| ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||||||
| OR | ||||||||
| TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||||||
For the transition period from to | ||||||||
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||||||||
| Title of Each Class | Trading Symbols | Name of Each Exchange on Which Registered | ||||||||||||||||||
| ☒ | Accelerated filer | ☐ | Non-accelerated filer | ☐ | Smaller reporting company | Emerging growth company | |||||||||||||||||||||||||||||||||||
| Page | ||||||||||||||
| PART I | ||||||||||||||
| Item 1. | ||||||||||||||
| Item 1A. | I-15 | |||||||||||||
| Item 1B. | I-25 | |||||||||||||
| Item 2. | I-25 | |||||||||||||
| Item 3. | I-26 | |||||||||||||
| Item 4. | I-26 | |||||||||||||
| PART II | ||||||||||||||
| Item 5. | II-1 | |||||||||||||
| Item 7. | II-3 | |||||||||||||
| Item 8. | II-46 | |||||||||||||
| Item 9. | II-107 | |||||||||||||
| Item 9A. | II-107 | |||||||||||||
| Item 9B. | II-107 | |||||||||||||
| Item 9C. | II-107 | |||||||||||||
| PART III | ||||||||||||||
| Item 10. | III-1 | |||||||||||||
| Item 11. | III-1 | |||||||||||||
| Item 12. | III-1 | |||||||||||||
| Item 13. | III-1 | |||||||||||||
| Item 14. | III-1 | |||||||||||||
| PART IV | ||||||||||||||
| Item 15. | IV-1 | |||||||||||||
| Item 16. | IV-1 | |||||||||||||
Item 1. | Business. | ||||



| Name | Age | Position | ||||||
| Robert M. Bakish | 59 | President and Chief Executive Officer, Director | ||||||
| Naveen Chopra | 49 | Executive Vice President, Chief Financial Officer | ||||||
| Christa A. D’Alimonte | 54 | Executive Vice President, General Counsel and Secretary | ||||||
| Doretha (DeDe) Lea | 58 | Executive Vice President, Global Public Policy and Government Relations | ||||||
| Julia Phelps | 45 | Executive Vice President, Chief Communications and Corporate Marketing Officer | ||||||
| Nancy Phillips | 55 | Executive Vice President, Chief People Officer | ||||||
Item 1A. | Risk Factors. | ||||
Item 1B. | Unresolved Staff Comments. | ||||
Item 2. | Properties. | ||||
Item 3. | Legal Proceedings. | ||||
Item 4. | Mine Safety Disclosures. | ||||
Item 5. | Market for Paramount Global’s Common Equity, Related Stockholder Matters and Purchases of Equity Securities. | ||||

| December 31, | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | ||||||||||||||
| Class A Common Stock | $100 | $74 | $77 | $68 | $61 | $37 | ||||||||||||||
| Class B Common Stock | $100 | $75 | $73 | $68 | $56 | $33 | ||||||||||||||
| S&P 500 | $100 | $96 | $126 | $149 | $192 | $157 | ||||||||||||||
| S&P 500 Media & Entertainment Index | $100 | $89 | $119 | $156 | $198 | $111 | ||||||||||||||
| Item 7. | Management’s Discussion and Analysis of Results of Operations and Financial Condition. (Tabular dollars in millions, except per share amounts) | ||||
| Consolidated results of operations | Increase/(Decrease) | |||||||||||||||||||||||||
| Year Ended December 31, | 2022 | 2021 | $ | % | ||||||||||||||||||||||
| GAAP: | ||||||||||||||||||||||||||
| Revenues | $ | 30,154 | $ | 28,586 | $ | 1,568 | 5 | % | ||||||||||||||||||
| Operating income | $ | 2,342 | $ | 6,297 | $ | (3,955) | (63) | % | ||||||||||||||||||
Net earnings from continuing operations attributable to Paramount | $ | 725 | $ | 4,381 | $ | (3,656) | (83) | % | ||||||||||||||||||
Diluted EPS from continuing operations attributable to Paramount | $ | 1.03 | $ | 6.69 | $ | (5.66) | (85) | % | ||||||||||||||||||
Non-GAAP: (a) | ||||||||||||||||||||||||||
| Adjusted OIBDA | $ | 3,276 | $ | 4,444 | $ | (1,168) | (26) | % | ||||||||||||||||||
Adjusted net earnings from continuing operations attributable to Paramount | $ | 1,171 | $ | 2,292 | $ | (1,121) | (49) | % | ||||||||||||||||||
Adjusted diluted EPS from continuing operations attributable to Paramount | $ | 1.71 | $ | 3.48 | $ | (1.77) | (51) | % | ||||||||||||||||||
