Cover
Cover - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 26, 2024 | Jun. 30, 2023 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
Current Fiscal Year End Date | --12-31 | ||
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 Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 9,348,585,082 | ||
Documents Incorporated by Reference | Portions of Paramount Global’s Notice of 2024 Annual Meeting of Stockholders and Proxy Statement to be filed with the Securities and Exchange Commission pursuant to Regulation 14A of the Securities Exchange Act of 1934 (Part III). | ||
Entity Central Index Key | 0000813828 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Class A Common Stock, $0.001 par value | |||
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 | 40,702,775 | ||
Class B Common Stock, $0.001 par value | |||
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 | 611,782,283 | ||
Mandatory Convertible Preferred Stock | |||
Document Information [Line Items] | |||
Title of 12(b) Security | 5.75% Series A Mandatory Convertible Preferred Stock, $0.001 par value | ||
Trading Symbol | PARAP | ||
Security Exchange Name | NASDAQ |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
Auditor Information [Abstract] | |
Auditor Firm ID | 238 |
Auditor Name | PricewaterhouseCoopers LLP |
Auditor Location | New York, New York |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement [Abstract] | |||
Revenues | $ 29,652 | $ 30,154 | $ 28,586 |
Costs and expenses: | |||
Operating | 20,017 | 19,845 | 17,744 |
Programming charges | 2,371 | 0 | 0 |
Selling, general and administrative | 7,245 | 7,033 | 6,398 |
Depreciation and amortization | 418 | 378 | 390 |
Impairment charges | 83 | 27 | 0 |
Restructuring and other corporate matters | (31) | 585 | 100 |
Total costs and expenses | 30,103 | 27,868 | 24,632 |
Net gains on dispositions | 0 | 56 | 2,343 |
Operating income (loss) | (451) | 2,342 | 6,297 |
Interest expense | (920) | (931) | (986) |
Interest income | 137 | 108 | 53 |
Gain (loss) from investments | 168 | (9) | 47 |
Gain (loss) on extinguishment of debt | 29 | (120) | (128) |
Other items, net | (216) | (124) | (77) |
Earnings (loss) from continuing operations before income taxes and equity in loss of investee companies | (1,253) | 1,266 | 5,206 |
Benefit from (provision for) income taxes | 361 | (227) | (646) |
Equity in loss of investee companies, net of tax | (360) | (204) | (91) |
Net earnings (loss) from continuing operations | (1,252) | 835 | 4,469 |
Net earnings from discontinued operations, net of tax | 676 | 379 | 162 |
Net earnings (loss) (Paramount and noncontrolling interests) | (576) | 1,214 | 4,631 |
Net earnings attributable to noncontrolling interests | (32) | (110) | (88) |
Net earnings (loss) attributable to Paramount | (608) | 1,104 | 4,543 |
Amounts attributable to Paramount: | |||
Net earnings (loss) from continuing operations | (1,284) | 725 | 4,381 |
Net earnings from discontinued operations, net of tax | 676 | 379 | 162 |
Net earnings (loss) attributable to Paramount | $ (608) | $ 1,104 | $ 4,543 |
Basic net earnings (loss) per common share attributable to Paramount: | |||
Net earnings (loss) from continuing operations (in dollars per share) | $ (2.06) | $ 1.03 | $ 6.77 |
Net earnings from discontinued operations (in dollars per share) | 1.04 | 0.58 | 0.25 |
Net earnings (loss) (in dollars per share) | (1.02) | 1.61 | 7.02 |
Diluted net earnings (loss) per common share attributable to Paramount: | |||
Net earnings (loss) from continuing operations (in dollars per share) | (2.06) | 1.03 | 6.69 |
Net earnings from discontinued operations (in dollars per share) | 1.04 | 0.58 | 0.25 |
Net earnings (loss) (in dollars per share) | $ (1.02) | $ 1.61 | $ 6.94 |
Weighted average number of common shares outstanding: | |||
Basic (in shares) | 652 | 649 | 641 |
Diluted (in shares) | 652 | 650 | 655 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Net earnings (loss) (Paramount and noncontrolling interests) | $ (576) | $ 1,214 | $ 4,631 |
Other comprehensive income (loss), net of tax: | |||
Cumulative translation adjustments | 179 | (240) | (143) |
Decrease to net actuarial loss and prior service costs | 45 | 337 | 75 |
Other comprehensive income (loss) from continuing operations, net of tax (Paramount and noncontrolling interests) | 224 | 97 | (68) |
Other comprehensive income (loss) from discontinued operations | 30 | (7) | (3) |
Comprehensive income (loss) | (322) | 1,304 | 4,560 |
Less: Comprehensive income attributable to noncontrolling interests | 35 | 105 | 87 |
Comprehensive income (loss) attributable to Paramount | $ (357) | $ 1,199 | $ 4,473 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Current Assets: | ||
Cash and cash equivalents | $ 2,460 | $ 2,885 |
Receivables, net | 7,115 | 7,412 |
Programming and other inventory | 1,414 | 1,342 |
Prepaid expenses and other current assets | 1,677 | 1,308 |
Current assets of discontinued operations | 37 | 787 |
Total current assets | 12,703 | 13,734 |
Property and equipment, net | 1,666 | 1,762 |
Programming and other inventory | 13,851 | 16,278 |
Goodwill | 16,516 | 16,499 |
Intangible assets, net | 2,589 | 2,694 |
Operating lease assets | 1,183 | 1,391 |
Deferred income tax assets, net | 1,242 | 1,242 |
Other assets | 3,793 | 3,991 |
Assets of discontinued operations | 0 | 802 |
Total Assets | 53,543 | 58,393 |
Current Liabilities: | ||
Accounts payable | 1,100 | 1,403 |
Accrued expenses | 2,104 | 2,071 |
Participants’ share and royalties payable | 2,702 | 2,416 |
Accrued programming and production costs | 1,842 | 2,063 |
Deferred revenues | 746 | 973 |
Debt | 1 | 239 |
Other current liabilities | 1,153 | 1,477 |
Current liabilities of discontinued operations | 8 | 549 |
Total current liabilities | 9,656 | 11,191 |
Long-term debt | 14,601 | 15,607 |
Participants’ share and royalties payable | 1,394 | 1,744 |
Pension and postretirement benefit obligations | 1,337 | 1,458 |
Deferred income tax liabilities, net | 503 | 1,077 |
Operating lease liabilities | 1,256 | 1,428 |
Program rights obligations | 204 | 367 |
Other liabilities | 1,534 | 1,715 |
Liabilities of discontinued operations | 8 | 200 |
Commitments and contingencies (Note 19) | ||
Paramount stockholders’ equity: | ||
Additional paid-in capital | 33,210 | 33,063 |
Treasury stock, at cost; 503 (2023 and 2022) shares of Class B Common Stock | (22,958) | (22,958) |
Retained earnings | 13,829 | 14,737 |
Accumulated other comprehensive loss | (1,556) | (1,807) |
Total Paramount stockholders’ equity | 22,526 | 23,036 |
Noncontrolling interests | 524 | 570 |
Total Equity | 23,050 | 23,606 |
Total Liabilities and Equity | 53,543 | 58,393 |
Mandatory Convertible Preferred Stock | ||
Paramount stockholders’ equity: | ||
5.75% Series A Mandatory Convertible Preferred Stock, par value $.001 per share; 25 shares authorized and 10 shares issued (2023 and 2022) | 0 | 0 |
Class A Common Stock | ||
Paramount stockholders’ equity: | ||
Common stock | 0 | 0 |
Class B Common Stock | ||
Paramount stockholders’ equity: | ||
Common stock | $ 1 | $ 1 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Mandatory 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, authorized (in shares) | 25 | 25 |
Preferred stock, issued (in shares) | 10 | 10 |
Class A Common Stock | ||
Class of Stock [Line Items] | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, authorized (in shares) | 55 | 55 |
Common stock, issued (in shares) | 41 | 41 |
Class B Common Stock | ||
Class of Stock [Line Items] | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, authorized (in shares) | 5,000 | 5,000 |
Common stock, issued (in shares) | 1,115 | 1,112 |
Treasury stock, at cost (in shares) | 503 | 503 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating Activities: | |||
Net earnings (loss) (Paramount and noncontrolling interests) | $ (576) | $ 1,214 | $ 4,631 |
Less: Net earnings from discontinued operations, net of tax | 676 | 379 | 162 |
Net earnings (loss) from continuing operations | (1,252) | 835 | 4,469 |
Adjustments to reconcile net earnings (loss) from continuing operations to net cash flow provided by (used for) operating activities from continuing operations: | |||
Programming charges | 2,371 | 0 | 0 |
Depreciation and amortization | 418 | 378 | 390 |
Impairment charges | 83 | 27 | 0 |
Amortization of content costs and participation and residuals expense | 14,713 | 14,951 | 13,649 |
Deferred tax (benefit) provision | (650) | (106) | 90 |
Stock-based compensation | 177 | 172 | 192 |
Net gains on dispositions | 0 | (56) | (2,343) |
(Gain) loss from investments | (168) | 9 | (47) |
(Gain) loss on extinguishment of debt | (29) | 120 | 128 |
Equity in loss of investee companies, net of tax and distributions | 363 | 207 | 96 |
Change in assets and liabilities | |||
Decrease (increase) in receivables | 523 | (180) | 179 |
Increase in inventory and related program, participation, and residuals liabilities | (15,518) | (17,164) | (16,763) |
(Decrease) increase in accounts payable and other liabilities | (659) | 596 | 642 |
Decrease in pension and postretirement benefit obligations | (69) | (44) | (61) |
Increase in income taxes | 267 | 272 | 265 |
Other, net | (186) | (159) | (51) |
Net cash flow provided by (used for) operating activities from continuing operations | 384 | (142) | 835 |
Net cash flow provided by operating activities from discontinued operations | 91 | 361 | 118 |
Net cash flow provided by operating activities | 475 | 219 | 953 |
Investing Activities: | |||
Investments | (322) | (254) | (193) |
Capital expenditures | (328) | (358) | (354) |
Acquisitions, net of cash acquired | 0 | 0 | (54) |
Proceeds from dispositions | 71 | 95 | 3,028 |
Other investing activities | (3) | (1) | (25) |
Net cash flow (used for) provided by investing activities from continuing operations | (582) | (518) | 2,402 |
Net cash flow provided by (used for) investing activities from discontinued operations | 1,524 | (8) | (7) |
Net cash flow provided by (used for) investing activities | 942 | (526) | 2,395 |
Financing Activities: | |||
Proceeds from issuance of debt | 45 | 1,138 | 58 |
Repayment of debt | (1,277) | (3,140) | (2,230) |
Dividends paid on preferred stock | (58) | (58) | (30) |
Dividends paid on common stock | (389) | (631) | (617) |
Proceeds from issuance of preferred stock | 0 | 0 | 983 |
Proceeds from issuance of common stock | 0 | 0 | 1,672 |
Payment of payroll taxes in lieu of issuing shares for stock-based compensation | (29) | (31) | (110) |
Proceeds from exercise of stock options | 0 | 0 | 408 |
Payments to noncontrolling interests | (93) | (218) | (235) |
Other financing activities | (40) | (41) | (51) |
Net cash flow used for financing activities | (1,841) | (2,981) | (152) |
Effect of exchange rate changes on cash and cash equivalents | (1) | (94) | (48) |
Net (decrease) increase in cash, cash equivalents and restricted cash | (425) | (3,382) | 3,148 |
Cash, cash equivalents and restricted cash at beginning of year (includes $135 of restricted cash for 2021) | 2,885 | 6,267 | 3,119 |
Cash and cash equivalents at end of year | $ 2,460 | $ 2,885 | $ 6,267 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parenthetical) $ in Millions | Dec. 31, 2021 USD ($) |
Statement of Cash Flows [Abstract] | |
Restricted cash | $ 135 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) shares in Millions, $ in Millions | Total | Preferred Stock | Class A and B Common Stock | Additional Paid-In Capital | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Loss | Total Paramount Stockholders’ Equity | Non-Controlling Interests |
Beginning balance, preferred stock (in shares) at Dec. 31, 2020 | 0 | ||||||||
Beginning balance at Dec. 31, 2020 | $ 16,056 | $ 0 | $ 1 | $ 29,785 | $ (22,958) | $ 10,375 | $ (1,832) | $ 15,371 | $ 685 |
Beginning balance, common stock (in shares) at Dec. 31, 2020 | 617 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Stock-based compensation activity (in shares) | 11 | ||||||||
Stock-based compensation activity | 493 | 493 | 493 | ||||||
Stock issuances (in shares) | 10 | 20 | |||||||
Stock issuances | 2,655 | 2,655 | 2,655 | ||||||
Preferred stock dividends | (44) | (44) | (44) | ||||||
Common stock dividends | (625) | (625) | (625) | ||||||
Noncontrolling interests | (125) | (15) | 94 | 79 | (204) | ||||
Net earnings (loss) | 4,631 | 4,543 | 4,543 | 88 | |||||
Other comprehensive income (loss) | (71) | (70) | (70) | (1) | |||||
Ending balance, preferred stock (in shares) at Dec. 31, 2021 | 10 | ||||||||
Ending balance at Dec. 31, 2021 | 22,970 | $ 0 | $ 1 | 32,918 | (22,958) | 14,343 | (1,902) | 22,402 | 568 |
Ending balance, common stock (in shares) at Dec. 31, 2021 | 648 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Stock-based compensation activity (in shares) | 2 | ||||||||
Stock-based compensation activity | 145 | 145 | 145 | ||||||
Preferred stock dividends | (58) | (58) | (58) | ||||||
Common stock dividends | (635) | (635) | (635) | ||||||
Noncontrolling interests | (120) | (17) | (17) | (103) | |||||
Net earnings (loss) | 1,214 | 1,104 | 1,104 | 110 | |||||
Other comprehensive income (loss) | 90 | 95 | 95 | (5) | |||||
Ending balance, preferred stock (in shares) at Dec. 31, 2022 | 10 | ||||||||
Ending balance at Dec. 31, 2022 | 23,606 | $ 0 | $ 1 | 33,063 | (22,958) | 14,737 | (1,807) | 23,036 | 570 |
Ending balance, common stock (in shares) at Dec. 31, 2022 | 650 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Stock-based compensation activity (in shares) | 3 | ||||||||
Stock-based compensation activity and other | 166 | 147 | 19 | 166 | |||||
Preferred stock dividends | (58) | (58) | (58) | ||||||
Common stock dividends | (261) | (261) | (261) | ||||||
Noncontrolling interests | (81) | (81) | |||||||
Net earnings (loss) | (576) | (608) | (608) | 32 | |||||
Other comprehensive income (loss) | 254 | 251 | 251 | 3 | |||||
Ending balance, preferred stock (in shares) at Dec. 31, 2023 | 10 | ||||||||
Ending balance at Dec. 31, 2023 | $ 23,050 | $ 0 | $ 1 | $ 33,210 | $ (22,958) | $ 13,829 | $ (1,556) | $ 22,526 | $ 524 |
Ending balance, common stock (in shares) at Dec. 31, 2023 | 653 |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Summary of Significant Accounting Policies | BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Description of Business —Paramount Global, a global media, streaming and entertainment company that creates premium content and experiences for audiences worldwide, is comprised of the following segments: • TV Media— Our TV Media segment consists of our (1) broadcast operations — the CBS Television Network, our domestic broadcast television network; CBS Stations, our owned television stations; and our international free-to-air networks, Network 10, Channel 5, Telefe, and Chilevisión; (2) domestic premium and basic cable networks, including Paramount+ with Showtime (w e rebranded Showtime as Paramount+ with Showtime in January 2024) , MTV, Comedy Central, Paramount Network, The Smithsonian Channel, Nickelodeon, BET Media Group, CBS Sports Network, and international extensions of certain of these brands; and (3) domestic and international television studio operations, including CBS Studios, Paramount Television Studios and Showtime/MTV Entertainment Studios, as well as CBS Media Ventures, which produces and distributes first-run syndicated programming. TV Media also includes a number of digital properties such as CBS News Streaming and CBS Sports HQ . • Direct-to-Consumer — Our Direct-to-Consumer segment includes our portfolio of domestic and international pay and free streaming services, including Paramount+, Pluto TV, BET+ and Noggin. Effective June 27, 2023, we launched the Paramount+ with Showtime subscription plan in the United States (“U.S.”). Effective July 6, 2023, Showtime Networks’ domestic premium subscription service was no longer offered as a standalone subscription service for new subscribers. • Filmed Entertainment — Our Filmed Entertainment segment consists of Paramount Pictures, Paramount Players, Paramount Animation, Nickelodeon Studio, Awesomeness and Miramax . References to “Paramount,” the “Company,” “we,” “us” and “our” refer to Paramount Global and its consolidated subsidiaries, unless the context otherwise requires. Discontinued Operations —Simon & Schuster, which was sold during the fourth quarter of 2023, is presented as a discontinued operation in our consolidated financial statements for all periods presented (see Note 2). Simon & Schuster was reported as the Publishing segment until we began presenting it as a discontinued operation in the fourth quarter of 2020. Principles of Consolidation —The consolidated financial statements include the accounts of Paramount, its subsidiaries in which a controlling interest is maintained and variable interest entities (“VIEs”) where we are considered the primary beneficiary, after the elimination of intercompany transactions. Controlling interest is determined by majority ownership interest and the absence of substantive third party participating rights. Investments over which we have a significant influence, without a controlling interest, are accounted for under the equity method. For these investments, our proportionate share of net earnings or loss of the entity is recorded in “Equity in loss of investee companies, net of tax” on the Consolidated Statements of Operations. Reclassifications —Certain amounts reported for prior years have been reclassified to conform to the current year’s presentation. Use of Estimates —The preparation of our financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”) requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities as of the date of the financial statements, and the reported 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. Business Combinations —We generally account for business combinations using the acquisition method of accounting. Under the acquisition method, once control is obtained of a business, 100% of the assets, liabilities and certain contingent liabilities acquired, as well as amounts attributed to noncontrolling interests, are recorded at fair value. Any transaction costs are expensed as incurred. Cash and Cash Equivalents —Cash and cash equivalents consist of cash on hand and highly liquid investments with maturities of three months or less at the date of purchase, including money market funds, commercial paper and bank time deposits. Programming Inventory —We produce and acquire rights to programming to exhibit on our broadcast and cable networks, direct to consumers through our streaming services, on our broadcast television stations, and in theaters. We also produce programming for third parties. Costs for internally-produced and acquired programming inventory, including prepayments for such costs, are recorded within the non-current portion of “Programming and other inventory” on the Consolidated Balance Sheets. Prepayments for the rights to air sporting and other live events that are expected to be expensed over the next 12 months are classified within the current portion of “Programming and other inventory” on the Consolidated Balance Sheets. Costs incurred to produce television programs and feature films (which include direct production costs, production overhead, acquisition costs and development costs) are capitalized when incurred and amortized over the projected life of each television program or feature film. Costs incurred to acquire television series and feature film programming rights, including advances, are capitalized when the license period has begun and the program is accepted and available for airing and amortized over the shorter of the license period or the period in which an economic benefit is expected to be derived. In addition, production inventory is reduced by contributions from co-production partners, as applicable, and tax incentives earned for qualified production spending in certain U.S. states and international locations. As a result, the benefit of these items will be recognized through reduced amortization over the life of the related content. Included in “Other current assets” and “Other assets” on the Consolidated Balance Sheet at December 31, 2023 were receivables for production tax incentives of $0.5 billion and $1.2 billion, respectively. We categorize our capitalized production and programming costs based on the expected predominant monetization strategy throughout the life of the content. Our programming that is expected to be predominantly monetized through licensing and distribution on third-party platforms is considered individually monetized and our programming that is expected to be predominantly monetized on our networks and streaming services together with other programming, is considered to be monetized as part of a film group. The predominant monetization strategy is determined when capitalization of production costs commences and is reassessed if there is a significant change to the expected future monetization strategy. This reassessment will include an assessment of the monetization strategy throughout the entire life of the programming. For internally-produced television programs and feature films that are predominantly monetized on an individual basis, we use an individual-film-forecast computation method to amortize capitalized production costs and to accrue estimated liabilities for participations and residuals over the applicable title’s life cycle based upon the ratio of current period revenues to estimated remaining total gross revenues to be earned (“Ultimate Revenues”) for each title. The estimate of Ultimate Revenues impacts the timing of amortization of capitalized production costs and expensing of participations and residual costs. For television programming, our estimate of Ultimate Revenues includes revenues to be earned within 10 years from the delivery of the first episode, or, if still in production, five years from the delivery of the most recent episode, if later. These estimates are based on the past performance of similar television programs in a market, the performance in the initial markets and future firm commitments to license programs. For feature films, our estimate of Ultimate Revenues includes revenues from all sources that are estimated to be earned within 10 years from the date of a film’s initial release. Prior to the release of feature films, we estimate Ultimate Revenues based on the historical performance of similar content and pre-release market research (including test market screenings), as well as factors relating to the specific film, including the expected number of theaters and markets in which the original content will be released, the genre of the original content and the past box office performance of the lead actors and actresses. Upon a film’s initial release, we update our estimate of Ultimate Revenues based on actual and expected future performance. Our estimates of revenues from succeeding windows and markets are revised based on historical relationships to theatrical performance and an analysis of current market trends. For acquired television and film libraries, our estimate of Ultimate Revenues is for a period within 20 years from the date of acquisition. Ultimate Revenue estimates are periodically reviewed and adjustments, if any, will result in changes to inventory amortization rates and estimated accruals for residuals and participations. Film development costs that have not been set for production are expensed within three years unless they are abandoned earlier, in which case these projects are written down to their estimated fair value in the period the decision to abandon the project is determined. For programming that is predominantly monetized as part of a film group, capitalized costs are amortized based on an estimate of the timing of our usage of and benefit from such programming. The costs of programming rights licensed under multi-year sports programming agreements are capitalized if the rights payments are made before the related economic benefit has been received and amortized over the period in which an economic benefit is expected to be derived based on the relative value of the events broadcast by us during a period in relation to the estimated total value of the events over the term of the sports programming agreement. For content that is predominantly monetized on an individual basis, a television program or feature film is tested for impairment when events or circumstances indicate that its fair value may be less than its unamortized cost. Content that is predominantly monetized within a film group is assessed for impairment at the film group level and would similarly be tested for impairment if circumstances indicate that the fair value of the film group is less than its unamortized costs. If the carrying value of a film group or individual television program or feature film exceeds the estimated fair value, an impairment charge will then be recorded in the amount of the difference. A change in the monetization strategy of content, whether monetized individually or as part of a film group, will result in a reassessment of the predominant monetization strategy and may trigger an assessment of the content for impairment. Any resulting impairment test will be performed either at the individual level or at the film group level where the future cash flows will be generated, as appropriate. In addition, unamortized costs for internally-produced or acquired programming that has been abandoned are written off. Television and feature film programming and production costs, including inventory amortization, development costs, residuals and participations and impairment charges, if any, are included within “Operating expenses” on the Consolidated Statements of Operations. For 2023, programming charges, which include impairment charges, development cost write-offs and contract termination costs related to strategic changes to our businesses are included within “Programming charges” on the Consolidated Statement of Operations. Property and Equipment —Property and equipment is stated at cost. Depreciation is calculated using the straight-line method over estimated useful lives as follows: Buildings and building improvements 10 to 40 years Leasehold improvements Shorter of lease term or useful life Equipment and other (including finance leases) 3 to 20 years Costs associated with repairs and maintenance of property and equipment are expensed as incurred. Impairment of Long-Lived Assets —We assess long-lived assets and intangible assets, other than goodwill and intangible assets with indefinite lives, for impairment whenever there is an indication that the carrying amount of the asset group may not be recoverable. Recoverability of these asset groups is determined by comparing the forecasted undiscounted cash flows expected to be generated by these asset groups to their net carrying value. If the carrying value is not recoverable, the amount of impairment charge, if any, is measured by the difference between the net carrying value and the estimated fair value of the assets. Investments —Investments over which we have a significant influence, without a controlling interest, are accounted for under the equity method. Equity investments for which we have no significant influence are measured at fair value where a readily determinable fair value exists. Equity investments that do not have a readily determinable fair value are measured at cost less impairment, if any, and adjusted for observable price changes. Gains and losses resulting from changes in the fair value of equity investments are recorded in “Gain (loss) from investments” on the Consolidated Statements of Operations. We monitor our investments for impairment and reduce the carrying value of the investment if we determine that an impairment charge is required based on qualitative and quantitative information. Our investments are included in “Other assets” on the Consolidated Balance Sheets. Goodwill and Intangible Assets —Goodwill is allocated to various reporting units, which are at or one level below our operating segments. Intangible assets with finite lives, which primarily consist of trade names, licenses, and customer agreements are generally amortized using the straight-line method over their estimated useful lives, which range from 5 to 40 years. Goodwill and other intangible assets with indefinite lives, which consist primarily of FCC licenses, are not amortized but are tested for impairment on an annual basis and between annual tests if events occur or circumstances change that would more likely than not reduce the fair value below its carrying amount. If the carrying value of goodwill or the indefinite-lived intangible asset exceeds its fair value, an impairment charge is recognized (see Note 5). Guarantees —At the inception of a guarantee, we recognize a liability for the fair value of an obligation assumed by issuing the guarantee. The related liability is subsequently reduced as utilized or extinguished and increased if there is a probable loss associated with the guarantee which exceeds the value of the recorded liability. Treasury Stock —Treasury stock is accounted for using the cost method. Retirements of treasury stock are reflected as a reduction to additional paid-in capital. Fair Value Measurements —Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. The framework for measuring fair value provides a hierarchy that prioritizes the inputs to valuation techniques used in measuring fair value. Level 1 is based on publicly quoted prices for the asset or liability in active markets. Level 2 is based on inputs that are observable other than quoted market prices in active markets, such as quoted prices for the asset or liability in inactive markets or quoted prices for similar assets or liabilities. Level 3 is based on unobservable inputs reflecting our own assumptions about the assumptions that market participants would use in pricing the asset or liability. Certain assets and liabilities, including foreign currency hedges and deferred compensation liabilities, are measured and recorded at fair value on a recurring basis. Other assets and liabilities, including television and film production costs, lease assets, goodwill, intangible assets, and equity-method investments are recorded at fair value only if an impairment charge is recognized. Impairment charges, if applicable, are generally determined using discounted cash flows, which is a Level 3 valuation technique. Derivative Financial Instruments —Derivative financial instruments are recorded on the Consolidated Balance Sheets as assets or liabilities and measured at fair value. For derivatives designated as hedges of the fair value of assets or liabilities, the changes in fair value of both the derivatives and the hedged items are recorded in “Other items, net” on the Consolidated Statements of Operations. For derivatives designated as cash flow hedges, the effective portion of the changes in fair value of the derivatives is recorded in “Accumulated other comprehensive loss ” on the Consolidated Balance Sheets and subsequently recognized in net earnings when the hedged items are recognized. Pension and Postretirement Benefits —The service cost component of net benefit cost for our pension and postretirement benefits is recorded on the same line items on the Consolidated Statements of Operations as other compensation costs of the related employees. All of the other components of net benefit cost are presented separately from the service cost component and below the subtotal of operating income in “Other items, net” on the Consolidated Statements of Operations. Other Liabilities —Other liabilities consist primarily of the noncurrent portion of residual liabilities of previously disposed businesses, long-term income tax liabilities, deferred compensation and other employee benefit accruals. Revenues Revenue is recognized when control of a good or service is transferred to a customer. Control is considered to be transferred when the customer has the ability to direct the use of and obtain substantially all of the remaining benefits of that good or service. Advertising Revenues —Advertising revenues are recognized when the advertising spots are aired on television or streamed or displayed on digital platforms. Advertising spots are typically sold as part of advertising campaigns consisting of multiple commercial units. If a contract includes a guarantee to deliver a targeted audience rating or number of impressions, the delivery of the advertising spots that achieve the guarantee represents the performance obligation to be satisfied over time and revenues are recognized based on the proportion of the audience rating or impressions delivered to the total guaranteed in the contract. Audience ratings and impressions are determined based on data provided by independent third-party companies. To the extent the amounts billed exceed the amount of revenue recognized, such excess is deferred until the guaranteed audience ratings or impressions are delivered. For contracts that do not include impressions guarantees, the individual advertising spots are the performance obligation and consideration is allocated among the individual advertising spots based on relative standalone selling price. Advertising contracts, which are generally short-term, are billed monthly, with payments due shortly after the invoice date. Affiliate and Subscription Revenues —Affiliate and subscription revenues are principally comprised of affiliate fees received from distributors for carriage of our cable networks (“cable affiliate fees”) and our owned television stations (“retransmission fees”); affiliate fees received from television stations for their affiliation with the CBS Television Network (“reverse compensation”); and subscription fees for our subscription streaming services. Costs incurred for advertising, marketing and other services provided to us by cable, satellite and other distributors that are in exchange for a distinct service are recorded as expenses. If a distinct service is not received, such costs are recorded as a reduction to revenues. The performance obligation for our affiliate agreements is a license to our programming provided through the continuous delivery of live linear feeds and, for agreements with certain distributors, also includes a license to programming for video-on-demand viewing. Affiliate revenues are recognized over the term of the agreement as we satisfy our performance obligation by continuously providing our customer with the right to use our programming. For agreements that provide for a variable fee, revenues are determined each month based on an agreed upon contractual rate applied to the number of subscribers to our customer’s service. For agreements that provide for a fixed fee, revenues are recognized based on the relative fair value of the content provided over the term of the agreement. These agreements primarily include agreements with television stations affiliated with the CBS Television Network (“network affiliates”) for which fair value is determined based on the fair value of the network affiliate’s service and the value of our programming. For affiliate revenues, payments are generally due monthly. Subscription revenues to our streaming services are recognized evenly over the subscription period. Theatrical Revenues —Theatrical revenue is earned from the theatrical distribution of our films during the exhibition period. Under these arrangements, revenues are recognized based on sales to the end customer. Licensing and Other Revenues —Licensing and other revenues are principally comprised of fees from the licensing of the rights to exhibit our internally-produced television and film programming on various platforms in the secondary market after its initial exhibition on our owned or third-party platforms; license fees from content produced or distributed for third parties; home entertainment revenues, which include revenues from the viewing of our content on a transactional basis through transactional video-on-demand (TVOD) and electronic sell-through services, and the sale and distribution of our content through DVDs and Blu-ray discs to wholesale and retail partners; fees from the use of our trademarks and brands for consumer products, recreation and live events; and revenues from studio rentals and production services. For licenses of exhibition rights for internally-produced programming, each individual episode or film delivered represents a separate performance obligation and revenues are recognized when the episode or film is made available to the licensee for exhibition and the license period has begun. For license agreements that include delivery of content on one