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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q

Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended June 30, 2021
or
Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from   to
Commission File Number: 1-35106
AMC Networks Inc.
(Exact name of registrant as specified in its charter)
Delaware27-5403694
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
11 Penn Plaza,
New York,NY10001
(Address of principal executive offices)(Zip Code)
(212) 324-8500
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A Common Stock, par value $0.01 per shareAMCXTheNASDAQStock Market LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  þ    No  ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  þ    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company (as defined in Exchange Act Rule 12b-2).
Large accelerated filerþAccelerated 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. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  þ
The number of shares of common stock outstanding as of July 30, 2021:
Class A Common Stock par value $0.01 per share30,731,275
Class B Common Stock par value $0.01 per share11,484,408




AMC NETWORKS INC. AND SUBSIDIARIES
FORM 10-Q
TABLE OF CONTENTS
 
Page




PART I. FINANCIAL INFORMATION
Item 1.    Financial Statements.
AMC NETWORKS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except per share amounts)
(unaudited)
June 30, 2021December 31, 2020
ASSETS
Current Assets:
Cash and cash equivalents$980,726 $888,526 
Accounts receivable, trade (less allowance for doubtful accounts of $10,548 and $11,234)
807,499 813,587 
Current portion of program rights, net18,091 13,480 
Prepaid expenses and other current assets221,846 223,173 
Total current assets2,028,162 1,938,766 
Property and equipment, net of accumulated depreciation of $272,532 and $261,082
221,555 256,045 
Program rights, net1,551,717 1,269,131 
Intangible assets, net395,998 410,672 
Goodwill702,451 686,407 
Deferred tax asset, net15,496 25,046 
Operating lease right-of-use asset122,322 146,522 
Other assets441,808 513,749 
Total assets$5,479,509 $5,246,338 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable$100,758 $120,530 
Accrued liabilities482,968 320,005 
Current portion of program rights obligations265,058 259,449 
Deferred revenue76,504 71,048 
Current portion of long-term debt16,875 75,000 
Current portion of lease obligations 33,203 32,435 
Total current liabilities975,366 878,467 
Program rights obligations220,279 182,511 
Long-term debt2,817,789 2,774,307 
Lease obligations155,397 194,324 
Deferred tax liability, net143,358 132,009 
Other liabilities94,748 125,970 
Total liabilities4,406,937 4,287,588 
Commitments and contingencies
Redeemable noncontrolling interests289,030 315,649 
Stockholders' equity:
Class A Common Stock, $0.01 par value, 360,000 shares authorized, 65,324 and 64,568 shares issued and 30,731 and 29,975 shares outstanding, respectively
653 646 
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 capital330,593 323,425 
Accumulated earnings1,970,357 1,847,451 
Treasury stock, at cost (34,593 and 34,593 shares Class A Common Stock, respectively)
(1,419,882)(1,419,882)
Accumulated other comprehensive loss(148,167)(134,950)
Total AMC Networks stockholders' equity733,669 616,805 
Non-redeemable noncontrolling interests49,873 26,296 
Total stockholders' equity783,542 643,101 
Total liabilities and stockholders' equity$5,479,509 $5,246,338 
See accompanying notes to condensed consolidated financial statements.
1


AMC NETWORKS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share amounts)
(unaudited)
Three Months Ended June 30,Six Months Ended June 30,
 2021202020212020
Revenues, net
$771,392 $646,291 $1,463,133 $1,380,666 
Operating expenses:
Technical and operating (excluding depreciation and amortization)
338,841 282,503 619,413 626,563 
Selling, general and administrative
198,618 155,163 390,153 339,812 
Depreciation and amortization22,604 25,905 47,850 52,635 
Impairment and other charges142,918 130,411 158,973 130,411 
Restructuring and other related charges155 3,507 8,780 9,473 
Total operating expenses703,136 597,489 1,225,169 1,158,894 
Operating income68,256 48,802 237,964 221,772 
Other income (expense):
Interest expense(31,519)(34,301)(66,261)(71,865)
Interest income3,008 3,727 5,350 8,282 
Loss on extinguishment of debt  (22,074)(2,908)
Miscellaneous, net14,174 8,713 19,580 (21,226)
Total other expense(14,337)(21,861)(63,405)(87,717)
Income from operations before income taxes53,919 26,941 174,559 134,055 
Income tax expense(11,321)(9,707)(37,236)(43,295)
Net income including noncontrolling interests42,598 17,234 137,323 90,760 
Net income attributable to noncontrolling interests(6,713)(2,273)(14,417)(7,132)
Net income attributable to AMC Networks' stockholders$35,885 $14,961 $122,906 $83,628 
Net income per share attributable to AMC Networks' stockholders:
Basic$0.84 $0.29 $2.91 $1.55 
Diluted$0.83 $0.28 $2.84 $1.54 
Weighted average common shares:
Basic42,481 52,311 42,207 53,894 
Diluted43,382 52,797 43,277 54,429 
See accompanying notes to condensed consolidated financial statements.
2


