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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 March 31, 2023
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 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 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 May 2, 2023:
Class A Common Stock par value $0.01 per share32,019,659
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)
March 31, 2023December 31, 2022
ASSETS
Current Assets:
Cash and cash equivalents$763,932 $930,002 
Accounts receivable, trade (less allowance for doubtful accounts of $8,481 and $8,725)
702,681 722,185 
Current portion of program rights, net10,765 10,807 
Prepaid expenses and other current assets229,357 286,875 
Total current assets1,706,735 1,949,869 
Property and equipment, net of accumulated depreciation of $361,215 and $344,906
195,817 202,034 
Program rights, net1,869,182 1,762,939 
Intangible assets, net345,286 354,676 
Goodwill647,293 643,419 
Deferred tax assets, net14,197 13,618 
Operating lease right-of-use assets101,811 108,229 
Other assets582,917 599,052 
Total assets$5,463,238 $5,633,836 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable$106,740 $172,009 
Accrued liabilities401,206 419,065 
Current portion of program rights obligations325,091 374,115 
Deferred revenue70,785 134,883 
Current portion of long-term debt42,188 33,750 
Current portion of lease obligations 35,667 36,411 
Total current liabilities981,677 1,170,233 
Program rights obligations169,553 200,869 
Long-term debt, net2,763,767 2,778,703 
Lease obligations116,380 124,799 
Deferred tax liabilities, net106,907 112,642 
Other liabilities105,993 139,108 
Total liabilities4,244,277 4,526,354 
Commitments and contingencies
Redeemable noncontrolling interests249,919 253,669 
Stockholders' equity:
Class A Common Stock, $0.01 par value, 360,000 shares authorized, 66,550 and 66,118 shares issued and 31,957 and 31,525 shares outstanding, respectively
665 661 
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 capital360,117 360,251 
Accumulated earnings2,209,251 2,105,641 
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(228,470)(239,798)
Total AMC Networks stockholders' equity921,796 806,988 
Non-redeemable noncontrolling interests47,246 46,825 
Total stockholders' equity969,042 853,813 
Total liabilities and stockholders' equity$5,463,238 $5,633,836 
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 March 31,
 20232022
Revenues, net
$717,447 $712,157 
Operating expenses:
Technical and operating (excluding depreciation and amortization)
326,729 284,237 
Selling, general and administrative
185,606 230,653 
Depreciation and amortization25,875 22,590 
Restructuring and other related charges5,933  
Total operating expenses544,143 537,480 
Operating income173,304 174,677 
Other income (expense):
Interest expense(37,617)(30,797)
Interest income7,916 2,460 
Miscellaneous, net4,589 5,828 
Total other expense(25,112)(22,509)
Income from operations before income taxes148,192 152,168 
Income tax expense(36,899)(41,634)
Net income including noncontrolling interests111,293 110,534 
Net income attributable to noncontrolling interests(7,683)(6,346)
Net income attributable to AMC Networks' stockholders$103,610 $104,188 
Net income per share attributable to AMC Networks' stockholders:
Basic$2.37 $2.44 
Diluted$2.36 $2.38 
Weighted average common shares:
Basic43,628 42,780 
Diluted43,837 43,715 
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 March 31,
 20232022
Net income including noncontrolling interests$111,293 $110,534 
Other comprehensive income (loss):
Foreign currency translation adjustment11,818 (18,593)
Comprehensive income123,111 91,941 
Comprehensive income attributable to noncontrolling interests
(8,173)(5,515)
Comprehensive income attributable to AMC Networks' stockholders
$114,938 $86,426 
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, December 31, 2022$661 $115 $360,251 $2,105,641 $(1,419,882)$(239,798)$806,988 $46,825 $853,813 
Net income attributable to AMC Networks’ stockholders— — — 103,610 — — 103,610 — 103,610 
Net income attributable to non-redeemable noncontrolling interests— — — — — — — 1,413 1,413 
Distribution to noncontrolling member— — — — — — — (1,482)(1,482)
Other comprehensive income— — — — — 11,328 11,328 490 11,818 
Share-based compensation expenses— — 5,882 — — — 5,882 — 5,882 
Net share issuances under employee stock plans4 — (6,016)— — — (6,012)— (6,012)
Balance, March 31, 2023$665 $115 $360,117 $2,209,251 $(1,419,882)$(228,470)$921,796 $47,246 $969,042 



