COVER PAGE
COVER PAGE - shares | 9 Months Ended | |
Sep. 30, 2022 | Oct. 28, 2022 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-09553 | |
Entity Registrant Name | Paramount Global | |
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 Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Central Index Key | 0000813828 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --12-31 | |
Amendment Flag | false | |
Common Class A | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Class A Common Stock, $0.001 par value | |
Trading Symbol | PARAA | |
Security Exchange Name | NASDAQ | |
Shares of common stock outstanding | 40,704,664 | |
Common Class B | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Class B Common Stock, $0.001 par value | |
Trading Symbol | PARA | |
Security Exchange Name | NASDAQ | |
Shares of common stock outstanding | 608,469,747 | |
Series A Convertible Preferred Stock | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 5.75% Series A Mandatory Convertible Preferred Stock, $0.001 par value | |
Trading Symbol | PARAP | |
Security Exchange Name | NASDAQ |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Income Statement [Abstract] | ||||
Revenues | $ 6,916 | $ 6,610 | $ 22,023 | $ 20,586 |
Costs and expenses: | ||||
Operating | 4,460 | 4,064 | 14,362 | 12,292 |
Selling, general and administrative | 1,670 | 1,526 | 4,999 | 4,407 |
Depreciation and amortization | 92 | 95 | 282 | 289 |
Restructuring and other corporate matters | 169 | 46 | 276 | 81 |
Total costs and expenses | 6,391 | 5,731 | 19,919 | 17,069 |
Net gain on dispositions | 41 | 0 | 56 | 116 |
Operating income | 566 | 879 | 2,160 | 3,633 |
Interest expense | (231) | (243) | (701) | (745) |
Interest income | 33 | 11 | 73 | 37 |
Net gains (losses) from investments | (9) | (5) | (9) | 47 |
Loss on extinguishment of debt | 0 | 0 | (120) | (128) |
Other items, net | (36) | (26) | (91) | (55) |
Earnings from continuing operations before income taxes and equity in loss of investee companies | 323 | 616 | 1,312 | 2,789 |
Provision for income taxes | (101) | (120) | (264) | (312) |
Equity in loss of investee companies, net of tax | (58) | (18) | (124) | (80) |
Net earnings from continuing operations | 164 | 478 | 924 | 2,397 |
Net earnings from discontinued operations, net of tax | 78 | 73 | 181 | 126 |
Net earnings (Paramount and noncontrolling interests) | 242 | 551 | 1,105 | 2,523 |
Net earnings attributable to noncontrolling interests | (11) | (13) | (22) | (38) |
Net earnings attributable to Paramount | 231 | 538 | 1,083 | 2,485 |
Amounts attributable to Paramount: | ||||
Net earnings from continuing operations | 153 | 465 | 902 | 2,359 |
Net earnings from discontinued operations, net of tax | 78 | 73 | 181 | 126 |
Net earnings attributable to Paramount | $ 231 | $ 538 | $ 1,083 | $ 2,485 |
Basic net earnings per common share attributable to Paramount: | ||||
Net earnings from continuing operations (in dollars per share) | $ 0.21 | $ 0.70 | $ 1.32 | $ 3.65 |
Net earnings from discontinued operations (in dollars per share) | 0.12 | 0.11 | 0.28 | 0.20 |
Net earnings (in dollars per share) | 0.33 | 0.81 | 1.60 | 3.85 |
Diluted net earnings per common share attributable to Paramount: | ||||
Net earnings from continuing operations (in dollars per share) | 0.21 | 0.69 | 1.32 | 3.62 |
Net earnings from discontinued operations (in dollars per share) | 0.12 | 0.11 | 0.28 | 0.20 |
Net earnings (in dollars per share) | $ 0.33 | $ 0.80 | $ 1.60 | $ 3.81 |
Weighted average number of common shares outstanding: | ||||
Basic (in shares) | 649 | 646 | 649 | 638 |
Diluted (in shares) | 650 | 651 | 650 | 644 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Net earnings (Paramount and noncontrolling interests) | $ 242 | $ 551 | $ 1,105 | $ 2,523 |
Other comprehensive income (loss), net of tax: | ||||
Cumulative translation adjustments | (248) | (59) | (457) | (114) |
Decrease to net actuarial loss and prior service costs | 16 | 33 | 49 | 62 |
Other comprehensive loss from continuing operations, net of tax (Paramount and noncontrolling interests) | (232) | (26) | (408) | (52) |
Other comprehensive loss from discontinued operations | (8) | (5) | (14) | 0 |
Comprehensive income | 2 | 520 | 683 | 2,471 |
Less: Comprehensive income attributable to noncontrolling interests | 10 | 12 | 17 | 37 |
Comprehensive income (loss) attributable to Paramount | $ (8) | $ 508 | $ 666 | $ 2,434 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Current Assets: | ||
Cash and cash equivalents | $ 3,383 | $ 6,267 |
Receivables, net | 6,588 | 6,984 |
Programming and other inventory | 1,492 | 1,504 |
Prepaid expenses and other current assets | 1,263 | 1,176 |
Current assets of discontinued operations | 798 | 745 |
Total current assets | 13,524 | 16,676 |
Property and equipment, net | 1,700 | 1,736 |
Programming and other inventory | 15,449 | 13,358 |
Goodwill | 16,426 | 16,584 |
Intangible assets, net | 2,716 | 2,772 |
Operating lease assets | 1,482 | 1,630 |
Deferred income tax assets, net | 1,254 | 1,206 |
Other assets | 3,929 | 3,824 |
Assets held for sale | 0 | 19 |
Assets of discontinued operations | 807 | 815 |
Total Assets | 57,287 | 58,620 |
Current Liabilities: | ||
Accounts payable | 943 | 800 |
Accrued expenses | 2,071 | 2,323 |
Participants’ share and royalties payable | 2,618 | 2,159 |
Accrued programming and production costs | 1,837 | 1,342 |
Deferred revenues | 796 | 1,091 |
Debt | 196 | 11 |
Other current liabilities | 1,331 | 1,182 |
Current liabilities of discontinued operations | 534 | 571 |
Total current liabilities | 10,326 | 9,479 |
Long-term debt | 15,638 | 17,698 |
Participants’ share and royalties payable | 1,436 | 1,244 |
Pension and postretirement benefit obligations | 1,844 | 1,946 |
Deferred income tax liabilities, net | 1,037 | 1,063 |
Operating lease liabilities | 1,468 | 1,598 |
Program rights obligations | 375 | 404 |
Other liabilities | 1,727 | 1,898 |
Liabilities of discontinued operations | 203 | 213 |
Redeemable noncontrolling interest | 94 | 107 |
Commitments and contingencies (Note 14) | ||
Paramount stockholders’ equity: | ||
5.75% Series A Mandatory Convertible Preferred Stock, par value $.001 per share; 25 shares authorized and 10 shares issued (2022 and 2021) | 0 | 0 |
Additional paid-in capital | 33,034 | 32,918 |
Treasury stock, at cost; 503 (2022 and 2021) Class B shares | (22,958) | (22,958) |
Retained earnings | 14,889 | 14,343 |
Accumulated other comprehensive loss | (2,319) | (1,902) |
Total Paramount stockholders’ equity | 22,647 | 22,402 |
Noncontrolling interests | 492 | 568 |
Total Equity | 23,139 | 22,970 |
Total Liabilities and Equity | 57,287 | 58,620 |
Common Class A | ||
Paramount stockholders’ equity: | ||
Common stock | 0 | 0 |
Common Class B | ||
Paramount stockholders’ equity: | ||
Common stock | $ 1 | $ 1 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Series A Convertible Preferred Stock | ||
Class of Stock [Line Items] | ||
Preferred stock, percentage | 5.75% | 5.75% |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 25,000,000 | 25,000,000 |
Preferred stock, shares issued (in shares) | 10,000,000 | 10,000,000 |
Common Class A | ||
Class of Stock [Line Items] | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 55,000,000 | 55,000,000 |
Common stock, shares issued (in shares) | 41,000,000 | 41,000,000 |
Common Class B | ||
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) | 1,111,000,000 | 1,110,000,000 |
Treasury stock, at cost (in shares) | 503,000,000 | 503,000,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Operating Activities: | ||||
Net earnings (Paramount and noncontrolling interests) | $ 242 | $ 551 | $ 1,105 | $ 2,523 |
Less: Net earnings from discontinued operations, net of tax | 78 | 73 | 181 | 126 |
Net earnings from continuing operations | 164 | 478 | 924 | 2,397 |
Adjustments to reconcile net earnings from continuing operations to net cash flow provided by operating activities from continuing operations: | ||||
Depreciation and amortization | 92 | 95 | 282 | 289 |
Deferred tax benefit | (42) | (21) | ||
Stock-based compensation | 127 | 154 | ||
Net gain on dispositions | (41) | 0 | (56) | (116) |
(Gains) losses from investments | 9 | 5 | 9 | (47) |
Loss on extinguishment of debt | 0 | 0 | 120 | 128 |
Equity in loss of investee companies, net of tax | 58 | 18 | 124 | 80 |
Change in assets and liabilities | (1,269) | (1,336) | ||
Net cash flow provided by operating activities from continuing operations | 219 | 1,528 | ||
Net cash flow provided by operating activities from discontinued operations | 107 | 124 | ||
Net cash flow provided by operating activities | 326 | 1,652 | ||
Investing Activities: | ||||
Investments | (189) | (147) | ||
Capital expenditures | (228) | (231) | ||
Acquisitions, net of cash acquired | 0 | (27) | ||
Proceeds from dispositions | 38 | 418 | ||
Other investing activities | (1) | (26) | ||
Net cash flow used for investing activities from continuing operations | (380) | (13) | ||
Net cash flow used for investing activities from discontinued operations | (3) | (3) | ||
Net cash flow used for investing activities | (383) | (16) | ||
Financing Activities: | ||||
Proceeds from issuance of debt | 1,114 | 48 | ||
Repayment of debt | (3,123) | (2,220) | ||
Dividends paid on preferred stock | (43) | (15) | ||
Dividends paid on common stock | (471) | (458) | ||
Proceeds from issuance of preferred stock | 0 | 983 | ||
Proceeds from issuance of common stock | 0 | 1,672 | ||
Payment of payroll taxes in lieu of issuing shares for stock-based compensation | (14) | (55) | ||
Proceeds from exercise of stock options | 0 | 408 | ||
Payments to noncontrolling interests | (106) | (215) | ||
Other financing activities | (38) | (47) | ||
Net cash flow (used for) provided by financing activities | (2,681) | 101 | ||
Effect of exchange rate changes on cash and cash equivalents | (146) | (30) | ||
Net (decrease) increase in cash, cash equivalents and restricted cash | (2,884) | 1,707 | ||
Cash, cash equivalents and restricted cash at beginning of year (includes $135 (2021) of restricted cash) | 6,267 | 3,119 | ||
Cash, cash equivalents and restricted cash at end of period (includes $3 (2021) of restricted cash) | $ 3,383 | $ 4,826 | $ 3,383 | $ 4,826 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Statement of Cash Flows [Abstract] | ||
Restricted cash and cash equivalents | $ 3 | $ 135 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) shares in Millions, $ in Millions | Total | Total Paramount Stockholders’ Equity | Preferred Stock | Class A and B Common Stock | Additional Paid-In Capital | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Loss | Noncontrolling Interests |
Preferred stock, beginning balance (in shares) at Dec. 31, 2020 | 0 | ||||||||
Common stock, beginning balance (in shares) at Dec. 31, 2020 | 617 | ||||||||
Balance, beginning of period at Dec. 31, 2020 | $ 16,056 | $ 15,371 | $ 0 | $ 1 | $ 29,785 | $ (22,958) | $ 10,375 | $ (1,832) | $ 685 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Stock-based compensation activity (shares) | 9 | ||||||||
Stock-based compensation activity | 503 | 503 | 503 | ||||||
Stock issuances (in shares) | 10 | 20 | |||||||
Stock issuances | 2,655 | 2,655 | 2,655 | ||||||
Preferred stock dividends | (30) | (30) | (30) | ||||||
Common stock dividends | (468) | (468) | (468) | ||||||
Noncontrolling interests | (118) | 94 | 94 | (212) | |||||
Net earnings | 2,523 | 2,485 | 2,485 | 38 | |||||
Other comprehensive loss | (52) | (51) | (51) | (1) | |||||
Preferred stock, ending balance (in shares) at Sep. 30, 2021 | 10 | ||||||||
Common stock, ending balance (in shares) at Sep. 30, 2021 | 646 | ||||||||
Balance, end of period at Sep. 30, 2021 | 21,069 | 20,559 | $ 0 | $ 1 | 32,943 | (22,958) | 12,456 | (1,883) | 510 |
Preferred stock, beginning balance (in shares) at Jun. 30, 2021 | 10 | ||||||||
Common stock, beginning balance (in shares) at Jun. 30, 2021 | 646 | ||||||||
Balance, beginning of period at Jun. 30, 2021 | 20,656 | 20,098 | $ 0 | $ 1 | 32,901 | (22,958) | 12,007 | (1,853) | 558 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Stock-based compensation activity | 42 | 42 | 42 | ||||||
Preferred stock dividends | (14) | (14) | (14) | ||||||
Common stock dividends | (159) | (159) | (159) | ||||||
Noncontrolling interests | 24 | 84 | 84 | (60) | |||||
Net earnings | 551 | 538 | 538 | 13 | |||||
Other comprehensive loss | (31) | (30) | (30) | (1) | |||||
Preferred stock, ending balance (in shares) at Sep. 30, 2021 | 10 | ||||||||
Common stock, ending balance (in shares) at Sep. 30, 2021 | 646 | ||||||||
Balance, end of period at Sep. 30, 2021 | 21,069 | 20,559 | $ 0 | $ 1 | 32,943 | (22,958) | 12,456 | (1,883) | 510 |
Preferred stock, beginning balance (in shares) at Dec. 31, 2021 | 10 | ||||||||
Common stock, beginning balance (in shares) at Dec. 31, 2021 | 648 | ||||||||
Balance, beginning of period at Dec. 31, 2021 | 22,970 | 22,402 | $ 0 | $ 1 | 32,918 | (22,958) | 14,343 | (1,902) | 568 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Stock-based compensation activity (shares) | 1 | ||||||||
Stock-based compensation activity | 116 | 116 | 116 | ||||||
Preferred stock dividends | (43) | (43) | (43) | ||||||
Common stock dividends | (477) | (477) | (477) | ||||||
Noncontrolling interests | (110) | (17) | (17) | (93) | |||||
Net earnings | 1,105 | 1,083 | 1,083 | 22 | |||||
Other comprehensive loss | (422) | (417) | (417) | (5) | |||||
Preferred stock, ending balance (in shares) at Sep. 30, 2022 | 10 | ||||||||
Common stock, ending balance (in shares) at Sep. 30, 2022 | 649 | ||||||||
Balance, end of period at Sep. 30, 2022 | 23,139 | 22,647 | $ 0 | $ 1 | 33,034 | (22,958) | 14,889 | (2,319) | 492 |
Preferred stock, beginning balance (in shares) at Jun. 30, 2022 | 10 | ||||||||
Common stock, beginning balance (in shares) at Jun. 30, 2022 | 649 | ||||||||
Balance, beginning of period at Jun. 30, 2022 | 23,280 | 22,776 | $ 0 | $ 1 | 32,984 | (22,958) | 14,829 | (2,080) | 504 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Stock-based compensation activity | 50 | 50 | 50 | ||||||
Preferred stock dividends | (14) | (14) | (14) | ||||||
Common stock dividends | (159) | (159) | (159) | ||||||
Noncontrolling interests | (20) | 2 | 2 | (22) | |||||
Net earnings | 242 | 231 | 231 | 11 | |||||
Other comprehensive loss | (240) | (239) | (239) | (1) | |||||
Preferred stock, ending balance (in shares) at Sep. 30, 2022 | 10 | ||||||||
Common stock, ending balance (in shares) at Sep. 30, 2022 | 649 | ||||||||