or more dates for a fixed fee, consideration is allocated based on the relative standalone selling price of each episode or film. Estimation of standalone selling prices requires judgment, which can impact the timing of recognizing revenues. Agreements to license programming are often long term, with collection terms ranging from one When payment is due from a customer more than one year before or after revenue is recognized, we consider the contract to contain a significant financing component and the transaction price is adjusted for the effects of the time value of money. We do not adjust the transaction price for the time value of money if payment is expected within one year of recognizing revenues. We also license our programming to distributors of transactional video-on-demand and similar services. Under these arrangements, our performance obligation is the delivery of our content to such distributors who then license our content to the end customer. Our revenues are determined each month based on a contractual rate applied to the number of licenses to the distributors’ end customers. Similarly, revenues earned from electronic sell-through services are recognized as each program is downloaded by the end customer. Revenues associated with the licensing of our brands for consumer products, recreation and live events are generally determined based on contractual royalty rates applied to sales reported by the licensees. For consumer products and recreation arrangements that include minimum guaranteed consideration, revenue is recognized as sales occur by the licensee, if the sales-based consideration is expected to exceed the minimum guarantee, or ratably if it is not expected to exceed the minimum guarantee. For live events, we recognize revenue when the event is held. Revenues from the sales of DVDs and Blu-ray discs to wholesalers and retailers are recognized upon the later of the physical delivery to the customer or the date that any sales restrictions on the retailers are lifted. We earn revenues from the distribution of content on behalf of third parties. We also have arrangements for the distribution or sale of our content by third parties. Under such arrangements, we determine whether revenues should be recognized based on the gross amount of consideration received from the customer or the net amount of revenue we retain after payment to the third party producer or distributor, based on an assessment of which party controls the good or service being transferred. Revenue Allowances —DVDs and Blu-ray discs are generally sold with a right of return. We record a provision for sales returns and allowances at the time of sale based upon an estimate of future returns, rebates and other incentives. In determining this provision, we consider sources of qualitative and quantitative evidence including forecast sales data, customers’ rights of return, sales levels for units already shipped, historical return rates for similar products, current economic trends, the competitive environment, promotions and our sales strategies. Reserves for sales returns and allowances of $40 million and $70 million at December 31, 2023 and 2022, respectively, are recorded in “Other current liabilities” on the Consolidated Balance Sheets. Reserves for accounts receivable reflect our expected credit losses, which are estimated based on historical experience, as well as current and expected economic conditions and industry trends. Our allowance for credit losses was $120 million and $111 million at December 31, 2023 and 2022, respectively. The provision for doubtful accounts charged to expense was $26 million in 2023, $40 million in 2022 and $8 million in 2021. The expense in 2022 principally includes a charge for amounts due from customers in Russia, Belarus and Ukraine following Russia’s invasion of Ukraine in the first quarter of 2022 (see Note 6). Contract Liabilities —A contract liability is recorded when consideration is received from a customer prior to fully satisfying a performance obligation in a contract. Our contract liabilities primarily consist of cash received related to advertising arrangements for which the required audience rating or impressions have not been delivered; consumer products arrangements with minimum guarantees; and content licensing arrangements under which the content has not yet been made available to the customer. These contract liabilities will be recognized as revenues when control of the related product or service is transferred to the customer. Contract liabilities are included within “Deferred revenues” and “Other liabilities” on the Consolidated Balance Sheets. Collaborative Arrangements —Collaborative arrangements primarily consist of joint efforts with third parties to produce and distribute programming such as television series and live sporting events, including the agreement between us and Turner Broadcasting System, Inc. to telecast the NCAA Division I Men’s Basketball Championship (the “NCAA Tournament”), which runs through 2032. In connection with this agreement for the NCAA Tournament, advertisements aired on the CBS Television Network are recorded as revenues and our share of the program rights fees and other operating costs are recorded as operating expenses. We also enter into collaborative arrangements with other studios to jointly finance and distribute film and television programming, under which each partner is responsible for distribution of the program in specific territories or distribution windows. Under these arrangements, our share of costs for co-productions are initially capitalized as programming inventory and amortized over the estimated economic life of the program. In such arrangements where we have distribution rights, all proceeds generated from such distribution are recorded as revenues and any participation profits due to third party collaborators are recorded as participation expenses. In co-production arrangements where third party collaborators have distribution rights, our net participating profits are recorded as revenues. Amounts attributable to transactions arising from collaborative arrangements between participants were not material to the consolidated financial statements for any period presented. Leases —Our leases are principally comprised of operating leases for office space, equipment, satellite transponders and studio facilities. We determine that a contract contains a lease if we obtain substantially all of the economic benefits of, and the right to direct the use of, an asset identified in the contract. For leases with terms greater than 12 months, we record a right-of-use asset and a lease liability representing the present value of future lease payments. The discount rate used to measure the lease asset and liability is determined at the beginning of the lease term using the rate implicit in the lease, if readily determinable, or our collateralized incremental borrowing rate. For those contracts that include fixed rental payments for both the use of the asset (“lease costs”) as well as for other occupancy or service costs relating to the asset (“non-lease costs”), we generally include both the lease costs and non-lease costs in the measurement of the lease asset and liability. We also own buildings and production facilities where we lease space to lessees. Our leases generally have remaining terms of up to 15 years and often contain renewal options to extend the lease for periods of generally up to 10 years. For leases that contain renewal options, we include the renewal period in the lease term if it is reasonably certain that the option will be exercised. Lease expense and income for our operating leases are recognized on a straight-line basis over the lease term, with the exception of variable lease costs, which are expensed as incurred, and leases of assets used in the production of programming, which are capitalized in programming assets and amortized over the projected useful life of the related programming. Advertising —Advertising costs are expensed as incurred. We incurred total advertising expenses of $2.90 billion in 2023, $2.69 billion in 2022 and $2.14 billion in 2021. Interest —Costs associated with the refinancing or issuance of debt, as well as debt discounts or premiums, are recorded as interest over the term of the related debt. Income Taxes —The provision for/benefit from income taxes includes federal, state, local, and foreign taxes. We recognize the tax on global intangible low-taxed income, a U.S. tax on certain income earned by our foreign subsidiaries, within the provision for income taxes as a period cost when incurred. Deferred tax assets and liabilities are recognized for the estimated future tax effects of temporary differences between the financial statement carrying amounts and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the year in which the temporary differences are expected to be reversed. We evaluate the realizability of deferred tax assets and establish a valuation allowance when it is more likely than not that all or a portion of deferred tax assets will not be realized. Deferred tax assets and deferred tax liabilities are classified as noncurrent on the Consolidated Balance Sheets. For tax positions taken in a previously filed tax return or expected to |
Dispositions and Acquisitions
Dispositions and Acquisitions | 12 Months Ended |
Dec. 31, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Dispositions and Acquisitions | DISPOSITIONS AND ACQUISITIONS Dispositions Simon & Schuster On October 30, 2023, we completed the sale of Simon & Schuster to affiliates of Kohlberg Kravis Roberts & Co. for $1.62 billion. As a result, we recognized a pretax gain during the fourth quarter of 2023 of $695 million. The following tables set forth details of net earnings from discontinued operations for the years ended December 31, 2023, 2022 and 2021, which primarily relates to Simon & Schuster. Year Ended December 31, 2023 Simon & Schuster Other (a) Total Revenues $ 958 $ — $ 958 Costs and expenses: Operating 580 (12) 568 Selling, general and administrative 149 — 149 Restructuring charges 2 — 2 Total costs and expenses 731 (12) 719 Operating income 227 12 239 Other items, net (9) — (9) Earnings from discontinued operations 218 12 230 Benefit from (provision for) income taxes 12 (3) 9 Earnings from discontinued operations, net of tax 230 9 239 Gain on sale (net of tax of $258 million) (b) 437 — 437 Net earnings from discontinued operations, net of tax $ 667 $ 9 $ 676 Year Ended December 31, 2022 Simon & Schuster Other (a) Total Revenues $ 1,177 $ — $ 1,177 Costs and expenses: Operating 746 (30) 716 Selling, general and administrative 180 — 180 Restructuring charges 3 — 3 Total costs and expenses 929 (30) 899 Operating income 248 30 278 Termination fee, net of advisory fees (c) 190 — 190 Other items, net (12) — (12) Earnings from discontinued operations 426 30 456 Provision for income taxes (70) (7) (77) Net earnings from discontinued operations, net of tax $ 356 $ 23 $ 379 Year Ended December 31, 2021 Simon & Schuster Other (a) Total Revenues $ 993 $ — $ 993 Costs and expenses: Operating 618 (16) 602 Selling, general and administrative 158 — 158 Depreciation and amortization 3 — 3 Restructuring charges 1 — 1 Total costs and expenses 780 (16) 764 Operating income 213 16 229 Other items, net (10) — (10) Earnings from discontinued operations 203 16 219 Provision for income taxes (46) (11) (57) Net earnings from discontinued operations, net of tax $ 157 $ 5 $ 162 (a) Primarily relates to indemnification obligations for leases associated with the previously discontinued operations of Famous Players Inc. (“Famous Players”). (b) The tax provision on the gain on sale (c) In accordance with the terms of a previous agreement to sell Simon & Schuster, we received a $200 million termination payment after the U.S. Department of Justice prevailed in its suit to block the sale. The following table presents the major classes of assets and liabilities of our discontinued operations prior to the sale of Simon & Schuster. At December 31, 2022 Receivables, net $ 558 Other current assets 229 Goodwill 434 Property and equipment, net 53 Operating lease assets 204 Other assets 111 Total Assets $ 1,589 Royalties payable $ 161 Other current liabilities 388 Operating lease liabilities 182 Other liabilities 18 Total Liabilities $ 749 Other In September 2022, in connection with our funding commitments under our streaming joint venture with Comcast Corporation, SkyShowtime, we made a noncash contribution of certain assets of Paramount+ in the Nordics to the joint venture, which resulted in a gain of $41 million. Also in 2022, we recorded gains on dispositions 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, which is described below. During October 2021, we completed the sale of 51 West 52nd Street, an office tower that was formerly the headquarters of CBS, to Harbor Group International, LLC, for $760 million, resulting in a gain of $523 million. In December 2021, we completed the sale of CBS Studio Center to a partnership formed by Hackman Capital Partners, LLC and Square Mile Capital Management, LLC for $1.85 billion. At closing, we executed a 10-year lease-back of the portion of a building on the property that is used by our Los Angeles television stations. The lease-back began at the time of the sale and includes an option to terminate one floor without penalty beginning on the fifth anniversary. The sale resulted in a gain of $1.70 billion. In addition, during 2021 we recognized a net gain of $117 million, principally relating to the sale of a noncore trademark licensing operation. Acquisitions During 2021, we made payments totaling $54 million, net of cash acquired, for the acquisition of Chilevisión, a free-to-air television channel, and a controlling interest in Fox TeleColombia & Estudios TeleMexico, a Spanish language content producer. The results of these companies are included in the TV Media segment from the dates of acquisition. The operating results of these acquisitions were not material to our consolidated financial statements in the year of acquisition. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | PROPERTY AND EQUIPMENT At December 31, 2023 2022 Land $ 373 $ 371 Buildings 881 863 Equipment and other 3,916 4,242 5,170 5,476 Less: Accumulated depreciation 3,504 3,714 Property and equipment, net $ 1,666 $ 1,762 Year Ended December 31, 2023 2022 2021 Depreciation expense $ 383 $ 337 $ 344 |
Programming and Other Inventory
Programming and Other Inventory | 12 Months Ended |
Dec. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Programming and Other Inventory | PROGRAMMING AND OTHER INVENTORY The following table presents our programming and other inventory at December 31, 2023 and 2022, grouped by type and predominant monetization strategy. At December 31, 2023 2022 Film Group Monetization: Acquired program rights, including prepaid sports rights $ 3,318 $ 3,238 Internally-produced television and film programming: Released 6,666 7,154 In process and other 2,028 3,299 Individual Monetization: Acquired libraries 348 394 Films: Released 624 694 Completed, not yet released 179 129 In process and other 1,211 1,317 Internally-produced television programming: Released 496 624 In process and other 361 726 Home entertainment 34 45 Total programming and other inventory 15,265 17,620 Less current portion 1,414 1,342 Total noncurrent programming and other inventory $ 13,851 $ 16,278 The following table presents amortization of our television and film programming and production costs, which is included within “ Operating expenses Year Ended December 31, 2023 2022 2021 Acquired program rights $ 5,331 $ 5,018 $ 5,143 Internally-produced television and film programming, and acquired libraries: Individual monetization $ 2,065 $ 2,104 $ 3,245 Film group monetization $ 5,097 $ 5,187 $ 3,248 Programming Charges During 2023, in connection with the integration of Showtime into Paramount+ across both streaming and linear platforms, we performed a comprehensive strategic review of the combined content portfolio of Showtime and Paramount+. Additionally, we commenced a review of our international content portfolio in connection with initiatives to rationalize and right-size our international operations to align with our streaming strategy, and close or globalize certain of our international channels. As a result, we changed the strategy for certain content, which led to content being removed from our platforms or abandoned, the write-off of development costs, distribution changes, and termination of programming agreements. Accordingly, we recorded programming charges on the Consolidated Statement of Operations relating to these actions during the first half of 2023. These charges, which totaled $2.37 billion, were comprised of $1.97 billion for the impairment of content to its estimated fair value, as well as $402 million for development cost write-offs and contract termination costs. For content that was removed from our platforms or abandoned, the estimated fair value was determined using assumptions for secondary market licensing revenues, if any. In connection with our continued review of our international content strategy, during the first quarter of 2024 we made a strategic decision to focus on content with mass global appeal. As part of this, we are rationalizing original content on Paramount+, especially internationally, and improving the efficiency of our linear network programming. As a result, we have reviewed our expansive global content portfolio and are removing select content from our platforms. In addition, we have decided not to move forward with certain titles and therefore are abandoning some development projects and terminating certain programming agreements. Accordingly, we expect to recognize additional programming charges that we currently expect to be in the range of approximately $700 million to $900 million during the first quarter of 2024. As we continue to evaluate our content portfolio, we may incur additional programming charges later in 2024. The following table presents the estimated expected amortization over each of the next three years of released programming inventory on the Consolidated Balance Sheet at December 31, 2023. This information does not include the expected effects of the 2024 programming charges discussed above. 2024 2025 2026 Acquired program rights $ 2,391 $ 659 $ 160 Internally-produced television and film programming, and acquired libraries: Individual monetization $ 755 $ 192 $ 126 Film group monetization $ 3,067 $ 1,690 $ 1,031 During the year ending December 31, 2024, we expect to amortize approximately $143 million of our completed, not yet released film inventory, which is monetized on an individual basis. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | GOODWILL AND OTHER INTANGIBLE ASSETS We perform fair value-based impairment tests of goodwill and intangible assets with indefinite lives, comprised primarily of television FCC licenses, on an annual basis, and also between annual tests if an event occurs or if circumstances change that would more likely than not reduce the fair value of a reporting unit or an indefinite-lived intangible asset below its carrying value. Goodwill is tested for impairment at the reporting unit level, which is an operating segment, or one level below. At December 31, 2023, we had five reporting units. FCC licenses are tested for impairment at the geographic market level. We consider each geographic market, which is comprised of all of our television stations within that geographic market, to be a single unit of accounting because the FCC licenses at this level represent their highest and best use. At December 31, 2023, we had 14 television markets with FCC license book values, which totaled $2.31 billion. For our annual impairment test, we perform qualitative assessments for the reporting units and television markets with FCC licenses that we estimate have fair values that significantly exceed their respective carrying values. In making this determination, we also consider the duration of time since a quantitative test was performed. For the 2023 annual impairment test, we performed qualitative assessments for six of our television markets and all of our reporting units. Considering the aggregation of all relevant factors, including the significant headroom in our most recent tests, we concluded that it is not more likely than not that the fair values of our reporting units and the fair value of FCC licenses within each of these markets are less than their respective carrying values. Therefore, performing a quantitative impairment test for these reporting units and FCC licenses was unnecessary. For the 2023 annual test for FCC licenses, we performed a quantitative impairment test for the remaining eight markets. The quantitative impairment test of FCC licenses calculates an estimated fair value using the Greenfield Discounted Cash Flow Method, which values a hypothetical start-up station in the relevant market by adding discounted cash flows over a five-year build-up period to a residual value. The assumptions for the build-up period include industry projections of overall market revenues; the start-up station’s operating costs and capital expenditures, which are based on both industry and internal data; and average market share. The discount rate is determined based on the industry and market-based risk of achieving the projected cash flows, and the residual value is calculated using a long-term growth rate, which is based on projected long-range inflation and industry projections. The discount rate and the long-term growth rate were 9% and 1%, respectively. The impairment tests indicated that the estimated fair values of FCC licenses in five of the markets were below their respective carrying values. Accordingly, we recorded an impairment charge of $83 million to write down the carrying values of these FCC licenses to their aggregate estimated fair value of $887 million. The impairment charge, which is recorded within the TV Media segment, was primarily due to increased market volatility and higher interest rates in the fourth quarter of 2023 compared to the prior quarters of 2023 and the fourth quarter of 2022, which resulted in a higher discount rate. The estimated fair values of FCC licenses in the three remaining markets, which had an aggregate carrying value of $357 million were within 10% of their carrying values. The following tables present the changes in the book value of goodwill by segment for the years ended December 31, 2023 and 2022. Balance at Acquisitions / Foreign Balance at December 31, 2022 (Dispositions) Currency December 31, 2023 TV Media: Goodwill $ 24,505 $ (12) $ 29 $ 24,522 Accumulated impairment losses (13,354) — — (13,354) Goodwill, net of impairment 11,151 (12) 29 11,168 Direct-to-Consumer Goodwill 2,728 — — 2,728 Accumulated impairment losses — — — — Goodwill, net of impairment 2,728 — — 2,728 Filmed Entertainment: Goodwill 2,620 — — 2,620 Accumulated impairment losses — — — — Goodwill, net of impairment 2,620 — — 2,620 Total: Goodwill 29,853 (12) 29 29,870 Accumulated impairment losses (13,354) — — (13,354) Goodwill, net of impairment $ 16,499 $ (12) $ 29 $ 16,516 Balance at Acquisitions / Foreign Balance at December 31, 2021 (Dispositions) Currency December 31, 2022 TV Media: Goodwill $ 24,590 $ — $ (85) $ 24,505 Accumulated impairment losses (13,354) — — (13,354) Goodwill, net of impairment 11,236 — (85) 11,151 Direct-to-Consumer: Goodwill 2,728 — — 2,728 Accumulated impairment losses — — — — Goodwill, net of impairment 2,728 — — 2,728 Filmed Entertainment: Goodwill 2,620 — — 2,620 Accumulated impairment losses — — — — Goodwill, net of impairment 2,620 — — 2,620 Total: Goodwill 29,938 — (85) 29,853 Accumulated impairment losses (13,354) — — (13,354) Goodwill, net of impairment $ 16,584 $ — $ (85) $ 16,499 Our intangible assets were as follows: Accumulated At December 31, 2023 Gross Amortization Net Intangible assets subject to amortization: Trade names $ 242 $ (154) $ 88 Licenses 129 (62) 67 Customer agreements 124 (102) 22 Other intangible assets 239 (192) 47 Total intangible assets subject to amortization 734 (510) 224 FCC licenses 2,306 — 2,306 International broadcast licenses 25 — 25 Other intangible assets 34 — 34 Total intangible assets $ 3,099 $ (510) $ 2,589 Accumulated At December 31, 2022 Gross Amortization Net Intangible assets subject to amortization: Trade names $ 252 $ (153) $ 99 Licenses 128 (55) 73 Customer agreements 123 (101) 22 Other intangible assets 234 (181) 53 Total intangible assets subject to amortization 737 (490) 247 FCC licenses 2,389 — 2,389 International broadcast licenses 24 — 24 Other intangible assets 34 — 34 Total intangible assets $ 3,184 $ (490) $ 2,694 Amortization expense was as follows: Year Ended December 31, 2023 2022 2021 Amortization expense $ 35 $ 41 $ 46 We expect our aggregate annual amortization expense for existing intangible assets subject to amortization for each of the years, 2024 through 2028, to be as follows: 2024 2025 2026 2027 2028 Future amortization expense $ 27 $ 25 $ 23 $ 22 $ 21 |
Restructuring and Other Corpora
Restructuring and Other Corporate Matters | 12 Months Ended |
Dec. 31, 2023 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Other Corporate Matters | RESTRUCTURING AND OTHER CORPORATE MATTERS During the years ended December 31, 2023, 2022 and 2021, we recorded the following restructuring charges and other corporate matters. Year Ended December 31, 2023 2022 2021 Severance (a) $ 67 $ 260 $ 65 Exit costs 35 68 35 Restructuring charges 102 328 100 Other corporate matters (133) 257 — Restructuring and other corporate matters $ (31) $ 585 $ 100 (a) Severance costs include the accelerated vesting of stock-based compensation. Restructuring Charges Since the merger of Viacom Inc. (“Viacom”) with and into CBS Corporation (“CBS”) (the “Merger”), we implemented a series of initiatives designed to integrate and transform our operations, including changes in management structure. These initiatives led to restructuring actions, and as a result, we recorded restructuring charges for severance of $67 million, $260 million, and $65 million in 2023, 2022, and 2021, respectively. The actions that gave rise to the severance costs included our 2022 operating segment realignment, the integration of Showtime into Paramount+, and the restructuring of our international operations. In addition, during the fourth quarter of 2023, certain eligible employees voluntarily elected to participate in a plan under which they will receive one-time severance benefits, resulting in $13 million of severance costs. In the years following the Merger, we also consolidated our real estate portfolio to reduce our real estate footprint and create cost synergies. In connection with this consolidation, we identified lease assets that we determined we would not use and instead sublease or terminate early, which resulted in lease impairment charges of $35 million, $68 million, and $35 million for the years ended December 31, 2023, 2022 and 2021, respectively. For the lease assets that we plan to sublease, the impairment charges were the result of a decline in market conditions since the inception of these leases and reflect 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. The following is a rollforward of our restructuring liability, which is recorded in “Other current liabilities” and “Other liabilities” on the Consolidated Balance Sheets. The restructuring liability at December 31, 2023, which principally relates to severance payments, is expected to be substantially paid by the end of 2024. 2023 Activity Balance at December 31, 2022 Charges (a) Payments Balance at December 31, 2023 TV Media $ 251 $ 42 $ (131) $ 162 Direct-to-Consumer 8 3 (5) 6 Filmed Entertainment 29 5 (20) 14 Corporate 14 12 (16) 10 Total $ 302 $ 62 $ (172) $ 192 2022 Activity Balance at December 31, 2021 Charges (a) Payments Balance at December 31, 2022 TV Media $ 122 $ 221 $ (92) $ 251 Direct-to-Consumer — 8 — 8 Filmed Entertainment 34 17 (22) 29 Corporate 34 — (20) 14 Total $ 190 $ 246 $ (134) $ 302 (a) For the years ended December 31, 2023 and 2022, excludes stock-based compensation expense of $5 million and $14 million, respectively, and lease asset impairments of $35 million and $68 million, respectively. Other Corporate Matters In 2023, we recorded a net benefit of $133 million in other corporate matters, principally consisting of a gain of $120 million from a settlement received in the fourth quarter of 2023 in connection with the final dismissal of the CBS Litigation, as well as insurance recoveries relating to the Viacom Litigation (each as defined and further described under Legal Matters — Stockholder Matters—Litigation Relating to the Merger in Note 19). These benefits are partially offset by a charge of $23 million to increase our accrual for asbestos matters as discussed under Legal Matters — Claims Related to Former Businesses—Asbestos in Note 19. In 2022, we recorded charges for other corporate matters of $257 million, consisting of $211 million associated with stockholder legal matters, principally relating to the Merger, including a charge for the settlement of $122.5 million in connection with the final dismissal of the Viacom Litigation. The charges also included $46 million recorded following Russia’s invasion of Ukraine, principally to reserve against amounts due from counterparties in Russia, Belarus and Ukraine. |
Related Parties
Related Parties | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Related Parties | RELATED PARTIES National Amusements, Inc. National Amusements, Inc. (“NAI”) is the controlling stockholder of the Company. At December 31, 2023, NAI directly or indirectly owned approximately 77.4% of our voting Class A Common Stock, and approximately 9.7% 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. NA Administration, LLC is the corporate trustee of the General Trust and is governed by a seven-member board of directors, which acts by majority vote (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 directors of NA Administration, LLC and one of two directors who are beneficiaries of the General Trust. No member of our management or other member of our Board of Directors is a director of NA Administration, LLC. Other Related Parties In the ordinary course of business, we are involved in transactions with our equity-method investees, primarily for the licensing of television and film programming. The following tables present the amounts recorded in our consolidated financial statements related to these transactions. Year Ended December 31, 2023 2022 2021 Revenues $ 322 $ 358 $ 237 Operating expenses $ 24 $ 24 $ 21 At December 31, 2023 2022 Receivables, net $ 193 $ 180 Other assets (Receivables, noncurrent) $ 101 $ 18 Through the normal course of business, we are involved in other transactions with related parties that have not been material in any of the periods presented. |
Revenues
Revenues | 12 Months Ended |
Dec. 31, 2023 | |
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 18 for revenues by segment disaggregated into these categories. Year Ended December 31, 2023 2022 2021 Revenues by Type: Advertising $ 9,989 $ 10,890 $ 11,412 Affiliate and subscription 13,018 11,551 10,442 Theatrical 813 1,223 241 Licensing and other 5,832 6,490 6,491 Total Revenues $ 29,652 $ 30,154 $ 28,586 Receivables Included in “Other assets” on the Consolidated Balance Sheets are noncurrent receivables of $1.39 billion and $1.61 billion at December 31, 2023 and 2022, 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. Our receivables do not represent significant concentrations of credit risk at December 31, 2023 or 2022, due to the wide variety of customers, markets and geographic areas to which our products and services are sold. Contract Liabilities Contract liabilities are included within “Deferred revenues” and “Other liabilities” on the Consolidated Balance Sheets and were $0.8 billion, $1.06 billion and $1.20 billion at December 31, 2023, 2022 and 2021, respectively. We recognized revenues of $0.9 billion for each of the years ended December 31, 2023, 2022 and 2021 that were included in the opening balance of deferred revenues for the respective year. Unrecognized Revenues Under Contract At December 31, 2023, unrecognized revenues attributable to unsatisfied performance obligations under our long-term contracts were approximately $8 billion, of which $4 billion is expected to be recognized in 2024, $2 billion in 2025, $1 billion in 2026, and $1 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. In addition, the timing of satisfying certain of the performance obligations under these long-term contracts is uncertain and, therefore, is also subject to change. 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. Performance Obligations Satisfied in Previous Periods |
Debt