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, 2021$655 $115 $347,971 $2,098,047 $(1,419,882)$(175,818)$851,088 $51,584 $902,672 
Net income attributable to AMC Networks’ stockholders— — — 104,188 — — 104,188 — 104,188 
Net income attributable to non-redeemable noncontrolling interests— — — — — — — 2,439 2,439 
Distributions to noncontrolling member— — — — — — — (1,565)(1,565)
Other comprehensive loss— — — — — (17,762)(17,762)(831)(18,593)
Share-based compensation expenses— — 8,129 — — — 8,129 — 8,129 
Net share issuances under employee stock plans5 — (20,297)— — — (20,292)— (20,292)
Balance, March 31, 2022$660 $115 $335,803 $2,202,235 $(1,419,882)$(193,580)$925,351 $51,627 $976,978 


See accompanying notes to condensed consolidated financial statements.







4


AMC NETWORKS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands) / (unaudited)
Three Months Ended March 31,
20232022
Cash flows from operating activities:
Net income including noncontrolling interests$111,293 $110,534 
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization25,875 22,590 
Share-based compensation expenses related to equity classified awards5,645 8,129 
Amortization of program rights187,073 192,852 
Amortization of deferred carriage fees5,100 8,657 
Unrealized foreign currency transaction loss1,626 1,073 
Amortization of deferred financing costs and discounts on indebtedness1,938 1,898 
Bad debt expense363 820 
Deferred income taxes(6,269)21,430 
Gain on investments (4,293)
Other, net(260)(2,447)
Changes in assets and liabilities:
Accounts receivable, trade15,893 37,510 
Prepaid expenses and other assets78,442 (1,910)
Program rights and obligations, net(370,304)(340,300)
Income taxes payable1,084 8,039 
Deferred revenue(64,702)6,715 
Deferred carriage fees, net(2,410)(9,934)
Accounts payable, accrued liabilities and other liabilities(122,906)(84,918)
Net cash used in operating activities(132,519)(23,555)
Cash flows from investing activities:
Capital expenditures(11,498)(11,528)
Return of capital from investees 1,771 
Proceeds from sale of investments4,493  
Net cash used in investing activities(7,005)(9,757)
Cash flows from financing activities:
Principal payments on long-term debt(8,438)(8,438)
Deemed repurchases of restricted stock units(6,012)(20,292)
Principal payments on finance lease obligations(1,015)(716)
Distributions to noncontrolling interests(11,502)(1,565)
Purchase of noncontrolling interests(1,343) 
Net cash used in financing activities(28,310)(31,011)
Net decrease in cash and cash equivalents from operations(167,834)(64,323)
Effect of exchange rate changes on cash and cash equivalents1,764 (6,272)
Cash and cash equivalents at beginning of period930,002 892,221 
Cash and cash equivalents at end of period$763,932 $821,626 
See accompanying notes to condensed consolidated financial statements.
5

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. The Company is comprised of two operating segments:
Domestic Operations: Includes our programming services and AMC Broadcasting & Technology. Our programming services consist of our five national programming networks, our global streaming services, our AMC Studios operation and IFC Films. Our national programming networks are AMC, WE tv, BBC AMERICA, IFC, and SundanceTV. Our global streaming services consist of our targeted subscription streaming services (Acorn TV, Shudder, Sundance Now, ALLBLK, and HIDIVE), AMC+ and other streaming initiatives. Our AMC Studios operation produces original programming for our programming networks and also licenses such programming worldwide, and IFC Films is our film distribution business. AMC Networks Broadcasting & Technology, our technical services business, 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, our production services business.
Basis of Presentation
Principles of Consolidation
The consolidated financial statements include the accounts of AMC Networks and its subsidiaries in which a controlling financial 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, 2022 contained in the Company's Annual Report on Form 10-K ("2022 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, 2023.
Use of Estimates
The preparation of financial statements in conformity with U.S. generally accepted accounting principles ("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.

Note 2. Revenue Recognition
Transaction Price Allocated to Future Performance Obligations
As of March 31, 2023, 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.
6

AMC NETWORKS INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(unaudited)
Contract Balances from Contracts with Customers
The following table provides information about receivables, contract assets, and contract liabilities from contracts with customers.
(In thousands)March 31, 2023December 31, 2022
Balances from contracts with customers:
     Accounts receivable (including long-term receivables within Other assets)$882,396 $1,003,505 
     Contract assets, short-term (included in Prepaid expenses and other current assets)6,882 48,594 
     Contract liabilities, short-term (Deferred revenue)70,785 134,883 
     Contract liabilities, long-term (Deferred revenue included in Other liabilities)88 683 
Revenue recognized for the three months ended March 31, 2023 and 2022 relating to the contract liability at December 31, 2022 and 2021 was $82.6 million and $29.4 million, respectively.