| Year Ended December 31, | 2022 | 2021 | 2020 | ||||||||||||||
| Operating income (GAAP) | $ | 2,342 | $ | 6,297 | $ | 4,139 | |||||||||||
Depreciation and amortization (a) | 405 | 390 | 430 | ||||||||||||||
Restructuring and other corporate matters (b) | 585 | 100 | 618 | ||||||||||||||
Programming charges (b) | — | — | 159 | ||||||||||||||
Net gain on dispositions (b) | (56) | (2,343) | (214) | ||||||||||||||
| Adjusted OIBDA (Non-GAAP) | $ | 3,276 | $ | 4,444 | $ | 5,132 | |||||||||||
| Year Ended December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||
| Earnings from Continuing Operations Before Income Taxes | Provision for Income Taxes | Net Earnings from Continuing Operations Attributable to Paramount | Diluted EPS from Continuing Operations | ||||||||||||||||||||||||||||||||||||||||||||
| Reported (GAAP) | $ | 1,266 | $ | (227) | $ | 725 | $ | 1.03 | |||||||||||||||||||||||||||||||||||||||
| Items affecting comparability: | |||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and other corporate matters (a) | 585 | (137) | 448 | .69 | |||||||||||||||||||||||||||||||||||||||||||
Impairment charge (b) | 27 | (7) | 20 | .03 | |||||||||||||||||||||||||||||||||||||||||||
Gain on dispositions (c) | (56) | 14 | (42) | (.06) | |||||||||||||||||||||||||||||||||||||||||||
Loss from investments (d) | 9 | (1) | 8 | .01 | |||||||||||||||||||||||||||||||||||||||||||
| Loss on extinguishment of debt | 120 | (28) | 92 | .14 | |||||||||||||||||||||||||||||||||||||||||||
Discrete tax items (e) | — | (80) | (80) | (.13) | |||||||||||||||||||||||||||||||||||||||||||
| Adjusted (Non-GAAP) | $ | 1,951 | $ | (466) | $ | 1,171 | $ | 1.71 | |||||||||||||||||||||||||||||||||||||||
| Year Ended December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
| Earnings from Continuing Operations Before Income Taxes | Provision for Income Taxes | Net Earnings from Continuing Operations Attributable to Paramount | Diluted EPS from Continuing Operations | ||||||||||||||||||||||||||||||||||||||||||||
| Reported (GAAP) | $ | 5,206 | $ | (646) | $ | 4,381 | $ | 6.69 | |||||||||||||||||||||||||||||||||||||||
| Items affecting comparability: | |||||||||||||||||||||||||||||||||||||||||||||||
Restructuring (a) | 100 | (25) | 75 | .11 | |||||||||||||||||||||||||||||||||||||||||||
Net gain on dispositions (b) | (2,343) | 592 | (1,751) | (2.67) | |||||||||||||||||||||||||||||||||||||||||||
Gains from investments (c) | (47) | 11 | (36) | (.05) | |||||||||||||||||||||||||||||||||||||||||||
| Loss on extinguishment of debt | 128 | (30) | 98 | .15 | |||||||||||||||||||||||||||||||||||||||||||
Pension settlement charge (d) | 10 | (2) | 8 | .01 | |||||||||||||||||||||||||||||||||||||||||||
Discrete tax items (e) | — | (517) | (517) | (.79) | |||||||||||||||||||||||||||||||||||||||||||
| Impairment of equity-method investment, net of tax | — | — | 34 | .05 | |||||||||||||||||||||||||||||||||||||||||||
Impact of antidilution of Mandatory Convertible Preferred Stock (f) | — | — | — | (.02) | |||||||||||||||||||||||||||||||||||||||||||
| Adjusted (Non-GAAP) | $ | 3,054 | $ | (617) | $ | 2,292 | $ | 3.48 | |||||||||||||||||||||||||||||||||||||||
| Year Ended December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
| Earnings from Continuing Operations Before Income Taxes | Provision for Income Taxes | Net Earnings from Continuing Operations Attributable to Paramount | Diluted EPS from Continuing Operations | ||||||||||||||||||||||||||||||||||||||||||||
| Reported (GAAP) | $ | 3,147 | $ | (535) | $ | 2,305 | $ | 3.73 | |||||||||||||||||||||||||||||||||||||||
| Items affecting comparability: | |||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and other corporate matters (a) | 618 | (133) | 485 | .79 | |||||||||||||||||||||||||||||||||||||||||||