Debt | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Debt | DEBT Our debt consists of the following : At December 31, 2023 2022 7.875% Debentures due 2023 $ — $ 139 7.125% Senior Notes due 2023 — 35 4.75% Senior Notes due 2025 125 552 4.0% Senior Notes due 2026 345 795 3.45% Senior Notes due 2026 86 124 2.90% Senior Notes due 2027 581 694 3.375% Senior Notes due 2028 497 496 3.70% Senior Notes due 2028 495 494 4.20% Senior Notes due 2029 496 495 7.875% Senior Debentures due 2030 830 830 4.95% Senior Notes due 2031 1,229 1,226 4.20% Senior Notes due 2032 977 975 5.50% Senior Debentures due 2033 428 427 4.85% Senior Debentures due 2034 87 87 6.875% Senior Debentures due 2036 1,071 1,071 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 489 488 4.375% Senior Debentures due 2043 1,138 1,130 4.875% Senior Debentures due 2043 18 18 5.85% Senior Debentures due 2043 1,234 1,233 5.25% Senior Debentures due 2044 345 345 4.90% Senior Notes due 2044 541 541 4.60% Senior Notes due 2045 591 590 4.95% Senior Notes due 2050 948 946 6.25% Junior Subordinated Debentures due 2057 643 643 6.375% Junior Subordinated Debentures due 2062 989 989 Other bank borrowings — 55 Obligations under finance leases 1 10 Total debt (a) 14,602 15,846 Less current portion of long-term debt 1 239 Total long-term debt, net of current portion $ 14,601 $ 15,607 (a) At December 31, 2023 and 2022, the senior and junior subordinated debt balances included (i) a net unamortized discount of $419 million and $442 million, respectively, and (ii) unamortized deferred financing costs of $81 million and $89 million, respectively. The face value of our total debt was $15.10 billion at December 31, 2023 and $16.38 billion at December 31, 2022. Senior Debt During the fourth quarter of 2023, we repurchased $1.04 billion of our outstanding senior notes due between 2025 and 2027 through a tender offer, for an aggregate repurchase price of $1.00 billion. These repurchases resulted in a pre-tax gain on extinguishment of debt of $29 million. In 2023, we also repaid our $139 million of 7.875% debentures and $35 million of 7.125% senior notes, each at maturity. In 2022, we redeemed senior notes totaling $2.39 billion, prior to maturity, for an aggregate redemption price of $2.49 billion and redeemed, at par, our $520 million of 5.875% junior subordinated debentures due February 2057. These redemptions resulted in a total pre-tax loss on extinguishment of debt of $120 million. In 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 outstanding senior notes and debentures provide for certain covenant packages typical for an investment grade company. There is an acceleration trigger for $9.67 billion of the senior notes and debentures that requires us to make a redemption offer at 101% of the principal amount plus accrued and unpaid interest in the event of ratings downgrades to below investment grade by all three ratings agencies (Moody’s Investors Service, Inc., S&P Global Ratings and Fitch Ratings, Ltd.) due to a change of control. Junior Debt In 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 on any interest payment date thereafter. Our $643 million of 6.25% junior subordinated debentures due February 2057 accrue interest at the stated fixed rate 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, however, with the phasing out of LIBOR and the passage of the Adjustable Interest Rate (LIBOR) Act, signed into law on March 15, 2022, it is expected that the 6.25% junior subordinated debentures due 2057 will, upon switching to a floating rate, bear interest at a replacement rate based on three-month CME Term Secured Overnight Financing Rate (SOFR). These debentures can be called by us at par at any time after the expiration of the fixed-rate period. Our junior subordinated debentures also provide for certain covenant packages. In the event of ratings downgrades by all three rating agencies due to a change of control, there is a provision in the junior subordinated debentures that requires us to either elect to redeem the debentures at 101% of the principal amount plus accrued and unpaid interest or, if we elect not to redeem the debentures, the interest rate will be increased by 5 percentage points. Long-Term Debt Maturities At December 31, 2023, our scheduled maturities of long-term debt at face value, which excludes payments for the related interest and finance leases, were as follows: 2029 and 2024 2025 2026 2027 2028 Thereafter Long-term debt $ — $ 126 $ 433 $ 584 $ 1,000 $ 12,958 Commercial Paper At both December 31, 2023 and 2022, we had no outstanding commercial paper borrowings. Credit Facility During 2023, we amended and extended our $3.50 billion revolving credit facility (the “Credit Facility”), which now matures in January 2027 (the “2023 Amendment”). 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 into. Under the 2023 Amendment, we replaced LIBOR as the benchmark rate for loans denominated in U.S. dollars with Term SOFR. The benchmark rate for loans denominated in euros, sterling and yen is based on EURIBOR, SONIA and TIBOR, respectively. The Credit Facility also includes a provision that the occurrence of a change of control of Paramount will be an event of default that would give the lenders the right to accelerate any outstanding loans and terminate their commitments. At December 31, 2023, we had no borrowings outstanding under the Credit Facility and the availability under the Credit Facility was $3.50 billion. The Credit Facility has one principal financial covenant which sets a maximum Consolidated Total Leverage Ratio (“Leverage Ratio”) at the end of each quarter, which prior to the 2023 Amendment was 4.5x. Under the 2023 Amendment, the maximum Leverage Ratio was increased to 5.75x for each quarter through and including the quarter ending September 30, 2024, and will then decrease to 5.5x for the quarters ending December 31, 2024 and March 31, 2025, with decreases of 0.25x for each subsequent quarter until it reaches 4.5x for the quarter ending March 31, 2026. The Leverage Ratio reflects the ratio of our Consolidated Indebtedness, net of unrestricted cash and cash equivalents at the end of a quarter, to our Consolidated EBITDA (each as defined in the amended credit agreement) for the trailing twelve-month period. Under the 2023 Amendment, the definition of the Leverage Ratio was also modified to set the maximum amount of unrestricted cash and cash equivalents that can be netted against Consolidated Indebtedness to $1.50 billion for quarters ending on or after September 30, 2024. In addition, under the 2023 Amendment, Simon & Schuster was treated as a continuing operation for the purposes of calculating Consolidated EBITDA until its disposition in October 2023. We met the covenant as of December 31, 2023. Other Bank Borrowings At December 31, 2023, we had no outstanding bank borrowings under Miramax’s $50 million credit facility, which matures in November 2024. This facility replaced the previous $300 million credit facility that matured in April 2023. At December 31, 2022, we had $55 million of bank borrowings under the previous facility with a weighted average interest rate of 7.09%. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Leases | LEASES Lessee Contracts We have operating leases primarily for office space, equipment, satellite transponders and studio facilities. We also have finance leases for equipment, which were not material for the periods presented. Lease costs are generally fixed, with certain contracts containing variable payments for non-lease costs based on usage and escalations in the lessors’ annual costs. At December 31, 2023 and 2022, the following amounts were recorded on the Consolidated Balance Sheets relating to our operating leases. 2023 2022 Right-of-Use Assets Operating lease assets $ 1,183 $ 1,391 Lease Liabilities Other current liabilities $ 258 $ 292 Operating lease liabilities 1,256 1,428 Total lease liabilities $ 1,514 $ 1,720 2023 2022 Weighted average remaining lease term 7 years 7 years Weighted average discount rate 3.9 % 3.6 % The following table presents our lease cost relating to our operating leases. Year Ended December 31, 2023 2022 2021 Operating lease cost (a) (b) $ 332 $ 373 $ 374 Short-term lease cost (b) (c) 229 306 283 Variable lease cost (b) (d) 76 77 62 Sublease income (7) (12) (20) Total lease cost $ 630 $ 744 $ 699 (a) Includes fixed lease costs and non-lease costs (consisting of other occupancy and service costs relating to the use of an asset) associated with long-term operating leases. (b) Includes costs capitalized in programming assets during the period for leased assets used in the production of programming. (c) Short-term leases, which are not recorded in right-of-use assets and lease liabilities on the Consolidated Balance Sheets, have a term of 12 months or less and exclude month-to-month leases. (d) Primarily includes non-lease costs (consisting of other occupancy and service costs relating to the use of an asset) and costs for equipment leases that vary based on usage. The following table presents supplemental cash flow information for our operating leases. Year Ended December 31, 2023 2022 2021 Payments for amounts included in operating lease $ 368 $ 394 $ 399 Noncash additions to operating lease assets $ 123 $ 170 $ 377 The expected future payments relating to our operating lease liabilities at December 31, 2023 are as follows: 2024 $ 309 2025 296 2026 253 2027 208 2028 184 2029 and thereafter 490 Total minimum payments 1,740 Less amounts representing interest 226 Present value of minimum payments $ 1,514 As of December 31, 2023, we had no material leases that were executed but not yet commenced. Lessor Contracts |
Leases | LEASES Lessee Contracts We have operating leases primarily for office space, equipment, satellite transponders and studio facilities. We also have finance leases for equipment, which were not material for the periods presented. Lease costs are generally fixed, with certain contracts containing variable payments for non-lease costs based on usage and escalations in the lessors’ annual costs. At December 31, 2023 and 2022, the following amounts were recorded on the Consolidated Balance Sheets relating to our operating leases. 2023 2022 Right-of-Use Assets Operating lease assets $ 1,183 $ 1,391 Lease Liabilities Other current liabilities $ 258 $ 292 Operating lease liabilities 1,256 1,428 Total lease liabilities $ 1,514 $ 1,720 2023 2022 Weighted average remaining lease term 7 years 7 years Weighted average discount rate 3.9 % 3.6 % The following table presents our lease cost relating to our operating leases. Year Ended December 31, 2023 2022 2021 Operating lease cost (a) (b) $ 332 $ 373 $ 374 Short-term lease cost (b) (c) 229 306 283 Variable lease cost (b) (d) 76 77 62 Sublease income (7) (12) (20) Total lease cost $ 630 $ 744 $ 699 (a) Includes fixed lease costs and non-lease costs (consisting of other occupancy and service costs relating to the use of an asset) associated with long-term operating leases. (b) Includes costs capitalized in programming assets during the period for leased assets used in the production of programming. (c) Short-term leases, which are not recorded in right-of-use assets and lease liabilities on the Consolidated Balance Sheets, have a term of 12 months or less and exclude month-to-month leases. (d) Primarily includes non-lease costs (consisting of other occupancy and service costs relating to the use of an asset) and costs for equipment leases that vary based on usage. The following table presents supplemental cash flow information for our operating leases. Year Ended December 31, 2023 2022 2021 Payments for amounts included in operating lease $ 368 $ 394 $ 399 Noncash additions to operating lease assets $ 123 $ 170 $ 377 The expected future payments relating to our operating lease liabilities at December 31, 2023 are as follows: 2024 $ 309 2025 296 2026 253 2027 208 2028 184 2029 and thereafter 490 Total minimum payments 1,740 Less amounts representing interest 226 Present value of minimum payments $ 1,514 As of December 31, 2023, we had no material leases that were executed but not yet commenced. Lessor Contracts |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Financial Instruments | FINANCIAL INSTRUMENTS The carrying value of our financial instruments approximates fair value, except for notes and debentures. At December 31, 2023 and 2022, the carrying value of our outstanding notes and debentures was $14.60 billion and $15.78 billion, respectively, and the fair value, which is determined based on quoted prices in active markets (Level 1 in the fair value hierarchy) was $13.6 billion and $13.9 billion, respectively. Investments At December 31, 2023 and 2022, included in “Other assets” on the Consolidated Balance Sheets are equity-method investments of $96 million and $375 million, respectively, and equity investments without a readily determinable fair value for which we have no significant influence of $612 million and $70 million, respectively. In April 2023, our ownership of Viacom18 was diluted from 49% to 13% following investment by other parties. Accordingly, we no longer account for it under the equity method and instead account for it as an investment without a readily determinable fair value. Upon dilution, the difference between the carrying value of our 49% interest and the fair value of our 13% interest, as indicated by the additional investments, resulted in a noncash gain of $168 million, which was recorded in “Gain (loss) from investments” on the Consolidated Statement of Operations in 2023. At December 31, 2023, our equity-method investments include a 50% interest in SkyShowtime, a joint venture formed in 2022, which launched a new subscription streaming service in certain European territories, as well as interests in several international television joint ventures. For the years ended December 31, 2023 and 2021, “Equity in loss of investee companies, net of tax” on the Consolidated Statements of Operations included impairment charges of $16 million and $34 million, respectively, relating to television joint ventures. In 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 “Gain (loss) from investments” on the Consolidated Statement of Operations in 2022. For 2021, “Gain (loss) from investments” of $47 million on the Consolidated Statement of Operations primarily includes a gain of $37 million on the sale of an investment without a readily determinable fair value and a gain of $9 million from an increase in the fair value of a marketable security, which was sold in the third quarter of 2021. Foreign Exchange Contracts We use derivative financial instruments primarily to manage our exposure to market risks from fluctuations in foreign currency exchange rates. We do not use derivative instruments unless there is an underlying exposure and, therefore, we do not hold or enter into derivative financial instruments for speculative trading purposes. Foreign exchange forward contracts have principally been used to hedge projected cash flows in currencies such as the British pound, the euro, the Canadian dollar and the Australian dollar, generally for periods up to 24 months. We designate foreign exchange forward contracts used to hedge committed and forecasted foreign currency transactions as cash flow hedges. Additionally, we enter into non-designated forward contracts to hedge non-U.S. dollar denominated cash flows. At December 31, 2023 and 2022, the notional amount of all foreign currency contracts was $2.72 billion and $3.06 billion, respectively. For 2023, $2.20 billion related to future production costs and $523 million related to our foreign currency balances and other expected foreign currency cash flows. For 2022, $2.40 billion related to future production costs and $655 million related to our foreign currency balances and other expected foreign currency cash flows. Gains (losses) recognized on derivative financial instruments were as follows: Year Ended December 31, 2023 2022 Financial Statement Account Non-designated foreign exchange contracts $ (10) $ 51 Other items, net We continually monitor our positions with, and credit quality of, the financial institutions that are counterparties to our financial instruments. We are exposed to credit loss in the event of nonperformance by the counterparties to the agreements. However, we do not anticipate nonperformance by the counterparties. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | FAIR VALUE MEASUREMENTS The table below presents our assets and liabilities measured at fair value on a recurring basis at December 31, 2023 and 2022. 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 December 31, 2023 2022 Assets: Foreign currency hedges $ 40 $ 39 Total Assets $ 40 $ 39 Liabilities: Deferred compensation $ 366 $ 336 Foreign currency hedges 30 83 Total Liabilities $ 396 $ 419 The estimated fair values of our impaired content and FCC licenses (see Notes 4 and 5, respectively) were determined using Level 3 inputs. |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2023 | |
Variable Interest Entity Disclosure [Abstract] | |
Variable Interest Entities | VARIABLE INTEREST ENTITIES In the normal course of business, we enter into joint ventures or make investments with business partners that support our underlying business strategy and provide us the ability to enter new markets to expand the reach of our brands, develop new programming and/or distribute our existing content. In certain instances, an entity in which we make an investment may qualify as a VIE. In determining whether we are the primary beneficiary of a VIE, we assess whether we have the power to direct matters that most significantly impact the activities of the VIE, and have the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. The following tables present the amounts recorded in our consolidated financial statements related to our consolidated VIEs. At December 31, 2023 2022 Total assets $ 1,886 $ 1,961 Total liabilities $ 232 $ 328 Year Ended December 31, 2023 2022 2021 Revenues $ 598 $ 524 $ 576 Operating income (loss) $ (107) $ (56) $ 43 |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Stockholders' Equity | STOCKHOLDERS’ EQUITY In general, the Company’s Class A Common Stock and Class B Common Stock have the same economic rights; however, holders of the Company’s Class B Common Stock do not have any voting rights, except as required by law. Holders of the Company’s Class A Common Stock are entitled to one vote per share with respect to all matters on which the holders of the Company’s Common Stock are entitled to vote. 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. As of December 31, 2023, the Mandatory Convertible Preferred Stock had an aggregate liquidation preference of $1 billion. 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. In 2023 and 2022, conversions of Mandatory Convertible Preferred Stock into Class B Common Stock were minimal. 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 The following table presents dividends declared per share and total dividends for our Class A and Class B Common Stock and our Mandatory Convertible Preferred Stock for the years ended December 31, 2023, 2022 and 2021. Year Ended December 31, 2023 2022 2021 Class A and Class B Common Stock Dividends declared per common share (a) $ .39 $ .96 $ .96 Total common stock dividends $ 261 $ 635 $ 625 Mandatory Convertible Preferred Stock Dividends declared per preferred share (b) $ 5.75 $ 5.75 $ 4.4243 Total preferred stock dividends $ 58 $ 58 $ 44 (a) We declared a quarterly cash dividend of $.24 per share on our Class A and Class B Common Stock during the first quarter of 2023 and each of the quarters of 2022 and 2021. Beginning with the second quarter of 2023 and for the remaining quarters of 2023, we declared a quarterly cash dividend on our Class A and Class B Common Stock of $.05 per share. (b) During the second quarter of 2021, we declared a quarterly cash dividend of $1.5493 per share on our Mandatory Convertible Preferred Stock, representing a dividend period from March 26, 2021 through July 1, 2021. For all subsequent quarters, we declared a quarterly cash dividend of $1.4375 per share on our Mandatory Convertible Preferred Stock. Treasury Stock At December 31, 2023, we had $2.36 billion of authorization remaining under our share repurchase program. We did not repurchase any shares of our common stock in the three years ended December 31, 2023. Common Stock Conversion Rights Holders of Class A Common Stock have the right to convert their shares to Class B Common Stock as long as there are at least 5,000 shares of Class A Common Stock outstanding. In 2023 and 2022, conversions of Class A Common Stock into Class B Common Stock were minimal. In 2021, conversions of Class A Common Stock into Class B Common Stock were 11.6 million. Accumulated Other Comprehensive Income (Loss) The following table presents the changes in the components of accumulated other comprehensive income (loss). Continuing Operations Discontinued Operations Net Actuarial Accumulated Cumulative Loss and Other Other Translation Prior Comprehensive Comprehensive Adjustments Service Cost Income (Loss) (a) Loss At December 31, 2020 $ (303) $ (1,509) $ (20) $ (1,832) Other comprehensive income (loss) before reclassifications (142) 5 (3) (140) Reclassifications to net earnings — 70 (b) — 70 Other comprehensive income (loss) (142) 75 (3) (70) At December 31, 2021 (445) (1,434) (23) (1,902) Other comprehensive income (loss) before reclassifications (235) 273 (7) 31 Reclassifications to net earnings — 64 (b) — 64 Other comprehensive income (loss) (235) 337 (7) 95 At December 31, 2022 (680) (1,097) (30) (1,807) Other comprehensive income (loss) before reclassifications 132 (7) (5) 120 Reclassifications to net loss 44 (c) 52 (b) 35 (d) 131 Other comprehensive income 176 45 30 251 At December 31, 2023 $ (504) $ (1,052) $ — $ (1,556) (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 17). (c) Reflects amounts realized within “Gain (loss) from investments” on the Consolidated Statement of Operations in connection with the dilution of our interest in Viacom18 (see Note 11). (d) Reflects amounts realized within “Net earnings from discontinued operations, net of tax” on the Consolidated Statement of Operations in connection with the sale of Simon & Schuster (see Note 2). |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | STOCK-BASED COMPENSATION We have long-term equity-based incentive plans (the “Plans”) under which stock options, RSUs and PSUs are issued. The purpose of the Plans is to benefit and advance the interests of our company by attracting, retaining and motivating participants and to compensate participants for their contributions to the financial success of our company. The Plans provide for awards of stock options, stock appreciation rights, restricted and unrestricted shares, RSUs, dividend equivalents, performance awards and other equity-related awards. RSUs and PSUs accrue dividends each time we declare a quarterly cash dividend, which are paid upon vesting when the shares are delivered and are forfeited if the award does not vest. Upon exercise of stock options or vesting of RSUs and PSUs, we issue new shares from our existing authorization. At December 31, 2023, there were 24 million shares available for future grant under the Plans. Stock-based compensation awards were also granted under Viacom’s equity incentive plans until December 31, 2020. Upon exercise of outstanding stock options or vesting of RSUs and PSUs previously granted under Viacom’s equity incentive plans, shares may be issued from Viacom’s previous authorization or from treasury stock. The following table summarizes stock-based compensation expense for the years ended December 31, 2023, 2022 and 2021. Year Ended December 31, 2023 2022 2021 RSUs and PSUs $ 172 $ 155 $ 163 Stock options — 3 9 Expense included in operating and SG&A 172 158 172 Expense included in restructuring and other corporate matters (a) 5 14 20 Stock-based compensation expense, before income taxes 177 172 192 Related tax benefit (35) (35) (41) Stock-based compensation expense, net of tax benefit $ 142 $ 137 $ 151 (a) Reflects accelerations as a result of restructuring activities. Included in net earnings from discontinued operations was stock-based compensation expense of $2 million for the year ended December 31, 2023 and $3 million for each of the years ended December 31, 2022 and 2021. RSUs and PSUs Compensation expense for RSUs is determined based upon the market price of the shares underlying the awards on the date of grant and expensed over the vesting period, which is generally a one For PSU awards with a market condition, the number of shares to be issued upon vesting is based on the total shareholder return of the Company’s Class B Common Stock measured against the companies comprising the S&P 500 Index or a defined peer group over a designated measurement period. Certain other PSU awards are based on the achievement of established internal operating goals. The fair value of PSU awards with a market condition is determined using a Monte Carlo simulation model, and is expensed over the required employee service period. Compensation expense for these PSUs is not adjusted for the actual number of shares issued based on the outcome of the market condition for completed performance periods. The fair value of PSU awards with internal performance conditions is based on the market price of the shares on the date of grant, and is expensed based on the probable outcome of internal performance metrics and subsequently adjusted to reflect the actual shares issued based on the outcome of the performance metrics for completed performance periods. For all PSU awards, if the required service period is not completed, the award is forfeited, and compensation expense is adjusted. The fair value of PSU awards granted during each of the years ended December 31, 2023 and 2022 was $43 million and for the year ended December 31, 2021 was $3 million. The weighted average grant date fair value of RSUs and PSUs granted was $22.83 , $31.58 and $35.80 in 2023, 2022, and 2021, respectively. The total market value of RSUs and PSUs that vested during 2023, 2022, and 2021 was $74 million, $77 million and $260 million, respectively. Total unrecognized compensation cost related to non-vested RSUs and PSUs at December 31, 2023 was $256 million, which is expected to be recognized over a weighted average period of 2.01 years. The following table summarizes our RSU and PSU share activity: Weighted Average Shares Grant Date Fair Value Non-vested at December 31, 2022 11,115,371 $ 33.02 Granted (a) 10,435,617 $ 22.83 Vested (4,426,844) $ 33.74 Forfeited (1,619,883) $ 29.01 Non-vested at December 31, 2023 15,504,261 $ 26.38 (a) Grant activity includes 1.4 million of PSUs at target for 2023. Stock Options Compensation expense for stock options is determined based on the grant date fair value of the award calculated using the Black-Scholes options-pricing model. Stock options generally vest over a three There were no stock option grants during any of the periods presented. At December 31, 2023, all stock options are vested and there is no remaining unrecognized compensation cost. The following table summarizes our stock option activity under the Plans. Weighted Average Stock Options Exercise Price Outstanding and Exercisable at December 31, 2022 5,096,947 $ 60.18 Expired (1,551,541) $ 72.72 Outstanding and Exercisable at December 31, 2023 3,545,406 $ 54.70 The following table summarizes other information relating to stock option exercises during the year ended December 31, 2021. There were no stock option exercises during the years ended December 31, 2023 and 2022. Year Ended December 31, 2021 Cash received from stock option exercises $ 408 Tax benefit of stock option exercises $ 29 Intrinsic value of stock option exercises $ 128 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES The U.S. and foreign components of earnings from continuing operations before income taxes and equity in loss of investee companies were as follows: Year Ended December 31, 2023 2022 2021 United States $ (2,039) $ 324 $ 4,106 Foreign 786 942 1,100 Total $ (1,253) $ 1,266 $ 5,206 The components of the (benefit from) provision for income taxes were as follows: Year Ended December 31, 2023 2022 2021 Current: Federal $ 70 $ 75 $ 179 State and local 84 64 138 Foreign 135 194 239 Total current 289 333 556 Deferred: Federal (556) (57) 249 State and local (110) (14) 49 Foreign 16 (35) (208) Total deferred (650) (106) 90 (Benefit from) provision for income taxes $ (361) $ 227 $ 646 In addition, included in net earnings from discontinued operations was an income tax provision of $249 million, $77 million and $57 million for 2023, 2022, and 2021, respectively. The equity in loss of investee companies is shown net of tax on the Consolidated Statements of Operations. The tax benefit relating to losses from equity investments was $10 million in 2023, $33 million in 2022 and $49 million in 2021, which represented an effective tax rate of 2.7%, 13.9% and 35.0% for 2023, 2022, and 2021, respectively. The difference between income taxes expected at the U.S. federal statutory income tax rate of 21% and the (benefit from) provision for income taxes is summarized as follows: Year Ended December 31, 2023 2022 2021 Taxes on income at U.S. federal statutory rate $ (263) $ 266 $ 1,093 State and local taxes, net of federal tax benefit (13) 44 190 Effect of foreign operations (97) (20) (141) Noncontrolling interests (6) (20) (13) U.K. statutory rate change — — (260) Reorganization of foreign operations (a) (4) (72) (229) Tax deficiency (excess benefit) from stock-based compensation 18 13 (8) Other, net 4 16 14 (Benefit from) provision for income taxes $ (361) $ 227 $ 646 (a) For 2022, reflects a deferred tax benefit resulting from the transfer of intangible assets between our subsidiaries in connection with a reorganization of our international operations. The related deferred tax asset is primarily expected to be realized over a 25-year period. For 2021, reflects a tax benefit from the recognition of a capital loss associated with a change in the tax entity classification of a foreign subsidiary. The following table summarizes the components of deferred income tax assets and liabilities. At December 31, 2023 2022 Deferred income tax assets: Reserves and other accrued liabilities $ 294 $ 430 Pension, postretirement and other employee benefits 518 534 Lease liability 400 425 Tax credit and loss carryforwards 423 397 Interest limitation carryforward 63 93 Capitalized costs 155 49 Intangible assets 20 — Other 10 11 Total deferred income tax assets 1,883 1,939 Valuation allowance (498) (488) Deferred income tax assets, net 1,385 1,451 Deferred income tax liabilities: Intangible assets — (643) Lease asset (326) (344) Property, equipment and other assets (140) (180) Investments (99) (20) Financing obligations (67) (69) Other (14) (30) Total deferred income tax liabilities (646) (1,286) Deferred income tax assets, net $ 739 $ 165 In addition to the amounts reflected in the table above at December 31, 2022, included in “Assets of discontinued operations” on the Consolidated Balance Sheets are net deferred income tax assets of $55 million. At December 31, 2023, we had deferred income tax assets for federal foreign tax credit carryforwards of $38 million and net operating loss carryforwards for federal, state and local, and foreign jurisdictions of $259 million, the majority of which expire in various years from 2024 through 2038. The deferred tax asset for the U.S. interest limitation carryforward of $63 million at December 31, 2023 has an indefinite carryforward period. The 2023 and 2022 deferred income tax assets were reduced by a valuation allowance of $498 million and $488 million, respectively, principally relating to income tax benefits from capital losses and net operating losses in foreign jurisdictions which are not expected to be realized. Generally, the future remittance of foreign undistributed earnings will not be subject to U.S. federal income taxes and as a result, for substantially all of our foreign subsidiaries, we do not intend to assert indefinite reinvestment of both cash held outside of the U.S. and future cash earnings. However, a future repatriation of cash could be subject to state and local income taxes, foreign income taxes, tax on foreign currency translation gains and losses, and withholding taxes. Accordingly, as of December 31, 2023, we recorded deferred income tax liabilities associated with future repatriations of $11 million on the Consolidated Balance Sheet. Additional income taxes have not been provided for outside basis differences inherent in these entities, which could be recognized upon sale or other transaction, as these amounts continue to be indefinitely invested in foreign operations. The determination of the U.S. federal deferred income tax liability for such outside basis difference is not practicable. The following table sets forth the change in the reserve for uncertain tax positions, excluding related accrued interest and penalties. At January 1, 2021 $ 308 Additions for current year tax positions 23 Additions for prior year tax positions 32 Reductions for prior year tax positions (45) Cash settlements (6) Statute of limitations lapses (11) At December 31, 2021 301 Additions for current year tax positions 16 Additions for prior year tax positions 3 Reductions for prior year tax positions (13) Cash settlements (2) Statute of limitations lapses (2) At December 31, 2022 303 Additions for current year tax positions 15 Additions for prior year tax positions 20 Reductions for prior year tax positions (46) Cash settlements (2) Statute of limitations lapses (4) At December 31, 2023 $ 286 The reserve for uncertain tax positions of $286 million at December 31, 2023 includes $253 million which would affect our effective income tax rate, if and when recognized in future years. We recognized interest and penalties of $26 million for the year ended December 31, 2023 and $14 million for each of the years ended December 31, 2022 and 2021 in the Consolidated Statements of Operations. Liabilities for accrued interest and penalties totaling $87 million and $67 million as of December 31, 2023 and 2022, respectively, are included within “Other current liabilities” and “Other liabilities” on the Consolidated Balance Sheets. 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, Viacom and CBS filed separate tax returns. For CBS, during the fourth quarter of 2023, the Company and the IRS settled the income tax audit for the 2017 and 2018 tax years with the exception of one item. This item is currently being resolved through the Mutual Agreement Procedure process. 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 | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Pension and Other Postretirement Benefits | PENSION AND OTHER POSTRETIREMENT BENEFITS The Company and certain of its subsidiaries sponsor qualified and non-qualified defined benefit pension plans, principally non-contributory, covering eligible employees. Our pension plans consist of both funded and unfunded plans, and our domestic plans are frozen to future benefit accruals. The majority of participants in these plans are retired employees or former employees of previously divested businesses. Plan benefits are based primarily on an employee’s years of service and pay for each year that the employee participated in the plan. We fund our pension plans in accordance with the Employee Retirement Income Security Act of 1974 (“ERISA”), the Pension Protection Act of 2006, the Internal Revenue Code of 1986 and other applicable law, rules and regulations. Plan assets consist principally of corporate bonds, equity securities, common collective trust funds, U.S. government securities and short-term investments. The Company’s Common Stock represented approximately 1.0% and 1.2% of the fair value of plan assets at December 31, 2023 and 2022, respectively. In addition, the Company sponsors health and welfare plans that provide postretirement health care and life insurance benefits to eligible retired employees and their covered dependents. Eligibility is based in part on certain age and service requirements at the time of their retirement. Most of the plans are contributory and contain cost-sharing features such as deductibles and coinsurance which are adjusted annually, as well as caps on the annual dollar amount we will contribute toward the cost of coverage. Claims and premiums for which we are responsible are paid with our own funds. The pension plan disclosures herein include information related to our domestic pension and postretirement benefit plans only, unless otherwise noted. At December 31, 2023 and 2022, the Consolidated Balance Sheets also include a liability of $44 million and $45 million, respectively, in “Pension and postretirement benefit obligations” relating to our non-U.S. pension plans and certain other retirement severance plans. We use a December 31 measurement date for all pension and other postretirement benefit plans. The following table sets forth the change in benefit obligation for our pension and postretirement benefit plans. Pension Benefits Postretirement Benefits 2023 2022 2023 2022 Change in benefit obligation: Benefit obligation, beginning of year $ 3,661 $ 4,909 $ 222 $ 276 Service cost — — 1 1 Interest cost 207 150 12 8 Actuarial loss (gain) 137 (1,089) (11) (29) Benefits paid (294) (309) (40) (43) Participants’ contributions — — 6 6 Retiree Medicare drug subsidy — — 3 3 Benefit obligation, end of year $ 3,711 $ 3,661 $ 193 $ 222 The actuarial loss of $137 million, included in the change in benefit obligation for pension benefits in 2023, was driven by a 30 basis point decrease in the discount rate from December 31, 2022 to December 31, 2023. The following table sets forth the change in plan assets for our pension and postretirement benefit plans. Pension Benefits Postretirement Benefits 2023 2022 2023 2022 Change in plan assets: Fair value of plan assets, beginning of year $ 2,363 $ 3,191 $ — $ — Actual return (loss) on plan assets 243 (592) — — Employer contributions 195 73 31 34 Benefits paid (294) (309) (40) (43) Participants’ contributions — — 6 6 Retiree Medicare drug subsidy — — 3 3 Fair value of plan assets, end of year $ 2,507 $ 2,363 $ — $ — The funded status of pension and postretirement benefit obligations and the related amounts recognized on the Consolidated Balance Sheets were as follows: Pension Benefits Postretirement Benefits At December 31, 2023 2022 2023 2022 Funded status at end of year $ (1,204) $ (1,298) $ (193) $ (222) Amounts recognized on the Consolidated Balance Sheets: Current liabilities $ (74) $ (73) $ (30) $ (34) Noncurrent liabilities (1,130) (1,225) (163) (188) Net amounts recognized $ (1,204) $ (1,298) $ (193) $ (222) Our qualified pension plans were underfunded by $378 million and $485 million at December 31, 2023 and 2022, respectively. The following amounts were recognized in accumulated other comprehensive income (loss) on the Consolidated Balance Sheets. Pension Benefits Postretirement Benefits At December 31, 2023 2022 2023 2022 Net actuarial (loss) gain $ (1,585) $ (1,646) $ 150 $ 157 Net prior service cost (1) (1) — — (1,586) (1,647) 150 157 Deferred income taxes 424 438 (15) (17) Net amount recognized in accumulated other comprehensive income (loss) $ (1,162) $ (1,209) $ 135 $ 140 The accumulated benefit obligation for all defined benefit pension plans was $3.71 billion and $3.66 billion at December 31, 2023 and 2022, respectively. Information for the pension plans with an accumulated benefit obligation in excess of plan assets is set forth below. At December 31, 2023 2022 Projected and accumulated benefit obligation $ 3,711 $ 3,661 Fair value of plan assets $ 2,507 $ 2,363 The following tables present the components of net periodic cost (benefit) and amounts recognized in other comprehensive income (loss). Pension Benefits Postretirement Benefits Year Ended December 31, 2023 2022 2021 2023 2022 2021 Components of net periodic cost: Service cost $ — $ — $ — $ 1 $ 1 $ 1 Interest cost 207 150 145 12 8 8 Expected return on plan assets (128) (172) (188) — — — Amortization of actuarial losses (gains) 83 97 93 (18) (15) (15) Settlements (a) — — 10 — — — Net periodic cost (benefit) (b) $ 162 $ 75 $ 60 $ (5) $ (6) $ (6) (a) 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. (b) Includes amounts reflected in net earnings from discontinued operations of $7 million for the year ended December 31, 2023 and $3 million for each of the years ended December 31, 2022 and 2021 . The service cost component of net periodic cost is presented on the Consolidated Statements of Operations within operating income. All other components of net periodic cost are presented below operating income, in “Other items, net.” Pension Benefits Postretirement Benefits Year Ended December 31, 2023 2022 2021 2023 2022 2021 Other comprehensive income (loss): Actuarial (loss) gain $ (22) $ 325 $ (27) $ 11 $ 29 $ 18 Share of equity investee — 1 1 — — — Settlements — — 10 — — — Amortization of actuarial losses (gains) 83 97 93 (18) (15) (15) 61 423 77 (7) 14 3 Deferred income taxes (14) (103) (19) 2 (3) (1) Recognized in other comprehensive income $ 47 $ 320 $ 58 $ (5) $ 11 $ 2 Pension Benefits Postretirement Benefits 2023 2022 2021 2023 2022 2021 Weighted average assumptions used to determine benefit obligations at December 31: Discount rate 5.6 % 5.9 % 3.2 % 5.7 % 6.0 % 3.0 % Rate of compensation increase — % — % — % N/A N/A N/A Weighted average assumptions used to determine net periodic costs for the year ended December 31: Discount rate 5.9 % 3.2 % 2.9 % 6.0 % 3.0 % 2.6 % Expected long-term return on plan assets 5.7 % 5.6 % 5.9 % N/A N/A N/A Cash balance interest crediting rate 5.0 % 5.0 % 5.0 % N/A N/A N/A Rate of compensation increase — % — % — % N/A N/A N/A N/A - not applicable The discount rates are determined primarily based on the yield of a portfolio of high quality bonds, providing cash flows necessary to meet the pension plans’ expected future benefit payments, as determined for the projected benefit obligations. The expected return on plan assets assumption is derived using the current and expected asset allocation of the pension plan assets and considering historical as well as expected returns on various classes of plan assets. The following additional assumptions were used in accounting for postretirement benefits. 