COVER PAGE
COVER PAGE - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 19, 2021 | Jun. 30, 2020 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2020 | ||
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 | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 12,893,859,999 | ||
Documents Incorporated by Reference | DOCUMENTS INCORPORATED BY REFERENCE Portions of ViacomCBS Inc.’s Notice of 2021 Annual Meeting of Stockholders and Proxy Statement to be filed with the Securities and Exchange Commission pursuant to Regulation 14A of the Securities Exchange Act of 1934 (Part III). | ||
Entity Central Index Key | 0000813828 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2020 | ||
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 | 52,066,317 | ||
Common Class B [Member] | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Class B Common Stock, $0.001 par value | ||
Trading Symbol | VIAC | ||
Security Exchange Name | NASDAQ | ||
Shares of common stock outstanding | 567,539,816 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Statement [Abstract] | |||
Revenues | $ 25,285 | $ 26,998 | $ 26,425 |
Costs and expenses: | |||
Operating | 14,992 | 16,713 | 15,399 |
Selling, general and administrative | 5,320 | 5,481 | 5,048 |
Depreciation and amortization | 430 | 438 | 427 |
Restructuring and other corporate matters | 618 | 769 | 489 |
Total costs and expenses | 21,360 | 23,401 | 21,363 |
Gain on sales | 214 | 549 | 0 |
Operating income | 4,139 | 4,146 | 5,062 |
Interest expense | (1,031) | (962) | (1,030) |
Interest income | 60 | 66 | 79 |
Net gains (losses) from investments | 206 | 85 | (53) |
Gain (loss) on extinguishment of debt | (126) | 0 | 18 |
Other items, net | (101) | (112) | (92) |
Earnings from continuing operations before income taxes and equity in loss of investee companies | 3,147 | 3,223 | 3,984 |
(Provision) benefit for income taxes | (535) | 29 | (580) |
Equity in loss of investee companies, net of tax | (28) | (53) | (47) |
Net earnings from continuing operations | 2,584 | 3,199 | 3,357 |
Net earnings (ViacomCBS and noncontrolling interests) | 2,701 | 3,339 | 3,492 |
Net earnings attributable to noncontrolling interests | (279) | (31) | (37) |
Net earnings attributable to ViacomCBS | 2,422 | 3,308 | 3,455 |
Net earnings from continuing operations | 2,305 | 3,168 | 3,320 |
Net earnings from discontinued operations, net of tax | $ 117 | $ 140 | $ 135 |
Basic net earnings per common share attributable to ViacomCBS: | |||
Net earnings from continuing operations (in dollars per share) | $ 3.74 | $ 5.15 | $ 5.38 |
Net earnings (loss) from discontinued operations (in dollars per share) | 0.19 | 0.23 | 0.22 |
Net earnings (in dollars per share) | 3.93 | 5.38 | 5.60 |
Diluted net earnings per common share attributable to ViacomCBS: | |||
Net earnings from continuing operations (in dollars per share) | 3.73 | 5.13 | 5.35 |
Net earnings (loss) from discontinued operations (in dollars per share) | 0.19 | 0.23 | 0.22 |
Net earnings (in dollars per share) | $ 3.92 | $ 5.36 | $ 5.56 |
Weighted average number of common shares outstanding: | |||
Basic weighted average number of common shares outstanding (in shares) | 616 | 615 | 617 |
Diluted weighted average number of common shares outstanding (in shares) | 618 | 617 | 621 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | |||
Net earnings (ViacomCBS and noncontrolling interests) | $ 2,701 | $ 3,339 | $ 3,492 |
Other comprehensive income (loss), net of tax: | |||
Cumulative translation adjustments | 134 | 9 | (242) |
Net actuarial loss and prior service costs | (2) | (145) | (61) |
Other comprehensive income (loss) from continuing operations, net of tax (ViacomCBS and noncontrolling interests) | 132 | (136) | (303) |
Other comprehensive income (loss) from discontinued operations | 5 | 6 | (12) |
Comprehensive income | 2,838 | 3,209 | 3,177 |
Less: Comprehensive income attributable to noncontrolling interests | 278 | 33 | 31 |
Comprehensive income attributable to ViacomCBS | $ 2,560 | $ 3,176 | $ 3,146 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Current Assets: | ||
Cash and cash equivalents | $ 2,984 | $ 632 |
Receivables, net | 7,017 | 6,837 |
Programming and other inventory | 1,757 | 2,813 |
Prepaid expenses | 622 | 399 |
Other current assets | 769 | 677 |
Current assets of discontinued operations | 630 | 544 |
Total current assets | 13,779 | 11,902 |
Property and equipment, net | 1,994 | 2,045 |
Programming and other inventory | 10,363 | 8,652 |
Goodwill | 16,612 | 16,545 |
Intangible assets, net | 2,826 | 2,990 |
Operating lease assets | 1,602 | 1,738 |
Deferred income tax assets, net | 993 | 938 |
Other assets | 3,657 | 3,955 |
Assets held for sale | 28 | 23 |
Assets of discontinued operations | 809 | 797 |
Total Assets | 52,663 | 49,585 |
Current Liabilities: | ||
Accounts payable | 571 | 632 |
Accrued expenses | 1,714 | 1,729 |
Participants’ share and royalties payable | 2,005 | 1,861 |
Accrued programming and production costs | 1,141 | 1,500 |
Deferred revenues | 978 | 737 |
Debt | 16 | 717 |
Other current liabilities | 1,391 | 1,439 |
Current liabilities of discontinued operations | 480 | 433 |
Total current liabilities | 8,296 | 9,048 |
Long-term debt | 19,717 | 18,002 |
Participants’ share and royalties payable | 1,317 | 1,546 |
Pension and postretirement benefit obligations | 2,098 | 2,121 |
Deferred income tax liabilities, net | 778 | 565 |
Operating lease liabilities | 1,583 | 1,705 |
Program rights obligations | 243 | 356 |
Other liabilities | 2,158 | 2,436 |
Liabilities of discontinued operations | 220 | 263 |
Redeemable noncontrolling interest | 197 | 254 |
Commitments and contingencies (Note 20) | ||
ViacomCBS stockholders’ equity: | ||
Additional paid-in capital | 29,785 | 29,590 |
Treasury stock, at cost; 503 (2020) and 501 (2019) Class B Shares | (22,958) | (22,908) |
Retained earnings | 10,375 | 8,494 |
Accumulated other comprehensive loss | (1,832) | (1,970) |
Total ViacomCBS stockholders’ equity | 15,371 | 13,207 |
Noncontrolling interests | 685 | 82 |
Total Equity | 16,056 | 13,289 |
Total Liabilities and Stockholders’ Equity | 52,663 | 49,585 |
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, 2020 | Dec. 31, 2019 |
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 | 52,000,000 |
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) | 1,068,000,000 | 1,064,000,000 |
Treasury Stock, at cost, Class B Shares (in shares) | 503,000,000 | 501,000,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating Activities: | |||
Net earnings (ViacomCBS and noncontrolling interests) | $ 2,701 | $ 3,339 | $ 3,492 |
Less: Net earnings from discontinued operations, net of tax | 117 | 140 | 135 |
Net earnings from continuing operations | 2,584 | 3,199 | 3,357 |
Adjustments to reconcile net earnings from continuing operations to net cash flow provided by operating activities from continuing operations: | |||
Depreciation and amortization | 430 | 438 | 427 |
Television programming and feature film cost amortization | 11,045 | 12,554 | 11,595 |
Deferred tax provision (benefit) | 122 | (765) | 48 |
Stock-based compensation | 274 | 286 | 187 |
Gain on sales | (214) | (549) | 0 |
Net (gains) losses from investments | (206) | (85) | 53 |
(Gain) loss on extinguishment of debt | 126 | 0 | (18) |
Equity in loss of investee companies, net of tax and distributions | 34 | 58 | 54 |
Change in assets and liabilities | |||
Increase in receivables | (68) | (247) | (389) |
Increase in inventory and related program and participation liabilities, net | (12,170) | (14,215) | (12,185) |
Increase (decrease) in accounts payable and other liabilities | 188 | 302 | (145) |
(Decrease) increase in pension and postretirement benefit obligations | (20) | 16 | (65) |
Increase in income taxes | 2 | 176 | 379 |
Other, net | 88 | 3 | 26 |
Net cash flow provided by operating activities from continuing operations | 2,215 | 1,171 | 3,324 |
Net cash flow provided by operating activities from discontinued operations | 79 | 59 | 140 |
Net cash flow provided by operating activities | 2,294 | 1,230 | 3,464 |
Investing Activities: | |||
Investments | (59) | (171) | (161) |
Capital expenditures | (324) | (345) | (345) |
Acquisitions, net of cash acquired | (147) | (399) | |
Proceeds from dispositions | 593 | 756 | 39 |
Other investing activities | 0 | 14 | 4 |
Net cash flow provided by (used for) investing activities from continuing operations | 63 | (145) | (581) |
Net cash flow used for investing activities from discontinued operations | (7) | (10) | (30) |
Net cash flow provided by (used for) investing activities | 56 | (155) | (611) |
Financing Activities: | |||
(Repayments of) proceeds from short-term debt borrowings, net | (706) | 25 | (5) |
Proceeds from issuance of senior notes | 4,375 | 492 | 0 |
Repayment of long-term debt | (2,901) | (910) | (1,102) |
Dividends | (600) | (595) | (599) |
Purchase of Company common stock | (58) | (57) | (586) |
Payment of payroll taxes in lieu of issuing shares for stock-based compensation | (93) | (56) | (67) |
Proceeds from exercise of stock options | 5 | 15 | 29 |
Other financing activities | (112) | (130) | (201) |
Net cash flow used for financing activities | (90) | (1,216) | (2,531) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 25 | (1) | (25) |
Net increase (decrease) in cash, cash equivalents and restricted cash | 2,285 | (142) | 297 |
Cash, cash equivalents and restricted cash at beginning of year (includes $202 (2020) and $120 (2019) of restricted cash) | 834 | 976 | 679 |
Cash, cash equivalents and restricted cash at end of year (includes $135 (2020), $202 (2019) and $120 (2018) of restricted cash) | $ 3,119 | $ 834 | $ 976 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Statement of Cash Flows [Abstract] | |||
Restricted cash and cash equivalents | $ 135 | $ 202 | $ 120 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) shares in Millions, $ in Millions | Total | Adoption of New Accounting Standards [Member] | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Retained Earnings [Member]Adoption of New Accounting Standards [Member] | AOCI Attributable to Parent [Member] | AOCI Attributable to Parent [Member]Adoption of New Accounting Standards [Member] | Total ViacomCBS Stockholders’ Equity [Member] | Total ViacomCBS Stockholders’ Equity [Member]Adoption of New Accounting Standards [Member] | Noncontrolling Interest [Member] | |
Balance, beginning of year (shares) at Dec. 31, 2017 | 622 | ||||||||||||
Balance, beginning 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 and other (shares) | 3 | ||||||||||||
Stock-based compensation activity and other | 162 | 23 | 139 | 162 | |||||||||
Class B Common Stock purchased (shares) | (12) | ||||||||||||
Class B Common Stock purchased | (600) | (600) | (600) | ||||||||||
Dividends | (599) | (300) | (299) | (599) | |||||||||
Noncontrolling interests | (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 | $ (179) | $ 1 | (43,420) | 49,907 | 5,569 | $ (149) | (1,608) | $ (30) | 10,449 | $ (179) | 54 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Stock-based compensation activity and other (shares) | 3 | ||||||||||||
Stock-based compensation activity and other | 251 | 29 | 226 | (4) | 251 | ||||||||
Cancellation of treasury stock in the Merger (shares) | 0 | ||||||||||||
Cancellation of treasury stock in the Merger | $ 0 | 20,533 | (20,533) | ||||||||||
Class B Common Stock purchased (shares) | (1.2) | (1) | |||||||||||
Class B Common Stock purchased | $ (50) | (50) | (50) | ||||||||||
Dividends | (600) | 0 | (600) | (600) | |||||||||
Noncontrolling interests | (24) | (10) | (9) | (19) | (5) | ||||||||
Net earnings | 3,339 | 3,308 | 3,308 | 31 | |||||||||
Reclassification of income tax effect of the Tax Reform Act | 0 | 230 | (230) | 0 | |||||||||
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 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Stock-based compensation activity and other (shares) | 3 | ||||||||||||
Stock-based compensation activity and other | $ 195 | 0 | 195 | 195 | |||||||||
Class B Common Stock purchased (shares) | (1.3) | (1) | |||||||||||
Class B Common Stock purchased | $ (50) | (50) | (50) | ||||||||||
Dividends | (601) | (601) | (601) | ||||||||||
Noncontrolling interests | 385 | 60 | 60 | 325 | [1] | ||||||||
Net earnings | 2,701 | 2,422 | 2,422 | 279 | |||||||||
Other comprehensive income (loss) | 137 | 138 | 138 | (1) | |||||||||
Balance, end of year (shares) at Dec. 31, 2020 | 617 | ||||||||||||
Balance, end of year at Dec. 31, 2020 | $ 16,056 | $ 1 | $ (22,958) | $ 29,785 | $ 10,375 | $ (1,832) | $ 15,371 | $ 685 | |||||
[1] | Primarily reflects the acquisition of Miramax (see Note 2). |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
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 Studios; CBS Media Ventures; CBS-branded streaming services, including CBS All Access, which will be rebranded as Paramount+ in March 2021, and CBSN; CBS Sports Network; and CBS Television Stations), Cable Networks (premium and basic cable networks, including Showtime, BET, Nickelodeon, MTV, Comedy Central, Paramount Network, and Smithsonian Channel, among others; streaming services, including Pluto TV and Showtime OTT; ViacomCBS Networks International, including Channel 5, Telefe and Network 10) and Filmed Entertainment (Paramount Pictures, Paramount Players, Paramount Animation, Paramount Television Studios and Miramax). 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. 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. Discontinued Operations —On November 25, 2020, we entered into an agreement to sell our publishing business, Simon & Schuster, to Penguin Random House LLC (“Penguin Random House”), a wholly owned subsidiary of Bertelsmann SE & Co. KGaA, for $2.175 billion in cash. As a result, Simon & Schuster has been presented as a discontinued operation in our consolidated financial statements for all periods presented (see Note 3). 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 of investee companies, net of tax” on the Consolidated Statements of Operations. Reclassifications —Certain amounts reported for prior years have been reclassified to conform to the current year’s presentation. 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. The coronavirus disease (“COVID-19”) pandemic has negatively impacted the macroeconomic environment in the United States and globally, as well as our business, financial condition and results of operations. Due to the evolving and uncertain nature of COVID-19, it is reasonably possible that it could materially impact our estimates, particularly those that require consideration of forecasted financial information. These estimates relate to certain accounts including, but not limited to, receivables, programming and other inventory, deferred income tax assets, finite and indefinite lived intangible assets, including goodwill and FCC licenses, and other long-lived assets. The magnitude of the impact will depend on numerous evolving factors that we may not be able to accurately predict or control, including the duration and extent of the pandemic, the impact of federal, state, local and foreign governmental actions, consumer behavior in response to the pandemic and such governmental actions, and the economic and operating conditions that we may face in the aftermath of COVID-19. 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, 2020 and 2019, we had restricted cash of $135 million and $202 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 produce and acquire rights to programming to exhibit on our broadcast and cable networks, on our broadcast television stations, direct to consumers through our streaming services, and in theaters. We also produce programming for third parties. Costs for internally-produced and acquired programming inventory, including prepayments for such costs, are recorded within the non-current portion of “Programming and other inventory” on the Consolidated Balance Sheet. Prepayments for the rights to air sporting and other live events that are expected to be expensed over the next 12 months are classified within the current portion of “Programming and other inventory” on the Consolidated Balance Sheet. 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 and amortized over the projected life of each television program or feature film. Costs incurred to acquire television series and feature film programming rights, including advances, are capitalized when the license period has begun and the program is accepted and available for airing and amortized over the shorter of the license period or the period in which an economic benefit is expected to be derived. For internally-produced television programs and feature films that are predominantly monetized on an individual basis, we use an individual-film-forecast computation method to amortize capitalized production costs and to accrue estimated liabilities for participations and residuals 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 of capitalized production costs and expensing of participations and residual costs. For television programming, our estimate of Ultimate Revenues includes revenues to be earned within 10 years from the delivery of the first episode, or, if still in production, 5 years from the delivery of the most recent episode, if later. These estimates are based on the past performance of similar television programs in a market, the performance in the initial markets and future firm commitments to license programs. 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 television and 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. 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. For programming that is predominantly monetized as part of a film group, which includes our acquired programming rights and certain internally-produced television programs, capitalized costs are amortized based on an estimate of the timing of our usage of and benefit from such programming. 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 and amortized 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. We test a film group or individual television program or feature film for impairment when events or circumstances indicate that its fair value may be less than its unamortized cost. If the carrying value of a film group or individual television program or feature film exceeds the estimated fair value, an impairment charge will then be recorded in the amount of the difference. In addition, unamortized costs for internally-produced or acquired programming that have been substantively abandoned are written off. 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 group may not be recoverable. Recoverability of these asset groups is determined by comparing the forecasted undiscounted cash flows expected to be generated by these asset groups 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 assets. Investments —Investments over which we have a significant influence, without a controlling interest, are accounted for under the equity method. Equity investments for which we have no significant influence are measured at fair value where a readily determinable fair value exists. Equity 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 “Net gains (losses) from investments” in the Consolidated Statements of Operations. 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, 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 6). 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. Other assets and liabilities, including television and film 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 when the hedged items are recognized. 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” 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 streaming services (“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 (“reverse compensation”); and subscription fees for our streaming subscription offerings, including CBS All Access (to be rebranded as Paramount+ in March 2021) , Showtime Networks’ premium subscription streaming service (“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 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 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. Revenue Allowances —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 $64 million and $58 million at December 31, 2020 and 2019, respectively, are recorded in “Other current liabilities” on the Consolidated Balance Sheets. Reserves for accounts receivable reflect our expected credit losses, which are estimated based on historical experience, as well as current and expected economic conditions and industry trends. Our allowance for doubtful accounts was $85 million and $80 million at December 31, 2020 and 2019, respectively. The provision for doubtful accounts charged to expense was $32 million in 2020, $25 million in 2019 and $24 million in 2018. 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 within “Deferred revenues” and “Other liabilities” on the Consolidated Balance Sheets. 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 (the “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. Amounts attributable to transactions arising from collaborative arrangements between participants were not material to the consolidated financial statements for any period presented. 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 generally have remaining terms ranging from one Advertising —Advertising costs are expensed as incurred. We incurred total advertising expenses of $1.31 billion in 2020, $1.67 billion in 2019 and $1.39 billion in 2018. 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 —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 |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
Acquisitions | 2) ACQUISITIONS Miramax On April 3, 2020, we acquired a 49% interest in Miramax, a global film and television studio, for $375 million, which included a cash payment at closing 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 acquisition, we entered into commercial agreements with Miramax under which we have exclusive, long-term distribution rights to Miramax’s catalog, adding more than 700 titles to our existing library. We also have certain rights to co-produce, co-finance and/or distribute new film and television projects. The investment is accounted for as a consolidated variable interest entity (“VIE”). We are the primary beneficiary of the VIE due to our power to direct the distribution of Miramax’s films and television series, which is considered the most significant activity of the VIE. The following table summarizes our allocation of the purchase price as of the acquisition date. Assets Cash $ 32 Accounts receivable and other current assets 19 Programming inventory 536 Goodwill 99 Intangible assets 12 Other assets (noncurrent) 7 Assets acquired $ 705 Liabilities Accounts payable and accrued expenses $ 13 Participants’ share and royalties payable (current) 16 Deferred revenues 10 Participants’ share and royalties payable (noncurrent) 20 Debt 105 Other liabilities (noncurrent) 28 Liabilities assumed 192 Noncontrolling interests 363 Total purchase price $ 150 The goodwill, which is not deductible for tax purposes, reflects the expected Company-specific synergies arising from the acquisition and is included in the Filmed Entertainment segment. Intangible assets consist of a trade name with a useful life of 10 years. The operating results of Miramax from the date of acquisition through December 31, 2020 were not material. Other Acquisitions During 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 excluded $18 million of post-combination expenses that are subject to continuous employment and are recognized over the required service period in the Consolidated Statements of Operations within “Selling, general and administrative expenses”. The results of Pluto TV are included in the Cable Networks segment from the date of acquisition. 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, 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. The operating results of these acquisitions were not material to our consolidated financial statements. |
Dispositions
Dispositions | 12 Months Ended |
Dec. 31, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Dispositions | 3) DISPOSITIONS Simon & Schuster On November 25, 2020, we entered into an agreement to sell our publishing business, Simon & Schuster, to Penguin Random House for $2.175 billion in cash. This divestiture follows a strategic review of our non-core assets that was completed in early 2020. The transaction is subject to customary closing conditions, including regulatory approval and is expected to close in 2021. Simon & Schuster has been presented as a discontinued operation in our consolidated financial statements for all periods presented. The following tables set forth details of net earnings from discontinued operations for the years ended December 31, 2020, 2019 and 2018. Year Ended December 31, 2020 Simon & Schuster Other (a) Total Revenues $ 901 $ — $ 901 Costs and expenses: Operating 573 (19) 554 Selling, general and administrative 172 — 172 Depreciation and amortization 5 — 5 Restructuring charges 10 — 10 Total costs and expenses 760 (19) 741 Operating income 141 19 160 Other items, net (5) — (5) Earnings from discontinued operations 136 19 155 Income tax provision (34) (4) (38) Net earnings from discontinued operations, net of tax $ 102 $ 15 $ 117 Year Ended December 31, 2019 Simon & Schuster Other (a) Total Revenues $ 814 $ — $ 814 Costs and expenses: Operating 510 (50) 460 Selling, general and administrative 166 — 166 Depreciation and amortization 5 — 5 Restructuring charges 6 — 6 Total costs and expenses 687 (50) 637 Operating income 127 50 177 Other items, net (5) — (5) Earnings from discontinued operations 122 50 172 Income tax provision (20) (12) (32) Net earnings from discontinued operations, net of tax $ 102 $ 38 $ 140 Year Ended December 31, 2018 Simon & Schuster Other (a) Total Revenues $ 825 $ — $ 825 Costs and expenses: Operating 518 (42) 476 Selling, general and administrative 158 — 158 Depreciation and amortization 6 — 6 Restructuring charges 1 — 1 Total costs and expenses 683 (42) 641 Operating income 142 42 184 Other items, net (2) — (2) Earnings from discontinued operations 140 42 182 Income tax provision (37) (10) (47) Net earnings from discontinued operations, net of tax $ 103 $ 32 $ 135 (a) Primarily relates to indemnification obligations for leases associated with the previously discontinued operations of Famous Players Inc. (“Famous Players”). The following table presents the major classes of assets and liabilities of our discontinued operations. At December 31, 2020 2019 Receivables, net $ 447 $ 369 Other current assets 183 175 Goodwill 435 435 Property and equipment, net 42 40 Operating lease assets 191 201 Other assets 141 121 Total Assets $ 1,439 $ 1,341 Royalties payable $ 131 $ 116 Other current liabilities 349 317 Operating lease liabilities 194 204 Other liabilities 26 59 Total Liabilities $ 700 $ 696 CNET Media Group On October 30, 2020, we completed the sale of CNET Media Group (“CMG”) to Red Ventures for $484 million, including an estimated working capital adjustment. The purchase price consisted of a cash payment at closing of $459 million and a credit of $25 million to be used over five years for the purchase of advertising and licensing of data from Red Ventures. This transaction resulted in a gain of $214 million ($183 million, net of tax). CBS Television City During 2019, we completed the sale of CBS Television City for $750 million. We guaranteed a specified level of cash flows to be generated by the business during the first five years following the completion of the sale. This transaction resulted in a gain of $549 million ($386 million, net of tax) for 2019, which included a reduction for the present value of the estimated amount payable under the guarantee obligation. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | ) PROPERTY AND EQUIPMENT At December 31, 2020 2019 Land $ 437 $ 438 Buildings 1,253 1,232 Finance leases (a) 159 195 Equipment and other 4,151 4,052 6,000 5,917 Less accumulated depreciation and amortization 4,006 3,872 Net property and equipment $ 1,994 $ 2,045 (a) Accumulated amortization of finance leases was $140 million and $160 million at December 31, 2020 and 2019, respectively. Year Ended December 31, 2020 2019 2018 Depreciation expense, including amortization of finance leases (a) (b) $ 345 $ 362 $ 377 (a) Amortization expense related to finance leases was $18 million, $23 million and $28 million in 2020, 2019 and 2018, respectively. (b) Included in depreciation expense for 2020 is $12 million of accelerated depreciation resulting from the abandonment of technology in connection with synergy plans related to the Merger. |
Programming and Other Inventory
Programming and Other Inventory | 12 Months Ended |