Impairment charge (b) | 25 | (6) | 19 | .03 | |||||||||||||||||||||||||||||||||||||||||||
Depreciation of abandoned technology (c) | 12 | (3) | 9 | .01 | |||||||||||||||||||||||||||||||||||||||||||
Programming charges (d) | 159 | (39) | 120 | .20 | |||||||||||||||||||||||||||||||||||||||||||
Gain on dispositions (e) | (214) | 31 | (183) | (.30) | |||||||||||||||||||||||||||||||||||||||||||
Net gains from investments (f) | (206) | 50 | (156) | (.25) | |||||||||||||||||||||||||||||||||||||||||||
| Loss on extinguishment of debt | 126 | (29) | 97 | .16 | |||||||||||||||||||||||||||||||||||||||||||
Discrete tax items (g) | — | (110) | (110) | (.18) | |||||||||||||||||||||||||||||||||||||||||||
| Impairment of equity-method investment, net of tax | — | — | 9 | .01 | |||||||||||||||||||||||||||||||||||||||||||
| Adjusted (Non-GAAP) | $ | 3,667 | $ | (774) | $ | 2,595 | $ | 4.20 | |||||||||||||||||||||||||||||||||||||||
| Revenues by Type | % of Total | % of Total | Increase/(Decrease) | |||||||||||||||||||||||||||||||||||||||||||||||
| Year Ended December 31, | 2022 | Revenues | 2021 | Revenues | $ | % | ||||||||||||||||||||||||||||||||||||||||||||
| Advertising | $ | 10,890 | 36 | % | $ | 11,412 | 40 | % | $ | (522) | (5) | % | ||||||||||||||||||||||||||||||||||||||
| Affiliate and subscription | 11,551 | 38 | 10,442 | 36 | 1,109 | 11 | ||||||||||||||||||||||||||||||||||||||||||||
| Theatrical | 1,223 | 4 | 241 | 1 | 982 | 407 | ||||||||||||||||||||||||||||||||||||||||||||
| Licensing and other | 6,490 | 22 | 6,491 | 23 | (1) | — | ||||||||||||||||||||||||||||||||||||||||||||
| Total Revenues | $ | 30,154 | 100 | % | $ | 28,586 | 100 | % | $ | 1,568 | 5 | % | ||||||||||||||||||||||||||||||||||||||
| % of | % of | |||||||||||||||||||||||||||||||||||||||||||||||||
| Operating Expenses by Type | Operating | Operating | Increase/(Decrease) | |||||||||||||||||||||||||||||||||||||||||||||||
| Year Ended December 31, | 2022 | Expenses | 2021 | Expenses | $ | % | ||||||||||||||||||||||||||||||||||||||||||||
| Content costs | $ | 15,980 | 81 | % | $ | 14,703 | 83 | % | $ | 1,277 | 9 | % | ||||||||||||||||||||||||||||||||||||||
| Distribution and other | 3,865 | 19 | 3,041 | 17 | 824 | 27 | ||||||||||||||||||||||||||||||||||||||||||||
| Total Operating Expenses | $ | 19,845 | 100 | % | $ | 17,744 | 100 | % | $ | 2,101 | 12 | % | ||||||||||||||||||||||||||||||||||||||
| Increase/(Decrease) | ||||||||||||||||||||||||||
| Year Ended December 31, | 2022 | 2021 | $ | % | ||||||||||||||||||||||
| Selling, general and administrative expenses | $ | 7,033 | $ | 6,398 | $ | 635 | 10 | % | ||||||||||||||||||
| Increase/(Decrease) | ||||||||||||||||||||||||||
| Year Ended December 31, | 2022 | 2021 | $ | % | ||||||||||||||||||||||
| Depreciation and amortization | $ | 405 | $ | 390 | $ | 15 | 4 | % | ||||||||||||||||||
| Year Ended December 31, | 2022 | 2021 | |||||||||
Severance (a) | $ | 260 | $ | 65 | |||||||
| Lease impairments and other exit costs | 68 | 35 | |||||||||
| Restructuring charges | 328 | 100 | |||||||||
| Other corporate matters | 257 | — | |||||||||
| Restructuring and other corporate matters | $ | 585 | $ | 100 | |||||||
| Increase/(Decrease) | ||||||||||||||||||||||||||
| Year Ended December 31, | 2022 | 2021 | $ | % | ||||||||||||||||||||||
| Interest expense | $ | 931 | $ | 986 | $ | (55) | (6) | % | ||||||||||||||||||
| Interest income | $ | 108 | $ | 53 | $ | 55 | 104 | % | ||||||||||||||||||
| Weighted Average | Weighted Average | |||||||||||||||||||||||||||||||||||||
| At December 31, | 2022 | Interest Rate | 2021 | Interest Rate | ||||||||||||||||||||||||||||||||||
| Total long-term debt | $ | 15,781 | 5.13 | % | $ | 17,658 | 4.93 | % | ||||||||||||||||||||||||||||||