2023 2022 Projected health care cost trend rate (pre-65) 6.5 % 6.8 % Projected health care cost trend rate (post-65) 6.5 % 6.8 % Ultimate trend rate 5.0 % 5.0 % Year ultimate trend rate is achieved 2030 2030 Plan Assets The Paramount Global Investments Committee (the “Committee”) determines the strategy for the investment of pension plan assets. The Committee establishes target asset allocations for our pension plan trusts based upon an analysis of the timing and amount of projected benefit payments, projected company contributions, the expected returns and risk of the asset classes and the correlation of those returns. The target asset allocation for the Company’s domestic pension plans is to invest between 60% - 68% in liability hedging assets, 22% - 30% in equity securities, 3% - 10% in real estate and real assets and the remainder in cash, cash equivalents, Paramount stock and other investments. At December 31, 2023, the trusts were invested approximately 61% in liability hedging assets, 25% in equity securities, 6% in real estate and real assets, and the remainder in cash, cash equivalents, Paramount stock and other investments. Liability hedging assets consist of a diversified portfolio of fixed income instruments that are substantially investment grade, with a duration that approximates the duration of the liabilities covered by the trust. All equity portfolios are diversified between U.S. and non-U.S. equities and include large and small capitalization equities. The asset allocations are reviewed regularly. The following tables set forth our pension plan assets measured at fair value on a recurring basis at December 31, 2023 and 2022. These assets have been categorized according to the three-level fair value hierarchy established by the FASB which prioritizes the inputs used in measuring fair value. See Note 12 for a description of the levels within this hierarchy. There are no investments categorized as Level 3. At December 31, 2023 Level 1 Level 2 Total Cash and cash equivalents (a) $ — $ 69 $ 69 Fixed income securities: U.S. treasury securities 107 — 107 Government-related securities — 129 129 Corporate bonds (b) — 1,164 1,164 Mortgage-backed and asset-backed securities — 128 128 Equity securities: U.S. large capitalization 89 — 89 U.S. small capitalization 18 — 18 Exchange Trade Fund (ETF) 27 — 27 Other — 8 8 Total assets in fair value hierarchy $ 241 $ 1,498 $ 1,739 Common collective funds measured at net asset value (c) (d) 676 Limited partnerships measured at net asset value (c) 10 Mutual funds measured at net asset value (c) 82 Investments, at fair value $ 2,507 At December 31, 2022 Level 1 Level 2 Total Cash and cash equivalents (a) $ — $ 3 $ 3 Fixed income securities: U.S. treasury securities 108 — 108 Government-related securities — 133 133 Corporate bonds (b) — 1,144 1,144 Mortgage-backed and asset-backed securities — 101 101 Equity securities: U.S. large capitalization 48 — 48 U.S. small capitalization 63 — 63 Total assets in fair value hierarchy $ 219 $ 1,381 $ 1,600 Common collective funds measured at net asset value (c) (d) 660 Limited partnerships measured at net asset value (c) 11 Mutual funds measured at net asset value (c) 92 Investments, at fair value $ 2,363 (a) Assets categorized as Level 2 reflect investments in money market funds. (b) Securities of diverse sectors and industries, substantially all investment grade. (c) In accordance with FASB guidance, investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been classified in the fair value hierarchy. (d) Underlying investments consist mainly of U.S. large capitalization and international equity securities. Money market investments are carried at amortized cost which approximates fair value due to the short-term maturity of these investments. Investments in equity securities are reported at fair value based on quoted market prices on national security exchanges. The fair value of investments in common collective funds and mutual funds is determined using the net asset value (“NAV”) provided by the administrator of the fund as a practical expedient. The NAV is determined by each fund’s trustee based upon the fair value of the underlying assets owned by the fund, less liabilities, divided by the number of outstanding units. The fair value of U.S. treasury securities is determined based on quoted market prices in active markets. The fair value of government related securities and corporate bonds is determined based on quoted market prices on national security exchanges, when available, or using valuation models which incorporate certain other observable inputs including recent trading activity for comparable securities and broker quoted prices. The fair value of mortgage-backed and asset-backed securities is based upon valuation models which incorporate available dealer quotes, projected cash flows and market information. The fair value of limited partnerships has been estimated using the NAV of the ownership interest. The NAV is determined using quarterly financial statements issued by the partnership which determine the value based on the fair value of the underlying investments. Future Benefit Payments Estimated future benefit payments are as follows: 2024 2025 2026 2027 2028 2029-2033 Pension $ 322 $ 317 $ 314 $ 308 $ 307 $ 1,375 Postretirement $ 31 $ 28 $ 26 $ 23 $ 21 $ 74 Retiree Medicare drug subsidy $ 3 $ 3 $ 3 $ 3 $ 2 $ 10 In 2024, we expect to make $13 million in contributions to our qualified pension plans for minimum funding requirements under ERISA and $76 million to our non-qualified pension plans to satisfy benefit payments due under these plans. Also in 2024, we expect to contribute approximately $31 million to our other postretirement benefit plans to satisfy our portion of benefit payments due under these plans. Multiemployer Pension and Postretirement Benefit Plans We contribute to a number of multiemployer defined benefit pension plans under the terms of collective bargaining agreements that cover our union-represented employees including talent, writers, directors, producers and other employees, primarily in the entertainment industry. The other employers participating in these multiemployer plans are primarily in the entertainment and other related industries. The risks of participating in multiemployer plans are different from single-employer plans as assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating employers and if a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers. In addition, if we choose to stop participating in some of its multiemployer plans we may be required to pay those plans a withdrawal liability based on the underfunded status of the plan. We recognize the net periodic cost for multiemployer pension and postretirement benefit plans based on the required contributions to the plans. The financial health of a multiemployer plan is indicated by the zone status, as defined by the Pension Protection Act of 2006. Plans in the red zone are in critical status; those in the yellow zone are in endangered status; and those in the green zone are neither critical nor endangered. The table below presents information concerning our participation in multiemployer defined benefit pension plans. Employer Identification Number/Pension Plan Number Pension Company Contributions Expiration Date of Collective Bargaining Agreement Zone Status (a) Pension Plan 2023 2022 2023 2022 2021 AFTRA Retirement Plan (b) 13-6414972-001 Green Green $ 18 $ 16 $ 17 6/30/2026 Directors Guild of America - Producer (b) 95-2892780-001 Green Green 17 19 23 6/30/2026 Producer-Writers Guild of America (b) 95-2216351-001 Green Green 24 30 26 5/1/2026 Screen Actors Guild - Producers (b) 95-2110997-001 Green Green 27 30 45 6/30/2026 Motion Picture Industry 95-1810805-001 Green Green 48 63 66 (c) I.A.T.S.E. Local No. 33 Pension Trust Fund 95-6377503-001 Green Green 2 5 10 12/31/2025 Other Plans 15 14 16 Total contributions $ 151 $ 177 $ 203 (a) The zone status for each individual plan listed was certified by each plan’s actuary as of the beginning of the plan years for 2023 and 2022. The plan year is the twelve months ending December 31 for each plan listed above except AFTRA Retirement Plan which has a plan year ending November 30. (b) The Company was listed in these plan’s most recent Form 5500 as providing more than 5% of total contributions for the plan. (c) The expiration dates range from July 31, 2024 through March 2, 2025. As a result of the above noted zone status there were no funding improvements or rehabilitation plans implemented, as defined by ERISA, nor any surcharges imposed for any of the individual plans listed. We also contribute to multiemployer plans that provide postretirement healthcare and other benefits to certain employees under collective bargaining agreements. The contributions to these plans were $172 million, $192 million and $184 million for the years ended December 31, 2023, 2022 and 2021, respectively. Defined Contribution Plans We sponsor defined contribution plans for the benefit of employees meeting eligibility requirements. Employer contributions to such plans were $151 million, $137 million and $106 million for the years ended December 31, 2023, 2022 and 2021, respectively. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2023 | |
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. Year Ended December 31, 2023 2022 2021 Revenues: Advertising $ 8,188 $ 9,350 $ 10,105 Affiliate and subscription 8,085 8,180 8,413 Licensing and other 3,812 4,202 4,216 TV Media 20,085 21,732 22,734 Advertising 1,795 1,533 1,298 Subscription 4,933 3,371 2,029 Licensing 8 — — Direct-to-Consumer 6,736 4,904 3,327 Advertising 24 23 18 Theatrical 813 1,223 241 Licensing and other 2,120 2,460 2,428 Filmed Entertainment 2,957 3,706 2,687 Eliminations (126) (188) (162) Total Revenues $ 29,652 $ 30,154 $ 28,586 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. For content that is licensed between segments, content costs are allocated across segments based on the relative value of the distribution windows within each segment. Accordingly, no intersegment licensing revenues or profits are recorded by the licensor segment. Year Ended December 31, 2023 2022 2021 Intercompany Revenues: TV Media $ 63 $ 66 $ 87 Direct-to-Consumer 1 — 2 Filmed Entertainment 62 122 73 Total Intercompany Revenues $ 126 $ 188 $ 162 We present operating income excluding depreciation and amortization, stock-based compensation, restructuring charges, other corporate matters, programming charges, impairment charges and gains or losses 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. Year Ended December 31, 2023 2022 2021 Adjusted OIBDA: TV Media $ 4,791 $ 5,451 $ 5,892 Direct-to-Consumer (1,663) (1,819) (992) Filmed Entertainment (119) 272 207 Corporate/Eliminations (447) (470) (491) Stock-based compensation (a) (172) (158) (172) Depreciation and amortization (418) (378) (390) Programming charges (2,371) — — Impairment charges (83) (27) — Restructuring and other corporate matters 31 (585) (100) Net gains on dispositions — 56 2,343 Operating income (loss) (451) 2,342 6,297 Interest expense (920) (931) (986) Interest income 137 108 53 Gain (loss) from investments 168 (9) 47 Gain (loss) on extinguishment of debt 29 (120) (128) Other items, net (216) (124) (77) Earnings (loss) from continuing operations before income taxes and equity in loss of investee companies (1,253) 1,266 5,206 Benefit from (provision for) income taxes 361 (227) (646) Equity in loss of investee companies, net of tax (360) (204) (91) Net earnings (loss) from continuing operations (1,252) 835 4,469 Net earnings from discontinued operations, net of tax 676 379 162 Net earnings (loss) (Paramount and noncontrolling interests) (576) 1,214 4,631 Net earnings attributable to noncontrolling interests (32) (110) (88) Net earnings (loss) attributable to Paramount $ (608) $ 1,104 $ 4,543 (a) Stock-based compensation expense of $5 million for 2023, $14 million for 2022 and $20 million for 2021 is included in “Restructuring and other corporate matters”. Year Ended December 31, 2023 2022 2021 Revenues: (a) United States $ 23,962 $ 24,412 $ 23,320 International 5,690 5,742 5,266 Total Revenues $ 29,652 $ 30,154 $ 28,586 (a) Revenue classifications are based on customers’ locations. At December 31, 2023 2022 Long-lived Assets: (a) United States $ 15,249 $ 18,231 International 1,451 1,458 Total Long-lived Assets $ 16,700 $ 19,689 (a) Reflects total assets less current assets, investments, goodwill, intangible assets, noncurrent receivables and noncurrent deferred tax assets. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES Commitments Our long-term commitments not recorded on the balance sheet primarily consist of programming and talent commitments and purchase obligations for goods and services resulting from our normal course of business. Off-Balance Sheet Arrangements Our long-term programming and talent commitments not recorded on the balance sheet, estimated to aggregate to $31.34 billion as of December 31, 2023, include $28.56 billion for sports programming rights and $2.78 billion relating to the production and licensing of television and film programming, including talent contracts. We also have long-term committed purchase obligations which include agreements to purchase goods or services in the future that totaled $1.08 billion as of December 31, 2023. These commitments are payable as follows: Payments Due by Period 2029 and Total 2024 2025 2026 2027 2028 Thereafter Off-Balance Sheet Arrangements Programming and talent commitments $ 31,338 $ 3,491 $ 3,565 $ 3,350 $ 3,085 $ 3,448 $ 14,399 Purchase obligations $ 1,077 $ 432 $ 375 $ 191 $ 27 $ 13 $ 39 On-Balance Sheet Arrangements At December 31, 2023, we also had long-term contractual obligations for programming liabilities, participations, and residuals, as well as a tax liability resulting from federal tax legislation enacted in December 2017, that are recorded on the Consolidated Balance Sheet. The tax liability reflects the long-term portion of the tax on the Company’s historical accumulated foreign earnings and profits, which is payable to the IRS in 2025. These long-term contractual obligations are payable as follows: Payments Due by Period 2029 and Total 2025 2026 2027 2028 Thereafter $ 1,704 $ 1,228 $ 321 $ 86 $ 43 $ 26 We also have long-term lease commitments for office space, equipment, transponders and studio facilities, which are recorded on the Consolidated Balance Sheet at December 31, 2023. See Note 10 for details of our operating lease commitments. Guarantees Letters of Credit and Surety Bonds At December 31, 2023, we had outstanding letters of credit and surety bonds of $213 million that were not recorded on the Consolidated Balance Sheet, as well as a $1.9 billion standby letter of credit facility, under which no letters of credit were issued. In January 2024, in accordance with the contractual requirements of one of our commitments, a $1.9 billion letter of credit was issued under this facility. The amount outstanding under the letter of credit will decrease throughout 2024 as we make payments under the related contractual commitment. Letters of credit and surety bonds are primarily used as security against non-performance in the normal course of business under contractual requirements of certain of our commitments. The standby letter of credit facility, which matures in May 2026, is subject to the same principal financial covenant as the Credit Facility (see Note 9). 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” on the Consolidated Balance Sheet at December 31, 2023 is a liability totaling $26 million, reflecting the present value of the remaining estimated amount payable under the guarantee obligation. Lease Guarantees We have certain indemnification obligations with respect to leases primarily associated with the previously discontinued operations of Famous Players. These lease commitments totaled $8 million at December 31, 2023, 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 in February 2020, three purported CBS stockholders filed separate derivative and/or putative class action lawsuits in the Court of Chancery of the State of Delaware (the “Delaware Chancery Court”). In March 2020, the Delaware Chancery 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 captioned In re CBS Corporation Stockholder Class Action and Derivative Litigation (the “CBS Litigation”). In April 2020, the lead plaintiffs filed a Verified Consolidated Class Action and Derivative Complaint (as used in this paragraph, the “Complaint”) against Shari E. Redstone, National Amusements, Inc., Sumner M. Redstone National Amusements Trust, additional members of the CBS Board of Directors (including Candace K. Beinecke, Barbara M. Byrne, Gary L. Countryman, 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 alleged breaches of fiduciary duties in connection with the negotiation and approval of an Agreement and Plan of Merger, dated as of August 13, 2019, between CBS and Viacom (as amended, the “Merger Agreement”). The Complaint also alleged waste and unjust enrichment in connection with certain aspects of Mr. Ianniello’s compensation awards. The Complaint sought unspecified damages, costs and expenses, as well as other relief. In December 2022, the Delaware Chancery Court dismissed the fiduciary duty claim against Mr. Klieger. In May 2023, the parties to the CBS Litigation entered into a settlement agreement that provided for, among other things, the final dismissal of the CBS Litigation in exchange for a settlement payment to the Company in the amount of $167.5 million, less administrative costs and plaintiffs’ counsels’ fees and expenses. In September 2023, the Delaware Chancery Court approved the settlement and dismissed the CBS Litigation with prejudice. In October 2023, the Company received the settlement payment in the amount of $120 million, which reflects the settlement of $167.5 million after a deduction was made for administrative costs and plaintiffs’ counsels’ fees and expenses, and accordingly, we recognized a gain of $120 million during the fourth quarter of 2023. Beginning in November 2019, four purported Viacom stockholders filed separate putative class action lawsuits in the Delaware Chancery Court. In January 2020, the Delaware Chancery Court consolidated the four lawsuits. In February 2020, the Delaware Chancery Court appointed California Public Employees’ Retirement System (“CalPERS”) as lead plaintiff for the consolidated action. Subsequently, in February 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 (as used in this paragraph, the “Viacom Litigation”). The Complaint alleged breaches of fiduciary duties to Viacom stockholders in connection with the negotiation and approval of the Merger Agreement. The Complaint sought unspecified damages, costs and expenses, as well as other relief. In December 2020, the Delaware Chancery Court dismissed the claims against Mr. Bakish, while allowing the claims against the remaining defendants to proceed. In March 2023, the parties to the Viacom Litigation entered into a settlement agreement that provided for, among other things, the final dismissal of the Viacom Litigation in exchange for a settlement payment in the amount of $122.5 million, which has been fully paid. In July 2023, the Delaware Chancery Court granted approval of the settlement and dismissed the Viacom Litigation with prejudice. Litigation Related to Stock Offerings In August 2021, Camelot Event Driven Fund filed a putative securities class action lawsuit in New York Supreme Court, County of New York, and in November 2021, an amended complaint was filed that, among other changes, added an additional named plaintiff (as used in this paragraph, the “Complaint”). The Complaint is 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. In December 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 were heard in January 2023. In February 2023, the Court dismissed all claims against the Company while allowing the claims against the underwriters to proceed. The plaintiffs and underwriter defendants have appealed the ruling. Litigation Related to Television Station Owners In September 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 about January 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. We reached an agreement with the plaintiffs to settle the lawsuit. The settlement, which includes no admission of liability or wrongdoing by the Company, was subject to Court approval. In August 2023, the Court granted preliminary approval of the settlement, and in December 2023, the Court granted final approval of the settlement. Claims Related to Former Businesses Asbestos We are a defendant in lawsuits claiming various personal injuries related to asbestos and other materials, which allegedly occurred as a result of exposure caused by various products manufactured by Westinghouse, a predecessor, generally prior to the early 1970s. Westinghouse was neither a producer nor a manufacturer of asbestos. We are typically named as one of a large number of defendants in both state and federal cases. In the majority of asbestos lawsuits, the plaintiffs have not identified which of our products is the basis of a claim. Claims against us in which a product has been identified most commonly relate to allegations of exposure to asbestos-containing insulating material used in conjunction with turbines and electrical equipment. Claims are frequently filed and/or settled in groups, which may make the amount and timing of settlements, and the number of pending claims, subject to significant fluctuation from period to period. We do not report as pending those claims on inactive, stayed, deferred or similar dockets that some jurisdictions have established for claimants who allege minimal or no impairment. As of December 31, 2023, we had pending approximately 19,970 asbestos claims, as compared with approximately 21,580 as of December 31, 2022 and 27,770 as of December 31, 2021. During 2023, we received approximately 2,790 new claims and closed or moved to an inactive docket approximately 4,400 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 2023 and 2022 for settlement and defense of asbestos claims after insurance recoveries and net of tax were approximately $54 million and $57 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. A significant number of pending claims against us are non-cancer claims. It is difficult to predict long-term future asbestos liabilities, as events and circumstances may impact the estimate. 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. The reasonably estimable period for our long-term asbestos liability is 10 years, which we determined in consultation with a third-party firm with expertise in estimating asbestos liability and is due to the inherent uncertainties in the tort litigation system. Our estimated asbestos liability 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, and is assessed in consultation with the third-party firm. Based on an assessment of these factors during the fourth quarter of 2023, we increased the accrual for asbestos matters by $23 million, which was recorded as a charge in “Restructuring and other corporate matters” on the Consolidated Statement of Operations. The increased accrual was primarily the result of a lower-than-expected rate of decline in new claims. Changes in circumstances in future periods could cause our actual liabilities to be higher or lower than our current accrual. We will continue to evaluate our estimates and update our accrual as needed. 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. While we believe that our accruals for these matters are adequate, there can be no assurance that circumstances will not change in future periods and, as a result, our actual liabilities may be higher or lower than our accrual. |
Supplemental Financial Informat
Supplemental Financial Information | 12 Months Ended |
Dec. 31, 2023 | |
Additional Financial Information Disclosure [Abstract] | |
Supplemental Financial Information | SUPPLEMENTAL FINANCIAL INFORMATION The following table presents the components of “Other items, net” on the Consolidated Statements of Operations. Year Ended December 31, 2023 2022 2021 Pension and postretirement benefit costs $ (153) $ (65) $ (43) Foreign exchange losses (66) (58) (26) Pension settlement charge (Note 17) — — (10) Other 3 (1) 2 Other items, net $ (216) $ (124) $ (77) Redeemable Noncontrolling Interest On October 31, 2022 we acquired the remaining 40% interest in Nickelodeon UK Limited (“Nick UK”), bringing our ownership to 100%. Prior to this transaction, we were subject to a redeemable put option with respect to Nick UK, which was classified as “Redeemable noncontrolling interest” on the Consolidated Balance Sheet at December 31, 2021. The activity reflected within redeemable noncontrolling interest for the years ended December 31, 2022 and 2021 is presented below. Year Ended December 31, 2022 2021 Beginning balance $ 107 $ 197 Net earnings 4 14 Distributions (6) (5) Translation adjustment (20) (5) Redemption value adjustment 17 (94) Purchase of noncontrolling interest (102) — Ending balance $ — $ 107 Supplemental Cash Flow Information Year Ended December 31, 2023 2022 2021 Cash paid for interest $ 901 $ 920 $ 970 Cash paid for income taxes: Continuing operations $ 22 $ 61 $ 291 Discontinued operations 85 12 43 Total cash paid for income taxes $ 107 $ 73 $ 334 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2023 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS (Tabular dollars in millions) Col. A Col. B Col. C Col. D Col. E Description Balance at Beginning of Period Charged to Expenses and Other Accounts Deductions Balance at End of Period Allowance for doubtful accounts: Year ended December 31, 2023 $ 111 $ 26 $ 17 $ 120 Year ended December 31, 2022 $ 80 $ 40 $ 9 $ 111 Year ended December 31, 2021 $ 85 $ 8 $ 13 $ 80 Valuation allowance on deferred tax assets: Year ended December 31, 2023 $ 488 $ 20 $ 10 $ 498 Year ended December 31, 2022 $ 581 $ 15 $ 108 $ 488 Year ended December 31, 2021 $ 593 $ 63 $ 75 $ 581 Reserves for inventory obsolescence: Year ended December 31, 2023 $ 44 $ 7 $ 19 $ 32 Year ended December 31, 2022 $ 47 $ — $ 3 $ 44 Year ended December 31, 2021 $ 58 $ — $ 11 $ 47 |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Principles of Consolidation | Principles of Consolidation |
Reclassifications | Reclassifications —Certain amounts reported for prior years have been reclassified to conform to the current year’s presentation. |
Use of Estimates | Use of Estimates —The preparation of our financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”) requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities as of the date of the financial statements, and the reported 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. |
Business Combinations | Business Combinations |
Cash and Cash Equivalents | Cash and Cash Equivalents |
Programming Inventory | Programming Inventory —We produce and acquire rights to programming to exhibit on our broadcast and cable networks, direct to consumers through our streaming services, on our broadcast television stations, and in theaters. We also produce programming for third parties. Costs for internally-produced and acquired programming inventory, including prepayments for such costs, are recorded within the non-current portion of “Programming and other inventory” on the Consolidated Balance Sheets. Prepayments for the rights to air sporting and other live events that are expected to be expensed over the next 12 months are classified within the current portion of “Programming and other inventory” on the Consolidated Balance Sheets. Costs incurred to produce television programs and feature films (which include direct production costs, production overhead, acquisition costs and development costs) are capitalized when incurred and amortized over the projected life of each television program or feature film. Costs incurred to acquire television series and feature film programming rights, including advances, are capitalized when the license period has begun and the program is accepted and available for airing and amortized over the shorter of the license period or the period in which an economic benefit is expected to be derived. In addition, production inventory is reduced by contributions from co-production partners, as applicable, and tax incentives earned for qualified production spending in certain U.S. states and international locations. As a result, the benefit of these items will be recognized through reduced amortization over the life of the related content. Included in “Other current assets” and “Other assets” on the Consolidated Balance Sheet at December 31, 2023 were receivables for production tax incentives of $0.5 billion and $1.2 billion, respectively. We categorize our capitalized production and programming costs based on the expected predominant monetization strategy throughout the life of the content. Our programming that is expected to be predominantly monetized through licensing and distribution on third-party platforms is considered individually monetized and our programming that is expected to be predominantly monetized on our networks and streaming services together with other programming, is considered to be monetized as part of a film group. The predominant monetization strategy is determined when capitalization of production costs commences and is reassessed if there is a significant change to the expected future monetization strategy. This reassessment will include an assessment of the monetization strategy throughout the entire life of the programming. For internally-produced television programs and feature films that are predominantly monetized on an individual basis, we use an individual-film-forecast computation method to amortize capitalized production costs and to accrue estimated liabilities for participations and residuals over the applicable title’s life cycle based upon the ratio of current period revenues to estimated remaining total gross revenues to be earned (“Ultimate Revenues”) for each title. The estimate of Ultimate Revenues impacts the timing of amortization of capitalized production costs and expensing of participations and residual costs. For television programming, our estimate of Ultimate Revenues includes revenues to be earned within 10 years from the delivery of the first episode, or, if still in production, five years from the delivery of the most recent episode, if later. These estimates are based on the past performance of similar television programs in a market, the performance in the initial markets and future firm commitments to license programs. For feature films, our estimate of Ultimate Revenues includes revenues from all sources that are estimated to be earned within 10 years from the date of a film’s initial release. Prior to the release of feature films, we estimate Ultimate Revenues based on the historical performance of similar content and pre-release market research (including test market screenings), as well as factors relating to the specific film, including the expected number of theaters and markets in which the original content will be released, the genre of the original content and the past box office performance of the lead actors and actresses. Upon a film’s initial release, we update our estimate of Ultimate Revenues based on actual and expected future performance. Our estimates of revenues from succeeding windows and markets are revised based on historical relationships to theatrical performance and an analysis of current market trends. For acquired television and film libraries, our estimate of Ultimate Revenues is for a period within 20 years from the date of acquisition. Ultimate Revenue estimates are periodically reviewed and adjustments, if any, will result in changes to inventory amortization rates and estimated accruals for residuals and participations. Film development costs that have not been set for production are expensed within three years unless they are abandoned earlier, in which case these projects are written down to their estimated fair value in the period the decision to abandon the project is determined. For programming that is predominantly monetized as part of a film group, capitalized costs are amortized based on an estimate of the timing of our usage of and benefit from such programming. The costs of programming rights licensed under multi-year sports programming agreements are capitalized if the rights payments are made before the related economic benefit has been received and amortized over the period in which an economic benefit is expected to be derived based on the relative value of the events broadcast by us during a period in relation to the estimated total value of the events over the term of the sports programming agreement. For content that is predominantly monetized on an individual basis, a television program or feature film is tested for impairment when events or circumstances indicate that its fair value may be less than its unamortized cost. Content that is predominantly monetized within a film group is assessed for impairment at the film group level and would similarly be tested for impairment if circumstances indicate that the fair value of the film group is less than its unamortized costs. If the carrying value of a film group or individual television program or feature film exceeds the estimated fair value, an impairment charge will then be recorded in the amount of the difference. A change in the monetization strategy of content, whether monetized individually or as part of a film group, will result in a reassessment of the predominant monetization strategy and may trigger an assessment of the content for impairment. Any resulting impairment test will be performed either at the individual level or at the film group level where the future cash flows will be generated, as appropriate. In addition, unamortized costs for internally-produced or acquired programming that has been abandoned are written off. |
Property and Equipment | Property and Equipment —Property and equipment is stated at cost. Depreciation is calculated using the straight-line method over estimated useful lives as follows: Buildings and building improvements 10 to 40 years Leasehold improvements Shorter of lease term or useful life Equipment and other (including finance leases) 3 to 20 years Costs associated with repairs and maintenance of property and equipment are expensed as incurred. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets —We assess long-lived assets and intangible assets, other than goodwill and intangible assets with indefinite lives, for impairment whenever there is an indication that the carrying amount of the asset group may not be recoverable. Recoverability of these asset groups is determined by comparing the forecasted undiscounted cash flows expected to be generated by these asset groups to their net carrying value. If the carrying value is not recoverable, the amount of impairment charge, if any, is measured by the difference between the net carrying value and the estimated fair value of the assets. |