Dec. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Programming and Other Inventory | 5) PROGRAMMING AND OTHER INVENTORY The following tables present our programming and other inventory by type at December 31, 2020 and 2019. Programming inventory at December 31, 2020 has been grouped according to the predominant monetization strategy in accordance with new FASB guidance adopted in 2020 (see Note 1). At December 31, 2020 Film Group Monetization: Acquired television and film program rights, including prepaid sports rights $ 3,413 Internally-produced television programming: Released 2,558 In process and other 1,682 Individual Monetization: Acquired libraries 483 Film inventory: Released 374 Completed, not yet released 543 In process and other 816 Internally-produced television programming: Released 1,206 In process and other 1,013 Home entertainment 32 Total programming and other inventory 12,120 Less current portion 1,757 Total noncurrent programming and other inventory $ 10,363 At December 31, 2019 Acquired television and film program rights, including prepaid sports rights $ 3,477 Acquired television library 99 Internally-produced television programming: Released 3,627 In process and other 2,626 Film inventory: Released 502 Completed, not yet released 55 In process and other 1,037 Home entertainment 42 Total programming and other inventory 11,465 Less current portion 2,813 Total noncurrent programming and other inventory $ 8,652 The following table presents amortization of television and film programming and production costs. For the Year Ended December 31, 2020 Programming costs, acquired programming $ 3,779 Production costs, internally-produced television and film programming: Individual monetization $ 2,669 Film group monetization $ 3,133 Programming Charges During 2020, we recorded programming charges of $159 million primarily related to the abandonment of certain incomplete programs resulting from production shutdowns related to COVID-19. These programming charges are included within the TV Entertainment, Cable Networks and Filmed Entertainment segments for $101 million, $53 million and $5 million, respectively. 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 streaming services, as well as at our Cable Networks segment where we ceased the use of certain programming. The programming charges for 2020, 2019, and 2018 were included within “Operating expenses” in the Consolidated Statements of Operations. The following table presents the expected amortization over each of the next three years of released programming inventory on the Consolidated Balance Sheet at December 31, 2020. 2021 2022 2023 Programming costs, acquired programming and acquired libraries $ 2,717 $ 422 $ 232 Production costs, internally-produced television and film programming: Individual monetization $ 1,089 $ 165 $ 94 Film group monetization $ 1,251 $ 618 $ 393 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | 6) 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, 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, 2020, we had 14 television markets with FCC license book values. Goodwill is tested for impairment at the reporting unit level, which is an operating segment, or one level below. At December 31, 2020, we had four reporting units. For our annual impairment test, we perform qualitative assessments for the reporting units and television markets with FCC 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 2020 annual impairment test, we performed qualitative assessments for 10 of our television markets and all of our 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 of these markets are less than their respective carrying values. Therefore, performing a quantitative impairment test was unnecessary. A quantitative impairment test of FCC 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 long-term growth rate, which is based on projected long-range inflation and industry projections. During the second quarter of 2020, based on an assessment of the relevant factors that could impact the fair value of FCC licenses, including the effects of COVID-19, we determined that an interim impairment test was necessary for three markets in which we hold FCC licenses. The impairment test indicated that the estimated fair values of FCC licenses in two markets were lower than their respective carrying values, which resulted from recent declines in industry projections in the markets where these FCC licenses are held, that were further accelerated by COVID-19. Accordingly, we recorded an impairment charge of $25 million to write down the carrying values of these FCC licenses to their aggregate estimated fair value of $216 million. This charge is included within “Depreciation and amortization” in the Consolidated Statement of Operations. Additionally, the estimated fair value of the FCC license in the third market exceeded its carrying value of $53 million by 7%. For the 2020 annual test, which was performed during the fourth quarter, we performed a quantitative impairment test for the three markets tested during the second quarter, as well as a fourth television market. The impairment tests indicated that the estimated fair values of FCC licenses in the three markets we tested during the second quarter, which had an aggregate carrying value of FCC licenses of $269 million at December 31, 2020, were within 10% of their respective carrying values. The fourth market had an estimated fair value that exceeded its carrying value by more than 20%. The following tables present the changes in the book value of goodwill by segment for the years ended December 31, 2020 and 2019. Balance at Acquisitions / Foreign Balance at December 31, 2019 (Dispositions) Currency December 31, 2020 TV Entertainment: Goodwill $ 17,615 $ (113) (a) $ — $ 17,502 Accumulated impairment losses (13,354) — — (13,354) Goodwill, net of impairment 4,261 (113) — 4,148 Cable Networks: Goodwill 10,691 28 53 10,772 Accumulated impairment losses — — — — Goodwill, net of impairment 10,691 28 53 10,772 Filmed Entertainment: Goodwill 1,593 99 (b) — 1,692 Accumulated impairment losses — — — — Goodwill, net of impairment 1,593 99 — 1,692 Total: Goodwill 29,899 14 53 29,966 Accumulated impairment losses (13,354) — — (13,354) Goodwill, net of impairment $ 16,545 $ 14 $ 53 $ 16,612 (a) Amount reflects the disposition of CMG. (b) Amount relates to the acquisition of Miramax. 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 Total: Goodwill 29,445 448 6 29,899 Accumulated impairment losses (13,354) — — (13,354) Goodwill, net of impairment $ 16,091 $ 448 $ 6 $ 16,545 (a) Primarily reflects the acquisitions of Pluto Inc. and Pop TV. Our intangible assets were as follows: Accumulated At December 31, 2020 Gross Amortization Net Intangible assets subject to amortization: Trade names $ 249 $ (123) $ 126 Licenses 168 (50) 118 Customer agreements 120 (97) 23 Other intangible assets 251 (169) 82 Total intangible assets subject to amortization 788 (439) 349 FCC licenses 2,416 — 2,416 International broadcast licenses 27 — 27 Other intangible assets 34 — 34 Total intangible assets $ 3,265 $ (439) $ 2,826 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 255 (146) 109 Total intangible assets subject to amortization 937 (447) 490 FCC licenses 2,441 — 2,441 International broadcast licenses 25 — 25 Other intangible assets 34 — 34 Total intangible assets $ 3,437 $ (447) $ 2,990 Amortization expense was as follows: Year Ended December 31, 2020 2019 2018 Amortization expense (a) $ 85 $ 76 $ 50 (a) For 2020, amortization expense includes an impairment charge of $25 million to write down the carrying value of FCC licenses, and was recorded within the TV Entertainment segment. 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, and was recorded within the Cable Networks segment. We expect our aggregate annual amortization expense for existing intangible assets subject to amortization for each of the years, 2021 through 2025, to be as follows: 2021 2022 2023 2024 2025 Future amortization expense $ 45 $ 41 $ 39 $ 31 $ 27 |
Restructuring, and Other Corpor
Restructuring, and Other Corporate Matters | 12 Months Ended |
Dec. 31, 2020 | |
Restructuring Charges [Abstract] | |
Restructuring, and Other Corporate Matters | 7) RESTRUCTURING AND OTHER CORPORATE MATTERS During the years ended December 31, 2020, 2019 and 2018, we recorded the following for costs associated with restructuring and other corporate matters. Year Ended December 31, 2020 2019 2018 Severance $ 472 $ 395 $ 234 Exit costs and other 70 23 75 Restructuring charges 542 418 309 Restructuring-related costs — — 52 Merger-related costs 56 294 — Other corporate matters 20 57 128 Restructuring and other corporate matters $ 618 $ 769 $ 489 Restructuring Charges and Related Costs During the year ended December 31, 2020, we recorded restructuring charges of $542 million, associated with cost-transformation initiatives in connection with the Merger in an effort to reduce redundancies across our businesses. These charges primarily consist of severance costs, including the accelerated vesting of stock-based compensation. During the year ended December 31, 2019, we recorded restructuring charges of $418 million, primarily for severance costs, including the accelerated vesting of stock-based compensation, in connection with the Merger, as well as costs related to a restructuring plan initiated in the first quarter of 2019 under which severance payments were provided to certain eligible employees who voluntarily elected to participate. During the year ended December 31, 2018, we recorded restructuring charges of $309 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. Restructuring charges during the years ended December 31, 2020, 2019 and 2018 also included exit costs of $70 million, $23 million, and $75 million, respectively. These costs relate to the termination of contractual obligations and charges associated with the exit of leases. The following is a rollforward of our restructuring liability, which is recorded in “Other current liabilities” and “Other liabilities” on the Consolidated Balance Sheets. The remaining restructuring liability at December 31, 2020, which primarily relates to severance payments, is expected to be substantially paid by the end of 2021. Balance at 2020 Activity Balance at December 31, 2019 Charges (a) Payments Other December 31, 2020 TV Entertainment $ 99 $ 137 $ (111) $ (13) $ 112 Cable Networks 137 179 (158) (14) 144 Filmed Entertainment 17 25 (12) — 30 Corporate 143 71 (117) (11) 86 Total $ 396 $ 412 $ (398) $ (38) $ 372 Balance at 2019 Activity Balance at December 31, 2018 Charges (a) Payments Other December 31, 2019 TV Entertainment $ 54 $ 128 $ (82) $ (1) $ 99 Cable Networks 151 97 (104) (7) 137 Filmed Entertainment 22 8 (12) (1) 17 Corporate 57 118 (32) — 143 Total $ 284 $ 351 $ (230) $ (9) $ 396 (a) Excludes stock-based compensation expense of $88 million and $67 million for the years ended December 31, 2020 and 2019, respectively, and excludes lease asset impairments of $42 million for the year ended December 31, 2020. Merger-related Costs and Other Corporate Matters In 2020, in addition to the above-mentioned restructuring charges and related costs, we incurred costs of $56 million in connection with the Merger, consisting of professional fees mainly associated with integration activities, as well as transaction-related bonuses. We also incurred costs of $5 million for professional fees associated with dispositions and other corporate matters, and we recorded a charge of $15 million to write down property and equipment that has been classified as held for sale to its fair value less costs to sell. 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 20) and other corporate matters. |
Restructuring, and Other Corporate Matters | 7) RESTRUCTURING AND OTHER CORPORATE MATTERS During the years ended December 31, 2020, 2019 and 2018, we recorded the following for costs associated with restructuring and other corporate matters. Year Ended December 31, 2020 2019 2018 Severance $ 472 $ 395 $ 234 Exit costs and other 70 23 75 Restructuring charges 542 418 309 Restructuring-related costs — — 52 Merger-related costs 56 294 — Other corporate matters 20 57 128 Restructuring and other corporate matters $ 618 $ 769 $ 489 Restructuring Charges and Related Costs During the year ended December 31, 2020, we recorded restructuring charges of $542 million, associated with cost-transformation initiatives in connection with the Merger in an effort to reduce redundancies across our businesses. These charges primarily consist of severance costs, including the accelerated vesting of stock-based compensation. During the year ended December 31, 2019, we recorded restructuring charges of $418 million, primarily for severance costs, including the accelerated vesting of stock-based compensation, in connection with the Merger, as well as costs related to a restructuring plan initiated in the first quarter of 2019 under which severance payments were provided to certain eligible employees who voluntarily elected to participate. During the year ended December 31, 2018, we recorded restructuring charges of $309 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. Restructuring charges during the years ended December 31, 2020, 2019 and 2018 also included exit costs of $70 million, $23 million, and $75 million, respectively. These costs relate to the termination of contractual obligations and charges associated with the exit of leases. The following is a rollforward of our restructuring liability, which is recorded in “Other current liabilities” and “Other liabilities” on the Consolidated Balance Sheets. The remaining restructuring liability at December 31, 2020, which primarily relates to severance payments, is expected to be substantially paid by the end of 2021. Balance at 2020 Activity Balance at December 31, 2019 Charges (a) Payments Other December 31, 2020 TV Entertainment $ 99 $ 137 $ (111) $ (13) $ 112 Cable Networks 137 179 (158) (14) 144 Filmed Entertainment 17 25 (12) — 30 Corporate 143 71 (117) (11) 86 Total $ 396 $ 412 $ (398) $ (38) $ 372 Balance at 2019 Activity Balance at December 31, 2018 Charges (a) Payments Other December 31, 2019 TV Entertainment $ 54 $ 128 $ (82) $ (1) $ 99 Cable Networks 151 97 (104) (7) 137 Filmed Entertainment 22 8 (12) (1) 17 Corporate 57 118 (32) — 143 Total $ 284 $ 351 $ (230) $ (9) $ 396 (a) Excludes stock-based compensation expense of $88 million and $67 million for the years ended December 31, 2020 and 2019, respectively, and excludes lease asset impairments of $42 million for the year ended December 31, 2020. Merger-related Costs and Other Corporate Matters In 2020, in addition to the above-mentioned restructuring charges and related costs, we incurred costs of $56 million in connection with the Merger, consisting of professional fees mainly associated with integration activities, as well as transaction-related bonuses. We also incurred costs of $5 million for professional fees associated with dispositions and other corporate matters, and we recorded a charge of $15 million to write down property and equipment that has been classified as held for sale to its fair value less costs to sell. 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 20) and other corporate matters. |
Related Parties
Related Parties | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Related Parties | 8) RELATED PARTIES National Amusements, Inc. NAI is the controlling stockholder of ViacomCBS. Shari E. Redstone is the Chairperson, CEO and President of NAI and the non-executive Chair of our Board of Directors. At December 31, 2020, 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. Until the death of Mr. Sumner M. Redstone on August 11, 2020, NAI was controlled by Mr. Redstone through the Sumner M. Redstone National Amusements Trust (the “SMR Trust”), which owned 80% of the voting interest of NAI, with such voting interest voted solely by Mr. Redstone. Upon Mr. Redstone’s death and in accordance with the terms of the trust agreement governing the SMR Trust and the Continuing Trusts (as defined below), the SMR Trust was succeeded by two continuing trusts (the “Continuing Trusts”), each of which holds 40% of the voting stock of NAI. Under the terms of the trust agreement governing the SMR Trust and the Continuing Trusts, the Continuing Trusts are required to share the same seven voting trustees, who have equal voting power, and each trustee is required to cause each Continuing Trust to vote the NAI shares held by that Continuing Trust in the same manner as the NAI shares held by the other Continuing Trust. Ms. Redstone is one of the seven voting trustees for each Continuing Trust and is one of two voting trustees who are beneficiaries of one of the Continuing Trusts. No member of our management or other member of our Board, is a trustee of either of the Continuing Trusts. 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” in 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 tables present the amounts recorded in our consolidated financial statements related to these transactions. Year Ended December 31, 2020 2019 2018 Revenues $ 106 $ 179 $ 170 Operating expenses $ 13 $ 14 $ 22 At December 31, 2020 2019 Amounts due to/from other related parties Accounts receivable $ 69 $ 45 Accounts payable $ — $ 3 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. |
Revenues
Revenues | 12 Months Ended |
Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenues | 9) REVENUES The following table presents our revenues disaggregated into categories based on the nature of such revenues. Year Ended December 31, 2020 2019 2018 Revenues by Type: Advertising $ 9,751 $ 11,074 $ 10,841 Affiliate 9,166 8,602 8,376 Content licensing 5,963 6,483 6,163 Theatrical 180 547 744 Other 225 292 301 Total Revenues $ 25,285 $ 26,998 $ 26,425 Unrecognized Revenues Under Contract At December 31, 2020, unrecognized revenues attributable to unsatisfied performance obligations under our long-term contracts was $6.79 billion, of which $3.75 billion is expected to be recognized in 2021, $2.11 billion in 2022, $589 million in 2023, and $339 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 agreements 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 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 variable consideration is determined based on the value of the programs delivered to the customer and our right to invoice corresponds with the value delivered. 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, 2020, 2019 and 2018, we recognized revenues of $250 million, $235 million, and $172 million, respectively, in our Filmed Entertainment segment for performance obligations satisfied, or partially satisfied, in a prior period. Contract Liabilities Contract liabilities were $1.12 billion, $908 million and $743 million at December 31, 2020, 2019 and 2018, respectively and are included within “Deferred revenues” and “Other liabilities” on the Consolidated Balance Sheets. The change in contract liabilities for the year ended December 31, 2020 primarily reflects $591 million of revenues recognized that were included in deferred revenues at December 31, 2019 partially offset by cash payments received during the period for which the performance obligation was not satisfied prior to the end of the period. For the year ended December 31, 2019, we recognized revenues of $498 million that were included in deferred revenues at December 31, 2018. For the year ended December 31, 2018, we recognized revenues of $558 million that were included in deferred revenues at December 31, 2017. Receivables Included in “Other assets” on the Consolidated Balance Sheets are noncurrent receivables of $2.02 billion and $2.15 billion at December 31, 2020 and 2019, respectively. Noncurrent 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 collected over the term of the license period. The year of origination for these receivables at December 31, 2020 was $1.02 billion in 2020, $608 million in 2019, $299 million in 2018, $82 million in 2017, and $15 million for 2016 and prior. Our receivables do not represent significant concentrations of credit risk at December 31, 2020 and 2019, due to the wide variety of customers, markets and geographic areas to which our products and services are sold. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Debt | 10) DEBT Our debt consists of the following : At December 31, 2020 2019 Commercial paper $ — $ 699 4.3% Senior Notes due 2021 — 300 4.5% Senior Notes due 2021 — 499 3.875% Senior Notes due 2021 — 597 2.250% Senior Notes due 2022 35 49 3.375% Senior Notes due 2022 415 698 3.125% Senior Notes due 2022 117 194 2.50% Senior Notes due 2023 196 398 3.25% Senior Notes due 2023 141 181 2.90% Senior Notes due 2023 242 396 4.25% Senior Notes due 2023 837 1,242 7.875% Debentures due 2023 139 187 7.125% Senior Notes due 2023 35 46 3.875% Senior Notes due 2024 490 489 3.70% Senior Notes due 2024 598 598 3.50% Senior Notes due 2025 596 592 4.75% Senior Notes due 2025 1,239 — 4.0% Senior Notes due 2026 791 789 3.45% Senior Notes due 2026 123 123 2.90% Senior Notes due 2027 691 688 3.375% Senior Notes due 2028 495 494 3.70% Senior Notes due 2028 492 491 4.20% Senior Notes due 2029 493 493 7.875% Senior Debentures due 2030 831 831 4.95% Senior Notes due 2031 1,220 — 4.20% Senior Notes due 2032 969 — 5.50% Senior Debentures due 2033 427 426 4.85% Senior Debentures due 2034 87 87 6.875% Senior Debentures due 2036 1,069 1,068 6.75% Senior Debentures due 2037 75 75 5.90% Senior Notes due 2040 298 297 4.50% Senior Debentures due 2042 45 45 4.85% Senior Notes due 2042 487 486 4.375% Senior Debentures due 2043 1,116 1,109 4.875% Senior Debentures due 2043 18 18 5.85% Senior Debentures due 2043 1,232 1,231 5.25% Senior Debentures due 2044 345 345 4.90% Senior Notes due 2044 540 539 4.60% Senior Notes due 2045 589 589 4.95% Senior Notes due 2050 942 — 5.875% Junior Subordinated Debentures due 2057 514 643 6.25% Junior Subordinated Debentures due 2057 643 643 Other bank borrowings 95 — Obligations under finance leases 26 44 Total debt (a) 19,733 18,719 Less commercial paper — 699 Less current portion of long-term debt 16 18 Total long-term debt, net of current portion $ 19,717 $ 18,002 (a) At December 31, 2020 and 2019, the senior and junior subordinated debt balances included (i) a net unamortized discount of $491 million and $412 million, respectively, and (ii) unamortized deferred financing costs of $107 million and $92 million, respectively. The face value of our total debt was $20.33 billion at December 31, 2020 and $19.23 billion at December 31, 2019. During the year ended December 31, 2020, we issued $4.50 billion of senior notes with interest rates ranging from 4.20% to 4.95% and due dates from 2025 to 2050. The net proceeds from these issuances are being used for the redemption of our long-term debt as well as for general corporate purposes. During the year ended December 31, 2020 , we redeemed, prior to maturity, senior notes, debentures, and junior subordinated debentures totaling $2.77 billion, for an aggregate redemption price of $2.88 billion. These redemptions resulted in a pre-tax loss on extinguishment of debt of $126 million ($97 million, net of tax). 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 extinguishment of debt of $18 million ($14 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, 2020, the outstanding principal amount of our 2.25% senior notes due February 2022 and 3.45% senior notes due October 2026 was $35 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, 2020, our scheduled maturities of long-term debt at face value, excluding finance leases, and the related interest payments were as follows: 2026 and 2021 2022 2023 2024 2025 Thereafter Long-term debt $ — $ 569 $ 1,596 $ 1,092 $ 1,850 $ 15,103 Commercial Paper In January 2020, our commercial paper program was increased to $3.50 billion from $2.50 billion in conjunction with the new $3.50 billion revolving credit facility described below. At December 31, 2020, we had no outstanding commercial paper borrowings. At December 31, 2019, we had $699 million outstanding commercial paper borrowings under our commercial paper program at a weighted average interest rate of 2.07% and maturities of less than 90 days. Credit Facility In January 2020, the $2.50 billion revolving credit facility held by CBS prior to the Merger, with a maturity in June 2021, was terminated and the revolving credit facility held by Viacom prior to the Merger, with a maturity in February 2024, 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 generally based on either the prime rate in the U.S. or LIBOR plus a margin based on our senior unsecured debt rating, depending on the type and tenor of the loans entered. The Credit Facility has one principal financial covenant that requires our Consolidated Total Leverage Ratio to be less than 4.5x (which we may elect to increase to 5.0x for up to four consecutive quarters following a qualified acquisition) at the end of each quarter. The Consolidated Total Leverage Ratio reflects the ratio of our Consolidated Indebtedness at the end of a quarter, to our Consolidated EBITDA (each as defined in the amended credit agreement) for the trailing twelve-month period. We met the covenant as of December 31, 2020. At December 31, 2020, we had no borrowings outstanding under the Credit Facility and the remaining availability under the Credit Facility, net of outstanding letters of credit, was $3.50 billion. Other Bank Borrowings At December 31, 2020, we had $95 million of bank borrowings with a weighted average interest rate of 3.50% under Miramax’s $300 million credit facility, which matures in April 2023. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Leases | 11) LEASES At December 31, 2020 and 2019, the following amounts were recorded on the Consolidated Balance Sheets relating to our leases. Operating Finance 2020 2019 2020 2019 Right-of-Use Assets Operating lease assets $ 1,602 $ 1,738 $ — $ — Property and equipment, net $ — $ — $ 19 $ 35 Lease Liabilities Other current liabilities $ 306 $ 289 $ — $ — Debt — — 16 19 Operating lease liabilities 1,583 1,705 — — Long-term debt — — 10 25 Total lease liabilities $ 1,889 $ 1,994 $ 26 $ 44 Operating Finance 2020 2019 2020 2019 Weighted average remaining lease term 8 years 9 years 2 years 3 years Weighted average discount rate 4.0 % 4.0 % 4.2 % 4.5 % 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, 2020 2019 Operating lease cost (a) (b) $ 379 $ 382 Finance lease cost: Amortization of right-of-use assets 18 23 Interest expense on lease liabilities 2 3 Short-term lease cost (b) (c) 162 242 Variable lease cost (d) 58 80 Sublease income (24) (31) Total lease cost $ 595 $ 699 (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, which are not recorded in right-of-use assets and lease liabilities on the Consolidated Balance Sheets, have a term of 12 months or less and exclude month-to-month leases. (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, 2020 2019 Cash paid for amounts included in lease liabilities Operating lease payments, included in operating cash flows $ 385 $ 324 Finance lease payments, included in financing cash flows $ 21 $ 27 Noncash additions to operating lease assets $ 221 $ 387 The expected future payments relating to our operating and finance lease liabilities at December 31, 2020 are as follows: Leases Operating Finance 2021 $ 372 $ 17 2022 315 7 2023 260 2 2024 209 1 2025 197 1 2026 and thereafter 916 — Total minimum payments 2,269 28 Less amounts representing interest 380 2 Present value of minimum payments $ 1,889 $ 26 As of December 31, 2020, we had no material leases that were executed but not yet commenced. 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 $133 million and $148 million, including both fixed and variable amounts, for the years ended December 31, 2020 and 2019, respectively. At December 31, 2020, future fixed lease income under noncancellable operating leases is as follows: 2021 $ 56 2022 49 2023 47 2024 37 2025 28 2026 and thereafter 29 Total $ 246 |
Leases | 11) LEASES At December 31, 2020 and 2019, the following amounts were recorded on the Consolidated Balance Sheets relating to our leases. Operating Finance 2020 2019 2020 2019 Right-of-Use Assets Operating lease assets $ 1,602 $ 1,738 $ — $ — Property and equipment, net $ — $ — $ 19 $ 35 Lease Liabilities Other current liabilities $ 306 $ 289 $ — $ — Debt — — 16 19 Operating lease liabilities 1,583 1,705 — — Long-term debt — — 10 25 Total lease liabilities $ 1,889 $ 1,994 $ 26 $ 44 Operating Finance 2020 2019 2020 2019 Weighted average remaining lease term 8 years 9 years 2 years 3 years Weighted average discount rate 4.0 % 4.0 % 4.2 % 4.5 % 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, 2020 2019 Operating lease cost (a) (b) $ 379 $ 382 Finance lease cost: Amortization of right-of-use assets 18 23 Interest expense on lease liabilities 2 3 Short-term lease cost (b) (c) 162 242 Variable lease cost (d) 58 80 Sublease income (24) (31) Total lease cost $ 595 $ 699 (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, which are not recorded in right-of-use assets and lease liabilities on the Consolidated Balance Sheets, have a term of 12 months or less and exclude month-to-month leases. (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, 2020 2019 Cash paid for amounts included in lease liabilities Operating lease payments, included in operating cash flows $ 385 $ 324 Finance lease payments, included in financing cash flows $ 21 $ 27 Noncash additions to operating lease assets $ 221 $ 387 The expected future payments relating to our operating and finance lease liabilities at December 31, 2020 are as follows: Leases Operating Finance 2021 $ 372 $ 17 2022 315 7 2023 260 2 2024 209 1 2025 197 1 2026 and thereafter 916 — Total minimum payments 2,269 28 Less amounts representing interest 380 2 Present value of minimum payments $ 1,889 $ 26 As of December 31, 2020, we had no material leases that were executed but not yet commenced. 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 $133 million and $148 million, including both fixed and variable amounts, for the years ended December 31, 2020 and 2019, respectively. At December 31, 2020, future fixed lease income under noncancellable operating leases is as follows: 2021 $ 56 2022 49 2023 47 2024 37 2025 28 2026 and thereafter 29 Total $ 246 |