Balance, end of period at Sep. 30, 2022 | $ 23,139 | $ 22,647 | $ 0 | $ 1 | $ 33,034 | $ (22,958) | $ 14,889 | $ (2,319) | $ 492 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | BASIS OF PRESENTATION Description of Business— Effective February 16, 2022, we changed our name from ViacomCBS Inc. to Paramount Global, and effective at the open of market trading on February 17, 2022, our Class A Common Stock, Class B Common Stock and 5.75% Series A Mandatory Convertible Preferred Stock (“Mandatory Convertible Preferred Stock”) ceased trading under the ticker symbols “VIACA,” “VIAC” and “VIACP” and began trading under the ticker symbols “PARAA,” “PARA” and “PARAP,” respectively, on The Nasdaq Stock Market LLC. References to “Paramount,” the “Company,” “we,” “us” and “our” refer to Paramount Global and its consolidated subsidiaries, unless the context otherwise requires. Beginning in 2022, primarily as a result of our increased strategic focus on our direct-to-consumer businesses, we made certain changes to how we manage our businesses and allocate resources that resulted in a change to our operating segments. Our management structure has been reorganized to focus on managing our business as the combination of three parts: a traditional media business, a portfolio of global direct-to-consumer streaming services, and a film studio. Accordingly, beginning in the first quarter of 2022 and for all periods presented we are reporting results based on the following segments: • TV Media— Our TV Media segment consists of our domestic and international broadcast networks, including the CBS Television Network, Network 10, Channel 5, Telefe, and Chilevisión; our premium and basic cable networks, including Showtime, BET, Nickelodeon, MTV, Comedy Central, Paramount Network, Smithsonian Channel, international extensions of these brands, and CBS Sports Network; our television production operations, including CBS Studios, Paramount Television Studios and CBS Media Ventures, which primarily produces or distributes first-run syndicated programming; and our owned broadcast television stations, CBS Stations . • Direct-to-Consumer — Our Direct-to-Consumer segment consists of our portfolio of pay, free and premium global direct-to-consumer streaming services (“DTC services”), including Paramount+, Pluto TV, Showtime Networks’ premium subscription streaming service (Showtime OTT), BET+ and Noggin. • Filmed Entertainment — Our Filmed Entertainment segment consists of Paramount Pictures, Paramount Players, Paramount Animation, Nickelodeon Studio and Miramax . Basis of Presentation— The accompanying unaudited consolidated financial statements have been prepared on a basis consistent with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and pursuant to the rules of the Securities and Exchange Commission (SEC). These financial statements should be read in conjunction with the more detailed financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2021. In the opinion of management, the accompanying unaudited consolidated financial statements reflect all adjustments, consisting only of normal and recurring adjustments, necessary for a fair statement of our financial position, results of operations and cash flows for the periods presented. Certain previously reported amounts have been reclassified to conform to the current presentation. Discontinued Operations— On November 25, 2020, we entered into an agreement to sell our publishing business, Simon & Schuster, which was previously reported as the Publishing segment, to Penguin Random House LLC (“Penguin Random House”), a wholly-owned subsidiary of Bertelsmann SE & Co. KGaA (“Bertelsmann”), 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 2). Use of Estimates— The preparation of our consolidated financial statements in conformity with 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 amounts 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. Net Earnings per Common Share— Basic net earnings per share (“EPS”) is based upon net earnings available to common stockholders divided by the weighted average number of common shares outstanding during the period. Net earnings available to common stockholders is calculated as net earnings from continuing operations or net earnings, as applicable, adjusted to include dividends on our Mandatory Convertible Preferred Stock. Weighted average shares for diluted EPS reflects the effect of the assumed exercise of stock options and vesting of restricted stock units (“RSUs”) or performance stock units (“PSUs”) only in the periods in which such effect would have been dilutive. Diluted EPS also reflects the effect of the assumed conversion of preferred stock, if dilutive, which includes the issuance of common shares in the weighted average number of shares and excludes the above-mentioned preferred stock dividend adjustment to net earnings available to common stockholders. Excluded from the calculation of diluted EPS, because their inclusion would have been antidilutive, were stock options and RSUs of 14 million and 10 million for the three and nine months ended September 30, 2022, respectively, and stock options and RSUs of 6 million and 5 million for the three and nine months ended September 30, 2021, respectively. Also excluded from the calculation of diluted EPS for the three and nine months ended September 30, 2022 and 2021 was the effect of the assumed conversion of 10 million shares of Mandatory Convertible Preferred Stock into shares of common stock because the impact would have been antidilutive. The table below presents a reconciliation of weighted average shares used in the calculation of basic and diluted EPS. Three Months Ended Nine Months Ended September 30, September 30, (in millions) 2022 2021 2022 2021 Weighted average shares for basic EPS 649 646 649 638 Dilutive effect of shares issuable under stock-based compensation plans 1 5 1 6 Weighted average shares for diluted EPS 650 651 650 644 Additionally, because the impact of the assumed conversion of the Mandatory Convertible Preferred Stock would have been antidilutive, net earnings from continuing operations and net earnings used in our calculation of diluted EPS for the three and nine months ended September 30, 2022 and 2021 were adjusted to include the preferred stock dividends recorded during the period. The table below presents a reconciliation of net earnings from continuing operations and net earnings to the amounts used in the calculations of basic and diluted EPS. Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Amounts attributable to Paramount: Net earnings from continuing operations $ 153 $ 465 $ 902 $ 2,359 Preferred stock dividends (14) (14) (43) (30) Net earnings from continuing operations for basic and diluted $ 139 $ 451 $ 859 $ 2,329 Amounts attributable to Paramount: Net earnings $ 231 $ 538 $ 1,083 $ 2,485 Preferred stock dividends (14) (14) (43) (30) Net earnings for basic and diluted EPS calculation $ 217 $ 524 $ 1,040 $ 2,455 Recently Adopted Accounting Pronouncements Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity |
Dispositions
Dispositions | 9 Months Ended |
Sep. 30, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Dispositions | DISPOSITIONS In September 2022, in connection with our funding commitments under our streaming joint venture with Comcast, SkyShowtime, we made a noncash contribution of certain assets of Paramount+ in Denmark, Finland, Norway and Sweden (the “Nordics”) to the joint venture, which resulted in a gain of $41 million. This gain is included in “Net gain on dispositions” on the Consolidated Statements of Operations for the three and nine months ended September 30, 2022. Upon the transfer of these assets, the SkyShowtime service was launched in the Nordics, where it replaced Paramount+. Net gain on dispositions for the nine months ended September 30, 2022 also includes gains on sales totaling $15 million, comprised of a gain from the sale of international intangible assets and a working capital adjustment to the gain from the fourth quarter 2021 sale of CBS Studio Center. During the nine months ended September 30, 2021, we recognized a net gain on dispositions of $116 million, principally relating to the sale of a noncore trademark licensing operation. During the fourth quarter of 2020, we entered into an agreement to sell our publishing business, Simon & Schuster, to Penguin Random House for $2.175 billion in cash. Simon & Schuster is presented as a discontinued operation in our consolidated financial statements for all periods presented. On November 2, 2021, the U.S. Department of Justice filed suit to block the sale. The trial was conducted in August 2022, and in October 2022, the Court issued a decision to block the consummation of the transaction. We are discussing next steps with Bertelsmann and Penguin Random House, including seeking an expedited appeal (see Note 14). The purchase agreement contains commitments on the part of the purchaser to take all necessary steps to obtain any required regulatory approvals and to defend any litigation that would delay or prevent consummation, and also provides for a $200 million termination fee payable to us in certain circumstances in the event the transaction does not close for regulatory reasons. The following table sets forth details of net earnings from discontinued operations for the three and nine months ended September 30, 2022 and 2021, which primarily reflects the results of Simon & Schuster. Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Revenues $ 353 $ 321 $ 863 $ 725 Costs and expenses: Operating 198 182 483 429 Selling, general and administrative 45 38 130 114 Restructuring charges 2 1 2 1 Total costs and expenses (a) 245 221 615 544 Operating income 108 100 248 181 Other items, net (3) (6) (9) (8) Earnings from discontinued operations 105 94 239 173 Income tax provision (b) (27) (21) (58) (47) Net earnings from discontinued operations, net of tax $ 78 $ 73 $ 181 $ 126 (a) Included in total costs and expenses are amounts associated with the release of indemnification obligations for leases relating to a previously disposed business of $15 million and $25 million for the three and nine months ended September 30, 2022, respectively, and $7 million and $9 million for the three and nine months ended September 30, 2021, respectively. (b) The tax provision includes amounts relating to previously disposed businesses of $4 million and $6 million for the three and nine months ended September 30, 2022, respectively, and $2 million and $9 million for the three and nine months ended September 30, 2021, respectively. The following table presents the major classes of assets and liabilities of our discontinued operations. At At September 30, 2022 December 31, 2021 Receivables, net $ 542 $ 536 Other current assets 256 209 Goodwill 434 435 Property and equipment, net 48 46 Operating lease assets 205 203 Other assets 120 131 Total Assets $ 1,605 $ 1,560 Royalties payable $ 156 $ 155 Other current liabilities 378 416 Operating lease liabilities 185 194 Other liabilities 18 19 Total Liabilities $ 737 $ 784 |
Programming and Other Inventory
Programming and Other Inventory | 9 Months Ended |
Sep. 30, 2022 | |
Inventory Disclosure [Abstract] | |
Programming and Other Inventory | PROGRAMMING AND OTHER INVENTORY The following table presents our programming and other inventory at September 30, 2022 and December 31, 2021, grouped by type and predominant monetization strategy. During the first quarter of 2022, in connection with our increased strategic focus on our direct-to-consumer businesses, we reassessed our predominant monetization strategy for certain of our internally-produced content, and determined that it had shifted from individual to film group as a result of expected increased monetization of the content on our DTC services. At At September 30, 2022 December 31, 2021 Film Group Monetization: Acquired program rights, including prepaid sports rights $ 3,433 $ 3,432 Internally-produced television and film programming: Released 5,991 3,808 In process and other 3,620 2,609 Individual Monetization: Acquired libraries 407 441 Film inventory: Released 689 606 Completed, not yet released 132 253 In process and other 1,282 1,303 Internally-produced television programming: Released 556 1,604 In process and other 787 769 Home entertainment 44 37 Total programming and other inventory 16,941 14,862 Less current portion 1,492 1,504 Total noncurrent programming and other inventory $ 15,449 $ 13,358 The following table presents amortization of television and film programming and production costs, which is included within “Operating expenses” on the Consolidated Statements of Operations. Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Programming costs, acquired programming $ 987 $ 1,025 $ 3,632 $ 3,625 Production costs, internally-produced television and film programming: Individual monetization $ 392 $ 735 $ 1,554 $ 2,245 Film group monetization $ 1,202 $ 847 $ 3,646 $ 2,148 |
Related Parties
Related Parties | 9 Months Ended |
Sep. 30, 2022 | |
Related Party Transactions [Abstract] | |
Related Parties | RELATED PARTIES National Amusements, Inc. National Amusements, Inc. (“NAI”) is the controlling stockholder of the Company. At September 30, 2022, NAI directly or indirectly owned approximately 77.4% of our voting Class A Common Stock and approximately 9.8% of our Class A Common Stock and non-voting Class B Common Stock on a combined basis. NAI is controlled by the Sumner M. Redstone National Amusements Part B General Trust (the “General Trust”), which owns 80% of the voting interest of NAI and acts by majority vote of seven voting trustees (subject to certain exceptions), including with respect to the NAI shares held by the General Trust. Shari E. Redstone, Chairperson, CEO and President of NAI and non-executive Chair of our Board of Directors, is one of the seven voting trustees for the General Trust and is one of two voting trustees who are beneficiaries of the General Trust. No member of our management or other member of our Board of Directors is a trustee of the General Trust. 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. Three Months Ended Nine Months Ended September 30, September 30, 2022 (a) 2021 2022 (a) 2021 Revenues $ 83 $ 37 $ 211 $ 175 Operating expenses $ 11 $ 5 $ 17 $ 13 At At September 30, 2022 (a) December 31, 2021 Accounts receivable $ 97 $ 50 (a) Revenues for the three and nine months ended September 30, 2022 and accounts receivable at September 30, 2022 include amounts related to SkyShowtime. 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 | 9 Months Ended |
Sep. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenues | REVENUES The table below presents our revenues disaggregated into categories based on the nature of such revenues. See Note 13 for revenues by segment disaggregated into these categories. Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Revenues by Type: Advertising $ 2,337 $ 2,386 $ 7,746 $ 8,094 Affiliate and subscription 2,863 2,650 8,591 7,701 Theatrical 231 67 1,126 202 Licensing and other 1,485 1,507 4,560 4,589 Total Revenues $ 6,916 $ 6,610 $ 22,023 $ 20,586 Receivables Reserves for accounts receivable reflect our expected credit losses based on historical experience as well as current and expected economic conditions. During the nine months ended September 30, 2022, we recorded charges totaling $46 million following Russia’s invasion of Ukraine in the first quarter of 2022, principally to reserve against amounts due from counterparties in Russia, Belarus and Ukraine. The charges were recorded within “Restructuring and other corporate matters” on the Consolidated Statement of Operations. At September 30, 2022 and December 31, 2021, our allowance for credit losses was $111 million and $80 million, respectively. Included in “Other assets” on the Consolidated Balance Sheets are noncurrent receivables of $1.57 billion and $1.84 billion at September 30, 2022 and December 31, 2021, respectively. Noncurrent receivables primarily relate to revenues recognized under long-term content licensing arrangements. Revenues from the licensing of content are recognized at the beginning of the license period in which programs are made available to the licensee for exhibition, while the related cash is generally collected over the term of the license period. Contract Liabilities Contract liabilities are included within “Deferred revenues” and “Other liabilities” on the Consolidated Balance Sheets and totaled $866 million and $1.20 billion at September 30, 2022 and December 31, 2021, respectively. For each of the nine months ended September 30, 2022 and 2021, we recognized revenues of $0.8 billion that were included in deferred revenues at December 31, 2021 and 2020, respectively. Unrecognized Revenues Under Contract At September 30, 2022, unrecognized revenues attributable to unsatisfied performance obligations under our long-term contracts were approximately $9 billion, of which $1 billion is expected to be recognized for the remainder of 2022, $3 billion in 2023, $2 billion in 2024, and $3 billion 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 contracts 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. |
