COVER PAGE
COVER PAGE - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 14, 2020 | Jun. 30, 2019 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Transition Report | false | ||
Entity File Number | 001-09553 | ||
Entity Registrant Name | ViacomCBS Inc. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity tax identification number | 04-2949533 | ||
Entity Address, Address Line One | 1515 Broadway | ||
Entity Address, City or Town | New York, | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 10036 | ||
City Area Code | 212 | ||
Local Phone Number | 258-6000 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 16,667,764,650 | ||
Entity Central Index Key | 0000813828 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2019 | ||
Current Fiscal Year End Date | --12-31 | ||
Amendment Flag | false | ||
Common Class A [Member] | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Class A Common Stock, $0.001 par value | ||
Trading Symbol | VIACA | ||
Security Exchange Name | NASDAQ | ||
Shares of common stock outstanding | 52,268,438 | ||
Common Class B [Member] | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Class B Common Stock, $0.001 par value | ||
Trading Symbol | VIAC | ||
Security Exchange Name | NASDAQ | ||
Shares of common stock outstanding | 561,471,552 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Statement [Abstract] | |||
Revenues | $ 27,812 | $ 27,250 | $ 26,535 |
Costs and expenses: | |||
Operating | 17,223 | 15,917 | 15,483 |
Selling, general and administrative | 5,647 | 5,206 | 5,156 |
Depreciation and amortization | 443 | 433 | 443 |
Restructuring and other corporate matters | 775 | 490 | 258 |
Total costs and expenses | 24,088 | 22,046 | 21,340 |
Gain on sale of assets | 549 | 0 | 146 |
Operating income | 4,273 | 5,204 | 5,341 |
Interest expense | (962) | (1,030) | (1,088) |
Interest income | 66 | 79 | 87 |
Gain (loss) on marketable securities | 113 | (23) | 0 |
Gain (loss) on early extinguishment of debt | 0 | 18 | (38) |
Gain on sale of EPIX | 0 | 0 | 285 |
Pension settlement charge | 0 | 0 | (352) |
Other items, net | (145) | (124) | (115) |
Earnings from continuing operations before income taxes and equity in earnings (loss) of investee companies | 3,345 | 4,124 | 4,120 |
Benefit (provision) for income taxes | 9 | (617) | (804) |
Equity in earnings (loss) of investee companies, net of tax | (53) | (47) | 4 |
Net earnings from continuing operations | 3,301 | 3,460 | 3,320 |
Net earnings (ViacomCBS and noncontrolling interests) | 3,339 | 3,492 | 2,373 |
Net earnings attributable to noncontrolling interests | (31) | (37) | (52) |
Net earnings attributable to ViacomCBS | 3,308 | 3,455 | 2,321 |
Net earnings from continuing operations | 3,270 | 3,423 | 3,268 |
Net earnings (loss) from discontinued operations, net of tax | $ 38 | $ 32 | $ (947) |
Basic net earnings (loss) per common share attributable to ViacomCBS: | |||
Net earnings from continuing operations (in dollars per share) | $ 5.32 | $ 5.55 | $ 5.11 |
Net earnings (loss) from discontinued operations (in dollars per share) | 0.06 | 0.05 | (1.48) |
Net earnings (in dollars per share) | 5.38 | 5.60 | 3.63 |
Diluted net earnings (loss) per common share attributable to ViacomCBS: | |||
Net earnings from continuing operations (in dollars per share) | 5.30 | 5.51 | 5.05 |
Net earnings (loss) from discontinued operations (in dollars per share) | 0.06 | 0.05 | (1.46) |
Net earnings (in dollars per share) | $ 5.36 | $ 5.56 | $ 3.59 |
Weighted average number of common shares outstanding: | |||
Basic weighted average number of common shares outstanding (in shares) | 615 | 617 | 640 |
Diluted weighted average number of common shares outstanding (in shares) | 617 | 621 | 647 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | |||
Net earnings (ViacomCBS and noncontrolling interests) | $ 3,339 | $ 3,492 | $ 2,373 |
Other comprehensive income (loss), net of tax: | |||
Cumulative translation adjustments | 15 | (254) | 192 |
Net actuarial gain (loss) and prior service costs | (145) | (61) | 73 |
Available-for-sale securities | 0 | 0 | 30 |
Other comprehensive income (loss), net of tax (ViacomCBS and noncontrolling interests) | (130) | (315) | 295 |
Comprehensive income | 3,209 | 3,177 | 2,668 |
Less: Comprehensive income attributable to noncontrolling interests | 33 | 31 | 52 |
Comprehensive income attributable to ViacomCBS | $ 3,176 | $ 3,146 | $ 2,616 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Current Assets: | ||
Cash and cash equivalents | $ 632 | $ 856 |
Receivables, net | 7,206 | 7,199 |
Programming and other inventory | 2,876 | 2,785 |
Prepaid expenses | 401 | 372 |
Other current assets | 787 | 668 |
Total current assets | 11,902 | 11,880 |
Property and equipment, net | 2,085 | 2,079 |
Programming and other inventory | 8,652 | 7,298 |
Goodwill | 16,980 | 16,526 |
Intangible assets, net | 2,993 | 2,943 |
Operating lease assets | 1,939 | |
Deferred income tax assets, net | 939 | 266 |
Other assets | 4,006 | 3,449 |
Assets held for sale | 23 | 56 |
Total Assets | 49,519 | 44,497 |
Current Liabilities: | ||
Accounts payable | 667 | 502 |
Accrued expenses | 1,760 | 1,633 |
Participants’ share and royalties payable | 1,977 | 1,828 |
Accrued programming and production costs | 1,500 | 1,453 |
Deferred revenues | 739 | 643 |
Debt | 717 | 1,013 |
Other current liabilities | 1,688 | 1,249 |
Total current liabilities | 9,048 | 8,321 |
Long-term debt | 18,002 | 18,100 |
Participants’ share and royalties payable | 1,546 | 1,587 |
Pension and postretirement benefit obligations | 2,121 | 1,908 |
Deferred income tax liabilities, net | 500 | 656 |
Operating lease liabilities | 1,909 | |
Program rights obligations | 356 | 459 |
Other liabilities | 2,494 | 2,724 |
Redeemable noncontrolling interest | 254 | 239 |
Commitments and contingencies | ||
ViacomCBS stockholders’ equity: | ||
Additional paid-in capital | 29,590 | 49,907 |
Treasury stock, at cost; 501 (2019) and 734 (2018) Class B Shares | (22,908) | (43,420) |
Retained earnings | 8,494 | 5,569 |
Accumulated other comprehensive loss | (1,970) | (1,608) |
Total ViacomCBS stockholders’ equity | 13,207 | 10,449 |
Noncontrolling interests | 82 | 54 |
Total Equity | 13,289 | 10,503 |
Total Liabilities and Stockholders’ Equity | 49,519 | 44,497 |
Common Class A [Member] | ||
ViacomCBS stockholders’ equity: | ||
Common stock | 0 | 0 |
Common Class B [Member] | ||
ViacomCBS stockholders’ equity: | ||
Common stock | $ 1 | $ 1 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2019 | Dec. 31, 2018 |
Common Class A [Member] | ||
Class of Stock [Line Items] | ||
Common Stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common Stock, shares authorized (in shares) | 375,000,000 | 375,000,000 |
Common Stock, shares issued (in shares) | 52,000,000 | 64,000,000 |
Common Class B [Member] | ||
Class of Stock [Line Items] | ||
Common Stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common Stock, shares authorized (in shares) | 5,000,000,000 | 5,000,000,000 |
Common Stock, shares issued (in shares) | 1,064,000,000 | 1,283,000,000 |
Treasury Stock, at cost, Class B Shares (in shares) | 501,000,000 | 734,000,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Operating Activities: | |||
Net earnings (ViacomCBS and noncontrolling interests) | $ 3,339 | $ 3,492 | $ 2,373 |
Less: Net earnings (loss) from discontinued operations, net of tax | 38 | 32 | (947) |
Net earnings from continuing operations | 3,301 | 3,460 | 3,320 |
Adjustments to reconcile net earnings from continuing operations to net cash flow provided by operating activities from continuing operations: | |||
Depreciation and amortization | 443 | 433 | 443 |
Television programming and feature film cost amortization | 12,554 | 11,595 | 10,911 |
Deferred tax (benefit) provision | (769) | 58 | (367) |
Stock-based compensation | 291 | 191 | 232 |
Net (gain) loss on dispositions and impairment of assets | (498) | 38 | (377) |
(Gain) loss on marketable securities | (113) | 23 | 0 |
Equity in loss of investee companies, net of tax and distributions | 58 | 54 | 15 |
Change in assets and liabilities | |||
Increase in receivables | (256) | (368) | (147) |
Increase in inventory and related program and participation liabilities, net | (14,215) | (12,185) | (11,544) |
Increase (decrease) in accounts payable and other liabilities | 297 | (158) | (248) |
Increase (decrease) in pension and postretirement benefit obligations | 16 | (65) | (239) |
Increase in income taxes | 160 | 398 | 345 |
Other, net | (39) | (11) | 1 |
Net cash flow provided by operating activities from continuing operations | 1,230 | 3,463 | 2,345 |
Net cash flow provided by operating activities from discontinued operations | 0 | 1 | 94 |
Net cash flow provided by operating activities | 1,230 | 3,464 | 2,439 |
Investing Activities: | |||
Investments | (171) | (161) | (128) |
Capital expenditures | (353) | (352) | (356) |
Acquisitions, net of cash acquired | (399) | (118) | (289) |
Proceeds from dispositions | 756 | 39 | 892 |
Other investing activities | 14 | 4 | 31 |
Net cash flow (used for) provided by investing activities from continuing operations | (153) | (588) | 150 |
Net cash flow used for investing activities from discontinued operations | (2) | (23) | (24) |
Net cash flow (used for) provided by investing activities | (155) | (611) | 126 |
Financing Activities: | |||
Proceeds from (repayments of) short-term debt borrowings, net | 25 | (5) | 229 |
Proceeds from issuance of senior notes | 492 | 0 | 3,157 |
Repayment of notes and debentures | (910) | (1,102) | (4,729) |
Dividends | (595) | (599) | (616) |
Purchase of Company common stock | (57) | (586) | (1,111) |
Payment of payroll taxes in lieu of issuing shares for stock-based compensation | (56) | (67) | (103) |
Proceeds from exercise of stock options | 15 | 29 | 263 |
Other financing activities | (130) | (201) | (99) |
Net cash flow used for financing activities | (1,216) | (2,531) | (3,009) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (1) | (25) | 58 |
Net (decrease) increase in cash, cash equivalents and restricted cash | (142) | 297 | (386) |
Cash, cash equivalents and restricted cash at beginning of year (includes $120 (2019) of restricted cash and $24 (2017) of discontinued operations cash) | 976 | 679 | 1,065 |
Cash, cash equivalents and restricted cash at end of year (includes $120 (2018) of restricted cash and $24 (2016) of discontinued operations cash) | $ 834 | $ 976 | $ 679 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Statement of Cash Flows [Abstract] | ||
Cash and cash equivalents of discontinued operations | $ 0 | $ 24 |
Cash and cash equivalents of discontinued operations | $ 0 | |
Restricted cash | $ 120 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) shares in Millions, $ in Millions | Total | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total ViacomCBS Stockholders’ Equity [Member] | Noncontrolling Interest [Member] |
Balance, beginning of year (shares) at Dec. 31, 2016 | 648 | |||||||
Balance, beginning of year at Dec. 31, 2016 | $ 8,286 | $ 1 | $ (40,997) | $ 50,499 | $ 296 | $ (1,564) | $ 8,235 | $ 51 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Stock-based compensation activity (shares) | 8 | |||||||
Stock-based compensation activity | 403 | 122 | 281 | 403 | ||||
Retirement of treasury stock (shares) | 0 | |||||||
Retirement of treasury stock | 0 | 89 | (89) | |||||
Class B Common Stock purchased (shares) | (16) | |||||||
Class B Common Stock purchased | (1,050) | (1,050) | (1,050) | |||||
CBS Radio Split-Off (shares) | (18) | |||||||
CBS Radio Split-off | (1,007) | (1,007) | (1,007) | |||||
Dividends | (612) | (612) | (612) | |||||
Noncontrolling interest | (88) | (11) | (55) | (66) | (22) | |||
Net earnings | 2,373 | 2,321 | 2,321 | 52 | ||||
Other comprehensive income (loss) | 295 | 295 | 295 | |||||
Balance, end of year (shares) at Dec. 31, 2017 | 622 | |||||||
Balance, end of year at Dec. 31, 2017 | 8,600 | $ 1 | (42,843) | 50,068 | 2,562 | (1,269) | 8,519 | 81 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Stock-based compensation activity (shares) | 3 | |||||||
Stock-based compensation activity | 162 | (36) | 198 | 162 | ||||
Retirement of treasury stock (shares) | 0 | |||||||
Retirement of treasury stock | 0 | 59 | (59) | |||||
Class B Common Stock purchased (shares) | (12) | |||||||
Class B Common Stock purchased | (600) | (600) | (600) | |||||
Dividends | (599) | (300) | (299) | (599) | ||||
Noncontrolling interest | (58) | 0 | 0 | 0 | (58) | |||
Net earnings | 3,492 | 3,455 | 3,455 | 37 | ||||
Other comprehensive income (loss) | (315) | (309) | (309) | (6) | ||||
Balance, end of year (shares) at Dec. 31, 2018 | 613 | |||||||
Balance, end of year at Dec. 31, 2018 | 10,503 | $ 1 | (43,420) | 49,907 | 5,569 | (1,608) | 10,449 | 54 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Stock-based compensation activity (shares) | 3 | |||||||
Stock-based compensation activity | 251 | (15) | 270 | (4) | 251 | |||
Retirement of treasury stock | $ 0 | 20,577 | (20,577) | |||||
Class B Common Stock purchased (shares) | (1.2) | (1) | ||||||
Class B Common Stock purchased | $ (50) | (50) | (50) | |||||
Dividends | (600) | (600) | (600) | |||||
Noncontrolling interest | (24) | (10) | (9) | (19) | (5) | |||
Net earnings | 3,339 | 3,308 | 3,308 | 31 | ||||
Reclassification of income tax effect of the Tax Reform Act | (230) | 230 | (230) | |||||
Other comprehensive income (loss) | (130) | (132) | (132) | 2 | ||||
Balance, end of year (shares) at Dec. 31, 2019 | 615 | |||||||
Balance, end of year at Dec. 31, 2019 | $ 13,289 | $ 1 | $ (22,908) | $ 29,590 | $ 8,494 | $ (1,970) | $ 13,207 | $ 82 |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Summary of Significant Accounting Policies | 1 ) BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Description of Business —ViacomCBS Inc. is comprised of the following segments: TV Entertainment (CBS Television Network, CBS Television Studios, CBS Television Distribution, CBS Interactive, CBS Sports Network, CBS Television Stations and CBS-branded streaming services), Cable Networks (Showtime Networks, Nickelodeon, MTV, BET, Comedy Central, Paramount Network, Nick Jr., VH1, TV Land, CMT, Pop TV, Smithsonian Networks, ViacomCBS Networks International, Network 10, Channel 5, Telefe and Pluto TV), Filmed Entertainment (Paramount Pictures, Paramount Players, Paramount Animation and Paramount Television Studios); and Publishing (Simon & Schuster). References to “ViacomCBS”, the “Company”, “we”, “us” and “our” refer to ViacomCBS Inc. and its consolidated subsidiaries, unless the context otherwise requires. Merger with Viacom Inc. —On December 4, 2019, Viacom Inc. (“Viacom”) merged with and into CBS Corporation (“CBS”), with CBS continuing as the surviving company (the “Merger”). At the effective time of the Merger (the “Effective Time”), the combined company changed its name to ViacomCBS Inc. (“ViacomCBS”). At the Effective Time, (1) each share of Viacom Class A Common Stock issued and outstanding immediately prior to the Effective Time, other than shares held directly by Viacom as treasury shares or held by CBS, was converted automatically into 0.59625 shares of ViacomCBS Class A Common Stock, and (2) each share of Viacom Class B Common Stock issued and outstanding immediately prior to the Effective Time, other than shares held directly by Viacom as treasury shares or held by CBS, was converted automatically into 0.59625 shares of ViacomCBS Class B Common Stock (together with ViacomCBS Class A Common Stock, the “ViacomCBS Common Stock”). At the Effective Time, each share of CBS Class A Common Stock and each share of CBS Class B Common Stock (together with CBS Class A Common Stock, the “CBS Common Stock”) issued and outstanding immediately prior to the Effective Time, remained an issued and outstanding share of ViacomCBS Class A Common Stock and ViacomCBS Class B Common Stock, respectively, and was not affected by the Merger. Following the Merger, the CBS Common Stock was delisted from the New York Stock Exchange and the Viacom Common Stock ceased trading on the Nasdaq Stock Market LLC (“Nasdaq”). On December 5, 2019, ViacomCBS Class A Common Stock and ViacomCBS Class B Common Stock were listed on Nasdaq and began trading under the ticker symbols VIACA and VIAC, respectively. Change in Reporting Entity — The Merger has been accounted for as a transaction between entities under common control as National Amusements, Inc. (“NAI”) was the controlling stockholder of each of CBS and Viacom (and remains the controlling stockholder of ViacomCBS). Upon the closing of the Merger, the net assets of Viacom were combined with those of CBS at their historical carrying amounts and the companies have been presented on a combined basis for all periods presented in the consolidated financial statements. This presentation constitutes a change in reporting entity. The following table provides the impact of the change in reporting entity on our results of operations for periods prior to the Merger. Period from January 1 Year Ended December 31, to December 4, 2019 2018 2017 Net earnings from continuing operations attributable to ViacomCBS $ 1,353 $ 1,463 $ 1,959 Net earnings per common share from continuing operations attributable to ViacomCBS: Basic $ .44 $ .35 $ 1.85 Diluted $ .45 $ .37 $ 1.83 Other comprehensive income (loss) $ (148 ) $ (202 ) $ 190 Discontinued Operations —On November 16, 2017, we completed the disposition of CBS Radio Inc. (“CBS Radio”) through a split-off. CBS Radio has been presented as a discontinued operation in our consolidated financial statements (see Note 18 ). Also included in discontinued operations are liabilities associated with indemnification obligations for leases primarily associated with the previously discontinued operations of Famous Players Inc. Principles of Consolidation —The consolidated financial statements include the accounts of ViacomCBS, its subsidiaries in which a controlling interest is maintained and variable interest entities (“VIEs”) where we are considered the primary beneficiary, after the elimination of intercompany accounts and transactions. Controlling interest is determined by majority ownership interest and the absence of substantive third party participating rights. Investments over which we have a significant influence, without a controlling interest, are accounted for under the equity method. Our proportionate share of net earnings or loss of the entity is recorded in “Equity in earnings (loss) of investee companies, net of tax” on the Consolidated Statements of Operations. Use of Estimates —The preparation of our financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”) requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities as of the date of the financial statements, and the reported amount of revenues and expenses during the periods presented. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may vary from these estimates under different assumptions or conditions. Business Combinations —We generally account for business combinations using the acquisition method of accounting. Under the acquisition method, once control is obtained of a business, 100% of the assets, liabilities and certain contingent liabilities acquired, as well as amounts attributed to noncontrolling interests, are recorded at fair value. Any transaction costs are expensed as incurred. The Merger was accounted for as a transaction between entities under common control as NAI was the controlling stockholder of each of CBS and Viacom. Cash and Cash Equivalents —Cash and cash equivalents consist of cash on hand and highly liquid investments with maturities of three months or less at the date of purchase, including money market funds, commercial paper and bank time deposits. At December 31, 2019 and 2018 , we had restricted cash of $202 million and $120 million , respectively, consisting of amounts held in grantor trusts related to agreements with former executives. Restricted cash is included within “Other current assets” and “Other assets” on the Consolidated Balance Sheets. Programming Inventory —We acquire rights to programming and produce programming to exhibit on our broadcast and cable networks, on our broadcast television stations, direct to consumers through our digital streaming services, and in theaters. We also produce programming for third parties. Internally-Produced Programming —Costs incurred to produce television programs and feature films (which include direct production costs, production overhead, acquisition costs and development costs) are capitalized when incurred. We use an individual-film-forecast-computation method to amortize capitalized production costs and to accrue estimated liabilities for residuals and participations over the applicable title’s life cycle based upon the ratio of current period revenues to estimated remaining total gross revenues to be earned (“Ultimate Revenues”) for each title. The estimate of Ultimate Revenues impacts the timing of amortization and accrual of residuals and participations. For television programming, Ultimate Revenue estimates are initially limited to the amount of revenue contracted for each episode in the initial market and estimates of revenue from a secondary market where we can demonstrate a history of earning such revenue in that market. Television programming costs and participation costs incurred in excess of such amounts are expensed as incurred on an episode by episode basis. Estimates for additional secondary market revenues such as domestic and foreign syndication and home entertainment are included in the estimated lifetime revenues once it can be demonstrated that a program can be successfully licensed in such secondary market. For each television program, management bases these estimates on the performance in the initial markets, the existence of future firm commitments to sell and the past performance of similar television programs. Television programming costs incurred subsequent to the establishment of the secondary market are initially capitalized and amortized, and estimated liabilities for participations are accrued, based on the proportion that current period revenues bear to the estimated remaining total lifetime revenues. For feature films, our estimate of Ultimate Revenues includes revenues from all sources that are estimated to be earned within 10 years from the date of a film’s initial theatrical release. Prior to the release of feature films, we estimate Ultimate Revenues based on the historical performance of similar content and pre-release market research (including test market screenings), as well as factors relating to the specific film, including the expected number of theaters and markets in which the original content will be released, the genre of the original content and the past box office performance of the lead actors and actresses. Upon a film’s initial release, we update our estimate of Ultimate Revenues based on actual and expected future performance. Our estimates of revenues from succeeding windows and markets are revised based on historical relationships to theatrical performance and an analysis of current market trends. For acquired film libraries, our estimate of Ultimate Revenues is for a period within 20 years from the date of acquisition. Ultimate Revenue estimates are periodically reviewed and adjustments, if any, will result in changes to inventory amortization rates and estimated accruals for residuals and participations. An impairment charge is recorded if the fair value of a television program or feature film falls below the unamortized production costs. Film development costs that have not been set for production are expensed within three years unless they are abandoned earlier, in which case these projects are written down to their estimated fair value in the period the decision to abandon the project is determined. Acquired Programming Rights —Costs incurred in acquiring program rights, including advances, are capitalized when the license period has begun and the program is accepted and available for airing. These costs are amortized over the shorter of the license period or the period in which an economic benefit is expected to be derived based on the timing of our usage of and benefit from such programming. The net realizable value of acquired programming rights is regularly evaluated by us either by title or on a daypart basis, which is defined as an aggregation of programs broadcast during a particular time of day or an aggregation of programs of a similar type based on the specific demographic targeted by each respective program or program service. Net realizable value is determined by estimating advertising revenues to be derived from the future airing of the programming and allocating affiliate revenue to the programming, each as applicable. An impairment charge is recorded if our estimates of future cash flows are below the carrying amount of the programming or if programming is abandoned. The costs of programming rights licensed under multi-year sports programming agreements are capitalized if the rights payments are made before the related economic benefit has been received. These costs are expensed over the period in which an economic benefit is expected to be derived based on the relative value of the events broadcast by us during a period. The relative value for an event is determined based on the revenues generated for that event in relation to the estimated total revenues over the remaining term of the sports programming agreement. The estimated economic benefit for acquired programming, including revenue projections for multi-year sports programming, are periodically reviewed. Adjustments, if any, will result in changes to amortization rates and could result in future net realizable value adjustments. Television and feature film programming and production costs, including inventory amortization, development costs, residuals and participations and impairment charges, if any, are included within “Operating expenses” in the Consolidated Statements of Operations. Property and Equipment —Property and equipment is stated at cost. Depreciation is calculated using the straight-line method over estimated useful lives as follows: Buildings and building improvements 10 to 40 years Leasehold improvements Shorter of lease term or useful life Equipment and other (including finance leases) 3 to 20 years Costs associated with repairs and maintenance of property and equipment are expensed as incurred. Impairment of Long-Lived Assets —The Company assesses long-lived assets and intangible assets, other than goodwill and intangible assets with indefinite lives, for impairment whenever there is an indication that the carrying amount of the asset may not be recoverable. Recoverability of these assets is determined by comparing the forecasted undiscounted cash flows expected to be generated by these assets to their net carrying value. If the carrying value is not recoverable, the amount of impairment charge, if any, is measured by the difference between the net carrying value and the estimated fair value of the asset. Investments —Investments over which we have a significant influence, without a controlling interest, are accounted for under the equity method. Investments for which we have no significant influence are measured at fair value where a readily determinable fair value exists. Investments that do not have a readily determinable fair value are measured at cost less impairment, if any, and adjusted for observable price changes. Gains and losses resulting from changes in the fair value of equity investments are recorded in the Consolidated Statements of Operations. Prior to the adoption of new Financial Accounting Standards Board (“FASB”) guidance in 2018, we recorded unrealized gains and losses on publicly traded equity investments in other comprehensive income. We monitor our investments for impairment and reduce the carrying value of the investment if we determine that an impairment charge is required based on qualitative and quantitative information. Our investments are included in “Other assets” on the Consolidated Balance Sheets. Goodwill and Intangible Assets —Goodwill is allocated to various reporting units, which are at or one level below our operating segments. Intangible assets with finite lives, which primarily consist of trade names, licenses, and customer agreements are generally amortized using the straight-line method over their estimated useful lives, which range from 4 to 40 years. Goodwill and other intangible assets with indefinite lives, which consist primarily of FCC licenses in the U.S. and broadcast licenses in Australia, are not amortized but are tested for impairment on an annual basis and between annual tests if events occur or circumstances change that would more likely than not reduce the fair value below its carrying amount. If the carrying value of goodwill or the indefinite-lived intangible asset exceeds its fair value, an impairment charge is recognized (see Note 4 ). Guarantees —At the inception of a guarantee, we recognize a liability for the fair value of an obligation assumed by issuing the guarantee. The related liability is subsequently reduced as utilized or extinguished and increased if there is a probable loss associated with the guarantee which exceeds the value of the recorded liability. Treasury Stock —Treasury stock is accounted for using the cost method. Retirements of treasury stock are reflected as a reduction to additional paid-in capital. Fair Value Measurements —Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. The framework for measuring fair value provides a hierarchy that prioritizes the inputs to valuation techniques used in measuring fair value. Level 1 is based on publicly quoted prices for the asset or liability in active markets. Level 2 is based on inputs that are observable other than quoted market prices in active markets, such as quoted prices for the asset or liability in inactive markets or quoted prices for similar assets or liabilities. Level 3 is based on unobservable inputs reflecting our own assumptions about the assumptions that market participants would use in pricing the asset or liability. Certain assets and liabilities, including foreign currency hedges and deferred compensation liabilities, are measured and recorded at fair value on a recurring basis. Film and television production costs, goodwill, intangible assets, and equity method investments are recorded at fair value only if an impairment charge is recognized. Impairment charges, if applicable, are determined using discounted cash flows, which is a Level 3 valuation technique. Derivative Financial Instruments —Derivative financial instruments are recorded on the Consolidated Balance Sheets as assets or liabilities and measured at fair value. For derivatives designated as hedges of the fair value of assets or liabilities, the changes in fair value of both the derivatives and the hedged items are recorded in “Other items, net” in the Consolidated Statements of Operations. For derivatives designated as cash flow hedges, the effective portion of the changes in fair value of the derivatives is recorded in “Accumulated other comprehensive loss ” on the Consolidated Balance Sheets and subsequently recognized in net earnings. Pension and Postretirement Benefits —The service cost component of net benefit cost for our pension and postretirement benefits is recorded on the same line items in the Consolidated Statements of Operations as other compensation costs of the related employees. All of the other components of net benefit cost are presented separately from the service cost component and below the subtotal of operating income in “Other items, net” or “Pension settlement charge” in the Consolidated Statements of Operations. Other Liabilities —Other liabilities consist primarily of the noncurrent portion of residual liabilities of previously disposed businesses, long-term income tax liabilities, deferred compensation and other employee benefit accruals. Revenues Revenue is recognized when control of a good or service is transferred to a customer. Control is considered to be transferred when the customer has the ability to direct the use of and obtain substantially all of the remaining benefits of that good or service. Advertising Revenues —Advertising revenues are recognized when the advertising spots are aired on television or displayed on digital platforms. Advertising spots are typically sold as part of advertising campaigns consisting of multiple commercial units. If a contract includes a guarantee to deliver a targeted audience rating or number of impressions, the delivery of the advertising spots that achieve the guarantee represents the performance obligation to be satisfied over time and revenues are recognized based on the proportion of the audience rating or impressions delivered to the total guaranteed in the contract. Audience ratings and impressions are determined based on data provided by independent third-party companies. To the extent the amounts billed exceed the amount of revenue recognized, such excess is deferred until the guaranteed audience ratings or impressions are delivered. For contracts that do not include impressions guarantees, the individual advertising spots are the performance obligation and consideration is allocated among the individual advertising spots based on relative standalone selling price. Advertising contracts, which are generally short-term, are billed monthly, with payments due shortly after the invoice date. Advertising revenues are generated by the TV Entertainment and Cable Networks segments. Affiliate Revenues —Affiliate revenues primarily consist of fees received from multichannel video programming distributors (“MVPDs”) and third-party live television digital streaming offerings (“virtual MVPDs”) for carriage of our cable networks (“cable affiliate fees”) and television stations (“retransmission fees”); fees from television stations affiliated with the CBS Television Network (“station affiliation fees”); and subscription fees for our digital streaming subscription offerings, including CBS All Access , the Showtime streaming subscription offering (“Showtime OTT”) and BET+. Costs incurred for advertising, marketing and other services provided to us by cable, satellite and other distributors that are in exchange for a distinct service are recorded as expenses. If a distinct service is not received, such costs are recorded as a reduction to revenues. The performance obligation for our affiliate agreements is a license to our programming provided through the continuous delivery of live linear feeds and, for agreements with MVPDs and subscribers to our digital streaming services, also includes a license to programming for video-on-demand viewing. Affiliate revenues are recognized over the term of the agreement as we satisfy our performance obligation by continuously providing our customer with the right to use our programming. For agreements that provide for a variable fee, revenues are determined each month based on an agreed upon contractual rate applied to the number of subscribers to our customer’s service. For agreements that provide for a fixed fee, revenues are recognized based on the relative fair value of the content provided over the term of the agreement. These agreements primarily include agreements with television stations affiliated with the CBS Television Network (“network affiliates”) for which fair value is determined based on the fair value of the network affiliate’s service and the value of our programming. For affiliate revenues, payments are generally due monthly. Affiliate revenues are generated by the TV Entertainment and Cable Networks segments. Content Licensing Revenues —Content licensing revenues are generated from the licensing of exhibition rights for our internally-produced television and film programming to television stations, cable networks and subscription streaming services; licensing of our content for distribution on transactional video-on-demand services; the distribution of our content through DVD and Blu-ray disc sales to wholesale and retail partners; the use of our trademarks and brands for consumer products, recreation and live events; and fees from the distribution of third-party programming. For licenses of exhibition rights for internally-produced programming, each individual episode or film delivered represents a separate performance obligation and revenues are recognized when the episode or film is made available to the licensee for exhibition and the license period has begun. For license agreements that include delivery of content on one or more dates for a fixed fee, consideration is allocated based on the relative standalone selling price of each episode or film. Estimation of standalone selling prices requires judgment, which can impact the timing of recognizing revenues. Agreements to license programming are often long term, with collection terms ranging from one to five years. When payment is due from a customer more than one year before or after revenue is recognized, we consider the contract to contain a significant financing component and the transaction price is adjusted for the effects of the time value of money. We do not adjust the transaction price for the time value of money if payment is expected within one year of recognizing revenues. We also license our programming to distributors of transactional video-on-demand and similar services. Under these arrangements, our performance obligation is the delivery of our content to such distributors who then license our content to the end customer. Our revenues are determined each month based on a contractual rate applied to the number of licenses to the distributors’ end customers. Similarly, revenues earned from electronic sell-through services are recognized as each program is downloaded by the end customer. Revenues associated with the licensing of our brands for consumer products, recreation and live events are generally determined based on contractual royalty rates applied to sales reported by the licensees. For consumer products and recreation arrangements that include minimum guaranteed consideration, revenue is recognized as sales occur by the licensee, if the sales-based consideration is expected to exceed the minimum guarantee, or ratably if it is not expected to exceed the minimum guarantee. For live events, we recognize revenue when the event is held. Revenues from the sales of DVDs and Blu-ray discs to wholesalers and retailers are recognized upon the later of the physical delivery to the customer or the date that any sales restrictions on the retailers are lifted. We earn revenues from the distribution of content on behalf of third parties. We also have arrangements for the distribution or sale of our content by third parties. Under such arrangements, we determine whether revenues should be recognized based on the gross amount of consideration received from the customer or the net amount of revenue we retain after payment to the third party producer or distributor, based on an assessment of which party controls the good or service being transferred. Content licensing revenues are generated by the TV Entertainment , Cable Networks and Filmed Entertainment segments. Theatrical Revenues —Theatrical revenue is earned from the theatrical distribution of our films during the exhibition period. Under these arrangements, revenues are recognized based on sales to the end customer. Theatrical revenues are generated by the Filmed Entertainment segment. Publishing —Publishing revenues are recognized when merchandise is shipped or electronically delivered to the consumer. Payments for publishing revenues are due shortly after shipment or electronic delivery. Revenue Allowances —Print books, DVDs and Blu-ray discs are generally sold with a right of return. We record a provision for sales returns and allowances at the time of sale based upon an estimate of future returns, rebates and other incentives. In determining this provision, we consider sources of qualitative and quantitative evidence including forecast sales data, customers’ rights of return, sales levels for units already shipped, historical return rates for similar products, current economic trends, the competitive environment, promotions and our sales strategies. Reserves for sales returns and allowances of $153 million and $186 million at December 31, 2019 and 2018 , respectively, are recorded in “Other current liabilities” on the Consolidated Balance Sheets. Reserves for accounts receivable are estimated based on historical bad debt experience, the aging of accounts receivable, industry trends and economic indicators, as well as recent payment history for specific customers. Our allowance for doubtful accounts was $86 million at both December 31, 2019 and 2018 . The provision for doubtful accounts charged to expense was $26 million in each of the years 2019 and 2018 , and $31 million in 2017 . Noncurrent Accounts Receivables —Included in “Other assets” on the Consolidated Balance Sheets are noncurrent accounts receivables of $2.11 billion and $1.84 billion at December 31, 2019 and 2018 , respectively. Noncurrent accounts receivables primarily relate to revenues recognized under long-term television licensing arrangements. Television license fee revenues are recognized at the beginning of the license period in which programs are made available to the licensee for exhibition, while the related cash is generally collected over the term of the license period. Contract Liabilities —A contract liability is recorded when consideration is received from a customer prior to fully satisfying a performance obligation in a contract. Our contract liabilities primarily consist of cash received related to advertising arrangements for which the required audience rating or impressions have not been delivered; consumer products arrangements with minimum guarantees; and television licensing arrangements under which the content has not yet been made available to the customer. These contract liabilities will be recognized as revenues when control of the related product or service is transferred to the customer. Contract liabilities are included in “Deferred revenues” and “Other liabilities” on the Consolidated Balance Sheets and were $910 million and $745 million at December 31, 2019 and December 31, 2018 , respectively. The change in contract liabilities for the year ended December 31, 2019 primarily reflects cash payments received during the period for which the performance obligation was not satisfied prior to the end of the period partially offset by $501 million of revenues recognized that were included in deferred revenues at December 31, 2018 . For the year ended December 31, 2018 , we recognized revenues of $560 million that were included in deferred revenues at December 31, 2017 . Unrecognized Revenues Under Contract —As of December 31, 2019 , unrecognized revenues attributable to unsatisfied performance obligations under our long-term contracts was $7.72 billion , of which $4.27 billion is expected to be recognized in 2020 , $1.93 billion in 2021 , $1.04 billion in 2022 , and $478 million thereafter. These amounts only include contracts subject to a guaranteed fixed amount or the guaranteed minimum under variable contracts, primarily consisting of television and film licensing contracts and affiliate arrangements that are subject to a fixed or guaranteed minimum fee. Such amounts change on a regular basis as we renew existing agreements or enter into new agreements. Unrecognized revenues under contract disclosed above do not include (i) contracts with an original expected term of one year or less, mainly consisting of our advertising contracts (ii) contracts for which variable consideration is determined based on the customer’s subsequent sale or usage, mainly consisting of affiliate agreements and (iii) long-term licensing agreements for multiple programs for which our right to invoice corresponds with the value of the programs provided to the customer. Performance Obligations Satisfied in Previous Periods —Under certain licensing arrangements, the amount and timing of our revenue recognition is determined based on our licensees’ subsequent sale to its end customers. As a result, under such arrangements, which primarily include licensing of our content to distributors of transactional video-on-demand and electronic sell-through services, we often satisfy our performance obligation of delivery of our content in advance of revenue recognition. During the years ended December 31, 2019 and 2018 , we recognized revenues of approximately $235 million and $172 million , respectively in our Filmed Entertainment segment for such performance obligations satisfied, or partially satisfied, in a prior period. Collaborative Arrangements —Collaborative arrangements primarily consist of joint efforts with third parties to produce and distribute programming such as television series and live sporting events, including the agreement between us and Turner Broadcasting System, Inc. to telecast the NCAA Division I Men’s Basketball Championship (“NCAA Tournament”), which runs through 2032. In connection with this agreement for the NCAA Tournament, advertisements aired on the CBS Television Network are recorded as revenues and our share of the program rights fees and other operating costs are recorded as operating expenses. We also enter into collaborative arrangements with other studios to jointly finance and distribute film and television programming, under which each partner is responsible for distribution of the program in specific territories or distribution windows. Under these arra |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | 2 ) PROPERTY AND EQUIPMENT At December 31, 2019 2018 Land $ 439 $ 439 Buildings 1,263 1,242 Finance leases (a) 195 335 Equipment and other 4,096 3,899 5,993 5,915 Less accumulated depreciation and amortization 3,908 3,836 Net property and equipment $ 2,085 $ 2,079 (a) Accumulated amortization of finance leases was $160 million and $279 million at December 31, 2019 and 2018 , respectively. Year Ended December 31, 2019 2018 2017 Depreciation expense, including amortization of finance leases (a) $ 366 $ 382 $ 395 (a) Amortization expense related to finance leases was $23 million , $28 million and $32 million in 2019 , 2018 and 2017 , respectively. During 2019 , we completed the sale of our CBS Television City property and sound stage operation (“CBS Television City”) for $750 million . We have guaranteed a specified level of cash flows to be generated by the business during the first five years following the completion of the sale. Included on the Consolidated Balance Sheet at December 31, 2019 is a liability of $124 million , reflecting the present value of the estimated amount payable under the guarantee obligation. This transaction resulted in a gain of $549 million ( $386 million , net of tax), which included a reduction for the guarantee obligation. CBS Television City was classified as held for sale on the Consolidated Balance Sheet at December 31, 2018 . In 2017 , we recorded a net gain of $19 million |