Leases | 11) LEASES At December 31, 2020 and 2019, the following amounts were recorded on the Consolidated Balance Sheets relating to our leases. Operating Finance 2020 2019 2020 2019 Right-of-Use Assets Operating lease assets $ 1,602 $ 1,738 $ — $ — Property and equipment, net $ — $ — $ 19 $ 35 Lease Liabilities Other current liabilities $ 306 $ 289 $ — $ — Debt — — 16 19 Operating lease liabilities 1,583 1,705 — — Long-term debt — — 10 25 Total lease liabilities $ 1,889 $ 1,994 $ 26 $ 44 Operating Finance 2020 2019 2020 2019 Weighted average remaining lease term 8 years 9 years 2 years 3 years Weighted average discount rate 4.0 % 4.0 % 4.2 % 4.5 % 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, 2020 2019 Operating lease cost (a) (b) $ 379 $ 382 Finance lease cost: Amortization of right-of-use assets 18 23 Interest expense on lease liabilities 2 3 Short-term lease cost (b) (c) 162 242 Variable lease cost (d) 58 80 Sublease income (24) (31) Total lease cost $ 595 $ 699 (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, which are not recorded in right-of-use assets and lease liabilities on the Consolidated Balance Sheets, have a term of 12 months or less and exclude month-to-month leases. (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, 2020 2019 Cash paid for amounts included in lease liabilities Operating lease payments, included in operating cash flows $ 385 $ 324 Finance lease payments, included in financing cash flows $ 21 $ 27 Noncash additions to operating lease assets $ 221 $ 387 The expected future payments relating to our operating and finance lease liabilities at December 31, 2020 are as follows: Leases Operating Finance 2021 $ 372 $ 17 2022 315 7 2023 260 2 2024 209 1 2025 197 1 2026 and thereafter 916 — Total minimum payments 2,269 28 Less amounts representing interest 380 2 Present value of minimum payments $ 1,889 $ 26 As of December 31, 2020, we had no material leases that were executed but not yet commenced. 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 $133 million and $148 million, including both fixed and variable amounts, for the years ended December 31, 2020 and 2019, respectively. At December 31, 2020, future fixed lease income under noncancellable operating leases is as follows: 2021 $ 56 2022 49 2023 47 2024 37 2025 28 2026 and thereafter 29 Total $ 246 |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Financial Instruments | 12) FINANCIAL INSTRUMENTS The carrying value of our financial instruments approximates fair value, except for notes and debentures. At December 31, 2020 and 2019, the carrying value of our outstanding notes and debentures was $19.61 billion and $17.98 billion, respectively, and the fair value, which is determined based on quoted prices in active markets (Level 1 in the fair value hierarchy) was $24.5 billion and $20.6 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. Investments At December 31, 2020 and 2019, we had investments of $601 million and $753 million, respectively, consisting of equity-method investments, equity investments without a readily determinable fair value and marketable securities. We contributed $59 million , $171 million and $161 million to our investments during the years ended December 31, 2020, 2019 and 2018, respectively. Our equity method investments include a 50% interest in the broadcast network, The CW, as well as interests in several international television joint ventures including 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, 2020 and 2019, respectively, we had $536 million and $494 million of equity-method investments. For the year ended December 31, 2020, “Equity in loss of investee companies, net of tax” on the Consolidated Statements of Operations includes an impairment charge of $9 million relating to an international television joint venture. At December 31, 2020 and 2019, respectively, we had $65 million and $113 million of equity investments without a readily determinable fair value. During 2020, we recorded a gain of $213 million related to an increase in the value of our investment in fuboTV, which was sold in the fourth quarter of 2020. For 2020, 2019, and 2018, included in “Net gains (losses) from investments” on the Consolidated Statements of Operations was $7 million, $50 million and $46 million, respectively, for the impairment of investments without a readily determinable fair value. During 2020, we sold marketable securities for proceeds of $146 million. We did not have any marketable securities at December 31, 2020. The fair value of our marketable securities was $146 million at December 31, 2019 as determined based on quoted market prices in active markets (Level 1 in the fair value hierarchy). For 2019 and 2018, included in “Net gains (losses) from investments” on the Consolidated Statements of Operations was 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. 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 “Net gains (losses) from investments” in the Consolidated Statements of Operations. 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. Additionally, we enter into non-designated forward contracts to hedge non-U.S. dollar denominated cash flows. At December 31, 2020 and 2019, the notional amount of all foreign currency contracts was $1.27 billion and $1.44 billion, respectively. For 2020, $740 million related to future production costs and $529 million related to our foreign currency balances and other expected foreign currency cash flows. 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. Losses recognized on derivative financial instruments were as follows: Year Ended December 31, 2020 2019 Financial Statement Account Non-designated foreign exchange contracts $ (20) $ (4) 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. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 13) FAIR VALUE MEASUREMENTS The following tables set forth the balances at December 31, 2020 and 2019 of our assets and liabilities measured at fair value on a recurring basis. 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. We do not have any assets or liabilities that are measured at fair value on a recurring basis using level 3 inputs. At December 31, 2020 Level 1 Level 2 Total Assets: Foreign currency hedges $ — $ 20 $ 20 Total Assets $ — $ 20 $ 20 Liabilities: $ — Deferred compensation $ — $ 529 $ 529 Foreign currency hedges — 39 39 Total Liabilities $ — $ 568 $ 568 At December 31, 2019 Level 1 Level 2 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 |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2020 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | 14) 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 of the Merger, (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 —We declared a quarterly cash dividend on our Class A and Class B Common Stock during each of the quarters of 2020, resulting in total dividends for the year of $601 million, or $.96 per share. On December 19, 2019, we declared a quarterly cash dividend of $.24 per share on our Class A and Class B Common Stock, resulting in total dividends of $150 million. 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. During the first three quarters of 2019, CBS declared total per share dividends of $.54, resulting in total dividends of $205 million. For the year ended December 31, 2018, CBS declared total per share dividends of $.72, resulting in total annual dividends of $274 million. During the first three quarters of 2019, Viacom declared total per share dividends of $.60, resulting in total dividends of $245 million. For the year ended December 31, 2018, Viacom declared total per share dividends of $.80, resulting in total annual dividends of $325 million. During the first half of 2018, dividends were recorded as a reduction to additional paid-in capital as we had an accumulated deficit balance. During the second half of 2018, our retained earnings became positive and as a result, for the remainder of 2018, and for 2019 and 2020, dividends have been recorded to retained earnings. Treasury Stock —During 2020, we repurchased 1.3 million shares of ViacomCBS Class B Common Stock under our share repurchase program for $50 million, at an average cost of $38.63 per share. At December 31, 2020, $2.36 billion of authorization remained under the share repurchase program. During 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. 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. For 2020, conversions of Class A Common Stock into Class B Common Stock were minimal. Conversions of Class A Common Stock into Class B Common Stock were 12.2 million for 2019 and 2.5 million for 2018. Accumulated Other Comprehensive Income (Loss)— The following table presents the changes in the components of accumulated other comprehensive income (loss). Continuing Operations Discontinued Operations Net Actuarial Accumulated Cumulative Loss and Other Other Translation Prior Available-For-Sale Comprehensive Comprehensive Adjustments Service Cost Securities Income (Loss) (a) Loss At December 31, 2017 $ (209) $ (1,071) $ 30 $ (19) $ (1,269) Other comprehensive loss before (236) (123) — (12) (371) Reclassifications to net earnings — 62 (b) — — 62 Other comprehensive loss (236) (61) — (12) (309) Adoption of accounting standard — — (30) — (30) At December 31, 2018 (445) (1,132) — (31) (1,608) Other comprehensive income (loss) 7 (205) — 6 (192) Reclassifications to net earnings — 60 (b) — — 60 Other comprehensive income (loss) 7 (145) — 6 (132) Tax effects reclassified to retained — (230) (c) — — (230) At December 31, 2019 (438) (1,507) — (25) (1,970) Other comprehensive income (loss) 135 (74) — 5 66 Reclassifications to net earnings — 72 (b) — — 72 Other comprehensive income 135 (2) — 5 138 At December 31, 2020 $ (303) $ (1,509) $ — $ (20) $ (1,832) (a) Reflects cumulative translation adjustments. (b) Reflects amortization of net actuarial losses and prior service cost. (c) Reflects the reclassification of certain income tax effects of federal tax legislation enacted in December 2017 (the “Tax Reform Act”) on items within accumulated other comprehensive loss to retained earnings upon the adoption of new FASB guidance. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | 15) STOCK-BASED COMPENSATION We have equity incentive plans (the “Plans”) under which stock options, RSUs and market-based performance share units (“PSUs”) 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. RSUs and PSUs 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. Upon exercise of stock options or vesting of RSUs and PSUs, we issue new shares from our existing authorization. At December 31, 2020, there were 33 million shares available for future grant under the Plans. Stock-based compensation awards were also granted under Viacom’s equity incentive plans until December 31, 2020. Upon exercise of outstanding stock options or vesting of RSUs and PSUs under Viacom’s equity incentive plans, shares will be issued from Viacom’s existing authorization or from treasury stock. At the Effective Time of the Merger, 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, 2020, 2019 and 2018. Year Ended December 31, 2020 2019 2018 RSUs and PSUs $ 167 $ 169 $ 167 Stock options 19 27 34 Compensation cost included in operating and SG&A expense 186 196 201 Compensation cost included in restructuring and other corporate matters (a) 88 90 (14) Stock-based compensation expense, before income taxes 274 286 187 Related tax benefit (54) (58) (44) Stock-based compensation expense, net of tax benefit $ 220 $ 228 $ 143 (a) Reflects accelerations as a result of restructuring activities, as well as accelerations triggered by the Merger in 2019, and forfeitures related to changes in senior management in 2018. Included in net earnings from discontinued operations was stock-based compensation expense of $10 million, $5 million, and $4 million for the years 2020, 2019, and 2018, respectively. 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 four During 2020 and 2018, we also granted PSU awards. For the 2020 awards, the number of shares to be issued upon vesting of the PSUs is based on the total shareholder return of ViacomCBS Class B Common Stock measured against the companies comprising the S&P 500 Index over a designated measurement period. For the 2018 awards, the number of shares to be issued upon vesting of the PSUs was based on the total shareholder return of Viacom Class B Common Stock measured against the companies comprising the S&P 500 Index 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, 2020 and December 31, 2018 was $34 million and $35 million, respectively. There were no PSU awards granted in 2019. At the Effective Time 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 weighted average grant date fair value of RSUs and PSUs granted was $32.35 , $41.71 and $51.41 in 2020, 2019, and 2018, respectively. The total market value of RSUs that vested during 2020, 2019, and 2018 was $222 million, $159 million and $158 million, respectively. Total unrecognized compensation cost related to non-vested RSUs and PSUs at December 31, 2020 was $358 million which is expected to be recognized over a weighted average period of 2.9 years. The following table summarizes our RSU and PSU share activity: Weighted Average Shares Grant Date Fair Value Non-vested at December 31, 2019 14,489,729 $ 45.64 Granted (a) 6,757,535 $ 32.35 Vested (7,014,797) $ 46.40 Forfeited (231,837) $ 42.05 Non-vested at December 31, 2020 14,000,630 $ 38.91 (a) Grant activity includes 1 million of performance-based share units at target for 2020. 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 four There were no stock option grants during 2020 and 2019. In 2018, the weighted average fair value of stock options granted for CBS Class B Common Stock as of the grant date was $14.48. 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 Expected dividend yield 1.33 % Expected stock price volatility 29.52 % Risk-free interest rate 2.73 % Expected term of options (years) 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 in 2018. 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 Expected dividend yield 2.52 % Expected stock price volatility 32.60 % Risk-free interest rate 2.81 % Expected term of options (years) 5.12 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, 2020 was $13 million, which is expected to be recognized over a weighted average period of 1.4 years. The following table summarizes our stock option activity under the Plans. Weighted Average Stock Options Exercise Price Outstanding at December 31, 2019 16,291,709 $ 58.98 Granted — $ — Exercised (378,648) $ 29.31 Forfeited or expired (1,772,337) $ 51.47 Outstanding at December 31, 2020 14,140,724 $ 60.72 Exercisable at December 31, 2020 12,269,735 $ 61.63 The following table summarizes other information relating to stock option exercises during the years ended December 31, 2020, 2019 and 2018. Year Ended December 31, 2020 2019 2018 Cash received from stock option exercises $ 5 $ 15 $ 29 Tax benefit of stock option exercises $ 1 $ 4 $ 4 Intrinsic value of stock option exercises $ 2 $ 15 $ 16 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 16) INCOME TAXES The U.S. and foreign components of earnings from continuing operations before income taxes and equity in loss of investee companies were as follows: Year Ended December 31, 2020 2019 2018 United States $ 2,353 $ 2,225 $ 2,916 Foreign 794 998 1,068 Total $ 3,147 $ 3,223 $ 3,984 The components of the provision (benefit) for income taxes were as follows: Year Ended December 31, 2020 2019 2018 Current: Federal $ 160 $ 370 $ 277 State and local 73 164 92 Foreign 180 202 163 Total current 413 736 532 Deferred: Federal 146 (67) 20 State and local 42 (43) 20 Foreign (66) (655) 8 Total deferred 122 (765) 48 Provision (benefit) for income taxes $ 535 $ (29) $ 580 In addition, included in net earnings from discontinued operations was an income tax provision of $38 million, $32 million and $47 million for 2020, 2019, and 2018, respectively. The equity in loss of investee companies is shown net of tax in the Consolidated Statements of Operations. The tax benefits relating to losses from equity investments was $19 million in both 2020 and 2019 and $15 million in 2018, which represented an effective tax rate of 40.4%, 26.4% and 24.2% for 2020, 2019, and 2018, respectively. The difference between income taxes expected at the U.S. federal statutory income tax rate of 21% and the provision (benefit) for income taxes is summarized as follows: Year Ended December 31, 2020 2019 2018 Taxes on income at U.S. federal statutory rate $ 661 $ 676 $ 836 State and local taxes, net of federal tax benefit 116 116 109 Effect of foreign operations (98) (49) (108) Noncontrolling interests (52) (2) (1) U.K. statutory rate change (100) — — Reorganization of foreign operations (a) — (768) — Bankruptcy of an investee — (39) — Impact of tax law changes — — (80) Tax benefits from positions relating to the Tax Reform Act (b) — (44) — Merger related costs — 41 — Establishment (reversal) of valuation allowance (c) — 2 (153) Excess tax benefits from stock-based compensation 29 20 8 Domestic production deduction — (1) 24 Tax accounting method change — — (78) Other, net (21) 19 23 Provision (benefit) for income taxes $ 535 $ (29) $ 580 (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 a 25-year period. (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, 2020 2019 Deferred income tax assets: Reserves and other accrued liabilities $ 476 $ 481 Pension, postretirement and other employee benefits 772 766 Lease liability 466 485 Tax credit and loss carryforwards 448 394 Other 56 85 Total deferred income tax assets 2,218 2,211 Valuation allowance (593) (547) Deferred income tax assets, net 1,625 1,664 Deferred income tax liabilities: Intangible assets (460) (251) Unbilled licensing receivables (237) (393) Lease asset (400) (422) Property, equipment and other assets (198) (153) Financing obligations (71) (72) Other (44) — Total deferred income tax liabilities (1,410) (1,291) Deferred income tax assets, net $ 215 $ 373 In addition to the amounts reflected in the table above, included in “Assets of discontinued operations” on the Consolidated Balance Sheets are net deferred income tax assets of $93 million and $76 million at December 31, 2020 and 2019, respectively. At December 31, 2020, we had federal foreign tax credit carryforwards of $29 million and net operating loss carryforwards for federal, state and local, and foreign jurisdictions of approximately $2.06 billion, the majority of which expire in various years from 2021 through 2040. The 2020 and 2019 deferred income tax assets were reduced by a valuation allowance of $593 million and $547 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 March 2020, the U.S. government enacted tax legislation containing provisions to support businesses during the COVID-19 pandemic (the “CARES Act”), including deferment of the employer portion of certain payroll taxes, refundable payroll tax credits, and technical amendments to tax depreciation methods for qualified improvement property. The CARES Act did not have a material impact on our consolidated financial statements for 2020. We do not expect the future impact of the CARES Act provisions to be material. 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. During 2017, we recorded a provisional charge associated with the estimated transition tax on cumulative foreign earnings and profits. We completed our analysis of this transition tax in 2018 and as a result, recorded a charge of $48 million in 2018 to adjust the provisional amount. 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, 2020, 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, 2018 $ 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 Additions for current year tax positions 15 Additions for prior year tax positions 18 Reductions for prior year tax positions (34) Cash settlements (2) Statute of limitations lapses (9) Reclassification to deferred income tax liability (64) At December 31, 2020 $ 308 The reserve for uncertain tax positions of $308 million at December 31, 2020 includes $281 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 $16 million for the year ended December 31, 2020 and $24 million for each of the years ended December 31, 2019 and 2018 in the Consolidated Statements of Operations. As of |
Pension and Other Postretiremen
Pension and Other Postretirement Benefits | 12 Months Ended |
Dec. 31, 2020 | |
Retirement Benefits [Abstract] | |
Pension and Other Postretirement Benefits | 17) 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. In November 2020, our remaining defined benefit pension plans subject to benefit accruals, which were sponsored by CBS prior to the merger, were amended to freeze future benefit accruals and benefits were enhanced under defined contribution plans that were previously sponsored by CBS, both of which are effective January 1, 2021. As a result of the pension plan amendments, a curtailment gain of $79 million associated with the elimination of benefit accruals for future services of the impacted employees, is reflected in unrecognized actuarial loss included within “Accumulated other comprehensive loss” on the Consolidated Balance Sheet. 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. 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. ViacomCBS Common Stock represented approximately 1.8% and 2.1% of the fair value of plan assets at December 31, 2020 and 2019, respectively. 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 pension and postretirement benefit plans only, unless otherwise noted. At December 31, 2020 and 2019, the Consolidated Balance Sheets also include a liability of $77 million and $80 million, respectively, in “Pension and postretirement benefit obligations” relating to our non-U.S. pension plans and certain other retirement severance 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 2020 2019 2020 2019 Change in benefit obligation: Benefit obligation, beginning of year $ 4,963 $ 4,511 $ 360 $ 376 Service cost 30 28 2 1 Interest cost 164 191 11 16 Actuarial loss (gain) 408 593 (8) 8 Curtailment gain (79) — — — Benefits paid (324) (360) (58) (59) Participants’ contributions — — 12 13 Retiree Medicare drug subsidy — — 3 5 Benefit obligation, end of year $ 5,162 $ 4,963 $ 322 $ 360 The actuarial loss of $408 million, included in the change in benefit obligation for pension benefits in 2020, is primarily the result of a 60 basis point decrease in the discount rate from December 31, 2019 to December 31, 2020. The following table sets forth the change in plan assets for our pension and postretirement benefit plans. Pension Benefits Postretirement Benefits 2020 2019 2020 2019 Change in plan assets: Fair value of plan assets, beginning of year $ 3,176 $ 2,932 $ — $ 1 Actual return on plan assets 429 530 — (1) Employer contributions 66 74 43 41 Benefits paid (324) (360) (58) (59) Participants’ contributions — — 12 13 Retiree Medicare drug subsidy — — 3 5 Fair value of plan assets, end of year $ 3,347 $ 3,176 $ — $ — 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, 2020 2019 2020 2019 Funded status at end of year $ (1,815) $ (1,787) $ (322) $ (360) Amounts recognized on the Consolidated Balance Sheets: Other assets $ 7 $ 5 $ — $ — Current liabilities (85) (69) (38) (42) Noncurrent liabilities (1,737) (1,723) (284) (318) Net amounts recognized $ (1,815) $ (1,787) $ (322) $ (360) Our qualified pension plans were underfunded by $712 million and $734 million at December 31, 2020 and 2019, respectively. The following amounts were recognized in accumulated other comprehensive income (loss) on the Consolidated Balance Sheets. Pension Benefits Postretirement Benefits At December 31, 2020 2019 2020 2019 Net actuarial (loss) gain $ (2,144) $ (2,153) $ 140 $ 147 Net prior service cost (1) (3) — (1) Share of equity investee (2) (2) — — (2,147) (2,158) 140 146 Deferred income taxes 560 563 (13) (14) Net amount recognized in accumulated other comprehensive income (loss) $ (1,587) $ (1,595) $ 127 $ 132 The accumulated benefit obligation for all defined benefit pension plans was $5.16 billion and $4.87 billion at December 31, 2020 and 2019, respectively. Information for the pension plans with an accumulated benefit obligation in excess of plan assets is set forth below. At December 31, 2020 2019 Projected benefit obligation $ 5,161 $ 4,962 Accumulated benefit obligation $ 5,161 $ 4,873 Fair value of plan assets $ 3,340 $ 3,170 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, 2020 2019 2018 2020 2019 2018 Components of net periodic cost: Service cost $ 30 $ 28 $ 30 $ 2 $ 1 $ 1 Interest cost 164 191 180 11 16 17 Expected return on plan assets (194) (183) (214) — — — Amortization of actuarial losses (gains) 103 94 87 (15) (18) (18) Amortization of prior service cost 2 1 1 1 1 1 Net periodic cost (a) $ 105 $ 131 $ 84 $ (1) $ — $ 1 (a) Includes amounts reflected in net earnings from discontinued operations of $5 million for 2020, $6 million for 2019 and $3 million for 2018 . 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.” Pension Benefits Postretirement Benefits Year Ended December 31, 2020 2019 2018 2020 2019 2018 Other comprehensive income (loss): Actuarial (loss) gain $ (173) $ (246) $ (179) $ 8 $ (9) $ 8 Curtailment gain 79 — — — — — Amortization of actuarial losses (gains) 103 94 87 (15) (18) (18) Amortization of prior service cost 2 1 1 1 1 1 11 (151) (91) (6) (26) (9) Deferred income taxes (3) 37 25 1 5 2 Recognized in other comprehensive income $ 8 $ (114) $ (66) $ (5) $ (21) $ (7) Pension Benefits Postretirement Benefits 2020 2019 2018 2020 2019 2018 Weighted average assumptions used to determine benefit obligations at December 31: Discount rate 2.9 % 3.5 % 4.5 % 2.6 % 3.3 % 4.4 % Rate of compensation increase — % 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 3.4 % 4.5 % 3.8 % 3.3 % 4.4 % 3.9 % Expected long-term return on plan assets 6.4 % 6.6 % 6.6 % N/A N/A 2.0 % Cash balance interest crediting rate 5.0 % 5.0 % 5.0 % N/A N/A N/A 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 2020 2019 2020 2019 Projected health care cost trend rate (pre-65) 6.6 % 7.0 % 6.6 % 6.3 % Projected health care cost trend rate (post-65) 6.6 % 7.0 % 6.6 % 5.7 % Ultimate trend rate 5.0 % 5.0 % 5.0 % 4.5 % Year ultimate trend rate is achieved 2025 2025 2025 2026 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, 2020, this trust was invested approximately 73% in long duration fixed income securities, 25% 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, 2020, the Viacom Pension Plan was invested 78% in return seeking, 21% in liability hedging and 1% 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, 2020 and 2019. 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. There are no investments categorized as Level 3. At December 31, 2020 Level 1 Level 2 Total Cash and cash equivalents (a) $ 8 $ — $ 8 Fixed income securities: U.S. treasury securities 78 — 78 Government-related securities — 167 167 Corporate bonds (b) — 1,634 1,634 Mortgage-backed and asset-backed securities — 56 56 Equity securities: U.S. large capitalization 82 — 82 U.S. small capitalization 79 — 79 Other — 30 30 Total assets in fair value hierarchy $ 247 $ 1,887 $ 2,134 Common collective funds measured at net asset value (c) (d) 1,149 Limited partnerships measured at net asset value (c) 18 Mutual funds measured at net asset value (c) 46 Investments, at fair value $ 3,347 At December 31, 2019 Level 1 Level 2 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 (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: 2021 2022 2023 2024 2025 2026-2030 Pension $ 464 $ 311 $ 305 $ 305 $ 305 $ 1,450 Postretirement $ 39 $ 36 $ 34 $ 31 $ 28 $ 106 Retiree Medicare drug subsidy $ 5 $ 5 $ 4 $ 4 $ 4 $ 18 In 2021, we expect to make contributions of approximately $15 million to our qualified pension plans for minimum funding requirements under ERISA and $86 million to our non-qualified pension plans to satisfy benefit payments due under these plans. Also in 2021, we expect to contribute approximately $39 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 Company Contributions Expiration Date of Collective Bargaining Agreement Zone Status (a) Pension Plan 2020 2019 2020 2019 2018 AFTRA Retirement Plan (b) 13-6414972-001 Green Green $ 13 $ 12 $ 11 (c) Directors Guild of America - Producer 95-2892780-001 Green Green 16 19 15 6/30/2020 Producer-Writers Guild of America 95-2216351-001 Green Green 22 26 25 5/1/2020 Screen Actors Guild - Producers 95-2110997-001 Green Green 24 43 36 6/30/2020 Motion Picture Industry 95-1810805-001 Green Green 35 43 42 (d) I.A.T.S.E. Local No. 33 Pension Trust Fund (e) 95-6377503-001 Green Green 3 5 10 12/31/2022 Other Plans 7 16 12 Total contributions $ 120 $ 164 $ 151 (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 2020 and 2019. 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, 2019. (c) The expiration dates range from June 30, 2020 through June 30, 2021. (d) The expiration dates range from May 15, 2021 through March 2, 2022. (e) 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, 2019. 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 $95 million, $89 million and $74 million for the years ended December 31, 2020, 2019 and 2018, 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 $91 million, $95 million and $87 million for the years ended December 31, 2020, 2019 and 2018, respectively. |
Redeemable Noncontrolling Inter
Redeemable Noncontrolling Interest | 12 Months Ended |
Dec. 31, 2020 | |
Noncontrolling Interest [Abstract] | |
Redeemable Noncontrolling Interest | 18) 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, 2020, 2019 and 2018 is presented below. Year Ended December 31, 2020 2019 2018 Beginning balance $ 254 $ 239 $ 249 Net earnings 11 14 18 Distributions (15) (16) (15) Translation adjustment 7 8 (14) Redemption value adjustment (60) 9 1 Ending balance $ 197 $ 254 $ 239 |
Segment and Revenue Information
Segment and Revenue Information | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Segment and Revenue Information | 19) 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. On November 25, 2020, we entered into an agreement to sell Simon & Schuster to Penguin Random House. As a result, Simon & Schuster, which was previously reported as the Publishing segment, has been presented as a discontinued operation in our consolidated financial statements. Prior periods have been reclassified to conform to this presentation. See Note 3. Year Ended December 31, 2020 2019 2018 Revenues: Advertising $ 5,035 $ 6,008 $ 5,751 Affiliate 3,129 2,550 2,082 Content licensing 2,369 3,157 3,006 Other 167 209 222 TV Entertainment 10,700 11,924 11,061 Advertising 4,743 5,129 5,130 Affiliate 6,037 6,052 6,294 Content licensing 1,809 1,268 1,259 Cable Networks 12,589 12,449 12,683 Theatrical 180 547 744 Home Entertainment 709 623 617 Licensing 1,598 1,709 1,493 Other 75 111 102 Filmed Entertainment 2,562 2,990 2,956 Corporate/Eliminations (566) (365) (275) Total Revenues $ 25,285 $ 26,998 $ 26,425 Revenues generated between segments primarily reflect advertising and content licensing. These transactions are recorded at market value as if the sales were to third parties and are eliminated in consolidation. Year Ended December 31, 2020 2019 2018 Intercompany Revenues: TV Entertainment $ 285 $ 226 $ 164 Cable Networks 79 53 47 Filmed Entertainment 202 117 95 Total Intercompany Revenues $ 566 $ 396 $ 306 We present operating income (loss) excluding depreciation and amortization, stock-based compensation, costs for restructuring and other corporate matters, programming charges and gain on sales, 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 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, 2020 2019 2018 Adjusted OIBDA: TV Entertainment $ 1,857 $ 2,443 $ 2,466 Cable Networks 3,746 3,515 4,341 Filmed Entertainment 215 80 (33) Corporate/Eliminations (500) (449) (433) Stock-based compensation (186) (196) (201) Depreciation and amortization (430) (438) (427) Restructuring and other corporate matters (618) (769) (489) Programming charges (159) (589) (162) Gain on sales 214 549 — Operating income 4,139 4,146 5,062 Interest expense (1,031) (962) (1,030) Interest income 60 66 79 Net gain (losses) from investments 206 85 (53) Gain (loss) on extinguishment of debt (126) — 18 Other items, net (101) (112) (92) Earnings from continuing operations before income taxes and equity in loss of investee companies 3,147 3,223 3,984 (Provision) benefit for income taxes (535) 29 (580) Equity in loss of investee companies, net of tax (28) (53) (47) Net earnings from continuing operations 2,584 3,199 3,357 Net earnings from discontinued operations, net of tax 117 140 135 Net earnings (ViacomCBS and noncontrolling interests) 2,701 3,339 3,492 Net earnings attributable to noncontrolling interests (279) (31) (37) Net earnings attributable to ViacomCBS $ 2,422 $ 3,308 $ 3,455 Year Ended December 31, 2020 2019 2018 Depreciation and Amortization: TV Entertainment $ 162 $ 150 $ 160 Cable Networks 205 219 194 Filmed Entertainment 36 37 38 Corporate 27 32 35 Total Depreciation and Amortization $ 430 $ 438 $ 427 Year Ended December 31, 2020 2019 2018 Capital Expenditures: TV Entertainment $ 112 $ 113 $ 112 Cable Networks 110 166 156 Filmed Entertainment 37 43 52 Corporate 65 23 25 Total Capital Expenditures $ 324 $ 345 $ 345 At December 31, 2020 2019 Assets: TV Entertainment $ 19,443 $ 19,689 Cable Networks 23,139 22,109 Filmed Entertainment 6,440 5,477 Corporate/Eliminations 2,202 969 Discontinued Operations 1,439 1,341 Total Assets $ 52,663 $ 49,585 Year Ended December 31, 2020 2019 2018 Revenues: (a) United States $ 20,690 $ 21,449 $ 20,442 International 4,595 5,549 5,983 Total Revenues $ 25,285 $ 26,998 $ 26,425 (a) Revenue classifications are based on customers’ locations. At December 31, 2020 2019 Long-lived Assets: (a) United States $ 13,435 $ 12,417 International 785 498 Total Long-lived Assets $ 14,220 $ 12,915 (a) Reflects total assets less current assets, investments, goodwill, intangible assets, noncurrent receivables and noncurrent deferred tax assets. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 20) 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 $9.85 billion as of December 31, 2020, include $5.98 billion for sports programming rights and $3.87 billion relating to the production and licensing of television and film programming, including talent contracts. We also have committed purchase obligations which include agreements to purchase goods or services in the future that totaled $1.38 billion as of December 31, 2020. Other long-term contractual obligations recorded on the Consolidated Balance Sheet include program liabilities, participations, 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, 2020, 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 2026 and Total 2021 2022 2023 2024 2025 Thereafter Off-Balance Sheet Arrangements Programming and talent commitments $ 9,852 $ 2,625 $ 3,005 $ 1,264 $ 731 $ 493 $ 1,734 Purchase obligations $ 1,377 $ 501 $ 396 $ 218 $ 131 $ 70 $ 61 On-Balance Sheet Arrangements Other long-term contractual obligations $ 1,734 $ — $ 879 $ 382 $ 250 $ 190 $ 33 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, 2020. See Note 11 for details 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, 2020, the outstanding letters of credit and surety bonds approximated $144 million and were not recorded on the Consolidated Balance Sheet. CBS Television City . In connection with the sale of CBS Television City in 2019, we 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, 2020 is a liability of $100 million, reflecting the present value of the remaining 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. These lease commitments amounted to $67 million as of December 31, 2020, and are presented within “Other liabilities” on the Consolidated Balance Sheet. 