Note 3. Net Income per Share
The following is a reconciliation between basic and diluted weighted average common shares outstanding:
(In thousands)Three Months Ended March 31,
20232022
Basic weighted average common shares outstanding43,628 42,780 
Effect of dilution:
Restricted stock units209 935 
Diluted weighted average common shares outstanding43,837 43,715 
As of March 31, 2023 and March 31, 2022, 0.8 million and 0.2 million, respectively, of restricted stock units 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 previously 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 three months ended March 31, 2023 and 2022, the Company did not repurchase any shares of its Class A Common Stock. As of March 31, 2023, the Company had $135.3 million of authorization remaining for repurchase under the Stock Repurchase Program.

Note 4. Restructuring and Other Related Charges
On November 28, 2022, the Company commenced a restructuring plan (the “Plan”) designed to achieve significant cost reductions in light of “cord cutting” and the related impacts being felt across the media industry as well as the broader economic outlook. The Plan encompasses initiatives that include, among other things, strategic programming assessments and organizational restructuring costs. The Plan is intended to improve the organizational design of the Company through the elimination of certain roles and centralization of certain functional areas of the Company. The programming assessments pertain to a broad mix of owned and licensed content, including legacy television series and films that will no longer be in active rotation on the Company’s linear or streaming platforms. As a result of the Plan, the Company recorded restructuring and other related charges of $5.9 million for the three months ended March 31, 2023 consisting primarily of severance and other personnel costs.
There were no restructuring and other related charges for the three months ended March 31, 2022.
7

AMC NETWORKS INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(unaudited)
The following table summarizes the restructuring and other related charges recognized by operating segment:
(In thousands)Three Months Ended March 31, 2023
Domestic Operations$818 
International and Other1,385 
Corporate / Inter-segment eliminations3,730 
Total restructuring and other related charges$5,933 

The following table summarizes the accrued restructuring and other related costs:
(In thousands)Severance and Employee-Related CostsContent Impairments and Other Exit CostsTotal
Balance at December 31, 2022$37,150 $74,724 $111,874 
Charges (credits)6,206 (273)5,933 
Cash payments(15,934)(40,952)(56,886)
Other20 527 547 
Balance at March 31, 2023$27,442 $34,026 $61,468 
Accrued restructuring and other related costs of $58.7 million and $2.8 million are included in Accrued liabilities and Other liabilities, respectively, in the consolidated balance sheet at March 31, 2023. Accrued restructuring and other related costs of $108.0 million and $3.9 million are included in Accrued liabilities and Other liabilities, respectively, in the consolidated balance sheet at December 31, 2022.

Note 5. Program Rights
Total capitalized produced and licensed content by predominant monetization strategy is as follows:
March 31, 2023
(In thousands) Predominantly Monetized Individually  Predominantly Monetized as a Group  Total
Owned original program rights, net:
Completed$217,577 $369,878 $587,455 
In-production and in-development 62,655 362,921 425,576 
Total owned original program rights, net$280,232 $732,799 $1,013,031 
Licensed program rights, net:
Licensed film and acquired series$2,084 $611,963 $614,047 
Licensed originals5,807 167,274 173,081 
Advances and content versioning costs 79,788 79,788 
Total licensed program rights, net7,891 859,025 866,916 
Program rights, net $288,123 $1,591,824 $1,879,947 
Current portion of program rights, net$10,765 
Program rights, net (long-term)1,869,182 
$1,879,947 

8

AMC NETWORKS INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(unaudited)
December 31, 2022
(In thousands) Predominantly Monetized Individually  Predominantly Monetized as a Group  Total
Owned original program rights, net:
Completed$215,496 $322,248 $537,744 
In-production and in-development 45,098 294,086 339,184 
Total owned original program rights, net$260,594 $616,334 $876,928 
Licensed program rights, net:
Licensed film and acquired series$3,092 $642,768 $645,860 
Licensed originals5,373 171,418 176,791 
Advances and content versioning costs 74,167 74,167 
Total licensed program rights, net8,465 888,353 896,818 
Program rights, net $269,059 $1,504,687 $1,773,746 
Current portion of program rights, net$10,807 
Program rights, net (long-term)1,762,939 
$1,773,746 