Programming and Other Inventory
Programming and Other Inventory | 12 Months Ended |
Dec. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Programming and Other Inventory | 3 ) PROGRAMMING AND OTHER INVENTORY At December 31, 2019 2018 Acquired television program rights $ 3,477 $ 3,655 Acquired television library 99 99 Internally produced television programming: Released 3,627 2,986 In process and other 2,626 1,917 Film inventory: Released 502 619 Completed, not yet released 55 31 In process and other 1,037 674 Home entertainment and Publishing (primarily finished goods) 105 102 Total programming and other inventory 11,528 10,083 Less current portion 2,876 2,785 Total noncurrent programming and other inventory $ 8,652 $ 7,298 We expect to amortize approximately $2.95 billion of our internally produced television and film programming inventory, including released and completed, not yet released, during the year ended December 31, 2020 . In addition, while it is difficult to determine the precise timing of the amortization of the remaining internally produced programming, we estimate that substantially all of the released internally produced television programming and 85% of the film inventory at December 31, 2019 will be amortized over the next three years. During 2019 , we recorded programming charges of $589 million . See Note 5 for additional information. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | 4 ) GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill and Intangible Assets Impairment Test We perform a fair value-based impairment test of goodwill and intangible assets with indefinite lives, comprised primarily of television FCC licenses in the U.S. and broadcast licenses in Australia, on an annual basis, and also between annual tests if an event occurs or if circumstances change that would more likely than not reduce the fair value of a reporting unit or an indefinite-lived intangible asset below its carrying value. FCC licenses are tested for impairment at the geographic market level. We consider each geographic market, which is comprised of all of our television stations within that geographic market, to be a single unit of accounting because the FCC licenses at this level represent their highest and best use. At December 31, 2019 , we had 14 television markets with FCC license book values. For broadcast licenses in Australia, we consider all of our licenses within the country to be a single unit of accounting because this represents their highest and best use. Goodwill is tested for impairment at the reporting unit level, which is an operating segment, or one level below. At December 31, 2019 , we had six reporting units with goodwill balances, which were determined based on the post-Merger reporting structure. For our annual impairment test, we perform qualitative assessments for the reporting units, U.S. television markets with FCC licenses, and Australian broadcast licenses that management estimates have fair values that significantly exceed their respective carrying values. In making this determination, we also consider the duration of time since a quantitative test was performed. For the 2019 annual impairment test, we performed qualitative assessments for all of our U.S. television markets and all of our reporting units. As of the date of our annual impairment tests, which were performed prior to the Merger, we had ten reporting units. For each reporting unit, we weighed the relative impact of factors that are specific to the reporting unit as well as industry and macroeconomic factors. For each television market, we weighed the relative impact of market-specific and macroeconomic factors. Based on the qualitative assessments, considering the aggregation of the relevant factors, we concluded that it is not more likely than not that the fair values of these reporting units and the fair value of FCC licenses within each market are less than their respective carrying values. Therefore, performing the quantitative impairment test was unnecessary. As of the closing date of the Merger on December 4, 2019, we performed qualitative assessments on the pre-Merger reporting units that were to be combined as a result of the new reporting structure, as well as the post-Merger reporting units that resulted from this combination. Based on these assessments, we concluded that there were no changes to the conclusions reached in our annual impairment test. A quantitative impairment test of broadcast licenses calculates an estimated fair value using the Greenfield Discounted Cash Flow Method, which values a hypothetical start-up station in the relevant market by adding discounted cash flows over a five-year build-up period to a residual value. The assumptions for the build-up period include industry projections of overall market revenues; the start-up station’s operating costs and capital expenditures, which are based on both industry and internal data; and average market share. The discount rate is determined based on the industry and market-based risk of achieving the projected cash flows, and the residual value is calculated using a perpetual nominal growth rate, which is based on projected long-range inflation and industry projections. For 2019 , we performed a quantitative impairment test for our Australian broadcast licenses. The discount rate and perpetual nominal growth rate were 11% and 0.5% , respectively. The impairment test indicated that the estimated fair value of the broadcast licenses was lower than the carrying value, which was the result of a sustained decline in the advertising marketplace in Australia. Accordingly, we recorded an impairment charge during the fourth quarter of 2019 of $20 million , which is included within “Depreciation and amortization” on the Consolidated Statements of Operations, and recorded in our Cable Networks segment. The following tables present the changes in the book value of goodwill by segment for the years ended December 31, 2019 and 2018 . Balance at Acquisitions / Foreign Balance at December 31, 2018 (Dispositions) Currency December 31, 2019 TV Entertainment: Goodwill $ 17,618 $ (3 ) $ — $ 17,615 Accumulated impairment losses (13,354 ) — — (13,354 ) Goodwill, net of impairment 4,264 (3 ) — 4,261 Cable Networks: Goodwill 10,234 451 (a) 6 10,691 Accumulated impairment losses — — — — Goodwill, net of impairment 10,234 451 6 10,691 Filmed Entertainment: Goodwill 1,593 — — 1,593 Accumulated impairment losses — — — — Goodwill, net of impairment 1,593 — — 1,593 Publishing: Goodwill 435 — — 435 Accumulated impairment losses — — — — Goodwill, net of impairment 435 — — 435 Total: Goodwill 29,880 448 6 30,334 Accumulated impairment losses (13,354 ) — — (13,354 ) Goodwill, net of impairment $ 16,526 $ 448 $ 6 $ 16,980 (a) Primarily reflects the acquisitions of Pluto Inc. and Pop TV. Balance at Foreign Balance at December 31, 2017 Acquisitions Currency December 31, 2018 TV Entertainment: Goodwill $ 17,591 $ 27 $ — $ 17,618 Accumulated impairment losses (13,354 ) — — (13,354 ) Goodwill, net of impairment 4,237 27 — 4,264 Cable Networks: Goodwill 10,286 64 (116 ) 10,234 Accumulated impairment losses — — — — Goodwill, net of impairment 10,286 64 (116 ) 10,234 Filmed Entertainment: Goodwill 1,593 — — 1,593 Accumulated impairment losses — — — — Goodwill, net of impairment 1,593 — — 1,593 Publishing: Goodwill 435 — 435 Accumulated impairment losses — — — — Goodwill, net of impairment 435 — — 435 Total: Goodwill 29,905 91 (116 ) 29,880 Accumulated impairment losses (13,354 ) — — (13,354 ) Goodwill, net of impairment $ 16,551 $ 91 $ (116 ) $ 16,526 Our intangible assets were as follows: Accumulated At December 31, 2019 Gross Amortization Net Intangible assets subject to amortization: Trade names $ 404 $ (171 ) $ 233 Licenses 159 (38 ) 121 Customer agreements 119 (92 ) 27 Other intangible assets 263 (151 ) 112 Total intangible assets subject to amortization 945 (452 ) 493 FCC licenses 2,441 — 2,441 International broadcast licenses 25 — 25 Other intangible assets 34 34 Total intangible assets $ 3,445 $ (452 ) $ 2,993 Accumulated At December 31, 2018 Gross Amortization Net Intangible assets subject to amortization: Trade names $ 384 $ (148 ) $ 236 Licenses 145 (29 ) 116 Customer agreements 92 (88 ) 4 Other intangible assets 195 (128 ) 67 Total intangible assets subject to amortization 816 (393 ) 423 FCC licenses 2,441 — 2,441 International broadcast licenses 45 — 45 Other intangible assets 34 — 34 Total intangible assets $ 3,336 $ (393 ) $ 2,943 Amortization expense was as follows: Year Ended December 31, 2019 2018 2017 Amortization expense (a) $ 77 $ 51 $ 48 (a) For 2019 , amortization expense includes an impairment charge of $20 million , which reduced the carrying value of broadcast licenses in Australia to their fair value. We expect our aggregate annual amortization expense for existing intangible assets subject to amortization for each of the years, 2020 through 2024 , to be as follows: 2020 2021 2022 2023 2024 Future amortization expense $ 64 $ 55 $ 52 $ 47 $ 39 |
Restructuring, Programming Char
Restructuring, Programming Charges and Other Corporate Matters | 12 Months Ended |
Dec. 31, 2019 | |
Restructuring Charges [Abstract] | |
Restructuring, Programming Charges and Other Corporate Matters | 5 ) RESTRUCTURING, PROGRAMMING CHARGES AND OTHER CORPORATE MATTERS During the years ended December 31, 2019, 2018 and 2017 , we recorded restructuring charges, merger-related costs, programming charges and costs for other corporate matters as follows: Year Ended December 31, 2019 2018 2017 Severance $ 401 $ 235 $ 224 Exit costs and other 23 75 12 Asset impairment — — 22 Restructuring charges 424 310 258 Restructuring-related costs — 52 — Merger-related costs 294 — — Other corporate matters 57 128 — Restructuring and other corporate matters $ 775 $ 490 $ 258 Programming charges $ 589 $ 162 $ 144 Restructuring Charges and Related Costs During the year ended December 31, 2019 , we recorded restructuring charges of $424 million , primarily for severance and the acceleration of stock-based compensation in connection with the Merger; costs related to a restructuring plan initiated in the first quarter of 2019 under which severance payments are being provided to certain eligible employees who voluntarily elected to participate. During the year ended December 31, 2018 , we recorded restructuring charges of $310 million resulting from cost transformation initiatives to improve margins. In addition, in 2018 we recorded restructuring-related costs of $52 million , comprised of third-party professional services associated with such initiatives. During the year ended December 31, 2017 , we recorded restructuring charges of $258 million , resulting from the execution of a strategy for certain of our flagship brands and strategic initiatives at Paramount, as well as costs relating to other restructuring plans across several of our businesses in a continued effort to reduce our cost structure. The restructuring charges for 2017 included a non-cash impairment charge resulting from the decision to abandon an international trade name in connection with the strategic initiatives. The following is a rollforward of our restructuring liability, which is recorded in “Other current liabilities” and “Other liabilities” in the Consolidated Balance Sheets. The remaining restructuring liability at December 31, 2019, which primarily relates to severance payments, is expected to be substantially paid by the end of 2021. Balance at 2019 Activity Balance at December 31, 2018 Charges (a) Payments Other December 31, 2019 TV Entertainment $ 54 $ 93 $ (82 ) $ (1 ) $ 64 Cable Networks 151 93 (104 ) (7 ) 133 Filmed Entertainment 22 8 (12 ) (1 ) 17 Publishing 2 6 (4 ) — 4 Corporate 57 157 (32 ) — 182 Total $ 286 $ 357 $ (234 ) $ (9 ) $ 400 Balance at 2018 Activity Balance at December 31, 2017 Charges (a) Payments Other December 31, 2018 TV Entertainment $ 50 $ 45 $ (40 ) $ (1 ) $ 54 Cable Networks 91 185 (117 ) (8 ) 151 Filmed Entertainment 32 18 (28 ) — 22 Publishing 3 1 (2 ) — 2 Corporate 37 53 (32 ) (1 ) 57 Total $ 213 $ 302 $ (219 ) $ (10 ) $ 286 (a) Excludes stock-based compensation expense of $67 million and $8 million in 2019 and 2018 , respectively. Merger-related Costs and Other Corporate Matters In 2019 , in addition to the above-mentioned restructuring charges and related costs, we incurred costs of $294 million in connection with the Merger, consisting of financial advisory, legal and other professional fees, transaction-related bonuses, and contractual executive compensation, including the accelerated vesting of stock-based compensation, that was triggered by the Merger. We also incurred costs of $40 million in connection with the settlement of a commercial dispute and $17 million associated with legal proceedings involving the Company (see Note 19 ) and other corporate matters. In 2018 , we recorded expenses of $128 million primarily for professional fees related to legal proceedings, investigations at our Company and the evaluation of potential merger activity. Programming Charges During 2019 , in connection with the Merger, we implemented management changes across the organization. In connection with these changes, we performed an evaluation of our programming portfolio across all of our businesses, including an assessment of the optimal use of our programming in the marketplace, which resulted in the identification of programs not aligned with management’s strategy. As a result, we recorded programming charges of $589 million principally reflecting accelerated amortization associated with changes in the expected monetization of certain programs, and decisions to cease airing, alter future airing patterns or not renew certain programs. During 2018 , in connection with management changes, we recorded programming charges of $162 million , relating to changes to our programming strategy, including at CBS Films, which shifted its focus from theatrical films to developing content for our digital streaming services, as well as at our Cable Networks segment where we ceased the use of certain programming. During 2017 , we recorded programming charges of $144 million associated with management’s decision to cease use of certain original and acquired programming, in connection with the execution of a strategy for certain of our flagship brands and strategic initiatives at Paramount. The programming charges for 2019, 2018, and 2017 were included within “Operating expenses” in the Consolidated Statements of Operations. |
Restructuring, Programming Charges and Other Corporate Matters | 5 ) RESTRUCTURING, PROGRAMMING CHARGES AND OTHER CORPORATE MATTERS During the years ended December 31, 2019, 2018 and 2017 , we recorded restructuring charges, merger-related costs, programming charges and costs for other corporate matters as follows: Year Ended December 31, 2019 2018 2017 Severance $ 401 $ 235 $ 224 Exit costs and other 23 75 12 Asset impairment — — 22 Restructuring charges 424 310 258 Restructuring-related costs — 52 — Merger-related costs 294 — — Other corporate matters 57 128 — Restructuring and other corporate matters $ 775 $ 490 $ 258 Programming charges $ 589 $ 162 $ 144 Restructuring Charges and Related Costs During the year ended December 31, 2019 , we recorded restructuring charges of $424 million , primarily for severance and the acceleration of stock-based compensation in connection with the Merger; costs related to a restructuring plan initiated in the first quarter of 2019 under which severance payments are being provided to certain eligible employees who voluntarily elected to participate. During the year ended December 31, 2018 , we recorded restructuring charges of $310 million resulting from cost transformation initiatives to improve margins. In addition, in 2018 we recorded restructuring-related costs of $52 million , comprised of third-party professional services associated with such initiatives. During the year ended December 31, 2017 , we recorded restructuring charges of $258 million , resulting from the execution of a strategy for certain of our flagship brands and strategic initiatives at Paramount, as well as costs relating to other restructuring plans across several of our businesses in a continued effort to reduce our cost structure. The restructuring charges for 2017 included a non-cash impairment charge resulting from the decision to abandon an international trade name in connection with the strategic initiatives. The following is a rollforward of our restructuring liability, which is recorded in “Other current liabilities” and “Other liabilities” in the Consolidated Balance Sheets. The remaining restructuring liability at December 31, 2019, which primarily relates to severance payments, is expected to be substantially paid by the end of 2021. Balance at 2019 Activity Balance at December 31, 2018 Charges (a) Payments Other December 31, 2019 TV Entertainment $ 54 $ 93 $ (82 ) $ (1 ) $ 64 Cable Networks 151 93 (104 ) (7 ) 133 Filmed Entertainment 22 8 (12 ) (1 ) 17 Publishing 2 6 (4 ) — 4 Corporate 57 157 (32 ) — 182 Total $ 286 $ 357 $ (234 ) $ (9 ) $ 400 Balance at 2018 Activity Balance at December 31, 2017 Charges (a) Payments Other December 31, 2018 TV Entertainment $ 50 $ 45 $ (40 ) $ (1 ) $ 54 Cable Networks 91 185 (117 ) (8 ) 151 Filmed Entertainment 32 18 (28 ) — 22 Publishing 3 1 (2 ) — 2 Corporate 37 53 (32 ) (1 ) 57 Total $ 213 $ 302 $ (219 ) $ (10 ) $ 286 (a) Excludes stock-based compensation expense of $67 million and $8 million in 2019 and 2018 , respectively. Merger-related Costs and Other Corporate Matters In 2019 , in addition to the above-mentioned restructuring charges and related costs, we incurred costs of $294 million in connection with the Merger, consisting of financial advisory, legal and other professional fees, transaction-related bonuses, and contractual executive compensation, including the accelerated vesting of stock-based compensation, that was triggered by the Merger. We also incurred costs of $40 million in connection with the settlement of a commercial dispute and $17 million associated with legal proceedings involving the Company (see Note 19 ) and other corporate matters. In 2018 , we recorded expenses of $128 million primarily for professional fees related to legal proceedings, investigations at our Company and the evaluation of potential merger activity. Programming Charges During 2019 , in connection with the Merger, we implemented management changes across the organization. In connection with these changes, we performed an evaluation of our programming portfolio across all of our businesses, including an assessment of the optimal use of our programming in the marketplace, which resulted in the identification of programs not aligned with management’s strategy. As a result, we recorded programming charges of $589 million principally reflecting accelerated amortization associated with changes in the expected monetization of certain programs, and decisions to cease airing, alter future airing patterns or not renew certain programs. During 2018 , in connection with management changes, we recorded programming charges of $162 million , relating to changes to our programming strategy, including at CBS Films, which shifted its focus from theatrical films to developing content for our digital streaming services, as well as at our Cable Networks segment where we ceased the use of certain programming. During 2017 , we recorded programming charges of $144 million associated with management’s decision to cease use of certain original and acquired programming, in connection with the execution of a strategy for certain of our flagship brands and strategic initiatives at Paramount. The programming charges for 2019, 2018, and 2017 were included within “Operating expenses” in the Consolidated Statements of Operations. |
Related Parties
Related Parties | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Related Parties | 6 ) RELATED PARTIES National Amusements, Inc. NAI is the controlling stockholder of ViacomCBS and was the controlling stockholder of each of CBS and Viacom prior to the Merger. Sumner M. Redstone is the controlling stockholder, Chairman of the Board of Directors and Chief Executive Officer of NAI. Shari E. Redstone, Mr. Redstone’s daughter, is the President and a director of NAI. She is the non-executive Chair of our Board of Directors and was the non-executive Vice Chair of the Board of Directors of each of CBS and Viacom prior to the Merger. At December 31, 2019 , NAI directly or indirectly owned approximately 79.4% of our voting Class A Common Stock and 10.2% of our Class A Common Stock and non-voting Class B Common Stock on a combined basis. NAI is controlled by Mr. Redstone through the Sumner M. Redstone National Amusements Trust (the “SMR Trust”), which owns 80% of the voting interest of NAI, and such voting interest of NAI held by the SMR Trust is voted solely by Mr. Redstone until his incapacity or death. The SMR Trust provides that in the event of Mr. Redstone’s death or incapacity, voting control of the NAI voting interest held by the SMR Trust will pass to seven trustees, who will include Ms. Redstone. No member of our management is a trustee of the SMR Trust. Pursuant to a settlement and release agreement entered into by us, NAI and others, with respect to legal proceedings involving these parties, we paid $30 million for professional fees incurred by NAI during 2018 relating to these legal proceedings, which are included in “Restructuring and other corporate matters” on the Consolidated Statement of Operations for the year ended December 31, 2018 . Other Related Parties. In the ordinary course of business, we are involved in transactions with our equity-method investees, primarily for the licensing of television and film programming. The following table presents the amounts recorded in our consolidated financial statements related to these transactions. Year Ended December 31, 2019 2018 2017 Revenues $ 179 $ 170 $ 183 Operating expenses $ 14 $ 22 $ 41 At December 31, 2019 2018 Amounts due to/from other related parties Accounts receivable $ 45 $ 83 Accounts payable $ 3 $ 9 Through the normal course of business, we are involved in transactions with other related parties that have not been material in any of the periods presented. |
Acquisition and Investments
Acquisition and Investments | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Acquisition and Investments | 7 ) ACQUISITIONS AND INVESTMENTS Pluto TV Acquisition On March 1, 2019, we acquired Pluto Inc., the provider of Pluto TV, a leading free streaming television service in the U.S., for $324 million , net of cash acquired. The purchase price excludes $18 million of post-combination expenses that are subject to continuous employment and will be recognized over the required service period in the Consolidated Statements of Operations within “Selling, general and administrative expenses”. Pluto TV expands our presence across next-generation distribution platforms and accelerates the growth of our advanced marketing solutions business. Pluto TV is available across mobile devices, desktops, streaming players and game consoles and is integrated across a growing number of Smart TVs and other video and broadband platforms. The following table summarizes our allocation of the purchase price as of the acquisition date for Pluto TV. Year Ended December 31, 2019 Assets Receivables $ 31 Prepaid expenses and other current assets 3 Goodwill 277 Intangible assets 41 Other assets (noncurrent) 8 Assets acquired $ 360 Liabilities Accounts payable $ 27 Accrued expenses 4 Other liabilities 5 Liabilities assumed $ 36 Total purchase price $ 324 The goodwill, which is not deductible for tax purposes, reflects the Company-specific synergies arising from the acquisition and is included in the Cable Networks segment. Intangible assets consist of distribution relationships, developed technology and trade names, all with useful lives of five years. The operating results of Pluto TV from the date of acquisition through December 31, 2019 were not material to our consolidated financial statements. Other Acquisitions In 2019 , we acquired the remaining 50% interest in Pop TV, a general entertainment cable network, for $39 million , net of cash acquired, bringing our ownership to 100% . The assets acquired primarily consist of goodwill and other identifiable intangible assets. The results of Pop TV are included in the Cable Networks segment from the date of acquisition. In 2018 , we made payments totaling $118 million , which were net of cash acquired, for acquisitions that included WhoSay Inc., a leading influence marketing firm; Pop Culture Media, a digital entertainment media company; VidCon LLC, a host of conferences dedicated to online video; and Awesomeness TV Holdings, LLC, a multi-platform media company serving global Gen-Z audiences as a digital-first destination for original programming. In 2017 , we acquired Ten Network Holdings Limited (“Network 10”) for approximately $124 million , net of cash acquired. Included in this acquisition was Network 10, one of three major commercial broadcast networks in Australia, as well as two multi-channel networks, channels One and Eleven. The assets acquired primarily consist of broadcast licenses, net operating loss carryforwards and working capital. The operating results of these acquisitions were not material to our consolidated financial statements. Miramax Acquisition In December 2019, we entered into a definitive agreement with beIN Media Group to acquire a 49% stake in Miramax, a global film and television studio, for $375 million , which includes an upfront cash payment of approximately $150 million , along with a commitment to invest $45 million annually over the next five years, or $225 million , to be used for new film and television productions and working capital. In conjunction with this agreement, we entered into a series of commercial agreements with Miramax under which we will have exclusive, long-term distribution rights to Miramax’s catalog adding more than 700 titles to our existing library. In addition to maximizing library content, the agreement will enable us to co-produce, co-finance and distribute new film and television projects under the Miramax banner. The investment will be accounted for as a consolidated variable interest entity. The transaction is subject to customary closing conditions and is expected to close in the first quarter of 2020 . Investments At December 31, 2019 and 2018 , we had investments of $753 million and $719 million , respectively, consisting of marketable securities, non-marketable equity investments and equity-method investments. Our investments are included in “Other assets” on the Consolidated Balance Sheets. Investments over which we have significant influence, without a controlling interest, are accounted for under the equity method. Such investments include our 50% interest in the broadcast network, The CW, as well as interests in several international television joint ventures including a 49% interest in a joint venture with a subsidiary of AMC Networks Inc., which owns and operates channels in the United Kingdom and Ireland, including CBS branded channels; a 30% interest in a joint venture with another subsidiary of AMC Networks Inc., which owns and operates cable and satellite channels in Europe, the Middle East and Africa; and a 49% interest in Viacom18, a joint venture in India which owns and operates COLORS pay television channel, a digital advertising platform and a filmed entertainment business. At December 31, 2019 and 2018 , respectively, we had $494 million and $573 million of equity-method investments. Investments without a readily determinable fair value for which we have no significant influence are measured at cost less impairment, if any, and adjusted for any observable price changes. At December 31, 2019 and 2018 , respectively, we had $113 million and $112 million of such investments. The fair value of our marketable securities was $146 million and $34 million as of December 31, 2019 and 2018 , respectively, as determined based on quoted market prices in active markets (Level 1 in the fair value hierarchy). During the years ended December 31, 2019 and 2018 , we recorded an unrealized gain of $113 million and an unrealized loss of $23 million , respectively, resulting from changes in the fair value of our marketable securities. Beginning in the first quarter of 2018, in connection with the adoption of FASB guidance on financial instruments, changes in the fair value of marketable securities are recognized in the Consolidated Statements of Operations. Prior to the adoption of this guidance, we recorded unrealized gains and losses on marketable securities in other comprehensive income. We invested $171 million , $161 million and $128 million into our investments during the years ended December 31, 2019, 2018 and 2017 , respectively. In 2019 , we completed the sale of an international joint venture resulting in a gain of $10 million . In 2018 , we completed the sale of a 1% equity interest in Viacom18 to our joint venture partner for $20 million , resulting in a gain of $16 million . These gains have been included in “Other items, net” in the Consolidated Statements of Operations. During 2017 , we completed the sale of our 49.76% interest in EPIX, a premium entertainment network, for $593 million , net of transaction costs of $4 million , resulting in a gain of $285 million . In addition, prior to the closing of the sale, EPIX paid a dividend, of which our pro rata share was $37 million . For 2019, 2018, and 2017 , included in “Other items, net” on the Consolidated Statements of Operations was $50 million , $46 million and $18 million , respectively, for the impairment of investments without readily determinable fair values. Variable Interest Entities In the normal course of business, we enter into joint ventures or make investments with business partners that support our underlying business strategy and provide us the ability to enter new markets to expand the reach of our brands, develop new programming and/or distribute our existing content. In certain instances, an entity in which we make an investment may qualify as a VIE. In determining whether we are the primary beneficiary of a VIE, we assess whether we have the power to direct matters that most significantly impact the activities of the VIE and have the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. The Consolidated Balance Sheets include assets and liabilities related to consolidated VIEs totaling $141 million and $22 million , respectively, as of December 31, 2019 , and $63 million and $4 million , respectively, as of December 31, 2018 . In 2017 , a consolidated VIE completed the sale of broadcast spectrum in connection with the FCC’s broadcast spectrum auction for $147 million , a portion of which was used to repay outstanding debt, resulting in a pre-tax gain of $127 million , with $11 million attributable to the noncontrolling interest. Other than this gain, the consolidated VIEs’ revenues, expenses and operating income were not significant for all periods presented. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Debt | 8 ) DEBT Our debt consists of the following : At December 31, 2019 2018 Commercial paper $ 699 $ 674 2.30% Senior Notes due 2019 — 601 5.625% Senior Notes due 2019 — 221 2.750% Senior Notes due 2019 — 90 4.30% Senior Notes due 2021 300 300 4.50% Senior Notes due 2021 499 498 3.875% Senior Notes due 2021 597 596 2.250% Senior Notes due 2022 49 49 3.375% Senior Notes due 2022 698 697 3.125% Senior Notes due 2022 194 194 2.50% Senior Notes due 2023 398 397 3.25% Senior Notes due 2023 181 181 2.90% Senior Notes due 2023 396 396 4.25% Senior Notes due 2023 1,242 1,240 7.875% Debentures due 2023 187 187 7.125% Senior Notes due 2023 46 46 3.875% Senior Notes due 2024 489 489 3.70% Senior Notes due 2024 598 597 3.50% Senior Notes due 2025 592 590 4.00% Senior Notes due 2026 789 787 3.45% Senior Notes due 2026 123 123 2.90% Senior Notes due 2027 688 686 3.375% Senior Notes due 2028 494 493 3.70% Senior Notes due 2028 491 490 4.20% Senior Notes due 2029 493 — 7.875% Senior Debentures due 2030 831 832 5.50% Senior Debentures due 2033 426 426 4.85% Senior Debentures due 2034 87 86 6.875% Senior Debentures due 2036 1,068 1,068 6.75% Senior Debentures due 2037 75 75 5.90% Senior Notes due 2040 297 297 4.50% Senior Debentures due 2042 45 45 4.85% Senior Notes due 2042 486 486 4.375% Senior Debentures due 2043 1,109 1,103 4.875% Senior Debentures due 2043 18 18 5.850% Senior Debentures due 2043 1,231 1,230 5.25% Senior Debentures due 2044 345 345 4.90% Senior Notes due 2044 539 539 4.60% Senior Notes due 2045 589 588 5.875% Junior Subordinated Debentures due 2057 643 642 6.25% Junior Subordinated Debentures due 2057 643 642 Obligations under finance leases 44 69 Total debt (a) 18,719 19,113 Less commercial paper 699 674 Less current portion 18 339 Total long-term debt, net of current portion $ 18,002 $ 18,100 (a) At December 31, 2019 and 2018 , the senior and junior subordinated debt balances included (i) a net unamortized discount of $412 million and $422 million , respectively, (ii) unamortized deferred financing costs of $92 million and $98 million , respectively, and (iii) a decrease in the carrying value of the debt relating to previously settled fair value hedges of $6 million and $5 million , respectively. The face value of our total debt was $19.23 billion at December 31, 2019 and $19.64 billion at December 31, 2018 . During the year ended December 31, 2019 , we issued $500 million of 4.20% senior notes due 2029 . We used the net proceeds from this issuance in the redemption of our $600 million outstanding 2.30% senior notes due August 2019. During 2019 , we also repaid the $220 million aggregate principal amount of our 5.625% senior notes due September 2019 and the $90 million aggregate principal amount of our 2.75% senior notes due December 2019. During the year ended December 31, 2018 , we redeemed $1.13 billion of senior notes and debentures for a redemption price of $1.10 billion , resulting in a pre-tax gain on early extinguishment of debt of $18 million ( $14 million , net of tax). During the year ended December 31, 2017 , we issued $3.10 billion of senior notes and junior subordinated debentures. Also during 2017 , we redeemed and repaid $4.67 billion of senior notes, of which $4.27 billion was redeemed prior to maturity, resulting in a pre-tax loss on early extinguishment of debt of $38 million ( $21 million , net of tax). Our 5.875% junior subordinated debentures due February 2057 and 6.25% junior subordinated debentures due February 2057 accrue interest at the stated fixed rates until February 28, 2022 and February 28, 2027 , respectively, on which dates the rates will switch to floating rates based on three-month LIBOR plus 3.895% and 3.899% , respectively, reset quarterly. These debentures can be called by us at any time after the expiration of the fixed-rate period. The interest rate payable on our 2.25% senior notes due February 2022 and 3.45% senior notes due October 2026 , collectively the “Senior Notes”, will be subject to adjustment from time to time if Moody’s Investor Services, Inc. or S&P Global Ratings downgrades (or downgrades and subsequently upgrades) the credit rating assigned to the Senior Notes. The interest rate on these Senior Notes would increase by 0.25% upon each credit agency downgrade up to a maximum of 2.00% , and would similarly be decreased for subsequent upgrades. At December 31, 2019 , the outstanding principal amount of our 2.25% senior notes due February 2022 and 3.45% senior notes due October 2026 was $50 million and $124 million , respectively. Some of our outstanding notes and debentures provide for certain covenant packages typical for an investment grade company. There is an acceleration trigger for the majority of the notes and debentures in the event of a change in control under specified circumstances coupled with ratings downgrades due to the change in control, as well as certain optional redemption provisions for our junior debentures. At December 31, 2019 , our scheduled maturities of long-term debt at face value, excluding finance leases, and the related interest payments were as follows: 2025 and 2020 2021 2022 2023 2024 Thereafter Long-term debt $ — $ 1,400 $ 945 $ 2,465 $ 1,092 $ 12,584 Commercial Paper We had outstanding commercial paper borrowings under our $2.50 billion commercial paper program of $699 million and $674 million at December 31, 2019 and 2018 , respectively, each with maturities of less than 90 days. The weighted average interest rate for these borrowings was 2.07% and 3.02% at December 31, 2019 and 2018 , respectively. In January 2020, our commercial paper program was increased to $3.50 billion in conjunction with the new $3.50 billion revolving credit facility described below. Credit Facility At December 31, 2019 , we had a $2.50 billion revolving credit facility held by CBS prior to the Merger (the “CBS Credit Facility”) with a maturity in June 2021 and a $2.50 billion revolving credit facility held by Viacom prior to the Merger (the “Viacom Credit Facility”), with a maturity in February 2024. At December 31, 2019 , we had no borrowings outstanding under the CBS Credit Facility or the Viacom Credit Facility and the remaining availability, net of outstanding letters of credit, was $2.50 billion for each facility. In January 2020, the CBS Credit Facility was terminated and the Viacom Credit Facility was amended and restated to a $3.50 billion revolving credit facility with a maturity in January 2025 (the “Credit Facility”). The credit facility is used for general corporate purposes and to support commercial paper outstanding, if any. We may, at our option, also borrow in certain foreign currencies up to specified limits under the Credit Facility. Borrowing rates under the Credit Facility are determined at our option at the time of each borrowing and are based generally on the prime rate in the U.S. or LIBOR plus a margin based on our senior unsecured debt rating. The Credit Facility requires our Consolidated Total Leverage Ratio to be less than 4.5x (which we may elect to increase to 5.0x |
Leases
Leases | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Leases | 9 ) LEASES On January 1, 2019 , we adopted FASB guidance on the accounting for leases. We applied the modified retrospective method of adoption and therefore, results for reporting periods beginning after January 1, 2019 are presented under the new guidance while prior periods have not been adjusted. The adoption of this guidance resulted in the recognition on the Consolidated Balance Sheet of right-of-use assets and lease liabilities representing the present value of future lease payments of all leases with terms in excess of one year. At December 31, 2019 , the following amounts were recorded on the Consolidated Balance Sheet relating to our leases. Leases Operating Finance Right-of-Use Assets Operating lease assets $ 1,939 $ — Property and equipment, net $ — $ 35 Lease Liabilities Other current liabilities $ 292 $ — Debt — 19 Operating lease liabilities 1,909 — Long-term debt — 25 Total lease liabilities $ 2,201 $ 44 Leases Operating Finance Weighted average remaining lease term 9 years 3 years Weighted average discount rate 4.1 % 4.5 % For existing leases at the time of adoption, we elected to not reassess (i) whether each contract is or contains a lease, (ii) the classification of leases as operating or finance leases, and (iii) initial direct costs for existing leases. Lessee Contracts We have operating leases primarily for office space, equipment, satellite transponders and studio facilities. We also have finance leases for satellite transponders and equipment. Lease costs are generally fixed, with certain contracts containing variable payments for non-lease costs based on usage and escalations in the lessors’ annual costs. The following table presents our lease cost. Year Ended December 31, 2019 Operating lease cost (a) (b) $ 406 Finance lease cost: Amortization of right-of-use assets 23 Interest expense on lease liabilities 3 Short-term lease cost (b) (c) 242 Variable lease cost (d) 80 Sublease income (31 ) Total lease cost $ 723 (a) Includes fixed lease costs and non-lease costs (consisting of other occupancy and service costs relating to the use of an asset) associated with long-term operating leases. (b) Includes costs capitalized in programming assets during the period for leased assets used in the production of programming. (c) Short-term leases have a term of 12 months or less and exclude month-to-month leases. Short-term leases are not recorded on the Consolidated Balance Sheet. (d) Primarily includes non-lease costs (consisting of other occupancy and service costs relating to the use of an asset) and costs for equipment leases that vary based on usage. The following table presents supplemental cash flow information related to our leases. Year Ended December 31, 2019 Cash paid for amounts included in lease liabilities Operating lease payments, included in operating cash flows $ 341 Finance lease payments, included in financing cash flows $ 27 Noncash additions to operating lease assets $ 389 The expected future payments relating to our operating and finance lease liabilities at December 31, 2019 are as follows: Leases Operating Finance 2020 $ 371 $ 21 2021 352 16 2022 296 7 2023 251 1 2024 205 1 2025 and thereafter 1,234 1 Total minimum payments 2,709 47 Less amounts representing interest 508 3 Present value of minimum payments $ 2,201 $ 44 The following table presents the future payments under our operating and finance leases as of December 31, 2018 based on lease guidance in effect prior to the adoption of new FASB lease guidance on January 1, 2019 . Leases Operating (a) Finance 2019 $ 305 $ 29 2020 309 20 2021 282 15 2022 247 7 2023 211 2 2024 and thereafter 1,228 2 Total minimum payments $ 2,582 $ 75 Less amounts representing interest 6 Present value of minimum payments $ 69 (a) Future minimum operating lease payments have been reduced by future minimum sublease income of $57 million . Rent expense based on lease guidance in effect prior to January 1, 2019 was $474 million in 2018 and $449 million in 2017 . Included in net earnings (loss) from discontinued operations was rent expense of $32 million in 2017 . As of December 31, 2019 , we had signed additional operating leases with lease terms ranging from two to 11 years that have not yet commenced. The total future undiscounted lease payments under these leases are $98 million , which were not recorded on the Consolidated Balance Sheet at December 31, 2019 . Lessor Contracts We enter into operating leases for the use of our owned production facilities and office buildings. Lease payments received under these agreements consist of fixed payments for the rental of space and certain building operating costs, as well as variable payments based on usage of production facilities and services, and escalating costs of building operations. We recorded total lease income of $149 million , including both fixed and variable amounts, for the year ended December 31, 2019 . At December 31, 2019 , future fixed lease income under noncancellable operating leases is as follows: 2020 $ 68 2021 52 2022 45 2023 44 2024 36 2025 and thereafter 57 Total $ 302 |