| Other bank borrowings | $ | 55 | 7.09 | % | $ | 35 | 3.50 | % | ||||||||||||||||||||||||||||||
| Increase/(Decrease) | ||||||||||||||||||||||||||
| Year Ended December 31, | 2022 | 2021 | $ | % | ||||||||||||||||||||||
| Net gains (losses) from investments | $ | (9) | $ | 47 | $ | (56) | (119) | % | ||||||||||||||||||
| Year Ended December 31, | 2022 | 2021 | |||||||||
| Pension and postretirement benefit costs | $ | (65) | $ | (43) | |||||||
| Foreign exchange losses | (58) | (26) | |||||||||
Pension settlement charge (a) | — | (10) | |||||||||
| Other | (1) | 2 | |||||||||
| Other items, net | $ | (124) | $ | (77) | |||||||
| Increase/(Decrease) | ||||||||||||||||||||||||||
| Year Ended December 31, | 2022 | 2021 | $ | % | ||||||||||||||||||||||
| Equity in loss of investee companies | $ | (237) | $ | (140) | $ | (97) | (69) | % | ||||||||||||||||||
| Tax benefit | 33 | 49 | (16) | (33) | ||||||||||||||||||||||
| Equity in loss of investee companies, net of tax | $ | (204) | $ | (91) | $ | (113) | (124) | % | ||||||||||||||||||
| Increase/(Decrease) | ||||||||||||||||||||||||||
| Year Ended December 31, | 2022 | 2021 | $ | % | ||||||||||||||||||||||
| Net earnings from continuing operations attributable to Paramount | $ | 725 | $ | 4,381 | $ | (3,656) | (83) | % | ||||||||||||||||||
| Diluted EPS from continuing operations attributable to Paramount | $ | 1.03 | $ | 6.69 | $ | (5.66) | (85) | % | ||||||||||||||||||
| 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 | 190 | — | 190 | |||||||||||||||||||||||
| Other items, net | (12) | — | (12) | |||||||||||||||||||||||
| Earnings from discontinued operations | 426 | 30 | 456 | |||||||||||||||||||||||
| Income tax provision | (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 | |||||||||||||||||||||||
| Income tax provision | (46) | (11) | (57) | |||||||||||||||||||||||
| Net earnings from discontinued operations, net of tax | $ | 157 | $ | 5 | $ | 162 | ||||||||||||||||||||
| Revenues by Type | % of Total | % of Total | Increase/(Decrease) | |||||||||||||||||||||||||||||||||||||||||||||||
| Year Ended December 31, | 2021 | Revenues | 2020 | Revenues | $ | % | ||||||||||||||||||||||||||||||||||||||||||||
| Advertising | $ | 11,412 | 40 | % | $ | 9,751 | 39 | % | $ | 1,661 | 17 | % | ||||||||||||||||||||||||||||||||||||||
| Affiliate and subscription | 10,442 | 36 | 9,166 | 36 | 1,276 | 14 | ||||||||||||||||||||||||||||||||||||||||||||
| Theatrical | 241 | 1 | 180 | 1 | 61 | 34 | ||||||||||||||||||||||||||||||||||||||||||||
| Licensing and other | 6,491 | 23 | 6,188 | 24 | 303 | 5 | ||||||||||||||||||||||||||||||||||||||||||||
| Total Revenues | $ | 28,586 | 100 | % | $ | 25,285 | 100 | % | $ | 3,301 | 13 | % | ||||||||||||||||||||||||||||||||||||||
| % of | % of | |||||||||||||||||||||||||||||||||||||||||||||||||
| Operating Expenses by Type | Operating | Operating | Increase/(Decrease) | |||||||||||||||||||||||||||||||||||||||||||||||
| Year Ended December 31, | 2021 | Expense | 2020 | Expense | $ | % | ||||||||||||||||||||||||||||||||||||||||||||
| Content costs | $ | 14,703 | 83 | % | $ | 11,933 | 80 | % | $ | 2,770 | 23 | % | ||||||||||||||||||||||||||||||||||||||
| Programming charges | — | — | 159 | 1 | (159) | n/m | ||||||||||||||||||||||||||||||||||||||||||||
| Distribution and other | 3,041 | 17 | 2,900 | 19 | 141 | 5 | ||||||||||||||||||||||||||||||||||||||||||||
| Total Operating Expenses | $ | 17,744 | 100 | % | $ | 14,992 | 100 | % | $ | 2,752 | 18 | % | ||||||||||||||||||||||||||||||||||||||
| Increase/(Decrease) | ||||||||||||||||||||||||||
| Year Ended December 31, | 2021 | 2020 | $ | % | ||||||||||||||||||||||
| Selling, general and administrative expenses | $ | 6,398 | $ | 5,320 | $ | 1,078 | 20 | % | ||||||||||||||||||