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 following matters are not likely, in the aggregate, to result in a material adverse effect on our business, financial condition and results of operations. Litigation Relating to the Merger Beginning on February 20, 2020, three purported CBS stockholders filed separate derivative and/or putative class action lawsuits in the Court of Chancery of the State of Delaware. On March 31, 2020, the Court consolidated the three lawsuits and appointed Bucks County Employees’ Retirement Fund and International Union of Operating Engineers of Eastern Pennsylvania and Delaware as co-lead plaintiffs for the consolidated action. On April 14, 2020, the lead plaintiffs filed a Verified Consolidated Class Action and Derivative Complaint (as used in this paragraph, the “Complaint”) against Shari E. Redstone, NAI, Sumner M. Redstone National Amusements Trust, members of 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 nominal defendant ViacomCBS Inc. The Complaint alleges breaches of fiduciary duties to CBS stockholders in connection with the negotiation and approval of the Agreement and Plan of Merger dated as of August 13, 2019, as amended on October 16, 2019 (the “Merger Agreement”). The Complaint also alleges waste and unjust enrichment in connection with Mr. Ianniello’s compensation. The Complaint seeks unspecified damages, costs and expenses, as well as other relief. On June 5, 2020, the defendants filed motions to dismiss. On January 27, 2021, the Court dismissed one disclosure claim, while allowing all other claims against the defendants to proceed. Discovery on the surviving claims will now proceed. 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. Beginning on November 25, 2019, four purported Viacom stockholders filed separate putative class action lawsuits in the Court of Chancery of the State of Delaware. On January 23, 2020, the Court consolidated the four lawsuits. On February 6, 2020, the Court appointed California Public Employees’ Retirement System (“CalPERS”) as lead plaintiff for the consolidated action. On February 28, 2020, CalPERS, together with Park Employees’ and Retirement Board Employees’ Annuity and Benefit Fund of Chicago and Louis M. Wilen, filed a First Amended Verified Class Action Complaint (as used in this paragraph, the “Complaint”) 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. The Complaint alleges breaches of fiduciary duties to Viacom stockholders in connection with the negotiation and approval of the Merger Agreement. The Complaint seeks unspecified damages, costs and expenses, as well as other relief. On May 22, 2020, the defendants filed motions to dismiss. On December 29, 2020, the Court dismissed the claims against Mr. Bakish, while allowing the claims against the remaining defendants to proceed. Discovery on the surviving claims will now proceed. 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. Investigation-Related Matters As announced on August 1, 2018, the CBS Board of Directors 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 of Directors announced the completion of its investigation, certain findings of the investigation and the CBS Board of Directors’ 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, Gene Samit and John Lantz, respectively, filed putative class action lawsuits 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 of Directors. 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 of Directors 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 of Directors’ 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 of Directors 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. Accordingly, no accrual for this matter has been made in our consolidated financial statements. Litigation Related to Television Station Owners On September 9, 2019, the Company was added as a defendant in a multi-district putative class action lawsuit filed in the United States District Court for the Northern District of Illinois. The lawsuit was filed by parties that claim to have purchased broadcast television spot advertising beginning on or about January 1, 2014 on television stations owned by one or more of the defendant television station owners and alleges the sharing of allegedly competitively sensitive information among such television stations in alleged violation of the Sherman Antitrust Act. The action, which names the Company among fourteen total defendants, seeks monetary damages, attorneys’ fees, costs and interest as well as injunctions against the allegedly unlawful conduct. On October 8, 2019, the Company and other defendants filed a motion to dismiss the matter, which was denied by the court on November 6, 2020. 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. 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, 2020, we had pending approximately 30,710 asbestos claims, as compared with approximately 30,950 as of December 31, 2019 and 31,570 as of December 31, 2018. During 2020, we received approximately 2,910 new claims and closed or moved to an inactive docket approximately 3,150 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 2020 and 2019 for settlement and defense of asbestos claims after insurance recoveries and net of tax were approximately $35 million and $58 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 sufficient 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, 2020 | |
Additional Financial Information Disclosure [Abstract] | |
Supplemental Financial Information | 21) SUPPLEMENTAL FINANCIAL INFORMATION The following table presents the components of Other items, net on the Consolidated Statements of Operations. Year Ended December 31, 2020 2019 2018 Pension and postretirement benefit costs $ (69) $ (99) $ (65) Foreign exchange losses (35) (18) (19) Other 3 5 (8) Other items, net $ (101) $ (112) $ (92) Supplemental Cash Flow Information Year Ended December 31, 2020 2019 2018 Cash paid for interest $ 965 $ 922 $ 1,012 Cash paid for income taxes: Continuing operations $ 411 $ 560 $ 153 Discontinued operations 55 38 4 Total cash paid for income taxes $ 466 $ 598 $ 157 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 $1.39 billion and $197 million, respectively, at December 31, 2020, and $141 million and $22 million, respectively, at December 31, 2019. Revenues and operating income from our consolidated VIEs were $705 million and $498 million, respectively, for the year ended December 31, 2020. Revenues and operating income from our consolidated VIEs were not significant for the year ended December 31, 2019. The increase in amounts related to our consolidated VIEs reflects the acquisition of Miramax (see Note 2) and the licensing of the streaming rights to South Park |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data (Unaudited) | 22) QUARTERLY FINANCIAL DATA (unaudited): First Second Third Fourth 2020 (a) (b) Quarter Quarter (c) Quarter (d) Quarter (e) Total Year Revenues $ 6,499 $ 6,075 $ 5,837 $ 6,874 $ 25,285 Operating income $ 902 $ 1,251 $ 903 $ 1,083 $ 4,139 Net earnings from continuing operations (ViacomCBS and noncontrolling interests) $ 504 $ 698 $ 580 $ 802 $ 2,584 Net earnings (ViacomCBS and noncontrolling interests) $ 519 $ 726 $ 627 $ 829 $ 2,701 Net earnings from continuing operations attributable to ViacomCBS $ 501 $ 453 $ 568 $ 783 $ 2,305 Net earnings attributable to ViacomCBS $ 516 $ 481 $ 615 $ 810 $ 2,422 Basic net earnings per common shares Net earnings from continuing operations attributable to ViacomCBS $ .82 $ .74 $ .92 $ 1.27 $ 3.74 Net earnings attributable to ViacomCBS $ .84 $ .78 $ 1.00 $ 1.31 $ 3.93 Diluted net earnings per common share: Net earnings from continuing operations attributable to ViacomCBS $ .81 $ .73 $ .92 $ 1.26 $ 3.73 Net earnings attributable to ViacomCBS $ .84 $ .78 $ 1.00 $ 1.31 $ 3.92 Weighted average number of common shares outstanding: Basic 614 615 616 617 616 Diluted 616 617 618 620 618 (a) Publishing has been presented as a discontinued operation for all periods presented. (b) Includes costs for restructuring and other corporate matters of $231 million in the first quarter, $158 million in the second quarter, $52 million in the third quarter and $177 million in the fourth quarter. (c) The second quarter includes programming charges of $121 million primarily related to the abandonment of certain incomplete programs resulting from production shutdowns related to COVID-19; a loss on extinguishment of debt of $103 million; and an increase of $32 million to the carrying value of our investment in fuboTV. (d) The third quarter includes a loss on extinguishment of debt of $23 million and discrete tax benefits of $117 million, primarily from the remeasurement of our U.K. net deferred income tax asset as a result of an increase in the U.K. corporate income tax rate from 17% to 19% enacted during the quarter. (e) The fourth quarter includes a gain of $214 million ($183 million, net of tax) on the sale of CMG; programming charges of $38 million primarily related to the abandonment of certain incomplete programs resulting from COVID-19 related production shutdowns; and net gains from investments of $174 million, which primarily includes an increase in the fair value of our investment in fuboTV, which was sold during the quarter. First Second Third Fourth 2019 (a) (b) Quarter (c) Quarter Quarter Quarter (d) Total Year Revenues $ 6,936 $ 6,925 $ 6,481 $ 6,656 $ 26,998 Operating income (loss) $ 1,792 $ 1,414 $ 984 $ (44) $ 4,146 Net earnings (loss) from continuing operations (ViacomCBS and noncontrolling interests) $ 1,944 $ 953 $ 600 $ (298) $ 3,199 Net earnings (loss) (ViacomCBS and noncontrolling interests) $ 1,964 $ 983 $ 646 $ (254) $ 3,339 Net earnings (loss) from continuing operations attributable to ViacomCBS $ 1,939 $ 947 $ 584 $ (302) $ 3,168 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 $ 3.16 $ 1.54 $ .95 $ (.49) $ 5.15 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 $ 3.14 $ 1.53 $ .95 $ (.49) $ 5.13 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) Publishing has been presented as a discontinued operation for all periods presented. (b) Includes costs for restructuring and other corporate matters of $173 million in the first quarter, $7 million in the second quarter, $122 million in the third quarter and $467 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. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2020 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS (Tabular dollars in millions) Col. A Col. B Col. C Col. D Col. E Description Balance at Beginning of Period Charged to Expenses and Other Accounts Deductions Balance at End of Period Allowance for doubtful accounts: Year ended December 31, 2020 $ 80 $ 32 $ 27 $ 85 Year ended December 31, 2019 $ 81 $ 25 $ 26 $ 80 Year ended December 31, 2018 $ 97 $ 24 $ 40 $ 81 Valuation allowance on deferred tax assets: Year ended December 31, 2020 $ 547 $ 67 $ 21 $ 593 Year ended December 31, 2019 $ 838 $ 76 $ 367 $ 547 Year ended December 31, 2018 $ 1,120 $ 37 $ 319 $ 838 Reserves for inventory obsolescence: Year ended December 31, 2020 $ 57 $ 3 $ 2 $ 58 Year ended December 31, 2019 $ 54 $ 5 $ 2 $ 57 Year ended December 31, 2018 $ 66 $ — $ 12 $ 54 |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Principles of Consolidation | 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 |
Reclassifications | Reclassifications —Certain amounts reported for prior years have been reclassified to conform to the current year’s presentation. |
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. The coronavirus disease (“COVID-19”) pandemic has negatively impacted the macroeconomic environment in the United States and globally, as well as our business, financial condition and results of operations. Due to the evolving and uncertain nature of COVID-19, it is reasonably possible that it could materially impact our estimates, particularly those that require consideration of forecasted financial information. These estimates relate to certain accounts including, but not limited to, receivables, programming and other inventory, deferred income tax assets, finite and indefinite lived intangible assets, including goodwill and FCC licenses, and other long-lived assets. The magnitude of the impact will depend on numerous evolving factors that we may not be able to accurately predict or control, including the duration and extent of the pandemic, the impact of federal, state, local and foreign governmental actions, consumer behavior in response to the pandemic and such governmental actions, and the economic and operating conditions that we may face in the aftermath of COVID-19. |
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 —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, 2020 and 2019, we had restricted cash of $135 million and $202 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 | Programming Inventory —We produce and acquire rights to programming to exhibit on our broadcast and cable networks, on our broadcast television stations, direct to consumers through our streaming services, and in theaters. We also produce programming for third parties. Costs for internally-produced and acquired programming inventory, including prepayments for such costs, are recorded within the non-current portion of “Programming and other inventory” on the Consolidated Balance Sheet. Prepayments for the rights to air sporting and other live events that are expected to be expensed over the next 12 months are classified within the current portion of “Programming and other inventory” on the Consolidated Balance Sheet. 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 and amortized over the projected life of each television program or feature film. Costs incurred to acquire television series and feature film programming rights, including advances, are capitalized when the license period has begun and the program is accepted and available for airing and amortized over the shorter of the license period or the period in which an economic benefit is expected to be derived. For internally-produced television programs and feature films that are predominantly monetized on an individual basis, we use an individual-film-forecast computation method to amortize capitalized production costs and to accrue estimated liabilities for participations and residuals 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 of capitalized production costs and expensing of participations and residual costs. For television programming, our estimate of Ultimate Revenues includes revenues to be earned within 10 years from the delivery of the first episode, or, if still in production, 5 years from the delivery of the most recent episode, if later. These estimates are based on the past performance of similar television programs in a market, the performance in the initial markets and future firm commitments to license programs. 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 television and 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. 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. For programming that is predominantly monetized as part of a film group, which includes our acquired programming rights and certain internally-produced television programs, capitalized costs are amortized based on an estimate of the timing of our usage of and benefit from such programming. 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 and amortized 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. We test a film group or individual television program or feature film for impairment when events or circumstances indicate that its fair value may be less than its unamortized cost. If the carrying value of a film group or individual television program or feature film exceeds the estimated fair value, an impairment charge will then be recorded in the amount of the difference. In addition, unamortized costs for internally-produced or acquired programming that have been substantively abandoned are written off. |
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 Costs associated with repairs and maintenance of property and equipment are expensed as incurred. |
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 group may not be recoverable. Recoverability of these asset groups is determined by comparing the forecasted undiscounted cash flows expected to be generated by these asset groups 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 assets. |
Investments | Investments—Investments over which we have a significant influence, without a controlling interest, are accounted for under the equity method. Equity investments for which we have no significant influence are measured at fair value where a readily determinable fair value exists. Equity 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 “Net gains (losses) from investments” in the Consolidated Statements of Operations. 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. |
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 years. Goodwill and other intangible assets with indefinite lives, which consist primarily of FCC licenses, 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 |
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 |
Derivative Financial Instruments | 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 ” |
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” 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 streaming services (“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 (“reverse compensation”); and subscription fees for our streaming subscription offerings, including CBS All Access (to be rebranded as Paramount+ in March 2021) , Showtime Networks’ premium subscription streaming service (“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 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 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. Revenue Allowances —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 $64 million and $58 million at December 31, 2020 and 2019, respectively, are recorded in “Other current liabilities” on the Consolidated Balance Sheets. Reserves for accounts receivable reflect our expected credit losses, which are estimated based on historical experience, as well as current and expected economic conditions and industry trends. Our allowance for doubtful accounts was $85 million and $80 million at December 31, 2020 and 2019, respectively. The provision for doubtful accounts charged to expense was $32 million in 2020, $25 million in 2019 and $24 million in 2018. 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 within “Deferred revenues” and “Other liabilities” on the Consolidated Balance Sheets. |
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 (the “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. one |
Advertising | Advertising—Advertising costs are expensed as incurred. |
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—Assets and liabilities of subsidiaries with a functional currency other than the United States (“U.S.”) Dollar are translated into U.S. Dollars at foreign exchange rates in effect at the balance sheet date, while results of operations are translated at average foreign exchange rates for the respective periods. The resulting translation gains and losses are included as a separate component of stockholders’ equity in accumulated other comprehensive loss in the Consolidated Balance Sheets. Effective July 1, 2018, Argentina has been designated as a highly inflationary economy. Transactions denominated in currencies other than the functional currency will result in remeasurement gains and losses, which are included in “Other items, net” in the Consolidated Statements of Operations. |
Net Earnings (Loss) per Common Share | Net Earnings (Loss) per Common Share—Basic earnings (loss) per share (“EPS”) is based upon net earnings (loss) divided by the weighted average number of common shares outstanding during the period. Diluted EPS reflects the effect of the assumed exercise of stock options and vesting of restricted stock units (“RSUs”) only in the periods in which such effect would have been dilutive. |
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 Changes to the Disclosure Requirements for Defined Benefit Plans On December 31, 2020, we adopted Financial Accounting Standards Board (“FASB”) amended guidance that eliminates, adds and clarifies certain disclosure requirements for defined benefit pension or other postretirement plans. The amendments affect annual disclosures only and are required to be applied retrospectively. The adoption of this guidance did not have a material impact on our consolidated financial statements. See Note 17 for additional disclosures relating to the adoption of this guidance. Improvements to Accounting for Costs of Films and License Agreements for Program Materials On January 1, 2020, we adopted FASB 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 of the adoption of this guidance, the capitalization of costs incurred to produce episodic television series is no longer limited to the amount of revenue contracted in the initial market until persuasive evidence of a secondary market exists. In addition, under this guidance our film and television programming is tested for impairment individually on a title-by-title basis, or together with other films and television programming as part of a group, based on the predominant monetization strategy of the film or television programming. Further, for programming monetized in a film group, this guidance requires any changes to the estimated use of the film or television series to be accounted for prospectively. This guidance also eliminates existing balance sheet classification guidance and adds new disclosure requirements relating to costs for acquired and internally-produced programming. As a result of this guidance, beginning in the first quarter of 2020, all of our programming inventory, other than prepayments for the rights to air sporting and other live events, is now classified as noncurrent on the Consolidated Balance Sheet. Therefore, $1.17 billion of programming inventory that was classified in current assets at December 31, 2019 w as reclassified to noncurrent assets on Janua ry 1, 2020. This guidance did not have a material impact on the Consolidated Statement of Operations. See Note 5 fo r additional disclosures relating to the adoption of this guidance. Collaborative Arrangements: Clarifying the Interaction with the New Revenue Standard On January 1, 2020, we adopted FASB guidance on the accounting for collaborative arrangements, which clarifies that certain transactions between parties to collaborative arrangements should be accounted for in accordance with FASB revenue guidance when the counterparty is a customer. The adoption of this guidance did not have a material impact on our consolidated financial statements. Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract On January 1, 2020, we adopted FASB 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. Under this guidance, such implementation costs will be capitalized in “Other assets” on the Consolidated Balance Sheet, with the related amortization presented in “Selling, general and administrative expenses” on the Consolidated Statement of Operations. This guidance was applied prospectively to implementation costs incurred after January 1, 2020. The adoption of this guidance did not have a material impact on our consolidated financial statements. Financial Instruments On January 1, 2020, we adopted FASB 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. The guidance applies primarily to our trade and other receivables, and requires the use of a forward-looking “expected loss” model instead of the “incurred loss” model that was used under previous FASB guidance for determining an allowance for credit losses. The adoption of this guidance did not have a material impact on our consolidated financial statements. 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. This 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 this guidance while prior periods have not been adjusted. This guidance did not have an impact on the Consolidated Statement of Operations. Revenues On January 1, 2018, we adopted FASB guidance on the recognition of revenues, which provides a single, comprehensive revenue recognition model for all contracts with customers. The primary impact to our revenue recognition policies resulting from this standard relates to the timing of revenue recognition for the renewal of an existing licensing agreement, which is recognized as revenue when the renewal term begins. Under previous guidance, these revenues were recognized upon the execution of such renewal. In addition, under this standard, revenues for certain distribution arrangements are recognized based on the gross amount of consideration received from the customer, with an offsetting increase to operating expenses. Under previous accounting guidance, such revenues were recognized at the net amount retained by us after the payment of fees to the third party. Results for reporting periods beginning after January 1, 2018 are presented under the new standard while prior periods have not been adjusted. We applied the modified retrospective method of adoption with the cumulative effect of the initial adoption of $350 million reflected as an adjustment to the opening balance of retained earnings as of January 1, 2018. Accounting Pronouncements Not Yet Adopted Reference Rate Reform In March 2020, the FASB issued guidance providing optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by the discontinuation of the London Interbank Offered Rate (“LIBOR”) or by another reference rate expected to be discontinued. The guidance is effective for all entities as of March 12, 2020 through December 31, 2022 and may not be applied to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, with a few exceptions for certain hedging relationships existing as of December 31, 2022. We are currently evaluating the impact of the changes in reference rates and the exemptions and exceptions in this guidance on our consolidated financial statements. 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. This guidance is effective for interim and annual periods beginning after December 15, 2020 with early adoption permitted. The adoption of this guidance is not expected to have a material impact on our consolidated financial statements. |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [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, 2020 2019 Land $ 437 $ 438 Buildings 1,253 1,232 Finance leases (a) 159 195 Equipment and other 4,151 4,052 6,000 5,917 Less accumulated depreciation and amortization 4,006 3,872 Net property and equipment $ 1,994 $ 2,045 (a) Accumulated amortization of finance leases was $140 million and $160 million at December 31, 2020 and 2019, respectively. Year Ended December 31, 2020 2019 2018 Depreciation expense, including amortization of finance leases (a) (b) $ 345 $ 362 $ 377 (a) Amortization expense related to finance leases was $18 million, $23 million and $28 million in 2020, 2019 and 2018, respectively. (b) Included in depreciation expense for 2020 is $12 million of accelerated depreciation resulting from the abandonment of technology in connection with synergy plans related to the Merger. |
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, 2020 2019 2018 (in millions) Weighted average shares for basic EPS 616 615 617 Dilutive effect of shares issuable under stock-based compensation plans 2 2 4 Weighted average shares for diluted EPS 618 617 621 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
Schedule of Allocation of Purchase Price | The following table summarizes our allocation of the purchase price as of the acquisition date. Assets Cash $ 32 Accounts receivable and other current assets 19 Programming inventory 536 Goodwill 99 Intangible assets 12 Other assets (noncurrent) 7 Assets acquired $ 705 Liabilities Accounts payable and accrued expenses $ 13 Participants’ share and royalties payable (current) 16 Deferred revenues 10 Participants’ share and royalties payable (noncurrent) 20 Debt 105 Other liabilities (noncurrent) 28 Liabilities assumed 192 Noncontrolling interests 363 Total purchase price $ 150 |
Dispositions (Tables)
Dispositions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Discontinued Operations | The following tables set forth details of net earnings from discontinued operations for the years ended December 31, 2020, 2019 and 2018. Year Ended December 31, 2020 Simon & Schuster Other (a) Total Revenues $ 901 $ — $ 901 Costs and expenses: Operating 573 (19) 554 Selling, general and administrative 172 — 172 Depreciation and amortization 5 — 5 Restructuring charges 10 — 10 Total costs and expenses 760 (19) 741 Operating income 141 19 160 Other items, net (5) — (5) Earnings from discontinued operations 136 19 155 Income tax provision (34) (4) (38) Net earnings from discontinued operations, net of tax $ 102 $ 15 $ 117 Year Ended December 31, 2019 Simon & Schuster Other (a) Total Revenues $ 814 $ — $ 814 Costs and expenses: Operating 510 (50) 460 Selling, general and administrative 166 — 166 Depreciation and amortization 5 — 5 Restructuring charges 6 — 6 Total costs and expenses 687 (50) 637 Operating income 127 50 177 Other items, net (5) — (5) Earnings from discontinued operations 122 50 172 Income tax provision (20) (12) (32) Net earnings from discontinued operations, net of tax $ 102 $ 38 $ 140 Year Ended December 31, 2018 Simon & Schuster Other (a) Total Revenues $ 825 $ — $ 825 Costs and expenses: Operating 518 (42) 476 Selling, general and administrative 158 — 158 Depreciation and amortization 6 — 6 Restructuring charges 1 — 1 Total costs and expenses 683 (42) 641 Operating income 142 42 184 Other items, net (2) — (2) Earnings from discontinued operations 140 42 182 Income tax provision (37) (10) (47) Net earnings from discontinued operations, net of tax $ 103 $ 32 $ 135 (a) Primarily relates to indemnification obligations for leases associated with the previously discontinued operations of Famous Players Inc. (“Famous Players”). The following table presents the major classes of assets and liabilities of our discontinued operations. At December 31, 2020 2019 Receivables, net $ 447 $ 369 Other current assets 183 175 Goodwill 435 435 Property and equipment, net 42 40 Operating lease assets 191 201 Other assets 141 121 Total Assets $ 1,439 $ 1,341 Royalties payable $ 131 $ 116 Other current liabilities 349 317 Operating lease liabilities 194 204 Other liabilities 26 59 Total Liabilities $ 700 $ 696 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020 2019 Land $ 437 $ 438 Buildings 1,253 1,232 Finance leases (a) 159 195 Equipment and other 4,151 4,052 6,000 5,917 Less accumulated depreciation and amortization 4,006 3,872 Net property and equipment $ 1,994 $ 2,045 (a) Accumulated amortization of finance leases was $140 million and $160 million at December 31, 2020 and 2019, respectively. Year Ended December 31, 2020 2019 2018 Depreciation expense, including amortization of finance leases (a) (b) $ 345 $ 362 $ 377 (a) Amortization expense related to finance leases was $18 million, $23 million and $28 million in 2020, 2019 and 2018, respectively. (b) Included in depreciation expense for 2020 is $12 million of accelerated depreciation resulting from the abandonment of technology in connection with synergy plans related to the Merger. |
Programming and Other Invento_2