AMC NETWORKS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in thousands)
(unaudited)
 
Three Months Ended June 30,Six Months Ended June 30,
 2021202020212020
Net income including noncontrolling interests$42,598 $17,234 $137,323 $90,760 
Other comprehensive income (loss):
Foreign currency translation adjustment7,675 14,190 (14,349)(14,092)
Unrealized gain (loss) on interest rate swaps598 341 1,208 (1,656)
Other comprehensive loss, before income taxes8,273 14,531 (13,141)(15,748)
Income tax (expense) benefit(141)(79)(284)386 
Other comprehensive loss, net of income taxes8,132 14,452 (13,425)(15,362)
Comprehensive income50,730 31,686 123,898 75,398 
Comprehensive income attributable to noncontrolling interests
(6,775)(2,472)(14,209)(6,170)
Comprehensive income attributable to AMC Networks' stockholders
$43,955 $29,214 $109,689 $69,228 
See accompanying notes to condensed consolidated financial statements.
3


AMC NETWORKS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(in thousands)
(unaudited)
Class A
Common
Stock
Class B
Common
Stock
Paid-in
Capital
Accumulated EarningsTreasury
Stock
Accumulated
Other
Comprehensive
Loss
AMC Networks Stockholders’
Equity
Noncontrolling InterestsTotal Stockholders' Equity
Balance, March 31, 2021$653 $115 $314,331 $1,934,472 $(1,419,882)$(156,237)$673,452 $48,109 $721,561 
Net income attributable to AMC Networks’ stockholders— — — 35,885 — — 35,885 — 35,885 
Net income attributable to non-redeemable noncontrolling interests— — — — — — — 3,143 3,143 
Distribution to noncontrolling member— — — — — — — (1,441)(1,441)
Other comprehensive income— — — — — 8,070 8,070 62 8,132 
Share-based compensation expense— — 16,262 — — — 16,262 — 16,262 
Balance, June 30, 2021$653 $115 $330,593 $1,970,357 $(1,419,882)$(148,167)$733,669 $49,873 $783,542 



Class A
Common
Stock
Class B
Common
Stock
Paid-in
Capital
Accumulated EarningsTreasury
Stock
Accumulated
Other
Comprehensive
Loss
AMC Networks Stockholders’
Equity
Noncontrolling InterestsTotal Stockholders' Equity
Balance, March 31, 2020$643 $115 $282,153 $1,676,139 $(1,149,138)$(196,364)$613,548 $23,848 $637,396 
Net income attributable to AMC Networks’ stockholders— — — 14,961 — — 14,961 — 14,961 
Net income attributable to non-redeemable noncontrolling interests— — — — — — — (818)(818)
Settlement of treasury stock— — 10,988 — — — 10,988 — 10,988 
Other comprehensive loss— — — — — 14,253 14,253 199 14,452 
Share-based compensation expense— — 15,235 — — — 15,235 — 15,235 
Treasury stock acquired— — — — (16,981)— (16,981)— (16,981)
Restricted stock units converted to shares — (88)— — — (88)— (88)
Balance, June 30, 2020$643 $115 $308,288 $1,691,100 $(1,166,119)$(182,111)$651,916 $23,229 $675,145 


See accompanying notes to condensed consolidated financial statements.