| Increase/(Decrease) | ||||||||||||||||||||||||||
| Year Ended December 31, | 2021 | 2020 | $ | % | ||||||||||||||||||||||
| Depreciation and amortization | $ | 390 | $ | 430 | $ | (40) | (9) | % | ||||||||||||||||||
| Year Ended December 31, | 2021 | 2020 | |||||||||
Severance (a) | $ | 65 | $ | 472 | |||||||
| Lease impairments and other exit costs | 35 | 70 | |||||||||
| Restructuring charges | 100 | 542 | |||||||||
| Merger-related costs | — | 56 | |||||||||
| Other corporate matters | — | 20 | |||||||||
| Restructuring and other corporate matters | $ | 100 | $ | 618 | |||||||
| Increase/(Decrease) | ||||||||||||||||||||||||||
| Year Ended December 31, | 2021 | 2020 | $ | % | ||||||||||||||||||||||
| Interest expense | $ | 986 | $ | 1,031 | $ | (45) | (4) | % | ||||||||||||||||||
| Interest income | $ | 53 | $ | 60 | $ | (7) | (12) | % | ||||||||||||||||||
| Weighted Average | Weighted Average | |||||||||||||||||||||||||||||||||||||
| At December 31, | 2021 | Interest Rate | 2020 | Interest Rate | ||||||||||||||||||||||||||||||||||
| Total long-term debt | $ | 17,658 | 4.93 | % | $ | 19,612 | 4.80 | % | ||||||||||||||||||||||||||||||
| Other bank borrowings | $ | 35 | 3.50 | % | $ | 95 | 3.50 | % | ||||||||||||||||||||||||||||||
| Increase/(Decrease) | ||||||||||||||||||||||||||
| Year Ended December 31, | 2021 | 2020 | $ | % | ||||||||||||||||||||||
| Net gains from investments | $ | 47 | $ | 206 | $ | (159) | (77) | % | ||||||||||||||||||
| Year Ended December 31, | 2021 | 2020 | |||||||||
| Pension and postretirement benefit costs | $ | (43) | $ | (69) | |||||||
| Foreign exchange losses | (26) | (35) | |||||||||
Pension settlement charge (a) | (10) | — | |||||||||
| Other | 2 | 3 | |||||||||
| Other items, net | $ | (77) | $ | (101) | |||||||
| Increase/(Decrease) | ||||||||||||||||||||||||||
| Year Ended December 31, | 2021 | 2020 | $ | % | ||||||||||||||||||||||
| Equity in loss of investee companies | $ | (140) | $ | (47) | $ | (93) | (198) | % | ||||||||||||||||||
| Tax benefit | 49 | 19 | 30 | 158 | ||||||||||||||||||||||
| Equity in loss of investee companies, net of tax | $ | (91) | $ | (28) | $ | (63) | (225) | % | ||||||||||||||||||
| Year Ended December 31, | 2021 | 2020 | |||||||||
| Net earnings attributable to noncontrolling interests | $ | (88) | $ | (279) | |||||||
| Increase/(Decrease) | ||||||||||||||||||||||||||
| Year Ended December 31, | 2021 | 2020 | $ | % | ||||||||||||||||||||||
| Net earnings from continuing operations attributable to Paramount | $ | 4,381 | $ | 2,305 | $ | 2,076 | 90 | % | ||||||||||||||||||
| Diluted EPS from continuing operations attributable to Paramount | $ | 6.69 | $ | 3.73 | $ | 2.96 | 79 | % | ||||||||||||||||||
| 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 | |||||||||||||||||||||||
| Income tax provision | (46) | (11) | (57) | |||||||||||||||||||||||
| Net earnings from discontinued operations, net of tax | $ | 157 | $ | 5 | $ | 162 | ||||||||||||||||||||
| Year Ended December 31, 2020 | Simon & Schuster | Other (a) | Total | |||||||||||||||||||||||
| Revenues | $ | 901 | $ | — | $ | 901 | ||||||||||||||||||||
| Costs and expenses: | ||||||||||||||||||||||||||
| Operating | 573 | (19) | 554 | |||||||||||||||||||||||
| Selling, general and administrative | 172 | — | 172 | |||||||||||||||||||||||
| Depreciation and amortization | 5 | — | 5 | |||||||||||||||||||||||
| Restructuring charges | 10 | — | 10 | |||||||||||||||||||||||
| Total costs and expenses | 760 | (19) | 741 | |||||||||||||||||||||||
| Operating income | 141 | 19 | 160 | |||||||||||||||||||||||
| Other items, net | (5) | — | (5) | |||||||||||||||||||||||
| Earnings from discontinued operations | 136 | 19 | 155 | |||||||||||||||||||||||
| Income tax provision | (34) | (4) | (38) | |||||||||||||||||||||||
