level III						Total
At September 30, 2020:
Assets
Cash equivalents						$	295,051					$	—					$	—					$	295,051
Marketable securities						39,699						—						—						39,699
Foreign currency derivatives						—						1,366						—						1,366
Liabilities
Interest rate swap contracts						$	—					$	3,007					$	—					$	3,007
Foreign currency derivatives						—						3,568						—						3,568
At December 31, 2019:
Assets
Cash equivalents						$	191,214					$	—					$	—					$	191,214
Marketable securities						4,448						—						—						4,448
Foreign currency derivatives						—						1,884						—						1,884
Liabilities
Interest rate swap contracts						$	—					$	1,966					$	—					$	1,966
Foreign currency derivatives						—						1,888						—						1,888

The Company's cash equivalents and marketable securities are classified within Level I of the fair value hierarchy because they are valued using quoted market prices.

The Company's interest rate swap contracts and foreign currency derivatives are classified within Level II of the fair value hierarchy as their fair values are determined based on a market approach valuation technique that uses readily observable market parameters and the consideration of counterparty risk.

At September 30, 2020 and December 31, 2019, the Company did not have any assets or liabilities measured at fair value on a recurring basis that would be considered Level III.

Fair value measurements are also used in nonrecurring valuations performed in connection with acquisition accounting and impairment testing. These nonrecurring valuations primarily include the valuation of intangible assets and property and equipment. All of our nonrecurring valuations use significant unobservable inputs and therefore fall under Level III of the fair value hierarchy.

Credit Facility Debt and Senior Notes

The fair values of each of the Company's debt instruments are based on quoted market prices for the same or similar issues or on the current rates offered to the Company for instruments of the same remaining maturities.

The carrying values and estimated fair values of the Company's financial instruments, excluding those that are carried at fair value in the condensed consolidated balance sheets, are summarized as follows:

(In thousands)			September 30, 2020
			Carrying Amount						Estimated Fair Value
Debt instruments:
Term loan A facility			$	687,991					$	679,875
4.75% Notes due August 2025			789,648						828,160
5.00% Notes due April 2024			990,436						1,019,700
4.75% Notes due December 2022			398,016						400,000
Other debt			1,000						1,000
			$	2,867,091					$	2,928,735