Debt
Debt | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Debt | DEBT Our debt consists of the following: At At September 30, 2022 December 31, 2021 7.875% Debentures due 2023 $ 139 $ 139 7.125% Senior Notes due 2023 35 35 3.875% Senior Notes due 2024 — 490 3.70% Senior Notes due 2024 — 599 3.50% Senior Notes due 2025 — 597 4.75% Senior Notes due 2025 552 1,242 4.0% Senior Notes due 2026 794 793 3.45% Senior Notes due 2026 124 123 2.90% Senior Notes due 2027 694 692 3.375% Senior Notes due 2028 496 496 3.70% Senior Notes due 2028 494 493 4.20% Senior Notes due 2029 495 494 7.875% Senior Debentures due 2030 830 830 4.95% Senior Notes due 2031 1,225 1,223 4.20% Senior Notes due 2032 974 972 5.50% Senior Debentures due 2033 427 427 4.85% Senior Debentures due 2034 87 87 6.875% Senior Debentures due 2036 1,071 1,070 6.75% Senior Debentures due 2037 75 75 5.90% Senior Notes due 2040 298 298 4.50% Senior Debentures due 2042 45 45 4.85% Senior Notes due 2042 488 488 4.375% Senior Debentures due 2043 1,128 1,123 4.875% Senior Debentures due 2043 18 18 5.85% Senior Debentures due 2043 1,233 1,233 5.25% Senior Debentures due 2044 345 345 4.90% Senior Notes due 2044 541 540 4.60% Senior Notes due 2045 590 590 4.95% Senior Notes due 2050 945 944 5.875% Junior Subordinated Debentures due 2057 — 514 6.25% Junior Subordinated Debentures due 2057 643 643 6.375% Junior Subordinated Debentures due 2062 989 — Other bank borrowings 47 35 Obligations under finance leases 12 16 Total debt (a) 15,834 17,709 Less current portion 196 11 Total long-term debt, net of current portion $ 15,638 $ 17,698 (a) At September 30, 2022 and December 31, 2021, the senior and junior subordinated debt balances included (i) a net unamortized discount of $446 million and $466 million, respectively, and (ii) unamortized deferred financing costs of $91 million and $95 million, respectively. The face value of our total debt was $16.37 billion and $18.27 billion at September 30, 2022 and December 31, 2021, respectively. During the nine months ended September 30, 2022, we redeemed senior notes totaling $2.39 billion, prior to maturity, for an aggregate redemption price of $2.49 billion. Additionally, in February 2022, we redeemed our $520 million of 5.875% junior subordinated debentures due February 2057 at par. These redemptions resulted in a total pre-tax loss on extinguishment of debt of $120 million for the nine months ended September 30, 2022. During the nine months ended September 30, 2022, we issued $1.00 billion of 6.375% junior subordinated debentures due 2062. The interest rate on these debentures will reset on March 30, 2027, and every five years thereafter to a fixed rate equal to the 5-year Treasury Rate (as defined pursuant to the terms of the debentures) plus a spread of 3.999% from March 30, 2027, 4.249% from March 30, 2032 and 4.999% from March 30, 2047. These debentures can be called by us at par plus a make whole premium any time before March 30, 2027, or at par on March 30, 2027, or at any interest payment date thereafter. During the nine months ended September 30, 2021, we redeemed senior notes totaling $1.99 billion, prior to maturity, for an aggregate redemption price of $2.11 billion resulting in a pre-tax loss on extinguishment of debt of $128 million. Our 6.25% junior subordinated debentures due February 2057 accrue interest at the stated fixed rates until February 28, 2027, on which date the rate will switch to a floating rate. Under the terms of the debentures the floating rate is based on three-month LIBOR plus 3.899%, reset quarterly. These debentures can be called by us at par at any time after the expiration of the fixed-rate period. Commercial Paper At both September 30, 2022 and December 31, 2021, we had no outstanding commercial paper borrowings. Credit Facility At September 30, 2022, we had 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 borrowings, 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 the time of each borrowing and are generally based on either the prime rate in the U.S. or an applicable benchmark rate plus a margin (based on our senior unsecured debt rating), depending on the type and tenor of the loans entered. The benchmark rate for loans denominated in euros, sterling and yen is based on EURIBOR, SONIA and TIBOR rates, respectively. 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. On February 14, 2022, we amended our Credit Facility to modify the definition of the Consolidated Total Leverage Ratio in the amended credit agreement to allow unrestricted cash and cash equivalents to be netted against Consolidated Indebtedness through June 2024 . We met the covenant as of September 30, 2022. At September 30, 2022, 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 September 30, 2022 and December 31, 2021, we had bank borrowings under Miramax’s $300 million credit facility, which matures in April 2023, of $47 million and $35 million, respectively, with weighted average interest rates of 5.80% and 3.50%, respectively. |
Financial Instruments and Fair
Financial Instruments and Fair Value Measurements | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments and Fair Value Measurements | FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS The carrying value of our financial instruments approximates fair value, except for notes and debentures. At September 30, 2022 and December 31, 2021, the carrying value of our notes and debentures was $15.78 billion and $17.66 billion, respectively, and the fair value, which is determined based on quoted prices in active markets (Level 1 in the fair value hierarchy) was $13.7 billion and $21.5 billion, respectively. Investments The carrying value of our investments without a readily determinable fair value for which we have no significant influence was $66 million and $59 million at September 30, 2022 and December 31, 2021, respectively. These investments are included in “Other assets” on the Consolidated Balance Sheets. On September 30, 2022, we sold a 37.5% interest in The CW to Nexstar Media Inc. and received a noncash distribution of $139 million, comprised of certain licensing receivables earned by The CW prior to the sale. This transaction, which reduced our ownership in The CW to 12.5%, resulted in a loss of $4 million, which principally consists of transaction costs. This loss, along with an impairment of an investment of $5 million, is recorded in “Net gains (losses) from investments” on the Consolidated Statements of Operations. During the three months ended September 30, 2021, we recorded a net loss from investments of $5 million, reflecting changes in the fair value of a marketable security that was sold during the third quarter of 2021, and during the nine months ended September 30, 2021, we recorded a net gain from investments of $47 million, which included a gain of $37 million from the sale of an investment without a readily determinable fair value and a net gain from changes in the fair value of the marketable security discussed above. These amounts were recorded in “Net gains (losses) from investments” on the Consolidated Statements of Operations. Foreign Exchange Contracts We use derivative financial instruments primarily to modify our exposure to market risks from fluctuations in foreign currency exchange rates. We do not use derivative instruments unless there is an underlying exposure and therefore we do not hold or enter into derivative financial instruments for speculative trading purposes. Foreign exchange 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 September 30, 2022 and December 31, 2021, the notional amount of all foreign exchange contracts was $2.66 billion and $1.94 billion, respectively. At September 30, 2022, $2.04 billion related to future production costs and $621 million related to our foreign currency balances and other expected foreign currency cash flows. At December 31, 2021, $1.38 billion related to future production costs and $564 million related to our foreign currency balances and other expected foreign currency cash flows. Gains recognized on derivative financial instruments were as follows: Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Financial Statement Account Non-designated foreign exchange contracts $ 35 $ 13 $ 75 $ 12 Other items, net The fair value of our derivative instruments was not material to the Consolidated Balance Sheets for any of the periods presented. Fair Value Measurements The table below presents our assets and liabilities that are measured at fair value on a recurring basis at September 30, 2022 and December 31, 2021. 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. All of our assets and liabilities that are measured at fair value on a recurring basis use level 2 inputs. The fair value of foreign currency hedges is determined based on the present value of future cash flows using observable inputs including foreign currency exchange rates. The fair value of deferred compensation liabilities is determined based on the fair value of the investments elected by employees. At At September 30, 2022 December 31, 2021 Assets: Foreign currency hedges $ 59 $ 23 Total Assets $ 59 $ 23 Liabilities: Deferred compensation $ 313 $ 435 Foreign currency hedges 137 29 Total Liabilities $ 450 $ 464 |
Variable Interest Entities
Variable Interest Entities | 9 Months Ended |
Sep. 30, 2022 | |
Variable Interest Entity Disclosure [Abstract] | |
Variable Interest Entities | VARIABLE INTEREST ENTITIESIn 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 variable interest entity (“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 following tables present the amounts recorded in our consolidated financial statements related to our consolidated VIEs. At At September 30, 2022 December 31, 2021 Total assets $ 1,771 $ 1,578 Total liabilities $ 268 $ 184 Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Revenues $ 98 $ 179 $ 287 $ 342 Operating income (loss) $ (35) $ (6) $ (90) $ 2 |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2022 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | STOCKHOLDERS’ EQUITY Stock Offerings On March 26, 2021, we completed offerings of 20 million shares of our Class B Common Stock at a price to the public of $85 per share and 10 million shares of 5.75% Series A Mandatory Convertible Preferred Stock at a price to the public and liquidation preference of $100 per share. The net proceeds from the Class B Common Stock offering and the Mandatory Convertible Preferred Stock offering were approximately $1.67 billion and $983 million, respectively, in each case after deducting underwriting discounts, commissions and estimated offering expenses. Mandatory Convertible Preferred Stock Unless earlier converted, each share of Mandatory Convertible Preferred Stock will automatically and mandatorily convert on the mandatory conversion date, expected to be April 1, 2024, into between 1.0013 and 1.1765 shares of our Class B Common Stock, subject to customary antidilution adjustments. The number of shares of Class B Common Stock issuable upon conversion will be determined based on the average of the volume-weighted average price per share of our Class B Common Stock over the 20 consecutive trading day period commencing on, and including, the 21st scheduled trading day immediately preceding April 1, 2024. Holders of the Mandatory Convertible Preferred Stock (“Holders”) have the right to convert all or any portion of their shares of Mandatory Convertible Preferred Stock at any time prior to April 1, 2024 at the minimum conversion rate of 1.0013 shares of our Class B Common Stock. In addition, the conversion rate applicable to such an early conversion may, in certain circumstances, be increased to compensate Holders for certain unpaid accumulated dividends. However, if a fundamental change (as defined in the Certificate of Designations governing the Mandatory Convertible Preferred Stock) occurs on or prior to April 1, 2024, then Holders will, in certain circumstances, be entitled to convert all or a portion of their shares of Mandatory Convertible Preferred Stock at an increased conversion rate for a specified period of time and receive an amount to compensate them for unpaid accumulated dividends and any remaining future scheduled dividend payments. The Mandatory Convertible Preferred Stock is not redeemable. However, at our option, we may purchase or otherwise acquire (including in an exchange transaction) the Mandatory Convertible Preferred Stock from time to time in the open market, by tender or exchange offer or otherwise, without the consent of, or notice to, Holders. Holders have no voting rights, with certain exceptions. If declared, dividends on the Mandatory Convertible Preferred Stock are payable quarterly through April 1, 2024. Dividends on the Mandatory Convertible Preferred Stock accumulate from the most recent dividend payment date, and will be payable on a cumulative basis when, as and if declared by our Board of Directors, or an authorized committee thereof, at an annual rate of 5.75% of the liquidation preference of $100 per share, payable in cash or, subject to certain limitations, by delivery of shares of Class B Common Stock or through any combination of cash and shares of Class B Common Stock, at our election. If we have not declared any portion of the accumulated and unpaid dividends by April 1, 2024, the conversion rate will be adjusted so that Holders receive an additional number of shares of our Class B Common Stock, with certain limitations. Dividends We declared cash dividends of $.24 per share on our Class A and Class B Common Stock during each of the three-month periods ended September 30, 2022 and 2021, resulting in total dividends of $159 million for each of the respective periods. We declared cash dividends of $.72 per share on our Class A and Class B Common Stock during each of the nine-month periods ended September 30, 2022 and 2021, resulting in total dividends of $477 million and $468 million, respectively. During each of the three quarters of 2022, we declared a quarterly cash dividend of $1.4375 per share on our Mandatory Convertible Preferred Stock, resulting in total dividends of $14.4 million for the three months ended September 30, 2022, and $43.1 million for the nine months ended September 30, 2022. During the second and third quarters of 2021, we declared quarterly cash dividends on our Mandatory Convertible Preferred Stock of $1.5493 per share and $1.4375 per share, respectively. The dividend period for the dividend declared during the second quarter was from March 26, 2021 through July 1, 2021. Accordingly, we recorded dividends on the Mandatory Convertible Preferred Stock of $14.4 million and $29.9 million during the three and nine months ended September 30, 2021, respectively. Accumulated Other Comprehensive Income (Loss) The following tables summarize the changes in the components of accumulated other comprehensive loss. Continuing Operations Discontinued Operations Cumulative Net Actuarial Other Comprehensive Income (Loss) (a) Accumulated At December 31, 2021 $ (445) $ (1,434) $ (23) $ (1,902) Other comprehensive loss before (452) — (14) (466) Reclassifications to net earnings — 49 (b) — 49 Other comprehensive income (loss) (452) 49 (14) (417) At September 30, 2022 $ (897) $ (1,385) $ (37) $ (2,319) Continuing Operations Discontinued Operations Cumulative Net Actuarial Other Comprehensive Income (Loss) (a) Accumulated At December 31, 2020 $ (303) $ (1,509) $ (20) $ (1,832) Other comprehensive income (loss) (113) 11 — (102) Reclassifications to net earnings — 51 (b) — 51 Other comprehensive income (loss) (113) 62 — (51) At September 30, 2021 $ (416) $ (1,447) $ (20) $ (1,883) (a) Reflects cumulative translation adjustments. (b) Reflects amortization of net actuarial losses, which for 2021 includes the accelerated recognition of a portion of the unamortized actuarial losses due to the volume of lump sum benefit payments in one of our pension plans (see Note 11). The net actuarial loss and prior service cost related to pension and other postretirement benefit plans included in other comprehensive income (loss) is net of a tax benefit of $16 million and $20 million for the nine months ended September 30, 2022 and 2021, respectively. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES The provision for income taxes represents federal, state and local, and foreign taxes on earnings from continuing operations before income taxes and equity in loss of investee companies. For the three and nine months ended September 30, 2022, we recorded a provision for income taxes of $101 million and $264 million, reflecting effective income tax rates of 31.3% and 20.1%, respectively. Included in the provision for income taxes for the third quarter of 2022 is a net discrete tax provision of $9 million, which primarily reflects discrete tax provisions realized in connection with the filing of our tax returns in international jurisdictions and from the transfer of subsidiaries in connection with a reorganization of our international operations. These items, together with a net tax benefit of $29 million on other items identified as affecting the comparability of our results during the period (which include charges for restructuring and other corporate matters, and a gain on a disposition) increased our effective income tax rate by 5.0 percentage points. The tax provision for the nine months ended September 30, 2022 included a net discrete tax benefit of $72 million primarily resulting from the transfer of intangible assets between our subsidiaries in connection with a reorganization of our international operations. This item, together with a net tax benefit of $77 million on other items identified as affecting the comparability of our results during the nine-month period (which include charges for restructuring and other corporate matters, a loss on extinguishment of debt, and gains on dispositions) decreased our effective income tax rate by 4.8 percentage points. For the three and nine months ended September 30, 2021, we recorded a provision for income taxes of $120 million and $312 million, reflecting effective income tax rates of 19.5% and 11.2%, respectively. Included in the provision for income taxes for the nine months ended September 30, 2021 are discrete tax benefits of $290 million primarily consisting of a benefit of $260 million to remeasure our UK net deferred income tax asset as a result of the enactment during the second quarter of 2021 of an increase in the UK corporate income tax rate from 19% to 25% beginning April 1, 2023, as well as a net tax benefit in connection with the settlement of income tax audits. For the nine months ended September 30, 2021, these discrete tax benefits, together with a net tax benefit of $14 million on other items identified as affecting the comparability of our results during the period (which include a loss on extinguishment of debt, restructuring and pension settlement charges and net gains from dispositions and investments) reduced our effective income tax rate by 10.5 percentage points. The Company and its subsidiaries file income tax returns with the Internal Revenue Service (“IRS”) and various state and local and foreign jurisdictions. For periods prior to the merger of Viacom Inc. (“Viacom”) with and into CBS Corporation (“CBS”) (the “Merger”), Viacom and CBS filed separate tax returns. For CBS, we are currently under examination by the IRS for the 2017 and 2018 tax years. For Viacom, we are currently under examination by the IRS for the 2016 through 2019 tax years. For tax returns filed as a merged company, we are currently under examination by the IRS for the 2019 tax year. Various tax years are also currently under examination by state and local and foreign tax authorities. With respect to open tax years in all jurisdictions, we currently do not believe that it is reasonably possible that the reserve for uncertain tax positions will significantly change within the next 12 months; however, it is difficult to predict the final outcome or timing of resolution of any particular tax matter and events could cause our current expectation to change in the future. |
Pension and Other Postretiremen
Pension and Other Postretirement Benefits | 9 Months Ended |
Sep. 30, 2022 | |
Retirement Benefits [Abstract] | |
Pension and Other Postretirement Benefits | PENSION AND OTHER POSTRETIREMENT BENEFITS The following table presents the components of net periodic cost for our pension and postretirement benefit plans. The service cost component of net periodic cost is presented on the Consolidated Statements of Operations within operating income and all other components of net periodic cost are included within “Other items, net”. Pension Benefits Postretirement Benefits Three Months Ended September 30, 2022 2021 2022 2021 Components of net periodic cost (a) : Service cost $ — $ — $ 1 $ 1 Interest cost 38 37 2 2 Expected return on plan assets (43) (47) — — Amortization of actuarial loss (gain) (b) 24 23 (4) (4) Settlements (c) — 10 — — Net periodic cost $ 19 $ 23 $ (1) $ (1) Pension Benefits Postretirement Benefits Nine Months Ended September 30, 2022 2021 2022 2021 Components of net periodic cost (a) : Service cost $ — $ — $ 1 $ 1 Interest cost 113 109 6 6 Expected return on plan assets (129) (141) — — Amortization of actuarial loss (gain) (b) 73 70 (11) (11) Settlements (c) — 10 — — Net periodic cost $ 57 $ 48 $ (4) $ (4) (a) Amounts reflect our domestic plans only. (b) Reflects amounts reclassified from accumulated other comprehensive loss to net earnings. (c) Reflects the accelerated recognition of a portion of the unamortized actuarial losses due to the volume of lump sum benefit payments in one of our pension plans. |
Redeemable Noncontrolling Inter
Redeemable Noncontrolling Interests | 9 Months Ended |
Sep. 30, 2022 | |
Noncontrolling Interest [Abstract] | |
Redeemable Noncontrolling Interests | REDEEMABLE NONCONTROLLING INTERESTS On October 31, 2022 we acquired the remaining 40% interest in Nickelodeon UK Limited (“Nick UK”) for £88 million, bringing our ownership to 100%. Prior to this transaction, we were subject to a redeemable put option with respect to Nick UK, which is classified as “Redeemable noncontrolling interest” on the Consolidated Balance Sheets. The activity reflected within redeemable noncontrolling interest for the nine months ended September 30, 2022 and 2021 is presented below. Nine Months Ended September 30, 2022 2021 Beginning balance $ 107 $ 197 Net earnings 2 8 Distributions (5) (4) Translation adjustment (27) (4) Redemption value adjustment 17 (94) Ending balance $ 94 $ 103 |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2022 | |
Segment Reporting [Abstract] | |
Segment Information | SEGMENT INFORMATION The tables below set forth our financial information 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. Beginning in 2022, primarily as a result of our increased strategic focus on our direct-to-consumer businesses, we made certain changes to how we manage our businesses and allocate resources that resulted in the changes described below. Prior period results have been recast to conform to these presentation changes. Management Structure Change Our management structure has been reorganized to focus on managing our business as the combination of three parts: a traditional media business, a portfolio of global DTC services, and a film studio. As a result, we realigned our operating segments and accordingly, beginning in the first quarter of 2022, and for all periods presented we are reporting results based on the segments in the tables below (see Note 1 for a description of each operating segment). In connection with the management structure change, we also reassessed our reporting units and reallocated goodwill from the reporting units that existed prior to the change, to the new reporting units, using a relative fair value approach. We performed goodwill impairment tests as of January 1, 2022 on both the reporting units in place prior to the change and the new reporting units and concluded that the estimated fair values of each of the reporting units exceeded their respective carrying values and therefore no impairment charge was necessary. Intercompany License Fees Concurrent with the change to our operating segments, we changed the way we record intersegment content licensing. Under our previous segment structure, management evaluated the results of our segments including intersegment content licensing at market value as if the sales were to third parties. Therefore, the licensor segment recorded intercompany license fee revenues and profits and the licensee segment recorded production costs in the amount of the license fee charged by the licensor, which generally reflected the cost to the Company plus a margin. The intercompany revenues and the margin embedded in the cost to the licensee were eliminated in consolidation. Under our new segment structure, management evaluates the results of the segments using an allocation of the total cost of content from the licensor segment to each licensee segment utilizing the content. As a result, content costs are allocated across segments based on the relative value of the distribution windows within each segment. The allocation is recorded by the licensor segment as a reduction of content cost and no intersegment licensing revenues or profits are recorded. Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Revenues: Advertising $ 1,973 $ 2,039 $ 6,668 $ 7,230 Affiliate and subscription 2,000 2,108 6,156 6,303 Licensing and other 975 1,073 3,025 2,899 TV Media 4,948 5,220 15,849 16,432 Advertising 363 348 1,073 857 Subscription 863 542 2,435 1,398 Direct-to-Consumer 1,226 890 3,508 2,255 Advertising 3 2 17 14 Theatrical 231 67 1,126 202 Licensing and other 549 461 1,627 1,777 Filmed Entertainment 783 530 2,770 1,993 Eliminations (41) (30) (104) (94) Total Revenues $ 6,916 $ 6,610 $ 22,023 $ 20,586 Revenues generated between segments are principally from intersegment arrangements for the distribution of content, rental of studio space, and advertising, as well as licensing revenues earned from third parties who license our content to our internal platforms either through a sub-license or co-production arrangement. These transactions are recorded at market value as if the sales were to third parties and are eliminated in consolidation. Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Intercompany Revenues: TV Media $ 9 $ 19 $ 33 $ 38 Direct-to-Consumer — 1 — 2 Filmed Entertainment 32 10 71 54 Total Intercompany Revenues $ 41 $ 30 $ 104 $ 94 We present operating income excluding depreciation and amortization, stock-based compensation, costs for restructuring and other corporate matters and net gain on dispositions, 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 since it is the primary method used by our management. 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. Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Adjusted OIBDA: TV Media $ 1,231 $ 1,385 $ 4,155 $ 4,654 Direct-to-Consumer (343) (198) (1,244) (490) Filmed Entertainment 41 (24) 185 207 Corporate/Eliminations (104) (111) (320) (351) Stock-based compensation (a) (39) (32) (114) (133) Depreciation and amortization (92) (95) (282) (289) Restructuring and other corporate matters (169) (46) (276) (81) Net gain on dispositions 41 — 56 116 Operating income 566 879 2,160 3,633 Interest expense (231) (243) (701) (745) Interest income 33 11 73 37 Net gains (losses) from investments (9) (5) (9) 47 Loss on extinguishment of debt — — (120) (128) Other items, net (36) (26) (91) (55) Earnings from continuing operations before income taxes and 323 616 1,312 2,789 Provision for income taxes (101) (120) (264) (312) Equity in loss of investee companies, net of tax (58) (18) (124) (80) Net earnings from continuing operations 164 478 924 2,397 Net earnings from discontinued operations, net of tax 78 73 181 126 Net earnings (Paramount and noncontrolling interests) 242 551 1,105 2,523 Net earnings attributable to noncontrolling interests (11) (13) (22) (38) Net earnings attributable to Paramount $ 231 $ 538 $ 1,083 $ 2,485 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES 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 September 30, 2022, the outstanding letters of credit and surety bonds approximated $174 million and were not recorded on the Consolidated Balance Sheet. CBS Television City In connection with the sale of the CBS Television City property and sound stage operation (“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 September 30, 2022 is a liability totaling $51 million, reflecting the present value of the estimated amount remaining under the guarantee obligation. Lease Guarantees We have certain indemnification obligations with respect to leases primarily associated with the previously discontinued operations of Famous Players Inc. These lease commitments totaled $25 million at September 30, 2022 and are presented within “Other liabilities” on the Consolidated Balance Sheet. The amount of lease commitments varies over time depending on the 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. Other 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. Stockholder Matters 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 the Company as nominal defendant. 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 is proceeding. We believe that the remaining claims are without merit and we intend to defend against them vigorously. 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 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 is proceeding. We believe that the remaining claims are without merit and we intend to defend against them vigorously. 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 with respect to the termination of Mr. Moonves’ employment. 