Leases | 9 ) LEASES On January 1, 2019 , we adopted FASB guidance on the accounting for leases. We applied the modified retrospective method of adoption and therefore, results for reporting periods beginning after January 1, 2019 are presented under the new guidance while prior periods have not been adjusted. The adoption of this guidance resulted in the recognition on the Consolidated Balance Sheet of right-of-use assets and lease liabilities representing the present value of future lease payments of all leases with terms in excess of one year. At December 31, 2019 , the following amounts were recorded on the Consolidated Balance Sheet relating to our leases. Leases Operating Finance Right-of-Use Assets Operating lease assets $ 1,939 $ — Property and equipment, net $ — $ 35 Lease Liabilities Other current liabilities $ 292 $ — Debt — 19 Operating lease liabilities 1,909 — Long-term debt — 25 Total lease liabilities $ 2,201 $ 44 Leases Operating Finance Weighted average remaining lease term 9 years 3 years Weighted average discount rate 4.1 % 4.5 % For existing leases at the time of adoption, we elected to not reassess (i) whether each contract is or contains a lease, (ii) the classification of leases as operating or finance leases, and (iii) initial direct costs for existing leases. Lessee Contracts We have operating leases primarily for office space, equipment, satellite transponders and studio facilities. We also have finance leases for satellite transponders and equipment. Lease costs are generally fixed, with certain contracts containing variable payments for non-lease costs based on usage and escalations in the lessors’ annual costs. The following table presents our lease cost. Year Ended December 31, 2019 Operating lease cost (a) (b) $ 406 Finance lease cost: Amortization of right-of-use assets 23 Interest expense on lease liabilities 3 Short-term lease cost (b) (c) 242 Variable lease cost (d) 80 Sublease income (31 ) Total lease cost $ 723 (a) Includes fixed lease costs and non-lease costs (consisting of other occupancy and service costs relating to the use of an asset) associated with long-term operating leases. (b) Includes costs capitalized in programming assets during the period for leased assets used in the production of programming. (c) Short-term leases have a term of 12 months or less and exclude month-to-month leases. Short-term leases are not recorded on the Consolidated Balance Sheet. (d) Primarily includes non-lease costs (consisting of other occupancy and service costs relating to the use of an asset) and costs for equipment leases that vary based on usage. The following table presents supplemental cash flow information related to our leases. Year Ended December 31, 2019 Cash paid for amounts included in lease liabilities Operating lease payments, included in operating cash flows $ 341 Finance lease payments, included in financing cash flows $ 27 Noncash additions to operating lease assets $ 389 The expected future payments relating to our operating and finance lease liabilities at December 31, 2019 are as follows: Leases Operating Finance 2020 $ 371 $ 21 2021 352 16 2022 296 7 2023 251 1 2024 205 1 2025 and thereafter 1,234 1 Total minimum payments 2,709 47 Less amounts representing interest 508 3 Present value of minimum payments $ 2,201 $ 44 The following table presents the future payments under our operating and finance leases as of December 31, 2018 based on lease guidance in effect prior to the adoption of new FASB lease guidance on January 1, 2019 . Leases Operating (a) Finance 2019 $ 305 $ 29 2020 309 20 2021 282 15 2022 247 7 2023 211 2 2024 and thereafter 1,228 2 Total minimum payments $ 2,582 $ 75 Less amounts representing interest 6 Present value of minimum payments $ 69 (a) Future minimum operating lease payments have been reduced by future minimum sublease income of $57 million . Rent expense based on lease guidance in effect prior to January 1, 2019 was $474 million in 2018 and $449 million in 2017 . Included in net earnings (loss) from discontinued operations was rent expense of $32 million in 2017 . As of December 31, 2019 , we had signed additional operating leases with lease terms ranging from two to 11 years that have not yet commenced. The total future undiscounted lease payments under these leases are $98 million , which were not recorded on the Consolidated Balance Sheet at December 31, 2019 . Lessor Contracts We enter into operating leases for the use of our owned production facilities and office buildings. Lease payments received under these agreements consist of fixed payments for the rental of space and certain building operating costs, as well as variable payments based on usage of production facilities and services, and escalating costs of building operations. We recorded total lease income of $149 million , including both fixed and variable amounts, for the year ended December 31, 2019 . At December 31, 2019 , future fixed lease income under noncancellable operating leases is as follows: 2020 $ 68 2021 52 2022 45 2023 44 2024 36 2025 and thereafter 57 Total $ 302 |
Leases | 9 ) LEASES On January 1, 2019 , we adopted FASB guidance on the accounting for leases. We applied the modified retrospective method of adoption and therefore, results for reporting periods beginning after January 1, 2019 are presented under the new guidance while prior periods have not been adjusted. The adoption of this guidance resulted in the recognition on the Consolidated Balance Sheet of right-of-use assets and lease liabilities representing the present value of future lease payments of all leases with terms in excess of one year. At December 31, 2019 , the following amounts were recorded on the Consolidated Balance Sheet relating to our leases. Leases Operating Finance Right-of-Use Assets Operating lease assets $ 1,939 $ — Property and equipment, net $ — $ 35 Lease Liabilities Other current liabilities $ 292 $ — Debt — 19 Operating lease liabilities 1,909 — Long-term debt — 25 Total lease liabilities $ 2,201 $ 44 Leases Operating Finance Weighted average remaining lease term 9 years 3 years Weighted average discount rate 4.1 % 4.5 % For existing leases at the time of adoption, we elected to not reassess (i) whether each contract is or contains a lease, (ii) the classification of leases as operating or finance leases, and (iii) initial direct costs for existing leases. Lessee Contracts We have operating leases primarily for office space, equipment, satellite transponders and studio facilities. We also have finance leases for satellite transponders and equipment. Lease costs are generally fixed, with certain contracts containing variable payments for non-lease costs based on usage and escalations in the lessors’ annual costs. The following table presents our lease cost. Year Ended December 31, 2019 Operating lease cost (a) (b) $ 406 Finance lease cost: Amortization of right-of-use assets 23 Interest expense on lease liabilities 3 Short-term lease cost (b) (c) 242 Variable lease cost (d) 80 Sublease income (31 ) Total lease cost $ 723 (a) Includes fixed lease costs and non-lease costs (consisting of other occupancy and service costs relating to the use of an asset) associated with long-term operating leases. (b) Includes costs capitalized in programming assets during the period for leased assets used in the production of programming. (c) Short-term leases have a term of 12 months or less and exclude month-to-month leases. Short-term leases are not recorded on the Consolidated Balance Sheet. (d) Primarily includes non-lease costs (consisting of other occupancy and service costs relating to the use of an asset) and costs for equipment leases that vary based on usage. The following table presents supplemental cash flow information related to our leases. Year Ended December 31, 2019 Cash paid for amounts included in lease liabilities Operating lease payments, included in operating cash flows $ 341 Finance lease payments, included in financing cash flows $ 27 Noncash additions to operating lease assets $ 389 The expected future payments relating to our operating and finance lease liabilities at December 31, 2019 are as follows: Leases Operating Finance 2020 $ 371 $ 21 2021 352 16 2022 296 7 2023 251 1 2024 205 1 2025 and thereafter 1,234 1 Total minimum payments 2,709 47 Less amounts representing interest 508 3 Present value of minimum payments $ 2,201 $ 44 The following table presents the future payments under our operating and finance leases as of December 31, 2018 based on lease guidance in effect prior to the adoption of new FASB lease guidance on January 1, 2019 . Leases Operating (a) Finance 2019 $ 305 $ 29 2020 309 20 2021 282 15 2022 247 7 2023 211 2 2024 and thereafter 1,228 2 Total minimum payments $ 2,582 $ 75 Less amounts representing interest 6 Present value of minimum payments $ 69 (a) Future minimum operating lease payments have been reduced by future minimum sublease income of $57 million . Rent expense based on lease guidance in effect prior to January 1, 2019 was $474 million in 2018 and $449 million in 2017 . Included in net earnings (loss) from discontinued operations was rent expense of $32 million in 2017 . As of December 31, 2019 , we had signed additional operating leases with lease terms ranging from two to 11 years that have not yet commenced. The total future undiscounted lease payments under these leases are $98 million , which were not recorded on the Consolidated Balance Sheet at December 31, 2019 . Lessor Contracts We enter into operating leases for the use of our owned production facilities and office buildings. Lease payments received under these agreements consist of fixed payments for the rental of space and certain building operating costs, as well as variable payments based on usage of production facilities and services, and escalating costs of building operations. We recorded total lease income of $149 million , including both fixed and variable amounts, for the year ended December 31, 2019 . At December 31, 2019 , future fixed lease income under noncancellable operating leases is as follows: 2020 $ 68 2021 52 2022 45 2023 44 2024 36 2025 and thereafter 57 Total $ 302 |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Financial Instruments | 10 ) FINANCIAL INSTRUMENTS The carrying value of financial instruments approximates fair value, except for notes and debentures, which are not recorded at fair value. At December 31, 2019 and 2018 , the carrying value of our notes and debentures was $17.98 billion and $18.37 billion , respectively, and the fair value, which is determined based on quoted prices in active markets (Level 1 in the fair value hierarchy) was $20.6 billion and $18.4 billion , respectively. We use derivative financial instruments primarily to manage our exposure to market risks from fluctuations in foreign currency exchange rates. We do not use derivative instruments unless there is an underlying exposure and, therefore, we do not hold or enter into derivative financial instruments for speculative trading purposes. Foreign Exchange Contracts Foreign exchange forward contracts have principally been used to hedge projected cash flows, in currencies such as the British Pound, the Euro, the Canadian Dollar and the Australian Dollar, generally for periods up to 24 months. We designate foreign exchange forward contracts used to hedge committed and forecasted foreign currency transactions as cash flow hedges. Gains or losses on the effective portion of designated cash flow hedges are initially recorded in other comprehensive income (loss) and reclassified to the statement of operations when the hedged item is recognized. Additionally, we enter into non-designated forward contracts to hedge non-U.S. dollar denominated cash flows. At December 31, 2019 and 2018 , the notional amount of all foreign currency contracts was $1.44 billion and $995 million , respectively. For 2019 , $833 million related to future production costs and $606 million related to our foreign currency balances and other expected foreign currency cash flows. For 2018 , $481 million related to future production costs and $514 million related to our foreign currency balances and other expected foreign currency cash flows. Gains (losses) recognized on derivative financial instruments were as follows: Year Ended December 31, 2019 2018 Financial Statement Account Non-designated foreign exchange contracts $ (4 ) $ 25 Other items, net The fair value of our derivative instruments was not material to the Consolidated Balance Sheets for any of the periods presented. We continually monitor our position with, and credit quality of, the financial institutions that are counterparties to our financial instruments. We are exposed to credit loss in the event of nonperformance by the counterparties to the agreements. However, we do not anticipate nonperformance by the counterparties. Our receivables do not represent significant concentrations of credit risk at December 31, 2019 and 2018 , due to the wide variety of customers, markets and geographic areas to which our products and services are sold. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 11 ) FAIR VALUE MEASUREMENTS The following tables set forth our assets and liabilities measured at fair value on a recurring basis at December 31, 2019 and 2018 . These assets and liabilities have been categorized according to the three-level fair value hierarchy established by the FASB, which prioritizes the inputs used in measuring fair value. Level 1 is based on publicly quoted prices for the asset or liability in active markets. Level 2 is based on inputs that are observable other than quoted market prices in active markets, such as quoted prices for the asset or liability in inactive markets or quoted prices for similar assets or liabilities. Level 3 is based on unobservable inputs reflecting our own assumptions about the assumptions that market participants would use in pricing the asset or liability. At December 31, 2019 Level 1 Level 2 Level 3 Total Assets: Marketable securities $ 146 $ — $ — $ 146 Foreign currency hedges — 13 — 13 Total Assets $ 146 $ 13 $ — $ 159 Liabilities: $ — Deferred compensation $ — $ 490 $ — $ 490 Foreign currency hedges — 14 — 14 Total Liabilities $ — $ 504 $ — $ 504 At December 31, 2018 Level 1 Level 2 Level 3 Total Assets: Marketable securities $ 34 $ — $ — $ 34 Foreign currency hedges — 21 — 21 Total Assets $ 34 $ 21 $ — $ 55 Liabilities: $ — Deferred compensation $ — $ 501 $ — $ 501 Foreign currency hedges — 18 — 18 Total Liabilities $ — $ 519 $ — $ 519 |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2019 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | 12 ) STOCKHOLDERS’ EQUITY In general, ViacomCBS Class A Common Stock and ViacomCBS Class B Common Stock have the same economic rights; however, holders of ViacomCBS Class B Common Stock do not have any voting rights, except as required by law. Holders of ViacomCBS Class A Common Stock are entitled to one vote per share with respect to all matters on which the holders of ViacomCBS Common Stock are entitled to vote. Merger with Viacom —At the Effective Time, (1) each share of Viacom Class A Common Stock issued and outstanding immediately prior to the Effective Time, other than shares held directly by Viacom as treasury shares or held by CBS, was converted automatically into 0.59625 shares of ViacomCBS Class A Common Stock, and (2) each share of Viacom Class B Common Stock issued and outstanding immediately prior to the Effective Time, other than shares held directly by Viacom as treasury shares or held by CBS, was converted automatically into 0.59625 shares of ViacomCBS Class B Common Stock, resulting in the issuance of 29 million shares of ViacomCBS Class A Common Stock and 211 million shares of ViacomCBS Class B Common Stock. At the Effective Time, each share of CBS Class A Common Stock and each share of CBS Class B Common Stock issued and outstanding immediately prior to the Effective Time, remained an issued and outstanding share of ViacomCBS Class A Common Stock and ViacomCBS Class B Common Stock, respectively, and was not affected by the Merger. Dividends —On December 19, 2019 , ViacomCBS declared a quarterly cash dividend of $.24 per share on its Class A and Class B Common Stock, resulting in total dividends of $150 million , which were paid on January 10, 2020. Prior to the Merger, Viacom and CBS each declared a quarterly cash dividend during each of the first three quarters of 2019 and during each of the four quarters of 2018 and 2017 . During 2019 , CBS declared total per share dividends of $.54 , resulting in total dividends of $205 million . For each of the years ended December 31, 2018 and 2017 , CBS declared total per share dividends of $.72 , resulting in total annual dividends of $274 million and $289 million , respectively. During 2019 , Viacom declared total per share dividends of $.60 , resulting in total dividends of $245 million . For each of the years ended December 31, 2018 and 2017 , Viacom declared total per share dividends of $.80 , resulting in total annual dividends of $325 million and $323 million , respectively. For 2017 , dividends were recorded as a reduction to additional paid-in capital as we had an accumulated deficit balance. During 2018 , our retained earnings became positive and as a result, dividends for 2018 were recorded as a reduction to additional paid-in-capital until such time as retained earnings became positive. For the remainder of 2018 and for 2019 , dividends have been recorded to retained earnings. Treasury Stock —During December 2019 , we repurchased 1.2 million shares of ViacomCBS Class B Common Stock under our share repurchase program for $50 million , at an average cost of $40.78 per share. At December 31, 2019 , $2.41 billion of authorization remained under the share repurchase program. In the Merger, all shares of Viacom Class B Common Stock held by Viacom as treasury stock were canceled and recorded to additional paid-in-capital. Conversion Rights —Holders of Class A Common Stock have the right to convert their shares to Class B Common Stock as long as there are at least 5,000 shares of Class A Common Stock outstanding. Conversions of Class A Common Stock into Class B Common Stock were 12.2 million for 2019 and 2.5 million for 2018 . Conversions of Class A Common Stock into Class B Common Stock for 2017 were minimal. Accumulated Other Comprehensive Income (Loss)— The following table presents the changes in the components of accumulated other comprehensive income (loss). Net Actuarial Accumulated Cumulative Loss and Other Translation Prior Available-For-Sale Comprehensive Adjustments Service Cost Securities Loss At December 31, 2016 $ (420 ) $ (1,144 ) $ — $ (1,564 ) Other comprehensive income (loss) before reclassifications 190 (201 ) 30 19 Reclassifications to net earnings 2 274 (a) — 276 Other comprehensive income 192 73 30 295 At December 31, 2017 (228 ) (1,071 ) 30 (1,269 ) Other comprehensive loss before reclassifications (248 ) (123 ) — (371 ) Reclassifications to net earnings — 62 (a) — 62 Other comprehensive loss (248 ) (61 ) — (309 ) Adoption of accounting standard — — (30 ) (30 ) At December 31, 2018 (476 ) (1,132 ) — (1,608 ) Other comprehensive income (loss) before reclassifications 13 (205 ) — (192 ) Reclassifications to net earnings — 60 (a) — 60 Other comprehensive income (loss) 13 (145 ) — (132 ) Tax effects reclassified to retained earnings — (230 ) (b) — (230 ) At December 31, 2019 $ (463 ) $ (1,507 ) $ — $ (1,970 ) (a) Reflects amortization of net actuarial losses, which, for the year ended December 31, 2017 includes the accelerated recognition of a portion of the unamortized actuarial losses as a result of pension settlements (see Note 15 ). (b) Reflects the reclassification of certain income tax effects of the Tax Reform Act on items within accumulated other comprehensive loss to retained earnings upon the adoption of new FASB guidance (see Note 1 ). The net actuarial loss and prior service cost related to pension and other postretirement benefit plans included in other comprehensive income (loss) is net of a tax benefit (provision) for the years ended December 31, 2019, 2018 and 2017 of $44 million , $23 million and $(90) million , respectively. The unrealized gain on available-for-sale securities included in other comprehensive income for 2017 is net of a tax provision of $18 million |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | 13 ) STOCK-BASED COMPENSATION We have equity incentive plans (the “Plans”) under which stock options and RSUs are issued. The purpose of the Plans is to benefit and advance the interests of our company by attracting, retaining and motivating participants and to compensate participants for their contributions to the financial success of our company. The Plans provide for awards of stock options, stock appreciation rights, restricted and unrestricted shares, RSUs, dividend equivalents, performance awards and other equity-related awards. Upon exercise of stock options or vesting of RSUs, we issue new shares from our existing authorization. At December 31, 2019 , there were 48 million shares available for future grant under the Plans. Prior to the Merger, stock-based compensation awards were also granted under Viacom’s equity incentive plans. Upon exercise of stock options or vesting of RSUs under Viacom’s equity incentive plans, shares were either issued from Viacom’s existing authorization or from treasury stock. At the Effective Time, each RSU for Viacom Class B common stock was converted into 0.59625 RSUs for ViacomCBS Class B Common Stock and each outstanding stock option for Viacom Class B common stock was converted into 0.59625 options for ViacomCBS Class B common stock. The exercise price of stock options was adjusted by dividing the exercise price of the Viacom stock options by 0.59625 . RSU and stock option information is presented herein as if Viacom and CBS had been combined for all periods presented, unless otherwise noted. The following table summarizes stock-based compensation expense for the years ended December 31, 2019, 2018 and 2017 . Year Ended December 31, 2019 2018 2017 RSUs and PSUs $ 173 $ 170 $ 181 Stock options 28 35 39 Compensation cost included in operating and SG&A expense 201 205 220 Compensation cost included in restructuring and other corporate matters (a) 90 (14 ) 12 Stock-based compensation expense, before income taxes 291 191 232 Related tax benefit (59 ) (45 ) (84 ) Stock-based compensation expense, net of tax benefit $ 232 $ 146 $ 148 (a) 2019 primarily reflects accelerations triggered by the Merger and other restructuring activities. 2018 includes forfeitures of $28 million and accelerations of $14 million related to changes in senior management and other restructuring activities. 2017 reflects accelerations related to restructuring activities. RSUs and PSUs Compensation expense for RSUs is determined based upon the market price of the shares underlying the awards on the date of grant and expensed over the vesting period, which is generally a one - to four -year service period. Certain RSU awards are also subject to satisfying internal performance conditions. Compensation expense is recorded based on the probable outcome of the internal performance conditions. Forfeitures for RSUs are estimated on the date of grant based on historical forfeiture rates. We adjust the compensation expense based on actual forfeitures and on an annual basis we revise the forfeiture rate as necessary. RSUs accrue dividends each time we declare a quarterly cash dividend, which are paid upon vesting when the shares are delivered and are forfeited if the award does not vest. The weighted average grant date fair value of RSUs granted was $41.71 , $53.90 and $64.26 in 2019, 2018, and 2017 , respectively. The total market value of RSUs that vested during 2019, 2018, and 2017 was $159 million , $158 million and $228 million , respectively. Total unrecognized compensation cost related to non-vested RSUs at December 31, 2019 was $445 million which is expected to be recognized over a weighted average period of 3.0 years . During 2018 and 2017 , we also granted PSU awards. The number of shares to be issued upon vesting of the PSUs was based on the stock price performance of CBS Class B Common Stock or the total shareholder return of Viacom Class B Common Stock measured against the companies comprising the S&P 500 Index, as applicable, over a designated measurement period, as well as the achievement of established operating goals. The fair value of PSU awards is determined using a Monte Carlo simulation model. Compensation expense for PSUs is expensed over the required employee service period. The fair value of the PSU awards granted during the years ended December 31, 2018 and 2017 was $35 million and $32 million , respectively. There were no PSU awards granted in 2019 . As a result of the Merger, all outstanding PSU awards for which the performance period had not been completed were converted into time-based RSUs based on the target number of shares included in the terms of the original PSU award. The following table summarizes our RSU and PSU share activity: Weighted Average Shares Grant Date Fair Value Non-vested at December 31, 2018 8,011,104 $ 55.96 Granted 10,620,187 $ 41.71 Vested (3,374,331 ) $ 55.90 Forfeited (767,231 ) $ 53.89 Non-vested at December 31, 2019 14,489,729 $ 45.64 Stock Options Compensation expense for stock options is determined based on the grant date fair value of the award calculated using the Black-Scholes options-pricing model. Stock options generally vest over a three - to four -year service period and expire eight years from the date of grant. Forfeitures are estimated on the date of grant based on historical forfeiture rates. We adjust the compensation expense based on actual forfeitures. The weighted average fair value of stock options granted for CBS Class B Common Stock as of the grant date was $14.48 and $17.50 in 2018 and 2017 , respectively. CBS did not have any stock option grants in 2019 . The fair value of each option grant was estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions: 2018 2017 Expected dividend yield 1.33 % 1.09 % Expected stock price volatility 29.52 % 29.89 % Risk-free interest rate 2.73 % 2.00 % Expected term of options (years) 5.00 5.00 The weighted average fair value of stock options granted for Viacom Class B Common Stock as of the grant date, adjusted by the conversion ratio of 0.59625 , was $13.77 and $12.08 in 2018 and 2017 , respectively. Viacom did not have any stock option grants in 2019 . The fair value of each option grant was estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions in effect for Viacom at the time of grant: 2018 2017 Expected dividend yield 2.52 % 2.48 % Expected stock price volatility 32.60 % 29.83 % Risk-free interest rate 2.81 % 1.96 % Expected term of options (years) 5.12 4.94 The expected stock price volatility for stock options for CBS Class B Common Stock was determined using a weighted average of historical volatility for CBS Class B Common Stock and implied volatility of publicly traded options to purchase CBS Class B Common Stock. The expected stock price volatility for stock options for Viacom Class B Common Stock was principally determined based on the implied volatility of publicly traded options to purchase Viacom Class B Common Stock. Given the existence of an actively traded market for CBS and Viacom options prior to the closing of the Merger, we were able to derive implied volatility using publicly traded options that were trading near the grant date of the employee stock options at a similar exercise price and a remaining term of greater than one year. The risk-free interest rate is based on a U.S. Treasury rate in effect on the date of grant with a term equal to the expected term. The expected term is determined based on historical employee exercise and post-vesting termination behavior. The expected dividend yield represents our future expectation of the annual dividend yield based on the dividend rate on the grant date and historical patterns of dividend changes. Total unrecognized compensation cost related to non-vested stock option awards at December 31, 2019 was $37 million , which is expected to be recognized over a weighted average period of 2.1 years . The following table summarizes our stock option activity under the Plans. Weighted Average Stock Options Exercise Price Outstanding at December 31, 2018 21,725,132 $ 65.52 Granted — $ — Exercised (605,867 ) $ 24.72 Forfeited or expired (4,827,556 ) $ 92.70 Outstanding at December 31, 2019 16,291,709 $ 58.98 Exercisable at December 31, 2019 11,458,112 $ 60.65 The following table summarizes other information relating to stock option exercises during the years ended December 31, 2019, 2018 and 2017 . Year Ended December 31, 2019 2018 2017 Cash received from stock option exercises $ 15 $ 29 $ 263 Tax benefit of stock option exercises $ 4 $ 4 $ 52 Intrinsic value of stock option exercises $ 15 $ 16 $ 138 At December 31, 2019 , stock options outstanding have a weighted average remaining contractual life of 3.78 years and the total intrinsic value for “in-the-money” options, based on our closing stock price of $41.97 , was $11 million . At December 31, 2019 stock options exercisable have a weighted average remaining contractual life of 2.93 years and the total intrinsic value for “in-the-money” exercisable options was $11 million . |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 14 ) INCOME TAXES The U.S. and foreign components of earnings from continuing operations before income taxes and equity in earnings (loss) of investee companies were as follows: Year Ended December 31, 2019 2018 2017 United States $ 2,337 $ 3,044 $ 3,006 Foreign 1,008 1,080 1,114 Total $ 3,345 $ 4,124 $ 4,120 The components of the (benefit) provision for income taxes were as follows: Year Ended December 31, 2019 2018 2017 Current: Federal $ 389 $ 296 $ 883 State and local 167 97 93 Foreign 204 166 195 Total current 760 559 1,171 Deferred: Federal (66 ) 25 (388 ) State and local (48 ) 22 10 Foreign (655 ) 11 11 Total deferred (769 ) 58 (367 ) (Benefit) provision for income taxes $ (9 ) $ 617 $ 804 In addition, included in net loss from discontinued operations was an income tax provision of $12 million f or 2019 and $10 million for each of 2018 and 2017 . The equity in earnings (loss) of investee companies is shown net of tax on the Consolidated Statements of Operations. The tax (provisions) benefits relating to earnings and losses from equity investments in 2019, 2018, and 2017 were $19 million , $15 million , and $(10) million , respectively, which represented an effective tax rate of 26.5% , 24.2% and 71.4% for 2019, 2018, and 2017 , respectively. The difference between income taxes expected at the U.S. federal statutory income tax rate (21% in 2019 and 2018 and 35% in 2017 ) and the (benefit) provision for income taxes is summarized as follows: Year Ended December 31, 2019 2018 2017 Taxes on income at U.S. federal statutory rate $ 702 $ 865 $ 1,451 State and local taxes, net of federal tax benefit 114 114 78 Effect of foreign operations (50 ) (105 ) (294 ) Reorganization of foreign operations (a) (768 ) — — Bankruptcy of an investee (39 ) — — Foreign tax credits on distribution of securities — — (279 ) Impact of tax law changes — (80 ) 8 Tax benefits from positions relating to the Tax Reform Act (b) (44 ) — — Merger related costs 41 — — Establishment (reversal) of valuation allowance (c) 1 (153 ) (25 ) Excess tax benefits from stock-based compensation 20 8 (26 ) Domestic production deduction (1 ) 24 (100 ) Tax accounting method change — (78 ) — Other, net 15 22 (9 ) (Benefit) provision for income taxes $ (9 ) $ 617 $ 804 (a) Reflects a deferred tax benefit resulting from the transfer of intangible assets between our subsidiaries in connection with a reorganization of our international operations. The related deferred tax asset is primarily expected to be realized over the next 25 years. (b) Reflects tax benefits realized in connection with the preparation of the 2018 federal tax return, based on further clarity provided by the United States government on tax positions relating to the Tax Reform Act. (c) 2018 includes the reversal of a valuation allowance of $140 million relating to capital loss carryforwards that were utilized in connection with the sale of CBS Television City in 2019. The following table summarizes the components of deferred income tax assets and liabilities. At December 31, 2019 2018 Deferred income tax assets: Reserves and other accrued liabilities $ 540 $ 566 Pension, postretirement and other employee benefits 761 741 Lease liability 531 — Tax credit and loss carryforwards 394 849 Other 85 41 Total deferred income tax assets 2,311 2,197 Valuation allowance (550 ) (841 ) Deferred income tax assets, net 1,761 1,356 Deferred income tax liabilities: Intangible assets (241 ) (1,090 ) Unbilled licensing receivables (390 ) (420 ) Lease asset (467 ) — Property, equipment and other assets (152 ) (166 ) Financing obligations (72 ) (70 ) Total deferred income tax liabilities (1,322 ) (1,746 ) Deferred income tax assets (liabilities), net $ 439 $ (390 ) In addition to the deferred income taxes reflected in the table above, included in “Other liabilities” on the Consolidated Balance Sheets are net deferred income tax assets of $10 million and $12 million at December 31, 2019 and 2018 , respectively, relating to discontinued operations. At December 31, 2019 , we had federal foreign tax credit carryforwards of $6 million and net operating loss carryforwards for federal, state and local, and foreign jurisdictions of approximately $1.73 billion , the majority of which expire in various years from 2020 through 2039 . The 2019 and 2018 deferred income tax assets were reduced by a valuation allowance of $550 million and $841 million , respectively, principally relating to income tax benefits from capital losses and net operating losses in foreign jurisdictions which are not expected to be realized. In December 2017, the U.S. government enacted the Tax Reform Act which contained significant changes to U.S. federal tax law, including a reduction in the federal corporate tax rate from 35% to 21% and a one-time transition tax on cumulative foreign earnings and profits. For the year ended December 31, 2017 , we recorded a net provisional charge of $28 million , reflecting the estimated transition tax of $455 million on cumulative foreign earnings and profits, offset by an estimated benefit of $427 million to adjust our deferred income tax balances as a result of the reduced corporate income tax rate. During 2018, we completed our analysis of these provisional amounts and recorded a charge of $48 million to adjust the provisional amount of transition tax on cumulative foreign earnings and profits. In January 2019 , the U.S. government issued guidance relating to the transition tax, which resulted in a decrease of $146 million to our reserve for uncertain tax positions during 2019 for amounts paid as a result of this guidance; however, it did not have a material impact on the Consolidated Statements of Operations. The Tax Reform Act includes a deduction for foreign derived intangible income and a tax on global intangible low-taxed income (“GILTI”), which imposes a U.S. tax on certain income earned by our foreign subsidiaries. We elected to treat the tax on GILTI as a period cost when incurred and therefore, the tax on GILTI is included in our tax provision for the years ended December 31, 2019 and 2018 . Generally, the future remittance of foreign undistributed earnings will not be subject to U.S. federal income taxes under the provisions of the Tax Reform Act and as a result, for substantially all of our foreign subsidiaries, we do not intend to assert indefinite reinvestment of both cash held outside of the U.S. and future cash earnings. However, a future repatriation of cash could be subject to state and local income taxes, foreign income taxes, and withholding taxes. Accordingly, we recorded deferred income tax liabilities associated with future repatriations, which were not material to the consolidated financial statements. Additional income taxes have not been provided for outside basis differences inherent in these entities, which could be recognized upon sale or other transaction, as these amounts continue to be indefinitely invested in foreign operations. The determination of the U.S. federal deferred income tax liability for such outside basis difference is not practicable. The following table sets forth the change in the reserve for uncertain tax positions, excluding related accrued interest and penalties. At January 1, 2017 $ 268 Additions for current year tax positions 86 Additions for prior year tax positions 45 Reductions for prior year tax positions (56 ) Cash settlements (13 ) Statute of limitations lapses (30 ) At December 31, 2017 300 Additions for current year tax positions 27 Additions for prior year tax positions 204 Reductions for prior year tax positions (60 ) Cash settlements (19 ) Statute of limitations lapses (6 ) At December 31, 2018 446 Additions for current year tax positions 49 Additions for prior year tax positions 67 Reductions for prior year tax positions (26 ) Cash settlements (149 ) Statute of limitations lapses (3 ) At December 31, 2019 $ 384 The reserve for uncertain tax positions of $384 million at December 31, 2019 includes $295 million which would affect our effective income tax rate, including discontinued operations, if and when recognized in future years. We recognize interest and penalty charges related to the reserve for uncertain tax positions as income tax expense. We recognized interest and penalties of $24 million for each of the years ended December 31, 2019 and 2018 and $16 million for the year ended December 31, 2017 , in the Consolidated Statements of Operations. As of December 31, 2019 and 2018 , we have recorded liabilities for accrued interest and penalties of $51 million and $47 million , respectively, on the Consolidated Balance Sheets. ViacomCBS and its subsidiaries file income tax returns with the Internal Revenue Service (“IRS”) and various state and international jurisdictions. For periods prior to the Merger, Viacom and CBS filed separate tax returns. For CBS, the U.S. federal statute of limitations for the 2015 tax year expired in September 2019. During the third quarter of 2019, CBS and the IRS settled the income tax audit for the year 2016, which did not have a material effect on the consolidated financial statements. The IRS commenced its examination of the 2017 tax year during the fourth quarter of 2019 and commenced its examination of the 2018 tax year in February 2020. For Viacom, the IRS began its examination of the 2014 and 2015 tax years in April 2017. Various tax years are also currently under examination by state and local and foreign tax authorities. With respect to open tax years in all jurisdictions, we currently believe that it is reasonably possible that the reserve for uncertain tax positions may decrease by $125 million within the next 12 |
Pension and Other Postretiremen
Pension and Other Postretirement Benefits | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |
Pension and Other Postretirement Benefits | 15 ) PENSION AND OTHER POSTRETIREMENT BENEFITS ViacomCBS and certain of its subsidiaries sponsor qualified and non-qualified defined benefit pension plans, principally non-contributory, covering eligible employees. Our pension plans consist of both funded and unfunded plans. The majority of participants in these plans are retired employees or former employees of previously divested businesses. Most of our pension plans are closed to new entrants and pension plans sponsored by Viacom prior to the Merger are frozen to future benefit accruals. The benefits for some plans are based primarily on an employee’s years of service and average pay near retirement. Benefits under other plans are based primarily on an employee’s pay for each year that the employee participated in the plan. Participating employees are vested in the plans after five years of service. We fund our pension plans in accordance with the Employee Retirement Income Security Act of 1974 (“ERISA”), the Pension Protection Act of 2006, the Internal Revenue Code of 1986 and other applicable rules and regulations. Plan assets consist principally of corporate bonds, equity securities, common collective trust funds and U.S. government securities. At December 31, 2019 , ViacomCBS Common Stock represented approximately 2.1% of the fair value of plan assets. At December 31, 2018 , 2.4% of the fair value of plan assets was invested in CBS Common Stock or Viacom Common Stock. During 2017 , we purchased a group annuity contract under which an insurance company permanently assumed our obligation to pay and administer pension benefits to certain pension plan participants, or their designated beneficiaries, who had been receiving pension benefits. The purchase of this group annuity contract was funded with pension plan assets. As a result, our outstanding pension benefit obligation was reduced by approximately $800 million . In connection with this transaction, we recorded a settlement charge of $352 million in 2017 , reflecting the accelerated recognition of a portion of unamortized actuarial losses in the plan. Additionally, during 2017 , we made discretionary contributions totaling $600 million to prefund our qualified pension plans. In addition, ViacomCBS sponsors health and welfare plans that provide postretirement health care and life insurance benefits to eligible retired employees and their covered dependents. Eligibility is based in part on certain age and service requirements at the time of their retirement. Most of the plans are contributory and contain cost-sharing features such as deductibles and coinsurance which are adjusted annually, as well as caps on the annual dollar amount we will contribute toward the cost of coverage. Claims and premiums for which we are responsible are paid with our own funds. The pension plan disclosures herein include information related to our domestic plans only, unless otherwise noted. At December 31, 2019 and 2018 , the Consolidated Balance Sheets include a liability of $80 million and $67 million , respectively, in “Pension and postretirement benefit obligations” relating to our non-U.S. pension plans. We use a December 31 measurement date for all pension and other postretirement benefit plans. The following table sets forth the change in benefit obligation for our pension and postretirement benefit plans. Pension Benefits Postretirement Benefits 2019 2018 2019 2018 Change in benefit obligation: Benefit obligation, beginning of year $ 4,511 $ 4,877 $ 376 $ 456 Service cost 28 30 1 1 Interest cost 191 180 16 17 Actuarial loss (gain) 593 (240 ) 8 (8 ) Benefits paid (360 ) (336 ) (59 ) (106 ) Participants’ contributions — — 13 12 Retiree Medicare drug subsidy — — 5 4 Benefit obligation, end of year $ 4,963 $ 4,511 $ 360 $ 376 The following table sets forth the change in plan assets for our pension and postretirement benefit plans. Pension Benefits Postretirement Benefits 2019 2018 2019 2018 Change in plan assets: Fair value of plan assets, beginning of year $ 2,932 $ 3,412 $ 1 $ — Actual return on plan assets 530 (205 ) (1 ) — Employer contributions 74 61 41 91 Benefits paid (360 ) (336 ) (59 ) (106 ) Participants’ contributions — — 13 12 Retiree Medicare drug subsidy — — 5 4 Fair value of plan assets, end of year $ 3,176 $ 2,932 $ — $ 1 The funded status of pension and postretirement benefit obligations and the related amounts recognized on the Consolidated Balance Sheets were as follows: Pension Benefits Postretirement Benefits At December 31, 2019 2018 2019 2018 Funded status at end of year $ (1,787 ) $ (1,579 ) $ (360 ) $ (375 ) Amounts recognized on the Consolidated Balance Sheets: Other assets $ 5 $ 5 $ — $ — Current liabilities (69 ) (70 ) (42 ) (48 ) Noncurrent liabilities (1,723 ) (1,514 ) (318 ) (327 ) Net amounts recognized $ (1,787 ) $ (1,579 ) $ (360 ) $ (375 ) Our qualified pension plans were underfunded by $734 million and $623 million at December 31, 2019 and 2018 , respectively. The following amounts were recognized in accumulated other comprehensive income (loss) on the Consolidated Balance Sheets. Pension Benefits Postretirement Benefits At December 31, 2019 2018 2019 2018 Net actuarial (loss) gain $ (2,153 ) $ (2,001 ) $ 147 $ 174 Net prior service cost (3 ) (5 ) (1 ) (2 ) Share of equity investee (2 ) (1 ) — — (2,158 ) (2,007 ) 146 172 Deferred income taxes (a) 563 756 (14 ) (19 ) Net amount recognized in accumulated other comprehensive income (loss) $ (1,595 ) $ (1,251 ) $ 132 $ 153 (a) The decrease in 2019 primarily reflects the reclassification of certain income tax effects of the Tax Reform Act on items within accumulated other comprehensive loss to retained earnings upon the adoption of new FASB guidance (see Note 1 ). The accumulated benefit obligation for all defined benefit pension plans was $4.87 billion and $4.43 billion at December 31, 2019 and 2018 , respectively. Information for the pension plans with an accumulated benefit obligation in excess of plan assets is set forth below. At December 31, 2019 2018 Projected benefit obligation $ 4,962 $ 4,511 Accumulated benefit obligation $ 4,873 $ 4,427 Fair value of plan assets $ 3,170 $ 2,926 The following tables present the components of net periodic benefit cost and amounts recognized in other comprehensive income (loss). Pension Benefits Postretirement Benefits Year Ended December 31, 2019 2018 2017 2019 2018 2017 Components of net periodic cost: Service cost $ 28 $ 30 $ 28 $ 1 $ 1 $ 1 Interest cost 191 180 219 16 17 19 Expected return on plan assets (183 ) (214 ) (230 ) — — — Amortization of actuarial losses (gains) 94 87 105 (18 ) (18 ) (22 ) Amortization of prior service cost 1 1 1 1 1 1 Settlements — — 352 — — — Net periodic cost $ 131 $ 84 $ 475 $ — $ 1 $ (1 ) The service cost component of net periodic cost is presented on the Consolidated Statements of Operations within operating income. All other components of net periodic cost are presented below operating income, in “Other items, net” and “Pension settlement charge.” Included in net loss from discontinued operations was net periodic cost of $3 million in 2017 . Pension Benefits Postretirement Benefits Year Ended December 31, 2019 2018 2017 2019 2018 2017 Other comprehensive income (loss): -200 45 Actuarial (loss) gain $ (246 ) $ (179 ) $ (269 ) $ (9 ) $ 8 $ (20 ) Amortization of actuarial losses (gains) (a) 94 87 105 (18 ) (18 ) (22 ) Amortization of prior service cost (a) 1 1 1 1 1 1 Settlements (a) — — 352 — — — (151 ) (91 ) 189 (26 ) (9 ) (41 ) Deferred income taxes 37 25 (94 ) 5 2 13 Recognized in other comprehensive income (loss), net of tax $ (114 ) $ (66 ) $ 95 $ (21 ) $ (7 ) $ (28 ) (a) Reflects amounts reclassified