Programming and Other Inventory (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Current Programming and Other Inventory | The following tables present our programming and other inventory by type at December 31, 2020 and 2019. Programming inventory at December 31, 2020 has been grouped according to the predominant monetization strategy in accordance with new FASB guidance adopted in 2020 (see Note 1). At December 31, 2020 Film Group Monetization: Acquired television and film program rights, including prepaid sports rights $ 3,413 Internally-produced television programming: Released 2,558 In process and other 1,682 Individual Monetization: Acquired libraries 483 Film inventory: Released 374 Completed, not yet released 543 In process and other 816 Internally-produced television programming: Released 1,206 In process and other 1,013 Home entertainment 32 Total programming and other inventory 12,120 Less current portion 1,757 Total noncurrent programming and other inventory $ 10,363 At December 31, 2019 Acquired television and film program rights, including prepaid sports rights $ 3,477 Acquired television library 99 Internally-produced television programming: Released 3,627 In process and other 2,626 Film inventory: Released 502 Completed, not yet released 55 In process and other 1,037 Home entertainment 42 Total programming and other inventory 11,465 Less current portion 2,813 Total noncurrent programming and other inventory $ 8,652 |
Noncurrent Programming and Other Inventory | The following tables present our programming and other inventory by type at December 31, 2020 and 2019. Programming inventory at December 31, 2020 has been grouped according to the predominant monetization strategy in accordance with new FASB guidance adopted in 2020 (see Note 1). At December 31, 2020 Film Group Monetization: Acquired television and film program rights, including prepaid sports rights $ 3,413 Internally-produced television programming: Released 2,558 In process and other 1,682 Individual Monetization: Acquired libraries 483 Film inventory: Released 374 Completed, not yet released 543 In process and other 816 Internally-produced television programming: Released 1,206 In process and other 1,013 Home entertainment 32 Total programming and other inventory 12,120 Less current portion 1,757 Total noncurrent programming and other inventory $ 10,363 At December 31, 2019 Acquired television and film program rights, including prepaid sports rights $ 3,477 Acquired television library 99 Internally-produced television programming: Released 3,627 In process and other 2,626 Film inventory: Released 502 Completed, not yet released 55 In process and other 1,037 Home entertainment 42 Total programming and other inventory 11,465 Less current portion 2,813 Total noncurrent programming and other inventory $ 8,652 |
Programming and Production Costs | The following table presents amortization of television and film programming and production costs. For the Year Ended December 31, 2020 Programming costs, acquired programming $ 3,779 Production costs, internally-produced television and film programming: Individual monetization $ 2,669 Film group monetization $ 3,133 The following table presents the expected amortization over each of the next three years of released programming inventory on the Consolidated Balance Sheet at December 31, 2020. 2021 2022 2023 Programming costs, acquired programming and acquired libraries $ 2,717 $ 422 $ 232 Production costs, internally-produced television and film programming: Individual monetization $ 1,089 $ 165 $ 94 Film group monetization $ 1,251 $ 618 $ 393 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020 and 2019. Balance at Acquisitions / Foreign Balance at December 31, 2019 (Dispositions) Currency December 31, 2020 TV Entertainment: Goodwill $ 17,615 $ (113) (a) $ — $ 17,502 Accumulated impairment losses (13,354) — — (13,354) Goodwill, net of impairment 4,261 (113) — 4,148 Cable Networks: Goodwill 10,691 28 53 10,772 Accumulated impairment losses — — — — Goodwill, net of impairment 10,691 28 53 10,772 Filmed Entertainment: Goodwill 1,593 99 (b) — 1,692 Accumulated impairment losses — — — — Goodwill, net of impairment 1,593 99 — 1,692 Total: Goodwill 29,899 14 53 29,966 Accumulated impairment losses (13,354) — — (13,354) Goodwill, net of impairment $ 16,545 $ 14 $ 53 $ 16,612 (a) Amount reflects the disposition of CMG. (b) Amount relates to the acquisition of Miramax. 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 Total: Goodwill 29,445 448 6 29,899 Accumulated impairment losses (13,354) — — (13,354) Goodwill, net of impairment $ 16,091 $ 448 $ 6 $ 16,545 (a) Primarily reflects the acquisitions of Pluto Inc. and Pop TV. |
Schedule of Indefinite-lived Intangible Assets | Our intangible assets were as follows: Accumulated At December 31, 2020 Gross Amortization Net Intangible assets subject to amortization: Trade names $ 249 $ (123) $ 126 Licenses 168 (50) 118 Customer agreements 120 (97) 23 Other intangible assets 251 (169) 82 Total intangible assets subject to amortization 788 (439) 349 FCC licenses 2,416 — 2,416 International broadcast licenses 27 — 27 Other intangible assets 34 — 34 Total intangible assets $ 3,265 $ (439) $ 2,826 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 255 (146) 109 Total intangible assets subject to amortization 937 (447) 490 FCC licenses 2,441 — 2,441 International broadcast licenses 25 — 25 Other intangible assets 34 — 34 Total intangible assets $ 3,437 $ (447) $ 2,990 |
Schedule of Finite-lived Intangible Assets | Our intangible assets were as follows: Accumulated At December 31, 2020 Gross Amortization Net Intangible assets subject to amortization: Trade names $ 249 $ (123) $ 126 Licenses 168 (50) 118 Customer agreements 120 (97) 23 Other intangible assets 251 (169) 82 Total intangible assets subject to amortization 788 (439) 349 FCC licenses 2,416 — 2,416 International broadcast licenses 27 — 27 Other intangible assets 34 — 34 Total intangible assets $ 3,265 $ (439) $ 2,826 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 255 (146) 109 Total intangible assets subject to amortization 937 (447) 490 FCC licenses 2,441 — 2,441 International broadcast licenses 25 — 25 Other intangible assets 34 — 34 Total intangible assets $ 3,437 $ (447) $ 2,990 |
Finite-lived Intangible Assets Amortization Expense | Amortization expense was as follows: Year Ended December 31, 2020 2019 2018 Amortization expense (a) $ 85 $ 76 $ 50 (a) For 2020, amortization expense includes an impairment charge of $25 million to write down the carrying value of FCC licenses, and was recorded within the TV Entertainment segment. 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, and was recorded within the Cable Networks segment. |
Schedule of Expected Amortization Expense | We expect our aggregate annual amortization expense for existing intangible assets subject to amortization for each of the years, 2021 through 2025, to be as follows: 2021 2022 2023 2024 2025 Future amortization expense $ 45 $ 41 $ 39 $ 31 $ 27 |
Restructuring, and Other Corp_2
Restructuring, and Other Corporate Matters (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Restructuring Charges [Abstract] | |
Restructuring Reserve Rollforward | During the years ended December 31, 2020, 2019 and 2018, we recorded the following for costs associated with restructuring and other corporate matters. Year Ended December 31, 2020 2019 2018 Severance $ 472 $ 395 $ 234 Exit costs and other 70 23 75 Restructuring charges 542 418 309 Restructuring-related costs — — 52 Merger-related costs 56 294 — Other corporate matters 20 57 128 Restructuring and other corporate matters $ 618 $ 769 $ 489 Balance at 2020 Activity Balance at December 31, 2019 Charges (a) Payments Other December 31, 2020 TV Entertainment $ 99 $ 137 $ (111) $ (13) $ 112 Cable Networks 137 179 (158) (14) 144 Filmed Entertainment 17 25 (12) — 30 Corporate 143 71 (117) (11) 86 Total $ 396 $ 412 $ (398) $ (38) $ 372 Balance at 2019 Activity Balance at December 31, 2018 Charges (a) Payments Other December 31, 2019 TV Entertainment $ 54 $ 128 $ (82) $ (1) $ 99 Cable Networks 151 97 (104) (7) 137 Filmed Entertainment 22 8 (12) (1) 17 Corporate 57 118 (32) — 143 Total $ 284 $ 351 $ (230) $ (9) $ 396 (a) Excludes stock-based compensation expense of $88 million and $67 million for the years ended December 31, 2020 and 2019, respectively, and excludes lease asset impairments of $42 million for the year ended December 31, 2020. |
Related Parties (Tables)
Related Parties (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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 tables present the amounts recorded in our consolidated financial statements related to these transactions. Year Ended December 31, 2020 2019 2018 Revenues $ 106 $ 179 $ 170 Operating expenses $ 13 $ 14 $ 22 At December 31, 2020 2019 Amounts due to/from other related parties Accounts receivable $ 69 $ 45 Accounts payable $ — $ 3 |
Revenues (Tables)
Revenues (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following table presents our revenues disaggregated into categories based on the nature of such revenues. Year Ended December 31, 2020 2019 2018 Revenues by Type: Advertising $ 9,751 $ 11,074 $ 10,841 Affiliate 9,166 8,602 8,376 Content licensing 5,963 6,483 6,163 Theatrical 180 547 744 Other 225 292 301 Total Revenues $ 25,285 $ 26,998 $ 26,425 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | Our debt consists of the following : At December 31, 2020 2019 Commercial paper $ — $ 699 4.3% Senior Notes due 2021 — 300 4.5% Senior Notes due 2021 — 499 3.875% Senior Notes due 2021 — 597 2.250% Senior Notes due 2022 35 49 3.375% Senior Notes due 2022 415 698 3.125% Senior Notes due 2022 117 194 2.50% Senior Notes due 2023 196 398 3.25% Senior Notes due 2023 141 181 2.90% Senior Notes due 2023 242 396 4.25% Senior Notes due 2023 837 1,242 7.875% Debentures due 2023 139 187 7.125% Senior Notes due 2023 35 46 3.875% Senior Notes due 2024 490 489 3.70% Senior Notes due 2024 598 598 3.50% Senior Notes due 2025 596 592 4.75% Senior Notes due 2025 1,239 — 4.0% Senior Notes due 2026 791 789 3.45% Senior Notes due 2026 123 123 2.90% Senior Notes due 2027 691 688 3.375% Senior Notes due 2028 495 494 3.70% Senior Notes due 2028 492 491 4.20% Senior Notes due 2029 493 493 7.875% Senior Debentures due 2030 831 831 4.95% Senior Notes due 2031 1,220 — 4.20% Senior Notes due 2032 969 — 5.50% Senior Debentures due 2033 427 426 4.85% Senior Debentures due 2034 87 87 6.875% Senior Debentures due 2036 1,069 1,068 6.75% Senior Debentures due 2037 75 75 5.90% Senior Notes due 2040 298 297 4.50% Senior Debentures due 2042 45 45 4.85% Senior Notes due 2042 487 486 4.375% Senior Debentures due 2043 1,116 1,109 4.875% Senior Debentures due 2043 18 18 5.85% Senior Debentures due 2043 1,232 1,231 5.25% Senior Debentures due 2044 345 345 4.90% Senior Notes due 2044 540 539 4.60% Senior Notes due 2045 589 589 4.95% Senior Notes due 2050 942 — 5.875% Junior Subordinated Debentures due 2057 514 643 6.25% Junior Subordinated Debentures due 2057 643 643 Other bank borrowings 95 — Obligations under finance leases 26 44 Total debt (a) 19,733 18,719 Less commercial paper — 699 Less current portion of long-term debt 16 18 Total long-term debt, net of current portion $ 19,717 $ 18,002 (a) At December 31, 2020 and 2019, the senior and junior subordinated debt balances included (i) a net unamortized discount of $491 million and $412 million, respectively, and (ii) unamortized deferred financing costs of $107 million and $92 million, respectively. The face value of our total debt was $20.33 billion at December 31, 2020 and $19.23 billion at December 31, 2019. |
Scheduled Maturities of Long-term Debt at Face Value | At December 31, 2020, our scheduled maturities of long-term debt at face value, excluding finance leases, and the related interest payments were as follows: 2026 and 2021 2022 2023 2024 2025 Thereafter Long-term debt $ — $ 569 $ 1,596 $ 1,092 $ 1,850 $ 15,103 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Schedule of Assets and Liabilities, Lessee | At December 31, 2020 and 2019, the following amounts were recorded on the Consolidated Balance Sheets relating to our leases. Operating Finance 2020 2019 2020 2019 Right-of-Use Assets Operating lease assets $ 1,602 $ 1,738 $ — $ — Property and equipment, net $ — $ — $ 19 $ 35 Lease Liabilities Other current liabilities $ 306 $ 289 $ — $ — Debt — — 16 19 Operating lease liabilities 1,583 1,705 — — Long-term debt — — 10 25 Total lease liabilities $ 1,889 $ 1,994 $ 26 $ 44 |
Composition of Lease Cost | Operating Finance 2020 2019 2020 2019 Weighted average remaining lease term 8 years 9 years 2 years 3 years Weighted average discount rate 4.0 % 4.0 % 4.2 % 4.5 % The following table presents our lease cost. Year Ended December 31, 2020 2019 Operating lease cost (a) (b) $ 379 $ 382 Finance lease cost: Amortization of right-of-use assets 18 23 Interest expense on lease liabilities 2 3 Short-term lease cost (b) (c) 162 242 Variable lease cost (d) 58 80 Sublease income (24) (31) Total lease cost $ 595 $ 699 (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, which are not recorded in right-of-use assets and lease liabilities on the Consolidated Balance Sheets, have a term of 12 months or less and exclude month-to-month leases. (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. |
Supplemental Cash Flow Information Related to Leases | The following table presents supplemental cash flow information related to our leases. Year Ended December 31, 2020 2019 Cash paid for amounts included in lease liabilities Operating lease payments, included in operating cash flows $ 385 $ 324 Finance lease payments, included in financing cash flows $ 21 $ 27 Noncash additions to operating lease assets $ 221 $ 387 |
Lessee, Operating Lease, Future Lease Payments | The expected future payments relating to our operating and finance lease liabilities at December 31, 2020 are as follows: Leases Operating Finance 2021 $ 372 $ 17 2022 315 7 2023 260 2 2024 209 1 2025 197 1 2026 and thereafter 916 — Total minimum payments 2,269 28 Less amounts representing interest 380 2 Present value of minimum payments $ 1,889 $ 26 |
Lessee, Finance Lease, Future Lease Payments | The expected future payments relating to our operating and finance lease liabilities at December 31, 2020 are as follows: Leases Operating Finance 2021 $ 372 $ 17 2022 315 7 2023 260 2 2024 209 1 2025 197 1 2026 and thereafter 916 — Total minimum payments 2,269 28 Less amounts representing interest 380 2 Present value of minimum payments $ 1,889 $ 26 |
Lessor, Future Lease Income | At December 31, 2020, future fixed lease income under noncancellable operating leases is as follows: 2021 $ 56 2022 49 2023 47 2024 37 2025 28 2026 and thereafter 29 Total $ 246 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Financial Instruments | Losses recognized on derivative financial instruments were as follows: Year Ended December 31, 2020 2019 Financial Statement Account Non-designated foreign exchange contracts $ (20) $ (4) Other items, net |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | The following tables set forth the balances at December 31, 2020 and 2019 of our assets and liabilities measured at fair value on a recurring basis. 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. We do not have any assets or liabilities that are measured at fair value on a recurring basis using level 3 inputs. At December 31, 2020 Level 1 Level 2 Total Assets: Foreign currency hedges $ — $ 20 $ 20 Total Assets $ — $ 20 $ 20 Liabilities: $ — Deferred compensation $ — $ 529 $ 529 Foreign currency hedges — 39 39 Total Liabilities $ — $ 568 $ 568 At December 31, 2019 Level 1 Level 2 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 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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). Continuing Operations Discontinued Operations Net Actuarial Accumulated Cumulative Loss and Other Other Translation Prior Available-For-Sale Comprehensive Comprehensive Adjustments Service Cost Securities Income (Loss) (a) Loss At December 31, 2017 $ (209) $ (1,071) $ 30 $ (19) $ (1,269) Other comprehensive loss before (236) (123) — (12) (371) Reclassifications to net earnings — 62 (b) — — 62 Other comprehensive loss (236) (61) — (12) (309) Adoption of accounting standard — — (30) — (30) At December 31, 2018 (445) (1,132) — (31) (1,608) Other comprehensive income (loss) 7 (205) — 6 (192) Reclassifications to net earnings — 60 (b) — — 60 Other comprehensive income (loss) 7 (145) — 6 (132) Tax effects reclassified to retained — (230) (c) — — (230) At December 31, 2019 (438) (1,507) — (25) (1,970) Other comprehensive income (loss) 135 (74) — 5 66 Reclassifications to net earnings — 72 (b) — — 72 Other comprehensive income 135 (2) — 5 138 At December 31, 2020 $ (303) $ (1,509) $ — $ (20) $ (1,832) (a) Reflects cumulative translation adjustments. (b) Reflects amortization of net actuarial losses and prior service cost. (c) Reflects the reclassification of certain income tax effects of federal tax legislation enacted in December 2017 (the “Tax Reform Act”) on items within accumulated other comprehensive loss to retained earnings upon the adoption of new FASB guidance. |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Stock-based Compensation | The following table summarizes stock-based compensation expense for the years ended December 31, 2020, 2019 and 2018. Year Ended December 31, 2020 2019 2018 RSUs and PSUs $ 167 $ 169 $ 167 Stock options 19 27 34 Compensation cost included in operating and SG&A expense 186 196 201 Compensation cost included in restructuring and other corporate matters (a) 88 90 (14) Stock-based compensation expense, before income taxes 274 286 187 Related tax benefit (54) (58) (44) Stock-based compensation expense, net of tax benefit $ 220 $ 228 $ 143 |
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, 2019 14,489,729 $ 45.64 Granted (a) 6,757,535 $ 32.35 Vested (7,014,797) $ 46.40 Forfeited (231,837) $ 42.05 Non-vested at December 31, 2020 14,000,630 $ 38.91 (a) Grant activity includes 1 million of performance-based share units at target for 2020. |
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 Expected dividend yield 1.33 % Expected stock price volatility 29.52 % Risk-free interest rate 2.73 % Expected term of options (years) 5.00 2018 Expected dividend yield 2.52 % Expected stock price volatility 32.60 % Risk-free interest rate 2.81 % Expected term of options (years) 5.12 |
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, 2019 16,291,709 $ 58.98 Granted — $ — Exercised (378,648) $ 29.31 Forfeited or expired (1,772,337) $ 51.47 Outstanding at December 31, 2020 14,140,724 $ 60.72 Exercisable at December 31, 2020 12,269,735 $ 61.63 |
Stock Option Exercise Information | The following table summarizes other information relating to stock option exercises during the years ended December 31, 2020, 2019 and 2018. Year Ended December 31, 2020 2019 2018 Cash received from stock option exercises $ 5 $ 15 $ 29 Tax benefit of stock option exercises $ 1 $ 4 $ 4 Intrinsic value of stock option exercises $ 2 $ 15 $ 16 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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 loss of investee companies were as follows: Year Ended December 31, 2020 2019 2018 United States $ 2,353 $ 2,225 $ 2,916 Foreign 794 998 1,068 Total $ 3,147 $ 3,223 $ 3,984 |
Income Tax Provision Components | The components of the provision (benefit) for income taxes were as follows: Year Ended December 31, 2020 2019 2018 Current: Federal $ 160 $ 370 $ 277 State and local 73 164 92 Foreign 180 202 163 Total current 413 736 532 Deferred: Federal 146 (67) 20 State and local 42 (43) 20 Foreign (66) (655) 8 Total deferred 122 (765) 48 Provision (benefit) for income taxes $ 535 $ (29) $ 580 |
Reconciliation of U.S. Federal Statutory Income Tax Rate | The difference between income taxes expected at the U.S. federal statutory income tax rate of 21% and the provision (benefit) for income taxes is summarized as follows: Year Ended December 31, 2020 2019 2018 Taxes on income at U.S. federal statutory rate $ 661 $ 676 $ 836 State and local taxes, net of federal tax benefit 116 116 109 Effect of foreign operations (98) (49) (108) Noncontrolling interests (52) (2) (1) U.K. statutory rate change (100) — — Reorganization of foreign operations (a) — (768) — Bankruptcy of an investee — (39) — Impact of tax law changes — — (80) Tax benefits from positions relating to the Tax Reform Act (b) — (44) — Merger related costs — 41 — Establishment (reversal) of valuation allowance (c) — 2 (153) Excess tax benefits from stock-based compensation 29 20 8 Domestic production deduction — (1) 24 Tax accounting method change — — (78) Other, net (21) 19 23 Provision (benefit) for income taxes $ 535 $ (29) $ 580 (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 a 25-year period. (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, 2020 2019 Deferred income tax assets: Reserves and other accrued liabilities $ 476 $ 481 Pension, postretirement and other employee benefits 772 766 Lease liability 466 485 Tax credit and loss carryforwards 448 394 Other 56 85 Total deferred income tax assets 2,218 2,211 Valuation allowance (593) (547) Deferred income tax assets, net 1,625 1,664 Deferred income tax liabilities: Intangible assets (460) (251) Unbilled licensing receivables (237) (393) Lease asset (400) (422) Property, equipment and other assets (198) (153) Financing obligations (71) (72) Other (44) — Total deferred income tax liabilities (1,410) (1,291) Deferred income tax assets, net $ 215 $ 373 |
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, 2018 $ 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 Additions for current year tax positions 15 Additions for prior year tax positions 18 Reductions for prior year tax positions (34) Cash settlements (2) Statute of limitations lapses (9) Reclassification to deferred income tax liability (64) At December 31, 2020 $ 308 |
Pension and Other Postretirem_2
Pension and Other Postretirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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 2020 2019 2020 2019 Change in benefit obligation: Benefit obligation, beginning of year $ 4,963 $ 4,511 $ 360 $ 376 Service cost 30 28 2 1 Interest cost 164 191 11 16 Actuarial loss (gain) 408 593 (8) 8 Curtailment gain (79) — — — Benefits paid (324) (360) (58) (59) Participants’ contributions — — 12 13 Retiree Medicare drug subsidy — — 3 5 Benefit obligation, end of year $ 5,162 $ 4,963 $ 322 $ 360 |
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 2020 2019 2020 2019 Change in plan assets: Fair value of plan assets, beginning of year $ 3,176 $ 2,932 $ — $ 1 Actual return on plan assets 429 530 — (1) Employer contributions 66 74 43 41 Benefits paid (324) (360) (58) (59) Participants’ contributions — — 12 13 Retiree Medicare drug subsidy — — 3 5 Fair value of plan assets, end of year $ 3,347 $ 3,176 $ — $ — |
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, 2020 2019 2020 2019 Funded status at end of year $ (1,815) $ (1,787) $ (322) $ (360) Amounts recognized on the Consolidated Balance Sheets: Other assets $ 7 $ 5 $ — $ — Current liabilities (85) (69) (38) (42) Noncurrent liabilities (1,737) (1,723) (284) (318) Net amounts recognized $ (1,815) $ (1,787) $ (322) $ (360) |
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, 2020 2019 2020 2019 Net actuarial (loss) gain $ (2,144) $ (2,153) $ 140 $ 147 Net prior service cost (1) (3) — (1) Share of equity investee (2) (2) — — (2,147) (2,158) 140 146 Deferred income taxes 560 563 (13) (14) Net amount recognized in accumulated other comprehensive income (loss) $ (1,587) $ (1,595) $ 127 $ 132 |
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, 2020 2019 Projected benefit obligation $ 5,161 $ 4,962 Accumulated benefit obligation $ 5,161 $ 4,873 Fair value of plan assets $ 3,340 $ 3,170 |
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, 2020 2019 2018 2020 2019 2018 Components of net periodic cost: Service cost $ 30 $ 28 $ 30 $ 2 $ 1 $ 1 Interest cost 164 191 180 11 16 17 Expected return on plan assets (194) (183) (214) — — — Amortization of actuarial losses (gains) 103 94 87 (15) (18) (18) Amortization of prior service cost 2 1 1 1 1 1 Net periodic cost (a) $ 105 $ 131 $ 84 $ (1) $ — $ 1 (a) Includes amounts reflected in net earnings from discontinued operations of $5 million for 2020, $6 million for 2019 and $3 million for 2018 . |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | Pension Benefits Postretirement Benefits Year Ended December 31, 2020 2019 2018 2020 2019 2018 Other comprehensive income (loss): Actuarial (loss) gain $ (173) $ (246) $ (179) $ 8 $ (9) $ 8 Curtailment gain 79 — — — — — Amortization of actuarial losses (gains) 103 94 87 (15) (18) (18) Amortization of prior service cost 2 1 1 1 1 1 11 (151) (91) (6) (26) (9) Deferred income taxes (3) 37 25 1 5 2 Recognized in other comprehensive income $ 8 $ (114) $ (66) $ (5) $ (21) $ (7) |
Weighted Average Assumptions Used to Determine Benefit Obligations and Net Periodic Costs | Pension Benefits Postretirement Benefits 2020 2019 2018 2020 2019 2018 Weighted average assumptions used to determine benefit obligations at December 31: Discount rate 2.9 % 3.5 % 4.5 % 2.6 % 3.3 % 4.4 % Rate of compensation increase — % 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 3.4 % 4.5 % 3.8 % 3.3 % 4.4 % 3.9 % Expected long-term return on plan assets 6.4 % 6.6 % 6.6 % N/A N/A 2.0 % Cash balance interest crediting rate 5.0 % 5.0 % 5.0 % N/A N/A N/A 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 2020 2019 2020 2019 Projected health care cost trend rate (pre-65) 6.6 % 7.0 % 6.6 % 6.3 % Projected health care cost trend rate (post-65) 6.6 % 7.0 % 6.6 % 5.7 % Ultimate trend rate 5.0 % 5.0 % 5.0 % 4.5 % Year ultimate trend rate is achieved 2025 2025 2025 2026 |
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, 2020 and 2019. 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. There are no investments categorized as Level 3. At December 31, 2020 Level 1 Level 2 Total Cash and cash equivalents (a) $ 8 $ — $ 8 Fixed income securities: U.S. treasury securities 78 — 78 Government-related securities — 167 167 Corporate bonds (b) — 1,634 1,634 Mortgage-backed and asset-backed securities — 56 56 Equity securities: U.S. large capitalization 82 — 82 U.S. small capitalization 79 — 79 Other — 30 30 Total assets in fair value hierarchy $ 247 $ 1,887 $ 2,134 Common collective funds measured at net asset value (c) (d) 1,149 Limited partnerships measured at net asset value (c) 18 Mutual funds measured at net asset value (c) 46 Investments, at fair value $ 3,347 At December 31, 2019 Level 1 Level 2 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 (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: 2021 2022 2023 2024 2025 2026-2030 Pension $ 464 $ 311 $ 305 $ 305 $ 305 $ 1,450 Postretirement $ 39 $ 36 $ 34 $ 31 $ 28 $ 106 Retiree Medicare drug subsidy $ 5 $ 5 $ 4 $ 4 $ 4 $ 18 |
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 Company Contributions Expiration Date of Collective Bargaining Agreement Zone Status (a) Pension Plan 2020 2019 2020 2019 2018 AFTRA Retirement Plan (b) 13-6414972-001 Green Green $ 13 $ 12 $ 11 (c) Directors Guild of America - Producer 95-2892780-001 Green Green 16 19 15 6/30/2020 Producer-Writers Guild of America 95-2216351-001 Green Green 22 26 25 5/1/2020 Screen Actors Guild - Producers 95-2110997-001 Green Green 24 43 36 6/30/2020 Motion Picture Industry 95-1810805-001 Green Green 35 43 42 (d) I.A.T.S.E. Local No. 33 Pension Trust Fund (e) 95-6377503-001 Green Green 3 5 10 12/31/2022 Other Plans 7 16 12 Total contributions $ 120 $ 164 $ 151 (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 2020 and 2019. 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, 2019. (c) The expiration dates range from June 30, 2020 through June 30, 2021. (d) The expiration dates range from May 15, 2021 through March 2, 2022. (e) 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, 2019. |
Redeemable Noncontrolling Int_2
Redeemable Noncontrolling Interest (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Noncontrolling Interest [Abstract] | |
Redeemable Noncontrolling Interest | The activity reflected within redeemable noncontrolling interest for the years ended December 31, 2020, 2019 and 2018 is presented below. Year Ended December 31, 2020 2019 2018 Beginning balance $ 254 $ 239 $ 249 Net earnings 11 14 18 Distributions (15) (16) (15) Translation adjustment 7 8 (14) Redemption value adjustment (60) 9 1 Ending balance $ 197 $ 254 $ 239 |
Segment and Revenue Informati_2
Segment and Revenue Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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. On November 25, 2020, we entered into an agreement to sell Simon & Schuster to Penguin Random House. As a result, Simon & Schuster, which was previously reported as the Publishing segment, has been presented as a discontinued operation in our consolidated financial statements. Prior periods have been reclassified to conform to this presentation. See Note 3. Year Ended December 31, 2020 2019 2018 Revenues: Advertising $ 5,035 $ 6,008 $ 5,751 Affiliate 3,129 2,550 2,082 Content licensing 2,369 3,157 3,006 Other 167 209 222 TV Entertainment 10,700 11,924 11,061 Advertising 4,743 5,129 5,130 Affiliate 6,037 6,052 6,294 Content licensing 1,809 1,268 1,259 Cable Networks 12,589 12,449 12,683 Theatrical 180 547 744 Home Entertainment 709 623 617 Licensing 1,598 1,709 1,493 Other 75 111 102 Filmed Entertainment 2,562 2,990 2,956 Corporate/Eliminations (566) (365) (275) Total Revenues $ 25,285 $ 26,998 $ 26,425 |
Intercompany Revenues by Segment | Year Ended December 31, 2020 2019 2018 Intercompany Revenues: TV Entertainment $ 285 $ 226 $ 164 Cable Networks 79 53 47 Filmed Entertainment 202 117 95 Total Intercompany Revenues $ 566 $ 396 $ 306 |
Adjusted OIBDA by Segment | Year Ended December 31, 2020 2019 2018 Adjusted OIBDA: TV Entertainment $ 1,857 $ 2,443 $ 2,466 Cable Networks 3,746 3,515 4,341 Filmed Entertainment 215 80 (33) Corporate/Eliminations (500) (449) (433) Stock-based compensation (186) (196) (201) Depreciation and amortization (430) (438) (427) Restructuring and other corporate matters (618) (769) (489) Programming charges (159) (589) (162) Gain on sales 214 549 — Operating income 4,139 4,146 5,062 Interest expense (1,031) (962) (1,030) Interest income 60 66 79 Net gain (losses) from investments 206 85 (53) Gain (loss) on extinguishment of debt (126) — 18 Other items, net (101) (112) (92) Earnings from continuing operations before income taxes and equity in loss of investee companies 3,147 3,223 3,984 (Provision) benefit for income taxes (535) 29 (580) Equity in loss of investee companies, net of tax (28) (53) (47) Net earnings from continuing operations 2,584 3,199 3,357 Net earnings from discontinued operations, net of tax 117 140 135 Net earnings (ViacomCBS and noncontrolling interests) 2,701 3,339 3,492 Net earnings attributable to noncontrolling interests (279) (31) (37) Net earnings attributable to ViacomCBS $ 2,422 $ 3,308 $ 3,455 |
Depreciation and Amortization and Capital Expenditures | Year Ended December 31, 2020 2019 2018 Depreciation and Amortization: TV Entertainment $ 162 $ 150 $ 160 Cable Networks 205 219 194 Filmed Entertainment 36 37 38 Corporate 27 32 35 Total Depreciation and Amortization $ 430 $ 438 $ 427 Year Ended December 31, 2020 2019 2018 Capital Expenditures: TV Entertainment $ 112 $ 113 $ 112 Cable Networks 110 166 156 Filmed Entertainment 37 43 52 Corporate 65 23 25 Total Capital Expenditures $ 324 $ 345 $ 345 |