| Net earnings from discontinued operations, net of tax | $ | 102 | $ | 15 | $ | 117 | ||||||||||||||||||||
| % of Total | % of Total | Increase/(Decrease) | ||||||||||||||||||||||||||||||||||||||||||||||||
| Year Ended December 31, | 2022 | Revenues | 2021 | Revenues | $ | % | ||||||||||||||||||||||||||||||||||||||||||||
| Revenues: | ||||||||||||||||||||||||||||||||||||||||||||||||||
| TV Media | $ | 21,732 | 72 | % | $ | 22,734 | 80 | % | $ | (1,002) | (4) | % | ||||||||||||||||||||||||||||||||||||||
| Direct-to-Consumer | 4,904 | 16 | 3,327 | 12 | 1,577 | 47 | ||||||||||||||||||||||||||||||||||||||||||||
| Filmed Entertainment | 3,706 | 13 | 2,687 | 9 | 1,019 | 38 | ||||||||||||||||||||||||||||||||||||||||||||
| Eliminations | (188) | (1) | (162) | (1) | (26) | (16) | ||||||||||||||||||||||||||||||||||||||||||||
| Total Revenues | $ | 30,154 | 100 | % | $ | 28,586 | 100 | % | $ | 1,568 | 5 | % | ||||||||||||||||||||||||||||||||||||||
| Increase/(Decrease) | ||||||||||||||||||||||||||
| Year Ended December 31, | 2022 | 2021 | $ | % | ||||||||||||||||||||||
| Adjusted OIBDA: | ||||||||||||||||||||||||||
| TV Media | $ | 5,451 | $ | 5,892 | $ | (441) | (7) | % | ||||||||||||||||||
| Direct-to-Consumer | (1,819) | (992) | (827) | (83) | ||||||||||||||||||||||
| Filmed Entertainment | 272 | 207 | 65 | 31 | ||||||||||||||||||||||
| Corporate/Eliminations | (470) | (491) | 21 | 4 | ||||||||||||||||||||||
| Stock-based compensation | (158) | (172) | 14 | 8 | ||||||||||||||||||||||
| Total Adjusted OIBDA | 3,276 | 4,444 | (1,168) | (26) | ||||||||||||||||||||||
| Depreciation and amortization | (405) | (390) | (15) | (4) | ||||||||||||||||||||||
| Restructuring and other corporate matters | (585) | (100) | (485) | (485) | ||||||||||||||||||||||
| Net gain on dispositions | 56 | 2,343 | (2,287) | (98) | ||||||||||||||||||||||
| Total Operating Income | $ | 2,342 | $ | 6,297 | $ | (3,955) | (63) | % | ||||||||||||||||||
| Increase/(Decrease) | ||||||||||||||||||||||||||
| Year Ended December 31, | 2022 | 2021 | $ | % | ||||||||||||||||||||||
| Advertising | $ | 9,350 | $ | 10,105 | $ | (755) | (7) | % | ||||||||||||||||||
| Affiliate and subscription | 8,180 | 8,413 | (233) | (3) | ||||||||||||||||||||||
| Licensing and other | 4,202 | 4,216 | (14) | — | ||||||||||||||||||||||
| Revenues | $ | 21,732 | $ | 22,734 | $ | (1,002) | (4) | % | ||||||||||||||||||
| Adjusted OIBDA | $ | 5,451 | $ | 5,892 | $ | (441) | (7) | % | ||||||||||||||||||
| (in millions) | ||||||||||||||||||||||||||
| Year Ended December 31, | 2022 | 2021 | Increase/(Decrease) | |||||||||||||||||||||||
Advertising | $ | 1,533 | $ | 1,298 | $ | 235 | 18 | % | ||||||||||||||||||
| Subscription | 3,371 | 2,029 | 1,342 | 66 | ||||||||||||||||||||||
| Revenues | $ | 4,904 | $ | 3,327 | $ | 1,577 | 47 | % | ||||||||||||||||||
| Adjusted OIBDA | $ | (1,819) | $ | (992) | $ | (827) | (83) | % | ||||||||||||||||||
Global Streaming Subscribers (a) | 77.3 | 56.1 | 21.2 | 38 | % | |||||||||||||||||||||
| (in millions) | ||||||||||||||||||||||||||
| Year Ended December 31, | 2022 | 2021 | Increase/(Decrease) | |||||||||||||||||||||||
| Paramount+ (Global) | ||||||||||||||||||||||||||
Subscribers (a) | 55.9 | 32.8 | 23.1 | 70 | % | |||||||||||||||||||||
| Revenues | $ | 2,767 | $ | 1,347 | $ | 1,420 | 105 | % | ||||||||||||||||||
| Pluto TV (Global) | ||||||||||||||||||||||||||
MAUs (b) | 78.5 | 64.4 | 14.1 | 22 | % | |||||||||||||||||||||
| Revenues | $ | 1,112 | $ | 1,059 | $ | 53 | 5 | % | ||||||||||||||||||
| Increase/(Decrease) | ||||||||||||||||||||||||||
| Year Ended December 31, | 2022 | 2021 | $ | % | ||||||||||||||||||||||
| Advertising | $ | 23 | $ | 18 | $ | 5 | 28 | % | ||||||||||||||||||
| Theatrical | 1,223 | 241 | 982 | 407 | ||||||||||||||||||||||