Investments | Investments —Investments over which we have a significant influence, without a controlling interest, are accounted for under the equity method. Equity investments for which we have no significant influence are measured at fair value where a readily determinable fair value exists. Equity investments that do not have a readily determinable fair value are measured at cost less impairment, if any, and adjusted for observable price changes. Gains and losses resulting from changes in the fair value of equity investments are recorded in “Gain (loss) from investments” on the Consolidated Statements of Operations. We monitor our investments for impairment and reduce the carrying value of the investment if we determine that an impairment charge is required based on qualitative and quantitative information. Our investments are included in “Other assets” on the Consolidated Balance Sheets. |
Goodwill and Intangible Assets | Goodwill and Intangible Assets |
Guarantees | Guarantees |
Treasury Stock | Treasury Stock |
Fair Value Measurements | Fair Value Measurements —Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. The framework for measuring fair value provides a hierarchy that prioritizes the inputs to valuation techniques used in measuring fair value. Level 1 is based on publicly quoted prices for the asset or liability in active markets. Level 2 is based on inputs that are observable other than quoted market prices in active markets, such as quoted prices for the asset or liability in inactive markets or quoted prices for similar assets or liabilities. Level 3 is based on unobservable inputs reflecting our own assumptions about the assumptions that market participants would use in pricing the asset or liability. Certain assets and liabilities, including foreign currency hedges and deferred compensation liabilities, are measured and recorded at fair value on a recurring basis. Other assets and liabilities, including television and film production costs, lease assets, goodwill, intangible assets, and equity-method investments are recorded at fair value only if an impairment charge is recognized. Impairment charges, if applicable, are generally determined using discounted cash flows, which is a Level 3 valuation technique. |
Derivative Financial Instruments | Derivative Financial Instruments —Derivative financial instruments are recorded on the Consolidated Balance Sheets as assets or liabilities and measured at fair value. For derivatives designated as hedges of the fair value of assets or liabilities, the changes in fair value of both the derivatives and the hedged items are recorded in “Other items, net” on the Consolidated Statements of Operations. For derivatives designated as cash flow hedges, the effective portion of the changes in fair value of the derivatives is recorded in “Accumulated other comprehensive loss ” |
Pension and Postretirement Benefits | Pension and Postretirement Benefits —The service cost component of net benefit cost for our pension and postretirement benefits is recorded on the same line items on the Consolidated Statements of Operations as other compensation costs of the related employees. All of the other components of net benefit cost are presented separately from the service cost component and below the subtotal of operating income in “Other items, net” on the Consolidated Statements of Operations. |
Other Liabilities | Other Liabilities —Other liabilities consist primarily of the noncurrent portion of residual liabilities of previously disposed businesses, long-term income tax liabilities, deferred compensation and other employee benefit accruals. |
Revenues | Revenues Revenue is recognized when control of a good or service is transferred to a customer. Control is considered to be transferred when the customer has the ability to direct the use of and obtain substantially all of the remaining benefits of that good or service. Advertising Revenues —Advertising revenues are recognized when the advertising spots are aired on television or streamed or displayed on digital platforms. Advertising spots are typically sold as part of advertising campaigns consisting of multiple commercial units. If a contract includes a guarantee to deliver a targeted audience rating or number of impressions, the delivery of the advertising spots that achieve the guarantee represents the performance obligation to be satisfied over time and revenues are recognized based on the proportion of the audience rating or impressions delivered to the total guaranteed in the contract. Audience ratings and impressions are determined based on data provided by independent third-party companies. To the extent the amounts billed exceed the amount of revenue recognized, such excess is deferred until the guaranteed audience ratings or impressions are delivered. For contracts that do not include impressions guarantees, the individual advertising spots are the performance obligation and consideration is allocated among the individual advertising spots based on relative standalone selling price. Advertising contracts, which are generally short-term, are billed monthly, with payments due shortly after the invoice date. Affiliate and Subscription Revenues —Affiliate and subscription revenues are principally comprised of affiliate fees received from distributors for carriage of our cable networks (“cable affiliate fees”) and our owned television stations (“retransmission fees”); affiliate fees received from television stations for their affiliation with the CBS Television Network (“reverse compensation”); and subscription fees for our subscription streaming services. Costs incurred for advertising, marketing and other services provided to us by cable, satellite and other distributors that are in exchange for a distinct service are recorded as expenses. If a distinct service is not received, such costs are recorded as a reduction to revenues. The performance obligation for our affiliate agreements is a license to our programming provided through the continuous delivery of live linear feeds and, for agreements with certain distributors, also includes a license to programming for video-on-demand viewing. Affiliate revenues are recognized over the term of the agreement as we satisfy our performance obligation by continuously providing our customer with the right to use our programming. For agreements that provide for a variable fee, revenues are determined each month based on an agreed upon contractual rate applied to the number of subscribers to our customer’s service. For agreements that provide for a fixed fee, revenues are recognized based on the relative fair value of the content provided over the term of the agreement. These agreements primarily include agreements with television stations affiliated with the CBS Television Network (“network affiliates”) for which fair value is determined based on the fair value of the network affiliate’s service and the value of our programming. For affiliate revenues, payments are generally due monthly. Subscription revenues to our streaming services are recognized evenly over the subscription period. Theatrical Revenues —Theatrical revenue is earned from the theatrical distribution of our films during the exhibition period. Under these arrangements, revenues are recognized based on sales to the end customer. Licensing and Other Revenues —Licensing and other revenues are principally comprised of fees from the licensing of the rights to exhibit our internally-produced television and film programming on various platforms in the secondary market after its initial exhibition on our owned or third-party platforms; license fees from content produced or distributed for third parties; home entertainment revenues, which include revenues from the viewing of our content on a transactional basis through transactional video-on-demand (TVOD) and electronic sell-through services, and the sale and distribution of our content through DVDs and Blu-ray discs to wholesale and retail partners; fees from the use of our trademarks and brands for consumer products, recreation and live events; and revenues from studio rentals and production services. For licenses of exhibition rights for internally-produced programming, each individual episode or film delivered represents a separate performance obligation and revenues are recognized when the episode or film is made available to the licensee for exhibition and the license period has begun. For license agreements that include delivery of content on one or more dates for a fixed fee, consideration is allocated based on the relative standalone selling price of each episode or film. Estimation of standalone selling prices requires judgment, which can impact the timing of recognizing revenues. Agreements to license programming are often long term, with collection terms ranging from one When payment is due from a customer more than one year before or after revenue is recognized, we consider the contract to contain a significant financing component and the transaction price is adjusted for the effects of the time value of money. We do not adjust the transaction price for the time value of money if payment is expected within one year of recognizing revenues. We also license our programming to distributors of transactional video-on-demand and similar services. Under these arrangements, our performance obligation is the delivery of our content to such distributors who then license our content to the end customer. Our revenues are determined each month based on a contractual rate applied to the number of licenses to the distributors’ end customers. Similarly, revenues earned from electronic sell-through services are recognized as each program is downloaded by the end customer. Revenues associated with the licensing of our brands for consumer products, recreation and live events are generally determined based on contractual royalty rates applied to sales reported by the licensees. For consumer products and recreation arrangements that include minimum guaranteed consideration, revenue is recognized as sales occur by the licensee, if the sales-based consideration is expected to exceed the minimum guarantee, or ratably if it is not expected to exceed the minimum guarantee. For live events, we recognize revenue when the event is held. Revenues from the sales of DVDs and Blu-ray discs to wholesalers and retailers are recognized upon the later of the physical delivery to the customer or the date that any sales restrictions on the retailers are lifted. We earn revenues from the distribution of content on behalf of third parties. We also have arrangements for the distribution or sale of our content by third parties. Under such arrangements, we determine whether revenues should be recognized based on the gross amount of consideration received from the customer or the net amount of revenue we retain after payment to the third party producer or distributor, based on an assessment of which party controls the good or service being transferred. Revenue Allowances —DVDs and Blu-ray discs are generally sold with a right of return. We record a provision for sales returns and allowances at the time of sale based upon an estimate of future returns, rebates and other incentives. In determining this provision, we consider sources of qualitative and quantitative evidence including forecast sales data, customers’ rights of return, sales levels for units already shipped, historical return rates for similar products, current economic trends, the competitive environment, promotions and our sales strategies. Reserves for sales returns and allowances of $40 million and $70 million at December 31, 2023 and 2022, respectively, are recorded in “Other current liabilities” on the Consolidated Balance Sheets. Reserves for accounts receivable reflect our expected credit losses, which are estimated based on historical experience, as well as current and expected economic conditions and industry trends. Our allowance for credit losses was $120 million and $111 million at December 31, 2023 and 2022, respectively. The provision for doubtful accounts charged to expense was $26 million in 2023, $40 million in 2022 and $8 million in 2021. The expense in 2022 principally includes a charge for amounts due from customers in Russia, Belarus and Ukraine following Russia’s invasion of Ukraine in the first quarter of 2022 (see Note 6). Contract Liabilities —A contract liability is recorded when consideration is received from a customer prior to fully satisfying a performance obligation in a contract. Our contract liabilities primarily consist of cash received related to advertising arrangements for which the required audience rating or impressions have not been delivered; consumer products arrangements with minimum guarantees; and content licensing arrangements under which the content has not yet been made available to the customer. These contract liabilities will be recognized as revenues when control of the related product or service is transferred to the customer. Contract liabilities are included within “Deferred revenues” and “Other liabilities” on the Consolidated Balance Sheets. |
Collaborative Arrangements | Collaborative Arrangements —Collaborative arrangements primarily consist of joint efforts with third parties to produce and distribute programming such as television series and live sporting events, including the agreement between us and Turner Broadcasting System, Inc. to telecast the NCAA Division I Men’s Basketball Championship (the “NCAA Tournament”), which runs through 2032. In connection with this agreement for the NCAA Tournament, advertisements aired on the CBS Television Network are recorded as revenues and our share of the program rights fees and other operating costs are recorded as operating expenses. We also enter into collaborative arrangements with other studios to jointly finance and distribute film and television programming, under which each partner is responsible for distribution of the program in specific territories or distribution windows. Under these arrangements, our share of costs for co-productions are initially capitalized as programming inventory and amortized over the estimated economic life of the program. In such arrangements where we have distribution rights, all proceeds generated from such distribution are recorded as revenues and any participation profits due to third party collaborators are recorded as participation expenses. In co-production arrangements where third party collaborators have distribution rights, our net participating profits are recorded as revenues. |
Leases | Leases —Our leases are principally comprised of operating leases for office space, equipment, satellite transponders and studio facilities. We determine that a contract contains a lease if we obtain substantially all of the economic benefits of, and the right to direct the use of, an asset identified in the contract. For leases with terms greater than 12 months, we record a right-of-use asset and a lease liability representing the present value of future lease payments. The discount rate used to measure the lease asset and liability is determined at the beginning of the lease term using the rate implicit in the lease, if readily determinable, or our collateralized incremental borrowing rate. For those contracts that include fixed rental payments for both the use of the asset (“lease costs”) as well as for other occupancy or service costs relating to the asset (“non-lease costs”), we generally include both the lease costs and non-lease costs in the measurement of the lease asset and liability. We also own buildings and production facilities where we lease space to lessees. |
Advertising | Advertising |
Interest | Interest —Costs associated with the refinancing or issuance of debt, as well as debt discounts or premiums, are recorded as interest over the term of the related debt. |
Income Taxes | Income Taxes —The provision for/benefit from income taxes includes federal, state, local, and foreign taxes. We recognize the tax on global intangible low-taxed income, a U.S. tax on certain income earned by our foreign subsidiaries, within the provision for income taxes as a period cost when incurred. Deferred tax assets and liabilities are recognized for the estimated future tax effects of temporary differences between the financial statement carrying amounts and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the year in which the temporary differences are expected to be reversed. We evaluate the realizability of deferred tax assets and establish a valuation allowance when it is more likely than not that all or a portion of deferred tax assets will not be realized. Deferred tax assets and deferred tax liabilities are classified as noncurrent on the Consolidated Balance Sheets. For tax positions taken in a previously filed tax return or expected to be taken in a future tax return, we evaluate each position to determine whether it is more likely than not that the tax position will be sustained upon examination, based on the technical merits of the position. A tax position that meets the more-likely-than-not recognition threshold is subject to a measurement assessment to determine the amount of benefit to be recognized in the Consolidated Statement of Operations and the appropriate reserve to establish, if any. If a tax position does not meet the more-likely-than-not recognition threshold, a tax reserve is established and no benefit is recognized. A number of years may elapse before a tax return containing tax matters for which a reserve has been established is audited and finally resolved. We recognize interest and penalty charges related to the reserve for uncertain tax positions as income tax expense. |
Foreign Currency Translation and Transactions | Foreign Currency Translation and Transactions |
Net Earnings (Loss) per Common Share | Net Earnings (Loss) per Common Share —Basic net earnings (loss) per share (“EPS”) is based upon net earnings (loss) available to common stockholders divided by the weighted average number of common shares outstanding during the period. Net earnings (loss) available to common stockholders is calculated as net earnings (loss) from continuing operations or net earnings (loss), as applicable, adjusted to include dividends on our 5.75% Series A Mandatory Convertible Preferred Stock (“Mandatory Convertible Preferred Stock”), which was issued in March 2021 (see Note 14). |
Stock-based Compensation | Stock-based Compensation —We measure the cost of employee services received in exchange for an award of equity instruments based on the grant date fair value of the award. The cost is recognized over the vesting period during which an employee is required to provide service in exchange for the award. |
Accounting Pronouncements Not Yet Adopted | Accounting Pronouncements Not Yet Adopted Segment Reporting In November 2023, the Financial Accounting Standards Board (“FASB”) issued updated guidance for segment reporting, which requires the disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within the reported measure of segment profit or loss (“segment measure”), as well as the disclosure of the other segment items comprising the difference between segment revenues less these significant segment expenses and the segment measure. The update also requires an entity to disclose the title and position of the CODM and to describe how the CODM utilizes the segment measure to assess segment performance and allocate resources. In addition, the update aligns the interim disclosure requirements for segment profit or loss and assets with the annual requirements. The update is effective for us for the year ended December 31, 2024, and for interim periods beginning with the quarter ended March 31, 2025, with early adoption permitted. Income Taxes In December 2023, the FASB issued guidance enhancing annual income tax disclosures. Under this guidance, certain enhancements to the effective tax rate reconciliation disclosure are required, including the inclusion of both percentages and amounts, specific categories, and additional information for reconciling items meeting a quantitative threshold defined by the guidance. Additionally, disclosures of income taxes paid and income tax expense must be disaggregated by federal, state and foreign taxes, with income taxes paid further disaggregated for individual jurisdictions that represent 5 percent or more of total income taxes paid. The guidance is effective for us starting with the year ended December 31, 2025, with early adoption permitted. The amendment will be applied on a prospective basis, with the option to apply the guidance retrospectively. |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Useful Lives of Property and Equipment | Depreciation is calculated using the straight-line method over estimated useful lives as follows: Buildings and building improvements 10 to 40 years Leasehold improvements Shorter of lease term or useful life Equipment and other (including finance leases) 3 to 20 years At December 31, 2023 2022 Land $ 373 $ 371 Buildings 881 863 Equipment and other 3,916 4,242 5,170 5,476 Less: Accumulated depreciation 3,504 3,714 Property and equipment, net $ 1,666 $ 1,762 Year Ended December 31, 2023 2022 2021 Depreciation expense $ 383 $ 337 $ 344 |
Reconciliation for Calculation of Basic and Diluted EPS | The table below presents a reconciliation of weighted average shares used in the calculation of basic and diluted EPS. Year Ended December 31, 2023 2022 2021 (in millions) Weighted average shares for basic EPS 652 649 641 Dilutive effect of shares issuable under stock-based compensation plans — 1 5 Conversion of Mandatory Convertible Preferred Stock — — 9 Weighted average shares for diluted EPS 652 650 655 Year Ended December 31, 2023 2022 2021 Amounts attributable to Paramount: Net earnings (loss) from continuing operations $ (1,284) $ 725 $ 4,381 Preferred stock dividends (58) (58) (44) Net earnings (loss) from continuing operations for basic EPS calculation (1,342) 667 4,337 Preferred stock dividend adjustment — — 44 Net earnings (loss) from continuing operations for diluted EPS calculation $ (1,342) $ 667 $ 4,381 Amounts attributable to Paramount: Net earnings (loss) $ (608) $ 1,104 $ 4,543 Preferred stock dividends (58) (58) (44) Net earnings (loss) for basic EPS calculation (666) 1,046 4,499 Preferred stock dividend adjustment — — 44 Net earnings (loss) for diluted EPS calculation $ (666) $ 1,046 $ 4,543 |
Dispositions and Acquisitions (
Dispositions and Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Discontinued Operations | The following tables set forth details of net earnings from discontinued operations for the years ended December 31, 2023, 2022 and 2021, which primarily relates to Simon & Schuster. Year Ended December 31, 2023 Simon & Schuster Other (a) Total Revenues $ 958 $ — $ 958 Costs and expenses: Operating 580 (12) 568 Selling, general and administrative 149 — 149 Restructuring charges 2 — 2 Total costs and expenses 731 (12) 719 Operating income 227 12 239 Other items, net (9) — (9) Earnings from discontinued operations 218 12 230 Benefit from (provision for) income taxes 12 (3) 9 Earnings from discontinued operations, net of tax 230 9 239 Gain on sale (net of tax of $258 million) (b) 437 — 437 Net earnings from discontinued operations, net of tax $ 667 $ 9 $ 676 Year Ended December 31, 2022 Simon & Schuster Other (a) Total Revenues $ 1,177 $ — $ 1,177 Costs and expenses: Operating 746 (30) 716 Selling, general and administrative 180 — 180 Restructuring charges 3 — 3 Total costs and expenses 929 (30) 899 Operating income 248 30 278 Termination fee, net of advisory fees (c) 190 — 190 Other items, net (12) — (12) Earnings from discontinued operations 426 30 456 Provision for income taxes (70) (7) (77) Net earnings from discontinued operations, net of tax $ 356 $ 23 $ 379 Year Ended December 31, 2021 Simon & Schuster Other (a) Total Revenues $ 993 $ — $ 993 Costs and expenses: Operating 618 (16) 602 Selling, general and administrative 158 — 158 Depreciation and amortization 3 — 3 Restructuring charges 1 — 1 Total costs and expenses 780 (16) 764 Operating income 213 16 229 Other items, net (10) — (10) Earnings from discontinued operations 203 16 219 Provision for income taxes (46) (11) (57) Net earnings from discontinued operations, net of tax $ 157 $ 5 $ 162 (a) Primarily relates to indemnification obligations for leases associated with the previously discontinued operations of Famous Players Inc. (“Famous Players”). (b) The tax provision on the gain on sale (c) In accordance with the terms of a previous agreement to sell Simon & Schuster, we received a $200 million termination payment after the U.S. Department of Justice prevailed in its suit to block the sale. The following table presents the major classes of assets and liabilities of our discontinued operations prior to the sale of Simon & Schuster. At December 31, 2022 Receivables, net $ 558 Other current assets 229 Goodwill 434 Property and equipment, net 53 Operating lease assets 204 Other assets 111 Total Assets $ 1,589 Royalties payable $ 161 Other current liabilities 388 Operating lease liabilities 182 Other liabilities 18 Total Liabilities $ 749 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Depreciation is calculated using the straight-line method over estimated useful lives as follows: Buildings and building improvements 10 to 40 years Leasehold improvements Shorter of lease term or useful life Equipment and other (including finance leases) 3 to 20 years At December 31, 2023 2022 Land $ 373 $ 371 Buildings 881 863 Equipment and other 3,916 4,242 5,170 5,476 Less: Accumulated depreciation 3,504 3,714 Property and equipment, net $ 1,666 $ 1,762 Year Ended December 31, 2023 2022 2021 Depreciation expense $ 383 $ 337 $ 344 |
Programming and Other Invento_2
Programming and Other Inventory (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Summary of Programming and Other Inventory, Current | The following table presents our programming and other inventory at December 31, 2023 and 2022, grouped by type and predominant monetization strategy. At December 31, 2023 2022 Film Group Monetization: Acquired program rights, including prepaid sports rights $ 3,318 $ 3,238 Internally-produced television and film programming: Released 6,666 7,154 In process and other 2,028 3,299 Individual Monetization: Acquired libraries 348 394 Films: Released 624 694 Completed, not yet released 179 129 In process and other 1,211 1,317 Internally-produced television programming: Released 496 624 In process and other 361 726 Home entertainment 34 45 Total programming and other inventory 15,265 17,620 Less current portion 1,414 1,342 Total noncurrent programming and other inventory $ 13,851 $ 16,278 |
Summary of Programming and Other Inventory, Noncurrent | The following table presents our programming and other inventory at December 31, 2023 and 2022, grouped by type and predominant monetization strategy. At December 31, 2023 2022 Film Group Monetization: Acquired program rights, including prepaid sports rights $ 3,318 $ 3,238 Internally-produced television and film programming: Released 6,666 7,154 In process and other 2,028 3,299 Individual Monetization: Acquired libraries 348 394 Films: Released 624 694 Completed, not yet released 179 129 In process and other 1,211 1,317 Internally-produced television programming: Released 496 624 In process and other 361 726 Home entertainment 34 45 Total programming and other inventory 15,265 17,620 Less current portion 1,414 1,342 Total noncurrent programming and other inventory $ 13,851 $ 16,278 |
Programming and Production Costs | The following table presents amortization of our television and film programming and production costs, which is included within “ Operating expenses Year Ended December 31, 2023 2022 2021 Acquired program rights $ 5,331 $ 5,018 $ 5,143 Internally-produced television and film programming, and acquired libraries: Individual monetization $ 2,065 $ 2,104 $ 3,245 Film group monetization $ 5,097 $ 5,187 $ 3,248 The following table presents the estimated expected amortization over each of the next three years of released programming inventory on the Consolidated Balance Sheet at December 31, 2023. This information does not include the expected effects of the 2024 programming charges discussed above. 2024 2025 2026 Acquired program rights $ 2,391 $ 659 $ 160 Internally-produced television and film programming, and acquired libraries: Individual monetization $ 755 $ 192 $ 126 Film group monetization $ 3,067 $ 1,690 $ 1,031 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Changes in Book Value of Goodwill by Segment | The following tables present the changes in the book value of goodwill by segment for the years ended December 31, 2023 and 2022. Balance at Acquisitions / Foreign Balance at December 31, 2022 (Dispositions) Currency December 31, 2023 TV Media: Goodwill $ 24,505 $ (12) $ 29 $ 24,522 Accumulated impairment losses (13,354) — — (13,354) Goodwill, net of impairment 11,151 (12) 29 11,168 Direct-to-Consumer Goodwill 2,728 — — 2,728 Accumulated impairment losses — — — — Goodwill, net of impairment 2,728 — — 2,728 Filmed Entertainment: Goodwill 2,620 — — 2,620 Accumulated impairment losses — — — — Goodwill, net of impairment 2,620 — — 2,620 Total: Goodwill 29,853 (12) 29 29,870 Accumulated impairment losses (13,354) — — (13,354) Goodwill, net of impairment $ 16,499 $ (12) $ 29 $ 16,516 Balance at Acquisitions / Foreign Balance at December 31, 2021 (Dispositions) Currency December 31, 2022 TV Media: Goodwill $ 24,590 $ — $ (85) $ 24,505 Accumulated impairment losses (13,354) — — (13,354) Goodwill, net of impairment 11,236 — (85) 11,151 Direct-to-Consumer: Goodwill 2,728 — — 2,728 Accumulated impairment losses — — — — Goodwill, net of impairment 2,728 — — 2,728 Filmed Entertainment: Goodwill 2,620 — — 2,620 Accumulated impairment losses — — — — Goodwill, net of impairment 2,620 — — 2,620 Total: Goodwill 29,938 — (85) 29,853 Accumulated impairment losses (13,354) — — (13,354) Goodwill, net of impairment $ 16,584 $ — $ (85) $ 16,499 |
Schedule of Indefinite-lived Intangible Assets | Our intangible assets were as follows: Accumulated At December 31, 2023 Gross Amortization Net Intangible assets subject to amortization: Trade names $ 242 $ (154) $ 88 Licenses 129 (62) 67 Customer agreements 124 (102) 22 Other intangible assets 239 (192) 47 Total intangible assets subject to amortization 734 (510) 224 FCC licenses 2,306 — 2,306 International broadcast licenses 25 — 25 Other intangible assets 34 — 34 Total intangible assets $ 3,099 $ (510) $ 2,589 Accumulated At December 31, 2022 Gross Amortization Net Intangible assets subject to amortization: Trade names $ 252 $ (153) $ 99 Licenses 128 (55) 73 Customer agreements 123 (101) 22 Other intangible assets 234 (181) 53 Total intangible assets subject to amortization 737 (490) 247 FCC licenses 2,389 — 2,389 International broadcast licenses 24 — 24 Other intangible assets 34 — 34 Total intangible assets $ 3,184 $ (490) $ 2,694 |
Schedule of Finite-lived Intangible Assets | Our intangible assets were as follows: Accumulated At December 31, 2023 Gross Amortization Net Intangible assets subject to amortization: Trade names $ 242 $ (154) $ 88 Licenses 129 (62) 67 Customer agreements 124 (102) 22 Other intangible assets 239 (192) 47 Total intangible assets subject to amortization 734 (510) 224 FCC licenses 2,306 — 2,306 International broadcast licenses 25 — 25 Other intangible assets 34 — 34 Total intangible assets $ 3,099 $ (510) $ 2,589 Accumulated At December 31, 2022 Gross Amortization Net Intangible assets subject to amortization: Trade names $ 252 $ (153) $ 99 Licenses 128 (55) 73 Customer agreements 123 (101) 22 Other intangible assets 234 (181) 53 Total intangible assets subject to amortization 737 (490) 247 FCC licenses 2,389 — 2,389 International broadcast licenses 24 — 24 Other intangible assets 34 — 34 Total intangible assets $ 3,184 $ (490) $ 2,694 |
Amortization Expense | Amortization expense was as follows: Year Ended December 31, 2023 2022 2021 Amortization expense $ 35 $ 41 $ 46 |
Schedule of Expected Aggregate Annual Amortization Expense | We expect our aggregate annual amortization expense for existing intangible assets subject to amortization for each of the years, 2024 through 2028, to be as follows: 2024 2025 2026 2027 2028 Future amortization expense $ 27 $ 25 $ 23 $ 22 $ 21 |
Restructuring and Other Corpo_2
Restructuring and Other Corporate Matters (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Charges and Other Corporate Matters | During the years ended December 31, 2023, 2022 and 2021, we recorded the following restructuring charges and other corporate matters. Year Ended December 31, 2023 2022 2021 Severance (a) $ 67 $ 260 $ 65 Exit costs 35 68 35 Restructuring charges 102 328 100 Other corporate matters (133) 257 — Restructuring and other corporate matters $ (31) $ 585 $ 100 |
Rollforward of Restructuring Liability | The following is a rollforward of our restructuring liability, which is recorded in “Other current liabilities” and “Other liabilities” on the Consolidated Balance Sheets. The restructuring liability at December 31, 2023, which principally relates to severance payments, is expected to be substantially paid by the end of 2024. 2023 Activity Balance at December 31, 2022 Charges (a) Payments Balance at December 31, 2023 TV Media $ 251 $ 42 $ (131) $ 162 Direct-to-Consumer 8 3 (5) 6 Filmed Entertainment 29 5 (20) 14 Corporate 14 12 (16) 10 Total $ 302 $ 62 $ (172) $ 192 2022 Activity Balance at December 31, 2021 Charges (a) Payments Balance at December 31, 2022 TV Media $ 122 $ 221 $ (92) $ 251 Direct-to-Consumer — 8 — 8 Filmed Entertainment 34 17 (22) 29 Corporate 34 — (20) 14 Total $ 190 $ 246 $ (134) $ 302 (a) For the years ended December 31, 2023 and 2022, excludes stock-based compensation expense of $5 million and $14 million, respectively, and lease asset impairments of $35 million and $68 million, respectively. |
Related Parties (Tables)
Related Parties (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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. Year Ended December 31, 2023 2022 2021 Revenues $ 322 $ 358 $ 237 Operating expenses $ 24 $ 24 $ 21 At December 31, 2023 2022 Receivables, net $ 193 $ 180 Other assets (Receivables, noncurrent) $ 101 $ 18 |
Revenues (Tables)
Revenues (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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 18 for revenues by segment disaggregated into these categories. Year Ended December 31, 2023 2022 2021 Revenues by Type: Advertising $ 9,989 $ 10,890 $ 11,412 Affiliate and subscription 13,018 11,551 10,442 Theatrical 813 1,223 241 Licensing and other 5,832 6,490 6,491 Total Revenues $ 29,652 $ 30,154 $ 28,586 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | Our debt consists of the following : At December 31, 2023 2022 7.875% Debentures due 2023 $ — $ 139 7.125% Senior Notes due 2023 — 35 4.75% Senior Notes due 2025 125 552 4.0% Senior Notes due 2026 345 795 3.45% Senior Notes due 2026 86 124 2.90% Senior Notes due 2027 581 694 3.375% Senior Notes due 2028 497 496 3.70% Senior Notes due 2028 495 494 4.20% Senior Notes due 2029 496 495 7.875% Senior Debentures due 2030 830 830 4.95% Senior Notes due 2031 1,229 1,226 4.20% Senior Notes due 2032 977 975 5.50% Senior Debentures due 2033 428 427 4.85% Senior Debentures due 2034 87 87 6.875% Senior Debentures due 2036 1,071 1,071 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 489 488 4.375% Senior Debentures due 2043 1,138 1,130 4.875% Senior Debentures due 2043 18 18 5.85% Senior Debentures due 2043 1,234 1,233 5.25% Senior Debentures due 2044 345 345 4.90% Senior Notes due 2044 541 541 4.60% Senior Notes due 2045 591 590 4.95% Senior Notes due 2050 948 946 6.25% Junior Subordinated Debentures due 2057 643 643 6.375% Junior Subordinated Debentures due 2062 989 989 Other bank borrowings — 55 Obligations under finance leases 1 10 Total debt (a) 14,602 15,846 Less current portion of long-term debt 1 239 Total long-term debt, net of current portion $ 14,601 $ 15,607 (a) At December 31, 2023 and 2022, the senior and junior subordinated debt balances included (i) a net unamortized discount of $419 million and $442 million, respectively, and (ii) unamortized deferred financing costs of $81 million and $89 million, respectively. The face value of our total debt was $15.10 billion at December 31, 2023 and $16.38 billion at December 31, 2022. |