from accumulated other comprehensive income (loss) to net earnings. Estimated net actuarial losses and prior service costs related to the defined benefit pension plans of approximately $103 million and $1 million , respectively, will be amortized from accumulated other comprehensive loss into net periodic benefit costs in 2020 . Estimated net actuarial gains related to the other postretirement benefit plans of approximately $15 million will be amortized from accumulated other comprehensive loss into net periodic benefit costs in 2020 . Pension Benefits Postretirement Benefits 2019 2018 2017 2019 2018 2017 Weighted average assumptions used to determine benefit obligations at December 31: Discount rate 3.5 % 4.5 % 3.9 % 3.3 % 4.4 % 3.9 % Rate of compensation increase 3.0 % 3.0 % 3.0 % N/A N/A N/A Weighted average assumptions used to determine net periodic costs for the year ended December 31: Discount rate 4.5 % 3.8 % 4.2 % 4.4 % 3.9 % 4.1 % Expected long-term return on plan assets 6.6 % 6.6 % 6.6 % N/A N/A 2.0 % Rate of compensation increase 3.0 % 3.0 % 3.0 % N/A N/A N/A N/A - not applicable The discount rates are determined primarily based on the yield of a portfolio of high quality bonds, providing cash flows necessary to meet the pension plans’ expected future benefit payments, as determined for the projected benefit obligations. The expected return on plan assets assumption is derived using the current and expected asset allocation of the pension plan assets and considering historical as well as expected returns on various classes of plan assets. The following additional assumptions were used in accounting for postretirement benefits. CBS Viacom 2019 2018 2019 2018 Projected health care cost trend rate (pre-65) 7.0 % 6.6 % 6.3 % 6.7 % Projected health care cost trend rate (post-65) 7.0 % 6.6 % 5.7 % 5.9 % Ultimate trend rate 5.0 % 5.0 % 4.5 % 4.5 % Year ultimate trend rate is achieved 2025 2023 2026 2026 A one percentage point change in assumed health care cost trend rates would have the following effects: One Percentage One Percentage Point Increase Point Decrease Effect on total service and interest cost components $ — $ — Effect on the accumulated postretirement benefit obligation $ 5 $ (5 ) Plan Assets Prior to the Merger, the investments committees of Viacom and CBS determined the strategies for the investment of pension plan assets. These committees established target asset allocations for our pension plan trusts based upon an analysis of the timing and amount of projected benefit payments, projected company contributions, the expected returns and risk of the asset classes and the correlation of those returns. The target asset allocation for CBS’s domestic pension plans is to invest between 70% - 80% in long duration fixed income investments, 16% - 28% in equity securities and the remainder in cash and other investments. At December 31, 2019 , this trust was invested approximately 73% in long duration fixed income securities, 24% in equity investments, and the remainder in cash, cash equivalents and other investments. Long duration fixed income investments consist of a diversified portfolio of fixed income instruments that are substantially investment grade, with a duration that approximates the duration of the liabilities covered by the trust. All equity portfolios are diversified between U.S. and non-U.S. equities and include large and small capitalization equities. The asset allocations are reviewed regularly. The target asset allocation for Viacom’s domestic pension plans is to invest 70% - 90% in return-seeking investments, 10% - 30% in liability hedging and 0% - 10% in cash and cash equivalents. Return-seeking investments consist of diversified equity and credit funds and liability hedging investments consist of U.S. treasury rate funds. At December 31, 2019 , the Viacom Pension Plan was invested 76% in return seeking, 18% in liability hedging and 6% in cash and cash equivalents. The following tables set forth our pension plan assets measured at fair value on a recurring basis at December 31, 2019 and 2018 . These assets have been categorized according to the three-level fair value hierarchy established by the FASB which prioritizes the inputs used in measuring fair value. Level 1 is based on quoted prices for the asset in active markets. Level 2 is based on inputs that are observable other than quoted market prices in active markets, such as quoted prices for the asset in inactive markets or quoted prices for similar assets. Level 3 is based on unobservable inputs that market participants would use in pricing the asset. At December 31, 2019 Level 1 Level 2 Level 3 Total Cash and cash equivalents (a) $ 1 $ 34 $ — $ 35 Fixed income securities: U.S. treasury securities 83 — — 83 Government-related securities — 171 — 171 Corporate bonds (b) — 1,562 — 1,562 Mortgage-backed and asset-backed securities — 98 — 98 Equity securities: U.S. large capitalization 113 — — 113 U.S. small capitalization 40 — — 40 Other — 25 — 25 Total assets in fair value hierarchy $ 237 $ 1,890 $ — $ 2,127 Common collective funds measured at net asset value (c) (d) 978 Limited partnerships measured at net asset value (c) 23 Mutual funds measured at net asset value (c) 48 Investments, at fair value $ 3,176 At December 31, 2018 Level 1 Level 2 Level 3 Total Cash and cash equivalents (a) $ 4 $ 7 $ — $ 11 Fixed income securities: U.S. treasury securities 85 31 — 116 Government-related securities — 169 — 169 Corporate bonds (b) — 1,529 — 1,529 Mortgage-backed and asset-backed securities — 120 — 120 Equity securities: U.S. large capitalization 150 — — 150 U.S. small capitalization 35 — — 35 Other 1 18 — 19 Total assets in fair value hierarchy $ 275 $ 1,874 $ — $ 2,149 Common collective funds measured at net asset value (c) (d) 688 Limited partnerships measured at net asset value (c) 63 Mutual funds measured at net asset value (c) 32 Investments, at fair value $ 2,932 (a) Assets categorized as Level 2 reflect investments in money market funds. (b) Securities of diverse sectors and industries, substantially all investment grade. (c) In accordance with FASB guidance investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been classified in the fair value hierarchy. (d) Underlying investments consist mainly of U.S. large capitalization and international equity securities. Money market investments are carried at amortized cost which approximates fair value due to the short-term maturity of these investments. Investments in equity securities are reported at fair value based on quoted market prices on national security exchanges. The fair value of investments in common collective funds and mutual funds are determined using the net asset value (“NAV”) provided by the administrator of the fund as a practical expedient. The NAV is determined by each fund’s trustee based upon the fair value of the underlying assets owned by the fund, less liabilities, divided by the number of outstanding units. The fair value of U.S. treasury securities is determined based on quoted market prices in active markets. The fair value of government related securities and corporate bonds is determined based on quoted market prices on national security exchanges, when available, or using valuation models which incorporate certain other observable inputs including recent trading activity for comparable securities and broker quoted prices. The fair value of mortgage-backed and asset-backed securities is based upon valuation models which incorporate available dealer quotes, projected cash flows and market information. The fair value of limited partnerships has been estimated using the NAV of the ownership interest. The NAV is determined using quarterly financial statements issued by the partnership which determine the value based on the fair value of the underlying investments. Future Benefit Payments Estimated future benefit payments are as follows: 2020 2021 2022 2023 2024 2025-2029 Pension $ 357 $ 304 $ 305 $ 307 $ 304 $ 1,487 Postretirement $ 48 $ 45 $ 42 $ 40 $ 37 $ 144 Retiree Medicare drug subsidy $ 5 $ 5 $ 5 $ 5 $ 4 $ 20 In 2020 , we expect to make contributions of approximately $70 million to our non-qualified pension plans to satisfy the benefit payments due under these plans. Also in 2020 , we expect to contribute approximately $43 million to our other postretirement benefit plans to satisfy our portion of benefit payments due under these plans. Multiemployer Pension and Postretirement Benefit Plans We contribute to a number of multiemployer defined benefit pension plans under the terms of collective bargaining agreements that cover our union-represented employees including talent, writers, directors, producers and other employees, primarily in the entertainment industry. The other employers participating in these multiemployer plans are primarily in the entertainment and other related industries. The risks of participating in multiemployer plans are different from single-employer plans as assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating employers and if a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers. In addition, if we choose to stop participating in some of its multiemployer plans we may be required to pay those plans a withdrawal liability based on the underfunded status of the plan. The financial health of a multiemployer plan is indicated by the zone status, as defined by the Pension Protection Act of 2006. Plans in the red zone are in critical status; those in the yellow zone are in endangered status; and those in the green zone are neither critical nor endangered. The table below presents information concerning our participation in multiemployer defined benefit pension plans. Employer Identification Number/Pension Plan Number Pension Protection Act Company Contributions Expiration Date of Collective Bargaining Agreement Zone Status (a) Pension Plan 2019 2018 2019 2018 2017 AFTRA Retirement Plan (b) 13-6414972-001 Green Green $ 12 $ 11 $ 12 (c) Directors Guild of America - Producer (d) 95-2892780-001 Green Green 19 15 15 6/30/2020 Producer-Writers Guild of America 95-2216351-001 Green Green 26 25 22 5/1/2020 Screen Actors Guild - Producers 95-2110997-001 Green Green 43 36 29 6/30/2020 Motion Picture Industry 95-1810805-001 Green Green 43 42 40 (e) I.A.T.S.E. Local No. 33 Pension Trust Fund (f) 95-6377503-001 Green Green 5 10 9 12/31/2019 Other Plans 16 12 10 Total contributions $ 164 $ 151 $ 137 (a) The Zone status for each individual plan listed was certified by each plan’s actuary as of the beginning of the plan years for 2019 and 2018 . The plan year is the twelve months ending December 31 for each plan listed above except AFTRA Retirement Plan which has a plan year ending November 30. (b) The Company was listed in AFTRA Retirement Plan’s Form 5500 as providing more than 5% of total contributions for the plan year ended November 30, 2018. (c) The expiration dates range from June 30, 2020 through June 30, 2021 . (d) The Company was listed in Directors Guild of America - Producer Pension Plan’s Form 5500 as providing more than 5% of total contributions for the plan year ended December 2018. (e) The expiration dates range from May 15, 2021 through March 2, 2022 . (f) The Company was listed in I.A.T.S.E. Local No. 33 Pension Trust Fund’s Form 5500 as providing more than 5% of total contributions for the plan year ended December 31, 2018. As a result of the above noted zone status there were no funding improvements or rehabilitation plans implemented, as defined by ERISA, nor any surcharges imposed for any of the individual plans listed. We also contribute to multiemployer plans that provide postretirement healthcare and other benefits to certain employees under collective bargaining agreements. The contributions to these plans were $89 million , $74 million and $74 million for the years ended December 31, 2019, 2018 and 2017 , respectively. We recognize the net periodic cost for multiemployer pension and postretirement benefit plans based on the required contributions to the plans. Defined Contribution Plans We sponsor defined contribution plans for the benefit of substantially all employees meeting eligibility requirements. Employer contributions to such plans were $95 million , $87 million and $94 million for the years ended December 31, 2019, 2018 and 2017 , respectively. |
Redeemable Noncontrolling Inter
Redeemable Noncontrolling Interest | 12 Months Ended |
Dec. 31, 2019 | |
Noncontrolling Interest [Abstract] | |
Redeemable Noncontrolling Interest | 16 ) REDEEMABLE NONCONTROLLING INTEREST We are subject to a redeemable put option, payable in a foreign currency, with respect to an international subsidiary. The put option expires in December 2022 and is classified as “Redeemable noncontrolling interest” in the Consolidated Balance Sheets. The activity reflected within redeemable noncontrolling interest for the years ended December 31, 2019, 2018 and 2017 is presented below. Year Ended December 31, 2019 2018 2017 Beginning balance $ 239 $ 249 $ 200 Net earnings 14 18 17 Distributions (16 ) (15 ) (16 ) Translation adjustment 8 (14 ) 21 Redemption value adjustment 9 1 27 Ending balance $ 254 $ 239 $ 249 |
Segment and Revenue Information
Segment and Revenue Information | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment and Revenue Information | 17 ) SEGMENT AND REVENUE INFORMATION The following tables set forth our financial performance by reportable segment. Our operating segments, which are the same as our reportable segments, have been determined in accordance with our internal management structure, which is organized based upon products and services. Year Ended December 31, 2019 2018 2017 Revenues: Advertising $ 6,008 $ 5,751 $ 5,696 Affiliate 2,550 2,082 1,674 Content licensing 3,157 3,006 2,880 Other 209 222 226 TV Entertainment 11,924 11,061 10,476 Advertising 5,129 5,130 4,947 Affiliate 6,052 6,294 6,479 Content licensing 1,268 1,259 1,053 Cable Networks 12,449 12,683 12,479 Theatrical 547 744 716 Home Entertainment 623 617 789 Licensing 1,709 1,493 1,468 Other 111 102 102 Filmed Entertainment 2,990 2,956 3,075 Publishing 814 825 830 Corporate/Eliminations (365 ) (275 ) (325 ) Total Revenues $ 27,812 $ 27,250 $ 26,535 Revenues generated between segments primarily reflect advertising and content licensing sales. These transactions are recorded at market value as if the sales were to third parties and are eliminated in consolidation. Year Ended December 31, 2019 2018 2017 Intercompany Revenues: TV Entertainment $ 226 $ 164 $ 189 Cable Networks 53 47 70 Filmed Entertainment 117 95 89 Total Intercompany Revenues $ 396 $ 306 $ 348 We present operating income (loss) excluding depreciation and amortization, stock-based compensation, costs for restructuring and other corporate matters, programming charges and gain on sale of assets, each where applicable (“Adjusted OIBDA”), as the primary measure of profit and loss for our operating segments in accordance with FASB guidance for segment reporting. We began presenting Adjusted OIBDA as our segment profit measure in the fourth quarter of 2019 in order to align with the primary method used by our management beginning after the Merger to evaluate segment performance and to make decisions regarding the allocation of resources to our segments. We believe the presentation of Adjusted OIBDA is relevant and useful for investors because it allows investors to view segment performance in a manner similar to the primary method used by our management and enhances their ability to understand our operating performance. Stock-based compensation is excluded from our segment measure of profit and loss because it is set and approved by our Board of Directors in consultation with corporate executive management. Year Ended December 31, 2019 2018 2017 Adjusted OIBDA: TV Entertainment $ 2,443 $ 2,466 $ 2,301 Cable Networks 3,515 4,341 4,442 Filmed Entertainment 80 (33 ) (187 ) Publishing 143 153 146 Corporate/Eliminations (449 ) (433 ) (442 ) Stock-based compensation (201 ) (205 ) (220 ) Depreciation and amortization (443 ) (433 ) (443 ) Restructuring and other corporate matters (775 ) (490 ) (258 ) Programming charges (589 ) (162 ) (144 ) Gain on sale of assets 549 — 146 Operating income 4,273 5,204 5,341 Interest expense (962 ) (1,030 ) (1,088 ) Interest income 66 79 87 Gain (loss) on marketable securities 113 (23 ) — Gain (loss) on early extinguishment of debt — 18 (38 ) Gain on sale of EPIX — — 285 Pension settlement charge — — (352 ) Other items, net (145 ) (124 ) (115 ) Earnings from continuing operations before income taxes and equity in earnings (loss) of investee companies 3,345 4,124 4,120 Benefit (provision) for income taxes 9 (617 ) (804 ) Equity in earnings (loss) of investee companies, net of tax (53 ) (47 ) 4 Net earnings from continuing operations 3,301 3,460 3,320 Net earnings (loss) from discontinued operations, net of tax 38 32 (947 ) Net earnings (ViacomCBS and noncontrolling interests) 3,339 3,492 2,373 Net earnings attributable to noncontrolling interests (31 ) (37 ) (52 ) Net earnings attributable to ViacomCBS $ 3,308 $ 3,455 $ 2,321 Year Ended December 31, 2019 2018 2017 Depreciation and Amortization: TV Entertainment $ 150 $ 160 $ 163 Cable Networks 219 194 193 Filmed Entertainment 37 38 42 Publishing 5 6 6 Corporate 32 35 39 Total Depreciation and Amortization $ 443 $ 433 $ 443 Year Ended December 31, 2019 2018 2017 Capital Expenditures: TV Entertainment $ 113 $ 112 $ 134 Cable Networks 166 156 156 Filmed Entertainment 43 52 27 Publishing 8 7 5 Corporate 23 25 34 Total Capital Expenditures $ 353 $ 352 $ 356 At December 31, 2019 2018 Assets: TV Entertainment (a) $ 19,689 $ 17,378 Cable Networks (b) 22,109 20,334 Filmed Entertainment 5,477 5,393 Publishing 1,262 1,054 Corporate/Eliminations 967 326 Discontinued Operations 15 12 Total Assets $ 49,519 $ 44,497 (a) Includes assets held for sale of $33 million at December 31, 2018 . (b) Includes assets held for sale of $23 million at December 31, 2019 and 2018 . The following table presents our revenues disaggregated into categories based on the nature of such revenues. Year Ended December 31, 2019 2018 2017 Revenues by Type: Advertising $ 11,074 $ 10,841 $ 10,582 Affiliate 8,602 8,376 8,153 Content licensing 6,483 6,163 5,947 Theatrical 547 744 716 Publishing 814 825 830 Other 292 301 307 Total Revenues $ 27,812 $ 27,250 $ 26,535 Year Ended December 31, 2019 2018 2017 Revenues: (a) United States $ 22,160 $ 21,160 $ 20,652 International 5,652 6,090 5,883 Total Revenues $ 27,812 $ 27,250 $ 26,535 (a) Revenue classifications are based on customers’ locations. At December 31, 2019 2018 Long-lived Assets: (a) United States $ 12,417 $ 9,322 International 498 300 Total Long-lived Assets $ 12,915 $ 9,622 (a) Reflects total assets less current assets, investments, goodwill, intangible assets, noncurrent receivables and noncurrent deferred tax assets. Transactions within the Company between the United States and international regions were not significant. |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | 18 ) DISCONTINUED OPERATIONS On November 16, 2017, we completed the split-off of CBS Radio through an exchange offer, in which we accepted 17.9 million shares of CBS Class B Common Stock from CBS stockholders in exchange for the 101.4 million shares of CBS Radio common stock that we owned. Immediately following the exchange offer, each share of CBS Radio common stock was converted into one share of Entercom Communications Corp. (“Entercom”) Class A common stock upon completion of the merger of CBS Radio and Entercom. CBS Radio has been presented as a discontinued operation in the consolidated financial statements for all periods presented. The following table sets forth details of net earnings (loss) from discontinued operations for the year ended December 31, 2017 . Net earnings from discontinued operations for the years ended December 31, 2019 and 2018 were not material to our consolidated financial statements. Year Ended December 31, 2017 CBS Radio Other Total Revenues $ 1,018 $ — $ 1,018 Costs and expenses: Operating 364 — 364 Selling, general and administrative 444 (8 ) 436 Market value adjustment 980 (a) — 980 Restructuring charges 7 — 7 Total costs and expenses 1,795 (8 ) 1,787 Operating income (loss) (777 ) 8 (769 ) Interest expense (70 ) — (70 ) Other items, net (2 ) — (2 ) Earnings (loss) from discontinued operations (849 ) 8 (841 ) Income tax benefit (provision) (55 ) 43 (b) (12 ) Earnings (loss) from discontinued operations, net of tax (904 ) 51 (853 ) Net gain (loss) on disposal (109 ) 13 (96 ) Income tax benefit (provision) 4 (2 ) 2 Net gain (loss) on disposal, net of tax (105 ) 11 (c) (94 ) Net earnings (loss) from discontinued operations, net of tax $ (1,009 ) $ 62 $ (947 ) (a) During 2017, prior to the split-off, CBS Radio was measured each reporting period at the lower of its carrying amount or fair value less cost to sell. The value of the transaction with Entercom was determined based on Entercom’s stock price at the closing of the transaction and therefore, we recorded a market value adjustment of $980 million in 2017 to adjust the carrying value of CBS Radio to the value indicated by the stock valuation of Entercom. (b) Primarily reflects a tax benefit from the resolution of a tax matter in a foreign jurisdiction relating to a previously disposed business that was accounted for as a discontinued operation. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 19 ) COMMITMENTS AND CONTINGENCIES Commitments Our commitments not recorded on the balance sheet primarily consist of programming and talent commitments and purchase obligations for goods and services resulting from our normal course of business. Our programming and talent commitments, estimated to aggregate $10.36 billion as of December 31, 2019 , include $5.39 billion for sports programming rights, $3.80 billion relating to the production and licensing of television and film programming, and $1.17 billion for talent contracts. We also have committed purchase obligations which include agreements to purchase goods or services in the future that totaled $1.52 billion as of December 31, 2019 . Other long-term contractual obligations recorded on the Consolidated Balance Sheet include program liabilities, participations due to producers, residuals, and a tax liability resulting from the enactment of the Tax Reform Act in December 2017. This tax liability reflects the remaining tax on the Company’s historical accumulated foreign earnings and profits, which is payable to the IRS in 2024 and 2025. At December 31, 2019 , commitments for programming and talent and purchase obligations not recorded on the balance sheet, and other long-term contractual obligations recorded on the balance sheet were payable as follows: Payments Due by Period 2025 and Total 2020 2021 2022 2023 2024 Thereafter Off-Balance Sheet Arrangements Programming and talent commitments $ 10,355 $ 3,003 $ 2,980 $ 2,370 $ 744 $ 415 $ 843 Purchase obligations $ 1,517 $ 609 $ 558 $ 186 $ 45 $ 37 $ 82 On-Balance Sheet Arrangements Other long-term contractual obligations $ 2,076 $ — $ 988 $ 491 $ 232 $ 180 $ 185 We also have long-term operating and finance lease commitments for office space, equipment, transponders and studio facilities, which are recorded on the Consolidated Balance Sheet at December 31, 2019 . See Note 9 for detail of our operating and finance lease commitments. Guarantees Letters of Credit and Surety Bonds. We have indemnification obligations with respect to letters of credit and surety bonds primarily used as security against non-performance in the normal course of business. At December 31, 2019 , the outstanding letters of credit and surety bonds approximated $136 million and were not recorded on the Consolidated Balance Sheet. CBS Television City . During 2019 , we completed the sale of CBS Television City. We have guaranteed a specified level of cash flows to be generated by the business during the first five years following the completion of the sale. Included in “Other current liabilities” and “Other liabilities” on the Consolidated Balance Sheet at December 31, 2019 is a liability of $124 million , reflecting the present value of the estimated amount payable under the guarantee obligation. Lease Guarantees. We have certain indemnification obligations with respect to leases primarily associated with the previously discontinued operations of Famous Players Inc. (“Famous Players”). These lease commitments amounted to $86 million as of December 31, 2019 , and are presented on the Consolidated Balance Sheets within “Other liabilities”. The amount of lease commitments varies over time depending on expiration or termination of individual underlying leases, or the related indemnification obligation, and foreign exchange rates, among other things. We may also have exposure for certain other expenses related to the leases, such as property taxes and common area maintenance. We believe our accrual is sufficient to meet any future obligations based on our consideration of available financial information, the lessees’ historical performance in meeting their lease obligations and the underlying economic factors impacting the lessees’ business models. In the course of our business, we both provide and receive indemnities which are intended to allocate certain risks associated with business transactions. Similarly, we may remain contingently liable for various obligations of a business that has been divested in the event that a third party does not live up to its obligations under an indemnification obligation. We record a liability for our indemnification obligations and other contingent liabilities when probable and reasonably estimable. Legal Matters General. On an ongoing basis, we vigorously defend ourselves in numerous lawsuits and proceedings and respond to various investigations and inquiries from federal, state, local and international authorities (collectively, “litigation’’). Litigation may be brought against us without merit, is inherently uncertain and always difficult to predict. However, based on our understanding and evaluation of the relevant facts and circumstances, we believe that the below-described legal matters and other litigation to which we are a party are not likely, in the aggregate, to have a material adverse effect on our results of operations, financial position or cash flows. Litigation Relating to the Merger. On September 27, 2019, Bucks County Employees Retirement Fund (the “Bucks County Fund”), a purported holder of CBS Class B Common Stock, served us with a demand for inspection of books and records pursuant to 8 Del. C. § 220 in connection with the Merger (the “Demand”). On October 10, 2019, we offered to produce certain categories of documents properly within the scope of a books and records demand under § 220. The Bucks County Fund rejected our offer and filed litigation in the Court of Chancery of the State of Delaware on October 15, 2019, seeking to compel production of all documents requested in the Demand (the “Section 220 Complaint”). A trial on the Section 220 Complaint took place on November 22, 2019, and the Court ordered limited additional production on November 25, 2019. On December 2, 2019, we certified that we had completed production of all relevant documents. On February 20, 2020, the Bucks County Fund filed a putative derivative and class action complaint in the Court of Chancery of the State of Delaware against Shari Redstone, NAI, Sumner M. Redstone National Amusements Trust (“SMR Trust”), the CBS board of directors (comprised of Candace K. Beinecke, Barbara M. Byrne, Gary L. Countryman, Brian Goldner, Linda M. Griego, Robert N. Klieger, Martha L. Minow, Susan Schuman, Frederick O. Terrell and Strauss Zelnick), former CBS President and Acting Chief Executive Officer Joseph Ianniello and ViacomCBS Inc. The complaint alleges breaches of fiduciary duties to CBS stockholders and waste in connection with the negotiation and approval of the Merger Agreement. The complaint seeks unspecified damages, costs and expenses as well as other relief. We believe that the claims are without merit and we intend to defend against them vigorously. We are currently unable to determine a range of potential liability, if any. Accordingly, no accrual for this matter has been made in our consolidated financial statements. On January 23, 2020, the Court of Chancery of the State of Delaware consolidated four putative class action suits filed by purported Viacom stockholders against NAI, NAI Entertainment Holdings LLC, Shari E. Redstone, the members of the Viacom special transaction committee of the Viacom board of directors (comprised of Thomas J. May, Judith A. McHale, Ronald L. Nelson and Nicole Seligman) and our President and Chief Executive Officer and director, Robert M. Bakish, in In re Viacom Inc. Stockholders Litigation . The four actions allege breaches of fiduciary duties to Viacom stockholders in connection with the negotiation and approval of the Merger Agreement, and seek unspecified damages, costs and expenses. On February 6, 2020, the Court appointed the California Public Employees’ Retirement System as the lead plaintiff in the consolidated action. We believe that the claims are without merit and we intend to defend against them vigorously. We are currently unable to determine a range of potential liability, if any. Accordingly, no accrual for this matter has been made in our consolidated financial statements. Investigation-Related Matters . As announced on August 1, 2018, the CBS Board of Directors (the “CBS Board”) retained two law firms to conduct a full investigation of the allegations in press reports about CBS’ former Chairman of the Board, President and Chief Executive Officer, Leslie Moonves, CBS News and cultural issues at CBS. On December 17, 2018, the CBS Board announced the completion of its investigation, certain findings of the investigation and the CBS Board’s determination, discussed below, with respect to the termination of Mr. Moonves’ employment. We have received subpoenas from the New York County District Attorney’s Office and the New York City Commission on Human Rights regarding the subject matter of this investigation and related matters. The New York State Attorney General’s Office and the United States Securities and Exchange Commission have also requested information about these matters, including with respect to CBS’ related public disclosures. We may continue to receive additional related regulatory and investigative inquiries from these and other entities in the future. We are cooperating with these inquiries. On August 27, 2018 and on October 1, 2018, each of Gene Samit and John Lantz, respectively, filed putative class action suits in the United States District Court for the Southern District of New York, individually and on behalf of others similarly situated, for claims that are similar to those alleged in the amended complaint described below. On November 6, 2018, the Court entered an order consolidating the two actions. On November 30, 2018, the Court appointed Construction Laborers Pension Trust for Southern California as the lead plaintiff of the consolidated action. On February 11, 2019, the lead plaintiff filed a consolidated amended putative class action complaint against CBS, certain current and former senior executives and members of the CBS Board. The consolidated action is stated to be on behalf of purchasers of CBS Class A Common Stock and Class B Common Stock between September 26, 2016 and December 4, 2018. This action seeks to recover damages arising during this time period allegedly caused by the defendants’ purported violations of the federal securities laws, including by allegedly making materially false and misleading statements or failing to disclose material information, and seeks costs and expenses as well as remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. On April 12, 2019, the defendants filed motions to dismiss this action, which the Court granted in part and denied in part on January 15, 2020. With the exception of one statement made by Mr. Moonves at an industry event in November 2017, in which he allegedly was acting as the agent of CBS, all claims as to all other allegedly false and misleading statements were dismissed. We believe that the remaining claims are without merit and we intend to defend against them vigorously. We are currently unable to determine a range of potential liability, if any. Accordingly, no accrual for this matter has been made in our consolidated financial statements. Separation Agreement . On September 9, 2018, CBS entered into a separation and settlement agreement and releases (the “Separation Agreement”) with Mr. Moonves, pursuant to which Mr. Moonves resigned as a director and as Chairman of the Board, President and Chief Executive Officer of CBS. In October 2018, we contributed $120 million to a grantor trust pursuant to the Separation Agreement. On December 17, 2018, the CBS Board announced that, following its consideration of the findings of the investigation referred to above, it had determined that there were grounds to terminate Mr. Moonves’ employment for cause under his employment agreement with CBS. Any dispute related to the CBS Board’s determination is subject to binding arbitration as set forth in the Separation Agreement. On January 16, 2019, Mr. Moonves commenced a binding arbitration proceeding with respect to this matter and the related CBS Board investigation, which proceeding is ongoing. The assets of the grantor trust will remain in the trust until a final determination in the arbitration. We are currently unable to determine the outcome of the arbitration and the amount, if any, that may be awarded thereunder and, accordingly, no accrual for this matter has been made in our consolidated financial statements. Claims Related to Former Businesses: Asbestos. We are a defendant in lawsuits claiming various personal injuries related to asbestos and other materials, which allegedly occurred as a result of exposure caused by various products manufactured by Westinghouse, a predecessor, generally prior to the early 1970s. Westinghouse was neither a producer nor a manufacturer of asbestos. We are typically named as one of a large number of defendants in both state and federal cases. In the majority of asbestos lawsuits, the plaintiffs have not identified which of our products is the basis of a claim. Claims against us in which a product has been identified most commonly relate to allegations of exposure to asbestos-containing insulating material used in conjunction with turbines and electrical equipment. Claims are frequently filed and/or settled in groups, which may make the amount and timing of settlements, and the number of pending claims, subject to significant fluctuation from period to period. We do not report as pending those claims on inactive, stayed, deferred or similar dockets that some jurisdictions have established for claimants who allege minimal or no impairment. As of December 31, 2019 , we had pending approximately 30,950 asbestos claims, as compared with approximately 31,570 as of December 31, 2018 and 31,660 as of December 31, 2017 . During 2019 , we received approximately 3,460 new claims and closed or moved to an inactive docket approximately 4,080 claims. We report claims as closed when we become aware that a dismissal order has been entered by a court or when we have reached agreement with the claimants on the material terms of a settlement. Settlement costs depend on the seriousness of the injuries that form the basis of the claims, the quality of evidence supporting the claims and other factors. Our total costs for the years 2019 and 2018 for settlement and defense of asbestos claims after insurance recoveries and net of tax were approximately $58 million and $45 million , respectively. Our costs for settlement and defense of asbestos claims may vary year to year and insurance proceeds are not always recovered in the same period as the insured portion of the expenses. Filings include claims for individuals suffering from mesothelioma, a rare cancer, the risk of which is allegedly increased by exposure to asbestos; lung cancer, a cancer which may be caused by various factors, one of which is alleged to be asbestos exposure; other cancers, and conditions that are substantially less serious, including claims brought on behalf of individuals who are asymptomatic as to an allegedly asbestos-related disease. The predominant number of pending claims against us are non-cancer claims. It is difficult to predict future asbestos liabilities, as events and circumstances may impact the estimate of our asbestos liabilities, including, among others, the number and types of claims and average cost to resolve such claims. We record an accrual for a loss contingency when it is both probable that a liability has been incurred and when the amount of the loss can be reasonably estimated. We believe that our accrual and insurance are adequate to cover our asbestos liabilities. Our liability estimate is based upon many factors, including the number of outstanding claims, estimated average cost per claim, the breakdown of claims by disease type, historic claim filings, costs per claim of resolution and the filing of new claims, as well as consultation with a third party firm on trends that may impact our future asbestos liability. Other. From time to time we receive claims from federal and state environmental regulatory agencies and other entities asserting that we are or may be liable for environmental cleanup costs and related damages principally relating to our historical and predecessor operations. In addition, from time to time we receive personal injury claims including toxic tort and product liability claims (other than asbestos) arising from our historical operations and predecessors. |
Supplemental Financial Informat
Supplemental Financial Information | 12 Months Ended |
Dec. 31, 2019 | |
Additional Financial Information Disclosure [Abstract] | |
Supplemental Financial Information | 20 ) SUPPLEMENTAL FINANCIAL INFORMATION The following table presents the components of Other items, net on the Consolidated Statements of Operations. Year Ended December 31, 2019 2018 2017 Pension and postretirement benefit costs $ (105 ) $ (68 ) $ (96 ) Foreign exchange losses (17 ) (18 ) (20 ) Impairment of investments (50 ) (46 ) (18 ) Gains from investments 22 16 — Other 5 (8 ) 19 Other items, net $ (145 ) $ (124 ) $ (115 ) Supplemental Cash Flow Information Year Ended December 31, 2019 2018 2017 Cash paid for interest: Continuing operations $ 922 $ 1,012 $ 1,056 Discontinued operations — — 70 Total $ 922 $ 1,012 $ 1,126 Year Ended December 31, 2019 2018 2017 Cash paid (refunded) for income taxes: Continuing operations $ 598 $ 161 $ 827 Discontinued operations — (4 ) 26 Total $ 598 $ 157 $ 853 In addition, during 2017 we received shares with a total value of $1.01 billion upon the split-off of CBS Radio in a noncash disposition (see Note 18). |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data (Unaudited) | 21 ) QUARTERLY FINANCIAL DATA (unaudited): First Second Third Fourth 2019 (a) (b) Quarter (c) Quarter Quarter Quarter (d) Total Year Revenues $ 7,100 $ 7,143 $ 6,698 $ 6,871 $ 27,812 Operating income (loss) $ 1,804 $ 1,446 $ 1,036 $ (13 ) $ 4,273 Net earnings (loss) from continuing operations (ViacomCBS and noncontrolling interests) $ 1,951 $ 977 $ 642 $ (269 ) $ 3,301 Net earnings (loss) (ViacomCBS and noncontrolling interests) $ 1,964 $ 983 $ 646 $ (254 ) $ 3,339 Net earnings (loss) from continuing operations attributable to ViacomCBS $ 1,946 $ 971 $ 626 $ (273 ) $ 3,270 Net earnings (loss) attributable to ViacomCBS $ 1,959 $ 977 $ 630 $ (258 ) $ 3,308 Basic net earnings (loss) per common share: Net earnings (loss) from continuing operations attributable to ViacomCBS $ 3.17 $ 1.58 $ 1.02 $ (.44 ) $ 5.32 Net earnings (loss) attributable to ViacomCBS $ 3.20 $ 1.59 $ 1.02 $ (.42 ) $ 5.38 Diluted net earnings (loss) per common share: Net earnings (loss) from continuing operations attributable to ViacomCBS $ 3.15 $ 1.57 $ 1.01 $ (.44 ) $ 5.30 Net earnings (loss) attributable to ViacomCBS $ 3.18 $ 1.58 $ 1.02 $ (.42 ) $ 5.36 Weighted average number of common shares outstanding: Basic 613 615 615 615 615 Diluted 617 617 617 615 617 (a) On December 4, 2019, Viacom merged with and into CBS, with CBS continuing as the surviving company. At the effective time of the Merger, the combined company changed its name to ViacomCBS Inc. The Merger has been accounted for as a transaction between entities under common control and therefore, the net assets of Viacom were combined with those of CBS at their historical carrying amounts and the companies have been presented on a combined basis for all periods presented. (b) Includes costs for restructuring and other corporate matters of $178 million in the first quarter, $7 million in the second quarter, $122 million in the third quarter and $468 million in the fourth quarter. (c) The first quarter includes a gain of $549 million ( $386 million , net of tax) on the sale of CBS Television City and a discrete tax benefit of $768 million resulting from the transfer of intangible assets between our subsidiaries in connection with a reorganization of our international operations. (d) The fourth quarter includes programming charges of $589 million . First Second Third Fourth 2018 (a) (b) Quarter Quarter Quarter Quarter (c) Total Year Revenues $ 6,825 $ 6,703 $ 6,630 $ 7,092 $ 27,250 Operating income $ 1,190 $ 1,448 $ 1,307 $ 1,259 $ 5,204 Net earnings from continuing operations (ViacomCBS and noncontrolling interests) $ 726 $ 946 $ 891 $ 897 $ 3,460 Net earnings (ViacomCBS and noncontrolling interests) $ 736 $ 957 $ 899 $ 900 $ 3,492 Net earnings from continuing operations attributable to ViacomCBS $ 718 $ 943 $ 878 $ 884 $ 3,423 Net earnings attributable to ViacomCBS $ 728 $ 954 $ 886 $ 887 $ 3,455 Basic net earnings per common share: Net earnings from continuing operations attributable to ViacomCBS $ 1.15 $ 1.53 $ 1.43 $ 1.44 $ 5.55 Net earnings attributable to ViacomCBS $ 1.17 $ 1.54 $ 1.44 $ 1.44 $ 5.60 Diluted net earnings per common share: Net earnings from continuing operations attributable to ViacomCBS $ 1.15 $ 1.52 $ 1.42 $ 1.43 $ 5.51 Net earnings attributable to ViacomCBS $ 1.16 $ 1.54 $ 1.43 $ 1.44 $ 5.56 Weighted average number of common shares outstanding: Basic 622 618 615 614 617 Diluted 626 621 619 618 621 (a) On December 4, 2019, Viacom merged with and into CBS, with CBS continuing as the surviving company. At the effective time of the Merger, the combined company changed its name to ViacomCBS Inc. The Merger has been accounted for as a transaction between entities under common control and therefore, the net assets of Viacom were combined with those of CBS at their historical carrying amounts and the companies have been presented on a combined basis for all periods presented. (b) Includes costs for restructuring and other corporate matters of $194 million in the first quarter, $50 million in the second quarter, $70 million in the third quarter and $176 million in the fourth quarter. (c) The fourth quarter includes programming charges of $162 million and the reversal of a valuation allowance of $140 million relating to capital loss carryforwards that were utilized in connection with the sale of CBS Television City in 2019. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2019 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | Col. A Col. B Col. C Col. D Col. E Description Balance at Beginning of Period Balance Acquired through Acquisitions Charged to Expenses and Other Accounts Deductions Balance at End of Period Allowance for doubtful accounts: Year ended December 31, 2019 $ 86 $ — $ 26 $ 26 $ 86 Year ended December 31, 2018 $ 101 $ — $ 26 $ 41 $ 86 Year ended December 31, 2017 $ 105 $ — $ 31 $ 35 $ 101 Valuation allowance on deferred tax assets: Year ended December 31, 2019 $ 841 $ — $ 76 $ 366 $ 551 Year ended December 31, 2018 $ 1,120 $ — $ 37 $ 316 $ 841 Year ended December 31, 2017 $ 1,108 $ 218 $ 157 $ 363 $ 1,120 Reserves for inventory obsolescence: Year ended December 31, 2019 $ 56 $ — $ 11 $ 6 $ 61 Year ended December 31, 2018 $ 67 $ — $ 5 $ 16 $ 56 Year ended December 31, 2017 $ 59 $ — $ 26 $ 18 $ 67 |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Principles of Consolidation | Principles of Consolidation |
Use of Estimates | Use of Estimates —The preparation of our financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”) requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities as of the date of the financial statements, and the reported amount of revenues and expenses during the periods presented. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may vary from these estimates under different assumptions or conditions. |
Business Combinations | Business Combinations —We generally account for business combinations using the acquisition method of accounting. Under the acquisition method, once control is obtained of a business, 100% of the assets, liabilities and certain contingent liabilities acquired, as well as amounts attributed to noncontrolling interests, are recorded at fair value. Any transaction costs are expensed as incurred. The Merger was accounted for as a transaction between entities under common control as NAI was the controlling stockholder of each of CBS and Viacom. |
Cash and Cash Equivalents | Cash and Cash Equivalents |