Assets by Segment | At December 31, 2020 2019 Assets: TV Entertainment $ 19,443 $ 19,689 Cable Networks 23,139 22,109 Filmed Entertainment 6,440 5,477 Corporate/Eliminations 2,202 969 Discontinued Operations 1,439 1,341 Total Assets $ 52,663 $ 49,585 |
Revenues by Customer Location | Year Ended December 31, 2020 2019 2018 Revenues: (a) United States $ 20,690 $ 21,449 $ 20,442 International 4,595 5,549 5,983 Total Revenues $ 25,285 $ 26,998 $ 26,425 |
Long-lived Assets by Geographic Area | At December 31, 2020 2019 Long-lived Assets: (a) United States $ 13,435 $ 12,417 International 785 498 Total Long-lived Assets $ 14,220 $ 12,915 (a) Reflects total assets less current assets, investments, goodwill, intangible assets, noncurrent receivables and noncurrent deferred tax assets. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments | At December 31, 2020, 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 2026 and Total 2021 2022 2023 2024 2025 Thereafter Off-Balance Sheet Arrangements Programming and talent commitments $ 9,852 $ 2,625 $ 3,005 $ 1,264 $ 731 $ 493 $ 1,734 Purchase obligations $ 1,377 $ 501 $ 396 $ 218 $ 131 $ 70 $ 61 On-Balance Sheet Arrangements Other long-term contractual obligations $ 1,734 $ — $ 879 $ 382 $ 250 $ 190 $ 33 |
Supplemental Financial Inform_2
Supplemental Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020 2019 2018 Pension and postretirement benefit costs $ (69) $ (99) $ (65) Foreign exchange losses (35) (18) (19) Other 3 5 (8) Other items, net $ (101) $ (112) $ (92) |
Supplemental Cash Flow Information | Year Ended December 31, 2020 2019 2018 Cash paid for interest $ 965 $ 922 $ 1,012 Cash paid for income taxes: Continuing operations $ 411 $ 560 $ 153 Discontinued operations 55 38 4 Total cash paid for income taxes $ 466 $ 598 $ 157 |
Quarterly Financial Data (Una_2
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data (Unaudited) | First Second Third Fourth 2020 (a) (b) Quarter Quarter (c) Quarter (d) Quarter (e) Total Year Revenues $ 6,499 $ 6,075 $ 5,837 $ 6,874 $ 25,285 Operating income $ 902 $ 1,251 $ 903 $ 1,083 $ 4,139 Net earnings from continuing operations (ViacomCBS and noncontrolling interests) $ 504 $ 698 $ 580 $ 802 $ 2,584 Net earnings (ViacomCBS and noncontrolling interests) $ 519 $ 726 $ 627 $ 829 $ 2,701 Net earnings from continuing operations attributable to ViacomCBS $ 501 $ 453 $ 568 $ 783 $ 2,305 Net earnings attributable to ViacomCBS $ 516 $ 481 $ 615 $ 810 $ 2,422 Basic net earnings per common shares Net earnings from continuing operations attributable to ViacomCBS $ .82 $ .74 $ .92 $ 1.27 $ 3.74 Net earnings attributable to ViacomCBS $ .84 $ .78 $ 1.00 $ 1.31 $ 3.93 Diluted net earnings per common share: Net earnings from continuing operations attributable to ViacomCBS $ .81 $ .73 $ .92 $ 1.26 $ 3.73 Net earnings attributable to ViacomCBS $ .84 $ .78 $ 1.00 $ 1.31 $ 3.92 Weighted average number of common shares outstanding: Basic 614 615 616 617 616 Diluted 616 617 618 620 618 (a) Publishing has been presented as a discontinued operation for all periods presented. (b) Includes costs for restructuring and other corporate matters of $231 million in the first quarter, $158 million in the second quarter, $52 million in the third quarter and $177 million in the fourth quarter. (c) The second quarter includes programming charges of $121 million primarily related to the abandonment of certain incomplete programs resulting from production shutdowns related to COVID-19; a loss on extinguishment of debt of $103 million; and an increase of $32 million to the carrying value of our investment in fuboTV. (d) The third quarter includes a loss on extinguishment of debt of $23 million and discrete tax benefits of $117 million, primarily from the remeasurement of our U.K. net deferred income tax asset as a result of an increase in the U.K. corporate income tax rate from 17% to 19% enacted during the quarter. (e) The fourth quarter includes a gain of $214 million ($183 million, net of tax) on the sale of CMG; programming charges of $38 million primarily related to the abandonment of certain incomplete programs resulting from COVID-19 related production shutdowns; and net gains from investments of $174 million, which primarily includes an increase in the fair value of our investment in fuboTV, which was sold during the quarter. First Second Third Fourth 2019 (a) (b) Quarter (c) Quarter Quarter Quarter (d) Total Year Revenues $ 6,936 $ 6,925 $ 6,481 $ 6,656 $ 26,998 Operating income (loss) $ 1,792 $ 1,414 $ 984 $ (44) $ 4,146 Net earnings (loss) from continuing operations (ViacomCBS and noncontrolling interests) $ 1,944 $ 953 $ 600 $ (298) $ 3,199 Net earnings (loss) (ViacomCBS and noncontrolling interests) $ 1,964 $ 983 $ 646 $ (254) $ 3,339 Net earnings (loss) from continuing operations attributable to ViacomCBS $ 1,939 $ 947 $ 584 $ (302) $ 3,168 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 $ 3.16 $ 1.54 $ .95 $ (.49) $ 5.15 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 $ 3.14 $ 1.53 $ .95 $ (.49) $ 5.13 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) Publishing has been presented as a discontinued operation for all periods presented. (b) Includes costs for restructuring and other corporate matters of $173 million in the first quarter, $7 million in the second quarter, $122 million in the third quarter and $467 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 $768 million resulting from the transfer of intangible assets between our subsidiaries in connection with a reorganization of our international operations. |
Basis of Presentation and Sum_4
Basis of Presentation and Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 04, 2019 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Film development costs, expense period | 3 years | ||||
Cash and Cash Equivalents | |||||
Restricted cash | $ 135 | $ 202 | $ 120 | ||
Revenues | |||||
Allowance for doubtful accounts | 85 | 80 | |||
Provision for doubtful accounts | $ 32 | 25 | 24 | ||
Leases | |||||
Renewal options to extend term, maximum | 10 years | ||||
Advertising | |||||
Advertising expense | $ 1,310 | $ 1,670 | $ 1,390 | ||
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 | 16 years | ||||
Stock Options and RSUs [Member] | |||||
Net Earnings (Loss) per Common Share | |||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 22,000,000 | 19,000,000 | 19,000,000 | ||
Other Current Liabilities [Member] | |||||
Revenues | |||||
Reserves for sales returns and allowances | $ 64 | $ 58 | |||
Viacom Inc [Member] | Common Class B [Member] | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Share conversion ratio | 0.59625 | ||||
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 | ||||
Internally Produced Television Programming [Member] | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Period revenue is earned | 10 years | ||||
Internally Produced Television Programming Still In Production [Member] | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Period revenue is earned | 5 years | ||||
Television Licensing [Member] | Minimum [Member] | |||||
Revenues | |||||
Collection term | 1 year | ||||
Television Licensing [Member] | Maximum [Member] | |||||
Revenues | |||||
Collection term | 5 years | ||||
Discontinued Operations, Disposed of by Sale [Member] | Simon & Schuster [Member] | Forecast [Member] | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Proceeds from dispositions | $ 2,175 |
Basis of Presentation and Sum_5
Basis of Presentation and Summary of Significant Accounting Policies (Property and Equipment) (Details) | 12 Months Ended |
Dec. 31, 2020 | |
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_6
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, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||
Weighted average shares for basic EPS | 617 | 616 | 615 | 614 | 615 | 615 | 615 | 613 | 616 | 615 | 617 |
Dilutive effect of shares issuable under stock-based compensation plans | 2 | 2 | 4 | ||||||||
Weighted average shares for diluted EPS | 620 | 618 | 617 | 616 | 615 | 617 | 617 | 617 | 618 | 617 | 621 |
Basis of Presentation and Sum_7
Basis of Presentation and Summary of Significant Accounting Policies (Recently Adopted Accounting Pronouncements Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 | Jan. 01, 2018 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Programming and other inventory | $ 10,363 | $ 8,652 | ||
Retained earnings | $ 10,375 | $ 8,494 | ||
Adoption of New Accounting Standards [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Retained earnings | $ 350 | |||
Accounting Standards Update 2019-02 [Member] | Noncurrent Asset [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Programming and other inventory | $ 1,170 |
Acquisitions (Miramax Narrative
Acquisitions (Miramax Narrative) (Details) - Miramax [Member] $ in Millions | Apr. 03, 2020USD ($)title |
Business Acquisition [Line Items] | |
Percentage of voting interests acquired | 49.00% |
Consideration transferred | $ 375 |
Upfront cash payment | 150 |
Commitment to invest, annual amount | 45 |
Commitment to invest, total | $ 225 |
Addition oF titles to library | title | 700 |
Trade names [Member] | |
Business Acquisition [Line Items] | |
Weighted average useful life | 10 years |
Acquisitions (Allocation of Pur
Acquisitions (Allocation of Purchase Price) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Apr. 03, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Assets | ||||
Goodwill | $ 16,612 | $ 16,545 | $ 16,091 | |
Miramax [Member] | ||||
Assets | ||||
Cash | $ 32 | |||
Accounts receivable and other current assets | 19 | |||
Programming inventory | 536 | |||
Goodwill | 99 | |||
Intangible assets | 12 | |||
Other assets (noncurrent) | 7 | |||
Assets acquired | 705 | |||
Liabilities | ||||
Accounts payable and accrued expenses | 13 | |||
Participants’ share and royalties payable (current) | 16 | |||
Deferred revenues | 10 | |||
Participants’ share and royalties payable (noncurrent) | 20 | |||
Debt | 105 | |||
Other liabilities (noncurrent) | 28 | |||
Liabilities assumed | 192 | |||
Noncontrolling interests | 363 | |||
Total purchase price | $ 150 |
Acquisitions (Other Acquisition
Acquisitions (Other Acquisitions Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Business Acquisition [Line Items] | |||
Payments to acquire business, net | $ 147 | $ 399 | |
PlutoTV [Member] | |||
Business Acquisition [Line Items] | |||
Payments to acquire business, net | 324 | ||
Post-combination expenses | $ 18 | ||
POP [Member] | |||
Business Acquisition [Line Items] | |||
Percentage of voting interests acquired | 50.00% | ||
Purchase price | $ 39 | ||
Remaining ownership acquired | 100.00% | ||
Other Acquisitions [Member] | |||
Business Acquisition [Line Items] | |||
Payments to acquire business, net | $ 118 |
Dispositions (Narrative) (Detai
Dispositions (Narrative) (Details) - USD ($) $ in Millions | Oct. 30, 2020 | Dec. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2021 | Dec. 31, 2019 |
CBS Television City [Member] | |||||
Long Lived Assets Held-for-sale [Line Items] | |||||
Sale of property and sound stage | $ 750 | ||||
Guaranteed cash flow period | 5 years | ||||
Gain on sales | $ 549 | ||||
Gain on sale of property and sound stage operation, net | $ 386 | $ 386 | |||
Simon & Schuster [Member] | Discontinued Operations, Disposed of by Sale [Member] | Forecast [Member] | |||||
Long Lived Assets Held-for-sale [Line Items] | |||||
Proceeds from dispositions | $ 2,175 | ||||
CNET Media Group [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | |||||
Long Lived Assets Held-for-sale [Line Items] | |||||
CMG consideration | $ 484 | ||||
Proceeds from dispositions | 459 | ||||
Credit from sale | 25 | ||||
Gain on disposition | 214 | $ 214 | |||
Gain on disposition, net | $ 183 | $ 183 |
Dispositions (Schedule of Dispo
Dispositions (Schedule of Dispositions, Net Earnings) (Details) - Discontinued Operations [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Discontinued Operations [Line Items] | |||
Revenues | $ 901 | $ 814 | $ 825 |
Costs and expenses: | |||
Operating | 554 | 460 | 476 |
Selling, general and administrative | 172 | 166 | 158 |
Depreciation and amortization | 5 | 5 | 6 |
Restructuring charges | 10 | 6 | 1 |
Total costs and expenses | 741 | 637 | 641 |
Operating income | 160 | 177 | 184 |
Other items, net | (5) | (5) | (2) |
Earnings from discontinued operations | 155 | 172 | 182 |
Income tax provision | (38) | (32) | (47) |
Net earnings from discontinued operations, net of tax | 117 | 140 | 135 |
Simon & Schuster [Member] | |||
Discontinued Operations [Line Items] | |||
Revenues | 901 | 814 | 825 |
Costs and expenses: | |||
Operating | 573 | 510 | 518 |
Selling, general and administrative | 172 | 166 | 158 |
Depreciation and amortization | 5 | 5 | 6 |
Restructuring charges | 10 | 6 | 1 |
Total costs and expenses | 760 | 687 | 683 |
Operating income | 141 | 127 | 142 |
Other items, net | (5) | (5) | (2) |
Earnings from discontinued operations | 136 | 122 | 140 |
Income tax provision | (34) | (20) | (37) |
Net earnings from discontinued operations, net of tax | 102 | 102 | 103 |
Other [Member] | |||
Discontinued Operations [Line Items] | |||
Revenues | 0 | 0 | 0 |
Costs and expenses: | |||
Operating | (19) | (50) | (42) |
Selling, general and administrative | 0 | 0 | 0 |
Depreciation and amortization | 0 | 0 | 0 |
Restructuring charges | 0 | 0 | 0 |
Total costs and expenses | (19) | (50) | (42) |
Operating income | 19 | 50 | 42 |
Other items, net | 0 | 0 | 0 |
Earnings from discontinued operations | 19 | 50 | 42 |
Income tax provision | (4) | (12) | (10) |
Net earnings from discontinued operations, net of tax | $ 15 | $ 38 | $ 32 |
Dispositions (Schedule of Dis_2
Dispositions (Schedule of Dispositions- Assets and Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Assets | ||
Total Assets | $ 1,439 | $ 1,341 |
Liabilities | ||
Other current liabilities | 480 | 433 |
Total Liabilities | 220 | 263 |
Discontinued Operations [Member] | ||
Assets | ||
Receivables, net | 447 | 369 |
Other current assets | 183 | 175 |
Goodwill | 435 | 435 |
Property and equipment, net | 42 | 40 |
Operating lease assets | 191 | 201 |
Other assets | 141 | 121 |
Total Assets | 1,439 | 1,341 |
Liabilities | ||
Royalties payable | 131 | 116 |
Other current liabilities | 349 | 317 |
Operating lease liabilities | 194 | 204 |
Other liabilities | 26 | 59 |
Total Liabilities | $ 700 | $ 696 |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment [Line Items] | |||
Finance leases | $ 159 | $ 195 | |
Gross property and equipment | 6,000 | 5,917 | |
Less accumulated depreciation and amortization | 4,006 | 3,872 | |
Net property and equipment | 1,994 | 2,045 | |
Finance lease accumulated depreciation and amortization | 140 | 160 | |
Depreciation expense, including amortization of finance leases | 345 | 362 | $ 377 |
Amortization of right-of-use assets | 18 | 23 | |
Amortization of right-of-use assets, prior to adoption | $ 28 | ||
Accelerated depreciation | 12 | ||
Land [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 437 | 438 | |
Building [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 1,253 | 1,232 | |
Equipment and other [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | $ 4,151 | $ 4,052 |
Programming and Other Invento_3
Programming and Other Inventory (Programming Inventory) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Film Group Monetization: | ||
Acquired television program rights, including prepaid sports rights | $ 3,413 | |
Internally produced television programming: | ||
Released | 2,558 | |
In process and other | 1,682 | |
Individual Monetization: | ||
Acquired libraries | 483 | |
Film inventory and Internally produced television programming: | ||
Home entertainment | 32 | $ 42 |
Total programming and other inventory | 12,120 | 11,465 |
Less current portion | 1,757 | 2,813 |
Programming and other inventory | 10,363 | $ 8,652 |
Film Inventory [Member] | ||
Film inventory and Internally produced television programming: | ||
Released | 374 | |
Completed, not yet released | 543 | |
In process and other | 816 | |
Internally Produced Television Programming [Member] | ||
Film inventory and Internally produced television programming: | ||
Released | 1,206 | |
In process and other | $ 1,013 |
Programming and Other Invento_4
Programming and Other Inventory (Programming Inventory, Prior to Adoption) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Inventory Disclosure [Abstract] | ||
Acquired television and film program rights, including prepaid sports rights | $ 3,477 | |
Acquired television library | 99 | |
Internally produced television programming: | ||
Released | 3,627 | |
In process and other | 2,626 | |
Film inventory: | ||
Released | 502 | |
Completed, not yet released | 55 | |
In process and other | 1,037 | |
Home entertainment | $ 32 | 42 |
Total programming and other inventory | 12,120 | 11,465 |
Less current portion | 1,757 | 2,813 |
Programming and other inventory | $ 10,363 | $ 8,652 |
Programming and Other Invento_5
Programming and Other Inventory (Programming and Production Costs) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Inventory Disclosure [Abstract] | |
Programming amortization, acquired programming | $ 3,779 |
Expected amortization, acquired programming, 2021 | 2,717 |
Expected amortization, acquired programming, 2022 | 422 |
Expected amortization, acquired programming, 2023 | 232 |
Production costs, internally produced television and film programming: | |
Amortization of internally produced programming, Individual monetization | 2,669 |
Expected amortization, internally produced programming, Individual monetization, 2021 | 1,089 |
Expected amortization, internally produced programming, Individual monetization, 2022 | 165 |
Expected amortization, internally produced programming, Individual monetization, 2023 | 94 |
Amortization of internally produced programming, Film group monetization | 3,133 |
Expected amortization, internally produced programming, Film group monetization, 2021 | 1,251 |
Expected amortization, internally produced programming, Film group monetization, 2022 | 618 |
Expected amortization, internally produced programming, Film group monetization, 2023 | 393 |
Completed, not yet released film inventory expected amortization | $ 456 |
Programming and Other Invento_6
Programming and Other Inventory (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | ||||||
Programming charges | $ 38 | $ 121 | $ 589 | $ 159 | $ 589 | $ 162 |
TV Entertainment Segment [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Programming charges | 101 | |||||
Cable Networks [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Programming charges | 53 | |||||
Filmed Entertainment [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Programming charges | $ 5 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets (Narrative) (Details) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2020USD ($)market | Jun. 30, 2020USD ($)market | Dec. 31, 2020USD ($)marketreportingunitassessment | Dec. 31, 2019USD ($) | |
Impairment Testing Assumptions [Line Items] | ||||
Number of reporting units | reportingunit | 4 | |||
Number of assessments performed | assessment | 10 | |||
Number of television markets | market | 4 | 3 | ||
Impairment charge | $ | $ 25 | $ 20 | ||
FCC Licenses Impairment Test [Member] | ||||
Impairment Testing Assumptions [Line Items] | ||||
Number of markets lower than carrying value | market | 2 | |||
Estimated fair value fair value | $ | $ 216 | |||
Indefinite-lived intangible assets | $ | $ 269 | $ 53 | $ 269 | |
Percentage of fair value in excess of carrying amount | 20.00% | 7.00% | 20.00% | |
Percent of carrying value | 10.00% | 10.00% | ||
FCC Licenses Impairment Test Television Stations [Member] | ||||
Impairment Testing Assumptions [Line Items] | ||||
Number of markets with book value of FCC licenses | market | 14 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets (Goodwill) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Goodwill | ||
Goodwill, beginning balance | $ 29,899 | $ 29,445 |
Accumulated impairment losses, beginning balance | (13,354) | (13,354) |
Goodwill, net of impairment, beginning balance | 16,545 | 16,091 |
Acquisitions/(Dispositions) | 14 | 448 |
Accumulated impairment losses, Acquisitions (Dispositions) | 0 | 0 |
Goodwill, net of impairment, Acquisitions (Dispositions) | 14 | 448 |
Foreign Currency | 53 | 6 |
Accumulated impairment losses, Foreign Currency | 0 | 0 |
Goodwill, net of impairment, Foreign Currency | 53 | 6 |
Goodwill, ending balance | 29,966 | 29,899 |
Accumulated impairment losses, ending balance | (13,354) | (13,354) |
Goodwill, net of impairment, ending balance | 16,612 | 16,545 |
Operating Segments [Member] | TV Entertainment [Member] | ||
Goodwill | ||
Goodwill, beginning balance | 17,615 | 17,618 |
Accumulated impairment losses, beginning balance | (13,354) | (13,354) |
Goodwill, net of impairment, beginning balance | 4,261 | 4,264 |
Acquisitions/(Dispositions) | (113) | (3) |
Accumulated impairment losses, Acquisitions (Dispositions) | 0 | 0 |
Goodwill, net of impairment, Acquisitions (Dispositions) | (113) | (3) |
Foreign Currency | 0 | 0 |
Accumulated impairment losses, Foreign Currency | 0 | 0 |
Goodwill, net of impairment, Foreign Currency | 0 | 0 |
Goodwill, ending balance | 17,502 | 17,615 |
Accumulated impairment losses, ending balance | (13,354) | (13,354) |
Goodwill, net of impairment, ending balance | 4,148 | 4,261 |
Operating Segments [Member] | Cable Networks [Member] | ||
Goodwill | ||
Goodwill, beginning balance | 10,691 | 10,234 |
Accumulated impairment losses, beginning balance | 0 | 0 |
Goodwill, net of impairment, beginning balance | 10,691 | 10,234 |
Acquisitions/(Dispositions) | 28 | 451 |
Accumulated impairment losses, Acquisitions (Dispositions) | 0 | 0 |
Goodwill, net of impairment, Acquisitions (Dispositions) | 28 | 451 |
Foreign Currency | 53 | 6 |
Accumulated impairment losses, Foreign Currency | 0 | 0 |
Goodwill, net of impairment, Foreign Currency | 53 | 6 |
Goodwill, ending balance | 10,772 | 10,691 |
Accumulated impairment losses, ending balance | 0 | 0 |
Goodwill, net of impairment, ending balance | 10,772 | 10,691 |
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) | 99 | 0 |
Accumulated impairment losses, Acquisitions (Dispositions) | 0 | 0 |
Goodwill, net of impairment, Acquisitions (Dispositions) | 99 | 0 |
Foreign Currency | 0 | 0 |
Accumulated impairment losses, Foreign Currency | 0 | 0 |
Goodwill, net of impairment, Foreign Currency | 0 | 0 |
Goodwill, ending balance | 1,692 | 1,593 |
Accumulated impairment losses, ending balance | 0 | 0 |
Goodwill, net of impairment, ending balance | $ 1,692 | $ 1,593 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets (Intangible Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross | $ 788 | $ 937 |
Accumulated amortization | (439) | (447) |
Net | 349 | 490 |
Total intangible assets, gross | 3,265 | 3,437 |
Total intangible assets | 2,826 | 2,990 |
FCC licenses [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Indefinite-lived intangible assets | 2,416 | 2,441 |
International broadcast licenses [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Indefinite-lived intangible assets | 27 | 25 |
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 | 249 | 404 |
Accumulated amortization | (123) | (171) |
Net | 126 | 233 |
Licenses [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 168 | 159 |
Accumulated amortization | (50) | (38) |
Net | 118 | 121 |
Customer agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 120 | 119 |
Accumulated amortization | (97) | (92) |
Net | 23 | 27 |
Other intangible assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 251 | 255 |
Accumulated amortization | (169) | (146) |
Net | $ 82 | $ 109 |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets (Amortization Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization expense | $ 85 | $ 76 | $ 50 |
Goodwill and Other Intangible_7
Goodwill and Other Intangible Assets (Future Amortization Expense) (Details) $ in Millions | Dec. 31, 2020USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2021 | $ 45 |
2022 | 41 |
2023 | 39 |
2024 | 31 |
2025 | $ 27 |
Restructuring, and Other Corp_3
Restructuring, and Other Corporate Matters (Restructuring and Other Corporate Matters) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring charges | $ 542 | $ 418 | $ 309 | ||||||||
Restructuring-related costs | 0 | 0 | 52 | ||||||||
Merger-related costs | 56 | 294 | 0 | ||||||||
Other corporate matters | 20 | 57 | 128 | ||||||||
Restructuring and other corporate matters | $ 177 | $ 52 | $ 158 | $ 231 | $ 467 | $ 122 | $ 7 | $ 173 | 618 | 769 | 489 |
Severance [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring charges | 472 | 395 | 234 | ||||||||
Exit costs and other [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring charges | $ 70 | $ 23 | $ 75 |
Restructuring, and Other Corp_4
Restructuring, and Other Corporate Matters (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 542 | $ 418 | $ 309 |
Restructuring-related costs | 0 | 0 | 52 |
Planned dispositions | 5 | ||
Write down property and equipment | 15 | ||
Merger-related costs | 56 | 294 | 0 |
Settlement of commercial dispute | 40 | ||
Legal proceedings | 17 | ||
Other corporate matters | 20 | 57 | 128 |
Exit costs and other [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 70 | $ 23 | $ 75 |
Restructuring, and Other Corp_5
Restructuring, and Other Corporate Matters (Rollforward) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Restructuring Reserve [Roll Forward] | |||
Restructuring reserve, beginning balance | $ 396 | $ 284 | |
Charges | 542 | 418 | $ 309 |
Payments | (398) | (230) | |
Other | (38) | (9) | |
Restructuring reserve, ending balance | 372 | 396 | 284 |
Restructuring Charges Excluding Stock-Based Compensation and Lease Impairments [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Charges | 412 | 351 | |
Stock-Based Compensation Expense [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Charges | 88 | 67 | |
Lease Impairments [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Charges | 42 | ||
Operating Segments [Member] | TV Entertainment [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring reserve, beginning balance | 99 | 54 | |
Payments | (111) | (82) | |
Other | (13) | (1) | |
Restructuring reserve, ending balance | 112 | 99 | 54 |
Operating Segments [Member] | TV Entertainment [Member] | Restructuring Charges Excluding Stock-Based Compensation and Lease Impairments [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Charges | 137 | 128 | |
Operating Segments [Member] | Cable Networks [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring reserve, beginning balance | 137 | 151 | |
Payments | (158) | (104) | |
Other | (14) | (7) | |
Restructuring reserve, ending balance | 144 | 137 | 151 |
Operating Segments [Member] | Cable Networks [Member] | Restructuring Charges Excluding Stock-Based Compensation and Lease Impairments [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Charges | 179 | 97 | |
Operating Segments [Member] | Filmed Entertainment [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring reserve, beginning balance | 17 | 22 | |
Payments | (12) | (12) | |
Other | 0 | (1) | |
Restructuring reserve, ending balance | 30 | 17 | 22 |
Operating Segments [Member] | Filmed Entertainment [Member] | Restructuring Charges Excluding Stock-Based Compensation and Lease Impairments [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Charges | 25 | 8 | |
Corporate [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring reserve, beginning balance | 143 | 57 | |
Payments | (117) | (32) | |
Other | (11) | 0 | |
Restructuring reserve, ending balance | 86 | 143 | $ 57 |
Corporate [Member] | Restructuring Charges Excluding Stock-Based Compensation and Lease Impairments [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Charges | $ 71 | $ 118 |
Related Parties (Narrative) (De
Related Parties (Narrative) (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2018USD ($) | Dec. 31, 2020trusteenumberOfTrusts | |
Related Party Transaction [Line Items] | ||
SMR trust ownership in NAI | 80.00% | |
Number of continuing trusts | numberOfTrusts | 2 | |
Continuing trusts, voting stock ownership for each | 40.00% | |
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 | 7 | |
Number of beneficiary trustees | 2 | |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Consolidated Statements of Earnings | |||
Revenues | $ 106 | $ 179 | $ 170 |
Operating expenses | 13 | 14 | $ 22 |
Consolidated Statements of Earnings | |||
Accounts receivable | 69 | 45 | |
Accounts payable | $ 0 | $ 3 |
Revenues (Disaggregation of Rev
Revenues (Disaggregation of Revenue) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | $ 6,874 | $ 5,837 | $ 6,075 | $ 6,499 | $ 6,656 | $ 6,481 | $ 6,925 | $ 6,936 | $ 25,285 | $ 26,998 | $ 26,425 |
Advertising [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 9,751 | 11,074 | 10,841 | ||||||||
Affiliate [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 9,166 | 8,602 | 8,376 | ||||||||
Content Licensing [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 5,963 | 6,483 | 6,163 | ||||||||
Theatrical [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 180 | 547 | 744 | ||||||||
Other [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | $ 225 | $ 292 | $ 301 |
Revenues (Unrecognized Revenues
Revenues (Unrecognized Revenues Under Contract) (Details) $ in Millions | Dec. 31, 2020USD ($) |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Unrecognized revenue | $ 6,790 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Unrecognized revenue | $ 3,750 |
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 | $ 2,110 |
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 | $ 589 |
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]: 2024-01-01 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Unrecognized revenue | $ 339 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Expected timing of satisfaction period |
Revenues (Performance Obligatio
Revenues (Performance Obligations Satisfied in Previous Periods) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |||
Performance obligation satisfied | $ 250 | $ 235 | $ 172 |
Revenues (Contract Liabilities)
Revenues (Contract Liabilities) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |||
Deferred revenue | $ 1,120 | $ 908 | $ 743 |
Revenue recognized | $ 591 | $ 498 | $ 558 |
Revenues (Receivables) (Details
Revenues (Receivables) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Disaggregation of Revenue [Line Items] | ||
Noncurrent receivables origination in 2020 | $ 1,020 | |
Noncurrent receivables origination in 2019 | 608 | |
Noncurrent receivables origination in 2018 | 299 | |
Noncurrent receivables origination in 2017 | 82 | |
Noncurrent receivables origination prior to 2016 | 15 | |
Other Assets [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Noncurrent receivables | $ 2,020 | $ 2,150 |
Debt (Schedule of Debt) (Detail
Debt (Schedule of Debt) (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
Commercial paper | $ 0 | $ 699,000,000 |
Other bank borrowings | 95,000,000 | 0 |
Obligations under finance leases | 26,000,000 | 44,000,000 |
Total debt | 19,733,000,000 | 18,719,000,000 |
Current portion of long-term debt | 16,000,000 | 18,000,000 |
Total long-term debt, net of current portion | 19,717,000,000 | 18,002,000,000 |
Net unamortized discount on senior debt | 491,000,000 | 412,000,000 |
Unamortized deferred financing costs | 107,000,000 | 92,000,000 |
Face value of debt | 20,330,000,000 | 19,230,000,000 |