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 reached an agreement with the plaintiffs to settle the lawsuit for $14.75 million, which will be paid by the Company’s insurers. The settlement, which includes no admission of liability or wrongdoing by the Company, was granted preliminary approval by the Court on May 13, 2022 and is subject to final approval. We also received subpoenas or requests for information from the New York County District Attorney’s Office, the New York City Commission on Human Rights, the New York State Attorney General’s Office and the United States Securities and Exchange Commission regarding the subject matter of the CBS Board of Directors’ investigation and related matters, including with respect to CBS’ related public disclosures. We have reached an agreement in principle to resolve the matter with the Investor Protection Bureau of the New York State Attorney General’s Office. After credits for the settlement amount to be paid in the consolidated federal securities class action discussed above, and certain financial commitments to human resources-related programs made by CBS in connection with an earlier resolution with the Civil Rights Bureau of the New York State Attorney General’s Office, the Company has agreed to make a payment of $7.25 million, which by agreement with the Investor Protection Bureau will be distributed in connection with the federal securities class action settlement discussed above, subject to the court’s approval of the class action settlement. The resolution includes no admission of liability or wrongdoing by the Company. We may continue to receive additional related regulatory and investigative inquiries from these and other entities in the future. Litigation Related to Stock Offerings On August 13, 2021, Camelot Event Driven Fund filed a putative securities class action lawsuit in New York Supreme Court, County of New York, and on November 5, 2021, an amended complaint was filed that, among other changes, added an additional named plaintiff (the “Complaint”). The Complaint is purportedly on behalf of investors who purchased shares of the Company’s Class B Common Stock and 5.75% Series A Mandatory Convertible Preferred Stock pursuant to public securities offerings completed in March 2021, and was filed against the Company, certain senior executives, members of our Board of Directors, and the underwriters involved in the offerings. The Complaint asserts violations of federal securities law and alleges that the offering documents contained material misstatements and omissions, including through an alleged failure to adequately disclose certain total return swap transactions involving Archegos Capital Management referenced to our securities and related alleged risks to the Company’s stock price. On December 22, 2021, the plaintiffs filed a stipulation seeking the voluntary dismissal without prejudice of the outside director defendants from the lawsuit, which the Court subsequently ordered. On the same date, the defendants filed motions to dismiss the lawsuit, which are pending. The complaint seeks unspecified compensatory damages, as well as other relief. We believe that the claims are without merit and intend to defend against them vigorously. 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 have reached an agreement in principle with the plaintiffs to settle the lawsuit. The settlement, which will include no admission of liability or wrongdoing by the Company, will be subject to Court approval. Litigation Related to the Proposed Sale of Simon & Schuster On November 2, 2021, the U.S. Department of Justice (the “DOJ”) filed suit in the United States District Court for the District of Columbia to block our sale of the Simon & Schuster business to Penguin Random House (the “Transaction”) pursuant to a Share Purchase Agreement (“Purchase Agreement”), dated November 24, 2020, between the Company, certain of its subsidiaries, Penguin Random House and Bertelsmann SE & Co. KGaA. The DOJ asserted that the sale of Simon & Schuster would reduce competition for the acquisition of titles. The trial was conducted in August 2022, and in October 2022, the Court issued a decision to block the consummation of the Transaction. We are discussing next steps with Bertelsmann and Penguin Random House, including seeking an expedited appeal. The Purchase Agreement contains customary representations and warranties and covenants, including commitments on the part of Penguin Random House to take all necessary steps to obtain any required regulatory approvals and to defend any litigation that would delay or prevent consummation, and also provides for a $200 million termination fee payable to the Company in certain circumstances in the event the Transaction does not close for regulatory reasons. 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 September 30, 2022, we had pending approximately 25,880 asbestos claims, as compared with approximately 27,770 as of December 31, 2021. During the third quarter of 2022, we received approximately 660 new claims and closed or moved to an inactive docket approximately 1,570 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 2021 and 2020 for settlement and defense of asbestos claims after insurance recoveries and net of tax were approximately $63 million and $35 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 | 9 Months Ended |
Sep. 30, 2022 | |
Additional Financial Information Disclosure [Abstract] | |
Supplemental Financial Information | SUPPLEMENTAL FINANCIAL INFORMATION Supplemental Cash Flow Information Nine Months Ended September 30, 2022 2021 Cash paid for interest $ 755 $ 783 Cash paid for income taxes: Continuing operations $ 31 $ 171 Discontinued operations $ 11 $ 40 Noncash additions to operating lease assets $ 127 $ 180 Lease Income 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, including both fixed and variable amounts, of $16 million and $50 million for the three and nine months ended September 30, 2022, respectively, and $42 million and $113 million for the three and nine months ended September 30, 2021, respectively. The lower lease income for the three and nine months ended September 30, 2022 compared with the same periods in 2021 is the result of the sales of a production facility and an office building during the fourth quarter of 2021. Restructuring and Other Corporate Matters During the three and nine months ended September 30, 2022 and 2021, we recorded the following costs associated with restructuring and other corporate matters. Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 TV Media $ 77 $ 5 $ 86 $ 5 Direct-to-Consumer — — 1 — Filmed Entertainment — 26 18 26 Corporate — 15 — 15 Severance (a) 77 46 105 46 Exit costs 8 — 8 35 Restructuring charges 85 46 113 81 Other corporate matters 84 — 163 — Restructuring and other corporate matters $ 169 $ 46 $ 276 $ 81 (a) Severance costs include the accelerated vesting of stock-based compensation. During the three and nine months ended September 30, 2022, we recorded restructuring charges of $85 million and $113 million, respectively, which are comprised of severance costs and the impairment of lease assets in each period. The severance costs are primarily associated with changes in management following the realignment of our operating segments. The lease impairments relate to lease assets that we ceased use of with the intent to sublease in connection with initiatives to reduce our real estate footprint in New York City. During the three and nine months ended September 30, 2021, we recorded restructuring charges of $46 million and $81 million, respectively. The charges for the three-month period were for severance costs primarily associated with changes in management at certain of our businesses. The charges for the nine-month period also included $35 million for the impairment of lease assets that we determined we would not use and began actively marketing for sublease. This determination was made in connection with cost-transformation initiatives related to the Merger. The impairment was the result of a decline in market conditions since inception of these leases and reflects the difference between the estimated fair values, which were determined based on the expected discounted future cash flows of the lease assets, and the carrying values. At September 30, 2022 and December 31, 2021, our restructuring liability was $173 million and $190 million, respectively, and was recorded in “Other current liabilities” and “Other liabilities” on the Consolidated Balance Sheets. During the nine months ended September 30, 2022, we made payments for restructuring of $94 million. The liability at September 30, 2022, which principally relates to severance payments, is expected to be substantially paid by the end of 2023. In addition, for the three and nine months ended September 30, 2022, we recorded charges for other corporate matters of $84 million and $163 million, respectively, of which $77 million and $117 million, respectively, is associated with litigation described under Legal Matters — Stockholder Matters |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Use of Estimates | Use of Estimates—The preparation of our consolidated financial statements in conformity with 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 amounts 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. |
Net Earnings per Common Share | Net Earnings per Common Share— Basic net earnings per share (“EPS”) is based upon net earnings available to common stockholders divided by the weighted average number of common shares outstanding during the period. Net earnings available to common stockholders is calculated as net earnings from continuing operations or net earnings, as applicable, adjusted to include dividends on our Mandatory Convertible Preferred Stock. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity |
Basis of Presentation (Tables)
Basis of Presentation (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
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. Three Months Ended Nine Months Ended September 30, September 30, (in millions) 2022 2021 2022 2021 Weighted average shares for basic EPS 649 646 649 638 Dilutive effect of shares issuable under stock-based compensation plans 1 5 1 6 Weighted average shares for diluted EPS 650 651 650 644 |
Schedule of Earnings Per Share, Basic and Diluted | The table below presents a reconciliation of net earnings from continuing operations and net earnings to the amounts used in the calculations of basic and diluted EPS. Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Amounts attributable to Paramount: Net earnings from continuing operations $ 153 $ 465 $ 902 $ 2,359 Preferred stock dividends (14) (14) (43) (30) Net earnings from continuing operations for basic and diluted $ 139 $ 451 $ 859 $ 2,329 Amounts attributable to Paramount: Net earnings $ 231 $ 538 $ 1,083 $ 2,485 Preferred stock dividends (14) (14) (43) (30) Net earnings for basic and diluted EPS calculation $ 217 $ 524 $ 1,040 $ 2,455 |
Dispositions (Tables)
Dispositions (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Discontinued Operations | The following table sets forth details of net earnings from discontinued operations for the three and nine months ended September 30, 2022 and 2021, which primarily reflects the results of Simon & Schuster. Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Revenues $ 353 $ 321 $ 863 $ 725 Costs and expenses: Operating 198 182 483 429 Selling, general and administrative 45 38 130 114 Restructuring charges 2 1 2 1 Total costs and expenses (a) 245 221 615 544 Operating income 108 100 248 181 Other items, net (3) (6) (9) (8) Earnings from discontinued operations 105 94 239 173 Income tax provision (b) (27) (21) (58) (47) Net earnings from discontinued operations, net of tax $ 78 $ 73 $ 181 $ 126 (a) Included in total costs and expenses are amounts associated with the release of indemnification obligations for leases relating to a previously disposed business of $15 million and $25 million for the three and nine months ended September 30, 2022, respectively, and $7 million and $9 million for the three and nine months ended September 30, 2021, respectively. (b) The tax provision includes amounts relating to previously disposed businesses of $4 million and $6 million for the three and nine months ended September 30, 2022, respectively, and $2 million and $9 million for the three and nine months ended September 30, 2021, respectively. The following table presents the major classes of assets and liabilities of our discontinued operations. At At September 30, 2022 December 31, 2021 Receivables, net $ 542 $ 536 Other current assets 256 209 Goodwill 434 435 Property and equipment, net 48 46 Operating lease assets 205 203 Other assets 120 131 Total Assets $ 1,605 $ 1,560 Royalties payable $ 156 $ 155 Other current liabilities 378 416 Operating lease liabilities 185 194 Other liabilities 18 19 Total Liabilities $ 737 $ 784 |
Programming and Other Invento_2
Programming and Other Inventory (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Inventory Disclosure [Abstract] | |
Current Programming and Other Inventory | The following table presents our programming and other inventory at September 30, 2022 and December 31, 2021, grouped by type and predominant monetization strategy. During the first quarter of 2022, in connection with our increased strategic focus on our direct-to-consumer businesses, we reassessed our predominant monetization strategy for certain of our internally-produced content, and determined that it had shifted from individual to film group as a result of expected increased monetization of the content on our DTC services. At At September 30, 2022 December 31, 2021 Film Group Monetization: Acquired program rights, including prepaid sports rights $ 3,433 $ 3,432 Internally-produced television and film programming: Released 5,991 3,808 In process and other 3,620 2,609 Individual Monetization: Acquired libraries 407 441 Film inventory: Released 689 606 Completed, not yet released 132 253 In process and other 1,282 1,303 Internally-produced television programming: Released 556 1,604 In process and other 787 769 Home entertainment 44 37 Total programming and other inventory 16,941 14,862 Less current portion 1,492 1,504 Total noncurrent programming and other inventory $ 15,449 $ 13,358 |
Noncurrent Programming and Other Inventory | The following table presents our programming and other inventory at September 30, 2022 and December 31, 2021, grouped by type and predominant monetization strategy. During the first quarter of 2022, in connection with our increased strategic focus on our direct-to-consumer businesses, we reassessed our predominant monetization strategy for certain of our internally-produced content, and determined that it had shifted from individual to film group as a result of expected increased monetization of the content on our DTC services. At At September 30, 2022 December 31, 2021 Film Group Monetization: Acquired program rights, including prepaid sports rights $ 3,433 $ 3,432 Internally-produced television and film programming: Released 5,991 3,808 In process and other 3,620 2,609 Individual Monetization: Acquired libraries 407 441 Film inventory: Released 689 606 Completed, not yet released 132 253 In process and other 1,282 1,303 Internally-produced television programming: Released 556 1,604 In process and other 787 769 Home entertainment 44 37 Total programming and other inventory 16,941 14,862 Less current portion 1,492 1,504 Total noncurrent programming and other inventory $ 15,449 $ 13,358 |