Programming Inventory | Programming Inventory —We acquire rights to programming and produce programming to exhibit on our broadcast and cable networks, on our broadcast television stations, direct to consumers through our digital streaming services, and in theaters. We also produce programming for third parties. Internally-Produced Programming —Costs incurred to produce television programs and feature films (which include direct production costs, production overhead, acquisition costs and development costs) are capitalized when incurred. We use an individual-film-forecast-computation method to amortize capitalized production costs and to accrue estimated liabilities for residuals and participations over the applicable title’s life cycle based upon the ratio of current period revenues to estimated remaining total gross revenues to be earned (“Ultimate Revenues”) for each title. The estimate of Ultimate Revenues impacts the timing of amortization and accrual of residuals and participations. For television programming, Ultimate Revenue estimates are initially limited to the amount of revenue contracted for each episode in the initial market and estimates of revenue from a secondary market where we can demonstrate a history of earning such revenue in that market. Television programming costs and participation costs incurred in excess of such amounts are expensed as incurred on an episode by episode basis. Estimates for additional secondary market revenues such as domestic and foreign syndication and home entertainment are included in the estimated lifetime revenues once it can be demonstrated that a program can be successfully licensed in such secondary market. For each television program, management bases these estimates on the performance in the initial markets, the existence of future firm commitments to sell and the past performance of similar television programs. Television programming costs incurred subsequent to the establishment of the secondary market are initially capitalized and amortized, and estimated liabilities for participations are accrued, based on the proportion that current period revenues bear to the estimated remaining total lifetime revenues. For feature films, our estimate of Ultimate Revenues includes revenues from all sources that are estimated to be earned within 10 years from the date of a film’s initial theatrical release. Prior to the release of feature films, we estimate Ultimate Revenues based on the historical performance of similar content and pre-release market research (including test market screenings), as well as factors relating to the specific film, including the expected number of theaters and markets in which the original content will be released, the genre of the original content and the past box office performance of the lead actors and actresses. Upon a film’s initial release, we update our estimate of Ultimate Revenues based on actual and expected future performance. Our estimates of revenues from succeeding windows and markets are revised based on historical relationships to theatrical performance and an analysis of current market trends. For acquired film libraries, our estimate of Ultimate Revenues is for a period within 20 years from the date of acquisition. Ultimate Revenue estimates are periodically reviewed and adjustments, if any, will result in changes to inventory amortization rates and estimated accruals for residuals and participations. An impairment charge is recorded if the fair value of a television program or feature film falls below the unamortized production costs. Film development costs that have not been set for production are expensed within three years unless they are abandoned earlier, in which case these projects are written down to their estimated fair value in the period the decision to abandon the project is determined. Acquired Programming Rights —Costs incurred in acquiring program rights, including advances, are capitalized when the license period has begun and the program is accepted and available for airing. These costs are amortized over the shorter of the license period or the period in which an economic benefit is expected to be derived based on the timing of our usage of and benefit from such programming. The net realizable value of acquired programming rights is regularly evaluated by us either by title or on a daypart basis, which is defined as an aggregation of programs broadcast during a particular time of day or an aggregation of programs of a similar type based on the specific demographic targeted by each respective program or program service. Net realizable value is determined by estimating advertising revenues to be derived from the future airing of the programming and allocating affiliate revenue to the programming, each as applicable. An impairment charge is recorded if our estimates of future cash flows are below the carrying amount of the programming or if programming is abandoned. The costs of programming rights licensed under multi-year sports programming agreements are capitalized if the rights payments are made before the related economic benefit has been received. These costs are expensed over the period in which an economic benefit is expected to be derived based on the relative value of the events broadcast by us during a period. The relative value for an event is determined based on the revenues generated for that event in relation to the estimated total revenues over the remaining term of the sports programming agreement. The estimated economic benefit for acquired programming, including revenue projections for multi-year sports programming, are periodically reviewed. Adjustments, if any, will result in changes to amortization rates and could result in future net realizable value adjustments. |
Property and Equipment | Property and Equipment —Property and equipment is stated at cost. Depreciation is calculated using the straight-line method over estimated useful lives as follows: Buildings and building improvements 10 to 40 years Leasehold improvements Shorter of lease term or useful life Equipment and other (including finance leases) 3 to 20 years |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets —The Company assesses long-lived assets and intangible assets, other than goodwill and intangible assets with indefinite lives, for impairment whenever there is an indication that the carrying amount of the asset may not be recoverable. Recoverability of these assets is determined by comparing the forecasted undiscounted cash flows expected to be generated by these assets to their net carrying value. If the carrying value is not recoverable, the amount of impairment charge, if any, is measured by the difference between the net carrying value and the estimated fair value of the asset. |
Investment | Investments |
Goodwill and Intangible Assets | Goodwill and Intangible Assets —Goodwill is allocated to various reporting units, which are at or one level below our operating segments. Intangible assets with finite lives, which primarily consist of trade names, licenses, and customer agreements are generally amortized using the straight-line method over their estimated useful lives, which range from 4 to 40 |
Guarantees | Guarantees —At the inception of a guarantee, we recognize a liability for the fair value of an obligation assumed by issuing the guarantee. The related liability is subsequently reduced as utilized or extinguished and increased if there is a probable loss associated with the guarantee which exceeds the value of the recorded liability. |
Treasury Stock | Treasury Stock —Treasury stock is accounted for using the cost method. Retirements of treasury stock are reflected as a reduction to additional paid-in capital. |
Fair Value Measurements | Fair Value Measurements —Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. The framework for measuring fair value provides a hierarchy that prioritizes the inputs to valuation techniques used in measuring fair value. Level 1 is based on publicly quoted prices for the asset or liability in active markets. Level 2 is based on inputs that are observable other than quoted market prices in active markets, such as quoted prices for the asset or liability in inactive markets or quoted prices for similar assets or liabilities. Level 3 is based on unobservable inputs reflecting our own assumptions about the assumptions that market participants would use in pricing the asset or liability. Certain assets and liabilities, including foreign currency hedges and deferred compensation liabilities, are measured and recorded at fair value on a recurring basis. Film and television production costs, goodwill, intangible assets, and equity method investments are recorded at fair value only if an impairment charge is recognized. Impairment charges, if applicable, are determined using discounted cash flows, which is a Level 3 valuation technique. |
Derivatives | Derivative Financial Instruments —Derivative financial instruments are recorded on the Consolidated Balance Sheets as assets or liabilities and measured at fair value. For derivatives designated as hedges of the fair value of assets or liabilities, the changes in fair value of both the derivatives and the hedged items are recorded in “Other items, net” in the Consolidated Statements of Operations. For derivatives designated as cash flow hedges, the effective portion of the changes in fair value of the derivatives is recorded in “Accumulated other comprehensive loss ” on the Consolidated Balance Sheets and subsequently recognized in net earnings. |
Pension and Postretirement Benefits | Pension and Postretirement Benefits —The service cost component of net benefit cost for our pension and postretirement benefits is recorded on the same line items in the Consolidated Statements of Operations as other compensation costs of the related employees. All of the other components of net benefit cost are presented separately from the service cost component and below the subtotal of operating income in “Other items, net” or “Pension settlement charge” in the Consolidated Statements of Operations. |
Other Liabilities | Other Liabilities —Other liabilities consist primarily of the noncurrent portion of residual liabilities of previously disposed businesses, long-term income tax liabilities, deferred compensation and other employee benefit accruals. |
Revenues | Revenues Revenue is recognized when control of a good or service is transferred to a customer. Control is considered to be transferred when the customer has the ability to direct the use of and obtain substantially all of the remaining benefits of that good or service. Advertising Revenues —Advertising revenues are recognized when the advertising spots are aired on television or displayed on digital platforms. Advertising spots are typically sold as part of advertising campaigns consisting of multiple commercial units. If a contract includes a guarantee to deliver a targeted audience rating or number of impressions, the delivery of the advertising spots that achieve the guarantee represents the performance obligation to be satisfied over time and revenues are recognized based on the proportion of the audience rating or impressions delivered to the total guaranteed in the contract. Audience ratings and impressions are determined based on data provided by independent third-party companies. To the extent the amounts billed exceed the amount of revenue recognized, such excess is deferred until the guaranteed audience ratings or impressions are delivered. For contracts that do not include impressions guarantees, the individual advertising spots are the performance obligation and consideration is allocated among the individual advertising spots based on relative standalone selling price. Advertising contracts, which are generally short-term, are billed monthly, with payments due shortly after the invoice date. Advertising revenues are generated by the TV Entertainment and Cable Networks segments. Affiliate Revenues —Affiliate revenues primarily consist of fees received from multichannel video programming distributors (“MVPDs”) and third-party live television digital streaming offerings (“virtual MVPDs”) for carriage of our cable networks (“cable affiliate fees”) and television stations (“retransmission fees”); fees from television stations affiliated with the CBS Television Network (“station affiliation fees”); and subscription fees for our digital streaming subscription offerings, including CBS All Access , the Showtime streaming subscription offering (“Showtime OTT”) and BET+. Costs incurred for advertising, marketing and other services provided to us by cable, satellite and other distributors that are in exchange for a distinct service are recorded as expenses. If a distinct service is not received, such costs are recorded as a reduction to revenues. The performance obligation for our affiliate agreements is a license to our programming provided through the continuous delivery of live linear feeds and, for agreements with MVPDs and subscribers to our digital streaming services, also includes a license to programming for video-on-demand viewing. Affiliate revenues are recognized over the term of the agreement as we satisfy our performance obligation by continuously providing our customer with the right to use our programming. For agreements that provide for a variable fee, revenues are determined each month based on an agreed upon contractual rate applied to the number of subscribers to our customer’s service. For agreements that provide for a fixed fee, revenues are recognized based on the relative fair value of the content provided over the term of the agreement. These agreements primarily include agreements with television stations affiliated with the CBS Television Network (“network affiliates”) for which fair value is determined based on the fair value of the network affiliate’s service and the value of our programming. For affiliate revenues, payments are generally due monthly. Affiliate revenues are generated by the TV Entertainment and Cable Networks segments. Content Licensing Revenues —Content licensing revenues are generated from the licensing of exhibition rights for our internally-produced television and film programming to television stations, cable networks and subscription streaming services; licensing of our content for distribution on transactional video-on-demand services; the distribution of our content through DVD and Blu-ray disc sales to wholesale and retail partners; the use of our trademarks and brands for consumer products, recreation and live events; and fees from the distribution of third-party programming. For licenses of exhibition rights for internally-produced programming, each individual episode or film delivered represents a separate performance obligation and revenues are recognized when the episode or film is made available to the licensee for exhibition and the license period has begun. For license agreements that include delivery of content on one or more dates for a fixed fee, consideration is allocated based on the relative standalone selling price of each episode or film. Estimation of standalone selling prices requires judgment, which can impact the timing of recognizing revenues. Agreements to license programming are often long term, with collection terms ranging from one to five years. When payment is due from a customer more than one year before or after revenue is recognized, we consider the contract to contain a significant financing component and the transaction price is adjusted for the effects of the time value of money. We do not adjust the transaction price for the time value of money if payment is expected within one year of recognizing revenues. We also license our programming to distributors of transactional video-on-demand and similar services. Under these arrangements, our performance obligation is the delivery of our content to such distributors who then license our content to the end customer. Our revenues are determined each month based on a contractual rate applied to the number of licenses to the distributors’ end customers. Similarly, revenues earned from electronic sell-through services are recognized as each program is downloaded by the end customer. Revenues associated with the licensing of our brands for consumer products, recreation and live events are generally determined based on contractual royalty rates applied to sales reported by the licensees. For consumer products and recreation arrangements that include minimum guaranteed consideration, revenue is recognized as sales occur by the licensee, if the sales-based consideration is expected to exceed the minimum guarantee, or ratably if it is not expected to exceed the minimum guarantee. For live events, we recognize revenue when the event is held. Revenues from the sales of DVDs and Blu-ray discs to wholesalers and retailers are recognized upon the later of the physical delivery to the customer or the date that any sales restrictions on the retailers are lifted. We earn revenues from the distribution of content on behalf of third parties. We also have arrangements for the distribution or sale of our content by third parties. Under such arrangements, we determine whether revenues should be recognized based on the gross amount of consideration received from the customer or the net amount of revenue we retain after payment to the third party producer or distributor, based on an assessment of which party controls the good or service being transferred. Content licensing revenues are generated by the TV Entertainment , Cable Networks and Filmed Entertainment segments. Theatrical Revenues —Theatrical revenue is earned from the theatrical distribution of our films during the exhibition period. Under these arrangements, revenues are recognized based on sales to the end customer. Theatrical revenues are generated by the Filmed Entertainment segment. Publishing —Publishing revenues are recognized when merchandise is shipped or electronically delivered to the consumer. Payments for publishing revenues are due shortly after shipment or electronic delivery. |
Collaborative Arrangements | Collaborative Arrangements —Collaborative arrangements primarily consist of joint efforts with third parties to produce and distribute programming such as television series and live sporting events, including the agreement between us and Turner Broadcasting System, Inc. to telecast the NCAA Division I Men’s Basketball Championship (“NCAA Tournament”), which runs through 2032. In connection with this agreement for the NCAA Tournament, advertisements aired on the CBS Television Network are recorded as revenues and our share of the program rights fees and other operating costs are recorded as operating expenses. We also enter into collaborative arrangements with other studios to jointly finance and distribute film and television programming, under which each partner is responsible for distribution of the program in specific territories or distribution windows. Under these arrangements, co-production costs are initially capitalized as programming inventory and amortized over the estimated economic life of the program. In such arrangements where we have distribution rights, all proceeds generated from such distribution are recorded as revenues and any participation profits due to third party collaborators are recorded as participation expenses. In co-production arrangements where third party collaborators have distribution rights, our net participating profits are recorded as revenues. |
Leases | Leases — We have operating leases primarily for office space, equipment, satellite transponders and studio facilities and finance leases for satellite transponders and equipment. We determine that a contract contains a lease if we obtain substantially all of the economic benefits of, and the right to direct the use of, an asset identified in the contract. For leases with terms greater than 12 months, we record a right-of-use asset and a lease liability representing the present value of future lease payments. The discount rate used to measure the lease asset and liability is determined at the beginning of the lease term using the rate implicit in the lease, if readily determinable, or our collateralized incremental borrowing rate. For those contracts that include fixed rental payments for both the use of the asset (“lease costs”) as well as for other occupancy or service costs relating to the asset (“non-lease costs”), we generally include both the lease costs and non-lease costs in the measurement of the lease asset and liability. We also own buildings and production facilities where we lease space to lessees. Our leases have remaining terms ranging from one to 17 years and often contain renewal options to extend the lease for periods of generally up to ten |
Advertising | Advertising |
Interest | Interest —Costs associated with the refinancing or issuance of debt, as well as debt discounts or premiums, are recorded as interest over the term of the related debt. We may enter into interest rate exchange agreements; the amount to be paid or received under such agreements is accrued and recognized over the life of the agreement as an adjustment to interest expense. |
Income Taxes | Income Taxes —The provision for income taxes includes federal, state, local, and foreign taxes. Deferred tax assets and liabilities are recognized for the estimated future tax effects of temporary differences between the financial statement carrying amounts and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the year in which the temporary differences are expected to be reversed. We evaluate the realizability of deferred tax assets and establish a valuation allowance when it is more likely than not that all or a portion of deferred tax assets will not be realized. Deferred tax assets and deferred tax liabilities are classified as noncurrent on the Consolidated Balance Sheets. For tax positions taken in a previously filed tax return or expected to be taken in a future tax return, we evaluate each position to determine whether it is more likely than not that the tax position will be sustained upon examination, based on the technical merits of the position. A tax position that meets the more-likely-than-not recognition threshold is subject to a measurement assessment to determine the amount of benefit to be recognized in the Consolidated Statement of Operations and the appropriate reserve to establish, if any. If a tax position does not meet the more-likely-than-not recognition threshold, a tax reserve is established and no benefit is recognized. A number of years may elapse before a tax return containing tax matters for which a reserve has been established is audited and finally resolved. We recognize interest and penalty charges related to the reserve for uncertain tax positions as income tax expense. |
Foreign Currency Translation and Transactions | Foreign Currency Translation and Transactions |
Net Earnings (Loss) per Common Share | Net Earnings (Loss) per Common Share |
Stock-based Compensation | Stock-based Compensation —We measure the cost of employee services received in exchange for an award of equity instruments based on the grant date fair value of the award. The cost is recognized over the vesting period during which an employee is required to provide service in exchange for the award. |
Recently Adopted Accounting Pronouncements and Accounting Pronouncements Not Yet Adopted | Recently Adopted Accounting Pronouncements Leases During the first quarter of 2019, we adopted FASB guidance on the accounting for leases, which supersedes previous lease guidance. Under this guidance, for all leases with terms in excess of one year, we recognize on our balance sheet a lease liability and a right-of-use asset representing our right to use the underlying asset for the lease term. The new guidance retains a distinction between finance leases and operating leases and the classification criteria is substantially similar to previous guidance. Additionally, the recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee have not significantly changed. We applied the modified retrospective method of adoption and therefore, results for reporting periods beginning after January 1, 2019 are presented under the new guidance while prior periods have not been adjusted. This guidance did not have an impact on the Consolidated Statement of Operations. See Note 9 for the impact of this guidance on the Consolidated Balance Sheet and additional information. Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income During the first quarter of 2019, we adopted FASB guidance that permits an entity to reclassify certain income tax effects of federal tax legislation enacted in December 2017 (the “Tax Reform Act”) on items within accumulated other comprehensive income (“AOCI”) to retained earnings. As a result of the Tax Reform Act, in 2017, we remeasured our deferred income tax assets and liabilities to reflect the reduction in the federal income tax rate from 35% to 21%. The remeasurement was recognized in net earnings and as a result, the income tax effects of the Tax Reform Act on items within AOCI remained at historical rates (“stranded tax effects”). During the first quarter of 2019, as a result of the adoption of this guidance, we elected to reclassify the stranded tax effects of $230 million relating to our pension and postretirement benefit obligations from AOCI to retained earnings. This guidance also requires entities to disclose their accounting policy for releasing stranded tax effects unrelated to the Tax Reform Act from AOCI. For pension and postretirement benefit plans, we release stranded tax effects from AOCI when the pension and postretirement plans are terminated. Accounting Pronouncements Not Yet Adopted Simplifying the Accounting for Income Taxes In December 2019, the FASB issued guidance on the accounting for income taxes that, among other provisions, eliminates certain exceptions to existing guidance related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. This guidance also requires an entity to reflect the effect of an enacted change in tax laws or rates in its effective income tax rate in the first interim period that includes the enactment date of the new legislation, aligning the timing of recognition of the effects from enacted tax law changes on the effective income tax rate with the effects on deferred income tax assets and liabilities. Under existing guidance, an entity recognizes the effects of the enacted tax law change on the effective income tax rate in the period that includes the effective date of the tax law. We are currently evaluating the impact of this guidance, which is effective for interim and annual periods beginning after December 15, 2020, with early adoption permitted. Improvements to Accounting for Costs of Films and License Agreements for Program Materials In March 2019, the FASB issued guidance on the accounting for costs of films and episodic television series, which aligns the accounting for capitalizing production costs of episodic television series with the guidance for films. As a result, the capitalization of costs incurred to produce episodic television series will no longer be limited to the amount of revenue contracted in the initial market until persuasive evidence of a secondary market exists. In addition, this guidance requires an entity to test for impairment of films or television series on a title-by-title basis or together with other films and series as part of a group, based on the predominant monetization strategy of the film or series. Further, this guidance requires that an entity reassess estimates of the use of a film or series in a film group and account for changes, if any, prospectively. In addition, this guidance eliminates existing balance sheet classification guidance and adds new disclosure requirements relating to costs for acquired and produced television series. We are currently evaluating the impact of this guidance, which is effective for interim and annual periods beginning after December 15, 2019. Collaborative Arrangements: Clarifying the Interaction with the New Revenue Standard In November 2018, the FASB issued guidance to clarify that certain transactions between parties to collaborative arrangements should be accounted for in accordance with FASB revenue guidance when the counterparty is a customer. This guidance also prohibits the presentation of collaborative arrangements as revenues from contracts with customers if the counterparty is not a customer. This guidance, which is required to be applied retrospectively and is effective for interim and annual periods beginning after December 15, 2019, is not expected to have a material impact on the consolidated financial statements. Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract In August 2018, the FASB issued guidance on the accounting for implementation costs of a cloud computing arrangement that is considered to be a service contract. This guidance requires companies to follow the guidance for capitalizing costs associated with internal-use software to determine which costs to capitalize in a cloud computing arrangement that is a service contract. The guidance also specifies the financial statement presentation for capitalized implementation costs and the related amortization, as well as required financial statement disclosures. We are currently evaluating the impact of this guidance, which is effective for interim and annual periods beginning after December 15, 2019. Changes to the Disclosure Requirements for Defined Benefit Plans In August 2018, the FASB issued amended guidance that eliminates, adds and clarifies certain disclosure requirements for defined benefit pension or other postretirement plans. We are currently evaluating the impact of this guidance, which is required to be applied retrospectively and is effective for annual periods ending after December 15, 2020. Financial Instruments In June 2016, the FASB issued amended guidance on the accounting for credit losses on financial instruments. Among other provisions, this guidance introduces a new impairment model for most financial assets and certain other instruments. For trade and other receivables, held-to-maturity debt securities, loans and other instruments, entities will be required to use a forward-looking “expected loss” model that will replace the current “incurred loss” model that will generally result in the earlier recognition of allowances for losses. This guidance is effective for interim and annual periods beginning after December 15, 2019. We are currently evaluating the impact of this guidance. |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Change In Reporting Entity | The following table provides the impact of the change in reporting entity on our results of operations for periods prior to the Merger. Period from January 1 Year Ended December 31, to December 4, 2019 2018 2017 Net earnings from continuing operations attributable to ViacomCBS $ 1,353 $ 1,463 $ 1,959 Net earnings per common share from continuing operations attributable to ViacomCBS: Basic $ .44 $ .35 $ 1.85 Diluted $ .45 $ .37 $ 1.83 Other comprehensive income (loss) $ (148 ) $ (202 ) $ 190 |
Property and Equipment | Property and Equipment —Property and equipment is stated at cost. Depreciation is calculated using the straight-line method over estimated useful lives as follows: Buildings and building improvements 10 to 40 years Leasehold improvements Shorter of lease term or useful life Equipment and other (including finance leases) 3 to 20 years At December 31, 2019 2018 Land $ 439 $ 439 Buildings 1,263 1,242 Finance leases (a) 195 335 Equipment and other 4,096 3,899 5,993 5,915 Less accumulated depreciation and amortization 3,908 3,836 Net property and equipment $ 2,085 $ 2,079 (a) Accumulated amortization of finance leases was $160 million and $279 million at December 31, 2019 and 2018 , respectively. Year Ended December 31, 2019 2018 2017 Depreciation expense, including amortization of finance leases (a) $ 366 $ 382 $ 395 (a) Amortization expense related to finance leases was $23 million , $28 million and $32 million in 2019 , 2018 and 2017 , respectively. |
Reconciliation from Basic to Diluted Shares | The table below presents a reconciliation of weighted average shares used in the calculation of basic and diluted EPS. Year Ended December 31, 2019 2018 2017 (in millions) Weighted average shares for basic EPS 615 617 640 Dilutive effect of shares issuable under stock-based compensation plans 2 4 7 Weighted average shares for diluted EPS 617 621 647 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and Equipment —Property and equipment is stated at cost. Depreciation is calculated using the straight-line method over estimated useful lives as follows: Buildings and building improvements 10 to 40 years Leasehold improvements Shorter of lease term or useful life Equipment and other (including finance leases) 3 to 20 years At December 31, 2019 2018 Land $ 439 $ 439 Buildings 1,263 1,242 Finance leases (a) 195 335 Equipment and other 4,096 3,899 5,993 5,915 Less accumulated depreciation and amortization 3,908 3,836 Net property and equipment $ 2,085 $ 2,079 (a) Accumulated amortization of finance leases was $160 million and $279 million at December 31, 2019 and 2018 , respectively. Year Ended December 31, 2019 2018 2017 Depreciation expense, including amortization of finance leases (a) $ 366 $ 382 $ 395 (a) Amortization expense related to finance leases was $23 million , $28 million and $32 million in 2019 , 2018 and 2017 , respectively. |
Programming and Other Invento_2
Programming and Other Inventory (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Current Programming and Other Inventory | At December 31, 2019 2018 Acquired television program rights $ 3,477 $ 3,655 Acquired television library 99 99 Internally produced television programming: Released 3,627 2,986 In process and other 2,626 1,917 Film inventory: Released 502 619 Completed, not yet released 55 31 In process and other 1,037 674 Home entertainment and Publishing (primarily finished goods) 105 102 Total programming and other inventory 11,528 10,083 Less current portion 2,876 2,785 Total noncurrent programming and other inventory $ 8,652 $ 7,298 |
Noncurrent Programming and Other Inventory | At December 31, 2019 2018 Acquired television program rights $ 3,477 $ 3,655 Acquired television library 99 99 Internally produced television programming: Released 3,627 2,986 In process and other 2,626 1,917 Film inventory: Released 502 619 Completed, not yet released 55 31 In process and other 1,037 674 Home entertainment and Publishing (primarily finished goods) 105 102 Total programming and other inventory 11,528 10,083 Less current portion 2,876 2,785 Total noncurrent programming and other inventory $ 8,652 $ 7,298 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Changes in Book Value of Goodwill by Segment | The following tables present the changes in the book value of goodwill by segment for the years ended December 31, 2019 and 2018 . Balance at Acquisitions / Foreign Balance at December 31, 2018 (Dispositions) Currency December 31, 2019 TV Entertainment: Goodwill $ 17,618 $ (3 ) $ — $ 17,615 Accumulated impairment losses (13,354 ) — — (13,354 ) Goodwill, net of impairment 4,264 (3 ) — 4,261 Cable Networks: Goodwill 10,234 451 (a) 6 10,691 Accumulated impairment losses — — — — Goodwill, net of impairment 10,234 451 6 10,691 Filmed Entertainment: Goodwill 1,593 — — 1,593 Accumulated impairment losses — — — — Goodwill, net of impairment 1,593 — — 1,593 Publishing: Goodwill 435 — — 435 Accumulated impairment losses — — — — Goodwill, net of impairment 435 — — 435 Total: Goodwill 29,880 448 6 30,334 Accumulated impairment losses (13,354 ) — — (13,354 ) Goodwill, net of impairment $ 16,526 $ 448 $ 6 $ 16,980 (a) Primarily reflects the acquisitions of Pluto Inc. and Pop TV. Balance at Foreign Balance at December 31, 2017 Acquisitions Currency December 31, 2018 TV Entertainment: Goodwill $ 17,591 $ 27 $ — $ 17,618 Accumulated impairment losses (13,354 ) — — (13,354 ) Goodwill, net of impairment 4,237 27 — 4,264 Cable Networks: Goodwill 10,286 64 (116 ) 10,234 Accumulated impairment losses — — — — Goodwill, net of impairment 10,286 64 (116 ) 10,234 Filmed Entertainment: Goodwill 1,593 — — 1,593 Accumulated impairment losses — — — — Goodwill, net of impairment 1,593 — — 1,593 Publishing: Goodwill 435 — 435 Accumulated impairment losses — — — — Goodwill, net of impairment 435 — — 435 Total: Goodwill 29,905 91 (116 ) 29,880 Accumulated impairment losses (13,354 ) — — (13,354 ) Goodwill, net of impairment $ 16,551 $ 91 $ (116 ) $ 16,526 |
Schedule of Indefinite-lived Intangible Assets | Our intangible assets were as follows: Accumulated At December 31, 2019 Gross Amortization Net Intangible assets subject to amortization: Trade names $ 404 $ (171 ) $ 233 Licenses 159 (38 ) 121 Customer agreements 119 (92 ) 27 Other intangible assets 263 (151 ) 112 Total intangible assets subject to amortization 945 (452 ) 493 FCC licenses 2,441 — 2,441 International broadcast licenses 25 — 25 Other intangible assets 34 34 Total intangible assets $ 3,445 $ (452 ) $ 2,993 Accumulated At December 31, 2018 Gross Amortization Net Intangible assets subject to amortization: Trade names $ 384 $ (148 ) $ 236 Licenses 145 (29 ) 116 Customer agreements 92 (88 ) 4 Other intangible assets 195 (128 ) 67 Total intangible assets subject to amortization 816 (393 ) 423 FCC licenses 2,441 — 2,441 International broadcast licenses 45 — 45 Other intangible assets 34 — 34 Total intangible assets $ 3,336 $ (393 ) $ 2,943 |
Schedule of Finite-lived Intangible Assets | Our intangible assets were as follows: Accumulated At December 31, 2019 Gross Amortization Net Intangible assets subject to amortization: Trade names $ 404 $ (171 ) $ 233 Licenses 159 (38 ) 121 Customer agreements 119 (92 ) 27 Other intangible assets 263 (151 ) 112 Total intangible assets subject to amortization 945 (452 ) 493 FCC licenses 2,441 — 2,441 International broadcast licenses 25 — 25 Other intangible assets 34 34 Total intangible assets $ 3,445 $ (452 ) $ 2,993 Accumulated At December 31, 2018 Gross Amortization Net Intangible assets subject to amortization: Trade names $ 384 $ (148 ) $ 236 Licenses 145 (29 ) 116 Customer agreements 92 (88 ) 4 Other intangible assets 195 (128 ) 67 Total intangible assets subject to amortization 816 (393 ) 423 FCC licenses 2,441 — 2,441 International broadcast licenses 45 — 45 Other intangible assets 34 — 34 Total intangible assets $ 3,336 $ (393 ) $ 2,943 |
Finite-lived Intangible Assets Amortization Expense | Amortization expense was as follows: Year Ended December 31, 2019 2018 2017 Amortization expense (a) $ 77 $ 51 $ 48 (a) For 2019 , amortization expense includes an impairment charge of $20 million , which reduced the carrying value of broadcast licenses in Australia to their fair value. |
Schedule of Expected Amortization Expense | We expect our aggregate annual amortization expense for existing intangible assets subject to amortization for each of the years, 2020 through 2024 , to be as follows: 2020 2021 2022 2023 2024 Future amortization expense $ 64 $ 55 $ 52 $ 47 $ 39 |
Restructuring, Programming Ch_2
Restructuring, Programming Charges and Other Corporate Matters (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Restructuring Charges [Abstract] | |
Restructuring Reserve Rollforward | Balance at 2019 Activity Balance at December 31, 2018 Charges (a) Payments Other December 31, 2019 TV Entertainment $ 54 $ 93 $ (82 ) $ (1 ) $ 64 Cable Networks 151 93 (104 ) (7 ) 133 Filmed Entertainment 22 8 (12 ) (1 ) 17 Publishing 2 6 (4 ) — 4 Corporate 57 157 (32 ) — 182 Total $ 286 $ 357 $ (234 ) $ (9 ) $ 400 Balance at 2018 Activity Balance at December 31, 2017 Charges (a) Payments Other December 31, 2018 TV Entertainment $ 50 $ 45 $ (40 ) $ (1 ) $ 54 Cable Networks 91 185 (117 ) (8 ) 151 Filmed Entertainment 32 18 (28 ) — 22 Publishing 3 1 (2 ) — 2 Corporate 37 53 (32 ) (1 ) 57 Total $ 213 $ 302 $ (219 ) $ (10 ) $ 286 (a) Excludes stock-based compensation expense of $67 million and $8 million in 2019 and 2018 , respectively. During the years ended December 31, 2019, 2018 and 2017 , we recorded restructuring charges, merger-related costs, programming charges and costs for other corporate matters as follows: Year Ended December 31, 2019 2018 2017 Severance $ 401 $ 235 $ 224 Exit costs and other 23 75 12 Asset impairment — — 22 Restructuring charges 424 310 258 Restructuring-related costs — 52 — Merger-related costs 294 — — Other corporate matters 57 128 — Restructuring and other corporate matters $ 775 $ 490 $ 258 Programming charges $ 589 $ 162 $ 144 |
Related Parties (Tables)
Related Parties (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | In the ordinary course of business, we are involved in transactions with our equity-method investees, primarily for the licensing of television and film programming. The following table presents the amounts recorded in our consolidated financial statements related to these transactions. Year Ended December 31, 2019 2018 2017 Revenues $ 179 $ 170 $ 183 Operating expenses $ 14 $ 22 $ 41 At December 31, 2019 2018 Amounts due to/from other related parties Accounts receivable $ 45 $ 83 Accounts payable $ 3 $ 9 |
Acquisition and Investments (Ta
Acquisition and Investments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Pluto TV Purchase Price Allocation | The following table summarizes our allocation of the purchase price as of the acquisition date for Pluto TV. Year Ended December 31, 2019 Assets Receivables $ 31 Prepaid expenses and other current assets 3 Goodwill 277 Intangible assets 41 Other assets (noncurrent) 8 Assets acquired $ 360 Liabilities Accounts payable $ 27 Accrued expenses 4 Other liabilities 5 Liabilities assumed $ 36 Total purchase price $ 324 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | Our debt consists of the following : At December 31, 2019 2018 Commercial paper $ 699 $ 674 2.30% Senior Notes due 2019 — 601 5.625% Senior Notes due 2019 — 221 2.750% Senior Notes due 2019 — 90 4.30% Senior Notes due 2021 300 300 4.50% Senior Notes due 2021 499 498 3.875% Senior Notes due 2021 597 596 2.250% Senior Notes due 2022 49 49 3.375% Senior Notes due 2022 698 697 3.125% Senior Notes due 2022 194 194 2.50% Senior Notes due 2023 398 397 3.25% Senior Notes due 2023 181 181 2.90% Senior Notes due 2023 396 396 4.25% Senior Notes due 2023 1,242 1,240 7.875% Debentures due 2023 187 187 7.125% Senior Notes due 2023 46 46 3.875% Senior Notes due 2024 489 489 3.70% Senior Notes due 2024 598 597 3.50% Senior Notes due 2025 592 590 4.00% Senior Notes due 2026 789 787 3.45% Senior Notes due 2026 123 123 2.90% Senior Notes due 2027 688 686 3.375% Senior Notes due 2028 494 493 3.70% Senior Notes due 2028 491 490 4.20% Senior Notes due 2029 493 — 7.875% Senior Debentures due 2030 831 832 5.50% Senior Debentures due 2033 426 426 4.85% Senior Debentures due 2034 87 86 6.875% Senior Debentures due 2036 1,068 1,068 6.75% Senior Debentures due 2037 75 75 5.90% Senior Notes due 2040 297 297 4.50% Senior Debentures due 2042 45 45 4.85% Senior Notes due 2042 486 486 4.375% Senior Debentures due 2043 1,109 1,103 4.875% Senior Debentures due 2043 18 18 5.850% Senior Debentures due 2043 1,231 1,230 5.25% Senior Debentures due 2044 345 345 4.90% Senior Notes due 2044 539 539 4.60% Senior Notes due 2045 589 588 5.875% Junior Subordinated Debentures due 2057 643 642 6.25% Junior Subordinated Debentures due 2057 643 642 Obligations under finance leases 44 69 Total debt (a) 18,719 19,113 Less commercial paper 699 674 Less current portion 18 339 Total long-term debt, net of current portion $ 18,002 $ 18,100 (a) At December 31, 2019 and 2018 , the senior and junior subordinated debt balances included (i) a net unamortized discount of $412 million and $422 million , respectively, (ii) unamortized deferred financing costs of $92 million and $98 million , respectively, and (iii) a decrease in the carrying value of the debt relating to previously settled fair value hedges of $6 million and $5 million , respectively. The face value of our total debt was $19.23 billion at December 31, 2019 and $19.64 billion at December 31, 2018 . |
Scheduled Maturities of Long-term Debt at Face Value | At December 31, 2019 , our scheduled maturities of long-term debt at face value, excluding finance leases, and the related interest payments were as follows: 2025 and 2020 2021 2022 2023 2024 Thereafter Long-term debt $ — $ 1,400 $ 945 $ 2,465 $ 1,092 $ 12,584 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Schedule of Assets and Liabilities, Lessee | At December 31, 2019 , the following amounts were recorded on the Consolidated Balance Sheet relating to our leases. Leases Operating Finance Right-of-Use Assets Operating lease assets $ 1,939 $ — Property and equipment, net $ — $ 35 Lease Liabilities Other current liabilities $ 292 $ — Debt — 19 Operating lease liabilities 1,909 — Long-term debt — 25 Total lease liabilities $ 2,201 $ 44 |
Composition of Lease Cost | The following table presents our lease cost. Year Ended December 31, 2019 Operating lease cost (a) (b) $ 406 Finance lease cost: Amortization of right-of-use assets 23 Interest expense on lease liabilities 3 Short-term lease cost (b) (c) 242 Variable lease cost (d) 80 Sublease income (31 ) Total lease cost $ 723 (a) Includes fixed lease costs and non-lease costs (consisting of other occupancy and service costs relating to the use of an asset) associated with long-term operating leases. (b) Includes costs capitalized in programming assets during the period for leased assets used in the production of programming. (c) Short-term leases have a term of 12 months or less and exclude month-to-month leases. Short-term leases are not recorded on the Consolidated Balance Sheet. (d) Primarily includes non-lease costs (consisting of other occupancy and service costs relating to the use of an asset) and costs for equipment leases that vary based on usage. Leases Operating Finance Weighted average remaining lease term 9 years 3 years Weighted average discount rate 4.1 % 4.5 % |