4.3% Senior Notes due 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value of senior debt | $ 0 | 300,000,000 |
Stated interest rate | 4.30% | |
4.5% Senior Notes due 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value of senior debt | $ 0 | 499,000,000 |
Stated interest rate | 4.50% | |
3.875% Senior Notes due 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value of senior debt | $ 0 | 597,000,000 |
Stated interest rate | 3.875% | |
2.250% Senior Notes due 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value of senior debt | $ 35,000,000 | 49,000,000 |
Stated interest rate | 2.25% | |
3.375% Senior Notes due 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value of senior debt | $ 415,000,000 | 698,000,000 |
Stated interest rate | 3.375% | |
3.125% Senior Notes due 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value of senior debt | $ 117,000,000 | 194,000,000 |
Stated interest rate | 3.125% | |
2.50% Senior Notes due 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value of senior debt | $ 196,000,000 | 398,000,000 |
Stated interest rate | 2.50% | |
3.25% Senior Notes due 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value of senior debt | $ 141,000,000 | 181,000,000 |
Stated interest rate | 3.25% | |
2.90% Senior Notes due 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value of senior debt | $ 242,000,000 | 396,000,000 |
Stated interest rate | 2.90% | |
4.25% Senior Notes due 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value of senior debt | $ 837,000,000 | 1,242,000,000 |
Stated interest rate | 4.25% | |
7.875% Debentures due 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value of senior debt | $ 139,000,000 | 187,000,000 |
Stated interest rate | 7.875% | |
7.125% Senior Notes due 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value of senior debt | $ 35,000,000 | 46,000,000 |
Stated interest rate | 7.125% | |
3.875% Senior Notes due 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value of senior debt | $ 490,000,000 | 489,000,000 |
Stated interest rate | 3.875% | |
3.70% Senior Notes due 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value of senior debt | $ 598,000,000 | 598,000,000 |
Stated interest rate | 3.70% | |
3.50% Senior Notes due 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value of senior debt | $ 596,000,000 | 592,000,000 |
Stated interest rate | 3.50% | |
4.75% Senior Notes due 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value of senior debt | $ 1,239,000,000 | 0 |
Stated interest rate | 4.75% | |
4.0% Senior Notes due 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value of senior debt | $ 791,000,000 | 789,000,000 |
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 | $ 691,000,000 | 688,000,000 |
Stated interest rate | 2.90% | |
3.375% Senior Notes due 2028 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value of senior debt | $ 495,000,000 | 494,000,000 |
Stated interest rate | 3.375% | |
3.70% Senior Notes due 2028 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value of senior debt | $ 492,000,000 | 491,000,000 |
Stated interest rate | 3.70% | |
4.20% Senior Notes due 2029 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value of senior debt | $ 493,000,000 | $ 493,000,000 |
Stated interest rate | 4.20% | 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 | 831,000,000 |
Stated interest rate | 7.875% | |
4.95% Senior Notes due 2031 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value of senior debt | $ 1,220,000,000 | 0 |
Stated interest rate | 4.95% | |
4.20% Senior Notes due 2032 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value of senior debt | $ 969,000,000 | 0 |
Stated interest rate | 4.20% | |
5.50% Senior Debentures due 2033 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value of senior debt | $ 427,000,000 | 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 | 87,000,000 |
Stated interest rate | 4.85% | |
6.875% Senior Debentures due 2036 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value of senior debt | $ 1,069,000,000 | 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 | $ 298,000,000 | 297,000,000 |
Stated interest rate | 5.90% | |
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% | |
4.85% Senior Notes due 2042 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value of senior debt | $ 487,000,000 | 486,000,000 |
Stated interest rate | 4.85% | |
4.375% Senior Debentures due 2043 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value of senior debt | $ 1,116,000,000 | 1,109,000,000 |
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% | |
5.85% Senior Debentures due 2043 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value of senior debt | $ 1,232,000,000 | 1,231,000,000 |
Stated interest rate | 5.85% | |
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% | |
4.90% Senior Notes due 2044 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value of senior debt | $ 540,000,000 | 539,000,000 |
Stated interest rate | 4.90% | |
4.60% Senior Notes due 2045 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value of senior debt | $ 589,000,000 | 589,000,000 |
Stated interest rate | 4.60% | |
4.95% Senior Notes due 2050 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value of senior debt | $ 942,000,000 | 0 |
Stated interest rate | 4.95% | |
5.875% Junior Subordinated Debentures due 2057 [Member] | ||
Debt Instrument [Line Items] | ||
Junior Subordinated Notes | $ 514,000,000 | 643,000,000 |
Stated interest rate | 5.875% | |
6.25% Junior Subordinated Debentures due 2057 [Member] | ||
Debt Instrument [Line Items] | ||
Junior Subordinated Notes | $ 643,000,000 | $ 643,000,000 |
Stated interest rate | 6.25% |
Debt (Narrative) (Details)
Debt (Narrative) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Line of Credit Facility [Line Items] | |||||
Face value of debt | $ 20,330,000,000 | $ 19,230,000,000 | |||
Gain (loss) on extinguishment of debt | $ (23,000,000) | $ (103,000,000) | (126,000,000) | 0 | $ 18,000,000 |
Gain (loss) on early extinguishment of debt. net of tax | $ (97,000,000) | ||||
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% | 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 | $ 35,000,000 | ||||
3.45% Senior Notes due 2026 [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Stated interest rate | 3.45% | ||||
Outstanding principal | $ 124,000,000 | ||||
Senior Notes [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Face value of debt | $ 4,500,000,000 | ||||
Redemption and repayment of senior notes, face value | 1,130,000,000 | ||||
Gain (loss) on extinguishment of debt | 18,000,000 | ||||
Gain (loss) on early extinguishment of debt. net of tax | 14,000,000 | ||||
Debt redemptions and repayments, cash | $ 1,100,000,000 | ||||
Potential change | 0.25% | ||||
Senior Notes [Member] | Minimum [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Stated interest rate | 4.20% | ||||
Senior Notes [Member] | Maximum [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Stated interest rate | 4.95% | ||||
Potential change | 2.00% | ||||
Senior Notes And Junior Subordinated Debt Redeemed [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Redemption and repayment of senior notes, face value | $ 2,770,000,000 | ||||
Aggregate redemption price | $ 2,880,000,000 |
Debt (Maturities of Long-Term D
Debt (Maturities of Long-Term Debt) (Details) $ in Millions | Dec. 31, 2020USD ($) |
Long-term debt | |
2021 | $ 0 |
2022 | 569 |
2023 | 1,596 |
2024 | 1,092 |
2025 | 1,850 |
2026 and Thereafter | $ 15,103 |
Debt (Commercial Paper Narrativ
Debt (Commercial Paper Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Jan. 31, 2020 | |
Line of Credit Facility [Line Items] | |||
Commercial paper | $ 0 | $ 699,000,000 | |
Commercial Paper [Member] | |||
Line of Credit Facility [Line Items] | |||
Maximum borrowing capacity under credit facility | $ 2,500,000,000 | $ 3,500,000,000 | |
Debt term | 90 days | 90 days | |
Weighted average interest rate | 2.07% |
Debt (Credit Facility Narrative
Debt (Credit Facility Narrative) (Details) - Revolving Credit Facility [Member] | 1 Months Ended | 12 Months Ended |
Jan. 31, 2020USD ($) | Dec. 31, 2020USD ($) | |
CBS Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Remaining availability | $ 2,500,000,000 | |
ViacomCBS Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Remaining availability | $ 3,500,000,000 | |
Maximum borrowing capacity under credit facility | $ 3,500,000,000 | |
Maximum Consolidated Leverage Ratio | 4.5 | |
Maximum Consolidated Leverage Ratio, potential increase | 5 | |
Borrowings outstanding | $ 0 | |
Period for consolidated EBITDA | 12 months |
Debt (Other Bank Borrowings Nar
Debt (Other Bank Borrowings Narrative) (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
Other bank borrowings | $ 95,000,000 | $ 0 |
Other Bank Borrowings [Member] | ||
Debt Instrument [Line Items] | ||
Weighted average interest rate | 3.50% | |
Credit Facility [Member] | Miramax [Member] | ||
Debt Instrument [Line Items] | ||
Maximum borrowing capacity under credit facility | $ 300,000,000 |
Leases (Balance Sheet Amounts)
Leases (Balance Sheet Amounts) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Operating | ||
Operating lease assets | $ 1,602 | $ 1,738 |
Other current liabilities | $ 306 | $ 289 |
Other current liabilities, extensible list | us-gaap:OtherLiabilitiesCurrent | us-gaap:OtherLiabilitiesCurrent |
Operating lease liabilities | $ 1,583 | $ 1,705 |
Total lease liabilities | 1,889 | 1,994 |
Finance | ||
Property and equipment, net | $ 19 | 35 |
Property and equipment, net extensible list | us-gaap:PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization | |
Debt | $ 16 | 19 |
Debt extensible list | us-gaap:DebtCurrent | |
Long-term debt | $ 10 | 25 |
Long-term debt extensible list | us-gaap:LongTermDebtNoncurrent | |
Total lease liabilities | $ 26 | $ 44 |
Leases (Weighted Average) (Deta
Leases (Weighted Average) (Details) | Dec. 31, 2020 | Dec. 31, 2019 |
Operating | ||
Weighted average remaining lease term | 8 years | 9 years |
Weighted average discount rate | 4.00% | 4.00% |
Finance | ||
Weighted average remaining lease term | 2 years | 3 years |
Weighted average discount rate | 4.20% | 4.50% |
Leases (Lease Cost) (Details)
Leases (Lease Cost) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | ||
Operating lease cost | $ 379 | $ 382 |
Finance lease cost: | ||
Amortization of right-of-use assets | 18 | 23 |
Interest expense on lease liabilities | 2 | 3 |
Short-term lease cost | 162 | 242 |
Variable lease cost | 58 | 80 |
Sublease income | (24) | (31) |
Total lease cost | $ 595 | $ 699 |
Leases (Operating and Financing
Leases (Operating and Financing Cash Flows) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | ||
Operating lease payments, included in operating cash flows | $ 385 | $ 324 |
Finance lease payments, included in financing cash flows | 21 | 27 |
Noncash additions to operating lease assets | $ 221 | $ 387 |
Leases (Future Minimum Payments
Leases (Future Minimum Payments) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Operating | ||
2021 | $ 372 | |
2022 | 315 | |
2023 | 260 | |
2024 | 209 | |
2025 | 197 | |
2026 | 916 | |
Total minimum payments | 2,269 | |
Less amounts representing interest | 380 | |
Present value of minimum payments | 1,889 | $ 1,994 |
Finance | ||
2021 | 17 | |
2022 | 7 | |
2023 | 2 | |
2024 | 1 | |
2025 | 1 | |
2026 | 0 | |
Total minimum payments | 28 | |
Less amounts representing interest | 2 | |
Present value of minimum payments | $ 26 | $ 44 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | ||
Lease income | $ 133 | $ 148 |
Leases (Future Lease Income as
Leases (Future Lease Income as Lessor) (Details) $ in Millions | Dec. 31, 2020USD ($) |
Leases [Abstract] | |
2021 | $ 56 |
2022 | 49 |
2023 | 47 |
2024 | 37 |
2025 | 28 |
2026 | 29 |
Total | $ 246 |
Financial Instruments (Narrativ
Financial Instruments (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Carrying value of notes and debentures | $ 19,610 | $ 17,980 |
Fair value of senior debt | $ 24,500 | $ 20,600 |
Financial Instruments (Investme
Financial Instruments (Investments) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Investments [Line Items] | |||||
Investments in and advances to investee companies | $ 59 | $ 171 | $ 161 | ||
Value of equity method investments | $ 536 | 536 | 494 | ||
Impairment charge on equity-method investment | 9 | ||||
Investments readily determinable fair value | 65 | 65 | 113 | ||
Write-down of investments | 7 | 50 | 46 | ||
Proceeds from sale of marketable securities | 146 | ||||
Marketable securities | 146 | ||||
Marketable securities, unrealized gain (loss) | 113 | (23) | |||
Level 1 [Member] | |||||
Investments [Line Items] | |||||
Marketable securities | 146 | ||||
Viacom18 [Member] | |||||
Investments [Line Items] | |||||
Gain on sale of equity method investment | 16 | ||||
Proceeds from sale of equity method investment | $ 20 | ||||
fuboTV [Member] | |||||
Investments [Line Items] | |||||
Equity securities, gain | $ 174 | $ 32 | $ 213 | ||
International Joint Venture [Member] | |||||
Investments [Line Items] | |||||
Gain on sale of equity method investment | 10 | ||||
Viacom18 [Member] | |||||
Investments [Line Items] | |||||
Equity interest in investees | 1.00% | ||||
Equity Method Investees [Member] | The C W [Member] | |||||
Investments [Line Items] | |||||
Equity interest in investees | 50.00% | 50.00% | |||
Equity Method Investees [Member] | Viacom18 [Member] | |||||
Investments [Line Items] | |||||
Equity interest in investees | 49.00% | 49.00% | |||
Other Assets [Member] | |||||
Investments [Line Items] | |||||
Investments | $ 601 | $ 601 | $ 753 |
Financial Instruments (Foreign
Financial Instruments (Foreign Exchange Contracts) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Foreign exchange contract [Member] | ||
Derivative [Line Items] | ||
Gain (loss) on non-designated foreign exchange contracts | $ (20) | $ (4) |
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 | $ 1,270 | 1,440 |
Cash flow hedging [Member] | Foreign exchange contract [Member] | Future Production Costs | ||
Derivative [Line Items] | ||
Notional amount of derivative | 740 | 833 |
Cash flow hedging [Member] | Foreign exchange contract [Member] | Other Foreign Currency | ||
Derivative [Line Items] | ||
Notional amount of derivative | $ 529 | $ 606 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Assets: | ||
Marketable securities | $ 146 | |
Foreign currency hedges | $ 20 | 13 |
Total Assets | 20 | 159 |
Liabilities: | ||
Deferred compensation | 529 | 490 |
Foreign currency hedges | 39 | 14 |
Total Liabilities | 568 | 504 |
Level 1 [Member] | ||
Assets: | ||
Marketable securities | 146 | |
Foreign currency hedges | 0 | 0 |
Total Assets | 0 | 146 |
Liabilities: | ||
Deferred compensation | 0 | 0 |
Foreign currency hedges | 0 | 0 |
Total Liabilities | 0 | 0 |
Level 2 [Member] | ||
Assets: | ||
Marketable securities | 0 | |
Foreign currency hedges | 20 | 13 |
Total Assets | 20 | 13 |
Liabilities: | ||
Deferred compensation | 529 | 490 |
Foreign currency hedges | 39 | 14 |
Total Liabilities | $ 568 | $ 504 |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | Dec. 19, 2019 | Dec. 04, 2019 | Sep. 30, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Discontinued Operations [Line Items] | ||||||
Dividends | $ 150 | $ 601 | ||||
Dividends declared per common share (in dollars per share) | $ 0.24 | $ 0.96 | ||||
Class B Common Stock purchased (shares) | 1,300,000 | 1,200,000 | ||||
Class B Common Stock purchased | $ 50 | $ 50 | $ 600 | |||
Average price per share repurchased (in dollars per share) | $ 38.63 | $ 40.78 | ||||
Remaining authorization under repurchase program | $ 2,360 | |||||
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 | ||||
Viacom Inc [Member] | ||||||
Discontinued Operations [Line Items] | ||||||
Dividends | $ 245 | $ 325 | ||||
Dividends declared per common share (in dollars per share) | $ 0.60 | $ 0.80 | ||||
CBS [Member] | ||||||
Discontinued Operations [Line Items] | ||||||
Dividends | $ 205 | $ 274 | ||||
Dividends declared per common share (in dollars per share) | $ 0.54 | $ 0.72 | ||||
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 | |||||
Viacom Inc [Member] | Common Class A [Member] | ||||||
Discontinued Operations [Line Items] | ||||||
Number of shares issued (in shares) | 29,000,000 |
Stockholders' Equity (Accumulat
Stockholders' Equity (Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance, beginning of year | $ (1,970) | $ (1,608) | $ (1,269) |
Other comprehensive income (loss) before reclassifications | 66 | (192) | (371) |
Reclassifications to net earnings | 72 | 60 | 62 |
Other comprehensive income (loss), net of tax (ViacomCBS and noncontrolling interests) | 138 | (132) | (309) |
Tax effects reclassified to retained earnings | 0 | ||
Balance, end of year | (1,832) | (1,970) | (1,608) |
Tax (provision) benefit on net actuarial gain (loss) and prior service costs related to pension and other postretirement plans | 1 | 44 | 23 |
Adoption of accounting standard | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance, beginning of year | (30) | ||
Cumulative translation adjustments [Member] | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance, beginning of year | (438) | (445) | (209) |
Other comprehensive income (loss) before reclassifications | 135 | 7 | (236) |
Reclassifications to net earnings | 0 | 0 | 0 |
Other comprehensive income (loss), net of tax (ViacomCBS and noncontrolling interests) | 135 | 7 | (236) |
Tax effects reclassified to retained earnings | 0 | ||
Balance, end of year | (303) | (438) | (445) |
Cumulative translation adjustments [Member] | Adoption of accounting standard | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance, beginning of year | 0 | ||
Net actuarial gain (loss) and prior service cost [Member] | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance, beginning of year | (1,507) | (1,132) | (1,071) |
Other comprehensive income (loss) before reclassifications | (74) | (205) | (123) |
Reclassifications to net earnings | 72 | 60 | 62 |
Other comprehensive income (loss), net of tax (ViacomCBS and noncontrolling interests) | (2) | (145) | (61) |
Tax effects reclassified to retained earnings | (230) | ||
Balance, end of year | (1,509) | (1,507) | (1,132) |
Net actuarial gain (loss) and prior service cost [Member] | Adoption of accounting standard | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance, beginning of year | 0 | ||
Available-For-Sale Securities [Member] | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance, beginning of year | 0 | 0 | 30 |
Other comprehensive income (loss) before reclassifications | 0 | 0 | 0 |
Reclassifications to net earnings | 0 | 0 | 0 |
Other comprehensive income (loss), net of tax (ViacomCBS and noncontrolling interests) | 0 | 0 | 0 |
Tax effects reclassified to retained earnings | 0 | ||
Balance, end of year | 0 | 0 | 0 |
Available-For-Sale Securities [Member] | Adoption of accounting standard | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance, beginning of year | (30) | ||
Other Comprehensive Income [Member] | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance, beginning of year | (25) | (31) | (19) |
Other comprehensive income (loss) before reclassifications | 5 | 6 | (12) |
Reclassifications to net earnings | 0 | 0 | 0 |
Other comprehensive income (loss), net of tax (ViacomCBS and noncontrolling interests) | 5 | 6 | (12) |
Tax effects reclassified to retained earnings | 0 | ||
Balance, end of year | $ (20) | (25) | (31) |
Other Comprehensive Income [Member] | Adoption of accounting standard | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance, beginning of year | $ 0 | ||
AOCI Attributable to Parent [Member] | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Tax effects reclassified to retained earnings | $ (230) |
Stock-Based Compensation (Expen
Stock-Based Compensation (Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | 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) | 33,000,000 | |||
RSUs and PSUs | $ 167 | $ 169 | $ 167 | |
Stock options | 19 | 27 | 34 | |
Stock-based compensation | 274 | 286 | 187 | |
Related tax benefit | (54) | (58) | (44) | |
Stock-based compensation expense, net of tax benefit | 220 | 228 | 143 | |
Share-based compensation expense included in discontinued operations | 10 | 5 | 4 | |
SG&A Expense [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation | 186 | 196 | 201 | |
Restructuring Charges and Other Corporate Matters [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation | $ 88 | $ 90 | $ (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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
RSU and PSU [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized future expense of unvested RSUs | $ 358,000,000 | ||
Weighted average period over which future expense of unrecognized stock-based compensation will be recognized (years) | 2 years 10 months 24 days | ||
Shares | |||
Non-vested (shares), beginning balance | 14,489,729 | ||
Granted (shares) | 6,757,535 | ||
Vested (shares) | (7,014,797) | ||
Forfeited (shares) | (231,837) | ||
Non-vested (shares), ending balance | 14,000,630 | 14,489,729 | |
Weighted Average Grant Date Fair Value | |||
Non-vested, beginning balance (USD per share) | $ 45.64 | ||
Granted (USD per share) | 32.35 | $ 41.71 | $ 51.41 |
Vested (USD per share) | 46.40 | ||
Forfeited (USD per share) | 42.05 | ||
Non-vested, ending balance (USD per share) | $ 38.91 | $ 45.64 | |
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 | $ 222,000,000 | $ 159,000,000 | $ 158,000,000 |
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 | $ 34,000,000 | $ 0 | $ 35,000,000 |
Shares | |||
Granted (shares) | 1,000,000 |
Stock-Based Compensation (Stock
Stock-Based Compensation (Stock Options, Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock option term until expiration | 8 years | ||
Weighted average grant date fair value of stock options (USD per share) | $ 0 | $ 0 | |
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 1 month 6 days | ||
Share price (USD per share) | $ 37.26 | ||
Intrinsic value of stock options outstanding | $ 0 | ||
Weighted average remaining contractual life of exercisable stock options (years) | 2 years 9 months 14 days | ||
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized future expense of unvested stock options | $ 13 | ||
Weighted average period over which future expense of unrecognized stock-based compensation will be recognized (years) | 1 year 4 months 24 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) | $ 14.48 | ||
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) | $ 13.77 |
Stock-Based Compensation (Sto_2
Stock-Based Compensation (Stock Options, Black-Scholes Assumptions) (Details) - Common Class B [Member] | 12 Months Ended |
Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected dividend yield | 1.33% |
Expected stock price volatility | 29.52% |
Risk-free interest rate | 2.73% |
Expected term of options | 5 years |
Viacom Inc [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected dividend yield | 2.52% |
Expected stock price volatility | 32.60% |
Risk-free interest rate | 2.81% |
Expected term of options | 5 years 1 month 13 days |
Stock-Based Compensation (Sto_3
Stock-Based Compensation (Stock-Options, Rollforward) (Details) | 12 Months Ended |
Dec. 31, 2020$ / sharesshares | |
Stock Options | |
Outstanding (shares), beginning balance | shares | 16,291,709 |
Granted (shares) | shares | 0 |
Exercised (shares) | shares | (378,648) |
Forfeited or expired (shares) | shares | (1,772,337) |
Outstanding (shares), ending balance | shares | 14,140,724 |
Exercisable (shares) | shares | 12,269,735 |
Weighted Average Exercise Price | |
Outstanding, beginning balance (USD per share) | $ / shares | $ 58.98 |
Granted (USD per share) | $ / shares | 0 |
Exercised (USD per share) | $ / shares | 29.31 |
Forfeited or expired (USD per share) | $ / shares | 51.47 |
Outstanding, ending balance (USD per share) | $ / shares | 60.72 |
Exercisable (USD per share) | $ / shares | $ 61.63 |
Stock-Based Compensation (Sto_4
Stock-Based Compensation (Stock Options, Other Information) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Payment Arrangement [Abstract] | |||
Cash received from stock option exercises | $ 5 | $ 15 | $ 29 |
Tax benefit of stock option exercises | 1 | 4 | 4 |
Intrinsic value of stock option exercises | $ 2 | $ 15 | $ 16 |
Income Taxes (Income (Loss) fro
Income Taxes (Income (Loss) from Continuing Operations) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
United States | $ 2,353 | $ 2,225 | $ 2,916 |
Foreign | 794 | 998 | 1,068 |
Earnings from continuing operations before income taxes and equity in loss of investee companies | $ 3,147 | $ 3,223 | $ 3,984 |
Income Taxes (Provision for Inc
Income Taxes (Provision for Income Taxes) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Current: | |||
Federal | $ 160 | $ 370 | $ 277 |
State and local | 73 | 164 | 92 |
Foreign | 180 | 202 | 163 |
Total current income tax expense provision | 413 | 736 | 532 |
Deferred: | |||
Federal | 146 | (67) | 20 |
State and local | 42 | (43) | 20 |
Foreign | (66) | (655) | 8 |
Total deferred | 122 | (765) | 48 |
Provision (benefit) for income taxes | $ 535 | $ (29) | $ 580 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Related Party Transaction [Line Items] | ||||
Provision for income taxes for discontinued operations | $ 38 | $ 32 | $ 47 | |
(Provision) benefit for income taxes | (535) | 29 | (580) | |
Net deferred tax assets of discontinued operations | 93 | 76 | ||
Net operating loss carryforwards | 2,060 | |||
Valuation allowance | 593 | 547 | ||
Provisional amount of transition tax on cumulative foreign earnings and profits | 48 | |||
Decrease for reserve for uncertain tax positions | 146 | |||
Unrecognized tax benefits | 308 | 384 | 446 | $ 300 |
Amount included in reserve for uncertain tax positions that would affect Company's effective income tax rate (including discontinued operations) if recognized | 281 | |||
Interest and penalty charges related to the reserve for uncertain tax positions | 16 | 24 | 24 | |
Liabilities for accrued interest and penalty charges related to the reserve for uncertain tax positions | 57 | 51 | ||
Amount of unrecorded benefit | 50 | |||
Foreign [Member] | ||||
Related Party Transaction [Line Items] | ||||
Net operating loss carryforwards | 29 | |||
Equity Method Investees [Member] | ||||
Related Party Transaction [Line Items] | ||||
(Provision) benefit for income taxes | $ 19 | $ 19 | $ 15 | |
Effective income tax rate | 40.40% | 26.40% | 24.20% |
Income Taxes (Effective Income
Income Taxes (Effective Income Tax Rate Reconciliation) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Discontinued Operations [Line Items] | |||
Taxes on income at U.S. federal statutory rate | $ 661 | $ 676 | $ 836 |
State and local taxes, net of federal tax benefit | 116 | 116 | 109 |
Effect of foreign operations | (98) | (49) | (108) |
Noncontrolling interests | (52) | (2) | (1) |
U.K. statutory rate change | (100) | 0 | 0 |
Reorganization of foreign operations | 0 | (768) | 0 |
Bankruptcy of an investee | 0 | (39) | 0 |
Impact of tax law changes | 0 | 0 | (80) |
Tax benefits from positions relating to the Tax Reform Act | 0 | (44) | 0 |
Merger related costs | 0 | 41 | 0 |
Establishment (reversal) of valuation allowance | 0 | (2) | 153 |
Excess tax benefits from stock-based compensation | 29 | 20 | 8 |
Domestic production deduction | 0 | (1) | 24 |
Tax accounting method change | 0 | 0 | (78) |
Other, net | (21) | 19 | 23 |
Provision (benefit) for income taxes | $ 535 | $ (29) | 580 |
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, 2020 | Dec. 31, 2019 |
Deferred income tax assets: | ||
Reserves and other accrued liabilities | $ 476 | $ 481 |
Pension, postretirement and other employee benefits | 772 | 766 |
Lease liability | 466 | 485 |
Tax credit and loss carryforwards | 448 | 394 |
Other | 56 | 85 |
Total deferred income tax assets | 2,218 | 2,211 |
Valuation allowance | (593) | (547) |
Deferred income tax assets, net | 1,625 | 1,664 |
Deferred income tax liabilities: | ||
Intangible assets | (460) | (251) |
Unbilled licensing receivables | (237) | (393) |
Lease asset | (400) | (422) |
Property, equipment and other assets | (198) | (153) |
Financing obligations | (71) | (72) |
Other | (44) | 0 |
Total deferred income tax liabilities | (1,410) | (1,291) |
Deferred income tax assets, net | $ 215 | $ 373 |
Income Taxes (Unrecognized Tax
Income Taxes (Unrecognized Tax Benefits) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Change in reserve for uncertain tax positions, excluding related accrued interest and penalties | |||
Unrecognized tax benefits, beginning of year | $ 384 | $ 446 | $ 300 |
Additions for current year tax positions | 15 | 49 | 27 |
Additions for prior year tax positions | 18 | 67 | 204 |
Reductions for prior year tax positions | (34) | (26) | (60) |
Cash settlements | (2) | (149) | (19) |
Statute of limitations lapses | (9) | (3) | (6) |
Reclassification to deferred income tax liability | (64) | ||
Unrecognized tax benefits, end of year | $ 308 | $ 384 | $ 446 |
Pension and Other Postretirem_3
Pension and Other Postretirement Benefits (Change in Benefit Obligation) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Percent of plan assets' fair value invested in Company common stock | 1.80% | 2.10% | |
Pension and postretirement benefit obligations | $ 2,098 | $ 2,121 | |
Pension benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension and postretirement benefit obligations | 1,737 | 1,723 | |
Change in benefit obligation: | |||
Benefit obligation, beginning of year | 4,963 | 4,511 | |
Service cost | 30 | 28 | $ 30 |
Interest cost | 164 | 191 | 180 |
Actuarial loss (gain) | 408 | 593 | |
Curtailment gain | (79) | 0 | |
Benefits paid | (324) | (360) | |
Participants’ contributions | 0 | 0 | |
Retiree Medicare drug subsidy | 0 | 0 | |
Benefit obligation, end of year | $ 5,162 | 4,963 | 4,511 |
Decrease in discount rate | 0.60% | ||
Pension benefits [Member] | Non- U.S [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension and postretirement benefit obligations | $ 77 | 80 | |
Postretirement benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension and postretirement benefit obligations | 284 | 318 | |
Change in benefit obligation: | |||
Benefit obligation, beginning of year | 360 | 376 | |
Service cost | 2 | 1 | 1 |
Interest cost | 11 | 16 | 17 |
Actuarial loss (gain) | (8) | 8 | |
Curtailment gain | 0 | 0 | |
Benefits paid | (58) | (59) | |
Participants’ contributions | 12 | 13 | |
Retiree Medicare drug subsidy | 3 | 5 | |
Benefit obligation, end of year | $ 322 | $ 360 | $ 376 |
Pension and Other Postretirem_4
Pension and Other Postretirement Benefits (Change In Plan Assets) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Pension benefits [Member] | ||
Change in plan assets: | ||
Fair value of plan assets, beginning of year | $ 3,176 | $ 2,932 |
Actual return on plan assets | 429 | 530 |
Employer contributions | 66 | 74 |
Benefits paid | (324) | (360) |
Participants’ contributions | 0 | 0 |
Retiree Medicare drug subsidy | 0 | 0 |
Fair value of plan assets, end of year | 3,347 | 3,176 |
Postretirement benefits [Member] | ||
Change in plan assets: | ||
Fair value of plan assets, beginning of year | 0 | 1 |
Actual return on plan assets | 0 | (1) |
Employer contributions | 43 | 41 |
Benefits paid | (58) | (59) |
Participants’ contributions | 12 | 13 |
Retiree Medicare drug subsidy | 3 | 5 |
Fair value of plan assets, end of year | $ 0 | $ 0 |
Pension and Other Postretirem_5