Programming and Production Costs | The following table presents amortization of television and film programming and production costs, which is included within “Operating expenses” on the Consolidated Statements of Operations. Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Programming costs, acquired programming $ 987 $ 1,025 $ 3,632 $ 3,625 Production costs, internally-produced television and film programming: Individual monetization $ 392 $ 735 $ 1,554 $ 2,245 Film group monetization $ 1,202 $ 847 $ 3,646 $ 2,148 |
Related Parties (Tables)
Related Parties (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | The following tables present the amounts recorded in our consolidated financial statements related to these transactions. Three Months Ended Nine Months Ended September 30, September 30, 2022 (a) 2021 2022 (a) 2021 Revenues $ 83 $ 37 $ 211 $ 175 Operating expenses $ 11 $ 5 $ 17 $ 13 At At September 30, 2022 (a) December 31, 2021 Accounts receivable $ 97 $ 50 (a) Revenues for the three and nine months ended September 30, 2022 and accounts receivable at September 30, 2022 include amounts related to SkyShowtime. |
Revenues (Tables)
Revenues (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The table below presents our revenues disaggregated into categories based on the nature of such revenues. See Note 13 for revenues by segment disaggregated into these categories. Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Revenues by Type: Advertising $ 2,337 $ 2,386 $ 7,746 $ 8,094 Affiliate and subscription 2,863 2,650 8,591 7,701 Theatrical 231 67 1,126 202 Licensing and other 1,485 1,507 4,560 4,589 Total Revenues $ 6,916 $ 6,610 $ 22,023 $ 20,586 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | Our debt consists of the following: At At September 30, 2022 December 31, 2021 7.875% Debentures due 2023 $ 139 $ 139 7.125% Senior Notes due 2023 35 35 3.875% Senior Notes due 2024 — 490 3.70% Senior Notes due 2024 — 599 3.50% Senior Notes due 2025 — 597 4.75% Senior Notes due 2025 552 1,242 4.0% Senior Notes due 2026 794 793 3.45% Senior Notes due 2026 124 123 2.90% Senior Notes due 2027 694 692 3.375% Senior Notes due 2028 496 496 3.70% Senior Notes due 2028 494 493 4.20% Senior Notes due 2029 495 494 7.875% Senior Debentures due 2030 830 830 4.95% Senior Notes due 2031 1,225 1,223 4.20% Senior Notes due 2032 974 972 5.50% Senior Debentures due 2033 427 427 4.85% Senior Debentures due 2034 87 87 6.875% Senior Debentures due 2036 1,071 1,070 6.75% Senior Debentures due 2037 75 75 5.90% Senior Notes due 2040 298 298 4.50% Senior Debentures due 2042 45 45 4.85% Senior Notes due 2042 488 488 4.375% Senior Debentures due 2043 1,128 1,123 4.875% Senior Debentures due 2043 18 18 5.85% Senior Debentures due 2043 1,233 1,233 5.25% Senior Debentures due 2044 345 345 4.90% Senior Notes due 2044 541 540 4.60% Senior Notes due 2045 590 590 4.95% Senior Notes due 2050 945 944 5.875% Junior Subordinated Debentures due 2057 — 514 6.25% Junior Subordinated Debentures due 2057 643 643 6.375% Junior Subordinated Debentures due 2062 989 — Other bank borrowings 47 35 Obligations under finance leases 12 16 Total debt (a) 15,834 17,709 Less current portion 196 11 Total long-term debt, net of current portion $ 15,638 $ 17,698 |
Financial Instruments and Fai_2
Financial Instruments and Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments | Gains recognized on derivative financial instruments were as follows: Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Financial Statement Account Non-designated foreign exchange contracts $ 35 $ 13 $ 75 $ 12 Other items, net |
Fair Value Measurements | The table below presents our assets and liabilities that are measured at fair value on a recurring basis at September 30, 2022 and December 31, 2021. 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. All of our assets and liabilities that are measured at fair value on a recurring basis use level 2 inputs. The fair value of foreign currency hedges is determined based on the present value of future cash flows using observable inputs including foreign currency exchange rates. The fair value of deferred compensation liabilities is determined based on the fair value of the investments elected by employees. At At September 30, 2022 December 31, 2021 Assets: Foreign currency hedges $ 59 $ 23 Total Assets $ 59 $ 23 Liabilities: Deferred compensation $ 313 $ 435 Foreign currency hedges 137 29 Total Liabilities $ 450 $ 464 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Variable Interest Entity Disclosure [Abstract] | |
Schedule of Variable Interest Entities | The following tables present the amounts recorded in our consolidated financial statements related to our consolidated VIEs. At At September 30, 2022 December 31, 2021 Total assets $ 1,771 $ 1,578 Total liabilities $ 268 $ 184 Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Revenues $ 98 $ 179 $ 287 $ 342 Operating income (loss) $ (35) $ (6) $ (90) $ 2 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following tables summarize the changes in the components of accumulated other comprehensive loss. Continuing Operations Discontinued Operations Cumulative Net Actuarial Other Comprehensive Income (Loss) (a) Accumulated At December 31, 2021 $ (445) $ (1,434) $ (23) $ (1,902) Other comprehensive loss before (452) — (14) (466) Reclassifications to net earnings — 49 (b) — 49 Other comprehensive income (loss) (452) 49 (14) (417) At September 30, 2022 $ (897) $ (1,385) $ (37) $ (2,319) Continuing Operations Discontinued Operations Cumulative Net Actuarial Other Comprehensive Income (Loss) (a) Accumulated At December 31, 2020 $ (303) $ (1,509) $ (20) $ (1,832) Other comprehensive income (loss) (113) 11 — (102) Reclassifications to net earnings — 51 (b) — 51 Other comprehensive income (loss) (113) 62 — (51) At September 30, 2021 $ (416) $ (1,447) $ (20) $ (1,883) (a) Reflects cumulative translation adjustments. (b) Reflects amortization of net actuarial losses, which for 2021 includes the accelerated recognition of a portion of the unamortized actuarial losses due to the volume of lump sum benefit payments in one of our pension plans (see Note 11). |
Pension and Other Postretirem_2
Pension and Other Postretirement Benefits (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Retirement Benefits [Abstract] | |
Pension and Other Postretirement Benefits | The following table presents the components of net periodic cost for our pension and postretirement benefit plans. The service cost component of net periodic cost is presented on the Consolidated Statements of Operations within operating income and all other components of net periodic cost are included within “Other items, net”. Pension Benefits Postretirement Benefits Three Months Ended September 30, 2022 2021 2022 2021 Components of net periodic cost (a) : Service cost $ — $ — $ 1 $ 1 Interest cost 38 37 2 2 Expected return on plan assets (43) (47) — — Amortization of actuarial loss (gain) (b) 24 23 (4) (4) Settlements (c) — 10 — — Net periodic cost $ 19 $ 23 $ (1) $ (1) Pension Benefits Postretirement Benefits Nine Months Ended September 30, 2022 2021 2022 2021 Components of net periodic cost (a) : Service cost $ — $ — $ 1 $ 1 Interest cost 113 109 6 6 Expected return on plan assets (129) (141) — — Amortization of actuarial loss (gain) (b) 73 70 (11) (11) Settlements (c) — 10 — — Net periodic cost $ 57 $ 48 $ (4) $ (4) (a) Amounts reflect our domestic plans only. (b) Reflects amounts reclassified from accumulated other comprehensive loss to net earnings. (c) Reflects the accelerated recognition of a portion of the unamortized actuarial losses due to the volume of lump sum benefit payments in one of our pension plans. |
Redeemable Noncontrolling Int_2
Redeemable Noncontrolling Interest (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Noncontrolling Interest [Abstract] | |
Redeemable Noncontrolling Interests | The activity reflected within redeemable noncontrolling interest for the nine months ended September 30, 2022 and 2021 is presented below. Nine Months Ended September 30, 2022 2021 Beginning balance $ 107 $ 197 Net earnings 2 8 Distributions (5) (4) Translation adjustment (27) (4) Redemption value adjustment 17 (94) Ending balance $ 94 $ 103 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Segment Reporting [Abstract] | |
Revenues by Segment | Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Revenues: Advertising $ 1,973 $ 2,039 $ 6,668 $ 7,230 Affiliate and subscription 2,000 2,108 6,156 6,303 Licensing and other 975 1,073 3,025 2,899 TV Media 4,948 5,220 15,849 16,432 Advertising 363 348 1,073 857 Subscription 863 542 2,435 1,398 Direct-to-Consumer 1,226 890 3,508 2,255 Advertising 3 2 17 14 Theatrical 231 67 1,126 202 Licensing and other 549 461 1,627 1,777 Filmed Entertainment 783 530 2,770 1,993 Eliminations (41) (30) (104) (94) Total Revenues $ 6,916 $ 6,610 $ 22,023 $ 20,586 |
Intercompany Revenues by Segment | Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Intercompany Revenues: TV Media $ 9 $ 19 $ 33 $ 38 Direct-to-Consumer — 1 — 2 Filmed Entertainment 32 10 71 54 Total Intercompany Revenues $ 41 $ 30 $ 104 $ 94 |
Adjusted OIBDA by Segment and Reconciliation to Net Earnings (Loss) | Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Adjusted OIBDA: TV Media $ 1,231 $ 1,385 $ 4,155 $ 4,654 Direct-to-Consumer (343) (198) (1,244) (490) Filmed Entertainment 41 (24) 185 207 Corporate/Eliminations (104) (111) (320) (351) Stock-based compensation (a) (39) (32) (114) (133) Depreciation and amortization (92) (95) (282) (289) Restructuring and other corporate matters (169) (46) (276) (81) Net gain on dispositions 41 — 56 116 Operating income 566 879 2,160 3,633 Interest expense (231) (243) (701) (745) Interest income 33 11 73 37 Net gains (losses) from investments (9) (5) (9) 47 Loss on extinguishment of debt — — (120) (128) Other items, net (36) (26) (91) (55) Earnings from continuing operations before income taxes and 323 616 1,312 2,789 Provision for income taxes (101) (120) (264) (312) Equity in loss of investee companies, net of tax (58) (18) (124) (80) Net earnings from continuing operations 164 478 924 2,397 Net earnings from discontinued operations, net of tax 78 73 181 126 Net earnings (Paramount and noncontrolling interests) 242 551 1,105 2,523 Net earnings attributable to noncontrolling interests (11) (13) (22) (38) Net earnings attributable to Paramount $ 231 $ 538 $ 1,083 $ 2,485 |
Supplemental Financial Inform_2
Supplemental Financial Information (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Additional Financial Information Disclosure [Abstract] | |
Supplemental Cash Flow Information | Supplemental Cash Flow Information Nine Months Ended September 30, 2022 2021 Cash paid for interest $ 755 $ 783 Cash paid for income taxes: Continuing operations $ 31 $ 171 Discontinued operations $ 11 $ 40 Noncash additions to operating lease assets $ 127 $ 180 |
Restructuring Charges by Type | During the three and nine months ended September 30, 2022 and 2021, we recorded the following costs associated with restructuring and other corporate matters. Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 TV Media $ 77 $ 5 $ 86 $ 5 Direct-to-Consumer — — 1 — Filmed Entertainment — 26 18 26 Corporate — 15 — 15 Severance (a) 77 46 105 46 Exit costs 8 — 8 35 Restructuring charges 85 46 113 81 Other corporate matters 84 — 163 — Restructuring and other corporate matters $ 169 $ 46 $ 276 $ 81 (a) Severance costs include the accelerated vesting of stock-based compensation. |
Basis of Presentation - Narrati
Basis of Presentation - Narrative (Details) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Mar. 26, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | Nov. 25, 2020 | |
Stock Options and RSUs | |||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 14 | 6 | 10 | 5 | |||
Mandatory Convertible Preferred Stock | |||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 10 | 10 | 10 | 10 | |||
Simon And Schuster | Discontinued Operations, Disposed of by Sale | |||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||
Sale of business, consideration | $ 2,175 | ||||||
Mandatory Convertible Preferred Stock | |||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||
Preferred stock, percentage | 5.75% | 5.75% | 5.75% |
Basis of Presentation - Reconci
Basis of Presentation - Reconciliation from Basic to Diluted Shares (Details) - shares shares in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Weighted average shares for basic EPS (in shares) | 649 | 646 | 649 | 638 |
Dilutive effect of shares issuable under stock-based compensation plans (in shares) | 1 | 5 | 1 | 6 |
Weighted average shares for diluted EPS (in shares) | 650 | 651 | 650 | 644 |
Basis of Presentation - Schedul
Basis of Presentation - Schedule of earnings per share, basic and diluted (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Net earnings from continuing operations | $ 153 | $ 465 | $ 902 | $ 2,359 |
Preferred stock dividends | (14) | (14) | (43) | (30) |
Net earnings from continuing operations for basic EPS calculation | 139 | 451 | 859 | 2,329 |
Net earnings from continuing operations for diluted EPS calculation | 139 | 451 | 859 | 2,329 |
Net earnings | 231 | 538 | 1,083 | 2,485 |
Preferred stock dividends | (14) | (14) | (43) | (30) |
Net earnings for basic EPS calculation | 217 | 524 | 1,040 | 2,455 |
Net earnings for diluted EPS calculation | $ 217 | $ 524 | $ 1,040 | $ 2,455 |
Dispositions - Narrative (Detai
Dispositions - Narrative (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Nov. 25, 2020 | |
Discontinued Operations [Line Items] | ||||||
Net gain on dispositions | $ 41 | $ 0 | $ 56 | $ 116 | ||
Gain (loss) on sale of business | $ 116 | |||||
Simon And Schuster | ||||||
Discontinued Operations [Line Items] | ||||||
Contingent termination fee | $ 200 | |||||
Not Discontinued Operations, Disposed of by Sale | Nordics | ||||||
Discontinued Operations [Line Items] | ||||||
Net gain on dispositions | $ 41 | |||||
Not Discontinued Operations, Disposed of by Sale | Other Dispositions | ||||||
Discontinued Operations [Line Items] | ||||||
Net gain on dispositions | $ 15 | |||||
Discontinued Operations, Disposed of by Sale | Simon And Schuster | ||||||
Discontinued Operations [Line Items] | ||||||
Sale of business, consideration | $ 2,175 |
Dispositions - Schedule of Disc
Dispositions - Schedule of Discontinued Operations, Net Earnings (Details) - Discontinued operations - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Discontinued Operations [Line Items] | ||||
Revenues | $ 353 | $ 321 | $ 863 | $ 725 |
Costs and expenses: | ||||
Operating | 198 | 182 | 483 | 429 |
Selling, general and administrative | 45 | 38 | 130 | 114 |
Restructuring charges | 2 | 1 | 2 | 1 |
Total costs and expenses | 245 | 221 | 615 | 544 |
Operating income | 108 | 100 | 248 | 181 |
Other items, net | (3) | (6) | (9) | (8) |
Earnings from discontinued operations | 105 | 94 | 239 | 173 |
Income tax provision | (27) | (21) | (58) | (47) |
Net earnings from discontinued operations, net of tax | 78 | 73 | 181 | 126 |
Previous disposals, cost and expenses | 15 | 7 | 25 | 9 |
Previous disposals, income tax prevision | $ 4 | $ 2 | $ 6 | $ 9 |
Dispositions - Schedule of Di_2
Dispositions - Schedule of Discontinued Operations, Assets and Liabilities (Details) - Discontinued operations - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Assets | ||
Receivables, net | $ 542 | $ 536 |
Other current assets | 256 | 209 |
Goodwill | 434 | 435 |
Property and equipment, net | 48 | 46 |
Operating lease assets | 205 | 203 |
Other assets | 120 | 131 |
Total Assets | 1,605 | 1,560 |