Supplemental Cash Flow Information Related to Leases | The following table presents supplemental cash flow information related to our leases. Year Ended December 31, 2019 Cash paid for amounts included in lease liabilities Operating lease payments, included in operating cash flows $ 341 Finance lease payments, included in financing cash flows $ 27 Noncash additions to operating lease assets $ 389 |
Lessee, Operating Lease, Future Lease Payments | The expected future payments relating to our operating and finance lease liabilities at December 31, 2019 are as follows: Leases Operating Finance 2020 $ 371 $ 21 2021 352 16 2022 296 7 2023 251 1 2024 205 1 2025 and thereafter 1,234 1 Total minimum payments 2,709 47 Less amounts representing interest 508 3 Present value of minimum payments $ 2,201 $ 44 |
Lessee, Finance Lease, Future Lease Payments | The expected future payments relating to our operating and finance lease liabilities at December 31, 2019 are as follows: Leases Operating Finance 2020 $ 371 $ 21 2021 352 16 2022 296 7 2023 251 1 2024 205 1 2025 and thereafter 1,234 1 Total minimum payments 2,709 47 Less amounts representing interest 508 3 Present value of minimum payments $ 2,201 $ 44 |
Lessee, Finance Lease, Future Lease Payments, Prior to Adoption | The following table presents the future payments under our operating and finance leases as of December 31, 2018 based on lease guidance in effect prior to the adoption of new FASB lease guidance on January 1, 2019 . Leases Operating (a) Finance 2019 $ 305 $ 29 2020 309 20 2021 282 15 2022 247 7 2023 211 2 2024 and thereafter 1,228 2 Total minimum payments $ 2,582 $ 75 Less amounts representing interest 6 Present value of minimum payments $ 69 (a) Future minimum operating lease payments have been reduced by future minimum sublease income of $57 million . Rent expense based on lease guidance in effect prior to January 1, 2019 was $474 million in 2018 and $449 million in 2017 . Included in net earnings (loss) from discontinued operations was rent expense of $32 million in 2017 . |
Lessee, Operating Lease, Future Lease Payments, Prior to Adoption | The following table presents the future payments under our operating and finance leases as of December 31, 2018 based on lease guidance in effect prior to the adoption of new FASB lease guidance on January 1, 2019 . Leases Operating (a) Finance 2019 $ 305 $ 29 2020 309 20 2021 282 15 2022 247 7 2023 211 2 2024 and thereafter 1,228 2 Total minimum payments $ 2,582 $ 75 Less amounts representing interest 6 Present value of minimum payments $ 69 (a) Future minimum operating lease payments have been reduced by future minimum sublease income of $57 million . Rent expense based on lease guidance in effect prior to January 1, 2019 was $474 million in 2018 and $449 million in 2017 . Included in net earnings (loss) from discontinued operations was rent expense of $32 million in 2017 . |
Lessor, Future Lease Income | At December 31, 2019 , future fixed lease income under noncancellable operating leases is as follows: 2020 $ 68 2021 52 2022 45 2023 44 2024 36 2025 and thereafter 57 Total $ 302 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Financial Instruments | Gains (losses) recognized on derivative financial instruments were as follows: Year Ended December 31, 2019 2018 Financial Statement Account Non-designated foreign exchange contracts $ (4 ) $ 25 Other items, net |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | The following tables set forth our assets and liabilities measured at fair value on a recurring basis at December 31, 2019 and 2018 . These assets and liabilities have been categorized according to the three-level fair value hierarchy established by the FASB, which prioritizes the inputs used in measuring fair value. Level 1 is based on publicly quoted prices for the asset or liability in active markets. Level 2 is based on inputs that are observable other than quoted market prices in active markets, such as quoted prices for the asset or liability in inactive markets or quoted prices for similar assets or liabilities. Level 3 is based on unobservable inputs reflecting our own assumptions about the assumptions that market participants would use in pricing the asset or liability. At December 31, 2019 Level 1 Level 2 Level 3 Total Assets: Marketable securities $ 146 $ — $ — $ 146 Foreign currency hedges — 13 — 13 Total Assets $ 146 $ 13 $ — $ 159 Liabilities: $ — Deferred compensation $ — $ 490 $ — $ 490 Foreign currency hedges — 14 — 14 Total Liabilities $ — $ 504 $ — $ 504 At December 31, 2018 Level 1 Level 2 Level 3 Total Assets: Marketable securities $ 34 $ — $ — $ 34 Foreign currency hedges — 21 — 21 Total Assets $ 34 $ 21 $ — $ 55 Liabilities: $ — Deferred compensation $ — $ 501 $ — $ 501 Foreign currency hedges — 18 — 18 Total Liabilities $ — $ 519 $ — $ 519 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Stockholders' Equity Note [Abstract] | |
Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Income (Loss)— The following table presents the changes in the components of accumulated other comprehensive income (loss). Net Actuarial Accumulated Cumulative Loss and Other Translation Prior Available-For-Sale Comprehensive Adjustments Service Cost Securities Loss At December 31, 2016 $ (420 ) $ (1,144 ) $ — $ (1,564 ) Other comprehensive income (loss) before reclassifications 190 (201 ) 30 19 Reclassifications to net earnings 2 274 (a) — 276 Other comprehensive income 192 73 30 295 At December 31, 2017 (228 ) (1,071 ) 30 (1,269 ) Other comprehensive loss before reclassifications (248 ) (123 ) — (371 ) Reclassifications to net earnings — 62 (a) — 62 Other comprehensive loss (248 ) (61 ) — (309 ) Adoption of accounting standard — — (30 ) (30 ) At December 31, 2018 (476 ) (1,132 ) — (1,608 ) Other comprehensive income (loss) before reclassifications 13 (205 ) — (192 ) Reclassifications to net earnings — 60 (a) — 60 Other comprehensive income (loss) 13 (145 ) — (132 ) Tax effects reclassified to retained earnings — (230 ) (b) — (230 ) At December 31, 2019 $ (463 ) $ (1,507 ) $ — $ (1,970 ) (a) Reflects amortization of net actuarial losses, which, for the year ended December 31, 2017 includes the accelerated recognition of a portion of the unamortized actuarial losses as a result of pension settlements (see Note 15 ). (b) Reflects the reclassification of certain income tax effects of the Tax Reform Act on items within accumulated other comprehensive loss to retained earnings upon the adoption of new FASB guidance (see Note 1 ). |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Stock-based Compensation | The following table summarizes stock-based compensation expense for the years ended December 31, 2019, 2018 and 2017 . Year Ended December 31, 2019 2018 2017 RSUs and PSUs $ 173 $ 170 $ 181 Stock options 28 35 39 Compensation cost included in operating and SG&A expense 201 205 220 Compensation cost included in restructuring and other corporate matters (a) 90 (14 ) 12 Stock-based compensation expense, before income taxes 291 191 232 Related tax benefit (59 ) (45 ) (84 ) Stock-based compensation expense, net of tax benefit $ 232 $ 146 $ 148 (a) 2019 primarily reflects accelerations triggered by the Merger and other restructuring activities. 2018 includes forfeitures of $28 million and accelerations of $14 million related to changes in senior management and other restructuring activities. 2017 reflects accelerations related to restructuring activities. |
Rollforward of RSU Activity | The following table summarizes our RSU and PSU share activity: Weighted Average Shares Grant Date Fair Value Non-vested at December 31, 2018 8,011,104 $ 55.96 Granted 10,620,187 $ 41.71 Vested (3,374,331 ) $ 55.90 Forfeited (767,231 ) $ 53.89 Non-vested at December 31, 2019 14,489,729 $ 45.64 |
Weighted Average Assumptions for Black-Scholes Option Pricing Model | The fair value of each option grant was estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions: 2018 2017 Expected dividend yield 1.33 % 1.09 % Expected stock price volatility 29.52 % 29.89 % Risk-free interest rate 2.73 % 2.00 % Expected term of options (years) 5.00 5.00 2018 2017 Expected dividend yield 2.52 % 2.48 % Expected stock price volatility 32.60 % 29.83 % Risk-free interest rate 2.81 % 1.96 % Expected term of options (years) 5.12 4.94 |
Rollforward of Stock Option Activity | The following table summarizes our stock option activity under the Plans. Weighted Average Stock Options Exercise Price Outstanding at December 31, 2018 21,725,132 $ 65.52 Granted — $ — Exercised (605,867 ) $ 24.72 Forfeited or expired (4,827,556 ) $ 92.70 Outstanding at December 31, 2019 16,291,709 $ 58.98 Exercisable at December 31, 2019 11,458,112 $ 60.65 |
Stock Option Exercise Information | The following table summarizes other information relating to stock option exercises during the years ended December 31, 2019, 2018 and 2017 . Year Ended December 31, 2019 2018 2017 Cash received from stock option exercises $ 15 $ 29 $ 263 Tax benefit of stock option exercises $ 4 $ 4 $ 52 Intrinsic value of stock option exercises $ 15 $ 16 $ 138 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
U.S. and Foreign Components of Earnings From Continuing Operations Before Income Taxes and Equity in Loss of Investee Companies | The U.S. and foreign components of earnings from continuing operations before income taxes and equity in earnings (loss) of investee companies were as follows: Year Ended December 31, 2019 2018 2017 United States $ 2,337 $ 3,044 $ 3,006 Foreign 1,008 1,080 1,114 Total $ 3,345 $ 4,124 $ 4,120 |
Income Tax Provision Components | The components of the (benefit) provision for income taxes were as follows: Year Ended December 31, 2019 2018 2017 Current: Federal $ 389 $ 296 $ 883 State and local 167 97 93 Foreign 204 166 195 Total current 760 559 1,171 Deferred: Federal (66 ) 25 (388 ) State and local (48 ) 22 10 Foreign (655 ) 11 11 Total deferred (769 ) 58 (367 ) (Benefit) provision for income taxes $ (9 ) $ 617 $ 804 |
Reconciliation of U.S. Federal Statutory Income Tax Rate | The difference between income taxes expected at the U.S. federal statutory income tax rate (21% in 2019 and 2018 and 35% in 2017 ) and the (benefit) provision for income taxes is summarized as follows: Year Ended December 31, 2019 2018 2017 Taxes on income at U.S. federal statutory rate $ 702 $ 865 $ 1,451 State and local taxes, net of federal tax benefit 114 114 78 Effect of foreign operations (50 ) (105 ) (294 ) Reorganization of foreign operations (a) (768 ) — — Bankruptcy of an investee (39 ) — — Foreign tax credits on distribution of securities — — (279 ) Impact of tax law changes — (80 ) 8 Tax benefits from positions relating to the Tax Reform Act (b) (44 ) — — Merger related costs 41 — — Establishment (reversal) of valuation allowance (c) 1 (153 ) (25 ) Excess tax benefits from stock-based compensation 20 8 (26 ) Domestic production deduction (1 ) 24 (100 ) Tax accounting method change — (78 ) — Other, net 15 22 (9 ) (Benefit) provision for income taxes $ (9 ) $ 617 $ 804 (a) Reflects a deferred tax benefit resulting from the transfer of intangible assets between our subsidiaries in connection with a reorganization of our international operations. The related deferred tax asset is primarily expected to be realized over the next 25 years. (b) Reflects tax benefits realized in connection with the preparation of the 2018 federal tax return, based on further clarity provided by the United States government on tax positions relating to the Tax Reform Act. (c) 2018 includes the reversal of a valuation allowance of $140 million relating to capital loss carryforwards that were utilized in connection with the sale of CBS Television City in 2019. |
Components of Deferred Income Tax Assets and Liabilities | The following table summarizes the components of deferred income tax assets and liabilities. At December 31, 2019 2018 Deferred income tax assets: Reserves and other accrued liabilities $ 540 $ 566 Pension, postretirement and other employee benefits 761 741 Lease liability 531 — Tax credit and loss carryforwards 394 849 Other 85 41 Total deferred income tax assets 2,311 2,197 Valuation allowance (550 ) (841 ) Deferred income tax assets, net 1,761 1,356 Deferred income tax liabilities: Intangible assets (241 ) (1,090 ) Unbilled licensing receivables (390 ) (420 ) Lease asset (467 ) — Property, equipment and other assets (152 ) (166 ) Financing obligations (72 ) (70 ) Total deferred income tax liabilities (1,322 ) (1,746 ) Deferred income tax assets (liabilities), net $ 439 $ (390 ) |
Change in Reserve for Uncertain Tax Positions | The following table sets forth the change in the reserve for uncertain tax positions, excluding related accrued interest and penalties. At January 1, 2017 $ 268 Additions for current year tax positions 86 Additions for prior year tax positions 45 Reductions for prior year tax positions (56 ) Cash settlements (13 ) Statute of limitations lapses (30 ) At December 31, 2017 300 Additions for current year tax positions 27 Additions for prior year tax positions 204 Reductions for prior year tax positions (60 ) Cash settlements (19 ) Statute of limitations lapses (6 ) At December 31, 2018 446 Additions for current year tax positions 49 Additions for prior year tax positions 67 Reductions for prior year tax positions (26 ) Cash settlements (149 ) Statute of limitations lapses (3 ) At December 31, 2019 $ 384 |
Pension and Other Postretirem_2
Pension and Other Postretirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |
Change in Benefit Obligations | The following table sets forth the change in benefit obligation for our pension and postretirement benefit plans. Pension Benefits Postretirement Benefits 2019 2018 2019 2018 Change in benefit obligation: Benefit obligation, beginning of year $ 4,511 $ 4,877 $ 376 $ 456 Service cost 28 30 1 1 Interest cost 191 180 16 17 Actuarial loss (gain) 593 (240 ) 8 (8 ) Benefits paid (360 ) (336 ) (59 ) (106 ) Participants’ contributions — — 13 12 Retiree Medicare drug subsidy — — 5 4 Benefit obligation, end of year $ 4,963 $ 4,511 $ 360 $ 376 |
Change in Plan Assets | The following table sets forth the change in plan assets for our pension and postretirement benefit plans. Pension Benefits Postretirement Benefits 2019 2018 2019 2018 Change in plan assets: Fair value of plan assets, beginning of year $ 2,932 $ 3,412 $ 1 $ — Actual return on plan assets 530 (205 ) (1 ) — Employer contributions 74 61 41 91 Benefits paid (360 ) (336 ) (59 ) (106 ) Participants’ contributions — — 13 12 Retiree Medicare drug subsidy — — 5 4 Fair value of plan assets, end of year $ 3,176 $ 2,932 $ — $ 1 |
Funded Status and Amounts Recognized on Consolidated Balance Sheets | The funded status of pension and postretirement benefit obligations and the related amounts recognized on the Consolidated Balance Sheets were as follows: Pension Benefits Postretirement Benefits At December 31, 2019 2018 2019 2018 Funded status at end of year $ (1,787 ) $ (1,579 ) $ (360 ) $ (375 ) Amounts recognized on the Consolidated Balance Sheets: Other assets $ 5 $ 5 $ — $ — Current liabilities (69 ) (70 ) (42 ) (48 ) Noncurrent liabilities (1,723 ) (1,514 ) (318 ) (327 ) Net amounts recognized $ (1,787 ) $ (1,579 ) $ (360 ) $ (375 ) |
Amounts Recognized in Accumulated Other Comprehensive Income (Loss) | The following amounts were recognized in accumulated other comprehensive income (loss) on the Consolidated Balance Sheets. Pension Benefits Postretirement Benefits At December 31, 2019 2018 2019 2018 Net actuarial (loss) gain $ (2,153 ) $ (2,001 ) $ 147 $ 174 Net prior service cost (3 ) (5 ) (1 ) (2 ) Share of equity investee (2 ) (1 ) — — (2,158 ) (2,007 ) 146 172 Deferred income taxes (a) 563 756 (14 ) (19 ) Net amount recognized in accumulated other comprehensive income (loss) $ (1,595 ) $ (1,251 ) $ 132 $ 153 (a) The decrease in 2019 primarily reflects the reclassification of certain income tax effects of the Tax Reform Act on items within accumulated other comprehensive loss to retained earnings upon the adoption of new FASB guidance (see Note 1 ). |
Schedule of Accumulated Benefit Obligations in Excess of Plan Assets | Information for the pension plans with an accumulated benefit obligation in excess of plan assets is set forth below. At December 31, 2019 2018 Projected benefit obligation $ 4,962 $ 4,511 Accumulated benefit obligation $ 4,873 $ 4,427 Fair value of plan assets $ 3,170 $ 2,926 |
Components of Net Periodic Benefit Cost | The following tables present the components of net periodic benefit cost and amounts recognized in other comprehensive income (loss). Pension Benefits Postretirement Benefits Year Ended December 31, 2019 2018 2017 2019 2018 2017 Components of net periodic cost: Service cost $ 28 $ 30 $ 28 $ 1 $ 1 $ 1 Interest cost 191 180 219 16 17 19 Expected return on plan assets (183 ) (214 ) (230 ) — — — Amortization of actuarial losses (gains) 94 87 105 (18 ) (18 ) (22 ) Amortization of prior service cost 1 1 1 1 1 1 Settlements — — 352 — — — Net periodic cost $ 131 $ 84 $ 475 $ — $ 1 $ (1 ) |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | Pension Benefits Postretirement Benefits Year Ended December 31, 2019 2018 2017 2019 2018 2017 Other comprehensive income (loss): -200 45 Actuarial (loss) gain $ (246 ) $ (179 ) $ (269 ) $ (9 ) $ 8 $ (20 ) Amortization of actuarial losses (gains) (a) 94 87 105 (18 ) (18 ) (22 ) Amortization of prior service cost (a) 1 1 1 1 1 1 Settlements (a) — — 352 — — — (151 ) (91 ) 189 (26 ) (9 ) (41 ) Deferred income taxes 37 25 (94 ) 5 2 13 Recognized in other comprehensive income (loss), net of tax $ (114 ) $ (66 ) $ 95 $ (21 ) $ (7 ) $ (28 ) (a) Reflects amounts reclassified from accumulated other comprehensive income (loss) to net earnings. |
Weighted Average Assumptions Used to Determine Benefit Obligations and Net Periodic Costs | Pension Benefits Postretirement Benefits 2019 2018 2017 2019 2018 2017 Weighted average assumptions used to determine benefit obligations at December 31: Discount rate 3.5 % 4.5 % 3.9 % 3.3 % 4.4 % 3.9 % Rate of compensation increase 3.0 % 3.0 % 3.0 % N/A N/A N/A Weighted average assumptions used to determine net periodic costs for the year ended December 31: Discount rate 4.5 % 3.8 % 4.2 % 4.4 % 3.9 % 4.1 % Expected long-term return on plan assets 6.6 % 6.6 % 6.6 % N/A N/A 2.0 % Rate of compensation increase 3.0 % 3.0 % 3.0 % N/A N/A N/A N/A - not applicable |
Assumptions Regarding Heath Care Cost Trend Rates for Postretirement Benefits | The following additional assumptions were used in accounting for postretirement benefits. CBS Viacom 2019 2018 2019 2018 Projected health care cost trend rate (pre-65) 7.0 % 6.6 % 6.3 % 6.7 % Projected health care cost trend rate (post-65) 7.0 % 6.6 % 5.7 % 5.9 % Ultimate trend rate 5.0 % 5.0 % 4.5 % 4.5 % Year ultimate trend rate is achieved 2025 2023 2026 2026 |
Impact of One Percentage Point Change in Assumed Health Care Trend Rates | A one percentage point change in assumed health care cost trend rates would have the following effects: One Percentage One Percentage Point Increase Point Decrease Effect on total service and interest cost components $ — $ — Effect on the accumulated postretirement benefit obligation $ 5 $ (5 ) |
Fair Value of Pension Plan Assets | The following tables set forth our pension plan assets measured at fair value on a recurring basis at December 31, 2019 and 2018 . These assets have been categorized according to the three-level fair value hierarchy established by the FASB which prioritizes the inputs used in measuring fair value. Level 1 is based on quoted prices for the asset in active markets. Level 2 is based on inputs that are observable other than quoted market prices in active markets, such as quoted prices for the asset in inactive markets or quoted prices for similar assets. Level 3 is based on unobservable inputs that market participants would use in pricing the asset. At December 31, 2019 Level 1 Level 2 Level 3 Total Cash and cash equivalents (a) $ 1 $ 34 $ — $ 35 Fixed income securities: U.S. treasury securities 83 — — 83 Government-related securities — 171 — 171 Corporate bonds (b) — 1,562 — 1,562 Mortgage-backed and asset-backed securities — 98 — 98 Equity securities: U.S. large capitalization 113 — — 113 U.S. small capitalization 40 — — 40 Other — 25 — 25 Total assets in fair value hierarchy $ 237 $ 1,890 $ — $ 2,127 Common collective funds measured at net asset value (c) (d) 978 Limited partnerships measured at net asset value (c) 23 Mutual funds measured at net asset value (c) 48 Investments, at fair value $ 3,176 At December 31, 2018 Level 1 Level 2 Level 3 Total Cash and cash equivalents (a) $ 4 $ 7 $ — $ 11 Fixed income securities: U.S. treasury securities 85 31 — 116 Government-related securities — 169 — 169 Corporate bonds (b) — 1,529 — 1,529 Mortgage-backed and asset-backed securities — 120 — 120 Equity securities: U.S. large capitalization 150 — — 150 U.S. small capitalization 35 — — 35 Other 1 18 — 19 Total assets in fair value hierarchy $ 275 $ 1,874 $ — $ 2,149 Common collective funds measured at net asset value (c) (d) 688 Limited partnerships measured at net asset value (c) 63 Mutual funds measured at net asset value (c) 32 Investments, at fair value $ 2,932 (a) Assets categorized as Level 2 reflect investments in money market funds. (b) Securities of diverse sectors and industries, substantially all investment grade. (c) In accordance with FASB guidance investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been classified in the fair value hierarchy. (d) Underlying investments consist mainly of U.S. large capitalization and international equity securities. |
Estimated Future Benefit Payments | Estimated future benefit payments are as follows: 2020 2021 2022 2023 2024 2025-2029 Pension $ 357 $ 304 $ 305 $ 307 $ 304 $ 1,487 Postretirement $ 48 $ 45 $ 42 $ 40 $ 37 $ 144 Retiree Medicare drug subsidy $ 5 $ 5 $ 5 $ 5 $ 4 $ 20 |
Participation in Multi-employer Defined Benefit Pension Plan | The table below presents information concerning our participation in multiemployer defined benefit pension plans. Employer Identification Number/Pension Plan Number Pension Protection Act Company Contributions Expiration Date of Collective Bargaining Agreement Zone Status (a) Pension Plan 2019 2018 2019 2018 2017 AFTRA Retirement Plan (b) 13-6414972-001 Green Green $ 12 $ 11 $ 12 (c) Directors Guild of America - Producer (d) 95-2892780-001 Green Green 19 15 15 6/30/2020 Producer-Writers Guild of America 95-2216351-001 Green Green 26 25 22 5/1/2020 Screen Actors Guild - Producers 95-2110997-001 Green Green 43 36 29 6/30/2020 Motion Picture Industry 95-1810805-001 Green Green 43 42 40 (e) I.A.T.S.E. Local No. 33 Pension Trust Fund (f) 95-6377503-001 Green Green 5 10 9 12/31/2019 Other Plans 16 12 10 Total contributions $ 164 $ 151 $ 137 (a) The Zone status for each individual plan listed was certified by each plan’s actuary as of the beginning of the plan years for 2019 and 2018 . The plan year is the twelve months ending December 31 for each plan listed above except AFTRA Retirement Plan which has a plan year ending November 30. (b) The Company was listed in AFTRA Retirement Plan’s Form 5500 as providing more than 5% of total contributions for the plan year ended November 30, 2018. (c) The expiration dates range from June 30, 2020 through June 30, 2021 . (d) The Company was listed in Directors Guild of America - Producer Pension Plan’s Form 5500 as providing more than 5% of total contributions for the plan year ended December 2018. (e) The expiration dates range from May 15, 2021 through March 2, 2022 . (f) The Company was listed in I.A.T.S.E. Local No. 33 Pension Trust Fund’s Form 5500 as providing more than 5% of total contributions for the plan year ended December 31, 2018. |
Redeemable Noncontrolling Int_2
Redeemable Noncontrolling Interest (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Noncontrolling Interest [Abstract] | |
Redeemable Noncontrolling Interest | The activity reflected within redeemable noncontrolling interest for the years ended December 31, 2019, 2018 and 2017 is presented below. Year Ended December 31, 2019 2018 2017 Beginning balance $ 239 $ 249 $ 200 Net earnings 14 18 17 Distributions (16 ) (15 ) (16 ) Translation adjustment 8 (14 ) 21 Redemption value adjustment 9 1 27 Ending balance $ 254 $ 239 $ 249 |
Segment and Revenue Informati_2
Segment and Revenue Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Revenues by Segment | The following tables set forth our financial performance by reportable segment. Our operating segments, which are the same as our reportable segments, have been determined in accordance with our internal management structure, which is organized based upon products and services. Year Ended December 31, 2019 2018 2017 Revenues: Advertising $ 6,008 $ 5,751 $ 5,696 Affiliate 2,550 2,082 1,674 Content licensing 3,157 3,006 2,880 Other 209 222 226 TV Entertainment 11,924 11,061 10,476 Advertising 5,129 5,130 4,947 Affiliate 6,052 6,294 6,479 Content licensing 1,268 1,259 1,053 Cable Networks 12,449 12,683 12,479 Theatrical 547 744 716 Home Entertainment 623 617 789 Licensing 1,709 1,493 1,468 Other 111 102 102 Filmed Entertainment 2,990 2,956 3,075 Publishing 814 825 830 Corporate/Eliminations (365 ) (275 ) (325 ) Total Revenues $ 27,812 $ 27,250 $ 26,535 |
Intercompany Revenues by Segment | Year Ended December 31, 2019 2018 2017 Intercompany Revenues: TV Entertainment $ 226 $ 164 $ 189 Cable Networks 53 47 70 Filmed Entertainment 117 95 89 Total Intercompany Revenues $ 396 $ 306 $ 348 |
Operating Income (Loss) by Segment | Year Ended December 31, 2019 2018 2017 Adjusted OIBDA: TV Entertainment $ 2,443 $ 2,466 $ 2,301 Cable Networks 3,515 4,341 4,442 Filmed Entertainment 80 (33 ) (187 ) Publishing 143 153 146 Corporate/Eliminations (449 ) (433 ) (442 ) Stock-based compensation (201 ) (205 ) (220 ) Depreciation and amortization (443 ) (433 ) (443 ) Restructuring and other corporate matters (775 ) (490 ) (258 ) Programming charges (589 ) (162 ) (144 ) Gain on sale of assets 549 — 146 Operating income 4,273 5,204 5,341 Interest expense (962 ) (1,030 ) (1,088 ) Interest income 66 79 87 Gain (loss) on marketable securities 113 (23 ) — Gain (loss) on early extinguishment of debt — 18 (38 ) Gain on sale of EPIX — — 285 Pension settlement charge — — (352 ) Other items, net (145 ) (124 ) (115 ) Earnings from continuing operations before income taxes and equity in earnings (loss) of investee companies 3,345 4,124 4,120 Benefit (provision) for income taxes 9 (617 ) (804 ) Equity in earnings (loss) of investee companies, net of tax (53 ) (47 ) 4 Net earnings from continuing operations 3,301 3,460 3,320 Net earnings (loss) from discontinued operations, net of tax 38 32 (947 ) Net earnings (ViacomCBS and noncontrolling interests) 3,339 3,492 2,373 Net earnings attributable to noncontrolling interests (31 ) (37 ) (52 ) Net earnings attributable to ViacomCBS $ 3,308 $ 3,455 $ 2,321 Year Ended December 31, 2019 2018 2017 Depreciation and Amortization: TV Entertainment $ 150 $ 160 $ 163 Cable Networks 219 194 193 Filmed Entertainment 37 38 42 Publishing 5 6 6 Corporate 32 35 39 Total Depreciation and Amortization $ 443 $ 433 $ 443 |
Depreciation and Amortization and Capital Expenditures | Year Ended December 31, 2019 2018 2017 Depreciation and Amortization: TV Entertainment $ 150 $ 160 $ 163 Cable Networks 219 194 193 Filmed Entertainment 37 38 42 Publishing 5 6 6 Corporate 32 35 39 Total Depreciation and Amortization $ 443 $ 433 $ 443 Year Ended December 31, 2019 2018 2017 Capital Expenditures: TV Entertainment $ 113 $ 112 $ 134 Cable Networks 166 156 156 Filmed Entertainment 43 52 27 Publishing 8 7 5 Corporate 23 25 34 Total Capital Expenditures $ 353 $ 352 $ 356 |
Assets by Segment | At December 31, 2019 2018 Assets: TV Entertainment (a) $ 19,689 $ 17,378 Cable Networks (b) 22,109 20,334 Filmed Entertainment 5,477 5,393 Publishing 1,262 1,054 Corporate/Eliminations 967 326 Discontinued Operations 15 12 Total Assets $ 49,519 $ 44,497 (a) Includes assets held for sale of $33 million at December 31, 2018 . (b) Includes assets held for sale of $23 million at December 31, 2019 and 2018 . |
Disaggregation of Revenue | The following table presents our revenues disaggregated into categories based on the nature of such revenues. Year Ended December 31, 2019 2018 2017 Revenues by Type: Advertising $ 11,074 $ 10,841 $ 10,582 Affiliate 8,602 8,376 8,153 Content licensing 6,483 6,163 5,947 Theatrical 547 744 716 Publishing 814 825 830 Other 292 301 307 Total Revenues $ 27,812 $ 27,250 $ 26,535 |
Revenues by Customer Location | Year Ended December 31, 2019 2018 2017 Revenues: (a) United States $ 22,160 $ 21,160 $ 20,652 International 5,652 6,090 5,883 Total Revenues $ 27,812 $ 27,250 $ 26,535 (a) Revenue classifications are based on customers’ locations. |
Long-lived Assets by Geographic Area | At December 31, 2019 2018 Long-lived Assets: (a) United States $ 12,417 $ 9,322 International 498 300 Total Long-lived Assets $ 12,915 $ 9,622 (a) Reflects total assets less current assets, investments, goodwill, intangible assets, noncurrent receivables and noncurrent deferred tax assets. |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Discontinued Operations | The following table sets forth details of net earnings (loss) from discontinued operations for the year ended December 31, 2017 . Net earnings from discontinued operations for the years ended December 31, 2019 and 2018 were not material to our consolidated financial statements. Year Ended December 31, 2017 CBS Radio Other Total Revenues $ 1,018 $ — $ 1,018 Costs and expenses: Operating 364 — 364 Selling, general and administrative 444 (8 ) 436 Market value adjustment 980 (a) — 980 Restructuring charges 7 — 7 Total costs and expenses 1,795 (8 ) 1,787 Operating income (loss) (777 ) 8 (769 ) Interest expense (70 ) — (70 ) Other items, net (2 ) — (2 ) Earnings (loss) from discontinued operations (849 ) 8 (841 ) Income tax benefit (provision) (55 ) 43 (b) (12 ) Earnings (loss) from discontinued operations, net of tax (904 ) 51 (853 ) Net gain (loss) on disposal (109 ) 13 (96 ) Income tax benefit (provision) 4 (2 ) 2 Net gain (loss) on disposal, net of tax (105 ) 11 (c) (94 ) Net earnings (loss) from discontinued operations, net of tax $ (1,009 ) $ 62 $ (947 ) (a) During 2017, prior to the split-off, CBS Radio was measured each reporting period at the lower of its carrying amount or fair value less cost to sell. The value of the transaction with Entercom was determined based on Entercom’s stock price at the closing of the transaction and therefore, we recorded a market value adjustment of $980 million in 2017 to adjust the carrying value of CBS Radio to the value indicated by the stock valuation of Entercom. (b) Primarily reflects a tax benefit from the resolution of a tax matter in a foreign jurisdiction relating to a previously disposed business that was accounted for as a discontinued operation. (c) Reflects adjustments to the loss on disposal of our outdoor advertising businesses, primarily from a decrease to the guarantee liability associated with the 2013 disposal of our outdoor advertising business in Europe. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments | At December 31, 2019 , commitments for programming and talent and purchase obligations not recorded on the balance sheet, and other long-term contractual obligations recorded on the balance sheet were payable as follows: Payments Due by Period 2025 and Total 2020 2021 2022 2023 2024 Thereafter Off-Balance Sheet Arrangements Programming and talent commitments $ 10,355 $ 3,003 $ 2,980 $ 2,370 $ 744 $ 415 $ 843 Purchase obligations $ 1,517 $ 609 $ 558 $ 186 $ 45 $ 37 $ 82 On-Balance Sheet Arrangements Other long-term contractual obligations $ 2,076 $ — $ 988 $ 491 $ 232 $ 180 $ 185 |
Supplemental Financial Inform_2
Supplemental Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Additional Financial Information Disclosure [Abstract] | |
Components of Other Items, Net | The following table presents the components of Other items, net on the Consolidated Statements of Operations. Year Ended December 31, 2019 2018 2017 Pension and postretirement benefit costs $ (105 ) $ (68 ) $ (96 ) Foreign exchange losses (17 ) (18 ) (20 ) Impairment of investments (50 ) (46 ) (18 ) Gains from investments 22 16 — Other 5 (8 ) 19 Other items, net $ (145 ) $ (124 ) $ (115 ) |
Supplemental Cash Flow Information | Year Ended December 31, 2019 2018 2017 Cash paid for interest: Continuing operations $ 922 $ 1,012 $ 1,056 Discontinued operations — — 70 Total $ 922 $ 1,012 $ 1,126 Year Ended December 31, 2019 2018 2017 Cash paid (refunded) for income taxes: Continuing operations $ 598 $ 161 $ 827 Discontinued operations — (4 ) 26 Total $ 598 $ 157 $ 853 In addition, during 2017 we received shares with a total value of $1.01 billion upon the split-off of CBS Radio in a noncash disposition (see Note 18). |
Quarterly Financial Data (Una_2
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data (Unaudited) | First Second Third Fourth 2019 (a) (b) Quarter (c) Quarter Quarter Quarter (d) Total Year Revenues $ 7,100 $ 7,143 $ 6,698 $ 6,871 $ 27,812 Operating income (loss) $ 1,804 $ 1,446 $ 1,036 $ (13 ) $ 4,273 Net earnings (loss) from continuing operations (ViacomCBS and noncontrolling interests) $ 1,951 $ 977 $ 642 $ (269 ) $ 3,301 Net earnings (loss) (ViacomCBS and noncontrolling interests) $ 1,964 $ 983 $ 646 $ (254 ) $ 3,339 Net earnings (loss) from continuing operations attributable to ViacomCBS $ 1,946 $ 971 $ 626 $ (273 ) $ 3,270 Net earnings (loss) attributable to ViacomCBS $ 1,959 $ 977 $ 630 $ (258 ) $ 3,308 Basic net earnings (loss) per common share: Net earnings (loss) from continuing operations attributable to ViacomCBS $ 3.17 $ 1.58 $ 1.02 $ (.44 ) $ 5.32 Net earnings (loss) attributable to ViacomCBS $ 3.20 $ 1.59 $ 1.02 $ (.42 ) $ 5.38 Diluted net earnings (loss) per common share: Net earnings (loss) from continuing operations attributable to ViacomCBS $ 3.15 $ 1.57 $ 1.01 $ (.44 ) $ 5.30 Net earnings (loss) attributable to ViacomCBS $ 3.18 $ 1.58 $ 1.02 $ (.42 ) $ 5.36 Weighted average number of common shares outstanding: Basic 613 615 615 615 615 Diluted 617 617 617 615 617 (a) On December 4, 2019, Viacom merged with and into CBS, with CBS continuing as the surviving company. At the effective time of the Merger, the combined company changed its name to ViacomCBS Inc. The Merger has been accounted for as a transaction between entities under common control and therefore, the net assets of Viacom were combined with those of CBS at their historical carrying amounts and the companies have been presented on a combined basis for all periods presented. (b) Includes costs for restructuring and other corporate matters of $178 million in the first quarter, $7 million in the second quarter, $122 million in the third quarter and $468 million in the fourth quarter. (c) The first quarter includes a gain of $549 million ( $386 million , net of tax) on the sale of CBS Television City and a discrete tax benefit of $768 million resulting from the transfer of intangible assets between our subsidiaries in connection with a reorganization of our international operations. (d) The fourth quarter includes programming charges of $589 million . First Second Third Fourth 2018 (a) (b) Quarter Quarter Quarter Quarter (c) Total Year Revenues $ 6,825 $ 6,703 $ 6,630 $ 7,092 $ 27,250 Operating income $ 1,190 $ 1,448 $ 1,307 $ 1,259 $ 5,204 Net earnings from continuing operations (ViacomCBS and noncontrolling interests) $ 726 $ 946 $ 891 $ 897 $ 3,460 Net earnings (ViacomCBS and noncontrolling interests) $ 736 $ 957 $ 899 $ 900 $ 3,492 Net earnings from continuing operations attributable to ViacomCBS $ 718 $ 943 $ 878 $ 884 $ 3,423 Net earnings attributable to ViacomCBS $ 728 $ 954 $ 886 $ 887 $ 3,455 Basic net earnings per common share: Net earnings from continuing operations attributable to ViacomCBS $ 1.15 $ 1.53 $ 1.43 $ 1.44 $ 5.55 Net earnings attributable to ViacomCBS $ 1.17 $ 1.54 $ 1.44 $ 1.44 $ 5.60 Diluted net earnings per common share: Net earnings from continuing operations attributable to ViacomCBS $ 1.15 $ 1.52 $ 1.42 $ 1.43 $ 5.51 Net earnings attributable to ViacomCBS $ 1.16 $ 1.54 $ 1.43 $ 1.44 $ 5.56 Weighted average number of common shares outstanding: Basic 622 618 615 614 617 Diluted 626 621 619 618 621 (a) On December 4, 2019, Viacom merged with and into CBS, with CBS continuing as the surviving company. At the effective time of the Merger, the combined company changed its name to ViacomCBS Inc. The Merger has been accounted for as a transaction between entities under common control and therefore, the net assets of Viacom were combined with those of CBS at their historical carrying amounts and the companies have been presented on a combined basis for all periods presented. (b) Includes costs for restructuring and other corporate matters of $194 million in the first quarter, $50 million in the second quarter, $70 million in the third quarter and $176 million in the fourth quarter. (c) The fourth quarter includes programming charges of $162 million and the reversal of a valuation allowance of $140 million relating to capital loss carryforwards that were utilized in connection with the sale of CBS Television City in 2019. |
Basis of Presentation and Sum_4
Basis of Presentation and Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 04, 2019 | Jan. 01, 2018 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Film development costs, expense period | 3 years | ||||
Cash and Cash Equivalents | |||||
Restricted cash | $ 202 | $ 120 | |||
Revenues | |||||
Allowance for doubtful accounts | 86 | 86 | |||
Provision for doubtful accounts | 26 | 26 | $ 31 | ||
Deferred revenue | 910 | 745 | |||
Revenue recognized | 501 | 560 | |||
Performance obligation satisfied | $ 235 | 172 | |||
New Accounting Pronouncement or Change in Accounting Principle, Retrospective Adjustments [Abstract] | |||||
Adoption of accounting standards | $ (179) | ||||
Leases | |||||
Renewal options to extend term | 5 years | ||||
Advertising | |||||
Advertising expense | $ 1,700 | $ 1,410 | $ 1,580 | ||
Stock Options and RSUs [Member] | |||||
Net Earnings (Loss) per Common Share | |||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 19,000,000 | 19,000,000 | 14,000,000 | ||
Retained Earnings [Member] | |||||
New Accounting Pronouncement or Change in Accounting Principle, Retrospective Adjustments [Abstract] | |||||
Adoption of accounting standards | (149) | ||||
Retained Earnings [Member] | ASU 2014-09 [Member] | |||||
New Accounting Pronouncement or Change in Accounting Principle, Retrospective Adjustments [Abstract] | |||||
Adoption of accounting standards | $ 350 | ||||
Minimum [Member] | |||||
Goodwill and Intangible Assets | |||||
Finite-lived intangible asset useful life | 4 years | ||||
Leases | |||||
Remaining term | 1 year | ||||
Maximum [Member] | |||||
Goodwill and Intangible Assets | |||||
Finite-lived intangible asset useful life | 40 years | ||||
Leases | |||||
Remaining term | 17 years | ||||
Feature Film [Member] | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Period revenue is earned | 10 years | ||||
Film Libraries [Member] | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Period revenue is earned | 20 years | ||||
Television Licensing [Member] | Minimum [Member] | |||||
Revenues | |||||
Collection term | 1 year | ||||
Television Licensing [Member] | Maximum [Member] | |||||
Revenues | |||||
Collection term | 5 years | ||||
Other Current Liabilities [Member] | |||||
Revenues | |||||
Reserves for sales returns and allowances | $ 153 | $ 186 | |||
Other Assets [Member] | |||||
Revenues | |||||
Noncurrent receivables | $ 2,110 | $ 1,840 | |||
Viacom Inc [Member] | Common Class B [Member] | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Share conversion ratio | 0.59625 |
Basis of Presentation and Sum_5
Basis of Presentation and Summary of Significant Accounting Policies (Change in Reporting Entity) (Details) - Viacom Inc [Member] - USD ($) $ / shares in Units, $ in Millions | 11 Months Ended | 12 Months Ended | |
Dec. 04, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Name Change Event [Line Items] | |||
Net earnings (loss) from continuing operations attributable to ViacomCBS | $ 1,353 | $ 1,463 | $ 1,959 |
Basic net earnings from continuing operations (in dollars per share) | $ 0.44 | $ 0.35 | $ 1.85 |
Basic net earnings from continuing operations (in dollars per share) | $ 0.45 | $ 0.37 | $ 1.83 |
Other comprehensive income (loss) | $ (148) | $ (202) | $ 190 |
Basis of Presentation and Sum_6
Basis of Presentation and Summary of Significant Accounting Policies (Property and Equipment) (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Buildings and building improvements [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment estimated useful life | 10 years |
Buildings and building improvements [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment estimated useful life | 40 years |
Leasehold Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Leasehold improvement estimated useful life | Shorter of lease term or useful life |
Equipment and other (including capital leases) [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment estimated useful life | 3 years |
Equipment and other (including capital leases) [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment estimated useful life | 20 years |
Basis of Presentation and Sum_7
Basis of Presentation and Summary of Significant Accounting Policies (Unrecognized Revenues Under Contract) (Details) $ in Millions | Dec. 31, 2019USD ($) |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Unrecognized revenue | $ 7,720 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Unrecognized revenue | $ 4,270 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Expected timing of satisfaction period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Unrecognized revenue | $ 1,930 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Expected timing of satisfaction period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Unrecognized revenue | $ 1,040 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Expected timing of satisfaction period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Unrecognized revenue | $ 478 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Expected timing of satisfaction period |
Basis of Presentation and Sum_8
Basis of Presentation and Summary of Significant Accounting Policies (Net Earnings (Loss) per Common Share) (Details) - shares shares in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||
Weighted average shares for basic EPS | 615 | 615 | 615 | 613 | 614 | 615 | 618 | 622 | 615 | 617 | 640 |
Dilutive effect of shares issuable under stock-based compensation plans | 2 | 4 | 7 | ||||||||
Weighted average shares for diluted EPS | 615 | 617 | 617 | 617 | 618 | 619 | 621 | 626 | 617 | 621 | 647 |
Basis of Presentation and Sum_9
Basis of Presentation and Summary of Significant Accounting Policies (Recently Adopted Accounting Pronouncements Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Reclassification of income tax effect of the Tax Reform Act | $ 230 | $ 230 |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment [Line Items] | ||||
Finance leases | $ 195 | $ 335 | ||
Total property and equipment, gross | 5,993 | 5,915 | ||
Less accumulated depreciation and amortization | 3,908 | 3,836 | ||
Net property and equipment | 2,085 | 2,079 | ||
Finance lease accumulated depreciation and amortization | 160 | 279 | ||
Depreciation expense, including amortization of finance leases | 366 | 382 | $ 395 | |
Amortization of right-of-use assets | $ 23 | |||
Amortization of right-of-use assets, prior to adoption | 28 | 32 | ||
Gain On Sale Of Assets [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Gain on sale of property and sound stage operation | $ 19 | |||
CBS Television City [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Sale of property and sound stage | $ 750 | |||
Guaranteed cash flow period | 5 years | 5 years | ||
Gain on sale of property and sound stage operation | $ 549 | $ 549 | ||
Gain on sale of property and sound stage operation, net | $ 386 | 386 | ||
Land [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property and equipment, gross | 439 | 439 | ||
Building [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property and equipment, gross | 1,263 | 1,242 | ||
Equipment and other [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property and equipment, gross | $ 4,096 | $ 3,899 |
Programming and Other Invento_3
Programming and Other Inventory (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Inventory Disclosure [Abstract] | |||||
Acquired television program rights | $ 3,477 | $ 3,655 | $ 3,477 | $ 3,655 | |
Acquired television library | 99 | 99 | 99 | 99 | |
Internally produced television programming: | |||||
Released | 3,627 | 2,986 | 3,627 | 2,986 | |
In process and other | 2,626 | 1,917 | 2,626 | 1,917 | |
Film inventory: | |||||
Released | 502 | 619 | 502 | 619 | |
Completed, not yet released | 55 | 31 | 55 | 31 | |
In process and other | 1,037 | 674 | 1,037 | 674 | |
Home entertainment and Publishing (primarily finished goods) | 105 | 102 | 105 | 102 | |
Total programming and other inventory | 11,528 | 10,083 | 11,528 | 10,083 | |
Less current portion | 2,876 | 2,785 | 2,876 | 2,785 | |
Programming and other inventory | 8,652 | 7,298 | 8,652 | 7,298 | |
Internally produced programming to be amortized in next fiscal year | 2,950 | ||||
Inventory [Line Items] | |||||
Programming charges | $ 589 | $ 162 | $ 589 | $ 162 | $ 144 |
Film Inventory [Member] | |||||
Inventory [Line Items] | |||||
Amortization percent | 85.00% | 85.00% |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets (Narrative) (Details) $ in Millions | 3 Months Ended | 12 Months Ended |