Scheduled Maturities of Long-term Debt at Face Value | At December 31, 2023, our scheduled maturities of long-term debt at face value, which excludes payments for the related interest and finance leases, were as follows: 2029 and 2024 2025 2026 2027 2028 Thereafter Long-term debt $ — $ 126 $ 433 $ 584 $ 1,000 $ 12,958 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Summary of Operating Lease Assets and Liabilities | At December 31, 2023 and 2022, the following amounts were recorded on the Consolidated Balance Sheets relating to our operating leases. 2023 2022 Right-of-Use Assets Operating lease assets $ 1,183 $ 1,391 Lease Liabilities Other current liabilities $ 258 $ 292 Operating lease liabilities 1,256 1,428 Total lease liabilities $ 1,514 $ 1,720 2023 2022 Weighted average remaining lease term 7 years 7 years Weighted average discount rate 3.9 % 3.6 % |
Summary of Operating Lease Information | The following table presents our lease cost relating to our operating leases. Year Ended December 31, 2023 2022 2021 Operating lease cost (a) (b) $ 332 $ 373 $ 374 Short-term lease cost (b) (c) 229 306 283 Variable lease cost (b) (d) 76 77 62 Sublease income (7) (12) (20) Total lease cost $ 630 $ 744 $ 699 (a) Includes fixed lease costs and non-lease costs (consisting of other occupancy and service costs relating to the use of an asset) associated with long-term operating leases. (b) Includes costs capitalized in programming assets during the period for leased assets used in the production of programming. (c) Short-term leases, which are not recorded in right-of-use assets and lease liabilities on the Consolidated Balance Sheets, have a term of 12 months or less and exclude month-to-month leases. (d) Primarily includes non-lease costs (consisting of other occupancy and service costs relating to the use of an asset) and costs for equipment leases that vary based on usage. The following table presents supplemental cash flow information for our operating leases. Year Ended December 31, 2023 2022 2021 Payments for amounts included in operating lease $ 368 $ 394 $ 399 Noncash additions to operating lease assets $ 123 $ 170 $ 377 |
Expected Future Payments for Operating Lease Liabilities | The expected future payments relating to our operating lease liabilities at December 31, 2023 are as follows: 2024 $ 309 2025 296 2026 253 2027 208 2028 184 2029 and thereafter 490 Total minimum payments 1,740 Less amounts representing interest 226 Present value of minimum payments $ 1,514 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Gains (Losses) Recognized on Derivative Financial Instruments | Gains (losses) recognized on derivative financial instruments were as follows: Year Ended December 31, 2023 2022 Financial Statement Account Non-designated foreign exchange contracts $ (10) $ 51 Other items, net |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Summary of Assets and Liabilities Measured at Fair Value | The table below presents our assets and liabilities measured at fair value on a recurring basis at December 31, 2023 and 2022. 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 December 31, 2023 2022 Assets: Foreign currency hedges $ 40 $ 39 Total Assets $ 40 $ 39 Liabilities: Deferred compensation $ 366 $ 336 Foreign currency hedges 30 83 Total Liabilities $ 396 $ 419 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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 December 31, 2023 2022 Total assets $ 1,886 $ 1,961 Total liabilities $ 232 $ 328 Year Ended December 31, 2023 2022 2021 Revenues $ 598 $ 524 $ 576 Operating income (loss) $ (107) $ (56) $ 43 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Summary of Common Stock Dividends | The following table presents dividends declared per share and total dividends for our Class A and Class B Common Stock and our Mandatory Convertible Preferred Stock for the years ended December 31, 2023, 2022 and 2021. Year Ended December 31, 2023 2022 2021 Class A and Class B Common Stock Dividends declared per common share (a) $ .39 $ .96 $ .96 Total common stock dividends $ 261 $ 635 $ 625 Mandatory Convertible Preferred Stock Dividends declared per preferred share (b) $ 5.75 $ 5.75 $ 4.4243 Total preferred stock dividends $ 58 $ 58 $ 44 (a) We declared a quarterly cash dividend of $.24 per share on our Class A and Class B Common Stock during the first quarter of 2023 and each of the quarters of 2022 and 2021. Beginning with the second quarter of 2023 and for the remaining quarters of 2023, we declared a quarterly cash dividend on our Class A and Class B Common Stock of $.05 per share. (b) During the second quarter of 2021, we declared a quarterly cash dividend of $1.5493 per share on our Mandatory Convertible Preferred Stock, representing a dividend period from March 26, 2021 through July 1, 2021. For all subsequent quarters, we declared a quarterly cash dividend of $1.4375 per share on our Mandatory Convertible Preferred Stock. |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table presents the changes in the components of accumulated other comprehensive income (loss). Continuing Operations Discontinued Operations Net Actuarial Accumulated Cumulative Loss and Other Other Translation Prior Comprehensive Comprehensive Adjustments Service Cost Income (Loss) (a) Loss At December 31, 2020 $ (303) $ (1,509) $ (20) $ (1,832) Other comprehensive income (loss) before reclassifications (142) 5 (3) (140) Reclassifications to net earnings — 70 (b) — 70 Other comprehensive income (loss) (142) 75 (3) (70) At December 31, 2021 (445) (1,434) (23) (1,902) Other comprehensive income (loss) before reclassifications (235) 273 (7) 31 Reclassifications to net earnings — 64 (b) — 64 Other comprehensive income (loss) (235) 337 (7) 95 At December 31, 2022 (680) (1,097) (30) (1,807) Other comprehensive income (loss) before reclassifications 132 (7) (5) 120 Reclassifications to net loss 44 (c) 52 (b) 35 (d) 131 Other comprehensive income 176 45 30 251 At December 31, 2023 $ (504) $ (1,052) $ — $ (1,556) (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 17). (c) Reflects amounts realized within “Gain (loss) from investments” on the Consolidated Statement of Operations in connection with the dilution of our interest in Viacom18 (see Note 11). |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation Expense | The following table summarizes stock-based compensation expense for the years ended December 31, 2023, 2022 and 2021. Year Ended December 31, 2023 2022 2021 RSUs and PSUs $ 172 $ 155 $ 163 Stock options — 3 9 Expense included in operating and SG&A 172 158 172 Expense included in restructuring and other corporate matters (a) 5 14 20 Stock-based compensation expense, before income taxes 177 172 192 Related tax benefit (35) (35) (41) Stock-based compensation expense, net of tax benefit $ 142 $ 137 $ 151 |
Summary of RSU and PSU Activity | The following table summarizes our RSU and PSU share activity: Weighted Average Shares Grant Date Fair Value Non-vested at December 31, 2022 11,115,371 $ 33.02 Granted (a) 10,435,617 $ 22.83 Vested (4,426,844) $ 33.74 Forfeited (1,619,883) $ 29.01 Non-vested at December 31, 2023 15,504,261 $ 26.38 (a) Grant activity includes 1.4 million of PSUs at target for 2023. |
Summary of Stock Option Activity | The following table summarizes our stock option activity under the Plans. Weighted Average Stock Options Exercise Price Outstanding and Exercisable at December 31, 2022 5,096,947 $ 60.18 Expired (1,551,541) $ 72.72 Outstanding and Exercisable at December 31, 2023 3,545,406 $ 54.70 |
Summary of Other Stock Option Exercises Information | The following table summarizes other information relating to stock option exercises during the year ended December 31, 2021. There were no stock option exercises during the years ended December 31, 2023 and 2022. Year Ended December 31, 2021 Cash received from stock option exercises $ 408 Tax benefit of stock option exercises $ 29 Intrinsic value of stock option exercises $ 128 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
U.S. and Foreign Components of Earnings From Continuing Operations Before Income Taxes and Equity in Loss of Investee Companies | The U.S. and foreign components of earnings from continuing operations before income taxes and equity in loss of investee companies were as follows: Year Ended December 31, 2023 2022 2021 United States $ (2,039) $ 324 $ 4,106 Foreign 786 942 1,100 Total $ (1,253) $ 1,266 $ 5,206 |
Components of Income Tax Provision (Benefit) | The components of the (benefit from) provision for income taxes were as follows: Year Ended December 31, 2023 2022 2021 Current: Federal $ 70 $ 75 $ 179 State and local 84 64 138 Foreign 135 194 239 Total current 289 333 556 Deferred: Federal (556) (57) 249 State and local (110) (14) 49 Foreign 16 (35) (208) Total deferred (650) (106) 90 (Benefit from) provision for income taxes $ (361) $ 227 $ 646 |
Reconciliation of U.S. Federal Statutory Income Tax Rate | The difference between income taxes expected at the U.S. federal statutory income tax rate of 21% and the (benefit from) provision for income taxes is summarized as follows: Year Ended December 31, 2023 2022 2021 Taxes on income at U.S. federal statutory rate $ (263) $ 266 $ 1,093 State and local taxes, net of federal tax benefit (13) 44 190 Effect of foreign operations (97) (20) (141) Noncontrolling interests (6) (20) (13) U.K. statutory rate change — — (260) Reorganization of foreign operations (a) (4) (72) (229) Tax deficiency (excess benefit) from stock-based compensation 18 13 (8) Other, net 4 16 14 (Benefit from) provision for income taxes $ (361) $ 227 $ 646 |
Components of Deferred Income Tax Assets and Liabilities | The following table summarizes the components of deferred income tax assets and liabilities. At December 31, 2023 2022 Deferred income tax assets: Reserves and other accrued liabilities $ 294 $ 430 Pension, postretirement and other employee benefits 518 534 Lease liability 400 425 Tax credit and loss carryforwards 423 397 Interest limitation carryforward 63 93 Capitalized costs 155 49 Intangible assets 20 — Other 10 11 Total deferred income tax assets 1,883 1,939 Valuation allowance (498) (488) Deferred income tax assets, net 1,385 1,451 Deferred income tax liabilities: Intangible assets — (643) Lease asset (326) (344) Property, equipment and other assets (140) (180) Investments (99) (20) Financing obligations (67) (69) Other (14) (30) Total deferred income tax liabilities (646) (1,286) Deferred income tax assets, net $ 739 $ 165 |
Change in Reserve for Uncertain Tax Positions | The following table sets forth the change in the reserve for uncertain tax positions, excluding related accrued interest and penalties. At January 1, 2021 $ 308 Additions for current year tax positions 23 Additions for prior year tax positions 32 Reductions for prior year tax positions (45) Cash settlements (6) Statute of limitations lapses (11) At December 31, 2021 301 Additions for current year tax positions 16 Additions for prior year tax positions 3 Reductions for prior year tax positions (13) Cash settlements (2) Statute of limitations lapses (2) At December 31, 2022 303 Additions for current year tax positions 15 Additions for prior year tax positions 20 Reductions for prior year tax positions (46) Cash settlements (2) Statute of limitations lapses (4) At December 31, 2023 $ 286 |
Pension and Other Postretirem_2
Pension and Other Postretirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Change in Benefit Obligations | The following table sets forth the change in benefit obligation for our pension and postretirement benefit plans. Pension Benefits Postretirement Benefits 2023 2022 2023 2022 Change in benefit obligation: Benefit obligation, beginning of year $ 3,661 $ 4,909 $ 222 $ 276 Service cost — — 1 1 Interest cost 207 150 12 8 Actuarial loss (gain) 137 (1,089) (11) (29) Benefits paid (294) (309) (40) (43) Participants’ contributions — — 6 6 Retiree Medicare drug subsidy — — 3 3 Benefit obligation, end of year $ 3,711 $ 3,661 $ 193 $ 222 |
Change in Plan Assets | The following table sets forth the change in plan assets for our pension and postretirement benefit plans. Pension Benefits Postretirement Benefits 2023 2022 2023 2022 Change in plan assets: Fair value of plan assets, beginning of year $ 2,363 $ 3,191 $ — $ — Actual return (loss) on plan assets 243 (592) — — Employer contributions 195 73 31 34 Benefits paid (294) (309) (40) (43) Participants’ contributions — — 6 6 Retiree Medicare drug subsidy — — 3 3 Fair value of plan assets, end of year $ 2,507 $ 2,363 $ — $ — |
Funded Status and Amounts Recognized on Consolidated Balance Sheets | The funded status of pension and postretirement benefit obligations and the related amounts recognized on the Consolidated Balance Sheets were as follows: Pension Benefits Postretirement Benefits At December 31, 2023 2022 2023 2022 Funded status at end of year $ (1,204) $ (1,298) $ (193) $ (222) Amounts recognized on the Consolidated Balance Sheets: Current liabilities $ (74) $ (73) $ (30) $ (34) Noncurrent liabilities (1,130) (1,225) (163) (188) Net amounts recognized $ (1,204) $ (1,298) $ (193) $ (222) |
Amounts Recognized in Accumulated Other Comprehensive Income (Loss) | The following amounts were recognized in accumulated other comprehensive income (loss) on the Consolidated Balance Sheets. Pension Benefits Postretirement Benefits At December 31, 2023 2022 2023 2022 Net actuarial (loss) gain $ (1,585) $ (1,646) $ 150 $ 157 Net prior service cost (1) (1) — — (1,586) (1,647) 150 157 Deferred income taxes 424 438 (15) (17) Net amount recognized in accumulated other comprehensive income (loss) $ (1,162) $ (1,209) $ 135 $ 140 |
Schedule of Accumulated Benefit Obligations in Excess of Plan Assets | Information for the pension plans with an accumulated benefit obligation in excess of plan assets is set forth below. At December 31, 2023 2022 Projected and accumulated benefit obligation $ 3,711 $ 3,661 Fair value of plan assets $ 2,507 $ 2,363 |
Components of Net Periodic Cost (Benefit) | The following tables present the components of net periodic cost (benefit) and amounts recognized in other comprehensive income (loss). Pension Benefits Postretirement Benefits Year Ended December 31, 2023 2022 2021 2023 2022 2021 Components of net periodic cost: Service cost $ — $ — $ — $ 1 $ 1 $ 1 Interest cost 207 150 145 12 8 8 Expected return on plan assets (128) (172) (188) — — — Amortization of actuarial losses (gains) 83 97 93 (18) (15) (15) Settlements (a) — — 10 — — — Net periodic cost (benefit) (b) $ 162 $ 75 $ 60 $ (5) $ (6) $ (6) (a) 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. (b) Includes amounts reflected in net earnings from discontinued operations of $7 million for the year ended December 31, 2023 and $3 million for each of the years ended December 31, 2022 and 2021 . |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | Pension Benefits Postretirement Benefits Year Ended December 31, 2023 2022 2021 2023 2022 2021 Other comprehensive income (loss): Actuarial (loss) gain $ (22) $ 325 $ (27) $ 11 $ 29 $ 18 Share of equity investee — 1 1 — — — Settlements — — 10 — — — Amortization of actuarial losses (gains) 83 97 93 (18) (15) (15) 61 423 77 (7) 14 3 Deferred income taxes (14) (103) (19) 2 (3) (1) Recognized in other comprehensive income $ 47 $ 320 $ 58 $ (5) $ 11 $ 2 |
Weighted Average Assumptions Used to Determine Benefit Obligations and Net Periodic Costs | Pension Benefits Postretirement Benefits 2023 2022 2021 2023 2022 2021 Weighted average assumptions used to determine benefit obligations at December 31: Discount rate 5.6 % 5.9 % 3.2 % 5.7 % 6.0 % 3.0 % Rate of compensation increase — % — % — % N/A N/A N/A Weighted average assumptions used to determine net periodic costs for the year ended December 31: Discount rate 5.9 % 3.2 % 2.9 % 6.0 % 3.0 % 2.6 % Expected long-term return on plan assets 5.7 % 5.6 % 5.9 % N/A N/A N/A Cash balance interest crediting rate 5.0 % 5.0 % 5.0 % N/A N/A N/A Rate of compensation increase — % — % — % N/A N/A N/A N/A - not applicable |
Assumptions Regarding Heath Care Cost Trend Rates for Postretirement Benefits | The following additional assumptions were used in accounting for postretirement benefits. 2023 2022 Projected health care cost trend rate (pre-65) 6.5 % 6.8 % Projected health care cost trend rate (post-65) 6.5 % 6.8 % Ultimate trend rate 5.0 % 5.0 % Year ultimate trend rate is achieved 2030 2030 |
Fair Value of Pension Plan Assets | The following tables set forth our pension plan assets measured at fair value on a recurring basis at December 31, 2023 and 2022. These assets have been categorized according to the three-level fair value hierarchy established by the FASB which prioritizes the inputs used in measuring fair value. See Note 12 for a description of the levels within this hierarchy. There are no investments categorized as Level 3. At December 31, 2023 Level 1 Level 2 Total Cash and cash equivalents (a) $ — $ 69 $ 69 Fixed income securities: U.S. treasury securities 107 — 107 Government-related securities — 129 129 Corporate bonds (b) — 1,164 1,164 Mortgage-backed and asset-backed securities — 128 128 Equity securities: U.S. large capitalization 89 — 89 U.S. small capitalization 18 — 18 Exchange Trade Fund (ETF) 27 — 27 Other — 8 8 Total assets in fair value hierarchy $ 241 $ 1,498 $ 1,739 Common collective funds measured at net asset value (c) (d) 676 Limited partnerships measured at net asset value (c) 10 Mutual funds measured at net asset value (c) 82 Investments, at fair value $ 2,507 At December 31, 2022 Level 1 Level 2 Total Cash and cash equivalents (a) $ — $ 3 $ 3 Fixed income securities: U.S. treasury securities 108 — 108 Government-related securities — 133 133 Corporate bonds (b) — 1,144 1,144 Mortgage-backed and asset-backed securities — 101 101 Equity securities: U.S. large capitalization 48 — 48 U.S. small capitalization 63 — 63 Total assets in fair value hierarchy $ 219 $ 1,381 $ 1,600 Common collective funds measured at net asset value (c) (d) 660 Limited partnerships measured at net asset value (c) 11 Mutual funds measured at net asset value (c) 92 Investments, at fair value $ 2,363 (a) Assets categorized as Level 2 reflect investments in money market funds. (b) Securities of diverse sectors and industries, substantially all investment grade. (c) In accordance with FASB guidance, investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been classified in the fair value hierarchy. (d) Underlying investments consist mainly of U.S. large capitalization and international equity securities. |
Estimated Future Benefit Payments | Estimated future benefit payments are as follows: 2024 2025 2026 2027 2028 2029-2033 Pension $ 322 $ 317 $ 314 $ 308 $ 307 $ 1,375 Postretirement $ 31 $ 28 $ 26 $ 23 $ 21 $ 74 Retiree Medicare drug subsidy $ 3 $ 3 $ 3 $ 3 $ 2 $ 10 |
Summary of Participation in Multiemployer Defined Benefit Pension Plans | The table below presents information concerning our participation in multiemployer defined benefit pension plans. Employer Identification Number/Pension Plan Number Pension Company Contributions Expiration Date of Collective Bargaining Agreement Zone Status (a) Pension Plan 2023 2022 2023 2022 2021 AFTRA Retirement Plan (b) 13-6414972-001 Green Green $ 18 $ 16 $ 17 6/30/2026 Directors Guild of America - Producer (b) 95-2892780-001 Green Green 17 19 23 6/30/2026 Producer-Writers Guild of America (b) 95-2216351-001 Green Green 24 30 26 5/1/2026 Screen Actors Guild - Producers (b) 95-2110997-001 Green Green 27 30 45 6/30/2026 Motion Picture Industry 95-1810805-001 Green Green 48 63 66 (c) I.A.T.S.E. Local No. 33 Pension Trust Fund 95-6377503-001 Green Green 2 5 10 12/31/2025 Other Plans 15 14 16 Total contributions $ 151 $ 177 $ 203 (a) The zone status for each individual plan listed was certified by each plan’s actuary as of the beginning of the plan years for 2023 and 2022. The plan year is the twelve months ending December 31 for each plan listed above except AFTRA Retirement Plan which has a plan year ending November 30. (b) The Company was listed in these plan’s most recent Form 5500 as providing more than 5% of total contributions for the plan. (c) The expiration dates range from July 31, 2024 through March 2, 2025. |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Revenues by Segment | 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. Year Ended December 31, 2023 2022 2021 Revenues: Advertising $ 8,188 $ 9,350 $ 10,105 Affiliate and subscription 8,085 8,180 8,413 Licensing and other 3,812 4,202 4,216 TV Media 20,085 21,732 22,734 Advertising 1,795 1,533 1,298 Subscription 4,933 3,371 2,029 Licensing 8 — — Direct-to-Consumer 6,736 4,904 3,327 Advertising 24 23 18 Theatrical 813 1,223 241 Licensing and other 2,120 2,460 2,428 Filmed Entertainment 2,957 3,706 2,687 Eliminations (126) (188) (162) Total Revenues $ 29,652 $ 30,154 $ 28,586 |
Intercompany Revenues by Segment | Year Ended December 31, 2023 2022 2021 Intercompany Revenues: TV Media $ 63 $ 66 $ 87 Direct-to-Consumer 1 — 2 Filmed Entertainment 62 122 73 Total Intercompany Revenues $ 126 $ 188 $ 162 |
Adjusted OIBDA by Segment and Reconciliation to Net Earnings (Loss) | Year Ended December 31, 2023 2022 2021 Adjusted OIBDA: TV Media $ 4,791 $ 5,451 $ 5,892 Direct-to-Consumer (1,663) (1,819) (992) Filmed Entertainment (119) 272 207 Corporate/Eliminations (447) (470) (491) Stock-based compensation (a) (172) (158) (172) Depreciation and amortization (418) (378) (390) Programming charges (2,371) — — Impairment charges (83) (27) — Restructuring and other corporate matters 31 (585) (100) Net gains on dispositions — 56 2,343 Operating income (loss) (451) 2,342 6,297 Interest expense (920) (931) (986) Interest income 137 108 53 Gain (loss) from investments 168 (9) 47 Gain (loss) on extinguishment of debt 29 (120) (128) Other items, net (216) (124) (77) Earnings (loss) from continuing operations before income taxes and equity in loss of investee companies (1,253) 1,266 5,206 Benefit from (provision for) income taxes 361 (227) (646) Equity in loss of investee companies, net of tax (360) (204) (91) Net earnings (loss) from continuing operations (1,252) 835 4,469 Net earnings from discontinued operations, net of tax 676 379 162 Net earnings (loss) (Paramount and noncontrolling interests) (576) 1,214 4,631 Net earnings attributable to noncontrolling interests (32) (110) (88) Net earnings (loss) attributable to Paramount $ (608) $ 1,104 $ 4,543 (a) Stock-based compensation expense of $5 million for 2023, $14 million for 2022 and $20 million for 2021 is included in “Restructuring and other corporate matters”. |
Revenues by Customer Location | Year Ended December 31, 2023 2022 2021 Revenues: (a) United States $ 23,962 $ 24,412 $ 23,320 International 5,690 5,742 5,266 Total Revenues $ 29,652 $ 30,154 $ 28,586 |
Long-lived Assets by Geographic Area | At December 31, 2023 2022 Long-lived Assets: (a) United States $ 15,249 $ 18,231 International 1,451 1,458 Total Long-lived Assets $ 16,700 $ 19,689 (a) Reflects total assets less current assets, investments, goodwill, intangible assets, noncurrent receivables and noncurrent deferred tax assets. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contractual Obligations | These commitments are payable as follows: Payments Due by Period 2029 and Total 2024 2025 2026 2027 2028 Thereafter Off-Balance Sheet Arrangements Programming and talent commitments $ 31,338 $ 3,491 $ 3,565 $ 3,350 $ 3,085 $ 3,448 $ 14,399 Purchase obligations $ 1,077 $ 432 $ 375 $ 191 $ 27 $ 13 $ 39 Payments Due by Period 2029 and Total 2025 2026 2027 2028 Thereafter $ 1,704 $ 1,228 $ 321 $ 86 $ 43 $ 26 |
Supplemental Financial Inform_2
Supplemental Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Additional Financial Information Disclosure [Abstract] | |
Summary Components of Other Items, Net | The following table presents the components of “Other items, net” on the Consolidated Statements of Operations. Year Ended December 31, 2023 2022 2021 Pension and postretirement benefit costs $ (153) $ (65) $ (43) Foreign exchange losses (66) (58) (26) Pension settlement charge (Note 17) — — (10) Other 3 (1) 2 Other items, net $ (216) $ (124) $ (77) |
Schedule of Redeemable Noncontrolling Interest | The activity reflected within redeemable noncontrolling interest for the years ended December 31, 2022 and 2021 is presented below. Year Ended December 31, 2022 2021 Beginning balance $ 107 $ 197 Net earnings 4 14 Distributions (6) (5) Translation adjustment (20) (5) Redemption value adjustment 17 (94) Purchase of noncontrolling interest (102) — Ending balance $ — $ 107 |
Supplemental Cash Flow Information | Supplemental Cash Flow Information Year Ended December 31, 2023 2022 2021 Cash paid for interest $ 901 $ 920 $ 970 Cash paid for income taxes: Continuing operations $ 22 $ 61 $ 291 Discontinued operations 85 12 43 Total cash paid for income taxes $ 107 $ 73 $ 334 |
Basis of Presentation and Sum_4
Basis of Presentation and Summary of Significant Accounting Policies - Narrative (Details) - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Product Information [Line Items] | |||
Film development costs, expense period | 3 years | ||
Allowance for credit losses | $ 120 | $ 111 | |
Provision for doubtful accounts | $ 26 | 40 | $ 8 |
Lease renewal term (up to) | 10 years | ||
Advertising expenses | $ 2,900 | $ 2,690 | $ 2,140 |
Stock Options and RSUs | |||
Product Information [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share (in shares) | 19 | 11 | 6 |
Mandatory Convertible Preferred Stock | |||
Product Information [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share (in shares) | 10 | 10 | |
Mandatory Convertible Preferred Stock | |||
Product Information [Line Items] | |||
Preferred stock, percentage | 5.75% | 5.75% | |
Minimum | |||
Product Information [Line Items] | |||
Finite-lived intangible asset useful life | 5 years | ||
Maximum | |||
Product Information [Line Items] | |||
Finite-lived intangible asset useful life | 40 years | ||
Remaining lease term term | 15 years | ||
Internally-Produced Television and Film Programming | |||
Product Information [Line Items] | |||
Period revenue is earned | 10 years | ||
Internally-Produced Television and Film Programming, Still In Production | |||
Product Information [Line Items] | |||
Period revenue is earned | 5 years | ||
Feature Film | |||
Product Information [Line Items] | |||
Period revenue is earned | 10 years | ||
Television and Film Libraries, Acquired | |||
Product Information [Line Items] | |||
Period revenue is earned | 20 years | ||
Television Licensing | Minimum | |||
Product Information [Line Items] | |||
Collection terms for agreements to license programming | 1 year | ||
Television Licensing | Maximum | |||
Product Information [Line Items] | |||
Collection terms for agreements to license programming | 5 years | ||
Other current assets | |||
Product Information [Line Items] | |||
Production tax incentives receivable | $ 500 | ||
Other assets | |||
Product Information [Line Items] | |||
Production tax incentives receivable | 1,200 | ||
Other current liabilities | |||
Product Information [Line Items] | |||
Reserves for sales returns and allowances | $ 40 | $ 70 |
Basis of Presentation and Sum_5
Basis of Presentation and Summary of Significant Accounting Policies - Useful Lives of Property and Equipment (Details) | Dec. 31, 2023 |
Buildings and building improvements | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property and equipment estimated useful lives | 10 years |
Buildings and building improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property and equipment estimated useful lives | 40 years |
Equipment and other (including finance leases) | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property and equipment estimated useful lives | 3 years |
Equipment and other (including finance leases) | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property and equipment estimated useful lives | 20 years |
Basis of Presentation and Sum_6
Basis of Presentation and Summary of Significant Accounting Policies - Reconciliation of Weighted Average Shares Used in Calculation of EPS (Details) - shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Weighted average shares for basic EPS (in shares) | 652 | 649 | 641 |
Dilutive effect of shares issuable under stock-based compensation plans (in shares) | 0 | 1 | 5 |
Conversion of Mandatory Convertible Preferred Stock (in shares) | 0 | 0 | 9 |
Weighted average shares for diluted EPS (in shares) | 652 | 650 | 655 |
Basis of Presentation and Sum_7
Basis of Presentation and Summary of Significant Accounting Policies - Reconciliation of Net Earnings (Loss) Used in Calculation of EPS (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Amounts attributable to Paramount: | |||
Net earnings (loss) from continuing operations | $ (1,284) | $ 725 | $ 4,381 |
Preferred stock dividends | (58) | (58) | (44) |
Net earnings (loss) from continuing operations for basic EPS calculation | (1,342) | 667 | 4,337 |
Preferred stock dividend adjustment | 0 | 0 | 44 |
Net earnings (loss) from continuing operations for diluted EPS calculation | (1,342) | 667 | 4,381 |
Amounts attributable to Paramount: | |||
Net earnings (loss) | (608) | 1,104 | 4,543 |
Preferred stock dividends | (58) | (58) | (44) |
Net earnings (loss) for basic EPS calculation | (666) | 1,046 | 4,499 |
Preferred stock dividend adjustment | 0 | 0 | 44 |
Net earnings (loss) for diluted EPS calculation | $ (666) | $ 1,046 | $ 4,543 |
Dispositions and Acquisitions -
Dispositions and Acquisitions - Narrative (Details) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||
Sep. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) floor | Oct. 31, 2021 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) floor | Oct. 30, 2023 USD ($) | |
Discontinued Operations [Line Items] | ||||||||
Net gains on dispositions | $ 0 | $ 56 | $ 2,343 | |||||
Lease, option to terminate, number of floors | floor | 1 | 1 | ||||||
Lease-back, option to terminate, waiting period to terminate without penalty | 5 years | |||||||
Business Acquisition [Line Items] | ||||||||
Payments to acquire business, net | $ 0 | 0 | $ 54 | |||||
CBS Studio Center, Portion Of Los Angeles Building | ||||||||
Discontinued Operations [Line Items] | ||||||||
Lease term | 10 years | 10 years | ||||||
Discontinued Operations, Disposed of by Sale | Simon & Schuster | ||||||||
Discontinued Operations [Line Items] | ||||||||
Sale of business, consideration | $ 1,620 | |||||||
Gain on sale of business | $ 695 | |||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Nordics | ||||||||
Discontinued Operations [Line Items] | ||||||||
Net gains on dispositions | $ 41 | |||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Other Dispositions | ||||||||
Discontinued Operations [Line Items] | ||||||||
Net gains on dispositions | $ 15 | |||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | 51 West 52nd Street, Office Tower | ||||||||
Discontinued Operations [Line Items] | ||||||||
Net gains on dispositions | $ 523 | |||||||
Proceeds from dispositions | $ 760 | |||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | CBS Studio Center | ||||||||
Discontinued Operations [Line Items] | ||||||||
Net gains on dispositions | $ 1,700 | |||||||
Proceeds from dispositions | $ 1,850 | |||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Noncore Trademark Licensing Operation | ||||||||
Discontinued Operations [Line Items] | ||||||||
Net gains on dispositions | $ 117 | |||||||
Chilevisión, Fox TeleColombia, and Estudios TeleMexico | ||||||||
Business Acquisition [Line Items] | ||||||||
Payments to acquire business, net | $ 54 |
Dispositions and Acquisitions_2
Dispositions and Acquisitions - Schedule of Discontinued Operations, Net Earnings (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Nov. 30, 2022 | |
Costs and expenses: | ||||
Discontinued Operation, Gain (Loss) on Disposal, Statement of Income or Comprehensive Income [Extensible Enumeration] | Net earnings from discontinued operations, net of tax | |||
Discontinued operations | ||||
Discontinued Operations [Line Items] | ||||
Revenues | $ 958 | $ 1,177 | $ 993 | |
Costs and expenses: | ||||
Operating | 568 | 716 | 602 | |
Selling, general and administrative | 149 | 180 | 158 | |
Depreciation and amortization | 3 | |||
Restructuring charges | 2 | 3 | 1 | |
Total costs and expenses | 719 | 899 | 764 | |
Operating income | 239 | 278 | 229 | |
Termination fee, net of advisory fees | 190 | |||
Other items, net | (9) | (12) | (10) | |
Earnings from discontinued operations | 230 | 456 | 219 | |
Benefit from (provision for) income taxes | 9 | (77) | (57) | |
Earnings from discontinued operations, net of tax | 239 | 379 | 162 | |
Tax effect of gain on sale | 258 | |||
Gain on sale (net of tax) | 437 | |||
Net earnings from discontinued operations, net of tax | 676 | |||
Discontinued operations | Simon & Schuster | ||||
Costs and expenses: | ||||
Termination payment received | $ 200 | |||
Discontinued operations | Simon & Schuster | ||||
Discontinued Operations [Line Items] | ||||
Revenues | 958 | 1,177 | 993 | |
Costs and expenses: | ||||
Operating | 580 | 746 | 618 | |
Selling, general and administrative | 149 | 180 | 158 | |
Depreciation and amortization | 3 | |||
Restructuring charges | 2 | 3 | 1 | |
Total costs and expenses | 731 | 929 | 780 | |
Operating income | 227 | 248 | 213 | |
Termination fee, net of advisory fees | 190 | |||
Other items, net | (9) | (12) | (10) | |
Earnings from discontinued operations | 218 | 426 | 203 | |
Benefit from (provision for) income taxes | 12 | (70) | (46) | |
Earnings from discontinued operations, net of tax | 230 | 356 | 157 | |
Gain on sale (net of tax) | 437 | |||
Net earnings from discontinued operations, net of tax | 667 | |||
Discontinued operations | Other | ||||
Discontinued Operations [Line Items] | ||||
Revenues | 0 | 0 | 0 | |
Costs and expenses: | ||||
Operating | (12) | (30) | (16) | |
Selling, general and administrative | 0 | 0 | 0 | |
Depreciation and amortization | 0 | |||
Restructuring charges | 0 | 0 | 0 | |
Total costs and expenses | (12) | (30) | (16) | |
Operating income | 12 | 30 | 16 | |
Termination fee, net of advisory fees | 0 | |||
Other items, net | 0 | 0 | 0 | |
Earnings from discontinued operations | 12 | 30 | 16 | |
Benefit from (provision for) income taxes | (3) | (7) | (11) | |
Earnings from discontinued operations, net of tax | 9 | $ 23 | $ 5 | |
Gain on sale (net of tax) | 0 | |||
Net earnings from discontinued operations, net of tax | $ 9 |
Dispositions and Acquisitions_3
Dispositions and Acquisitions - Schedule of Discontinued Operations, Assets and Liabilities (Details) - Discontinued operations $ in Millions | Dec. 31, 2022 USD ($) |
Assets | |
Receivables, net | $ 558 |
Other current assets | 229 |
Goodwill | 434 |
Property and equipment, net | 53 |
Operating lease assets | 204 |
Other assets | 111 |
Total Assets | 1,589 |
Liabilities | |
Royalties payable | 161 |
Other current liabilities | 388 |
Operating lease liabilities | 182 |
Other liabilities | 18 |
Total Liabilities | $ 749 |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | $ 5,170 | $ 5,476 | |
Less: Accumulated depreciation | 3,504 | 3,714 | |
Property and equipment, net | 1,666 | 1,762 | |
Depreciation expense | 383 | 337 | $ 344 |
Land | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 373 | 371 | |
Buildings | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 881 | 863 | |
Equipment and other | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | $ 3,916 | $ 4,242 |
Programming and Other Invento_3
Programming and Other Inventory - Summary of Programming and Other Inventory (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Inventory [Line Items] | ||
Acquired program rights, including prepaid sports rights, film group monetization | $ 3,318 | $ 3,238 |
Acquired libraries, individual monetization | 348 | 394 |
Home entertainment | 34 | 45 |
Total programming and other inventory | 15,265 | 17,620 |
Less current portion | 1,414 | 1,342 |
Total noncurrent programming and other inventory | 13,851 | 16,278 |
Internally-Produced Television and Film Programming | ||
Inventory [Line Items] | ||
Released, film group monetization | 6,666 | 7,154 |
In process and other, film group monetization | 2,028 | 3,299 |
Released, individual monetization | 496 | 624 |
In process and other, individual monetization | 361 | 726 |