| Licensing and other | 2,460 | 2,428 | 32 | 1 | ||||||||||||||||||||||
| Revenues | $ | 3,706 | $ | 2,687 | $ | 1,019 | 38 | % | ||||||||||||||||||
| Adjusted OIBDA | $ | 272 | $ | 207 | $ | 65 | 31 | % | ||||||||||||||||||
| % of Total | % of Total | Increase/(Decrease) | ||||||||||||||||||||||||||||||||||||||||||||||||
| Year Ended December 31, | 2021 | Revenues | 2020 | Revenues | $ | % | ||||||||||||||||||||||||||||||||||||||||||||
| Revenues: | ||||||||||||||||||||||||||||||||||||||||||||||||||
| TV Media | $ | 22,734 | 80 | % | $ | 21,120 | 83 | % | $ | 1,614 | 8 | % | ||||||||||||||||||||||||||||||||||||||
| Direct-to-Consumer | 3,327 | 12 | 1,815 | 7 | 1,512 | 83 | ||||||||||||||||||||||||||||||||||||||||||||
| Filmed Entertainment | 2,687 | 9 | 2,470 | 10 | 217 | 9 | ||||||||||||||||||||||||||||||||||||||||||||
| Corporate/Eliminations | (162) | (1) | (120) | — | (42) | (35) | ||||||||||||||||||||||||||||||||||||||||||||
| Total Revenues | $ | 28,586 | 100 | % | $ | 25,285 | 100 | % | $ | 3,301 | 13 | % | ||||||||||||||||||||||||||||||||||||||
| Increase/(Decrease) | ||||||||||||||||||||||||||
| Year Ended December 31, | 2021 | 2020 | $ | % | ||||||||||||||||||||||
| Adjusted OIBDA: | ||||||||||||||||||||||||||
| TV Media | $ | 5,892 | $ | 5,816 | $ | 76 | 1 | % | ||||||||||||||||||
| Direct-to-Consumer | (992) | (171) | (821) | (480) | ||||||||||||||||||||||
| Filmed Entertainment | 207 | 158 | 49 | 31 | ||||||||||||||||||||||
| Corporate/Eliminations | (491) | (485) | (6) | (1) | ||||||||||||||||||||||
| Stock-based compensation | (172) | (186) | 14 | 8 | ||||||||||||||||||||||
| Total Adjusted OIBDA | 4,444 | 5,132 | (688) | (13) | ||||||||||||||||||||||
| Depreciation and amortization | (390) | (430) | 40 | 9 | ||||||||||||||||||||||
| Restructuring and other corporate matters | (100) | (618) | 518 | 84 | ||||||||||||||||||||||
| Programming charges | — | (159) | 159 | n/m | ||||||||||||||||||||||
| Net gain on dispositions | 2,343 | 214 | 2,129 | n/m | ||||||||||||||||||||||
| Total Operating Income | $ | 6,297 | $ | 4,139 | $ | 2,158 | 52 | % | ||||||||||||||||||
| Increase/(Decrease) | ||||||||||||||||||||||||||
| Year Ended December 31, | 2021 | 2020 | $ | % | ||||||||||||||||||||||
| Advertising | $ | 10,105 | $ | 9,062 | $ | 1,043 | 12 | % | ||||||||||||||||||
| Affiliate and subscription | 8,413 | 8,037 | 376 | 5 | ||||||||||||||||||||||
| Licensing and other | 4,216 | 4,021 | 195 | 5 | ||||||||||||||||||||||
| Revenues | $ | 22,734 | $ | 21,120 | $ | 1,614 | 8 | % | ||||||||||||||||||
| Adjusted OIBDA | $ | 5,892 | $ | 5,816 | $ | 76 | 1 | % | ||||||||||||||||||
| (in millions) | ||||||||||||||||||||||||||
| Year Ended December 31, | 2021 | 2020 | Increase/(Decrease) | |||||||||||||||||||||||
| Advertising | $ | 1,298 | $ | 686 | $ | 612 | 89 | % | ||||||||||||||||||
| Subscription | 2,029 | 1,129 | 900 | 80 | ||||||||||||||||||||||
| Revenues | $ | 3,327 | $ | 1,815 | $ | 1,512 | 83 | % | ||||||||||||||||||
| Adjusted OIBDA | $ | (992) | $ | (171) | $ | (821) | (480) | % | ||||||||||||||||||
Global Streaming Subscribers | 56.1 | 29.9 | 26.2 | 88 | % | |||||||||||||||||||||
| (in millions) | ||||||||||||||||||||||||||
| Year Ended December 31, | 2021 | 2020 | Increase/(Decrease) | |||||||||||||||||||||||
Paramount+ (Global) (a) | ||||||||||||||||||||||||||
Subscribers | 32.8 | 11.7 | 21.1 | 180 | % | |||||||||||||||||||||
| Revenues | $ | 1,347 | $ | 627 | $ | 720 | 115 | % | ||||||||||||||||||
| Pluto TV (Global) | ||||||||||||||||||||||||||
MAUs | 64.4 | 43.1 | 21.3 | 49 | % | |||||||||||||||||||||
| Revenues | $ | 1,059 | $ | 562 | $ | 497 | 88 | % | ||||||||||||||||||
| Increase/(Decrease) | ||||||||||||||||||||||||||
| Year Ended December 31, | 2021 | 2020 | $ | % | ||||||||||||||||||||||