Pension and Other Postretirement Benefits (Funded Status of Pension and Postretirement Benefit Obligations) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Defined Benefit Plan Disclosure [Line Items] | ||
Noncurrent liabilities | $ (2,098) | $ (2,121) |
Pension benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Funded status at end of year | (1,815) | (1,787) |
Other assets | 7 | 5 |
Current liabilities | (85) | (69) |
Noncurrent liabilities | (1,737) | (1,723) |
Net amounts recognized | (1,815) | (1,787) |
Pension benefits [Member] | Qualified Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Funded status at end of year | (712) | (734) |
Postretirement benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Funded status at end of year | (322) | (360) |
Other assets | 0 | 0 |
Current liabilities | (38) | (42) |
Noncurrent liabilities | (284) | (318) |
Net amounts recognized | $ (322) | $ (360) |
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, 2020 | Dec. 31, 2019 |
Pension benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial (loss) gain | $ (2,144) | $ (2,153) |
Net prior service cost | (1) | (3) |
Share of equity investee | (2) | (2) |
Net amount recognized in accumulated other comprehensive income (loss) before tax | (2,147) | (2,158) |
Deferred income taxes | 560 | 563 |
Net amount recognized in accumulated other comprehensive income (loss) | (1,587) | (1,595) |
Accumulated benefit obligation for all defined benefit pension plans | 5,160 | 4,870 |
Postretirement benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial (loss) gain | 140 | 147 |
Net prior service cost | 0 | (1) |
Share of equity investee | 0 | 0 |
Net amount recognized in accumulated other comprehensive income (loss) before tax | 140 | 146 |
Deferred income taxes | (13) | (14) |
Net amount recognized in accumulated other comprehensive income (loss) | $ 127 | $ 132 |
Pension and Other Postretirem_7
Pension and Other Postretirement Benefits (Accumulated Benefit Obligation in Excess of Plan Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Retirement Benefits [Abstract] | ||
Projected benefit obligation | $ 5,161 | $ 4,962 |
Accumulated benefit obligation | 5,161 | 4,873 |
Fair value of plan assets | $ 3,340 | $ 3,170 |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Other comprehensive income (loss): | |||
Deferred income taxes | $ 1 | $ 44 | $ 23 |
Recognized in other comprehensive income (loss), net of tax | (2) | (145) | (61) |
Discontinued Operations [Member] | |||
Components of net periodic cost: | |||
Net periodic cost | 5 | 6 | 3 |
Pension benefits [Member] | |||
Components of net periodic cost: | |||
Service cost | 30 | 28 | 30 |
Interest cost | 164 | 191 | 180 |
Expected return on plan assets | (194) | (183) | (214) |
Amortization of actuarial losses (gains) | 103 | 94 | 87 |
Amortization of prior service cost | 2 | 1 | 1 |
Net periodic cost | 105 | 131 | 84 |
Other comprehensive income (loss): | |||
Actuarial (loss) gain | (173) | (246) | (179) |
Curtailment gain | 79 | 0 | 0 |
Amortization of actuarial losses (gains) | 103 | 94 | 87 |
Amortization of prior service cost | 2 | 1 | 1 |
Recognized in other comprehensive income, before tax | 11 | (151) | (91) |
Deferred income taxes | (3) | 37 | 25 |
Recognized in other comprehensive income (loss), net of tax | 8 | (114) | (66) |
Postretirement benefits [Member] | |||
Components of net periodic cost: | |||
Service cost | 2 | 1 | 1 |
Interest cost | 11 | 16 | 17 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of actuarial losses (gains) | (15) | (18) | (18) |
Amortization of prior service cost | 1 | 1 | 1 |
Net periodic cost | (1) | 0 | 1 |
Other comprehensive income (loss): | |||
Actuarial (loss) gain | 8 | (9) | 8 |
Curtailment gain | 0 | 0 | 0 |
Amortization of actuarial losses (gains) | (15) | (18) | (18) |
Amortization of prior service cost | 1 | 1 | 1 |
Recognized in other comprehensive income, before tax | (6) | (26) | (9) |
Deferred income taxes | 1 | 5 | 2 |
Recognized in other comprehensive income (loss), net of tax | $ (5) | $ (21) | $ (7) |
Pension and Other Postretirem_9
Pension and Other Postretirement Benefits (Assumptions) (Details) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Viacom Inc [Member] | |||
Defined Benefit Plan, Assumed Health Care Cost Trend Rates | |||
Ultimate trend rate | 5.00% | 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) | 6.60% | 6.30% | |
Viacom Inc [Member] | Post-65 [Member] | |||
Defined Benefit Plan, Assumed Health Care Cost Trend Rates | |||
Projected health care cost trend rate (pre-65) | 6.60% | 5.70% | |
Pension benefits [Member] | |||
Weighted average assumptions used to determine benefit obligations at December 31: | |||
Discount rate | 2.90% | 3.50% | 4.50% |
Rate of compensation increase | 0.00% | 3.00% | 3.00% |
Weighted average assumptions used to determine net periodic costs for the year ended December 31: | |||
Discount rate | 3.40% | 4.50% | 3.80% |
Expected long-term return on plan assets | 6.40% | 6.60% | 6.60% |
Cash balance interest crediting rate | 5.00% | 5.00% | 5.00% |
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 | 2.60% | 3.30% | 4.40% |
Weighted average assumptions used to determine net periodic costs for the year ended December 31: | |||
Discount rate | 3.30% | 4.40% | 3.90% |
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) | 6.60% | 7.00% | |
Postretirement benefits [Member] | Post-65 [Member] | |||
Defined Benefit Plan, Assumed Health Care Cost Trend Rates | |||
Projected health care cost trend rate (pre-65) | 6.60% | 7.00% |
Pension and Other Postretire_10
Pension and Other Postretirement Benefits (Plan Asset Allocations) (Details) - United States [Member] | Dec. 31, 2020 |
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 | 25.00% |
Viacom Inc [Member] | Equity securities [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan, target plan asset allocations | 78.00% |
Viacom Inc [Member] | Liability Hedging [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan, target plan asset allocations | 21.00% |
Viacom Inc [Member] | Cash and cash equivalents [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan, target plan asset allocations | 1.00% |
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_11
Pension and Other Postretirement Benefits (Fair Value Measurements) (Details) - Pension benefits [Member] - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | $ 3,347 | $ 3,176 | $ 2,932 |
Fair Value, Recurring [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 2,134 | 2,127 | |
Fair Value, Recurring [Member] | Cash and cash equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 8 | 35 | |
Fair Value, Recurring [Member] | US treasury securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 78 | 83 | |
Fair Value, Recurring [Member] | Government-related securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 167 | 171 | |
Fair Value, Recurring [Member] | Corporate bonds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 1,634 | 1,562 | |
Fair Value, Recurring [Member] | Mortgage-backed and asset-backed securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 56 | 98 | |
Fair Value, Recurring [Member] | US large capitalization [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 82 | 113 | |
Fair Value, Recurring [Member] | US small capitalization [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 79 | 40 | |
Fair Value, Recurring [Member] | Other investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 30 | 25 | |
Fair Value, Recurring [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 247 | 237 | |
Fair Value, Recurring [Member] | Level 1 [Member] | Cash and cash equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 8 | 1 | |
Fair Value, Recurring [Member] | Level 1 [Member] | US treasury securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 78 | 83 | |
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 | 82 | 113 | |
Fair Value, Recurring [Member] | Level 1 [Member] | US small capitalization [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 79 | 40 | |
Fair Value, Recurring [Member] | Level 1 [Member] | Other investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 0 | 0 | |
Fair Value, Recurring [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 1,887 | 1,890 | |
Fair Value, Recurring [Member] | Level 2 [Member] | Cash and cash equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 0 | 34 | |
Fair Value, Recurring [Member] | Level 2 [Member] | US treasury securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 0 | 0 | |
Fair Value, Recurring [Member] | Level 2 [Member] | Government-related securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 167 | 171 | |
Fair Value, Recurring [Member] | Level 2 [Member] | Corporate bonds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 1,634 | 1,562 | |
Fair Value, Recurring [Member] | Level 2 [Member] | Mortgage-backed and asset-backed securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 56 | 98 | |
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 | 30 | 25 | |
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 | 1,149 | 978 | |
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 | 18 | 23 | |
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 | $ 46 | $ 48 |
Pension and Other Postretire_12
Pension and Other Postretirement Benefits (Future Benefit Payments) (Details) $ in Millions | Dec. 31, 2020USD ($) |
Retiree Medicare drug subsidy | |
2021 | $ 5 |
2022 | 5 |
2023 | 4 |
2024 | 4 |
2025 | 4 |
2026-2030 | 18 |
Pension benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2021 | 464 |
2022 | 311 |
2023 | 305 |
2024 | 305 |
2025 | 305 |
2026-2030 | 1,450 |
Pension benefits [Member] | Qualified Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected contribution in the next fiscal year | 15 |
Pension benefits [Member] | Nonqualified Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected contribution in the next fiscal year | 86 |
Postretirement benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2021 | 39 |
2022 | 36 |
2023 | 34 |
2024 | 31 |
2025 | 28 |
2026-2030 | 106 |
Expected contribution in the next fiscal year | $ 39 |
Pension and Other Postretire_13
Pension and Other Postretirement Benefits (Multiemployer Pension and Postretirement Benefit Plans) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Pension benefits [Member] | |||
Multiemployer Plans [Line Items] | |||
Company Contributions | $ 120 | $ 164 | $ 151 |
Pension benefits [Member] | AFTRA Retirement Plan [Member] | |||
Multiemployer Plans [Line Items] | |||
Employer Identification Number/Pension Plan Number | 136414972 | ||
Pension Protection Act | Green | Green | |
Company Contributions | $ 13 | $ 12 | 11 |
Pension benefits [Member] | AFTRA Retirement Plan [Member] | Minimum [Member] | |||
Multiemployer Plans [Line Items] | |||
Expiration Date of Collective Bargaining Agreement | Jun. 30, 2020 | ||
Pension benefits [Member] | AFTRA Retirement Plan [Member] | Maximum [Member] | |||
Multiemployer Plans [Line Items] | |||
Expiration Date of Collective Bargaining Agreement | Jun. 30, 2021 | ||
Pension benefits [Member] | Directors Guild Of America Producer [Member] | |||
Multiemployer Plans [Line Items] | |||
Employer Identification Number/Pension Plan Number | 952892780 | ||
Pension Protection Act | Green | Green | |
Company Contributions | $ 16 | $ 19 | 15 |
Expiration Date of Collective Bargaining Agreement | Jun. 30, 2020 | ||
Pension benefits [Member] | Producer Writers Guild Of America [Member] | |||
Multiemployer Plans [Line Items] | |||
Employer Identification Number/Pension Plan Number | 952216351 | ||
Pension Protection Act | Green | Green | |
Company Contributions | $ 22 | $ 26 | 25 |
Expiration Date of Collective Bargaining Agreement | May 1, 2020 | ||
Pension benefits [Member] | Screen Actors Guild Producers [Member] | |||
Multiemployer Plans [Line Items] | |||
Employer Identification Number/Pension Plan Number | 952110997 | ||
Pension Protection Act | Green | Green | |
Company Contributions | $ 24 | $ 43 | 36 |
Expiration Date of Collective Bargaining Agreement | Jun. 30, 2020 | ||
Pension benefits [Member] | Motion Picture Industry [Member] | |||
Multiemployer Plans [Line Items] | |||
Employer Identification Number/Pension Plan Number | 951810805 | ||
Pension Protection Act | Green | Green | |
Company Contributions | $ 35 | $ 43 | 42 |
Pension benefits [Member] | Motion Picture Industry [Member] | Minimum [Member] | |||
Multiemployer Plans [Line Items] | |||
Expiration Date of Collective Bargaining Agreement | May 15, 2021 | ||
Pension benefits [Member] | Motion Picture Industry [Member] | Maximum [Member] | |||
Multiemployer Plans [Line Items] | |||
Expiration Date of Collective Bargaining Agreement | Mar. 2, 2022 | ||
Pension benefits [Member] | I.A.T.S.E. Local No. 33 Pension Trust Fund [Member] | |||
Multiemployer Plans [Line Items] | |||
Employer Identification Number/Pension Plan Number | 956377503 | ||
Pension Protection Act | Green | Green | |
Company Contributions | $ 3 | $ 5 | 10 |
Expiration Date of Collective Bargaining Agreement | Dec. 31, 2022 | ||
Pension benefits [Member] | Other Plans [ Member] | |||
Multiemployer Plans [Line Items] | |||
Company Contributions | $ 7 | 16 | 12 |
Postretirement benefits [Member] | |||
Multiemployer Plans [Line Items] | |||
Company Contributions | $ 95 | $ 89 | $ 74 |
Pension and Other Postretire_14
Pension and Other Postretirement Benefits (Defined Contribution Plans) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Retirement Benefits [Abstract] | |||
Contributions to defined contribution plans | $ 91 | $ 95 | $ 87 |
Redeemable Noncontrolling Int_3
Redeemable Noncontrolling Interest (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | |||
Beginning balance | $ 254 | $ 239 | $ 249 |
Net earnings | 11 | 14 | 18 |
Distributions | (15) | (16) | (15) |
Translation adjustment | 7 | 8 | (14) |
Redemption value adjustment | (60) | 9 | 1 |
Ending balance | $ 197 | $ 254 | $ 239 |
Segment and Revenue Informati_3
Segment and Revenue Information (Revenues) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | $ 6,874 | $ 5,837 | $ 6,075 | $ 6,499 | $ 6,656 | $ 6,481 | $ 6,925 | $ 6,936 | $ 25,285 | $ 26,998 | $ 26,425 |
Advertising [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 9,751 | 11,074 | 10,841 | ||||||||
Affiliate [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 9,166 | 8,602 | 8,376 | ||||||||
Content Licensing [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 5,963 | 6,483 | 6,163 | ||||||||
Other [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 225 | 292 | 301 | ||||||||
Theatrical [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 180 | 547 | 744 | ||||||||
Operating Segments [Member] | TV Entertainment [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 10,700 | 11,924 | 11,061 | ||||||||
Operating Segments [Member] | TV Entertainment [Member] | Advertising [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 5,035 | 6,008 | 5,751 | ||||||||
Operating Segments [Member] | TV Entertainment [Member] | Affiliate [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 3,129 | 2,550 | 2,082 | ||||||||
Operating Segments [Member] | TV Entertainment [Member] | Content Licensing [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 2,369 | 3,157 | 3,006 | ||||||||
Operating Segments [Member] | TV Entertainment [Member] | Other [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 167 | 209 | 222 | ||||||||
Operating Segments [Member] | Cable Networks [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 12,589 | 12,449 | 12,683 | ||||||||
Operating Segments [Member] | Cable Networks [Member] | Advertising [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 4,743 | 5,129 | 5,130 | ||||||||
Operating Segments [Member] | Cable Networks [Member] | Affiliate [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 6,037 | 6,052 | 6,294 | ||||||||
Operating Segments [Member] | Cable Networks [Member] | Content Licensing [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 1,809 | 1,268 | 1,259 | ||||||||
Operating Segments [Member] | Filmed Entertainment [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 2,562 | 2,990 | 2,956 | ||||||||
Operating Segments [Member] | Filmed Entertainment [Member] | Other [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 75 | 111 | 102 | ||||||||
Operating Segments [Member] | Filmed Entertainment [Member] | Theatrical [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 180 | 547 | 744 | ||||||||
Operating Segments [Member] | Filmed Entertainment [Member] | Home Entertainment [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 709 | 623 | 617 | ||||||||
Operating Segments [Member] | Filmed Entertainment [Member] | Licensing [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 1,598 | 1,709 | 1,493 | ||||||||
Corporate/Eliminations [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | (566) | (365) | (275) | ||||||||
Intersegment Eliminations [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | (566) | (396) | (306) | ||||||||
Intersegment Eliminations [Member] | TV Entertainment [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | (285) | (226) | (164) | ||||||||
Intersegment Eliminations [Member] | Cable Networks [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | (79) | (53) | (47) | ||||||||
Intersegment Eliminations [Member] | Filmed Entertainment [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | $ (202) | $ (117) | $ (95) |
Segment and Revenue Informati_4
Segment and Revenue Information (Operating Income (Loss)) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||||||||||
Stock-based compensation | $ (274) | $ (286) | $ (187) | ||||||||
Depreciation and amortization | (430) | (438) | (427) | ||||||||
Restructuring and other corporate matters | $ (177) | $ (52) | $ (158) | $ (231) | $ (467) | $ (122) | $ (7) | $ (173) | (618) | (769) | (489) |
Programming charges | (38) | (121) | (589) | (159) | (589) | (162) | |||||
Gain on sales | 214 | 549 | 0 | ||||||||
Operating income (loss) | 1,083 | 903 | 1,251 | 902 | (44) | 984 | 1,414 | 1,792 | 4,139 | 4,146 | 5,062 |
Interest expense | (1,031) | (962) | (1,030) | ||||||||
Interest income | 60 | 66 | 79 | ||||||||
Net gains (losses) from investments | 206 | 85 | (53) | ||||||||
Gain (loss) on extinguishment of debt | (23) | (103) | (126) | 0 | 18 | ||||||
Other items, net | (101) | (112) | (92) | ||||||||
Earnings from continuing operations before income taxes and equity in loss of investee companies | 3,147 | 3,223 | 3,984 | ||||||||
(Provision) benefit for income taxes | (535) | 29 | (580) | ||||||||
Equity in loss of investee companies, net of tax | (28) | (53) | (47) | ||||||||
Net earnings from continuing operations | 802 | 580 | 698 | 504 | (298) | 600 | 953 | 1,944 | 2,584 | 3,199 | 3,357 |
Net earnings from discontinued operations, net of tax | 117 | 140 | 135 | ||||||||
Net earnings (ViacomCBS and noncontrolling interests) | 829 | 627 | 726 | 519 | (254) | 646 | 983 | 1,964 | 2,701 | 3,339 | 3,492 |
Net earnings attributable to noncontrolling interests | (279) | (31) | (37) | ||||||||
Net earnings attributable to ViacomCBS | $ 810 | $ 615 | $ 481 | $ 516 | $ (258) | $ 630 | $ 977 | $ 1,959 | 2,422 | 3,308 | 3,455 |
TV Entertainment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Programming charges | (101) | ||||||||||
Cable Networks [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Programming charges | (53) | ||||||||||
Filmed Entertainment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Programming charges | (5) | ||||||||||
Operating Segments [Member] | TV Entertainment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Adjusted OIBDA | 1,857 | 2,443 | 2,466 | ||||||||
Depreciation and amortization | (162) | (150) | (160) | ||||||||
Operating Segments [Member] | Cable Networks [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Adjusted OIBDA | 3,746 | 3,515 | 4,341 | ||||||||
Depreciation and amortization | (205) | (219) | (194) | ||||||||
Operating Segments [Member] | Filmed Entertainment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Adjusted OIBDA | 215 | 80 | (33) | ||||||||
Depreciation and amortization | (36) | (37) | (38) | ||||||||
Corporate [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Depreciation and amortization | (27) | (32) | (35) | ||||||||
Corporate/Eliminations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Adjusted OIBDA | (500) | (449) | (433) | ||||||||
Segment Reconciling Items [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Stock-based compensation | (186) | (196) | (201) | ||||||||
Depreciation and amortization | (430) | (438) | (427) | ||||||||
Restructuring and other corporate matters | (618) | (769) | (489) | ||||||||
Programming charges | $ (159) | $ (589) | $ (162) |
Segment and Revenue Informati_5
Segment and Revenue Information (Depreciation and Amortization) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | $ 430 | $ 438 | $ 427 |
Operating Segments [Member] | TV Entertainment [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | 162 | 150 | 160 |
Operating Segments [Member] | Cable Networks [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | 205 | 219 | 194 |
Operating Segments [Member] | Filmed Entertainment [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | 36 | 37 | 38 |
Corporate [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | $ 27 | $ 32 | $ 35 |
Segment and Revenue Informati_6
Segment and Revenue Information (Capital Expenditures) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||
Capital expenditures | $ 324 | $ 345 | $ 345 |
Operating Segments [Member] | TV Entertainment [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 112 | 113 | 112 |
Operating Segments [Member] | Cable Networks [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 110 | 166 | 156 |
Operating Segments [Member] | Filmed Entertainment [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 37 | 43 | 52 |
Corporate [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | $ 65 | $ 23 | $ 25 |
Segment and Revenue Informati_7
Segment and Revenue Information (Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Segment Reporting Information [Line Items] | ||
Assets | $ 52,663 | $ 49,585 |
Assets of discontinued operations | 1,439 | 1,341 |
Assets held for sale | 28 | 23 |
Operating Segments [Member] | TV Entertainment [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 19,443 | 19,689 |
Operating Segments [Member] | Cable Networks [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 23,139 | 22,109 |
Operating Segments [Member] | Filmed Entertainment [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 6,440 | 5,477 |
Corporate/Eliminations [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | $ 2,202 | $ 969 |
Segment and Revenue Informati_8
Segment and Revenue Information (Revenue by Type) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | $ 6,874 | $ 5,837 | $ 6,075 | $ 6,499 | $ 6,656 | $ 6,481 | $ 6,925 | $ 6,936 | $ 25,285 | $ 26,998 | $ 26,425 |
United States [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 20,690 | 21,449 | 20,442 | ||||||||
Non-US [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | $ 4,595 | $ 5,549 | $ 5,983 |
Segment and Revenue Informati_9
Segment and Revenue Information (Long-lived Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Segment Reporting Information [Line Items] | ||
Long-lived assets | $ 14,220 | $ 12,915 |
United States [Member] | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | 13,435 | 12,417 |
Non-US [Member] | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | $ 785 | $ 498 |
Commitments and Contingencies_2
Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2020 | |
Other Commitments [Line Items] | ||
Programming and talent commitments | $ 9,852 | |
Purchase obligations | 1,377 | |
Outstanding letters of credit and surety bonds | 144 | |
CBS Television City [Member] | ||
Other Commitments [Line Items] | ||
Estimated liability | 100 | |
Guaranteed cash flow period | 5 years | |
Famous Players [Member] | ||
Other Commitments [Line Items] | ||
Estimated liability | 67 | |
Sports programming rights commitments [Member] | ||
Other Commitments [Line Items] | ||
Programming and talent commitments | 5,980 | |
Production and licensing of television and film programming [Member] | ||
Other Commitments [Line Items] | ||
Programming and talent commitments | $ 3,870 |
Commitments and Contingencies_3
Commitments and Contingencies (Commitments) (Details) $ in Millions | Dec. 31, 2020USD ($) |
Programming and talent commitments | |
Total | $ 9,852 |
2021 | 2,625 |
2022 | 3,005 |
2023 | 1,264 |
2024 | 731 |
2025 | 493 |
2026 and thereafter | 1,734 |
Purchase obligations | |
Total | 1,377 |
2021 | 501 |
2022 | 396 |
2023 | 218 |
2024 | 131 |
2025 | 70 |
2026 and thereafter | 61 |
Other long-term contractual obligations | |
Total | 1,734 |
2021 | 0 |
2022 | 879 |
2023 | 382 |
2024 | 250 |
2025 | 190 |
2026 and thereafter | $ 33 |
Commitments and Contingencies_4
Commitments and Contingencies (Legal Matters Narrative) (Details) $ in Millions | Sep. 09, 2019defendant | Oct. 31, 2018USD ($) | Dec. 31, 2020USD ($)claim | Dec. 31, 2019USD ($)claim | Mar. 31, 2020lawsuit | Jan. 23, 2020claim | Dec. 31, 2018claim | Aug. 01, 2018numberOfLawFirms |
Loss Contingencies [Line Items] | ||||||||
Number of consolidated claims | lawsuit | 3 | |||||||
Number of consolidated class action lawsuits | 4 | |||||||
Number of law firms retained | numberOfLawFirms | 2 | |||||||
Contributions to grantor trust | $ | $ 120 | |||||||
Number of defendants | defendant | 14 | |||||||
Cost for settlement and defense of asbestos claims, net of insurance recoveries and tax benefits | $ | $ 35 | $ 58 | ||||||
Asbestos Claims [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Number of pending asbestos claims | 30,710 | 30,950 | 31,570 | |||||
Number of new asbestos claims | 2,910 | |||||||
Number of asbestos claims closed or moved to inactive docket | 3,150 |
Supplemental Financial Inform_3
Supplemental Financial Information (Components of Other Items, Net) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Additional Financial Information Disclosure [Abstract] | |||
Pension and postretirement benefit costs | $ (69) | $ (99) | $ (65) |
Foreign exchange losses | (35) | (18) | (19) |
Other | 3 | 5 | (8) |
Other items, net | $ (101) | $ (112) | $ (92) |
Supplemental Financial Inform_4
Supplemental Financial Information (Supplemental Cash Flow Information) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash and Cash Equivalents [Line Items] | |||
Cash paid for interest | $ 965 | $ 922 | $ 1,012 |
Cash paid (refunded) for income taxes | 466 | 598 | 157 |
Continuing Operations [Member] | |||
Cash and Cash Equivalents [Line Items] | |||
Cash paid (refunded) for income taxes | 411 | 560 | 153 |
Discontinued Operations [Member] | |||
Cash and Cash Equivalents [Line Items] | |||
Cash paid (refunded) for income taxes | $ 55 | $ 38 | $ 4 |
Supplemental Financial Inform_5
Supplemental Financial Information (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Variable Interest Entities | |||||||||||
Assets | $ 52,663 | $ 49,585 | $ 52,663 | $ 49,585 | |||||||
Revenues | 6,874 | $ 5,837 | $ 6,075 | $ 6,499 | 6,656 | $ 6,481 | $ 6,925 | $ 6,936 | 25,285 | 26,998 | $ 26,425 |
Operating income (loss) | 1,083 | $ 903 | $ 1,251 | $ 902 | (44) | $ 984 | $ 1,414 | $ 1,792 | 4,139 | 4,146 | $ 5,062 |
Lease Income | |||||||||||
Lease income | 133 | 148 | |||||||||
ConsolidatedVIE [Member] | |||||||||||
Variable Interest Entities | |||||||||||
Ownership of consolidated VIE | 51.00% | ||||||||||
Variable Interest Entity, Primary Beneficiary [Member] | |||||||||||
Variable Interest Entities | |||||||||||
Assets | 1,390 | 141 | 1,390 | 141 | |||||||
Liabilities | $ 197 | $ 22 | 197 | $ 22 | |||||||
Revenues | 705 | ||||||||||
Operating income (loss) | $ 498 |
Quarterly Financial Data (Una_3
Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | Oct. 30, 2020 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Effect of Fourth Quarter Events [Line Items] | ||||||||||||
Revenues | $ 6,874 | $ 5,837 | $ 6,075 | $ 6,499 | $ 6,656 | $ 6,481 | $ 6,925 | $ 6,936 | $ 25,285 | $ 26,998 | $ 26,425 | |
Operating income (loss) | 1,083 | 903 | 1,251 | 902 | (44) | 984 | 1,414 | 1,792 | 4,139 | 4,146 | 5,062 | |
Net earnings from continuing operations (ViacomCBS and noncontrolling interests) | 802 | 580 | 698 | 504 | (298) | 600 | 953 | 1,944 | 2,584 | 3,199 | 3,357 | |
Net earnings (ViacomCBS and noncontrolling interests) | 829 | 627 | 726 | 519 | (254) | 646 | 983 | 1,964 | 2,701 | 3,339 | 3,492 | |
Net earnings from continuing operations attributable to ViacomCBS | 783 | 568 | 453 | 501 | (302) | 584 | 947 | 1,939 | 2,305 | 3,168 | 3,320 | |
Net earnings attributable to ViacomCBS | $ 810 | $ 615 | $ 481 | $ 516 | $ (258) | $ 630 | $ 977 | $ 1,959 | $ 2,422 | $ 3,308 | $ 3,455 | |
Basic net earnings per common share attributable to ViacomCBS: | ||||||||||||
Net earnings from continuing operations (in dollars per share) | $ 1.27 | $ 0.92 | $ 0.74 | $ 0.82 | $ (0.49) | $ 0.95 | $ 1.54 | $ 3.16 | $ 3.74 | $ 5.15 | $ 5.38 | |
Net earnings (loss) (in dollars per share) | 1.31 | 1 | 0.78 | 0.84 | (0.42) | 1.02 | 1.59 | 3.20 | 3.93 | 5.38 | 5.60 | |
Diluted net earnings per common share attributable to ViacomCBS: | ||||||||||||
Net earnings from continuing operations (in dollars per share) | 1.26 | 0.92 | 0.73 | 0.81 | (0.49) | 0.95 | 1.53 | 3.14 | 3.73 | 5.13 | 5.35 | |
Net earnings (loss) (in dollars per share) | $ 1.31 | $ 1 | $ 0.78 | $ 0.84 | $ (0.42) | $ 1.02 | $ 1.58 | $ 3.18 | $ 3.92 | $ 5.36 | $ 5.56 | |
Weighted average number of common shares outstanding: | ||||||||||||
Basic weighted average number of common shares outstanding (in shares) | 617 | 616 | 615 | 614 | 615 | 615 | 615 | 613 | 616 | 615 | 617 | |
Diluted weighted average number of common shares outstanding (in shares) | 620 | 618 | 617 | 616 | 615 | 617 | 617 | 617 | 618 | 617 | 621 | |
Restructuring and other corporate matters | $ 177 | $ 52 | $ 158 | $ 231 | $ 467 | $ 122 | $ 7 | $ 173 | $ 618 | $ 769 | $ 489 | |
Programming charges | 38 | 121 | $ 589 | 159 | 589 | 162 | ||||||
(Gain) loss on extinguishment of debt | 23 | 103 | 126 | 0 | $ (18) | |||||||
Discrete tax provision (benefit) | $ (117) | (768) | ||||||||||
fuboTV [Member] | ||||||||||||
Weighted average number of common shares outstanding: | ||||||||||||
Equity securities, gain | 174 | $ 32 | $ 213 | |||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | CNET Media Group [Member] | ||||||||||||
Weighted average number of common shares outstanding: | ||||||||||||
Gain on disposition | $ 214 | 214 | ||||||||||
Gain on disposition, net | $ 183 | $ 183 | ||||||||||
CBS Television City [Member] | ||||||||||||
Weighted average number of common shares outstanding: | ||||||||||||
Gain on sale of property and sound stage operation | 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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Allowance for doubtful accounts [Member] | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | $ 80 | $ 81 | $ 97 |
Charged to Expenses and Other Accounts | 32 | 25 | 24 |
Deductions | 27 | 26 | 40 |
Balance at End of Period | 85 | 80 | 81 |
Valuation allowance on deferred tax assets [Member] | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | 547 | 838 | 1,120 |
Charged to Expenses and Other Accounts | 67 | 76 | 37 |
Deductions | 21 | 367 | 319 |
Balance at End of Period | 593 | 547 | 838 |
Reserve for inventory obsolescence [Member] | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | 57 | 54 | 66 |
Charged to Expenses and Other Accounts | 3 | 5 | 0 |
Deductions | 2 | 2 | 12 |
Balance at End of Period | $ 58 | $ 57 | $ 54 |