Film Inventory | ||
Inventory [Line Items] | ||
Released, individual monetization | 624 | 694 |
Completed, not yet released, individual monetization | 179 | 129 |
In process and other, individual monetization | $ 1,211 | $ 1,317 |
Programming and Other Invento_4
Programming and Other Inventory - Amortization of Programming and Production Costs (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Inventory Disclosure [Abstract] | |||
Acquired program rights | $ 5,331 | $ 5,018 | $ 5,143 |
Internally-produced television and film programming, and acquired libraries: | |||
Individual monetization | 2,065 | 2,104 | 3,245 |
Film group monetization | $ 5,097 | $ 5,187 | $ 3,248 |
Programming and Other Invento_5
Programming and Other Inventory - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | ||||
Film, Monetized on Its Own, Amortization Expense, Statement of Income or Comprehensive Income [Extensible Enumeration] | Operating | Operating | Operating | |
Film, Monetized in Film Group, Amortization Expense, Statement of Income or Comprehensive Income [Extensible Enumeration] | Operating | Operating | Operating | |
Entertainment, License Agreement for Program Material, Amortization Expense, Statement of Income or Comprehensive Income [Extensible Enumeration] | Operating | Operating | Operating | |
Programming charges | $ 2,371 | $ 0 | $ 0 | |
Content impairment | 1,970 | |||
Development cost write-offs and contract termination costs | 402 | |||
Expected amortization of completed, not yet released film inventory | $ 143 | |||
Minimum | Forecast | ||||
Segment Reporting Information [Line Items] | ||||
Programming charges | $ 700 | |||
Maximum | Forecast | ||||
Segment Reporting Information [Line Items] | ||||
Programming charges | $ 900 |
Programming and Other Invento_6
Programming and Other Inventory - Expected Amortization of Released Programming Inventory (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Acquired program rights | |
2024 | $ 2,391 |
2025 | 659 |
2026 | 160 |
Individual monetization | |
2024 | 755 |
2025 | 192 |
2026 | 126 |
Film group monetization | |
2024 | 3,067 |
2025 | 1,690 |
2026 | $ 1,031 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Narrative (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 USD ($) market reportingUnit | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Impairment Testing Assumptions [Line Items] | |||
Number of reporting units | reportingUnit | 5 | ||
Number of television markets with FCC license book values | market | 14 | ||
Impairment charges | $ | $ 83 | $ 27 | $ 0 |
FCC licenses | |||
Impairment Testing Assumptions [Line Items] | |||
Carrying value of intangible assets | $ | $ 2,306 | $ 2,389 | |
Number of qualitative assessments performed | market | 6 | ||
Number of quantitative assessments performed | market | 8 | ||
FCC licenses | Five Markets | TV Media | |||
Impairment Testing Assumptions [Line Items] | |||
Carrying value of intangible assets | $ | $ 887 | ||
Number of markets where carrying value of intangible asset exceeds fair value | market | 5 | ||
Impairment charges | $ | $ 83 | ||
FCC licenses | Three Markets | |||
Impairment Testing Assumptions [Line Items] | |||
Carrying value of intangible assets | $ | $ 357 | ||
Quantitative test, number of markets with no impairment | market | 3 | ||
Maximum percent difference between carrying value and fair value | 10% | ||
FCC licenses | Discount Rate | |||
Impairment Testing Assumptions [Line Items] | |||
Assumption rates for intangible asset impairment testing | 0.09 | ||
FCC licenses | Long-Term Growth Rate | |||
Impairment Testing Assumptions [Line Items] | |||
Assumption rates for intangible asset impairment testing | 0.01 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Goodwill (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Goodwill | ||
Goodwill, beginning balance | $ 29,853 | $ 29,938 |
Accumulated impairment losses, beginning balance | (13,354) | (13,354) |
Goodwill, net of impairment, beginning balance | 16,499 | 16,584 |
Goodwill, Acquisitions / (Dispositions) | (12) | 0 |
Accumulated impairment losses, Acquisitions / (Dispositions) | 0 | 0 |
Goodwill, net of impairment, Acquisitions / (Dispositions) | (12) | 0 |
Goodwill, Foreign Currency | 29 | (85) |
Accumulated impairment losses, Foreign Currency | 0 | 0 |
Goodwill, net of impairment, Foreign Currency | 29 | (85) |
Goodwill, ending balance | 29,870 | 29,853 |
Accumulated impairment losses, ending balance | (13,354) | (13,354) |
Goodwill, net of impairment, ending balance | 16,516 | 16,499 |
Operating Segments | TV Media | ||
Goodwill | ||
Goodwill, beginning balance | 24,505 | 24,590 |
Accumulated impairment losses, beginning balance | (13,354) | (13,354) |
Goodwill, net of impairment, beginning balance | 11,151 | 11,236 |
Goodwill, Acquisitions / (Dispositions) | (12) | 0 |
Accumulated impairment losses, Acquisitions / (Dispositions) | 0 | 0 |
Goodwill, net of impairment, Acquisitions / (Dispositions) | (12) | 0 |
Goodwill, Foreign Currency | 29 | (85) |
Accumulated impairment losses, Foreign Currency | 0 | 0 |
Goodwill, net of impairment, Foreign Currency | 29 | (85) |
Goodwill, ending balance | 24,522 | 24,505 |
Accumulated impairment losses, ending balance | (13,354) | (13,354) |
Goodwill, net of impairment, ending balance | 11,168 | 11,151 |
Operating Segments | Direct-to-Consumer | ||
Goodwill | ||
Goodwill, beginning balance | 2,728 | 2,728 |
Accumulated impairment losses, beginning balance | 0 | 0 |
Goodwill, net of impairment, beginning balance | 2,728 | 2,728 |
Goodwill, Acquisitions / (Dispositions) | 0 | 0 |
Accumulated impairment losses, Acquisitions / (Dispositions) | 0 | 0 |
Goodwill, net of impairment, Acquisitions / (Dispositions) | 0 | 0 |
Goodwill, Foreign Currency | 0 | 0 |
Accumulated impairment losses, Foreign Currency | 0 | 0 |
Goodwill, net of impairment, Foreign Currency | 0 | 0 |
Goodwill, ending balance | 2,728 | 2,728 |
Accumulated impairment losses, ending balance | 0 | 0 |
Goodwill, net of impairment, ending balance | 2,728 | 2,728 |
Operating Segments | Filmed Entertainment | ||
Goodwill | ||
Goodwill, beginning balance | 2,620 | 2,620 |
Accumulated impairment losses, beginning balance | 0 | 0 |
Goodwill, net of impairment, beginning balance | 2,620 | 2,620 |
Goodwill, Acquisitions / (Dispositions) | 0 | 0 |
Accumulated impairment losses, Acquisitions / (Dispositions) | 0 | 0 |
Goodwill, net of impairment, Acquisitions / (Dispositions) | 0 | 0 |
Goodwill, Foreign Currency | 0 | 0 |
Accumulated impairment losses, Foreign Currency | 0 | 0 |
Goodwill, net of impairment, Foreign Currency | 0 | 0 |
Goodwill, ending balance | 2,620 | 2,620 |
Accumulated impairment losses, ending balance | 0 | 0 |
Goodwill, net of impairment, ending balance | $ 2,620 | $ 2,620 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Intangible Assets (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross | $ 734 | $ 737 |
Accumulated amortization | (510) | (490) |
Net | 224 | 247 |
Indefinite-Lived Intangible Assets [Line Items] | ||
Total intangible assets, gross | 3,099 | 3,184 |
Total intangible assets, accumulated amortization | (510) | (490) |
Total intangible assets, net | 2,589 | 2,694 |
FCC licenses | ||
Indefinite-Lived Intangible Assets [Line Items] | ||
Indefinite-lived intangible assets | 2,306 | 2,389 |
International broadcast licenses | ||
Indefinite-Lived Intangible Assets [Line Items] | ||
Indefinite-lived intangible assets | 25 | 24 |
Other intangible assets | ||
Indefinite-Lived Intangible Assets [Line Items] | ||
Indefinite-lived intangible assets | 34 | 34 |
Trade names | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 242 | 252 |
Accumulated amortization | (154) | (153) |
Net | 88 | 99 |
Indefinite-Lived Intangible Assets [Line Items] | ||
Total intangible assets, accumulated amortization | (154) | (153) |
Licenses | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 129 | 128 |
Accumulated amortization | (62) | (55) |
Net | 67 | 73 |
Indefinite-Lived Intangible Assets [Line Items] | ||
Total intangible assets, accumulated amortization | (62) | (55) |
Customer agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 124 | 123 |
Accumulated amortization | (102) | (101) |
Net | 22 | 22 |
Indefinite-Lived Intangible Assets [Line Items] | ||
Total intangible assets, accumulated amortization | (102) | (101) |
Other intangible assets | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 239 | 234 |
Accumulated amortization | (192) | (181) |
Net | 47 | 53 |
Indefinite-Lived Intangible Assets [Line Items] | ||
Total intangible assets, accumulated amortization | $ (192) | $ (181) |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets - Amortization Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization expense | $ 35 | $ 41 | $ 46 |
Goodwill and Other Intangible_7
Goodwill and Other Intangible Assets - Expected Aggregate Annual Amortization Expense (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2024 | $ 27 |
2025 | 25 |
2026 | 23 |
2027 | 22 |
2028 | $ 21 |
Restructuring and Other Corpo_3
Restructuring and Other Corporate Matters - Restructuring Charges and Other Corporate Matters (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 102 | $ 328 | $ 100 |
Other corporate matters | (133) | 257 | 0 |
Restructuring and other corporate matters | (31) | 585 | 100 |
Severance | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 67 | 260 | 65 |
Exit costs | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 35 | $ 68 | $ 35 |
Restructuring and Other Corpo_4
Restructuring and Other Corporate Matters - Narrative (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges | $ 102 | $ 328 | $ 100 | ||
Lease impairment charges | 35 | 68 | 35 | ||
Other corporate matters charges (benefit), net | (133) | 257 | 0 | ||
Russia, Belarus and Ukraine | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Other corporate matters charges (benefit), net | 46 | ||||
Legal Matters - Stockholder Matters | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Other corporate matters charges (benefit), net | (120) | 211 | |||
Asbestos Matters | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Other corporate matters charges (benefit), net | 23 | ||||
Viacom Litigation | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Other corporate matters charges (benefit), net | 122.5 | ||||
Viacom Litigation | Settled Litigation | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Litigation settlement | $ 122.5 | ||||
Severance | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges | $ 67 | $ 260 | $ 65 | ||
Severance | One-time Severance Benefits | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges | $ 13 |
Restructuring and Other Corpo_5
Restructuring and Other Corporate Matters - Rollforward of Restructuring Liability (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Restructuring Reserve [Roll Forward] | |||
Restructuring reserve, beginning balance | $ 302 | $ 190 | |
Charges | 102 | 328 | $ 100 |
Payments | (172) | (134) | |
Restructuring reserve, ending balance | 192 | 302 | 190 |
Stock-based compensation expense | 177 | 172 | 192 |
Lease asset impairments | 35 | 68 | 35 |
Restructuring and other corporate matters | |||
Restructuring Reserve [Roll Forward] | |||
Charges | 62 | 246 | |
Stock-based compensation expense | 5 | 14 | 20 |
Lease asset impairments | 35 | 68 | |
Operating Segments | TV Media | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring reserve, beginning balance | 251 | 122 | |
Payments | (131) | (92) | |
Restructuring reserve, ending balance | 162 | 251 | 122 |
Operating Segments | TV Media | Restructuring and other corporate matters | |||
Restructuring Reserve [Roll Forward] | |||
Charges | 42 | 221 | |
Operating Segments | Direct-to-Consumer | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring reserve, beginning balance | 8 | 0 | |
Payments | (5) | 0 | |
Restructuring reserve, ending balance | 6 | 8 | 0 |
Operating Segments | Direct-to-Consumer | Restructuring and other corporate matters | |||
Restructuring Reserve [Roll Forward] | |||
Charges | 3 | 8 | |
Operating Segments | Filmed Entertainment | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring reserve, beginning balance | 29 | 34 | |
Payments | (20) | (22) | |
Restructuring reserve, ending balance | 14 | 29 | 34 |
Operating Segments | Filmed Entertainment | Restructuring and other corporate matters | |||
Restructuring Reserve [Roll Forward] | |||
Charges | 5 | 17 | |
Corporate | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring reserve, beginning balance | 14 | 34 | |
Payments | (16) | (20) | |
Restructuring reserve, ending balance | 10 | 14 | $ 34 |
Corporate | Restructuring and other corporate matters | |||
Restructuring Reserve [Roll Forward] | |||
Charges | $ 12 | $ 0 |
Related Parties - Narrative (De
Related Parties - Narrative (Details) | Dec. 31, 2023 trustee |
Related Party Transaction [Line Items] | |
SMR Trust ownership in NAI | 80% |
NAI | |
Related Party Transaction [Line Items] | |
NAI ownership of common stock, Class A common stock (percentage) | 77.40% |
NAI ownership of Class A and Class B common stock on a combined basis (percentage) | 9.70% |
Number of trustees | 7 |
Number of beneficiary trustees | 2 |
Related Parties - Schedule of R
Related Parties - Schedule of Related Party Transactions (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Related Party Transaction [Line Items] | |||
Revenues | $ 29,652 | $ 30,154 | $ 28,586 |
Operating expenses | 20,017 | 19,845 | 17,744 |
Receivables, net | 7,115 | 7,412 | |
Other assets (Receivables, noncurrent) | 3,793 | 3,991 | |
Related Party | |||
Related Party Transaction [Line Items] | |||
Revenues | 322 | 358 | 237 |
Operating expenses | 24 | 24 | $ 21 |
Receivables, net | 193 | 180 | |
Other assets (Receivables, noncurrent) | $ 101 | $ 18 |
Revenues - Disaggregation of Re
Revenues - Disaggregation of Revenue (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disaggregation of Revenue [Line Items] | |||
Total Revenues | $ 29,652 | $ 30,154 | $ 28,586 |
Advertising | |||
Disaggregation of Revenue [Line Items] | |||
Total Revenues | 9,989 | 10,890 | 11,412 |
Affiliate and subscription | |||
Disaggregation of Revenue [Line Items] | |||
Total Revenues | 13,018 | 11,551 | 10,442 |
Theatrical | |||
Disaggregation of Revenue [Line Items] | |||
Total Revenues | 813 | 1,223 | 241 |
Licensing and other | |||
Disaggregation of Revenue [Line Items] | |||
Total Revenues | $ 5,832 | $ 6,490 | $ 6,491 |
Revenues - Narrative (Details)
Revenues - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Contract liabilities | $ 800 | $ 1,060 | $ 1,200 |
Revenue recognized | 900 | 900 | 900 |
Unrecognized revenues for unsatisfied performance obligations under long-term contracts | 8,000 | ||
Revenue recognized for satisfaction of performance obligations | $ 400 | 400 | $ 400 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Remaining performance obligation period | 1 year | ||
Unrecognized revenues for unsatisfied performance obligations under long-term contracts | $ 4,000 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Remaining performance obligation period | 1 year | ||
Unrecognized revenues for unsatisfied performance obligations under long-term contracts | $ 2,000 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Remaining performance obligation period | 1 year | ||
Unrecognized revenues for unsatisfied performance obligations under long-term contracts | $ 1,000 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Remaining performance obligation period | |||
Unrecognized revenues for unsatisfied performance obligations under long-term contracts | $ 1,000 | ||
Other assets | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Noncurrent receivables | $ 1,390 | $ 1,610 |
Debt - Schedule of Debt (Detail
Debt - Schedule of Debt (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Other bank borrowings | $ 0 | $ 55 |
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Total long-term debt, net of current portion, Less current portion of long-term debt | Total long-term debt, net of current portion, Less current portion of long-term debt |
Obligations under finance leases | $ 1 | $ 10 |
Total debt | 14,602 | 15,846 |
Less current portion of long-term debt | 1 | 239 |
Total long-term debt, net of current portion | 14,601 | 15,607 |
Net unamortized discount | 419 | 442 |
Unamortized deferred financing costs | 81 | 89 |
Face value of debt | 15,100 | $ 16,380 |
7.875% Debentures due 2023 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 7.875% | |
Carrying value of senior debt | 0 | $ 139 |
7.125% Senior Notes due 2023 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 7.125% | |
Carrying value of senior debt | $ 0 | $ 35 |
4.75% Senior Notes due 2025 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 4.75% | |
Carrying value of senior debt | $ 125 | 552 |
4.0% Senior Notes due 2026 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 4% | |
Carrying value of senior debt | $ 345 | 795 |
3.45% Senior Notes due 2026 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 3.45% | |
Carrying value of senior debt | $ 86 | 124 |
2.90% Senior Notes due 2027 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 2.90% | |
Carrying value of senior debt | $ 581 | 694 |
3.375% Senior Notes due 2028 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 3.375% | |
Carrying value of senior debt | $ 497 | 496 |
3.70% Senior Notes due 2028 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 3.70% | |
Carrying value of senior debt | $ 495 | 494 |
4.20% Senior Notes due 2029 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 4.20% | |
Carrying value of senior debt | $ 496 | 495 |
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 | $ 1,229 | 1,226 |
4.20% Senior Notes due 2032 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 4.20% | |
Carrying value of senior debt | $ 977 | 975 |
5.50% Senior Debentures due 2033 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 5.50% | |
Carrying value of senior debt | $ 428 | 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 | 1,071 |
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 | $ 489 | 488 |
4.375% Senior Debentures due 2043 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 4.375% | |
Carrying value of senior debt | $ 1,138 | 1,130 |
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 | $ 1,234 | 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 | 541 |
4.60% Senior Notes due 2045 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 4.60% | |
Carrying value of senior debt | $ 591 | 590 |
4.95% Senior Notes due 2050 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 4.95% | |
Carrying value of senior debt | $ 948 | 946 |
6.25% Junior Subordinated Debentures due 2057 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 6.25% | |
Junior subordinated debentures | $ 643 | $ 643 |
6.375% Junior Subordinated Debentures due 2062 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 6.375% | 6.375% |
Junior subordinated debentures | $ 989 | $ 989 |
Face value of debt | $ 1,000 |
Debt - Narrative (Details)
Debt - Narrative (Details) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Mar. 31, 2026 | Mar. 31, 2025 | Sep. 30, 2024 USD ($) | Apr. 30, 2023 USD ($) | |
Debt Instrument [Line Items] | ||||||||
Debt redemptions and repayments | $ 1,277 | $ 3,140 | $ 2,230 | |||||
Pre-tax gain (loss) on extinguishment of debt | 29 | (120) | (128) | |||||
Face value of debt | $ 15,100 | 15,100 | 16,380 | |||||
Outstanding commercial paper | 0 | 0 | 0 | |||||
Outstanding bank borrowings | 0 | 0 | 55 | |||||
Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Senior notes redeemed | 1,040 | 2,390 | 1,990 | |||||
Debt redemptions and repayments | $ 1,000 | $ 2,490 | $ 2,110 | |||||
7.875% Debentures due 2023 | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt redemptions and repayments | 139 | |||||||
Stated interest rate | 7.875% | |||||||
7.125% Senior Notes due 2023 | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt redemptions and repayments | $ 35 | |||||||
Stated interest rate | 7.125% | |||||||
5.875% Junior Subordinated Debentures due 2057 | ||||||||
Debt Instrument [Line Items] | ||||||||
Senior notes redeemed | $ 520 | |||||||
Stated interest rate | 5.875% | |||||||
6.375% Junior Subordinated Debentures due 2062 | ||||||||
Debt Instrument [Line Items] | ||||||||
Stated interest rate | 6.375% | 6.375% | 6.375% | |||||
Face value of debt | $ 1,000 | |||||||
Interest rate reset period | 5 years | |||||||
Junior subordinated debentures | $ 989 | $ 989 | $ 989 | |||||
6.375% Junior Subordinated Debentures due 2062 | From March 30, 2027 | US Treasury (UST) Interest Rate | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 3.999% | |||||||
6.375% Junior Subordinated Debentures due 2062 | From March 30, 2032 | US Treasury (UST) Interest Rate | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 4.249% | |||||||
6.375% Junior Subordinated Debentures due 2062 | From March 30, 2047 | US Treasury (UST) Interest Rate | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 4.999% | |||||||
6.25% Junior Subordinated Debentures due 2057 | ||||||||
Debt Instrument [Line Items] | ||||||||
Stated interest rate | 6.25% | 6.25% | ||||||
Junior subordinated debentures | $ 643 | $ 643 | $ 643 | |||||
6.25% Junior Subordinated Debentures due 2057 | LIBOR | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 3.899% | |||||||
Junior Subordinated Debentures | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt redemption price percentage | 101% | |||||||
Percentage increase in interest rate | 5% | |||||||
Credit Facility | Revolving Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity under credit facility | 3,500 | $ 3,500 | ||||||
Borrowings outstanding | 0 | 0 | ||||||
Remaining borrowing capacity under credit facility | 3,500 | 3,500 | ||||||
Maximum consolidated leverage ratio | 4.5 | |||||||
Credit Facility | Revolving Credit Facility | Forecast | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum consolidated leverage ratio | 4.5 | 5.5 | 5.75 | |||||
Decrease in maximum consolidated leverage ratio | 0.25 | |||||||
Maximum amount of unrestricted cash and cash equivalents netted against Consolidated Indebtedness | $ 1,500 | |||||||
Miramax Credit Facility, Matures November 2024 | Revolving Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity under credit facility | 50 | 50 | ||||||
Outstanding bank borrowings | 0 | 0 | ||||||
Miramax Credit Facility, Matured April 2023 | Revolving Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity under credit facility | $ 300 | |||||||
Outstanding bank borrowings | $ 55 | |||||||
Miramax Credit Facility, Matured April 2023 | Revolving Credit Facility | Bank Borrowings | ||||||||
Debt Instrument [Line Items] | ||||||||
Weighted average interest rate | 7.09% | |||||||
Senior Debt, Redemption Trigger If Ratings Downgrades Due To Change Of Control | ||||||||
Debt Instrument [Line Items] | ||||||||
Face value of debt | $ 9,670 | $ 9,670 | ||||||
Debt redemption price percentage | 101% |
Debt - Maturities of Long-Term
Debt - Maturities of Long-Term Debt (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Debt Disclosure [Abstract] | |
2024 | $ 0 |
2025 | 126 |
2026 | 433 |
2027 | 584 |
2028 | 1,000 |
2029 and Thereafter | $ 12,958 |
Leases - Summary of Operating L
Leases - Summary of Operating Lease Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
Operating lease assets | $ 1,183 | $ 1,391 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Other current liabilities | Other current liabilities |
Other current liabilities | $ 258 | $ 292 |
Operating lease liabilities | 1,256 | 1,428 |
Total lease liabilities | $ 1,514 | $ 1,720 |
Leases - Weighted Average Lease
Leases - Weighted Average Lease Assumptions (Details) | Dec. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
Weighted average remaining lease term | 7 years | 7 years |
Weighted average discount rate | 3.90% | 3.60% |
Leases - Lease Cost (Details)
Leases - Lease Cost (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | |||
Operating lease cost | $ 332 | $ 373 | $ 374 |
Short-term lease cost | 229 | 306 | 283 |
Variable lease cost | 76 | 77 | 62 |
Sublease income | (7) | (12) | (20) |
Total lease cost | $ 630 | $ 744 | $ 699 |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow Information for Operating Leases (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | |||
Payments for amounts included in operating lease liabilities (operating cash flows) | $ 368 | $ 394 | $ 399 |
Noncash additions to operating lease assets | $ 123 | $ 170 | $ 377 |
Leases - Expected Future Minimu
Leases - Expected Future Minimum Payments (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
2024 | $ 309 | |
2025 | 296 | |
2026 | 253 | |
2027 | 208 | |
2028 | 184 | |
2029 | 490 | |
Total minimum payments | 1,740 | |
Less amounts representing interest | 226 | |
Present value of minimum payments | $ 1,514 | $ 1,720 |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | |||
Operating Lease Income, Comprehensive Income, Extensible List, Not Disclosed Flag | total lease income | total lease income | total lease income |
Lease income | $ 34 | $ 65 | $ 145 |
Financial Instruments - Narrati
Financial Instruments - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Apr. 30, 2023 | Mar. 31, 2023 | |
Derivative [Line Items] | |||||
Carrying value of notes and debentures | $ 14,600 | $ 15,780 | |||
Fair value of debt | 13,600 | 13,900 | |||
Equity method investments | 96 | 375 | |||
Equity investments without readily determinable fair value | 612 | 70 | |||
Gain (loss) from investments | 168 | (9) | $ 47 | ||
Impairment charges on equity-method investment | $ 16 | 34 | |||
Investment impairment | 5 | ||||
Gain on sale of investment without readily determinable fair value | 37 | ||||
Gain from increase in fair value of marketable security | $ 9 | ||||
Foreign exchange forward | Cash flow hedging | |||||
Derivative [Line Items] | |||||
Foreign exchange forward contract term (up to) | 24 months | ||||
Foreign exchange contract | Cash flow hedging | |||||
Derivative [Line Items] | |||||
Notional amount of foreign currency contracts | $ 2,720 | 3,060 | |||
Foreign exchange contract | Cash flow hedging | Future Production Costs | |||||
Derivative [Line Items] | |||||
Notional amount of foreign currency contracts | 2,200 | 2,400 | |||
Foreign exchange contract | Cash flow hedging | Other Foreign Currency | |||||
Derivative [Line Items] | |||||
Notional amount of foreign currency contracts | 523 | 655 | |||
Viacom18 | |||||
Derivative [Line Items] | |||||
Ownership interest (percent) | 49% | ||||
Ownership interest after dilution (percent) | 13% | ||||
Gain (loss) from investments | $ 168 | ||||
SkyShowtime | |||||
Derivative [Line Items] | |||||
Ownership interest (percent) | 50% | ||||
The CW | |||||
Derivative [Line Items] | |||||
Gain (loss) from investments | $ (4) | ||||
Decrease in ownership interest (percent) | 37.50% | ||||
Noncash distribution received | $ 139 | ||||
Ownership interest after divestiture (percent) | 12.50% |
Financial Instruments - Gains (
Financial Instruments - Gains (Losses) Recognized on Derivative Financial Instruments (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Foreign exchange contract | ||
Derivative [Line Items] | ||
Gain (loss) on non-designated foreign exchange contracts | $ (10) | $ 51 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - Level 2 - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Assets: | ||
Foreign currency hedges | $ 40 | $ 39 |
Total Assets | 40 | 39 |
Liabilities: | ||
Deferred compensation | 366 | 336 |
Foreign currency hedges | 30 | 83 |
Total Liabilities | $ 396 | $ 419 |
Variable Interest Entities (Det
Variable Interest Entities (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Variable Interest Entity [Line Items] | |||
Total assets | $ 53,543 | $ 58,393 | |
Revenues | 29,652 | 30,154 | $ 28,586 |
Operating income (loss) | (451) | 2,342 | 6,297 |
Variable Interest Entity, Primary Beneficiary | |||
Variable Interest Entity [Line Items] | |||
Total assets | 1,886 | 1,961 | |
Total liabilities | 232 | 328 | |
Revenues | 598 | 524 | 576 |
Operating income (loss) | $ (107) | $ (56) | $ 43 |
Stockholders' Equity - Narrativ
Stockholders' Equity - Narrative (Details) $ / shares in Units, $ in Millions | 12 Months Ended | ||||
Apr. 01, 2024 | Mar. 26, 2021 USD ($) $ / shares shares | Dec. 31, 2023 USD ($) vote shares | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) shares | |
Class of Stock [Line Items] | |||||
Proceeds from issuance of common stock | $ | $ 1,670 | $ 0 | $ 0 | $ 1,672 | |
Proceeds from issuance of preferred stock | $ | $ 983 | 0 | $ 0 | $ 983 | |
Remaining authorization under share repurchase program | $ | $ 2,360 | ||||
Common stock repurchased (in shares) | shares | 0 | 0 | 0 | ||
Minimum Class A shares needed for conversion (in shares) | shares | 5,000 | ||||
Conversion of Class A Common Stock into Class B Common Stock (in shares) | shares | 11,600,000 | ||||
Tax benefit | $ | $ 14 | $ 108 | $ 25 | ||
Class A Common Stock | |||||
Class of Stock [Line Items] | |||||
Votes per share | vote | 1 | ||||
Class B Common Stock | |||||
Class of Stock [Line Items] | |||||
Stock issuances (in shares) | shares | 20,000,000 | ||||
Shares issued, price per share (in shares) | $ / shares | $ 85 | ||||
Mandatory Convertible Preferred Stock | |||||
Class of Stock [Line Items] | |||||
Stock issuances (in shares) | shares | 10,000,000 | ||||
Preferred stock, percentage | 5.75% | 5.75% | |||
Preferred stock, liquidation preference (in dollars per share) | $ / shares | $ 100 | ||||
Preferred stock, liquidation preference | $ | $ 1,000 | ||||
Mandatory Convertible Preferred Stock | Forecast | |||||
Class of Stock [Line Items] | |||||
Consecutive trading days | 20 days | ||||
Trading day | 21 days | ||||
Mandatory Convertible Preferred Stock | Minimum | Forecast | |||||
Class of Stock [Line Items] | |||||
Convertible rate | 1.0013 | ||||
Mandatory Convertible Preferred Stock | Maximum | Forecast | |||||
Class of Stock [Line Items] | |||||
Convertible rate | 1.1765 |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Common Stock Dividends (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Class of Stock [Line Items] | |||||||||||||||
Total common stock dividends | $ 261 | $ 635 | $ 625 | ||||||||||||
Total preferred stock dividends | $ 58 | $ 58 | $ 44 | ||||||||||||
Class A and Class B Common Stock | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Dividends declared per common share (in dollars per share) | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.24 | $ 0.24 | $ 0.24 | $ 0.24 | $ 0.24 | $ 0.24 | $ 0.24 | $ 0.24 | $ 0.24 | $ 0.39 | $ 0.96 | $ 0.96 |
Total common stock dividends | $ 261 | $ 635 | $ 625 | ||||||||||||
Mandatory Convertible Preferred Stock | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Dividends declared per preferred share (in dollars per share) | $ 1.4375 | $ 1.4375 | $ 1.4375 | $ 1.4375 | $ 1.4375 | $ 1.4375 | $ 1.4375 | $ 1.4375 | $ 1.4375 | $ 1.4375 | $ 1.5493 | $ 5.75 | $ 5.75 | $ 4.4243 | |
Total preferred stock dividends | $ 58 | $ 58 | $ 44 |
Stockholders' Equity - Accumula
Stockholders' Equity - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
AOCI Attributable to Parent, Net of Tax | |||
Beginning balance | $ 23,036 | ||
Other comprehensive income (loss) before reclassifications | 120 | $ 31 | $ (140) |
Reclassification to net earnings (loss) | 131 | 64 | 70 |
Other comprehensive income (loss) | 251 | 95 | (70) |
Ending balance | 22,526 | 23,036 | |
Cumulative Translation Adjustments | |||
AOCI Attributable to Parent, Net of Tax | |||
Beginning balance | (680) | (445) | (303) |
Other comprehensive income (loss) before reclassifications | 132 | (235) | (142) |
Reclassification to net earnings (loss) | 44 | 0 | 0 |
Other comprehensive income (loss) | 176 | (235) | (142) |
Ending balance | (504) | (680) | (445) |
Net Actuarial Loss and Prior Service Cost | |||
AOCI Attributable to Parent, Net of Tax | |||
Beginning balance | (1,097) | (1,434) | (1,509) |
Other comprehensive income (loss) before reclassifications | (7) | 273 | 5 |
Reclassification to net earnings (loss) | 52 | 64 | 70 |
Other comprehensive income (loss) | 45 | 337 | 75 |
Ending balance | (1,052) | (1,097) | (1,434) |
Other Comprehensive Income (Loss) Discontinued Operations | |||
AOCI Attributable to Parent, Net of Tax | |||
Beginning balance | (30) | (23) | (20) |
Other comprehensive income (loss) before reclassifications | (5) | (7) | (3) |
Reclassification to net earnings (loss) | 35 | 0 | 0 |
Other comprehensive income (loss) | 30 | (7) | (3) |
Ending balance | 0 | (30) | (23) |
Accumulated Other Comprehensive Loss | |||
AOCI Attributable to Parent, Net of Tax | |||
Beginning balance | (1,807) | (1,902) | (1,832) |
Ending balance | $ (1,556) | $ (1,807) | $ (1,902) |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares available for future grant (in shares) | 24,000,000 | ||
Stock-based compensation expense | $ 177 | $ 172 | $ 192 |
Award expiration period | 8 years | ||
Stock options grants (in shares) | 0 | 0 | 0 |
Remaining unrecognized stock option compensation cost | $ 0 | ||
Stock options exercised (in shares) | 0 | 0 | |
Weighted average remaining contractual life of outstanding stock options (years) | 1 year 9 months 10 days | ||
Weighted average remaining contractual life of exercisable stock options (years) | 1 year 9 months 10 days | ||
Intrinsic value of stock options outstanding | $ 0 | ||
Intrinsic value of stock options exercisable | $ 0 | ||
Closing stock price (in dollars per share) | $ 14.79 | ||
Performance Share Units (PSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Fair value of PSU awards granted | $ 43 | $ 43 | $ 3 |
RSUs and PSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 172 | $ 155 | $ 163 |
Weighted average grant date fair value (in dollars per share) | $ 22.83 | $ 31.58 | $ 35.80 |
Total fair value of RSUs and PSUs vested during the period | $ 74 | $ 77 | $ 260 |
Total unrecognized compensation cost related to non-vested RSUs and PSUs | $ 256 | ||
Weighted average period over which unrecognized compensation cost will be recognized | 2 years 3 days | ||
Stock options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 0 | 3 | 9 |
Minimum | Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 1 year | ||
Minimum | Stock options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 3 years | ||
Maximum | Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 4 years | ||
Maximum | Stock options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 4 years | ||
Discontinued operations | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 2 | $ 3 | $ 3 |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock-Based Compensation Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense, before income taxes | $ 177 | $ 172 | $ 192 |
Related tax benefit | (35) | (35) | (41) |
Stock-based compensation expense, net of tax benefit | 142 | 137 | 151 |
Operating and SG&A Expense | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense, before income taxes | 172 | 158 | 172 |
Restructuring and Other Corporate Matters | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense, before income taxes | 5 | 14 | 20 |
RSUs and PSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense, before income taxes | 172 | 155 | 163 |
Stock options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense, before income taxes | $ 0 | $ 3 | $ 9 |
Stock-Based Compensation - RSUs
Stock-Based Compensation - RSUs and PSUs (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
RSUs and PSUs | |||
Shares | |||
Non-vested, beginning balance (in shares) | 11,115,371 | ||
Granted (in shares) | 10,435,617 | ||
Vested (in shares) | (4,426,844) | ||
Forfeited (in shares) | (1,619,883) | ||
Non-vested, ending balance (in shares) | 15,504,261 | 11,115,371 | |
Weighted Average Grant Date Fair Value | |||
Non-vested, beginning balance (in dollars per share) | $ 33.02 | ||
Granted (in dollars per share) | 22.83 | $ 31.58 | $ 35.80 |
Vested (in dollars per share) | 33.74 | ||
Forfeited (in dollars per share) | 29.01 | ||
Non-vested, ending balance (in dollars per share) | $ 26.38 | $ 33.02 | |
Performance Share Units (PSUs) | |||
Shares | |||
Granted (in shares) | 1,400,000 |
Stock-Based Compensation - St_2
Stock-Based Compensation - Stock Options (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Stock Options | ||
Outstanding, beginning balance (in shares) | 5,096,947 | |
Expired (in shares) | (1,551,541) | |
Outstanding, ending balance (in shares) | 3,545,406 | |
Weighted Average Exercise Price | ||