Liabilities | ||
Royalties payable | 156 | 155 |
Other current liabilities | 378 | 416 |
Operating lease liabilities | 185 | 194 |
Other liabilities | 18 | 19 |
Total Liabilities | $ 737 | $ 784 |
Programming and Other Invento_3
Programming and Other Inventory - Programming Inventory (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Inventory [Line Items] | ||
Acquired program rights, including prepaid sports rights, film group monetization | $ 3,433 | $ 3,432 |
Acquired libraries, individual monetization | 407 | 441 |
Home entertainment | 44 | 37 |
Total programming and other inventory | 16,941 | 14,862 |
Less current portion | 1,492 | 1,504 |
Total noncurrent programming and other inventory | 15,449 | 13,358 |
Internally Produced Television Programming | ||
Inventory [Line Items] | ||
Released, film group monetization | 5,991 | 3,808 |
In process and other, film group monetization | 3,620 | 2,609 |
Released, individual monetization | 556 | 1,604 |
In process and other, individual monetization | 787 | 769 |
Film Inventory | ||
Inventory [Line Items] | ||
Released, individual monetization | 689 | 606 |
Completed, not yet released, individual monetization | 132 | 253 |
In process and other, individual monetization | $ 1,282 | $ 1,303 |
Programming and Other Invento_4
Programming and Other Inventory - Programming and Production Costs (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Inventory Disclosure [Abstract] | ||||
Programming costs, acquired programming | $ 987 | $ 1,025 | $ 3,632 | $ 3,625 |
Production costs, internally-produced television and film programming: | ||||
Individual monetization | 392 | 735 | 1,554 | 2,245 |
Film group monetization | $ 1,202 | $ 847 | $ 3,646 | $ 2,148 |
Related Parties - Narrative (De
Related Parties - Narrative (Details) | Sep. 30, 2022 trustee |
Related Party Transaction [Line Items] | |
SMR Trust ownership in NAI | 80% |
National Amusements, Inc. | |
Related Party Transaction [Line Items] | |
NAI ownership of Paramount common stock Class A common stock (percentage) | 77.40% |
NAI ownership of Paramount Class A and Class B common stock on a combined basis (percentage) | 9.80% |
Number of trustees | 7 |
Number of beneficiary trustees | 2 |
Related Parties - Schedule of R
Related Parties - Schedule of Related Party Transactions (Details) - Other Related Parties - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Related Party Transaction [Line Items] | |||||
Revenues | $ 83 | $ 37 | $ 211 | $ 175 | |
Operating expenses | 11 | $ 5 | 17 | $ 13 | |
Accounts receivable | $ 97 | $ 97 | $ 50 |
Revenues - Schedule of Disaggre
Revenues - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Disaggregation of Revenue [Line Items] | ||||
Total Revenues | $ 6,916 | $ 6,610 | $ 22,023 | $ 20,586 |
Advertising | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenues | 2,337 | 2,386 | 7,746 | 8,094 |
Affiliate and subscription | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenues | 2,863 | 2,650 | 8,591 | 7,701 |
Theatrical | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenues | 231 | 67 | 1,126 | 202 |
Licensing and other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenues | $ 1,485 | $ 1,507 | $ 4,560 | $ 4,589 |
Revenues - Receivables (Details
Revenues - Receivables (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Disaggregation of Revenue [Line Items] | |||||
Other corporate matters | $ 84 | $ 0 | $ 163 | $ 0 | |
Allowance for credit loss | 111 | 111 | $ 80 | ||
Other Assets | |||||
Disaggregation of Revenue [Line Items] | |||||
Noncurrent receivables | 1,570 | 1,570 | $ 1,840 | ||
Russia, Belarus and Ukraine Counterparties | |||||
Disaggregation of Revenue [Line Items] | |||||
Other corporate matters | $ 7 | $ 46 |
Revenues - Contract Liabilities
Revenues - Contract Liabilities (Details) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |||
Deferred revenue | $ 866 | $ 1,200 | |
Revenue recognized | $ 800 | $ 800 |
Revenues - Unrecognized Revenue
Revenues - Unrecognized Revenues Under Contract (Details) $ in Billions | Sep. 30, 2022 USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Unrecognized revenue | $ 9 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-10-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Unrecognized revenue | $ 1 |
Expected timing of satisfaction period | 3 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Unrecognized revenue | $ 3 |
Expected timing of satisfaction period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Unrecognized revenue | $ 2 |
Expected timing of satisfaction period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Unrecognized revenue | $ 3 |
Expected timing of satisfaction period |
Revenues - Performance Obligati
Revenues - Performance Obligations Satisfied in Previous Periods (Details) - USD ($) $ in Billions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | ||||
Performance obligation satisfied | $ 0.3 | $ 0.1 | $ 0.3 | $ 0.3 |
Debt - Schedule of Debt (Detail
Debt - Schedule of Debt (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Other bank borrowings | $ 47 | $ 35 |
Obligations under finance leases | 12 | 16 |
Total debt | 15,834 | 17,709 |
Less current portion | 196 | 11 |
Total long-term debt, net of current portion | 15,638 | 17,698 |
Net unamortized discount on senior debt | 446 | 466 |
Unamortized deferred financing costs | 91 | 95 |
Face value of debt | $ 16,370 | 18,270 |
7.875% Debentures due 2023 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 7.875% | |
Carrying value of senior debt | $ 139 | 139 |
7.125% Senior Notes due 2023 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 7.125% | |
Carrying value of senior debt | $ 35 | 35 |
3.875% Senior Notes due 2024 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 3.875% | |
Carrying value of senior debt | $ 0 | 490 |
3.70% Senior Notes due 2024 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 3.70% | |
Carrying value of senior debt | $ 0 | 599 |
3.50% Senior Notes due 2025 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 3.50% | |
Carrying value of senior debt | $ 0 | 597 |
4.75% Senior Notes due 2025 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 4.75% | |
Carrying value of senior debt | $ 552 | 1,242 |
4.0% Senior Notes due 2026 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 4% | |
Carrying value of senior debt | $ 794 | 793 |
3.45% Senior Notes due 2026 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 3.45% | |
Carrying value of senior debt | $ 124 | 123 |
2.90% Senior Notes due 2027 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 2.90% | |
Carrying value of senior debt | $ 694 | 692 |
3.375% Senior Notes due 2028 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 3.375% | |
Carrying value of senior debt | $ 496 | 496 |
3.70% Senior Notes due 2028 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 3.70% | |
Carrying value of senior debt | $ 494 | 493 |
4.20% Senior Notes due 2029 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 4.20% | |
Carrying value of senior debt | $ 495 | 494 |
7.875% Senior Debentures due 2030 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 7.875% | |
Carrying value of senior debt | $ 830 | 830 |
4.95% Senior Notes due 2031 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 4.95% | |
Carrying value of senior debt | $ 1,225 | 1,223 |
4.20% Senior Notes due 2032 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 4.20% | |
Carrying value of senior debt | $ 974 | 972 |
5.50% Senior Debentures due 2033 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 5.50% | |
Carrying value of senior debt | $ 427 | 427 |
4.85% Senior Debentures due 2034 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 4.85% | |
Carrying value of senior debt | $ 87 | 87 |
6.875% Senior Debentures due 2036 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 6.875% | |
Carrying value of senior debt | $ 1,071 | 1,070 |
6.75% Senior Debentures due 2037 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 6.75% | |
Carrying value of senior debt | $ 75 | 75 |
5.90% Senior Notes due 2040 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 5.90% | |
Carrying value of senior debt | $ 298 | 298 |
4.50% Senior Debentures due 2042 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 4.50% | |
Carrying value of senior debt | $ 45 | 45 |
4.85% Senior Notes due 2042 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 4.85% | |
Carrying value of senior debt | $ 488 | 488 |
4.375% Senior Debentures due 2043 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 4.375% | |
Carrying value of senior debt | $ 1,128 | 1,123 |
4.875% Senior Debentures due 2043 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 4.875% | |
Carrying value of senior debt | $ 18 | 18 |
5.85% Senior Debentures due 2043 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 5.85% | |
Carrying value of senior debt | $ 1,233 | 1,233 |
5.25% Senior Debentures due 2044 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 5.25% | |
Carrying value of senior debt | $ 345 | 345 |
4.90% Senior Notes due 2044 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 4.90% | |
Carrying value of senior debt | $ 541 | 540 |
4.60% Senior Notes due 2045 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 4.60% | |
Carrying value of senior debt | $ 590 | 590 |
4.95% Senior Notes due 2050 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 4.95% | |
Carrying value of senior debt | $ 945 | 944 |
5.875% Junior Subordinated Debentures due 2057 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 5.875% | |
Junior subordinated notes | $ 0 | 514 |
6.25% Junior Subordinated Debentures due 2057 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 6.25% | |
Junior subordinated notes | $ 643 | 643 |
6.375% Junior Subordinated Debentures due 2062 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 6.375% | |
Junior subordinated notes | $ 989 | $ 0 |
Face value of debt | $ 1,000 |
Debt - Debt Redemption and Issu
Debt - Debt Redemption and Issuance Narrative (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
Feb. 28, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Line of Credit Facility [Line Items] | ||||||
Redemption price | $ 3,123 | $ 2,220 | ||||
Loss on extinguishment of debt | $ 0 | $ 0 | 120 | 128 | ||
Debt issued | $ 16,370 | 16,370 | $ 18,270 | |||
Senior Notes | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt redeemed | 2,390 | 1,990 | ||||
Redemption price | $ 2,490 | $ 2,110 | ||||
5.875% Junior Subordinated Debentures due 2057 | ||||||
Line of Credit Facility [Line Items] | ||||||
Redemption price | $ 520 | |||||
Stated interest rate | 5.875% | 5.875% | ||||
6.375% Junior Subordinated Debentures due 2062 | ||||||
Line of Credit Facility [Line Items] | ||||||
Stated interest rate | 6.375% | 6.375% | ||||
Debt issued | $ 1,000 | $ 1,000 | ||||
Interest rate, reset period | 5 years | |||||
6.375% Junior Subordinated Debentures due 2062 | US Treasury Rate | From March 30, 2027 | ||||||
Line of Credit Facility [Line Items] | ||||||
Basis spread on variable rate | 3.999% | |||||
6.375% Junior Subordinated Debentures due 2062 | US Treasury Rate | From March 30, 2032 | ||||||
Line of Credit Facility [Line Items] | ||||||
Basis spread on variable rate | 4.249% | |||||
6.375% Junior Subordinated Debentures due 2062 | US Treasury Rate | From March 30, 2047 | ||||||
Line of Credit Facility [Line Items] | ||||||
Basis spread on variable rate | 4.999% | |||||
6.25% Junior Subordinated Debentures due 2057 | ||||||
Line of Credit Facility [Line Items] | ||||||
Stated interest rate | 6.25% | 6.25% | ||||
6.25% Junior Subordinated Debentures due 2057 | London Interbank Offered Rate (LIBOR) | From March 1, 2027 | ||||||
Line of Credit Facility [Line Items] | ||||||
Basis spread on variable rate | 3.899% |
Debt - Commercial Paper Narrati
Debt - Commercial Paper Narrative (Details) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Debt Disclosure [Abstract] | ||
Commercial paper | $ 0 | $ 0 |
Debt - Credit Facility Narrativ
Debt - Credit Facility Narrative (Details) - Revolving Credit Facility | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Line of Credit Facility [Line Items] | |
Period for consolidated EBITDA | 12 months |
Credit Facility | |
Line of Credit Facility [Line Items] | |
Maximum borrowing capacity under credit facility | $ 3,500,000,000 |
Maximum consolidated leverage ratio | 4.5 |
Maximum consolidated leverage ratio, potential increase | 5 |
Amount borrowed under credit facility | $ 0 |
Availability under credit facility | $ 3,500,000,000 |
Debt - Other Bank Borrowings Na
Debt - Other Bank Borrowings Narrative (Details) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Other bank borrowings | $ 47,000,000 | $ 35,000,000 |
Credit Facility | Miramax | ||
Debt Instrument [Line Items] | ||
Maximum borrowing capacity under credit facility | $ 300,000,000 | $ 300,000,000 |
Other Bank Borrowings | ||
Debt Instrument [Line Items] | ||
Weighted average interest rate | 5.80% | 3.50% |
Financial Instruments and Fai_3
Financial Instruments and Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Derivative [Line Items] | ||||||
Carrying value of notes and debentures | $ 15,780 | $ 15,780 | $ 15,780 | $ 17,660 | ||
Fair value of debt | 13,700 | 13,700 | 13,700 | 21,500 | ||
Investments without readily determinable fair value | 66 | 66 | 66 | 59 | ||
Net gains (losses) from investments | $ (9) | $ (5) | $ (9) | $ 47 | ||
Investment impairment | $ (5) | |||||
Unrealized gain (loss) on marketable securities | $ (5) | 47 | ||||
Gain on sale of investments | $ 37 | |||||
The CW | ||||||
Derivative [Line Items] | ||||||
Decrease in ownership interest | 37.50% | 37.50% | 37.50% | |||
Noncash distribution received | $ 139 | |||||
Ownership interest | 12.50% | 12.50% | 12.50% | |||
Net gains (losses) from investments | $ (4) | |||||
Cash Flow Hedging | Foreign exchange contract | ||||||
Derivative [Line Items] | ||||||
Maximum derivative contract term | 24 months | |||||
Notional amount of derivative | 2,660 | $ 2,660 | $ 2,660 | 1,940 | ||
Cash Flow Hedging | Foreign exchange contract | Production | ||||||
Derivative [Line Items] | ||||||
Notional amount of derivative | 2,040 | 2,040 | 2,040 | 1,380 | ||
Cash Flow Hedging | Foreign exchange contract | Other | ||||||
Derivative [Line Items] | ||||||
Notional amount of derivative | $ 621 | $ 621 | $ 621 | $ 564 |
Financial Instruments and Fai_4
Financial Instruments and Fair Value Measurements - Financial Instruments (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Foreign exchange contract | ||||
Derivatives [Line Items] | ||||
Gain (loss) on non-designated foreign exchange contracts | $ 35 | $ 13 | $ 75 | $ 12 |
Financial Instruments and Fai_5
Financial Instruments and Fair Value Measurements - Fair Value Measurements (Details) - Level 2 - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Assets: | ||
Foreign currency hedges | $ 59 | $ 23 |
Total Assets | 59 | 23 |
Liabilities: | ||
Deferred compensation | 313 | 435 |
Foreign currency hedges | 137 | 29 |
Total Liabilities | $ 450 | $ 464 |
Variable Interest Entities (Det
Variable Interest Entities (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Variable Interest Entity [Line Items] | |||||
Total assets | $ 57,287 | $ 57,287 | $ 58,620 | ||
Revenues | 6,916 | $ 6,610 | 22,023 | $ 20,586 | |
Operating income (loss) | 566 | 879 | 2,160 | 3,633 | |
Variable Interest Entity, Primary Beneficiary | |||||
Variable Interest Entity [Line Items] | |||||