Amortization of owned and licensed program rights, included in Technical and operating expenses in the condensed consolidated statements of income, is as follows:
Three Months Ended March 31, 2023
(In thousands)Predominantly Monetized IndividuallyPredominantly Monetized as a GroupTotal
Owned original program rights$21,303 $44,936 $66,239 
Licensed program rights1,664 119,170 120,834 
Program rights amortization$22,967 $164,106 $187,073 
Three Months Ended March 31, 2022
(In thousands)Predominantly Monetized IndividuallyPredominantly Monetized as a GroupTotal
Owned original program rights$49,840 $16,935 $66,775 
Licensed program rights7,608 118,469 126,077 
Program rights amortization$57,448 $135,404 $192,852 
For programming rights predominantly monetized individually or as a group, the Company periodically reviews the programming usefulness of licensed and owned original program rights based on several factors, including expected future revenue generation from airings on the Company's networks and streaming services and other exploitation opportunities, ratings, type and quality of program material, standards and practices, and fitness for exhibition through various forms of distribution. If events or changes in circumstances indicate that the fair value of a film predominantly monetized individually or a film group is less than its unamortized cost, the Company will write off the excess to technical and operating expenses in the consolidated statements of income. Program rights with no future programming usefulness are substantively abandoned resulting in the write-off of remaining unamortized cost. There were no significant program rights write-offs included in technical and operating expenses for the three months ended March 31, 2023 or 2022.
9

AMC NETWORKS INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(unaudited)
In the normal course of business, the Company may qualify for tax incentives through eligible investments in productions. Receivables related to tax incentives earned on production spend were $155.2 million and $143.1 million as of March 31, 2023 and December 31, 2022, respectively, recorded in Prepaid expenses and other current assets, and $119.4 million and $104.5 million as of March 31, 2023 and December 31, 2022, respectively, recorded in Other assets.

Note 6. Investments
The Company holds several investments in and loans to non-consolidated entities which are included in Other assets in the condensed consolidated balance sheet.
Equity Method Investments
Equity method investments were $80.5 million and $79.6 million at March 31, 2023 and December 31, 2022, respectively.
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 statements of income.
There were no investments in marketable equity securities at March 31, 2023 or December 31, 2022.
There were no realized or unrealized gains or losses on marketable equity securities for the three months ended March 31, 2023. There were $4.3 million of unrealized gains on marketable equity securities for the three months ended March 31, 2022 included in miscellaneous, net in the condensed consolidated statements 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.
Investments in non-marketable equity securities were $41.5 million and $42.7 million at March 31, 2023 and December 31, 2022, respectively. The changes in value as a result of observable price changes, if any, are recorded in miscellaneous, net in the condensed consolidated statement of income. The Company recognized an impairment charge of $1.2 million on an investment for the three months ended March 31, 2023, which was included in miscellaneous, net in the consolidated statements of income.

Note 7. Goodwill and Other Intangible Assets
The carrying amount of goodwill, by operating segment is as follows:
(In thousands)Domestic OperationsInternational
and Other
Total
December 31, 2022$349,292 $294,127 $643,419 
Amortization of "second component" goodwill(336) (336)
Foreign currency translation 4,210 4,210 
March 31, 2023$348,956 $298,337 $647,293 
As of March 31, 2023 and December 31, 2022, accumulated impairment charges in the International and Other segment totaled $163.8 million.
The reduction of $0.3 million in the carrying amount of goodwill for Domestic Operations 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.
10

AMC NETWORKS INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(unaudited)
The following tables summarize information relating to the Company's identifiable intangible assets:
(In thousands)March 31, 2023
GrossAccumulated AmortizationNetEstimated Useful Lives
Amortizable intangible assets:
Affiliate and customer relationships$637,114 $(383,494)$253,620 
6 to 25 years
Advertiser relationships46,282 (35,495)10,787 
11 years
Trade names and other amortizable intangible assets106,164 (45,185)60,979 
3 to 20 years
Total amortizable intangible assets789,560 (464,174)325,386 
Indefinite-lived intangible assets:
Trademarks19,900 — 19,900 
Total intangible assets$809,460 $(464,174)$345,286 
(In thousands)December 31, 2022
GrossAccumulated AmortizationNet
Amortizable intangible assets:
Affiliate and customer relationships$634,000 $(373,240)$260,760 
Advertiser relationships46,282 (34,443)11,839 
Trade names and other amortizable intangible assets105,338 (43,161)62,177 
Total amortizable intangible assets785,620 (450,844)334,776 
Indefinite-lived intangible assets:
Trademarks19,900 — 19,900 
Total intangible assets$805,520 $(450,844)$354,676 