4


AMC NETWORKS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(in thousands)
(unaudited)

Class A
Common
Stock
Class B
Common
Stock
Paid-in
Capital
Accumulated EarningsTreasury
Stock
Accumulated
Other
Comprehensive
Loss
AMC Networks Stockholders’
Equity
Noncontrolling InterestsTotal Stockholders' Equity
Balance, December 31, 2020$646 $115 $323,425 $1,847,451 $(1,419,882)$(134,950)$616,805 $26,296 $643,101 
Net income attributable to AMC Networks’ stockholders— — — 122,906 — — 122,906 — 122,906 
Net income attributable to non-redeemable noncontrolling interests— — — — — — — 4,278 4,278 
Transfer from redeemable noncontrolling interests— — — — — — — 18,367 18,367 
Contribution from noncontrolling member— — — — — — — 1,140 1,140 
Other comprehensive income (loss)— — — — — (13,217)(13,217)(208)(13,425)
Share-based compensation expense— — 29,708 — — — 29,708 — 29,708 
Proceeds from the exercise of stock options— — 12,100 — — — 12,100 — 12,100 
Restricted stock units converted to shares7 — (34,640)— — — (34,633) (34,633)
Balance, June 30, 2021$653 $115 $330,593 $1,970,357 $(1,419,882)$(148,167)$733,669 $49,873 $783,542 


Class A
Common
Stock
Class B
Common
Stock
Paid-in
Capital
Accumulated EarningsTreasury
Stock
Accumulated
Other
Comprehensive
Loss
AMC Networks Stockholders’
Equity
Noncontrolling InterestsTotal 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— — — 83,628 — — 83,628 — 83,628 
Net income attributable to non-redeemable noncontrolling interests— — — — — — — (1,085)(1,085)
Distributions to noncontrolling member— — — — — — — (448)(448)
Adoption of ASU 2016-13, credit losses— — — (1,956)— (1,956)— (1,956)
Other comprehensive loss— — — — — (14,400)(14,400)(962)(15,362)
Share-based compensation expense— — 30,747 — — — 30,747 — 30,747 
Treasury stock acquired— — — (102,938)— (102,938)— (102,938)
Restricted stock units converted to shares4 — (8,950)— — — (8,946)— (8,946)
Balance, June 30, 2020$643 $115 $308,288 $1,691,100 $(1,166,119)$(182,111)$651,916 $23,229 $675,145 

See accompanying notes to condensed consolidated financial statements.
5


AMC NETWORKS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)/(unaudited)
Six Months Ended June 30,
20212020
Cash flows from operating activities:
Net income including noncontrolling interests$137,323 $90,760 
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization47,850 52,635 
Impairment and other charges158,973 130,411 
Share-based compensation expense related to equity classified awards29,709 30,747 
Non-cash restructuring and other related charges4,329 6,126 
Amortization and write-off of program rights333,348 415,255 
Amortization of deferred carriage fees7,633 13,749 
Unrealized foreign currency transaction (gain) loss(10,609)13,941 
Amortization of deferred financing costs and discounts on indebtedness3,923 4,088 
Loss on extinguishment of debt22,074 2,908 
Bad debt expense3,530 1,744 
Deferred income taxes16,487 10,437 
Gain on investments(4,554)(13,958)
Write-down of non-marketable equity securities and note receivable 20,000 
Other, net(7,776)(1,985)
Changes in assets and liabilities:
Accounts receivable, trade (including amounts due from related parties, net)7,913 55,365 
Prepaid expenses and other assets(18,233)45,953 
Program rights and obligations, net(583,480)(387,027)
Income taxes payable(5,472)256 
Deferred revenue1,203 (5,086)
Deferred carriage fees, net(27,861)(15,995)
Accounts payable, accrued liabilities and other liabilities14,857 (45,412)
Net cash provided by operating activities131,167 424,912 
Cash flows from investing activities:
Capital expenditures(18,849)(22,172)
Return of capital from investees 924 
Payments for acquisition of a business, net of cash acquired(19,072) 
Acquisition of investment securities(28,397)(1,250)
Cash paid on distribution of business(7,052) 
Principal payment received on loan to investee20,000 2,500 
Proceeds from sale of investments95,370 10,000 
Net cash provided by (used in) investing activities42,000 (9,998)
Cash flows from financing activities:
Proceeds from the issuance of long-term debt984,500 6,000 
Principal payments on long-term debt(1,015,000)(218,750)
Deemed repurchases of restricted stock units(34,632)(8,946)
Purchase of treasury stock (102,938)
Proceeds from stock option exercises12,100  
Principal payments on finance lease obligations(1,984)(1,575)
Contributions from noncontrolling interests2,702  
Distributions to noncontrolling interests(11,912)(10,607)
Net cash used in financing activities(64,226)(336,816)
Net increase in cash and cash equivalents108,941 78,098 
Effect of exchange rate changes on cash and cash equivalents(16,741)(4,381)
Cash and cash equivalents at beginning of period888,526 816,170 
Cash and cash equivalents at end of period$980,726 $889,887 
See accompanying notes to condensed consolidated financial statements.
6