Dec. 31, 2019USD ($) | Dec. 31, 2019reportingunitmarket | |
Impairment Testing Assumptions [Line Items] | ||
Number of reporting units | 6 | |
Pre-merger number of reporting units | 10 | |
Impairment charge | $ | $ 20 | |
FCC Licenses Impairment Test Television Stations [Member] | ||
Impairment Testing Assumptions [Line Items] | ||
Number of markets with book value of FCC licenses | market | 14 | |
International Broadcast License Impairment Test [Member] | ||
Impairment Testing Assumptions [Line Items] | ||
Perpetual nominal growth rate | 0.50% | 0.50% |
International Broadcast License Impairment Test [Member] | Discount Rate [Member] | ||
Impairment Testing Assumptions [Line Items] | ||
Discount rate | 0.11 | 0.11 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets (Goodwill) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill | ||
Goodwill, beginning balance | $ 29,880 | $ 29,905 |
Accumulated impairment losses, beginning balance | (13,354) | (13,354) |
Goodwill, net of impairment, beginning balance | 16,526 | 16,551 |
Acquisitions/(Dispositions) | 448 | 91 |
Accumulated impairment losses, Acquisitions | 0 | 0 |
Goodwill, net of impairment, Acquisitions | 448 | 91 |
Currency | 6 | (116) |
Accumulated impairment losses, Dispositions | 0 | 0 |
Goodwill, net of impairment, Dispositions | 6 | (116) |
Goodwill, ending balance | 30,334 | 29,880 |
Accumulated impairment losses, ending balance | (13,354) | (13,354) |
Goodwill, net of impairment, ending balance | 16,980 | 16,526 |
Operating Segments [Member] | TV Entertainment [Member] | ||
Goodwill | ||
Goodwill, beginning balance | 17,618 | 17,591 |
Accumulated impairment losses, beginning balance | (13,354) | (13,354) |
Goodwill, net of impairment, beginning balance | 4,264 | 4,237 |
Acquisitions/(Dispositions) | (3) | 27 |
Accumulated impairment losses, Acquisitions | 0 | 0 |
Goodwill, net of impairment, Acquisitions | (3) | 27 |
Currency | 0 | 0 |
Accumulated impairment losses, Dispositions | 0 | 0 |
Goodwill, net of impairment, Dispositions | 0 | 0 |
Goodwill, ending balance | 17,615 | 17,618 |
Accumulated impairment losses, ending balance | (13,354) | (13,354) |
Goodwill, net of impairment, ending balance | 4,261 | 4,264 |
Operating Segments [Member] | Cable Networks [Member] | ||
Goodwill | ||
Goodwill, beginning balance | 10,234 | 10,286 |
Accumulated impairment losses, beginning balance | 0 | 0 |
Goodwill, net of impairment, beginning balance | 10,234 | 10,286 |
Acquisitions/(Dispositions) | 451 | 64 |
Accumulated impairment losses, Acquisitions | 0 | 0 |
Goodwill, net of impairment, Acquisitions | 451 | 64 |
Currency | 6 | (116) |
Accumulated impairment losses, Dispositions | 0 | 0 |
Goodwill, net of impairment, Dispositions | 6 | (116) |
Goodwill, ending balance | 10,691 | 10,234 |
Accumulated impairment losses, ending balance | 0 | 0 |
Goodwill, net of impairment, ending balance | 10,691 | 10,234 |
Operating Segments [Member] | Filmed Entertainment [Member] | ||
Goodwill | ||
Goodwill, beginning balance | 1,593 | 1,593 |
Accumulated impairment losses, beginning balance | 0 | 0 |
Goodwill, net of impairment, beginning balance | 1,593 | 1,593 |
Acquisitions/(Dispositions) | 0 | 0 |
Accumulated impairment losses, Acquisitions | 0 | 0 |
Goodwill, net of impairment, Acquisitions | 0 | 0 |
Currency | 0 | 0 |
Accumulated impairment losses, Dispositions | 0 | 0 |
Goodwill, net of impairment, Dispositions | 0 | 0 |
Goodwill, ending balance | 1,593 | 1,593 |
Accumulated impairment losses, ending balance | 0 | 0 |
Goodwill, net of impairment, ending balance | 1,593 | 1,593 |
Operating Segments [Member] | Publishing [Member] | ||
Goodwill | ||
Goodwill, beginning balance | 435 | 435 |
Accumulated impairment losses, beginning balance | 0 | 0 |
Goodwill, net of impairment, beginning balance | 435 | 435 |
Acquisitions/(Dispositions) | 0 | |
Accumulated impairment losses, Acquisitions | 0 | 0 |
Goodwill, net of impairment, Acquisitions | 0 | 0 |
Currency | 0 | 0 |
Accumulated impairment losses, Dispositions | 0 | 0 |
Goodwill, net of impairment, Dispositions | 0 | 0 |
Goodwill, ending balance | 435 | 435 |
Accumulated impairment losses, ending balance | 0 | 0 |
Goodwill, net of impairment, ending balance | $ 435 | $ 435 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets (Intangible Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross | $ 945 | $ 816 |
Accumulated amortization | (452) | (393) |
Net | 493 | 423 |
Total intangible assets, gross | 3,445 | 3,336 |
Total intangible assets | 2,993 | 2,943 |
FCC licenses [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Indefinite-lived intangible assets | 2,441 | 2,441 |
International broadcast licenses [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Indefinite-lived intangible assets | 25 | 45 |
Other intangible assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Indefinite-lived intangible assets | 34 | 34 |
Trade names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 404 | 384 |
Accumulated amortization | (171) | (148) |
Net | 233 | 236 |
Licenses [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 159 | 145 |
Accumulated amortization | (38) | (29) |
Net | 121 | 116 |
Customer agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 119 | 92 |
Accumulated amortization | (92) | (88) |
Net | 27 | 4 |
Other intangible assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 263 | 195 |
Accumulated amortization | (151) | (128) |
Net | $ 112 | $ 67 |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets (Amortization Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization expense (a) | $ 77 | $ 51 | $ 48 |
Goodwill and Other Intangible_7
Goodwill and Other Intangible Assets (Future Amortization Expense) (Details) $ in Millions | Dec. 31, 2019USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2020 | $ 64 |
2021 | 55 |
2022 | 52 |
2023 | 47 |
2024 | $ 39 |
Restructuring, Programming Ch_3
Restructuring, Programming Charges and Other Corporate Matters (Restructuring and Other Corporate Matters) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring charges | $ 424 | $ 310 | $ 258 | ||||||||
Restructuring-related costs | 0 | 52 | 0 | ||||||||
Merger-related costs | 294 | 0 | 0 | ||||||||
Other corporate matters | 57 | 128 | 0 | ||||||||
Restructuring and other corporate matters | $ 468 | $ 122 | $ 7 | $ 178 | $ 176 | $ 70 | $ 50 | $ 194 | 775 | 490 | 258 |
Programming charges | $ 589 | $ 162 | 589 | 162 | 144 | ||||||
Severance [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring charges | 401 | 235 | 224 | ||||||||
Exit costs and other [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring charges | 23 | 75 | 12 | ||||||||
Asset impairment [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring charges | $ 0 | $ 0 | $ 22 |
Restructuring, Programming Ch_4
Restructuring, Programming Charges and Other Corporate Matters (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges | $ 424 | $ 310 | $ 258 | ||
Payments for restructuring | 234 | 219 | |||
Other corporate matters | 57 | 128 | 0 | ||
Merger-related costs | 294 | 0 | 0 | ||
Settlement of commercial dispute | 40 | ||||
Legal proceedings | 17 | ||||
Programming charges | $ 589 | $ 162 | 589 | 162 | 144 |
Restructuring-related costs | 0 | 52 | 0 | ||
Severance costs [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges | 401 | 235 | 224 | ||
Contract termination and other related costs [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges | $ 23 | $ 75 | $ 12 |
Restructuring, Programming Ch_5
Restructuring, Programming Charges and Other Corporate Matters (Rollforward) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Restructuring Reserve [Roll Forward] | |||
Restructuring reserve, beginning balance | $ 286 | $ 213 | |
Charges | 424 | 310 | $ 258 |
Payments | (234) | (219) | |
Other | (9) | (10) | |
Restructuring reserve, ending balance | 400 | 286 | 213 |
Restructuring Charges Excluding Stock-Based Compensation [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Charges | 357 | 302 | |
Stock-Based Compensation Expense [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Charges | 67 | 8 | |
Operating Segments [Member] | TV Entertainment [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring reserve, beginning balance | 54 | 50 | |
Payments | (82) | (40) | |
Other | (1) | (1) | |
Restructuring reserve, ending balance | 64 | 54 | 50 |
Operating Segments [Member] | TV Entertainment [Member] | Restructuring Charges Excluding Stock-Based Compensation [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Charges | 93 | 45 | |
Operating Segments [Member] | Cable Networks [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring reserve, beginning balance | 151 | 91 | |
Payments | (104) | (117) | |
Other | (7) | (8) | |
Restructuring reserve, ending balance | 133 | 151 | 91 |
Operating Segments [Member] | Cable Networks [Member] | Restructuring Charges Excluding Stock-Based Compensation [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Charges | 93 | 185 | |
Operating Segments [Member] | Filmed Entertainment [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring reserve, beginning balance | 22 | 32 | |
Payments | (12) | (28) | |
Other | (1) | 0 | |
Restructuring reserve, ending balance | 17 | 22 | 32 |
Operating Segments [Member] | Filmed Entertainment [Member] | Restructuring Charges Excluding Stock-Based Compensation [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Charges | 8 | 18 | |
Operating Segments [Member] | Publishing [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring reserve, beginning balance | 2 | 3 | |
Payments | (4) | (2) | |
Other | 0 | 0 | |
Restructuring reserve, ending balance | 4 | 2 | 3 |
Operating Segments [Member] | Publishing [Member] | Restructuring Charges Excluding Stock-Based Compensation [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Charges | 6 | 1 | |
Corporate [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring reserve, beginning balance | 57 | 37 | |
Payments | (32) | (32) | |
Other | 0 | (1) | |
Restructuring reserve, ending balance | 182 | 57 | $ 37 |
Corporate [Member] | Restructuring Charges Excluding Stock-Based Compensation [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Charges | $ 157 | $ 53 |
Related Parties (Narrative) (De
Related Parties (Narrative) (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2018USD ($) | Dec. 31, 2019trustee | |
Related Party Transaction [Line Items] | ||
SMR trust ownership in NAI | 80.00% | |
National Amusements Inc [Member] | ||
Related Party Transaction [Line Items] | ||
NAI ownership of CBS Corp. Class A common stock (percentage) | 79.40% | |
NAI ownership of CBS Corp. Class A and Class B common stock on a combined basis (percentage) | 10.20% | |
Number of trustees | trustee | 7 | |
National Amusements Inc [Member] | Restructuring Charges and Other Corporate Matters [Member] | ||
Related Party Transaction [Line Items] | ||
Professional fees | $ | $ 30 |
Related Parties (Schedule of Re
Related Parties (Schedule of Related Party Transactions) (Details) - Other Related Parties [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Consolidated Statements of Earnings | |||
Revenues | $ 179 | $ 170 | $ 183 |
Operating expenses | 14 | 22 | $ 41 |
Consolidated Statements of Earnings | |||
Accounts receivable | 45 | 83 | |
Accounts payable | $ 3 | $ 9 |
Acquisition and Investments (Ac
Acquisition and Investments (Acquisitions Narrative) (Details) $ in Millions | Mar. 01, 2019USD ($) | Mar. 31, 2020USD ($)title | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Business Acquisition [Line Items] | |||||
Payments to acquire business, net | $ 399 | $ 118 | $ 289 | ||
PlutoTV [Member] | |||||
Business Acquisition [Line Items] | |||||
Payments to acquire business, net | $ 324 | ||||
Post-combination expenses | $ 18 | ||||
Finite-lived intangible asset useful life | 5 years | ||||
POP [Member] | |||||
Business Acquisition [Line Items] | |||||
Percentage of voting interests acquired | 50.00% | ||||
Purchase price | $ 39 | ||||
Remaining ownership acquired | 100.00% | ||||
Network 10 [Member] | |||||
Business Acquisition [Line Items] | |||||
Payments to acquire business, net | $ 124 | ||||
Miramax [Member] | Forecast [Member] | |||||
Business Acquisition [Line Items] | |||||
Percentage of voting interests acquired | 49.00% | ||||
Purchase price | $ 375 | ||||
Upfront cash payment | 150 | ||||
Commitment to invest, annual amount | 45 | ||||
Commitment to invest, total | $ 225 | ||||
Commitment period | 5 years | ||||
Addition oF titles to library | title | 700 | ||||
Equity Method Investees [Member] | POP [Member] | |||||
Business Acquisition [Line Items] | |||||
Equity Method Investment, Ownership Percentage | 50.00% |
Acquisition and Investments (_2
Acquisition and Investments (Acquisition Purchase Price Allocation) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Business Acquisition [Line Items] | |||
Goodwill | $ 16,980 | $ 16,526 | $ 16,551 |
PlutoTV [Member] | |||
Business Acquisition [Line Items] | |||
Receivables | 31 | ||
Prepaid expenses and other current assets | 3 | ||
Goodwill | 277 | ||
Intangible assets | 41 | ||
Other assets (noncurrent) | 8 | ||
Assets acquired | 360 | ||
Accounts payable | 27 | ||
Accrued expenses | 4 | ||
Other liabilities | 5 | ||
Liabilities assumed | 36 | ||
Total purchase price | $ 324 |
Acquisition and Investments (In
Acquisition and Investments (Investments Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Investments [Line Items] | |||
Value of equity method investments | $ 494 | $ 573 | |
Investments readily determinable fair value | 113 | 112 | |
Marketable securities | 146 | 34 | |
Gain (loss) on marketable securities | 113 | (23) | $ 0 |
Investments in and advances to investee companies | 171 | 161 | 128 |
Gain on sale of equity method investment | 0 | 0 | 285 |
Write-down of investments | 50 | 46 | 18 |
Other Items, Net [Member] | |||
Investments [Line Items] | |||
Write-down of investments | 50 | 46 | 18 |
Level 1 [Member] | |||
Investments [Line Items] | |||
Marketable securities | 146 | 34 | |
International Joint Venture [Member] | |||
Investments [Line Items] | |||
Gain on sale of equity method investment | $ 10 | ||
Viacom18 [Member] | |||
Investments [Line Items] | |||
Proceeds from sale of equity method investment | 20 | ||
Gain on sale of equity method investment | $ 16 | ||
EPIX [Member] | |||
Investments [Line Items] | |||
Proceeds from sale of equity method investment | 593 | ||
Gain on sale of equity method investment | 285 | ||
Transaction costs associated with disposition of equity method investment | 4 | ||
Dividend paid | $ 37 | ||
Viacom18 [Member] | |||
Investments [Line Items] | |||
Equity interest in investees | 1.00% | ||
EPIX [Member] | |||
Investments [Line Items] | |||
Equity interest in investees | 49.76% | ||
Equity Method Investees [Member] | The C W [Member] | |||
Investments [Line Items] | |||
Equity interest in investees | 50.00% | ||
Equity Method Investees [Member] | AMC Networks Inc JV [Member] | |||
Investments [Line Items] | |||
Equity interest in investees | 49.00% | ||
Equity Method Investees [Member] | AMC Networks Inc Other JV [Member] | |||
Investments [Line Items] | |||
Equity interest in investees | 30.00% | ||
Equity Method Investees [Member] | Viacom18 [Member] | |||
Investments [Line Items] | |||
Equity interest in investees | 49.00% | ||
Other Assets [Member] | |||
Investments [Line Items] | |||
Investments | $ 753 | $ 719 |
Acquisition and Investments (Va
Acquisition and Investments (Variable Interest Entities Narrative) (Details) - Variable Interest Entity, Primary Beneficiary [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | |
Variable Interest Entity [Line Items] | |||
Assets | $ 141 | $ 63 | |
Liabilities | $ 22 | $ 4 | |
FCC licenses [Member] | |||
Variable Interest Entity [Line Items] | |||
Proceeds received from asset sales | $ 147 | ||
Gain on sale of assets | 127 | ||
Gain on asset sale, NCI portion | $ 11 |
Debt (Schedule of Debt) (Detail
Debt (Schedule of Debt) (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Commercial paper | $ 699,000,000 | $ 674,000,000 |
Obligations under finance leases | 44,000,000 | |
Obligations under finance leases | 69,000,000 | |
Total debt | 18,719,000,000 | 19,113,000,000 |
Current portion of long-term debt | 18,000,000 | 339,000,000 |
Total long-term debt, net of current portion | 18,002,000,000 | 18,100,000,000 |
Net unamortized discount on senior debt | 412,000,000 | 422,000,000 |
Unamortized deferred financing costs | 92,000,000 | 98,000,000 |
Decrease (increase) in the carrying value of debt relating to previously settled fair value hedges | 6,000,000 | (5,000,000) |
Face value of debt | 19,230,000,000 | 19,640,000,000 |
2.30% Senior Notes due 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value of senior debt | $ 0 | 601,000,000 |
Stated interest rate | 2.30% | |
5.625% Senior Notes due 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value of senior debt | $ 0 | 221,000,000 |
Stated interest rate | 5.625% | |
2.750% Senior Notes due 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value of senior debt | $ 0 | 90,000,000 |
Stated interest rate | 2.75% | |
4.30% Senior Notes due 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value of senior debt | $ 300,000,000 | 300,000,000 |
Stated interest rate | 4.30% | |
4.50% Senior Notes due 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value of senior debt | $ 499,000,000 | 498,000,000 |
Stated interest rate | 4.50% | |
3.875% Senior Notes due 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value of senior debt | $ 597,000,000 | 596,000,000 |
Stated interest rate | 3.875% | |
3.375% Senior Notes due 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value of senior debt | $ 698,000,000 | 697,000,000 |
Stated interest rate | 3.375% | |
2.250% Senior Notes due 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value of senior debt | $ 49,000,000 | 49,000,000 |
Stated interest rate | 2.25% | |
3.125% Senior Notes due 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value of senior debt | $ 194,000,000 | 194,000,000 |
Stated interest rate | 3.125% | |
7.875% Debentures due 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value of senior debt | $ 187,000,000 | 187,000,000 |
Stated interest rate | 7.875% | |
7.125% Senior Notes due 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value of senior debt | $ 46,000,000 | 46,000,000 |
Stated interest rate | 7.125% | |
2.90% Senior Notes due 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value of senior debt | $ 396,000,000 | 396,000,000 |
Stated interest rate | 2.90% | |
2.50% Senior Notes due 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value of senior debt | $ 398,000,000 | 397,000,000 |
Stated interest rate | 2.50% | |
3.25% Senior Notes due 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value of senior debt | $ 181,000,000 | 181,000,000 |
Stated interest rate | 3.25% | |
4.25% Senior Notes due 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value of senior debt | $ 1,242,000,000 | 1,240,000,000 |
Stated interest rate | 4.25% | |
3.70% Senior Notes due 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value of senior debt | $ 598,000,000 | 597,000,000 |
Stated interest rate | 3.70% | |
3.875% Senior Notes due 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value of senior debt | $ 489,000,000 | 489,000,000 |
Stated interest rate | 3.875% | |
3.50% Senior Notes due 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value of senior debt | $ 592,000,000 | 590,000,000 |
Stated interest rate | 3.50% | |
4.00% Senior Notes due 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value of senior debt | $ 789,000,000 | 787,000,000 |
Stated interest rate | 4.00% | |
3.45% Senior Notes due 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value of senior debt | $ 123,000,000 | 123,000,000 |
Stated interest rate | 3.45% | |
2.90% Senior Notes due 2027 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value of senior debt | $ 688,000,000 | 686,000,000 |
Stated interest rate | 2.90% | |
3.375% Senior Notes due 2028 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value of senior debt | $ 494,000,000 | 493,000,000 |
Stated interest rate | 3.375% | |
3.70% Senior Notes due 2028 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value of senior debt | $ 491,000,000 | 490,000,000 |
Stated interest rate | 3.70% | |
4.20% Senior Notes due 2029 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value of senior debt | $ 493,000,000 | 0 |
Stated interest rate | 4.20% | |
Face value of debt | $ 500,000,000 | |
7.875% Senior Debentures due 2030 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value of senior debt | $ 831,000,000 | 832,000,000 |
Stated interest rate | 7.875% | |
5.50% Senior Debentures due 2033 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value of senior debt | $ 426,000,000 | 426,000,000 |
Stated interest rate | 5.50% | |
4.85% Senior Debentures due 2034 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value of senior debt | $ 87,000,000 | 86,000,000 |
Stated interest rate | 4.85% | |
6.875% Senior Debentures due 2036 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value of senior debt | $ 1,068,000,000 | 1,068,000,000 |
Stated interest rate | 6.875% | |
6.75% Senior Debentures due 2037 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value of senior debt | $ 75,000,000 | 75,000,000 |
Stated interest rate | 6.75% | |
5.90% Senior Notes due 2040 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value of senior debt | $ 297,000,000 | 297,000,000 |
Stated interest rate | 5.90% | |
4.85% Senior Notes due 2042 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value of senior debt | $ 486,000,000 | 486,000,000 |
Stated interest rate | 4.85% | |
4.50% Senior Debentures due 2042 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value of senior debt | $ 45,000,000 | 45,000,000 |
Stated interest rate | 4.50% | |
4.375% Senior Debentures due 2043 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value of senior debt | $ 1,109,000,000 | 1,103,000,000 |
Stated interest rate | 4.375% | |
4.875% Senior Debentures due 2043 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value of senior debt | $ 18,000,000 | 18,000,000 |
Stated interest rate | 4.875% | |
5.850% Senior Debentures due 2043 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value of senior debt | $ 1,231,000,000 | 1,230,000,000 |
Stated interest rate | 5.85% | |
4.90% Senior Notes due 2044 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value of senior debt | $ 539,000,000 | 539,000,000 |
Stated interest rate | 4.90% | |
5.25% Senior Debentures due 2044 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value of senior debt | $ 345,000,000 | 345,000,000 |
Stated interest rate | 5.25% | |
4.60% Senior Notes due 2045 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value of senior debt | $ 589,000,000 | 588,000,000 |
Stated interest rate | 4.60% | |
5.875% Junior Subordinated Debentures due 2057 [Member] | ||
Debt Instrument [Line Items] | ||
Junior Subordinated Notes | $ 643,000,000 | 642,000,000 |
Stated interest rate | 5.875% | |
6.25% Junior Subordinated Debentures due 2057 [Member] | ||
Debt Instrument [Line Items] | ||
Junior Subordinated Notes | $ 643,000,000 | $ 642,000,000 |
Stated interest rate | 6.25% |
Debt (Narrative) (Details)
Debt (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Line of Credit Facility [Line Items] | |||
Face value of debt | $ 19,230,000,000 | $ 19,640,000,000 | |
Gain (loss) on early extinguishment of debt | 0 | 18,000,000 | $ (38,000,000) |
4.20% Senior Notes due 2029 [Member] | |||
Line of Credit Facility [Line Items] | |||
Face value of debt | $ 500,000,000 | ||
Stated interest rate | 4.20% | ||
Debt Due August 2019 [Member] | |||
Line of Credit Facility [Line Items] | |||
Stated interest rate | 2.30% | ||
Redemption and repayment of senior notes, face value | $ 600,000,000 | ||
5.625% Senior Notes due 2019 [Member] | |||
Line of Credit Facility [Line Items] | |||
Stated interest rate | 5.625% | ||
Debt redemptions and repayments, cash | $ 220,000,000 | ||
2.750% Senior Notes due 2019 [Member] | |||
Line of Credit Facility [Line Items] | |||
Stated interest rate | 2.75% | ||
Debt redemptions and repayments, cash | $ 90,000,000 | ||
5.875% Junior Subordinated Debentures due 2057 [Member] | |||
Line of Credit Facility [Line Items] | |||
Stated interest rate | 5.875% | ||
5.875% Junior Subordinated Debentures due 2057 [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Line of Credit Facility [Line Items] | |||
Basis spread on variable rate | 3.895% | ||
6.25% Junior Subordinated Debentures due 2057 [Member] | |||
Line of Credit Facility [Line Items] | |||
Stated interest rate | 6.25% | ||
6.25% Junior Subordinated Debentures due 2057 [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Line of Credit Facility [Line Items] | |||
Basis spread on variable rate | 3.899% | ||
2.250% Senior Notes due 2022 [Member] | |||
Line of Credit Facility [Line Items] | |||
Stated interest rate | 2.25% | ||
Outstanding principal | $ 50,000,000 | ||
3.45% Senior Notes due 2026 [Member] | |||
Line of Credit Facility [Line Items] | |||
Stated interest rate | 3.45% | ||
Outstanding principal | $ 124,000,000 | ||
Junior Debentures And Senior Notes [Member] | |||
Line of Credit Facility [Line Items] | |||
Face value of debt | 3,100,000,000 | ||
Senior Notes [Member] | |||
Line of Credit Facility [Line Items] | |||
Potential change | 0.25% | ||
Debt redemptions and repayments, cash | 1,100,000,000 | ||
Redemption and repayment of senior notes, face value | 1,130,000,000 | 4,670,000,000 | |
Debt redeemed prior to maturity, face value | 4,270,000,000 | ||
Gain (loss) on early extinguishment of debt | 18,000,000 | (38,000,000) | |
Gain (loss) on early extinguishment of debt. net of tax | $ 14,000,000 | $ (21,000,000) | |
Senior Notes [Member] | Maximum [Member] | |||
Line of Credit Facility [Line Items] | |||
Potential change | 2.00% |
Debt (Maturities of Long-Term D
Debt (Maturities of Long-Term Debt) (Details) $ in Millions | Dec. 31, 2019USD ($) |
Long-term debt | |
2020 | $ 0 |
2021 | 1,400 |
2022 | 945 |
2023 | 2,465 |
2024 | 1,092 |
2025 and Thereafter | $ 12,584 |
Debt (Commercial Paper Narrativ
Debt (Commercial Paper Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Jan. 31, 2020 | |
Line of Credit Facility [Line Items] | |||
Commercial paper | $ 699,000,000 | $ 674,000,000 | |
Commercial Paper [Member] | |||
Line of Credit Facility [Line Items] | |||
Maximum borrowing capacity under credit facility | $ 2,500,000,000 | ||
Debt term | 90 days | 90 days | |
Weighted average interest rate | 2.07% | 3.02% | |
Commercial Paper [Member] | Subsequent Event [Member] | |||
Line of Credit Facility [Line Items] | |||
Maximum borrowing capacity under credit facility | $ 3,500,000,000 |
Debt (Credit Facility Narrative
Debt (Credit Facility Narrative) (Details) - Revolving Credit Facility [Member] | 1 Months Ended | |
Jan. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
CBS Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Maximum borrowing capacity under credit facility | $ 2,500,000,000 | |
Borrowings outstanding | 0 | |
Remaining availability | 2,500,000,000 | |
Viacom Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Maximum borrowing capacity under credit facility | 2,500,000,000 | |
Borrowings outstanding | 0 | |
Remaining availability | $ 2,500,000,000 | |
ViacomCBS Credit Facility [Member] | Subsequent Event [Member] | ||
Line of Credit Facility [Line Items] | ||
Maximum borrowing capacity under credit facility | $ 3,500,000,000 | |
Maximum Consolidated Leverage Ratio | 4.5 | |
Maximum Consolidated Leverage Ratio, potential increase | 5 | |
Period for consolidated EBITDA | 12 months |
Leases (Balance Sheet Amounts)
Leases (Balance Sheet Amounts) (Details) $ in Millions | Dec. 31, 2019USD ($) |
Operating | |
Operating lease assets | $ 1,939 |
Other current liabilities | 292 |
Operating lease liabilities | 1,909 |
Total lease liabilities | 2,201 |
Finance | |
Property and equipment, net | 35 |
Debt | 19 |
Long-term debt | 25 |
Total lease liabilities | $ 44 |
Leases (Weighted Average) (Deta
Leases (Weighted Average) (Details) | Dec. 31, 2019 |
Operating | |
Weighted average remaining lease term | 9 years |
Weighted average discount rate | 4.10% |
Finance | |
Weighted average remaining lease term | 3 years |
Weighted average discount rate | 4.50% |
Leases (Lease Cost) (Details)
Leases (Lease Cost) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Leases [Abstract] | |
Operating lease cost | $ 406 |
Finance lease cost: | |
Amortization of right-of-use assets | 23 |
Interest expense on lease liabilities | 3 |
Short-term lease cost | 242 |
Variable lease cost | 80 |
Sublease income | (31) |
Total lease cost | $ 723 |
Leases (Operating and Financing
Leases (Operating and Financing Cash Flows) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Leases [Abstract] | |
Operating lease payments, included in operating cash flows | $ 341 |
Finance lease payments, included in financing cash flows | 27 |
Noncash additions to operating lease assets | $ 389 |
Leases (Future Minimum Payments
Leases (Future Minimum Payments) (Details) $ in Millions | Dec. 31, 2019USD ($) |
Operating | |
2020 | $ 371 |
2021 | 352 |
2022 | 296 |
2023 | 251 |
2024 | 205 |
2025 and thereafter | 1,234 |
Total minimum payments | 2,709 |
Less amounts representing interest | 508 |
Present value of minimum payments | 2,201 |
Finance | |
2020 | 21 |
2021 | 16 |
2022 | 7 |
2023 | 1 |
2024 | 1 |
2025 and thereafter | 1 |
Total minimum payments | 47 |
Less amounts representing interest | 3 |
Present value of minimum payments | $ 44 |
Leases (Future Minimum Paymen_2
Leases (Future Minimum Payments Prior to Adoption) (Details) $ in Millions | Dec. 31, 2018USD ($) |
Operating (a) | |
2019 | $ 305 |
2020 | 309 |
2021 | 282 |
2022 | 247 |
2023 | 211 |
2024 and thereafter | 1,228 |
Total minimum payments | 2,582 |
Finance | |
2019 | 29 |
2020 | 20 |
2021 | 15 |
2022 | 7 |
2023 | 2 |
2024 and thereafter | 2 |
Total minimum payments | 75 |
Less amounts representing interest | 6 |
Present value of minimum payments | $ 69 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Lessee, Lease, Description [Line Items] | |||
Future minimum sublease income | $ 57 | ||
Operating leases not yet commenced, future undiscounted lease payments | $ 98 | ||
Lease income | $ 149 | ||
Minimum [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Operating leases not yet commenced, term of contract | 2 years | ||
Maximum [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Operating leases not yet commenced, term of contract | 11 years | ||
Continuing Operations [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Operating Leases, Rent Expense | $ 474 | $ 449 | |
Discontinued Operations [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Operating Leases, Rent Expense | $ 32 |
Leases (Future Lease Income as
Leases (Future Lease Income as Lessor) (Details) $ in Millions | Dec. 31, 2019USD ($) |
Leases [Abstract] | |
2020 | $ 68 |
2021 | 52 |
2022 | 45 |
2023 | 44 |
2024 | 36 |
2025 and thereafter | 57 |
Total | $ 302 |
Financial Instruments (Details)
Financial Instruments (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Carrying value of notes and debentures | $ 17,980 | $ 18,370 |
Fair value of senior debt | 20,600 | 18,400 |
Foreign exchange contract [Member] | ||
Derivative [Line Items] | ||
Gain (loss) on non-designated foreign exchange contracts | $ (4) | 25 |
Cash flow hedging [Member] | Foreign exchange forward [Member] | ||
Derivative [Line Items] | ||
Term of contract | 24 months | |
Cash flow hedging [Member] | Foreign exchange contract [Member] | ||
Derivative [Line Items] | ||
Notional amount of derivative | $ 1,440 | 995 |
Cash flow hedging [Member] | Foreign exchange contract [Member] | Future Production Costs | ||
Derivative [Line Items] | ||
Notional amount of derivative | 833 | 481 |
Cash flow hedging [Member] | Foreign exchange contract [Member] | Other Foreign Currency | ||
Derivative [Line Items] | ||
Notional amount of derivative | $ 606 | $ 514 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Assets: | ||
Marketable securities | $ 146 | $ 34 |
Foreign currency hedges | 13 | 21 |
Total Assets | 159 | 55 |
Liabilities: | ||
Deferred compensation | 490 | 501 |
Foreign currency hedges | 14 | 18 |
Total Liabilities | 504 | 519 |
Level 1 [Member] | ||
Assets: | ||
Marketable securities | 146 | 34 |
Foreign currency hedges | 0 | 0 |
Total Assets | 146 | 34 |
Liabilities: | ||
Deferred compensation | 0 | 0 |
Foreign currency hedges | 0 | 0 |
Total Liabilities | 0 | 0 |
Level 2 [Member] | ||
Assets: | ||
Marketable securities | 0 | 0 |
Foreign currency hedges | 13 | 21 |
Total Assets | 13 | 21 |
Liabilities: | ||
Deferred compensation | 490 | 501 |
Foreign currency hedges | 14 | 18 |
Total Liabilities | 504 | 519 |
Level 3 [Member] | ||
Assets: | ||
Marketable securities | 0 | 0 |
Foreign currency hedges | 0 | 0 |
Total Assets | 0 | 0 |
Liabilities: | ||
Deferred compensation | 0 | 0 |
Foreign currency hedges | 0 | 0 |
Total Liabilities | $ 0 | $ 0 |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | Jan. 10, 2020 | Dec. 19, 2019 | Dec. 04, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Discontinued Operations [Line Items] | ||||||
Dividends declared per common share (in dollars per share) | $ 0.24 | |||||
Dividends | $ 150 | |||||
Class B Common Stock purchased (shares) | 1,200,000 | |||||
Class B Common Stock purchased | $ 50 | $ 600 | $ 1,050 | |||
Average price per share repurchased (in dollars per share) | $ 40.78 | |||||
Remaining authorization under repurchase program | $ 2,410 | |||||
Minimum Class A shares needed for conversion (in shares) | 5,000 | |||||
Conversion of A shares into B shares (shares) | 12,200,000 | 2,500,000 | ||||
Subsequent Event [Member] | ||||||
Discontinued Operations [Line Items] | ||||||
Dividends paid per common share (in dollars per share) | $ 0.24 | |||||
CBS [Member] | ||||||
Discontinued Operations [Line Items] | ||||||
Dividends declared per common share (in dollars per share) | $ 0.54 | $ 0.72 | $ 0.72 | |||
Dividends | $ 205 | $ 274 | $ 289 | |||
Viacom Inc [Member] | ||||||
Discontinued Operations [Line Items] | ||||||
Dividends declared per common share (in dollars per share) | $ 0.60 | $ 0.80 | $ 0.80 | |||
Dividends | $ 245 | $ 325 | $ 323 | |||
Viacom Inc [Member] | Common Class A [Member] | ||||||
Discontinued Operations [Line Items] | ||||||
Number of shares issued (in shares) | 29,000,000 | |||||
Viacom Inc [Member] | Common Class B [Member] | ||||||
Discontinued Operations [Line Items] | ||||||
Share conversion ratio | 0.59625 | |||||
Number of shares issued (in shares) | 211,000,000 |
Stockholders' Equity (Accumulat
Stockholders' Equity (Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2018 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Balance, beginning of year | $ (1,608) | $ (1,608) | $ (1,269) | $ (1,564) | |
Other comprehensive income (loss) before reclassifications | (192) | (371) | 19 | ||
Reclassifications to net earnings | 60 | 62 | 276 | ||
Other comprehensive income (loss), net of tax (ViacomCBS and noncontrolling interests) | (132) | (309) | 295 | ||
Adoption of accounting standards | $ (179) | ||||
Reclassification of income tax effect of the Tax Reform Act | (230) | (230) | |||
Balance, end of year | (1,970) | (1,608) | (1,269) | ||
Tax (provision) benefit on net actuarial gain (loss) and prior service costs related to pension and other postretirement plans | 44 | 23 | (90) | ||
Tax provision on unrealized gain on available-for-sale securities | 18 | ||||
Cumulative translation adjustments [Member] | |||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Balance, beginning of year | (476) | (476) | (228) | (420) | |
Other comprehensive income (loss) before reclassifications | 13 | (248) | 190 | ||
Reclassifications to net earnings | 0 | 0 | 2 | ||
Other comprehensive income (loss), net of tax (ViacomCBS and noncontrolling interests) | 13 | (248) | 192 | ||
Adoption of accounting standards | 0 | ||||
Reclassification of income tax effect of the Tax Reform Act | 0 | ||||
Balance, end of year | (463) | (476) | (228) | ||
Net actuarial gain (loss) and prior service cost [Member] | |||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Balance, beginning of year | (1,132) | (1,132) | (1,071) | (1,144) | |
Other comprehensive income (loss) before reclassifications | (205) | (123) | (201) | ||
Reclassifications to net earnings | 60 | 62 | 274 | ||
Other comprehensive income (loss), net of tax (ViacomCBS and noncontrolling interests) | (145) | (61) | 73 | ||
Adoption of accounting standards | 0 | ||||
Reclassification of income tax effect of the Tax Reform Act | (230) | ||||
Balance, end of year | (1,507) | (1,132) | (1,071) | ||
Available-For-Sale Securities [Member] | |||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Balance, beginning of year | $ 0 | 0 | 30 | 0 | |
Other comprehensive income (loss) before reclassifications | 0 | 0 | 30 | ||
Reclassifications to net earnings | 0 | 0 | 0 | ||
Other comprehensive income (loss), net of tax (ViacomCBS and noncontrolling interests) | 0 | 0 | 30 | ||
Adoption of accounting standards | (30) | ||||
Reclassification of income tax effect of the Tax Reform Act | 0 | ||||
Balance, end of year | 0 | $ 0 | $ 30 | ||
AOCI Attributable to Parent [Member] | |||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Adoption of accounting standards | $ (30) | ||||
Reclassification of income tax effect of the Tax Reform Act | $ (230) |
Stock-Based Compensation (Expen
Stock-Based Compensation (Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 04, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares available for future grant under equity incentive plans (in shares) | 48,000,000 | |||
RSUs and PSUs | $ 173 | $ 170 | $ 181 | |
Stock options | 28 | 35 | 39 | |
Stock-based compensation | 291 | 191 | 232 | |
Related tax benefit | (59) | (45) | (84) | |
Stock-based compensation expense, net of tax benefit | 232 | 146 | 148 | |
Senior Management [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Forfeitures | (28) | |||
SG&A Expense [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation | 201 | 205 | 220 | |
Restructuring Charges and Other Corporate Matters [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation | $ 90 | (14) | $ 12 | |
Accelerations | $ 14 | |||
Viacom Inc [Member] | Common Class B [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share conversion ratio | 0.59625 |
Stock-Based Compensation (RSUs
Stock-Based Compensation (RSUs and PSUs) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
RSU and PSU [Member] | |||
Shares | |||
Non-vested (shares), beginning balance | 8,011,104 | ||
Granted (shares) | 10,620,187 | ||
Vested (shares) | (3,374,331) | ||
Forfeited (shares) | (767,231) | ||
Non-vested (shares), ending balance | 14,489,729 | 8,011,104 | |
Weighted Average Grant Date Fair Value | |||
Non-vested, beginning balance (USD per share) | $ 55.96 | ||
Vested (USD per share) | 55.90 | ||
Forfeited (USD per share) | 53.89 | ||
Non-vested, ending balance (USD per share) | $ 45.64 | $ 55.96 | |
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Aggregate fair value of RSUs vested during the period | $ 159,000,000 | $ 158,000,000 | $ 228,000,000 |
Unrecognized future expense of unvested RSUs | $ 445,000,000 | ||
Weighted average period over which future expense of unrecognized stock-based compensation will be recognized (years) | 3 years | ||
Weighted Average Grant Date Fair Value | |||
Granted (USD per share) | $ 41.71 | $ 53.90 | $ 64.26 |
Restricted Stock Units (RSUs) [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Service period over which grants vest | 1 year | ||
Restricted Stock Units (RSUs) [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Service period over which grants vest | 4 years | ||
Performance Share Units (PSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Fair value | $ 0 | $ 35,000,000 | $ 32,000,000 |
Stock-Based Compensation (Stock
Stock-Based Compensation (Stock Options, Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock option term until expiration | 8 years | ||
Minimum term of publicly traded options used to derive implied volatility of options grants | 1 year | ||
Weighted average remaining contractual life of outstanding stock options (years) | 3 years 9 months 10 days | ||
Share price (USD per share) | $ 41.97 | ||
Intrinsic value of stock options outstanding | $ 11 | ||
Weighted average remaining contractual life of exercisable stock options (years) | 2 years 11 months 4 days | ||
Intrinsic value of stock options exercisable | $ 11 | ||
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized future expense of unvested stock options | $ 37 | ||
Weighted average period over which future expense of unrecognized stock-based compensation will be recognized (years) | 2 years 1 month 6 days | ||
Stock Options [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Service period over which grants vest | 3 years | ||
Stock Options [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Service period over which grants vest | 4 years | ||
Common Class B [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted average grant date fair value of stock options (USD per share) | $ 0 | $ 14.48 | $ 17.50 |
Viacom Inc [Member] | Common Class B [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted average grant date fair value of stock options (USD per share) | $ 0 | $ 13.77 | $ 12.08 |
Stock-Based Compensation (Sto_2
Stock-Based Compensation (Stock Options, Black-Scholes Assumptions) (Details) - Common Class B [Member] | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected dividend yield | 1.33% | 1.09% |
Expected stock price volatility | 29.52% | 29.89% |
Risk-free interest rate | 2.73% | 2.00% |
Expected term of options | 5 years | 5 years |
Viacom Inc [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected dividend yield | 2.52% | 2.48% |
Expected stock price volatility | 32.60% | 29.83% |
Risk-free interest rate | 2.81% | 1.96% |
Expected term of options | 5 years 1 month 13 days | 4 years 11 months 8 days |
Stock-Based Compensation (Sto_3
Stock-Based Compensation (Stock-Options, Rollforward) (Details) | 12 Months Ended |
Dec. 31, 2019$ / sharesshares | |
Stock Options | |
Outstanding (shares), beginning balance | shares | 21,725,132 |
Granted (shares) | shares | 0 |
Exercised (shares) | shares | (605,867) |
Forfeited or expired (shares) | shares | (4,827,556) |
Outstanding (shares), ending balance | shares | 16,291,709 |
Exercisable (shares) | shares | 11,458,112 |
Weighted Average Exercise Price | |
Outstanding, beginning balance (USD per share) | $ / shares | $ 65.52 |
Granted (USD per share) | $ / shares | 0 |
Exercised (USD per share) | $ / shares | 24.72 |
Forfeited or expired (USD per share) | $ / shares | 92.70 |
Outstanding, ending balance (USD per share) | $ / shares | 58.98 |
Exercisable (USD per share) | $ / shares | $ 60.65 |
Stock-Based Compensation (Sto_4
Stock-Based Compensation (Stock Options, Other Information) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Payment Arrangement [Abstract] | |||
Cash received from stock option exercises | $ 15 | $ 29 | $ 263 |
Tax benefit of stock option exercises | 4 | 4 | 52 |
Intrinsic value of stock option exercises | $ 15 | $ 16 | $ 138 |
Income Taxes (Income (Loss) fro
Income Taxes (Income (Loss) from Continuing Operations) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
United States | $ 2,337 | $ 3,044 | $ 3,006 |
Foreign | 1,008 | 1,080 | 1,114 |
Earnings from continuing operations before income taxes and equity in earnings (loss) of investee companies | $ 3,345 | $ 4,124 | $ 4,120 |
Income Taxes (Provision for Inc
Income Taxes (Provision for Income Taxes) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Current: | |||
Federal | $ 389 | $ 296 | $ 883 |
State and local | 167 | 97 | 93 |
Foreign | 204 | 166 | 195 |
Total current income tax expense provision | 760 | 559 | 1,171 |
Deferred: | |||
Federal | (66) | 25 | (388) |
State and local | (48) | 22 | 10 |
Foreign | (655) | 11 | 11 |
Total deferred | (769) | 58 | (367) |
(Benefit) provision for income taxes | $ (9) | $ 617 | $ 804 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Related Party Transaction [Line Items] | ||||
Provision for income taxes for discontinued operations | $ 12 | $ 10 | $ 10 | |
Benefit (provision) for income taxes | (9) | 617 | 804 | |
Net deferred tax assets of discontinued operations | 10 | 12 | ||
Net operating loss carryforwards | 1,730 | |||
Valuation allowance | 550 | 841 | ||
Provisional income tax charge | 28 | |||
Estimated tax on repatriation of foreign earnings | 455 | |||
Estimated tax on remeasurement of deferred income tax | 427 | |||
Provisional amount of transition tax on cumulative foreign earnings and profits | 48 | |||
Unrecognized tax benefits | 384 | 446 | 300 | $ 268 |
Amount included in reserve for uncertain tax positions that would affect Company's effective income tax rate (including discontinued operations) if recognized | 295 | |||
Interest and penalty charges related to the reserve for uncertain tax positions | 24 | 24 | 16 | |
Liabilities for accrued interest and penalty charges related to the reserve for uncertain tax positions | 51 | 47 | ||
Amount of unrecorded benefit | 125 | |||
Decrease for reserve for uncertain tax positions | 146 | |||
Equity Method Investees [Member] | ||||
Related Party Transaction [Line Items] | ||||
Benefit (provision) for income taxes | $ 19 | $ 15 | $ (10) | |
Effective income tax rate | 26.50% | 24.20% | 71.40% | |
Foreign [Member] | ||||
Related Party Transaction [Line Items] | ||||
Net operating loss carryforwards | $ 6 |
Income Taxes (Effective Income