Aggregate amortization expense for amortizable intangible assets for the three months ended March 31, 2023 and 2022 was $10.4 million and $10.6 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,
2023$41,648 
202441,587 
202539,849 
202635,485 
202730,775 

11

AMC NETWORKS INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(unaudited)
Note 8. Accrued Liabilities
Accrued liabilities consist of the following:
(In thousands)March 31, 2023December 31, 2022
Employee related costs$108,760 $97,362 
Participations and residuals140,315 138,384 
Interest21,879 37,105 
Restructuring and other related charges58,729 107,998 
Other accrued expenses71,523 38,216 
Total accrued liabilities$401,206 $419,065 

Note 9. Long-term Debt
The Company's long-term debt consists of the following:
(In thousands)March 31, 2023December 31, 2022
Senior Secured Credit Facility: (a)
Term Loan A Facility$632,813 $641,250 
Senior Notes:
5.00% Notes due April 2024
400,000 400,000 
4.75% Notes due August 2025
800,000 800,000 
       4.25% Notes due February 2029
1,000,000 1,000,000 
Total long-term debt2,832,813 2,841,250 
Unamortized discount(17,588)(18,718)
Unamortized deferred financing costs(9,270)(10,079)
Long-term debt, net2,805,955 2,812,453 
Current portion of long-term debt42,188 33,750 
Noncurrent portion of long-term debt$2,763,767 $2,778,703 
(a)The Company's revolving credit facility remains undrawn at March 31, 2023. Total undrawn revolver commitments are available to be drawn for general corporate purposes of the Company.
During the three months ended March 31, 2023, the Company repaid a total of $8.4 million of the principal amount of the Term Loan A Facility in accordance with the terms of the agreement.
In April 2023, the Company entered into Amendment No. 2 ("Amendment No. 2") to the Second Amended and Restated Credit Agreement (the "Credit Agreement"). Amendment No. 2 (i) reduced the aggregate principal amount of the revolving loan commitments under the Credit Agreement from $500 million to $400 million, (ii) replaced the interest rate based on London Interbank Offered Rate with an interest rate based on the Secured Overnight Financing Rate, (iii) increased the Company's ability to incur additional debt in the future to provide additional flexibility for future financings, including increasing the amount of the incremental debt basket to the greater of $1.2 billion and the amount that would not cause the senior secured leverage ratio to exceed 3.00 to 1.00 on a pro forma basis and (iv) made certain other modifications to the Credit Agreement.
Other Debt
During the first quarter of 2023, a majority owned subsidiary of the Company extended its credit facility totaling $4.5 million to July 21, 2023. The facility bears interest at the greater of 3.5% or the prime rate plus 1%. There were no outstanding borrowings under the credit facility as of March 31, 2023.


12

AMC NETWORKS INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(unaudited)
Note 10. Leases
The following table summarizes the leases included in the condensed consolidated balance sheets as follows:
(In thousands)Balance Sheet LocationMarch 31, 2023December 31, 2022
Assets
OperatingOperating lease right-of-use assets$101,811 $108,229 
FinanceProperty and equipment, net10,708 10,982 
Total lease assets$112,519 $119,211 
Liabilities
Current:
OperatingCurrent portion of lease obligations$31,584 $32,207 
FinanceCurrent portion of lease obligations4,083 4,204 
$35,667 $36,411 
Noncurrent:
OperatingLease obligations$98,190 $105,768 
FinanceLease obligations18,190 19,031 
$116,380 $124,799 
Total lease liabilities$152,047 $161,210 

Note 11. Fair Value Measurement
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.
13

AMC NETWORKS INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(unaudited)
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 March 31, 2023 and December 31, 2022:
(In thousands)Level ILevel IILevel IIITotal
At March 31, 2023:
Assets
Foreign currency derivatives$ $3,954 $ $3,954 
Liabilities
Foreign currency derivatives  6,930  6,930 
At December 31, 2022:
Assets
Cash equivalents
$80,000 $ $ $80,000 
Foreign currency derivatives
 536  536 
Liabilities
Foreign currency derivatives  8,965  8,965 
The Company's cash equivalents (comprised of money market mutual funds) are classified within Level I of the fair value hierarchy because they are valued using quoted market prices.
The Company's 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 March 31, 2023 and December 31, 2022, the Company did not have any material 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 program rights, goodwill, 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