Outstanding, beginning balance (in dollars per share) | $ 60.18 | |
Expired (in dollars per share) | 72.72 | |
Outstanding, ending balance (in dollars per share) | $ 54.70 | |
Exercisable (in shares) | 3,545,406 | 5,096,947 |
Exercisable (in dollars per share) | $ 54.70 | $ 60.18 |
Stock-Based Compensation - Othe
Stock-Based Compensation - Other Stock Option Exercises Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-Based Payment Arrangement [Abstract] | |||
Cash received from stock option exercises | $ 0 | $ 0 | $ 408 |
Tax benefit of stock option exercises | 29 | ||
Intrinsic value of stock option exercises | $ 128 |
Income Taxes - U.S. and Foreign
Income Taxes - U.S. and Foreign Components of Earnings From Continuing Operations Before Income Taxes and Equity in Loss of Investee Companies (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
United States | $ (2,039) | $ 324 | $ 4,106 |
Foreign | 786 | 942 | 1,100 |
Earnings (loss) from continuing operations before income taxes and equity in loss of investee companies | $ (1,253) | $ 1,266 | $ 5,206 |
Income Taxes - Components of In
Income Taxes - Components of Income Tax Provision (Benefit) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Current: | |||
Federal | $ 70 | $ 75 | $ 179 |
State and local | 84 | 64 | 138 |
Foreign | 135 | 194 | 239 |
Total current | 289 | 333 | 556 |
Deferred: | |||
Federal | (556) | (57) | 249 |
State and local | (110) | (14) | 49 |
Foreign | 16 | (35) | (208) |
Total deferred | (650) | (106) | 90 |
(Benefit from) provision for income taxes | $ (361) | $ 227 | $ 646 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Operating Loss Carryforwards [Line Items] | ||||
Provision for income taxes for discontinued operations | $ 249 | $ 77 | $ 57 | |
Tax benefit from equity investment losses | 361 | (227) | (646) | |
Net deferred tax assets of discontinued operations | 55 | |||
Deferred income tax assets for tax credit carryforwards | 38 | |||
Net operating loss carryforwards | 259 | |||
Interest limitation carryforward | 63 | 93 | ||
Valuation allowance | 498 | 488 | ||
Future repatriations | 11 | |||
Reserve for uncertain tax positions | 286 | 303 | 301 | $ 308 |
Amount included in reserve for uncertain tax positions that would affect effective income tax rate if recognized | 253 | |||
Interest and penalties recognized for uncertain tax positions | 26 | 14 | 14 | |
Accrued interest and penalties for uncertain tax positions | 87 | 67 | ||
Equity Method Investees | ||||
Operating Loss Carryforwards [Line Items] | ||||
Tax benefit from equity investment losses | $ 10 | $ 33 | $ 49 | |
Effective income tax rate | 2.70% | 13.90% | 35% |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of U.S. Federal Statutory Income Tax Rate (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Taxes on income at U.S. federal statutory rate | $ (263) | $ 266 | $ 1,093 |
State and local taxes, net of federal tax benefit | (13) | 44 | 190 |
Effect of foreign operations | (97) | (20) | (141) |
Noncontrolling interests | (6) | (20) | (13) |
U.K. statutory rate change | 0 | 0 | (260) |
Reorganization of foreign operations | (4) | (72) | (229) |
Tax deficiency (excess benefit) from stock-based compensation | 18 | 13 | (8) |
Other, net | 4 | 16 | 14 |
(Benefit from) provision for income taxes | $ (361) | $ 227 | $ 646 |
Deferred tax asset realization period | 25 years |
Income Taxes - Components of De
Income Taxes - Components of Deferred Income Tax Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred income tax assets: | ||
Reserves and other accrued liabilities | $ 294 | $ 430 |
Pension, postretirement and other employee benefits | 518 | 534 |
Lease liability | 400 | 425 |
Tax credit and loss carryforwards | 423 | 397 |
Interest limitation carryforward | 63 | 93 |
Capitalized costs | 155 | 49 |
Intangible assets | 20 | 0 |
Other | 10 | 11 |
Total deferred income tax assets | 1,883 | 1,939 |
Valuation allowance | (498) | (488) |
Deferred income tax assets, net | 1,385 | 1,451 |
Deferred income tax liabilities: | ||
Intangible assets | 0 | (643) |
Lease asset | (326) | (344) |
Property, equipment and other assets | (140) | (180) |
Investments | (99) | (20) |
Financing obligations | (67) | (69) |
Other | (14) | (30) |
Total deferred income tax liabilities | (646) | (1,286) |
Deferred income tax assets, net | $ 739 | $ 165 |
Income Taxes - Change in Reserv
Income Taxes - Change in Reserve for Uncertain Tax Positions (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Change in reserve for uncertain tax positions, excluding related accrued interest and penalties | |||
Beginning balance | $ 303 | $ 301 | $ 308 |
Additions for current year tax positions | 15 | 16 | 23 |
Additions for prior year tax positions | 20 | 3 | 32 |
Reductions for prior year tax positions | (46) | (13) | (45) |
Cash settlements | (2) | (2) | (6) |
Statute of limitations lapses | (4) | (2) | (11) |
Ending balance | $ 286 | $ 303 | $ 301 |
Pension and Other Postretirem_3
Pension and Other Postretirement Benefits - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Percent of common stock over fair value of plan assets | 1% | 1.20% | |
Pension and postretirement benefit obligations | $ 1,337 | $ 1,458 | |
Company contributions to defined contribution plans | 151 | 137 | $ 106 |
Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension and postretirement benefit obligations | 1,130 | 1,225 | |
Actuarial loss | $ 137 | (1,089) | |
Basis point decrease | 0.30% | ||
Underfunded status of qualified pension plans | $ 1,204 | 1,298 | |
Accumulated benefit obligation for all defined benefit pension plans | 3,710 | 3,660 | |
Investments, at fair value | 2,507 | 2,363 | 3,191 |
Company contributions to multiemployer plans | 151 | 177 | 203 |
Pension Benefits | Fair Value, Recurring | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 1,739 | 1,600 | |
Pension Benefits | Level 3 | Fair Value, Recurring | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 0 | 0 | |
Pension Benefits | Qualified Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Underfunded status of qualified pension plans | 378 | 485 | |
Expected contribution in the next fiscal year | 13 | ||
Pension Benefits | Nonqualified Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected contribution in the next fiscal year | 76 | ||
Postretirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension and postretirement benefit obligations | 163 | 188 | |
Actuarial loss | (11) | (29) | |
Underfunded status of qualified pension plans | 193 | 222 | |
Investments, at fair value | 0 | 0 | 0 |
Expected contribution in the next fiscal year | 31 | ||
Company contributions to multiemployer plans | $ 172 | 192 | $ 184 |
United States | Liability Hedging | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, actual plan asset allocation percentage | 61% | ||
United States | Equity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, actual plan asset allocation percentage | 25% | ||
United States | Real Estate and Real Assets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, actual plan asset allocation percentage | 6% | ||
United States | Minimum | Liability Hedging | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, target plan asset allocation percentages | 60% | ||
United States | Minimum | Equity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, target plan asset allocation percentages | 22% | ||
United States | Minimum | Real Estate and Real Assets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, target plan asset allocation percentages | 3% | ||
United States | Maximum | Liability Hedging | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, target plan asset allocation percentages | 68% | ||
United States | Maximum | Equity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, target plan asset allocation percentages | 30% | ||
United States | Maximum | Real Estate and Real Assets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, target plan asset allocation percentages | 10% | ||
Non-U.S. | Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension and postretirement benefit obligations | $ 44 | $ 45 |
Pension and Other Postretirem_4
Pension and Other Postretirement Benefits - Change in Benefit Obligations (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pension Benefits | |||
Change in benefit obligation: | |||
Benefit obligation, beginning of year | $ 3,661 | $ 4,909 | |
Service cost | 0 | 0 | $ 0 |
Interest cost | 207 | 150 | 145 |
Actuarial loss (gain) | 137 | (1,089) | |
Benefits paid | (294) | (309) | |
Participants’ contributions | 0 | 0 | |
Retiree Medicare drug subsidy | 0 | 0 | |
Benefit obligation, end of year | 3,711 | 3,661 | 4,909 |
Postretirement Benefits | |||
Change in benefit obligation: | |||
Benefit obligation, beginning of year | 222 | 276 | |
Service cost | 1 | 1 | 1 |
Interest cost | 12 | 8 | 8 |
Actuarial loss (gain) | (11) | (29) | |
Benefits paid | (40) | (43) | |
Participants’ contributions | 6 | 6 | |
Retiree Medicare drug subsidy | 3 | 3 | |
Benefit obligation, end of year | $ 193 | $ 222 | $ 276 |
Pension and Other Postretirem_5
Pension and Other Postretirement Benefits - Change in Plan Assets (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Pension Benefits | ||
Change in plan assets: | ||
Fair value of plan assets, beginning of year | $ 2,363 | $ 3,191 |
Actual return (loss) on plan assets | 243 | (592) |
Employer contributions | 195 | 73 |
Benefits paid | (294) | (309) |
Participants’ contributions | 0 | 0 |
Retiree Medicare drug subsidy | 0 | 0 |
Fair value of plan assets, end of year | 2,507 | 2,363 |
Postretirement Benefits | ||
Change in plan assets: | ||
Fair value of plan assets, beginning of year | 0 | 0 |
Actual return (loss) on plan assets | 0 | 0 |
Employer contributions | 31 | 34 |
Benefits paid | (40) | (43) |
Participants’ contributions | 6 | 6 |
Retiree Medicare drug subsidy | 3 | 3 |
Fair value of plan assets, end of year | $ 0 | $ 0 |
Pension and Other Postretirem_6
Pension and Other Postretirement Benefits - Funded Status of Pension and Postretirement Benefit Obligations (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Amounts recognized on the Consolidated Balance Sheets: | ||
Noncurrent liabilities | $ (1,337) | $ (1,458) |
Pension Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Funded status at end of year | (1,204) | (1,298) |
Amounts recognized on the Consolidated Balance Sheets: | ||
Current liabilities | (74) | (73) |
Noncurrent liabilities | (1,130) | (1,225) |
Net amounts recognized | (1,204) | (1,298) |
Postretirement Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Funded status at end of year | (193) | (222) |
Amounts recognized on the Consolidated Balance Sheets: | ||
Current liabilities | (30) | (34) |
Noncurrent liabilities | (163) | (188) |
Net amounts recognized | $ (193) | $ (222) |
Pension and Other Postretirem_7
Pension and Other Postretirement Benefits - Amounts Recognized in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Pension Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial (loss) gain | $ (1,585) | $ (1,646) |
Net prior service cost | (1) | (1) |
Net amount recognized in accumulated other comprehensive income (loss) before tax | (1,586) | (1,647) |
Deferred income taxes | 424 | 438 |
Net amount recognized in accumulated other comprehensive income (loss) | (1,162) | (1,209) |
Postretirement Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial (loss) gain | 150 | 157 |
Net prior service cost | 0 | 0 |
Net amount recognized in accumulated other comprehensive income (loss) before tax | 150 | 157 |
Deferred income taxes | (15) | (17) |
Net amount recognized in accumulated other comprehensive income (loss) | $ 135 | $ 140 |
Pension and Other Postretirem_8
Pension and Other Postretirement Benefits - Accumulated Benefit Obligation in Excess of Plan Assets (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Retirement Benefits [Abstract] | ||
Projected benefit obligation | $ 3,711 | $ 3,661 |
Accumulated benefit obligation | 3,711 | 3,661 |
Fair value of plan assets | $ 2,507 | $ 2,363 |
Pension and Other Postretirem_9
Pension and Other Postretirement Benefits - Components of Net Periodic Cost (Benefit) and Amounts Recognized in Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Components of net periodic cost: | |||
Settlements | $ 0 | $ 0 | $ 10 |
Other comprehensive income (loss): | |||
Deferred income taxes | 14 | 108 | 25 |
Recognized in other comprehensive income (loss), net of tax | 45 | 337 | 75 |
Discontinued operations | |||
Components of net periodic cost: | |||
Net periodic cost (benefit) | 7 | 3 | 3 |
Pension Benefits | |||
Components of net periodic cost: | |||
Service cost | 0 | 0 | 0 |
Interest cost | 207 | 150 | 145 |
Expected return on plan assets | (128) | (172) | (188) |
Amortization of actuarial losses (gains) | 83 | 97 | 93 |
Settlements | 0 | 0 | 10 |
Net periodic cost (benefit) | 162 | 75 | 60 |
Other comprehensive income (loss): | |||
Actuarial (loss) gain | (22) | 325 | (27) |
Share of equity investee | 0 | 1 | 1 |
Settlements | 0 | 0 | 10 |
Amortization of actuarial losses (gains) | 83 | 97 | 93 |
Recognized in other comprehensive income, before tax | 61 | 423 | 77 |
Deferred income taxes | (14) | (103) | (19) |
Recognized in other comprehensive income (loss), net of tax | 47 | 320 | 58 |
Postretirement Benefits | |||
Components of net periodic cost: | |||
Service cost | 1 | 1 | 1 |
Interest cost | 12 | 8 | 8 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of actuarial losses (gains) | (18) | (15) | (15) |
Settlements | 0 | 0 | 0 |
Net periodic cost (benefit) | (5) | (6) | (6) |
Other comprehensive income (loss): | |||
Actuarial (loss) gain | 11 | 29 | 18 |
Share of equity investee | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 |
Amortization of actuarial losses (gains) | (18) | (15) | (15) |
Recognized in other comprehensive income, before tax | (7) | 14 | 3 |
Deferred income taxes | 2 | (3) | (1) |
Recognized in other comprehensive income (loss), net of tax | $ (5) | $ 11 | $ 2 |
Pension and Other Postretire_10
Pension and Other Postretirement Benefits - Assumptions (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pension Benefits | |||
Weighted average assumptions used to determine benefit obligations at December 31: | |||
Discount rate | 5.60% | 5.90% | 3.20% |
Rate of compensation increase | 0% | 0% | 0% |
Weighted average assumptions used to determine net periodic costs for the year ended December 31: | |||
Discount rate | 5.90% | 3.20% | 2.90% |
Expected long-term return on plan assets | 5.70% | 5.60% | 5.90% |
Cash balance interest crediting rate | 5% | 5% | 5% |
Rate of compensation increase | 0% | 0% | 0% |
Postretirement Benefits | |||
Weighted average assumptions used to determine benefit obligations at December 31: | |||
Discount rate | 5.70% | 6% | 3% |
Weighted average assumptions used to determine net periodic costs for the year ended December 31: | |||
Discount rate | 6% | 3% | 2.60% |
Defined Benefit Plan, Assumed Health Care Cost Trend Rates | |||
Ultimate trend rate | 5% | 5% | |
Postretirement Benefits, Pre-65 | |||
Defined Benefit Plan, Assumed Health Care Cost Trend Rates | |||
Projected health care cost trend rate | 6.50% | 6.80% | |
Postretirement Benefits, Post-65 | |||
Defined Benefit Plan, Assumed Health Care Cost Trend Rates | |||
Projected health care cost trend rate | 6.50% | 6.80% |
Pension and Other Postretire_11
Pension and Other Postretirement Benefits - Plan Assets Measured at Fair Value (Details) - Pension Benefits - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | $ 2,507 | $ 2,363 | $ 3,191 |
Fair Value, Recurring | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 1,739 | 1,600 | |
Fair Value, Recurring | Cash and cash equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 69 | 3 | |
Fair Value, Recurring | U.S. treasury securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 107 | 108 | |
Fair Value, Recurring | Government-related securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 129 | 133 | |
Fair Value, Recurring | Corporate bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 1,164 | 1,144 | |
Fair Value, Recurring | Mortgage-backed and asset-backed securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 128 | 101 | |
Fair Value, Recurring | U.S. large capitalization | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 89 | 48 | |
Fair Value, Recurring | U.S. small capitalization | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 18 | 63 | |
Fair Value, Recurring | Exchange Trade Fund (ETF) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 27 | ||
Fair Value, Recurring | Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 8 | ||
Fair Value, Recurring | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 241 | 219 | |
Fair Value, Recurring | Level 1 | Cash and cash equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 0 | 0 | |
Fair Value, Recurring | Level 1 | U.S. treasury securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 107 | 108 | |
Fair Value, Recurring | Level 1 | Government-related securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 0 | 0 | |
Fair Value, Recurring | Level 1 | Corporate bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 0 | 0 | |
Fair Value, Recurring | Level 1 | Mortgage-backed and asset-backed securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 0 | 0 | |
Fair Value, Recurring | Level 1 | U.S. large capitalization | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 89 | 48 | |
Fair Value, Recurring | Level 1 | U.S. small capitalization | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 18 | 63 | |
Fair Value, Recurring | Level 1 | Exchange Trade Fund (ETF) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 27 | ||
Fair Value, Recurring | Level 1 | Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 0 | ||
Fair Value, Recurring | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 1,498 | 1,381 | |
Fair Value, Recurring | Level 2 | Cash and cash equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 69 | 3 | |
Fair Value, Recurring | Level 2 | U.S. treasury securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 0 | 0 | |
Fair Value, Recurring | Level 2 | Government-related securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 129 | 133 | |
Fair Value, Recurring | Level 2 | Corporate bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 1,164 | 1,144 | |
Fair Value, Recurring | Level 2 | Mortgage-backed and asset-backed securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 128 | 101 | |
Fair Value, Recurring | Level 2 | U.S. large capitalization | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 0 | 0 | |
Fair Value, Recurring | Level 2 | U.S. small capitalization | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 0 | 0 | |
Fair Value, Recurring | Level 2 | Exchange Trade Fund (ETF) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 0 | ||
Fair Value, Recurring | Level 2 | Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 8 | ||
Fair Value, Recurring | Net Asset Value | Common collective funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 676 | 660 | |
Fair Value, Recurring | Net Asset Value | Limited partnerships | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 10 | 11 | |
Fair Value, Recurring | Net Asset Value | Mutual funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | $ 82 | $ 92 |
Pension and Other Postretire_12
Pension and Other Postretirement Benefits - Estimated Future Benefit Payments (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Retiree Medicare drug subsidy | |
2024 | $ 3 |
2025 | 3 |
2026 | 3 |
2027 | 3 |
2028 | 2 |
2029-2033 | 10 |
Pension | |
Pension and Postretirement | |
2024 | 322 |
2025 | 317 |
2026 | 314 |
2027 | 308 |
2028 | 307 |
2029-2033 | 1,375 |
Postretirement | |
Pension and Postretirement | |
2024 | 31 |
2025 | 28 |
2026 | 26 |
2027 | 23 |
2028 | 21 |
2029-2033 | $ 74 |
Pension and Other Postretire_13
Pension and Other Postretirement Benefits - Multiemployer Defined Benefit Pension Plans (Details) - Pension Benefits - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Multiemployer Plans [Line Items] | |||
Company Contributions | $ 151 | $ 177 | $ 203 |
AFTRA Retirement Plan | |||
Multiemployer Plans [Line Items] | |||
Employer Identification Number/Pension Plan Number | 136414972 | ||
Pension Protection Act Zone Status | Green | Green | |
Company Contributions | $ 18 | $ 16 | 17 |
Expiration Date of Collective Bargaining Agreement | Jun. 30, 2026 | ||
AFTRA Retirement Plan | Minimum | |||
Multiemployer Plans [Line Items] | |||
Percent of total contributions (more than) | 5% | ||
Directors Guild of America - Producer | |||
Multiemployer Plans [Line Items] | |||
Employer Identification Number/Pension Plan Number | 952892780 | ||
Pension Protection Act Zone Status | Green | Green | |
Company Contributions | $ 17 | $ 19 | 23 |
Expiration Date of Collective Bargaining Agreement | Jun. 30, 2026 | ||
Directors Guild of America - Producer | Minimum | |||
Multiemployer Plans [Line Items] | |||
Percent of total contributions (more than) | 5% | ||
Producer - Writers Guild of America | |||
Multiemployer Plans [Line Items] | |||
Employer Identification Number/Pension Plan Number | 952216351 | ||
Pension Protection Act Zone Status | Green | Green | |
Company Contributions | $ 24 | $ 30 | 26 |
Expiration Date of Collective Bargaining Agreement | May 01, 2026 | ||
Producer - Writers Guild of America | Minimum | |||
Multiemployer Plans [Line Items] | |||
Percent of total contributions (more than) | 5% | ||
Screen Actors Guild - Producers | |||
Multiemployer Plans [Line Items] | |||
Employer Identification Number/Pension Plan Number | 952110997 | ||
Pension Protection Act Zone Status | Green | Green | |
Company Contributions | $ 27 | $ 30 | 45 |
Expiration Date of Collective Bargaining Agreement | Jun. 30, 2026 | ||
Screen Actors Guild - Producers | Minimum | |||
Multiemployer Plans [Line Items] | |||
Percent of total contributions (more than) | 5% | ||
Motion Picture Industry | |||
Multiemployer Plans [Line Items] | |||
Employer Identification Number/Pension Plan Number | 951810805 | ||
Pension Protection Act Zone Status | Green | Green | |
Company Contributions | $ 48 | $ 63 | 66 |
I.A.T.S.E. Local No. 33 Pension Trust Fund | |||
Multiemployer Plans [Line Items] | |||
Employer Identification Number/Pension Plan Number | 956377503 | ||
Pension Protection Act Zone Status | Green | Green | |
Company Contributions | $ 2 | $ 5 | 10 |
Expiration Date of Collective Bargaining Agreement | Dec. 31, 2025 | ||
Other Plans | |||
Multiemployer Plans [Line Items] | |||
Company Contributions | $ 15 | $ 14 | $ 16 |
Segment Information - Revenues
Segment Information - Revenues (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total Revenues | $ 29,652 | $ 30,154 | $ 28,586 |
Advertising | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total Revenues | 9,989 | 10,890 | 11,412 |
Affiliate and subscription | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total Revenues | 13,018 | 11,551 | 10,442 |
Licensing and other | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total Revenues | 5,832 | 6,490 | 6,491 |
Theatrical | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total Revenues | 813 | 1,223 | 241 |
Operating Segments | TV Media | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total Revenues | 20,085 | 21,732 | 22,734 |
Operating Segments | TV Media | Advertising | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total Revenues | 8,188 | 9,350 | 10,105 |
Operating Segments | TV Media | Affiliate and subscription | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total Revenues | 8,085 | 8,180 | 8,413 |
Operating Segments | TV Media | Licensing and other | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total Revenues | 3,812 | 4,202 | 4,216 |
Operating Segments | Direct-to-Consumer | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total Revenues | 6,736 | 4,904 | 3,327 |
Operating Segments | Direct-to-Consumer | Advertising | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total Revenues | 1,795 | 1,533 | 1,298 |
Operating Segments | Direct-to-Consumer | Affiliate and subscription | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total Revenues | 4,933 | 3,371 | 2,029 |
Operating Segments | Direct-to-Consumer | Licensing and other | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total Revenues | 8 | 0 | 0 |
Operating Segments | Filmed Entertainment | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total Revenues | 2,957 | 3,706 | 2,687 |
Operating Segments | Filmed Entertainment | Advertising | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total Revenues | 24 | 23 | 18 |
Operating Segments | Filmed Entertainment | Licensing and other | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total Revenues | 2,120 | 2,460 | 2,428 |
Operating Segments | Filmed Entertainment | Theatrical | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total Revenues | 813 | 1,223 | 241 |
Eliminations | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total Revenues | (126) | (188) | (162) |
Eliminations | TV Media | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total Revenues | (63) | (66) | (87) |
Eliminations | Direct-to-Consumer | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total Revenues | (1) | 0 | (2) |
Eliminations | Filmed Entertainment | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total Revenues | $ (62) | $ (122) | $ (73) |
Segment Information - Narrative
Segment Information - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | $ 29,652 | $ 30,154 | $ 28,586 |
Licensing and other | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 5,832 | 6,490 | 6,491 |
Intercompany Revenues | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | (126) | (188) | (162) |
Intercompany Revenues | Direct-to-Consumer | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | $ (1) | $ 0 | $ (2) |
Segment Information - Intercomp
Segment Information - Intercompany Revenues (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total Intercompany Revenues | $ (29,652) | $ (30,154) | $ (28,586) |
Intercompany Revenues | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total Intercompany Revenues | 126 | 188 | 162 |
Intercompany Revenues | TV Media | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total Intercompany Revenues | 63 | 66 | 87 |
Intercompany Revenues | Direct-to-Consumer | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total Intercompany Revenues | 1 | 0 | 2 |
Intercompany Revenues | Filmed Entertainment | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total Intercompany Revenues | $ 62 | $ 122 | $ 73 |
Segment Information - Adjusted
Segment Information - Adjusted OIBDA by Segment and Reconciliation to Net Earnings (Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Adjusted OIBDA by Segment and Reconciliation to Net Earnings (Loss) | |||
Stock-based compensation expense | $ (177) | $ (172) | $ (192) |
Depreciation and amortization | (418) | (378) | (390) |
Programming charges | (2,371) | 0 | 0 |
Impairment charges | (83) | (27) | 0 |
Restructuring and other corporate matters | 31 | (585) | (100) |
Net gains on dispositions | 0 | 56 | 2,343 |
Operating income (loss) | (451) | 2,342 | 6,297 |
Interest expense | (920) | (931) | (986) |
Interest income | 137 | 108 | 53 |
Gain (loss) from investments | 168 | (9) | 47 |
Gain (loss) on extinguishment of debt | 29 | (120) | (128) |
Other items, net | (216) | (124) | (77) |
Earnings (loss) from continuing operations before income taxes and equity in loss of investee companies | (1,253) | 1,266 | 5,206 |
Benefit from (provision for) income taxes | 361 | (227) | (646) |
Equity in loss of investee companies, net of tax | (360) | (204) | (91) |
Net earnings (loss) from continuing operations | (1,252) | 835 | 4,469 |
Net earnings from discontinued operations, net of tax | 676 | 379 | 162 |
Net earnings (loss) (Paramount and noncontrolling interests) | (576) | 1,214 | 4,631 |
Net earnings attributable to noncontrolling interests | (32) | (110) | (88) |
Net earnings (loss) attributable to Paramount | (608) | 1,104 | 4,543 |
Stock-based compensation expense | 177 | 172 | 192 |
Restructuring and Other Corporate Matters | |||
Adjusted OIBDA by Segment and Reconciliation to Net Earnings (Loss) | |||
Stock-based compensation expense | (5) | (14) | (20) |
Stock-based compensation expense | 5 | 14 | 20 |
Operating Segments | TV Media | |||
Adjusted OIBDA by Segment and Reconciliation to Net Earnings (Loss) | |||
Adjusted OIBDA | 4,791 | 5,451 | 5,892 |
Operating Segments | Direct-to-Consumer | |||
Adjusted OIBDA by Segment and Reconciliation to Net Earnings (Loss) | |||
Adjusted OIBDA | (1,663) | (1,819) | (992) |
Operating Segments | Filmed Entertainment | |||
Adjusted OIBDA by Segment and Reconciliation to Net Earnings (Loss) | |||
Adjusted OIBDA | (119) | 272 | 207 |
Corporate/Eliminations | |||
Adjusted OIBDA by Segment and Reconciliation to Net Earnings (Loss) | |||
Adjusted OIBDA | (447) | (470) | (491) |
Segment Reconciling Items | |||
Adjusted OIBDA by Segment and Reconciliation to Net Earnings (Loss) | |||
Stock-based compensation expense | (172) | (158) | (172) |
Depreciation and amortization | (418) | (378) | (390) |
Programming charges | (2,371) | 0 | 0 |
Impairment charges | (83) | (27) | 0 |
Restructuring and other corporate matters | 31 | (585) | (100) |
Net gains on dispositions | 0 | 56 | 2,343 |
Stock-based compensation expense | 172 | 158 | 172 |
Segment Reconciling Items | Restructuring and Other Corporate Matters | |||
Adjusted OIBDA by Segment and Reconciliation to Net Earnings (Loss) | |||
Stock-based compensation expense | (5) | (14) | (20) |
Stock-based compensation expense | $ 5 | $ 14 | $ 20 |
Segment Information - Revenue b
Segment Information - Revenue by Location (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total Revenues | $ 29,652 | $ 30,154 | $ 28,586 |
United States | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total Revenues | 23,962 | 24,412 | 23,320 |
International | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total Revenues | $ 5,690 | $ 5,742 | $ 5,266 |
Segment Information - Long-live
Segment Information - Long-lived Assets (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total Long-lived Assets | $ 16,700 | $ 19,689 |
United States | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total Long-lived Assets | 15,249 | 18,231 |
International | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total Long-lived Assets | $ 1,451 | $ 1,458 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||
Sep. 09, 2019 defendant | Oct. 31, 2023 USD ($) | May 31, 2023 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) claim | Dec. 31, 2023 USD ($) claim | Dec. 31, 2022 USD ($) claim | Dec. 31, 2019 | Jan. 31, 2024 USD ($) | Dec. 31, 2021 claim | Mar. 31, 2020 lawsuit | Feb. 29, 2020 lawsuit | Jan. 23, 2020 claim | Nov. 30, 2019 claim | |
Other Commitments [Line Items] | ||||||||||||||
Programming and talent commitments | $ 31,338 | $ 31,338 | ||||||||||||
Committed purchase obligations | 1,077 | 1,077 | ||||||||||||
Outstanding letters of credit and surety bonds | 213 | 213 | ||||||||||||
Letters of credit issued | 15,100 | 15,100 | $ 16,380 | |||||||||||
Number of consolidated claims | lawsuit | 3 | 3 | ||||||||||||
Number of consolidated class action lawsuits | claim | 4 | 4 | ||||||||||||
Number of defendants | defendant | 14 | |||||||||||||
Cost for settlement and defense of asbestos claims, net of insurance recoveries and tax benefits | $ 54 | $ 57 | ||||||||||||
Reasonably estimable period for long-term asbestos liability | 10 years | |||||||||||||
Increase for asbestos matters accrual | 23 | |||||||||||||
Mandatory Convertible Preferred Stock | ||||||||||||||
Other Commitments [Line Items] | ||||||||||||||
Preferred stock, percentage | 5.75% | 5.75% | ||||||||||||
CBS Litigation | Settled Litigation | ||||||||||||||
Other Commitments [Line Items] | ||||||||||||||
Litigation settlement, amount awarded from other party | $ 167.5 | |||||||||||||
Settlement payment received | $ 120 | |||||||||||||
Gain on settlement payment received | $ 120 | |||||||||||||
Viacom Litigation | Settled Litigation | ||||||||||||||
Other Commitments [Line Items] | ||||||||||||||
Litigation settlement | $ 122.5 | |||||||||||||
Asbestos Matters | ||||||||||||||
Other Commitments [Line Items] | ||||||||||||||
Number of pending asbestos claims | claim | 19,970 | 19,970 | 21,580 | 27,770 | ||||||||||
Number of new asbestos claims | claim | 2,790 | |||||||||||||
Number of asbestos claims closed or moved to inactive docket | claim | 4,400 | |||||||||||||
CBS Television City | ||||||||||||||
Other Commitments [Line Items] | ||||||||||||||
Guaranteed cash flow period | 5 years | |||||||||||||
Estimated guarantee liability | $ 26 | $ 26 | ||||||||||||
Famous Players | ||||||||||||||
Other Commitments [Line Items] | ||||||||||||||
Estimated guarantee liability | 8 | 8 | ||||||||||||
Standby Letters of Credit | ||||||||||||||
Other Commitments [Line Items] | ||||||||||||||
Maximum borrowing capacity under credit facility | 1,900 | 1,900 | ||||||||||||
Letters of credit issued | 0 | 0 | ||||||||||||
Standby Letters of Credit | Subsequent Event | ||||||||||||||
Other Commitments [Line Items] | ||||||||||||||
Letters of credit issued | $ 1,900 | |||||||||||||
Sports programming rights | ||||||||||||||
Other Commitments [Line Items] | ||||||||||||||
Programming and talent commitments | 28,560 | 28,560 | ||||||||||||
Production and licensing of television and film programming, including talent contracts | ||||||||||||||
Other Commitments [Line Items] | ||||||||||||||
Programming and talent commitments | $ 2,780 | $ 2,780 |
Commitments and Contingencies_2
Commitments and Contingencies - Commitments and Contractual Obligations (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Programming and talent commitments | |
Total | $ 31,338 |
2024 | 3,491 |
2025 | 3,565 |
2026 | 3,350 |
2027 | 3,085 |
2028 | 3,448 |
2029 and Thereafter | 14,399 |
Purchase obligations | |
Total | 1,077 |
2024 | 432 |
2025 | 375 |
2026 | 191 |
2027 | 27 |
2028 | 13 |
2029 and Thereafter | 39 |
Long-term Contractual Obligations | |
Total | 1,704 |
2025 | 1,228 |
2026 | 321 |
2027 | 86 |
2028 | 43 |
2029 and Thereafter | $ 26 |
Supplemental Financial Inform_3
Supplemental Financial Information - Components of Other Items, Net (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Additional Financial Information Disclosure [Abstract] | |||
Pension and postretirement benefit costs | $ (153) | $ (65) | $ (43) |
Foreign exchange losses | (66) | (58) | (26) |
Pension settlement charge (Note 17) | 0 | 0 | (10) |
Other | 3 | (1) | 2 |
Other items, net | $ (216) | $ (124) | $ (77) |
Supplemental Financial Inform_4
Supplemental Financial Information - Narrative (Details) - Nick UK | Oct. 31, 2022 |
Business Acquisition [Line Items] | |
Percentage of voting interests acquired | 40% |
Ownership percentage after acquisition | 100% |
Supplemental Financial Inform_5
Supplemental Financial Information - Redeemable Noncontrolling Interest (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ||
Beginning balance | $ 107 | $ 197 |
Net earnings | 4 | 14 |
Distributions | (6) | (5) |
Translation adjustment | (20) | (5) |
Redemption value adjustment | 17 | (94) |
Purchase of noncontrolling interest | (102) | 0 |
Ending balance | $ 0 | $ 107 |
Supplemental Financial Inform_6
Supplemental Financial Information - Supplemental Cash Flow Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash and Cash Equivalents [Line Items] | |||
Cash paid for interest | $ 901 | $ 920 | $ 970 |
Total cash paid for income taxes | 107 | 73 | 334 |
Continuing operations | |||
Cash and Cash Equivalents [Line Items] | |||
Total cash paid for income taxes | 22 | 61 | 291 |
Discontinued operations | |||
Cash and Cash Equivalents [Line Items] | |||
Total cash paid for income taxes | $ 85 | $ 12 | $ 43 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Allowance for doubtful accounts | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | $ 111 | $ 80 | $ 85 |
Charged to Expenses and Other Accounts | 26 | 40 | 8 |
Deductions | 17 | 9 | 13 |
Balance at End of Period | 120 | 111 | 80 |
Valuation allowance on deferred tax assets | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | 488 | 581 | 593 |
Charged to Expenses and Other Accounts | 20 | 15 | 63 |
Deductions | 10 | 108 | 75 |
Balance at End of Period | 498 | 488 | 581 |
Reserve for inventory obsolescence | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | 44 | 47 | 58 |
Charged to Expenses and Other Accounts | 7 | 0 | 0 |
Deductions | 19 | 3 | 11 |
Balance at End of Period | $ 32 | $ 44 | $ 47 |