AMC NETWORKS INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)

Note 1. Description of Business and Basis of Presentation
Description of Business
AMC Networks Inc. ("AMC Networks") and its subsidiaries (collectively referred to as the "Company," "we," "us," or "our") own and operate entertainment businesses and assets.
Segment Reporting Changes
In the first quarter of 2021, the Company changed its presentation of operating segments, reflecting a reorganized operating structure focused on a multi-platform distribution approach to content monetization. The Company's streaming services and IFC Films, previously included in the International and Other segment, are now included within Domestic Operations (formerly referred to as the National Networks segment). In addition, certain corporate overhead costs will no longer be allocated to the operating segments. Operating segment information for the prior periods has been recast to reflect these changes. The new reporting structure consists of the following two operating segments:
Domestic Operations: Includes activities of our five national programming networks, our streaming services, AMC Studios operation, IFC Films and AMC Broadcasting & Technology. Our national programming networks are AMC, WE tv, BBC AMERICA, IFC, and SundanceTV. Our streaming services consist of our targeted subscription streaming services (Acorn TV, Shudder, Sundance Now, and ALLBLK), AMC+ and other streaming initiatives. Our AMC Studios operation produces original programming for our programming networks and also licenses such programming worldwide. IFC Films is our film distribution business and 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 and 25/7 Media (formerly Levity), our production services business. See Note 4 relating to the spin-off of the Levity comedy venues 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, 2020 contained in the Company's Annual Report on Form 10-K ("2020 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, 2021.
Risks and Uncertainties
The Company continues to monitor the ongoing impact of the COVID-19 pandemic on all aspects of its business. The Company cannot reasonably predict the ultimate impact of the COVID-19 pandemic, including the extent of any adverse impact on our business, results of operations and financial condition, which will depend on, among other things, the duration and spread of the pandemic, the impact of governmental regulations that have been, and may continue to be, imposed in response to the pandemic, the effectiveness of actions taken to contain or mitigate the outbreak, the availability, safety and efficacy of vaccines, and global economic conditions. The Company does not expect the COVID-19 pandemic and its related economic impact to affect its liquidity position or its ongoing ability to meet the covenants in its debt instruments.
Use of Estimates
7

AMC NETWORKS INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(unaudited)
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, 2021, the Company adopted Financial Accounting Standard Board (“FASB”) Accounting Standards Update (“ASU”) 2019-12, Simplifying the Accounting for Income Taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 - Income Taxes. The adoption of the standard did not have a material effect on its consolidated financial statements.
Note 2. Revenue Recognition
Transaction Price Allocated to Future Performance Obligations
As of June 30, 2021, 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)June 30, 2021December 31, 2020
Balances from contracts with customers:
     Accounts receivable (including long-term, included in Other assets)$1,030,795 $1,081,070 
     Contract assets, short-term (included in Other current assets)8,701 9,830 
     Contract assets, long-term (included in Other assets)942 942 
     Contract liabilities (Deferred revenue)76,504 71,048 
Revenue recognized for the six months ended June 30, 2021 relating to the contract liability at December 31, 2020 was $17.7 million.
Note 3. Net Income per Share
The following is a reconciliation between basic and diluted weighted average shares outstanding:
(In thousands)Three Months Ended June 30,Six Months Ended June 30,
2021202020212020
Basic weighted average common shares outstanding42,481 52,311 42,207 53,894 
Effect of dilution:
Stock options  6  
Restricted stock units901 486 1,064 535 
Diluted weighted average common shares outstanding43,382 52,797 43,277 54,429 
Approximately 0.5 million and 1.2 million restricted stock units outstanding as of June 30, 2021 and June 30, 2020, 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 June 30, 2021 and June 30, 2020, 0.3 million and 0.7 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 six months ended June 30, 2021, the Company did not repurchase any shares of its Class A Common Stock. As of June 30, 2021, the Company had $135.3 million of authorization remaining for repurchase under the Stock Repurchase Program.
8