Income Taxes (Effective Income Tax Rate Reconciliation) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Discontinued Operations [Line Items] | |||
Taxes on income at U.S. federal statutory rate | $ 702 | $ 865 | $ 1,451 |
State and local taxes, net of federal tax benefit | 114 | 114 | 78 |
Effect of foreign operations | (50) | (105) | (294) |
Reorganization of foreign operations | (768) | 0 | 0 |
Bankruptcy of an investee | (39) | 0 | 0 |
Foreign tax credits on distribution of securities | 0 | 0 | (279) |
Impact of tax law changes | 0 | (80) | 8 |
Tax benefits from positions relating to the Tax Reform Act | (44) | 0 | 0 |
Merger related costs | 41 | 0 | 0 |
Establishment (reversal) of valuation allowance | 1 | (153) | (25) |
Excess tax benefits from stock-based compensation | 20 | 8 | (26) |
Domestic production deduction | (1) | 24 | (100) |
Tax accounting method change | 0 | (78) | 0 |
Other, net | 15 | 22 | (9) |
(Benefit) provision for income taxes | $ (9) | 617 | $ 804 |
CBS Television City [Member] | |||
Discontinued Operations [Line Items] | |||
Establishment (reversal) of valuation allowance | $ 140 |
Income Taxes (Deferred Income T
Income Taxes (Deferred Income Tax Assets and Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred income tax assets: | ||
Reserves and other accrued liabilities | $ 540 | $ 566 |
Pension, postretirement and other employee benefits | 761 | 741 |
Lease liability | 531 | 0 |
Tax credit and loss carryforwards | 394 | 849 |
Other | 85 | 41 |
Total deferred income tax assets | 2,311 | 2,197 |
Valuation allowance | (550) | (841) |
Deferred income tax assets, net | 1,761 | 1,356 |
Deferred income tax liabilities: | ||
Intangible assets | (241) | (1,090) |
Unbilled licensing receivables | (390) | (420) |
Lease asset | (467) | 0 |
Property, equipment and other assets | (152) | (166) |
Financing obligations | (72) | (70) |
Total deferred income tax liabilities | (1,322) | (1,746) |
Deferred income tax assets (liabilities), net | $ 439 | |
Deferred income tax assets (liabilities), net | $ (390) |
Income Taxes (Unrecognized Tax
Income Taxes (Unrecognized Tax Benefits) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Change in reserve for uncertain tax positions, excluding related accrued interest and penalties | |||
Unrecognized tax benefits, beginning of year | $ 446 | $ 300 | $ 268 |
Additions for current year tax positions | 49 | 27 | 86 |
Additions for prior year tax positions | 67 | 204 | 45 |
Reductions for prior year tax positions | (26) | (60) | (56) |
Cash settlements | (149) | (19) | (13) |
Statute of limitations lapses | (3) | (6) | (30) |
Unrecognized tax benefits, end of year | $ 384 | $ 446 | $ 300 |
Pension and Other Postretirem_3
Pension and Other Postretirement Benefits (Change in Benefit Obligation) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Service period over which benefits vest | 5 years | ||
Percent of plan assets' fair value invested in Company common stock | 2.10% | 2.40% | |
Pension settlement charges | $ 0 | $ 0 | $ 352 |
Pension benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension settlement charges | 0 | 0 | 352 |
Change in benefit obligation: | |||
Benefit obligation, beginning of year | 4,511 | 4,877 | |
Service cost | 28 | 30 | 28 |
Interest cost | 191 | 180 | 219 |
Actuarial loss (gain) | 593 | (240) | |
Benefits paid | (360) | (336) | |
Participants’ contributions | 0 | 0 | |
Retiree Medicare drug subsidy | 0 | 0 | |
Benefit obligation, end of year | 4,963 | 4,511 | 4,877 |
Postretirement benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension settlement charges | 0 | 0 | 0 |
Change in benefit obligation: | |||
Benefit obligation, beginning of year | 376 | 456 | |
Service cost | 1 | 1 | 1 |
Interest cost | 16 | 17 | 19 |
Actuarial loss (gain) | 8 | (8) | |
Benefits paid | (59) | (106) | |
Participants’ contributions | 13 | 12 | |
Retiree Medicare drug subsidy | 5 | 4 | |
Benefit obligation, end of year | $ 360 | $ 376 | 456 |
Qualified Plan [Member] | Pension benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension settlement charges | (352) | ||
Contribution amount | 600 | ||
Qualified Plan [Member] | Pension benefits [Member] | Group Annuity Purchase [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Settlements | (800) | ||
Change in benefit obligation: | |||
Settlements | $ (800) |
Pension and Other Postretirem_4
Pension and Other Postretirement Benefits (Change In Plan Assets) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Pension benefits [Member] | ||
Change in plan assets: | ||
Fair value of plan assets, beginning of year | $ 2,932 | $ 3,412 |
Actual return on plan assets | 530 | (205) |
Employer contributions | 74 | 61 |
Benefits paid | (360) | (336) |
Participants’ contributions | 0 | 0 |
Retiree Medicare drug subsidy | 0 | 0 |
Fair value of plan assets, end of year | 3,176 | 2,932 |
Postretirement benefits [Member] | ||
Change in plan assets: | ||
Fair value of plan assets, beginning of year | 1 | 0 |
Actual return on plan assets | (1) | 0 |
Employer contributions | 41 | 91 |
Benefits paid | (59) | (106) |
Participants’ contributions | 13 | 12 |
Retiree Medicare drug subsidy | 5 | 4 |
Fair value of plan assets, end of year | $ 0 | $ 1 |
Pension and Other Postretirem_5
Pension and Other Postretirement Benefits (Funded Status of Pension and Postretirement Benefit Obligations) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Defined Benefit Plan Disclosure [Line Items] | ||
Noncurrent liabilities | $ (2,121) | $ (1,908) |
Pension benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Funded status at end of year | (1,787) | (1,579) |
Other assets | 5 | 5 |
Current liabilities | (69) | (70) |
Noncurrent liabilities | (1,723) | (1,514) |
Net amounts recognized | (1,787) | (1,579) |
Pension benefits [Member] | Qualified Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Funded status at end of year | (734) | (623) |
Pension benefits [Member] | Non- U.S [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Noncurrent liabilities | (80) | (67) |
Postretirement benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Funded status at end of year | (360) | (375) |
Other assets | 0 | 0 |
Current liabilities | (42) | (48) |
Noncurrent liabilities | (318) | (327) |
Net amounts recognized | $ (360) | $ (375) |
Pension and Other Postretirem_6
Pension and Other Postretirement Benefits (Funded Status and Amounts Recognized in Accumulated Other Comprehensive Income (Loss) on the Consolidated Balance Sheets) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Pension benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial (loss) gain | $ (2,153) | $ (2,001) |
Net prior service cost | (3) | (5) |
Share of equity investee | (2) | (1) |
Net amount recognized in accumulated other comprehensive income (loss) before tax | (2,158) | (2,007) |
Deferred income taxes (a) | 563 | 756 |
Net amount recognized in accumulated other comprehensive income (loss) | (1,595) | (1,251) |
Accumulated benefit obligation for all defined benefit pension plans | 4,870 | 4,430 |
Postretirement benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial (loss) gain | 147 | 174 |
Net prior service cost | (1) | (2) |
Share of equity investee | 0 | 0 |
Net amount recognized in accumulated other comprehensive income (loss) before tax | 146 | 172 |
Deferred income taxes (a) | (14) | (19) |
Net amount recognized in accumulated other comprehensive income (loss) | $ 132 | $ 153 |
Pension and Other Postretirem_7
Pension and Other Postretirement Benefits (Accumulated Benefit Obligation in Excess of Plan Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Retirement Benefits [Abstract] | ||
Projected benefit obligation | $ 4,962 | $ 4,511 |
Accumulated benefit obligation | 4,873 | 4,427 |
Fair value of plan assets | $ 3,170 | $ 2,926 |
Pension and Other Postretirem_8
Pension and Other Postretirement Benefits (Components of Net Periodic Benefit Cost and Amounts Recognized in Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Components of net periodic cost: | |||
Settlements | $ 0 | $ 0 | $ 352 |
Other comprehensive income (loss): | |||
Deferred income taxes | 44 | 23 | (90) |
Recognized in other comprehensive income (loss), net of tax | (145) | (61) | 73 |
Discontinued Operations [Member] | |||
Components of net periodic cost: | |||
Net periodic cost | 3 | ||
Pension benefits [Member] | |||
Components of net periodic cost: | |||
Service cost | 28 | 30 | 28 |
Interest cost | 191 | 180 | 219 |
Expected return on plan assets | (183) | (214) | (230) |
Amortization of actuarial losses (gains) | 94 | 87 | 105 |
Amortization of prior service cost | 1 | 1 | 1 |
Settlements | 0 | 0 | 352 |
Net periodic cost | 131 | 84 | 475 |
Other comprehensive income (loss): | |||
Actuarial (loss) gain | (246) | (179) | (269) |
Amortization of actuarial losses (gains) | 94 | 87 | 105 |
Amortization of prior service cost | 1 | 1 | 1 |
Settlements | 0 | 0 | 352 |
Recognized in other comprehensive income, before tax | (151) | (91) | 189 |
Deferred income taxes | 37 | 25 | (94) |
Recognized in other comprehensive income (loss), net of tax | (114) | (66) | 95 |
Expected Amortization | |||
Estimated net actuarial gain (loss) that will be amortized into net periodic benefit cost over next fiscal year | (103) | ||
Estimated net prior service cost (credit) that will be amortized into net periodic benefit cost over the next fiscal year | 1 | ||
Postretirement benefits [Member] | |||
Components of net periodic cost: | |||
Service cost | 1 | 1 | 1 |
Interest cost | 16 | 17 | 19 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of actuarial losses (gains) | (18) | (18) | (22) |
Amortization of prior service cost | 1 | 1 | 1 |
Settlements | 0 | 0 | 0 |
Net periodic cost | 0 | 1 | (1) |
Other comprehensive income (loss): | |||
Actuarial (loss) gain | (9) | 8 | (20) |
Amortization of actuarial losses (gains) | (18) | (18) | (22) |
Amortization of prior service cost | 1 | 1 | 1 |
Settlements | 0 | 0 | 0 |
Recognized in other comprehensive income, before tax | (26) | (9) | (41) |
Deferred income taxes | 5 | 2 | 13 |
Recognized in other comprehensive income (loss), net of tax | (21) | $ (7) | $ (28) |
Expected Amortization | |||
Estimated net actuarial gain (loss) that will be amortized into net periodic benefit cost over next fiscal year | $ 15 |
Pension and Other Postretirem_9
Pension and Other Postretirement Benefits (Assumptions) (Details) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Viacom Inc [Member] | |||
Defined Benefit Plan, Assumed Health Care Cost Trend Rates | |||
Ultimate trend rate | 4.50% | 4.50% | |
Viacom Inc [Member] | Pre-65 [Member] | |||
Defined Benefit Plan, Assumed Health Care Cost Trend Rates | |||
Projected health care cost trend rate (pre-65) | 6.30% | 6.70% | |
Viacom Inc [Member] | Post-65 [Member] | |||
Defined Benefit Plan, Assumed Health Care Cost Trend Rates | |||
Projected health care cost trend rate (pre-65) | 5.70% | 5.90% | |
Pension benefits [Member] | |||
Weighted average assumptions used to determine benefit obligations at December 31: | |||
Discount rate | 3.50% | 4.50% | 3.90% |
Rate of compensation increase | 3.00% | 3.00% | 3.00% |
Weighted average assumptions used to determine net periodic costs for the year ended December 31: | |||
Discount rate | 4.50% | 3.80% | 4.20% |
Expected long-term return on plan assets | 6.60% | 6.60% | 6.60% |
Rate of compensation increase | 3.00% | 3.00% | 3.00% |
Postretirement benefits [Member] | |||
Weighted average assumptions used to determine benefit obligations at December 31: | |||
Discount rate | 3.30% | 4.40% | 3.90% |
Weighted average assumptions used to determine net periodic costs for the year ended December 31: | |||
Discount rate | 4.40% | 3.90% | 4.10% |
Expected long-term return on plan assets | 2.00% | ||
Defined Benefit Plan, Assumed Health Care Cost Trend Rates | |||
Ultimate trend rate | 5.00% | 5.00% | |
Postretirement benefits [Member] | Pre-65 [Member] | |||
Defined Benefit Plan, Assumed Health Care Cost Trend Rates | |||
Projected health care cost trend rate (pre-65) | 7.00% | 6.60% | |
Postretirement benefits [Member] | Post-65 [Member] | |||
Defined Benefit Plan, Assumed Health Care Cost Trend Rates | |||
Projected health care cost trend rate (pre-65) | 7.00% | 6.60% |
Pension and Other Postretire_10
Pension and Other Postretirement Benefits (Sensitivity) (Details) - Postretirement benefits [Member] $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Defined Benefit Plan, Effect of One-Percentage Point Change in Assumed Health Care Cost Trend Rate [Abstract] | |
Effect of one percentage point increase on total service and interest cost components | $ 0 |
Effect of one percentage point decrease on total service and interest cost components | 0 |
Effect of one percentage point increase in accumulated postretirement benefit obligation | 5 |
Effect of one percentage point decrease on the accumulated postretirement benefit obligation | $ (5) |
Pension and Other Postretire_11
Pension and Other Postretirement Benefits (Plan Asset Allocations) (Details) - United States [Member] | Dec. 31, 2019 |
Fixed Income Instrument [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan, actual plan asset allocation | 73.00% |
Equity securities [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan, actual plan asset allocation | 24.00% |
Viacom Inc [Member] | Equity securities [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan, target plan asset allocations | 76.00% |
Viacom Inc [Member] | Liability Hedging [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan, target plan asset allocations | 18.00% |
Viacom Inc [Member] | Cash and cash equivalents [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan, target plan asset allocations | 6.00% |
Minimum [Member] | Fixed Income Instrument [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan, target plan asset allocations | 70.00% |
Minimum [Member] | Equity securities [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan, target plan asset allocations | 16.00% |
Minimum [Member] | Viacom Inc [Member] | Equity securities [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan, target plan asset allocations | 70.00% |
Minimum [Member] | Viacom Inc [Member] | Liability Hedging [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan, target plan asset allocations | 10.00% |
Minimum [Member] | Viacom Inc [Member] | Cash and cash equivalents [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan, target plan asset allocations | 0.00% |
Maximum [Member] | Fixed Income Instrument [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan, target plan asset allocations | 80.00% |
Maximum [Member] | Equity securities [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan, target plan asset allocations | 28.00% |
Maximum [Member] | Viacom Inc [Member] | Equity securities [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan, target plan asset allocations | 90.00% |
Maximum [Member] | Viacom Inc [Member] | Liability Hedging [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan, target plan asset allocations | 30.00% |
Maximum [Member] | Viacom Inc [Member] | Cash and cash equivalents [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan, target plan asset allocations | 10.00% |
Pension and Other Postretire_12
Pension and Other Postretirement Benefits (Fair Value Measurements) (Details) - Pension benefits [Member] - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | $ 3,176 | $ 2,932 | $ 3,412 |
Fair Value, Recurring [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 2,127 | 2,149 | |
Fair Value, Recurring [Member] | Cash and cash equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 35 | 11 | |
Fair Value, Recurring [Member] | US treasury securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 83 | 116 | |
Fair Value, Recurring [Member] | Government-related securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 171 | 169 | |
Fair Value, Recurring [Member] | Corporate bonds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 1,562 | 1,529 | |
Fair Value, Recurring [Member] | Mortgage-backed and asset-backed securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 98 | 120 | |
Fair Value, Recurring [Member] | US large capitalization [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 113 | 150 | |
Fair Value, Recurring [Member] | US small capitalization [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 40 | 35 | |
Fair Value, Recurring [Member] | Other investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 25 | 19 | |
Fair Value, Recurring [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 237 | 275 | |
Fair Value, Recurring [Member] | Level 1 [Member] | Cash and cash equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 1 | 4 | |
Fair Value, Recurring [Member] | Level 1 [Member] | US treasury securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 83 | 85 | |
Fair Value, Recurring [Member] | Level 1 [Member] | Government-related securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 0 | 0 | |
Fair Value, Recurring [Member] | Level 1 [Member] | Corporate bonds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 0 | 0 | |
Fair Value, Recurring [Member] | Level 1 [Member] | Mortgage-backed and asset-backed securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 0 | 0 | |
Fair Value, Recurring [Member] | Level 1 [Member] | US large capitalization [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 113 | 150 | |
Fair Value, Recurring [Member] | Level 1 [Member] | US small capitalization [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 40 | 35 | |
Fair Value, Recurring [Member] | Level 1 [Member] | Other investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 0 | 1 | |
Fair Value, Recurring [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 1,890 | 1,874 | |
Fair Value, Recurring [Member] | Level 2 [Member] | Cash and cash equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 34 | 7 | |
Fair Value, Recurring [Member] | Level 2 [Member] | US treasury securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 0 | 31 | |
Fair Value, Recurring [Member] | Level 2 [Member] | Government-related securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 171 | 169 | |
Fair Value, Recurring [Member] | Level 2 [Member] | Corporate bonds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 1,562 | 1,529 | |
Fair Value, Recurring [Member] | Level 2 [Member] | Mortgage-backed and asset-backed securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 98 | 120 | |
Fair Value, Recurring [Member] | Level 2 [Member] | US large capitalization [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 0 | 0 | |
Fair Value, Recurring [Member] | Level 2 [Member] | US small capitalization [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 0 | 0 | |
Fair Value, Recurring [Member] | Level 2 [Member] | Other investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 25 | 18 | |
Fair Value, Recurring [Member] | Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 0 | 0 | |
Fair Value, Recurring [Member] | Level 3 [Member] | Cash and cash equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 0 | 0 | |
Fair Value, Recurring [Member] | Level 3 [Member] | US treasury securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 0 | 0 | |
Fair Value, Recurring [Member] | Level 3 [Member] | Government-related securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 0 | 0 | |
Fair Value, Recurring [Member] | Level 3 [Member] | Corporate bonds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 0 | 0 | |
Fair Value, Recurring [Member] | Level 3 [Member] | Mortgage-backed and asset-backed securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 0 | 0 | |
Fair Value, Recurring [Member] | Level 3 [Member] | US large capitalization [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 0 | 0 | |
Fair Value, Recurring [Member] | Level 3 [Member] | US small capitalization [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 0 | 0 | |
Fair Value, Recurring [Member] | Level 3 [Member] | Other investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 0 | 0 | |
Fair Value, Recurring [Member] | Fair Value Measured at net asset value [Member] | Common collective funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 978 | 688 | |
Fair Value, Recurring [Member] | Fair Value Measured at net asset value [Member] | Limited partnerships [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 23 | 63 | |
Fair Value, Recurring [Member] | Fair Value Measured at net asset value [Member] | Mutual funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | $ 48 | $ 32 |
Pension and Other Postretire_13
Pension and Other Postretirement Benefits (Future Benefit Payments) (Details) $ in Millions | Dec. 31, 2019USD ($) |
Retiree Medicare drug subsidy | |
2020 | $ 5 |
2021 | 5 |
2022 | 5 |
2023 | 5 |
2024 | 4 |
2025-2029 | 20 |
Pension benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2020 | 357 |
2021 | 304 |
2022 | 305 |
2023 | 307 |
2024 | 304 |
2025-2029 | 1,487 |
Pension benefits [Member] | Nonqualified Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected contribution in the next fiscal year | 70 |
Postretirement benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2020 | 48 |
2021 | 45 |
2022 | 42 |
2023 | 40 |
2024 | 37 |
2025-2029 | 144 |
Expected contribution in the next fiscal year | $ 43 |
Pension and Other Postretire_14
Pension and Other Postretirement Benefits (Multiemployer Pension and Postretirement Benefit Plans) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Pension Plan [Member] | |||
Multiemployer Plans [Line Items] | |||
Company Contributions | $ 164 | $ 151 | $ 137 |
Pension Plan [Member] | AFTRA Retirement Plan [Member] | |||
Multiemployer Plans [Line Items] | |||
Pension Protection Act | Green | Green | |
Company Contributions | $ 12 | $ 11 | 12 |
Pension Plan [Member] | AFTRA Retirement Plan [Member] | Minimum [Member] | |||
Multiemployer Plans [Line Items] | |||
Expiration date of collective bargaining agreement | Jun. 30, 2020 | ||
Pension Plan [Member] | AFTRA Retirement Plan [Member] | Maximum [Member] | |||
Multiemployer Plans [Line Items] | |||
Expiration date of collective bargaining agreement | Jun. 30, 2021 | ||
Pension Plan [Member] | Directors Guild Of America Producer [Member] | |||
Multiemployer Plans [Line Items] | |||
Pension Protection Act | Green | Green | |
Company Contributions | $ 19 | $ 15 | 15 |
Expiration date of collective bargaining agreement | Jun. 30, 2020 | ||
Pension Plan [Member] | Producer Writers Guild Of America [Member] | |||
Multiemployer Plans [Line Items] | |||
Pension Protection Act | Green | Green | |
Company Contributions | $ 26 | $ 25 | 22 |
Expiration date of collective bargaining agreement | May 1, 2020 | ||
Pension Plan [Member] | Screen Actors Guild Producers [Member] | |||
Multiemployer Plans [Line Items] | |||
Pension Protection Act | Green | Green | |
Company Contributions | $ 43 | $ 36 | 29 |
Expiration date of collective bargaining agreement | Jun. 30, 2020 | ||
Pension Plan [Member] | Motion Picture Industry [Member] | |||
Multiemployer Plans [Line Items] | |||
Pension Protection Act | Green | Green | |
Company Contributions | $ 43 | $ 42 | 40 |
Pension Plan [Member] | Motion Picture Industry [Member] | Minimum [Member] | |||
Multiemployer Plans [Line Items] | |||
Expiration date of collective bargaining agreement | May 15, 2021 | ||
Pension Plan [Member] | Motion Picture Industry [Member] | Maximum [Member] | |||
Multiemployer Plans [Line Items] | |||
Expiration date of collective bargaining agreement | Mar. 2, 2022 | ||
Pension Plan [Member] | I.A.T.S.E. Local No. 33 Pension Trust Fund [Member] | |||
Multiemployer Plans [Line Items] | |||
Pension Protection Act | Green | Green | |
Company Contributions | $ 5 | $ 10 | 9 |
Expiration date of collective bargaining agreement | Dec. 31, 2019 | ||
Pension Plan [Member] | Multiemployer Plan, Individually Insignificant Multiemployer Plans [Member] | |||
Multiemployer Plans [Line Items] | |||
Company Contributions | $ 16 | 12 | 10 |
Postretirement Benefit Healthcare [Member] | |||
Multiemployer Plans [Line Items] | |||
Company Contributions | $ 89 | $ 74 | $ 74 |
Pension and Other Postretire_15
Pension and Other Postretirement Benefits (Defined Contribution Plans) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Retirement Benefits [Abstract] | |||
Contributions to defined contribution plans | $ 95 | $ 87 | $ 94 |
Redeemable Noncontrolling Int_3
Redeemable Noncontrolling Interest (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | |||
Beginning balance | $ 239 | $ 249 | $ 200 |
Net earnings | 14 | 18 | 17 |
Distributions | (16) | (15) | (16) |
Translation adjustment | 8 | (14) | 21 |
Redemption value adjustment | 9 | 1 | 27 |
Ending balance | $ 254 | $ 239 | $ 249 |
Segment and Revenue Informati_3
Segment and Revenue Information (Revenues) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | $ 6,871 | $ 6,698 | $ 7,143 | $ 7,100 | $ 7,092 | $ 6,630 | $ 6,703 | $ 6,825 | $ 27,812 | $ 27,250 | $ 26,535 |
Advertising [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 11,074 | 10,841 | 10,582 | ||||||||
Affiliate [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 8,602 | 8,376 | 8,153 | ||||||||
Content Licensing [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 6,483 | 6,163 | 5,947 | ||||||||
Other [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 292 | 301 | 307 | ||||||||
Theatrical [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 547 | 744 | 716 | ||||||||
Operating Segments [Member] | TV Entertainment [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 11,924 | 11,061 | 10,476 | ||||||||
Operating Segments [Member] | TV Entertainment [Member] | Advertising [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 6,008 | 5,751 | 5,696 | ||||||||
Operating Segments [Member] | TV Entertainment [Member] | Affiliate [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 2,550 | 2,082 | 1,674 | ||||||||
Operating Segments [Member] | TV Entertainment [Member] | Content Licensing [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 3,157 | 3,006 | 2,880 | ||||||||
Operating Segments [Member] | TV Entertainment [Member] | Other [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 209 | 222 | 226 | ||||||||
Operating Segments [Member] | Cable Networks [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 12,449 | 12,683 | 12,479 | ||||||||
Operating Segments [Member] | Cable Networks [Member] | Advertising [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 5,129 | 5,130 | 4,947 | ||||||||
Operating Segments [Member] | Cable Networks [Member] | Affiliate [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 6,052 | 6,294 | 6,479 | ||||||||
Operating Segments [Member] | Cable Networks [Member] | Content Licensing [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 1,268 | 1,259 | 1,053 | ||||||||
Operating Segments [Member] | Filmed Entertainment [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 2,990 | 2,956 | 3,075 | ||||||||
Operating Segments [Member] | Filmed Entertainment [Member] | Other [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 111 | 102 | 102 | ||||||||
Operating Segments [Member] | Filmed Entertainment [Member] | Theatrical [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 547 | 744 | 716 | ||||||||
Operating Segments [Member] | Filmed Entertainment [Member] | Home Entertainment [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 623 | 617 | 789 | ||||||||
Operating Segments [Member] | Filmed Entertainment [Member] | Licensing [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 1,709 | 1,493 | 1,468 | ||||||||
Operating Segments [Member] | Publishing [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 814 | 825 | 830 | ||||||||
Corporate/Eliminations [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | (365) | (275) | (325) | ||||||||
Intersegment Eliminations [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | (396) | (306) | (348) | ||||||||
Intersegment Eliminations [Member] | TV Entertainment [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | (226) | (164) | (189) | ||||||||
Intersegment Eliminations [Member] | Cable Networks [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | (53) | (47) | (70) | ||||||||
Intersegment Eliminations [Member] | Filmed Entertainment [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | $ (117) | $ (95) | $ (89) |
Segment and Revenue Informati_4
Segment and Revenue Information (Operating Income (Loss)) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||||||||||
Operating income (loss) | $ 4,273 | $ 5,204 | $ 5,341 | ||||||||
Stock-based compensation | (291) | (191) | (232) | ||||||||
Depreciation and amortization | (443) | (433) | (443) | ||||||||
Restructuring and other corporate matters | $ (468) | $ (122) | $ (7) | $ (178) | $ (176) | $ (70) | $ (50) | $ (194) | (775) | (490) | (258) |
Programming charges | (589) | (162) | (589) | (162) | (144) | ||||||
Gain on sale of assets | 549 | 0 | 146 | ||||||||
Interest expense | (962) | (1,030) | (1,088) | ||||||||
Interest income | 66 | 79 | 87 | ||||||||
Gain (loss) on marketable securities | 113 | (23) | 0 | ||||||||
Gain (loss) on early extinguishment of debt | 0 | 18 | (38) | ||||||||
Gain on sale of EPIX | 0 | 0 | 285 | ||||||||
Pension settlement charge | 0 | 0 | (352) | ||||||||
Other items, net | (145) | (124) | (115) | ||||||||
Earnings from continuing operations before income taxes and equity in earnings (loss) of investee companies | 3,345 | 4,124 | 4,120 | ||||||||
Benefit (provision) for income taxes | 9 | (617) | (804) | ||||||||
Equity in earnings (loss) of investee companies, net of tax | (53) | (47) | 4 | ||||||||
Net earnings from continuing operations | (269) | 642 | 977 | 1,951 | 897 | 891 | 946 | 726 | 3,301 | 3,460 | 3,320 |
Net earnings (loss) from discontinued operations, net of tax | 38 | 32 | (947) | ||||||||
Net earnings (ViacomCBS and noncontrolling interests) | (254) | 646 | 983 | 1,964 | 900 | 899 | 957 | 736 | 3,339 | 3,492 | 2,373 |
Net earnings attributable to noncontrolling interests | (31) | (37) | (52) | ||||||||
Net earnings attributable to ViacomCBS | $ (258) | $ 630 | $ 977 | $ 1,959 | $ 887 | $ 886 | $ 954 | $ 728 | 3,308 | 3,455 | 2,321 |
Operating Segments [Member] | TV Entertainment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating income (loss) | 2,443 | 2,466 | 2,301 | ||||||||
Depreciation and amortization | (150) | (160) | (163) | ||||||||
Operating Segments [Member] | Cable Networks [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating income (loss) | 3,515 | 4,341 | 4,442 | ||||||||
Depreciation and amortization | (219) | (194) | (193) | ||||||||
Operating Segments [Member] | Filmed Entertainment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating income (loss) | 80 | (33) | (187) | ||||||||
Depreciation and amortization | (37) | (38) | (42) | ||||||||
Operating Segments [Member] | Publishing [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating income (loss) | 143 | 153 | 146 | ||||||||
Depreciation and amortization | (5) | (6) | (6) | ||||||||
Corporate [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating income (loss) | (449) | (433) | (442) | ||||||||
Depreciation and amortization | (32) | (35) | (39) | ||||||||
Segment Reconciling Items [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Stock-based compensation | (201) | (205) | (220) | ||||||||
Depreciation and amortization | (443) | (433) | (443) | ||||||||
Restructuring and other corporate matters | (775) | (490) | (258) | ||||||||
Programming charges | $ (589) | $ (162) | $ (144) |
Segment and Revenue Informati_5
Segment and Revenue Information (Depreciation and Amortization) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | $ 443 | $ 433 | $ 443 |
Operating Segments [Member] | TV Entertainment [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | 150 | 160 | 163 |
Operating Segments [Member] | Cable Networks [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | 219 | 194 | 193 |
Operating Segments [Member] | Filmed Entertainment [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | 37 | 38 | 42 |
Operating Segments [Member] | Publishing [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | 5 | 6 | 6 |
Corporate [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | $ 32 | $ 35 | $ 39 |
Segment and Revenue Informati_6
Segment and Revenue Information (Capital Expenditures) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||
Capital expenditures | $ 353 | $ 352 | $ 356 |
Operating Segments [Member] | TV Entertainment [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 113 | 112 | 134 |
Operating Segments [Member] | Cable Networks [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 166 | 156 | 156 |
Operating Segments [Member] | Filmed Entertainment [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 43 | 52 | 27 |
Operating Segments [Member] | Publishing [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 8 | 7 | 5 |
Corporate [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | $ 23 | $ 25 | $ 34 |
Segment and Revenue Informati_7
Segment and Revenue Information (Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Segment Reporting Information [Line Items] | ||
Assets | $ 49,519 | $ 44,497 |
Assets of discontinued operations | 15 | 12 |
Assets held for sale | 23 | 56 |
Operating Segments [Member] | TV Entertainment [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 19,689 | 17,378 |
Assets held for sale | 33 | |
Operating Segments [Member] | Cable Networks [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 22,109 | 20,334 |
Assets held for sale | 23 | 23 |
Operating Segments [Member] | Filmed Entertainment [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 5,477 | 5,393 |
Operating Segments [Member] | Publishing [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 1,262 | 1,054 |
Corporate/Eliminations [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | $ 967 | $ 326 |
Segment and Revenue Informati_8
Segment and Revenue Information (Revenue by Type) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | $ 6,871 | $ 6,698 | $ 7,143 | $ 7,100 | $ 7,092 | $ 6,630 | $ 6,703 | $ 6,825 | $ 27,812 | $ 27,250 | $ 26,535 |
United States [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 22,160 | 21,160 | 20,652 | ||||||||
Non-US [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 5,652 | 6,090 | 5,883 | ||||||||
Advertising [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 11,074 | 10,841 | 10,582 | ||||||||
Affiliate [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 8,602 | 8,376 | 8,153 | ||||||||
Content Licensing [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 6,483 | 6,163 | 5,947 | ||||||||
Theatrical [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 547 | 744 | 716 | ||||||||
Publishing [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 814 | 825 | 830 | ||||||||
Other [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | $ 292 | $ 301 | $ 307 |
Segment and Revenue Informati_9
Segment and Revenue Information (Long-lived Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Segment Reporting Information [Line Items] | ||
Long-lived assets | $ 12,915 | $ 9,622 |
United States [Member] | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | 12,417 | 9,322 |
Non-US [Member] | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | $ 498 | $ 300 |
Discontinued Operations (Narrat
Discontinued Operations (Narrative) (Details) - CBS Radio [Member] - Discontinued Operations [Member] shares in Millions | Nov. 16, 2017shares |
Common Class B [Member] | |
Discontinued Operations [Line Items] | |
Shares received in exchange offer (in shares) | 17.9 |
Common Stock [Member] | |
Discontinued Operations [Line Items] | |
Shares exchanged in exchange offer (in shares) | 101.4 |
Discontinued Operations (Net Ea
Discontinued Operations (Net Earnings (Loss)) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Costs and expenses: | |||
Income tax benefit (provision) | $ (12) | $ (10) | $ (10) |
Net earnings (loss) from discontinued operations, net of tax | $ 38 | $ 32 | (947) |
Discontinued Operations [Member] | |||
Discontinued Operations [Line Items] | |||
Revenues | 1,018 | ||
Costs and expenses: | |||
Operating | 364 | ||
Selling, general and administrative | 436 | ||
Market value adjustment | 980 | ||
Restructuring charges | 7 | ||
Total costs and expenses | 1,787 | ||
Operating loss | (769) | ||
Interest expense | (70) | ||
Other items, net | (2) | ||
Earnings (loss) from discontinued operations | (841) | ||
Income tax benefit (provision) | (12) | ||
Earnings (loss) from discontinued operations, net of tax | (853) | ||
Net gain (loss) on disposal | (96) | ||
Income tax benefit (provision) | 2 | ||
Net gain (loss) on disposal, net of tax | (94) | ||
Net earnings (loss) from discontinued operations, net of tax | (947) | ||
Discontinued Operations [Member] | CBS Radio [Member] | |||
Discontinued Operations [Line Items] | |||
Revenues | 1,018 | ||
Costs and expenses: | |||
Operating | 364 | ||
Selling, general and administrative | 444 | ||
Market value adjustment | 980 | ||
Restructuring charges | 7 | ||
Total costs and expenses | 1,795 | ||
Operating loss | (777) | ||
Interest expense | (70) | ||
Other items, net | (2) | ||
Earnings (loss) from discontinued operations | (849) | ||
Income tax benefit (provision) | (55) | ||
Earnings (loss) from discontinued operations, net of tax | (904) | ||
Net gain (loss) on disposal | (109) | ||
Income tax benefit (provision) | 4 | ||
Net gain (loss) on disposal, net of tax | (105) | ||
Net earnings (loss) from discontinued operations, net of tax | (1,009) | ||
Discontinued Operations [Member] | Other [Member] | |||
Discontinued Operations [Line Items] | |||
Revenues | 0 | ||
Costs and expenses: | |||
Operating | 0 | ||
Selling, general and administrative | (8) | ||
Market value adjustment | 0 | ||
Restructuring charges | 0 | ||
Total costs and expenses | (8) | ||
Operating loss | 8 | ||
Interest expense | 0 | ||
Other items, net | 0 | ||
Earnings (loss) from discontinued operations | 8 | ||
Income tax benefit (provision) | 43 | ||
Earnings (loss) from discontinued operations, net of tax | 51 | ||
Net gain (loss) on disposal | 13 | ||
Income tax benefit (provision) | (2) | ||
Net gain (loss) on disposal, net of tax | 11 | ||
Net earnings (loss) from discontinued operations, net of tax | $ 62 |
Commitments and Contingencies_2
Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Dec. 31, 2019 | |
Other Commitments [Line Items] | ||
Programming and talent commitments | $ 10,355 | |
Purchase obligations | 1,517 | |
Outstanding letters of credit and surety bonds | 136 | |
CBS Television City [Member] | ||
Other Commitments [Line Items] | ||
Estimated liability | $ 124 | |
Guaranteed cash flow period | 5 years | 5 years |
Famous Players [Member] | ||
Other Commitments [Line Items] | ||
Estimated liability | $ 86 | |
Sports programming rights commitments [Member] | ||
Other Commitments [Line Items] | ||
Programming and talent commitments | 5,390 | |
Production and licensing of television and film programming [Member] | ||
Other Commitments [Line Items] | ||
Programming and talent commitments | 3,800 | |
Talent contracts [Member] | ||
Other Commitments [Line Items] | ||
Programming and talent commitments | $ 1,170 |
Commitments and Contingencies_3
Commitments and Contingencies (Commitments) (Details) $ in Millions | Dec. 31, 2019USD ($) |
Programming and talent commitments | |
Total | $ 10,355 |
2020 | 3,003 |
2021 | 2,980 |
2022 | 2,370 |
2023 | 744 |
2024 | 415 |
2025 and thereafter | 843 |
Purchase obligations | |
Total | 1,517 |
2020 | 609 |
2021 | 558 |
2022 | 186 |
2023 | 45 |
2024 | 37 |
2025 and thereafter | 82 |
Other long-term contractual obligations | |
Total | 2,076 |
2020 | 0 |
2021 | 988 |
2022 | 491 |
2023 | 232 |
2024 | 180 |
2025 and thereafter | $ 185 |
Commitments and Contingencies_4
Commitments and Contingencies (Legal Matters Narrative) (Details) $ in Millions | 1 Months Ended | 12 Months Ended | |||
Oct. 31, 2018USD ($) | Dec. 31, 2019USD ($)claim | Dec. 31, 2018USD ($)claim | Jan. 23, 2020suit | Dec. 31, 2017claim | |
Loss Contingencies [Line Items] | |||||
Contributions to grantor trust | $ | $ 120 | ||||
Cost for settlement and defense of asbestos claims, net of insurance recoveries and tax benefits | $ | $ 58 | $ 45 | |||
Subsequent Event [Member] | |||||
Loss Contingencies [Line Items] | |||||
Number of consolidated class action suits | suit | 4 | ||||
Asbestos Claims [Member] | |||||
Loss Contingencies [Line Items] | |||||
Number of pending asbestos claims | 30,950 | 31,570 | 31,660 | ||
Number of new asbestos claims | 3,460 | ||||
Number of asbestos claims closed or moved to inactive docket | 4,080 |
Supplemental Financial Inform_3
Supplemental Financial Information (Components of Other Items, Net) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Additional Financial Information Disclosure [Abstract] | |||
Pension and postretirement benefit costs | $ (105) | $ (68) | $ (96) |
Foreign exchange losses | (17) | (18) | (20) |
Impairment of investments | (50) | (46) | (18) |
Gains from investments | 22 | 16 | 0 |
Other | 5 | (8) | 19 |
Other items, net | $ (145) | $ (124) | $ (115) |
Supplemental Financial Inform_4
Supplemental Financial Information (Supplemental Cash Flow Information) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash and Cash Equivalents [Line Items] | |||
Cash paid for interest | $ 922 | $ 1,012 | $ 1,126 |
Cash paid (refunded) for income taxes | 598 | 157 | 853 |
Non-cash investing and financing activities: | |||
Shares received in split-off of CBS Radio | 1,007 | ||
Discontinued Operations [Member] | CBS Radio [Member] | |||
Non-cash investing and financing activities: | |||
Shares received in split-off of CBS Radio | 1,010 | ||
Continuing Operations [Member] | |||
Cash and Cash Equivalents [Line Items] | |||
Cash paid for interest | 922 | 1,012 | 1,056 |
Cash paid (refunded) for income taxes | 598 | 161 | 827 |
Discontinued Operations [Member] | |||
Cash and Cash Equivalents [Line Items] | |||
Cash paid for interest | 0 | 0 | 70 |
Cash paid (refunded) for income taxes | $ 0 | $ (4) | $ 26 |
Quarterly Financial Data (Una_3
Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Effect of Fourth Quarter Events [Line Items] | |||||||||||
Revenues | $ 6,871 | $ 6,698 | $ 7,143 | $ 7,100 | $ 7,092 | $ 6,630 | $ 6,703 | $ 6,825 | $ 27,812 | $ 27,250 | $ 26,535 |
Operating income (loss) | (13) | 1,036 | 1,446 | 1,804 | 1,259 | 1,307 | 1,448 | 1,190 | 4,273 | 5,204 | 5,341 |
Net earnings from continuing operations (ViacomCBS and noncontrolling interests) | (269) | 642 | 977 | 1,951 | 897 | 891 | 946 | 726 | 3,301 | 3,460 | 3,320 |
Net earnings (ViacomCBS and noncontrolling interests) | (254) | 646 | 983 | 1,964 | 900 | 899 | 957 | 736 | 3,339 | 3,492 | 2,373 |
Net earnings (loss) from continuing operations attributable to ViacomCBS | (273) | 626 | 971 | 1,946 | 884 | 878 | 943 | 718 | 3,270 | 3,423 | 3,268 |
Net earnings attributable to ViacomCBS | $ (258) | $ 630 | $ 977 | $ 1,959 | $ 887 | $ 886 | $ 954 | $ 728 | $ 3,308 | $ 3,455 | $ 2,321 |
Basic net earnings (loss) per common share attributable to ViacomCBS: | |||||||||||
Net earnings from continuing operations (in dollars per share) | $ (0.44) | $ 1.02 | $ 1.58 | $ 3.17 | $ 1.44 | $ 1.43 | $ 1.53 | $ 1.15 | $ 5.32 | $ 5.55 | $ 5.11 |
Net earnings (loss) (in dollars per share) | (0.42) | 1.02 | 1.59 | 3.20 | 1.44 | 1.44 | 1.54 | 1.17 | 5.38 | 5.60 | 3.63 |
Diluted net earnings (loss) per common share attributable to ViacomCBS: | |||||||||||
Net earnings from continuing operations (in dollars per share) | (0.44) | 1.01 | 1.57 | 3.15 | 1.43 | 1.42 | 1.52 | 1.15 | 5.30 | 5.51 | 5.05 |
Net earnings (loss) (in dollars per share) | $ (0.42) | $ 1.02 | $ 1.58 | $ 3.18 | $ 1.44 | $ 1.43 | $ 1.54 | $ 1.16 | $ 5.36 | $ 5.56 | $ 3.59 |
Weighted average number of common shares outstanding: | |||||||||||
Basic weighted average number of common shares outstanding (in shares) | 615 | 615 | 615 | 613 | 614 | 615 | 618 | 622 | 615 | 617 | 640 |
Diluted weighted average number of common shares outstanding (in shares) | 615 | 617 | 617 | 617 | 618 | 619 | 621 | 626 | 617 | 621 | 647 |
Restructuring and other corporate matters | $ 468 | $ 122 | $ 7 | $ 178 | $ 176 | $ 70 | $ 50 | $ 194 | $ 775 | $ 490 | $ 258 |
Discrete tax provision (benefit) | (768) | (140) | |||||||||
Programming charges | $ 589 | $ 162 | 589 | $ 162 | $ 144 | ||||||
CBS Television City [Member] | |||||||||||
Weighted average number of common shares outstanding: | |||||||||||
Gain on sale of property and sound stage operation | 549 | 549 | |||||||||
Gain on sale of property and sound stage operation, net | $ 386 | $ 386 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Allowance for doubtful accounts [Member] | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | $ 86 | $ 101 | $ 105 |
Balance Acquired through Acquisitions | 0 | 0 | 0 |
Charged to Costs and Expenses | 26 | 26 | 31 |
Deductions | 26 | 41 | 35 |
Balance at End of Period | 86 | 86 | 101 |
Valuation allowance on deferred tax assets [Member] | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | 841 | 1,120 | 1,108 |
Balance Acquired through Acquisitions | 0 | 0 | 218 |
Charged to Costs and Expenses | 76 | 37 | 157 |
Deductions | 366 | 316 | 363 |
Balance at End of Period | 551 | 841 | 1,120 |
Reserve for inventory obsolescence [Member] | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | 56 | 67 | 59 |
Balance Acquired through Acquisitions | 0 | 0 | 0 |
Charged to Costs and Expenses | 11 | 5 | 26 |
Deductions | 6 | 16 | 18 |
Balance at End of Period | $ 61 | $ 56 | $ 67 |
Uncategorized Items - a2019k.ht
Label | Element | Value |
Parent [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ (179,000,000) |