Total assets | 1,771 | 1,771 | 1,578 | ||
Total liabilities | 268 | 268 | $ 184 | ||
Revenues | 98 | 179 | 287 | 342 | |
Operating income (loss) | $ (35) | $ (6) | $ (90) | $ 2 |
Stockholders' Equity - Stock Of
Stockholders' Equity - Stock Offerings (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 9 Months Ended | 12 Months Ended | ||
Mar. 26, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Class of Stock [Line Items] | ||||
Proceeds from issuance of common stock | $ 1,670 | $ 0 | $ 1,672 | |
Proceeds from issuance of preferred stock | $ 983 | $ 0 | $ 983 | |
Common Class B | ||||
Class of Stock [Line Items] | ||||
Stock issuances (in shares) | 20 | |||
Shares issued (in dollars per share) | $ 85 | |||
Series A Convertible Preferred Stock | ||||
Class of Stock [Line Items] | ||||
Stock issuances (in shares) | 10 | |||
Preferred stock, percentage | 5.75% | 5.75% | 5.75% | |
Liquidation preference (in dollars per share) | $ 100 |
Stockholders' Equity - Mandator
Stockholders' Equity - Mandatory Convertible Preferred Stock (Details) - Series A Convertible Preferred Stock | 9 Months Ended | 12 Months Ended | ||
Apr. 01, 2024 | Mar. 26, 2021 $ / shares | Sep. 30, 2022 | Dec. 31, 2021 | |
Class of Stock [Line Items] | ||||
Preferred stock, percentage | 5.75% | 5.75% | 5.75% | |
Liquidation preference (in dollars per share) | $ 100 | |||
Forecast | ||||
Class of Stock [Line Items] | ||||
Consecutive trading days | 20 days | |||
Trading days | 21 days | |||
Forecast | Minimum | ||||
Class of Stock [Line Items] | ||||
Convertible rate | 1.0013 | |||
Forecast | Maximum | ||||
Class of Stock [Line Items] | ||||
Convertible rate | 1.1765 |
Stockholders' Equity - Dividend
Stockholders' Equity - Dividends (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Class of Stock [Line Items] | |||||||
Dividends recorded on preferred stock | $ 14 | $ 14 | $ 43 | $ 30 | |||
Class A and Class B Common Stock | |||||||
Class of Stock [Line Items] | |||||||
Dividends per common share (in dollars per share) | $ 0.24 | $ 0.24 | $ 0.72 | $ 0.72 | |||
Dividends recorded on common stock | $ 159 | $ 159 | $ 477 | $ 468 | |||
Series A Convertible Preferred Stock | |||||||
Class of Stock [Line Items] | |||||||
Dividends per preferred share (in dollars per share) | $ 1.4375 | $ 1.4375 | $ 1.4375 | $ 1.4375 | $ 1.5493 | ||
Dividends recorded on preferred stock | $ 14.4 | $ 14.4 | $ 43.1 | $ 29.9 |
Stockholders' Equity - Accumula
Stockholders' Equity - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
AOCI Attributable to Parent, Net of Tax | ||
Accumulated other comprehensive income (loss) beginning balance | $ (1,902) | $ (1,832) |
Other comprehensive income (loss) before reclassifications | (466) | (102) |
Reclassifications to net earnings | 49 | 51 |
Other comprehensive income (loss) | (417) | (51) |
Accumulated other comprehensive income (loss) ending balance | (2,319) | (1,883) |
Tax provision on net actuarial gain (loss) and prior service costs related to pension and other postretirement benefit plans | 16 | 20 |
Cumulative Translation Adjustments | ||
AOCI Attributable to Parent, Net of Tax | ||
Accumulated other comprehensive income (loss) beginning balance | (445) | (303) |
Other comprehensive income (loss) before reclassifications | (452) | (113) |
Reclassifications to net earnings | 0 | 0 |
Other comprehensive income (loss) | (452) | (113) |
Accumulated other comprehensive income (loss) ending balance | (897) | (416) |
Net Actuarial Loss and Prior Service Cost | ||
AOCI Attributable to Parent, Net of Tax | ||
Accumulated other comprehensive income (loss) beginning balance | (1,434) | (1,509) |
Other comprehensive income (loss) before reclassifications | 0 | 11 |
Reclassifications to net earnings | 49 | 51 |
Other comprehensive income (loss) | 49 | 62 |
Accumulated other comprehensive income (loss) ending balance | (1,385) | (1,447) |
Other Comprehensive Income (Loss), Discontinued Operations | ||
AOCI Attributable to Parent, Net of Tax | ||
Accumulated other comprehensive income (loss) beginning balance | (23) | (20) |
Other comprehensive income (loss) before reclassifications | (14) | 0 |
Reclassifications to net earnings | 0 | 0 |
Other comprehensive income (loss) | (14) | 0 |
Accumulated other comprehensive income (loss) ending balance | $ (37) | $ (20) |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | ||||
Provision for income taxes | $ 101 | $ 120 | $ 264 | $ 312 |
Effective income tax rate | 31.30% | 19.50% | 20.10% | 11.20% |
Net discrete tax (provision) benefit | $ (9) | $ 72 | $ 290 | |
(Provision) benefit from other items identified as affecting comparability | $ 29 | $ 77 | $ 14 | |
Percentage point increase (decrease) in effective tax rate | 5% | (4.80%) | (10.50%) | |
Income tax benefit, adjustments of deferred tax asset | $ 260 |
Pension and Other Postretirem_3
Pension and Other Postretirement Benefits (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Pension Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 0 | $ 0 | $ 0 | $ 0 |
Interest cost | 38 | 37 | 113 | 109 |
Expected return on plan assets | (43) | (47) | (129) | (141) |
Amortization of actuarial loss (gain) | 24 | 23 | 73 | 70 |
Settlements | 0 | 10 | 0 | 10 |
Net periodic cost | 19 | 23 | 57 | 48 |
Postretirement Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 1 | 1 | 1 | 1 |
Interest cost | 2 | 2 | 6 | 6 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Amortization of actuarial loss (gain) | (4) | (4) | (11) | (11) |
Settlements | 0 | 0 | 0 | 0 |
Net periodic cost | $ (1) | $ (1) | $ (4) | $ (4) |
Redeemable Noncontrolling Int_3
Redeemable Noncontrolling Interests - Narrative (Details) - Nick UK - Subsequent Event £ in Millions | Oct. 31, 2022 GBP (£) |
Noncontrolling Interest [Line Items] | |
Percentage of interest acquired | 40% |
Consideration transferred | £ 88 |
Ownership percentage after acquisition | 100% |
Redeemable Noncontrolling Int_4
Redeemable Noncontrolling Interests - Schedule of Redeemable Noncontrolling Interests (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Redeemable Noncontrolling Interest | ||
Beginning balance | $ 107 | $ 197 |
Net earnings | 2 | 8 |
Distributions | (5) | (4) |
Translation adjustment | (27) | (4) |
Redemption value adjustment | 17 | (94) |
Ending balance | $ 94 | $ 103 |
Segment Information - Revenues
Segment Information - Revenues (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | $ (6,916) | $ (6,610) | $ (22,023) | $ (20,586) |
Operating Segments | TV Media | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | (4,948) | (5,220) | (15,849) | (16,432) |
Operating Segments | Direct-to-Consumer | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | (1,226) | (890) | (3,508) | (2,255) |
Operating Segments | Filmed Entertainment | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | (783) | (530) | (2,770) | (1,993) |
Eliminations | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | 41 | 30 | 104 | 94 |
Eliminations | TV Media | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | 9 | 19 | 33 | 38 |
Eliminations | Direct-to-Consumer | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | 0 | 1 | 0 | 2 |
Eliminations | Filmed Entertainment | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | 32 | 10 | 71 | 54 |
Advertising | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | (2,337) | (2,386) | (7,746) | (8,094) |
Advertising | Operating Segments | TV Media | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | (1,973) | (2,039) | (6,668) | (7,230) |
Advertising | Operating Segments | Direct-to-Consumer | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | (363) | (348) | (1,073) | (857) |
Advertising | Operating Segments | Filmed Entertainment | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | (3) | (2) | (17) | (14) |
Affiliate and subscription | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | (2,863) | (2,650) | (8,591) | (7,701) |
Affiliate and subscription | Operating Segments | TV Media | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | (2,000) | (2,108) | (6,156) | (6,303) |
Affiliate and subscription | Operating Segments | Direct-to-Consumer | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | (863) | (542) | (2,435) | (1,398) |
Licensing and other | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | (1,485) | (1,507) | (4,560) | (4,589) |
Licensing and other | Operating Segments | TV Media | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | (975) | (1,073) | (3,025) | (2,899) |
Licensing and other | Operating Segments | Filmed Entertainment | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | (549) | (461) | (1,627) | (1,777) |
Theatrical | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | (231) | (67) | (1,126) | (202) |
Theatrical | Operating Segments | Filmed Entertainment | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | $ (231) | $ (67) | $ (1,126) | $ (202) |
Segment Information - Operating
Segment Information - Operating Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Segment Reporting Information [Line Items] | ||||
Stock-based compensation | $ (127) | $ (154) | ||
Depreciation and amortization | $ (92) | $ (95) | (282) | (289) |
Restructuring and other corporate matters | (169) | (46) | (276) | (81) |
Net gain on dispositions | 41 | 0 | 56 | 116 |
Operating income | 566 | 879 | 2,160 | 3,633 |
Interest expense | (231) | (243) | (701) | (745) |
Interest income | 33 | 11 | 73 | 37 |
Net gains (losses) from investments | (9) | (5) | (9) | 47 |
Loss on extinguishment of debt | 0 | 0 | (120) | (128) |
Other items, net | (36) | (26) | (91) | (55) |
Earnings from continuing operations before income taxes and equity in loss of investee companies | 323 | 616 | 1,312 | 2,789 |
Provision for income taxes | (101) | (120) | (264) | (312) |
Equity in loss of investee companies, net of tax | (58) | (18) | (124) | (80) |
Net earnings from continuing operations | 164 | 478 | 924 | 2,397 |
Net earnings from discontinued operations, net of tax | 78 | 73 | 181 | 126 |
Net earnings (Paramount and noncontrolling interests) | 242 | 551 | 1,105 | 2,523 |
Net earnings attributable to noncontrolling interests | (11) | (13) | (22) | (38) |
Net earnings attributable to Paramount | 231 | 538 | 1,083 | 2,485 |
Operating Segments | TV Media | ||||
Segment Reporting Information [Line Items] | ||||
Adjusted OIBDA | 1,231 | 1,385 | 4,155 | 4,654 |
Operating Segments | Direct-to-Consumer | ||||
Segment Reporting Information [Line Items] | ||||
Adjusted OIBDA | (343) | (198) | (1,244) | (490) |
Operating Segments | Filmed Entertainment | ||||
Segment Reporting Information [Line Items] | ||||
Adjusted OIBDA | 41 | (24) | 185 | 207 |
Corporate/Eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Adjusted OIBDA | (104) | (111) | (320) | (351) |
Segment Reconciling Items | ||||
Segment Reporting Information [Line Items] | ||||
Stock-based compensation | (39) | (32) | (114) | (133) |
Depreciation and amortization | (92) | (95) | (282) | (289) |
Restructuring and other corporate matters | (169) | (46) | (276) | (81) |
Net gain on dispositions | 41 | 0 | 56 | 116 |
Segment Reconciling Items | Restructuring and Other Corporate Matters | ||||
Segment Reporting Information [Line Items] | ||||
Stock-based compensation | $ (11) | $ (21) | $ (13) | $ (21) |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Mar. 26, 2021 | Jan. 27, 2021 claim | Sep. 09, 2019 defendant | Sep. 30, 2022 USD ($) claim | Sep. 30, 2022 USD ($) claim | Dec. 31, 2021 USD ($) claim | Dec. 31, 2020 USD ($) | Dec. 31, 2019 | Nov. 25, 2020 USD ($) | Mar. 31, 2020 lawsuit | Jan. 23, 2020 lawsuit | Aug. 01, 2018 lawFirm | |
Loss Contingencies [Line Items] | ||||||||||||
Outstanding letters of credit and surety bonds | $ 174,000 | $ 174,000 | ||||||||||
Lawsuits consolidated | lawsuit | 3 | |||||||||||
Number of claims dismissed | claim | 1 | |||||||||||
Number of consolidated class action lawsuits | lawsuit | 4 | |||||||||||
Number of law firms retained | lawFirm | 2 | |||||||||||
Number of defendants | defendant | 14 | |||||||||||
Costs for settlement and defense of asbestos claims, net of insurance recoveries and taxes | $ 63,000 | $ 35,000 | ||||||||||
Construction Laborers Pension Trust for Southern California | Settled Litigation Pending Final Approval | Insurers | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Litigation settlement, amount awarded to other party | 14,750 | |||||||||||
Federal Securities Class Action | Settled Litigation Pending Final Approval | The Company | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Litigation settlement, amount awarded to other party | $ 7,250 | |||||||||||
Simon And Schuster | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Contingent termination fee | $ 200,000 | |||||||||||
Asbestos Claims | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Number of pending asbestos claims | claim | 25,880 | 25,880 | 27,770 | |||||||||
Number of new asbestos claims | claim | 660 | |||||||||||
Number of asbestos claims closed or moved to inactive docket | claim | 1,570 | |||||||||||
Series A Convertible Preferred Stock | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Preferred stock, percentage | 5.75% | 5.75% | 5.75% | |||||||||
CBS Television City | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Guaranteed cash flow period | 5 years | |||||||||||
Estimated liability | $ 51,000 | $ 51,000 | ||||||||||
Famous Players | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Estimated liability | $ 25,000 | $ 25,000 |
Supplemental Financial Inform_3
Supplemental Financial Information - Supplemental Cash Flow Information (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Cash and Cash Equivalents [Line Items] | ||
Cash paid for interest | $ 755 | $ 783 |
Noncash additions to operating lease assets | 127 | 180 |
Continuing operations | ||
Cash and Cash Equivalents [Line Items] | ||
Cash paid for income taxes | 31 | 171 |
Discontinued operations | ||
Cash and Cash Equivalents [Line Items] | ||
Cash paid for income taxes | $ 11 | $ 40 |
Supplemental Financial Inform_4
Supplemental Financial Information - Lease Income (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Additional Financial Information Disclosure [Abstract] | ||||
Lease income | $ 16 | $ 42 | $ 50 | $ 113 |
Supplemental Financial Inform_5
Supplemental Financial Information - Restructuring and Other Corporate Matters (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Restructuring Cost and Reserve [Line Items] | |||||
Severance | $ 77 | $ 46 | $ 105 | $ 46 | |
Exit costs | 8 | 0 | 8 | 35 | |
Restructuring charges | 85 | 46 | 113 | 81 | |
Other corporate matters | 84 | 0 | 163 | 0 | |
Restructuring and other corporate matters | 169 | 46 | 276 | 81 | |
Restructuring reserve | 173 | 173 | $ 190 | ||
Payments for restructuring | 94 | ||||
Legal Matters, Stockholder Matters Litigation | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Other corporate matters | 77 | 117 | |||
Russia, Belarus and Ukraine Counterparties | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Other corporate matters | 7 | 46 | |||
TV Media | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Severance | 77 | 5 | 86 | 5 | |
Direct-to-Consumer | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Severance | 0 | 0 | 1 | 0 | |
Filmed Entertainment | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Severance | 0 | 26 | 18 | 26 | |
Corporate | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Severance | $ 0 | $ 15 | $ 0 | $ 15 |