AMC NETWORKS INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(unaudited)
Note 4. Impairment and Other Charges
On July 16, 2021, the Company entered into a settlement agreement (the “Settlement Agreement”) with Frank Darabont, Ferenc, Inc., Darkwoods Productions, Inc., and Creative Artists Agency, LLC (together, the "Plaintiffs") in actions brought in connection with Frank Darabont’s rendering services as a writer, director and producer of the television series entitled The Walking Dead. The consolidated cases were initially brought in 2013 and 2018 and the trial of the consolidated cases was scheduled to commence on April 4, 2022. The Settlement Agreement provides for a cash payment of $200 million (the “Settlement Payment”) to the Plaintiffs and future revenue sharing related to certain future streaming exhibition of The Walking Dead and Fear The Walking Dead. With regard to the Settlement Payment, the Company recorded a charge of $143.0 million, included in Impairment and other charges in consideration for the extinguishment of Plaintiffs’ rights to any compensation in connection with The Walking Dead and any related programs and the dismissal of the actions with prejudice, which amount is net of $57.0 million of ordinary course accrued participations.
In March 2021, the Company completed a spin-off of the live comedy venue and talent management businesses ("LiveCo") of Levity Entertainment Group, LLC. In connection with the transaction, the Company effectively exchanged all of its rights and interests in LiveCo for the release of the Company's obligations, principally related to leases. As a result of this divestiture, the Company recognized a loss on the disposal of $16.1 million reflecting the net assets transferred (consisting of property and equipment, lease right-of-use assets and intangibles, partially offset by lease and other obligations), which is included in Impairment and other charges. The Company retained its interest in the production services business of Levity Entertainment Group, LLC, which was renamed 25/7 Media Holdings, LLC following the spin-off.
In June 2020, as a result of the 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. Based on our projections and updated forecasts, the Company determined that sufficient indicators of potential impairment of long-lived assets existed and, in connection with the preparation of the Company's second quarter financial information, the Company performed a recoverability test of certain long-lived asset groups within the AMCNI reporting unit. This resulted in an impairment charge of $105.3 million for the three and six months ended June 30, 2020 primarily related to certain identifiable intangible assets, as well as property and equipment, and operating lease right-of-use assets. The Company then performed a goodwill impairment test and determined that the carrying value of the AMCNI reporting unit exceeded its fair value, resulting in an impairment charge of $25.1 million for the three and six months ended June 30, 2020.
Note 5. Restructuring and Other Related Charges
Restructuring and other related charges of $0.2 million and $8.8 million for the three and six months ended June 30, 2021, respectively, consisted of $0.2 million and $4.3 million of severance costs associated with the restructuring plan announced in November 2020 for the three and six months ended June 30, 2021, respectively, and $4.5 million at AMCNI related to the termination of distribution in certain international territories, for the six months ended June 30, 2021.
Restructuring and other related charges of $3.5 million and $9.5 million for the three and six months ended June 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 previously announced restructuring activities.
The following table summarizes the restructuring and other related charges recognized by operating segment:
(In thousands)Three Months Ended June 30,Six Months Ended June 30,
2021202020212020
Domestic Operations$216 $1,204 $2,643 $2,686 
International & Other(17)2,262 4,473 6,239 
Corporate / Inter-segment eliminations(44)41 1,664 548 
Total restructuring and other related charges$155 $3,507 $8,780 $9,473 

9

AMC NETWORKS INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(unaudited)
The following table summarizes the accrued restructuring costs:
(In thousands)Severance and employee-related costsOther exit costsTotal
December 31, 2020$25,571 $31 $25,602 
Charges4,323 4,457 8,780 
Cash payments(26,398) (26,398)
Non-cash adjustments (4,457)(4,457)
Other64  64 
Balance, June 30, 2021$3,560 $31 $3,591 
Accrued restructuring costs of $3.6 million are included in accrued liabilities in the condensed consolidated balance sheet at June 30, 2021.
Note 6. Program Rights
Total capitalized produced and licensed content by predominant monetization strategy is as follows:
June 30, 2021
(In thousands) Predominantly Monetized Individually  Predominantly Monetized as a Group  Total
Owned original program rights, net:
Completed$280,754 $29,279 $310,033 
In-production and in-development 329,903 11,248 341,151 
Total owned original program rights, net$610,657 $40,527 $651,184 
Licensed program rights, net:
Licensed film and acquired series$11,520 $581,864 $593,384 
Licensed originals194,520  194,520 
Advances and content versioning costs