| Advertising | $ | 18 | $ | 18 | $ | — | — | % | ||||||||||||||||||
| Theatrical | 241 | 180 | 61 | 34 | ||||||||||||||||||||||
| Licensing and other | 2,428 | 2,272 | 156 | 7 | ||||||||||||||||||||||
| Revenues | $ | 2,687 | $ | 2,470 | $ | 217 | 9 | % | ||||||||||||||||||
| Adjusted OIBDA | $ | 207 | $ | 158 | $ | 49 | 31 | % | ||||||||||||||||||
| Increase/ (Decrease) | Increase/ (Decrease) | ||||||||||||||||||||||||||||||||||||||||
| Year Ended December 31, | 2022 | 2021 | 2022 vs. 2021 | 2020 | 2021 vs. 2020 | ||||||||||||||||||||||||||||||||||||
| Net cash flow (used for) provided by operating activities: | |||||||||||||||||||||||||||||||||||||||||
| Continuing operations | $ | (142) | $ | 835 | $ | (977) | $ | 2,215 | $ | (1,380) | |||||||||||||||||||||||||||||||
| Discontinued operations | 361 | 118 | 243 | 79 | 39 | ||||||||||||||||||||||||||||||||||||
| Net cash flow provided by operating activities | 219 | 953 | (734) | 2,294 | (1,341) | ||||||||||||||||||||||||||||||||||||
| Net cash flow (used for) provided by investing activities: | |||||||||||||||||||||||||||||||||||||||||
| Continuing operations | (518) | 2,402 | (2,920) | 63 | 2,339 | ||||||||||||||||||||||||||||||||||||
| Discontinued operations | (8) | (7) | (1) | (7) | — | ||||||||||||||||||||||||||||||||||||
| Net cash flow (used for) provided by investing activities | (526) | 2,395 | (2,921) | 56 | 2,339 | ||||||||||||||||||||||||||||||||||||
| Net cash flow used for financing activities | (2,981) | (152) | (2,829) | (90) | (62) | ||||||||||||||||||||||||||||||||||||
| Effect of exchange rate changes on cash and cash equivalents | (94) | (48) | (46) | 25 | (73) | ||||||||||||||||||||||||||||||||||||
| Net (decrease) increase in cash, cash equivalents and restricted cash | $ | (3,382) | $ | 3,148 | $ | (6,530) | $ | 2,285 | $ | 863 | |||||||||||||||||||||||||||||||
| Year Ended December 31, | 2022 | 2021 | 2020 | ||||||||||||||
Investments (a) | $ | (254) | $ | (193) | $ | (59) | |||||||||||
Capital expenditures (b) | (358) | (354) | (324) | ||||||||||||||
Acquisitions, net of cash acquired (c) | — | (54) | (147) | ||||||||||||||
Proceeds from dispositions (d) | 95 | 3,028 | 593 | ||||||||||||||
| Other investing activities | (1) | (25) | — | ||||||||||||||
| Net cash flow (used for) provided by investing activities from continuing operations | (518) | 2,402 | 63 | ||||||||||||||
| Net cash flow used for investing activities from discontinued operations | (8) | (7) | (7) | ||||||||||||||
| Net cash flow (used for) provided by investing activities | $ | (526) | $ | 2,395 | $ | 56 | |||||||||||
| Year Ended December 31, | 2022 | 2021 | 2020 | ||||||||||||||
| Repayments of commercial paper borrowings, net | $ | — | $ | — | $ | (698) | |||||||||||
| Proceeds from issuance of debt | 1,138 | 58 | 4,375 | ||||||||||||||
| Repayment of debt | (3,140) | (2,230) | (2,909) | ||||||||||||||
| Dividends paid on preferred stock | (58) | (30) | — | ||||||||||||||
| Dividends paid on common stock | (631) | (617) | (600) | ||||||||||||||
| Proceeds from issuance of preferred stock | — | 983 | — | ||||||||||||||
| Proceeds from issuance of common stock | — | 1,672 | — | ||||||||||||||
| Purchase of Company common stock | — | — | (58) | ||||||||||||||
| Payment of payroll taxes in lieu of issuing shares for stock-based compensation | (31) | (110) | (93) | ||||||||||||||
| Proceeds from exercise of stock options | — | 408 | 5 | ||||||||||||||
| Payments to noncontrolling interests | (218) | (235) | (59) | ||||||||||||||
| Other financing activities | (41) | (51) | (53) | ||||||||||||||
| Net cash flow used for financing activities | $ | (2,981) | $ | (152) | $ | (90) | |||||||||||
| At December 31, | 2022 | 2021 | |||||||||
| Senior debt (2.90%-7.875% due 2023-2050) | $ | 14,149 | $ | 16,501 | |||||||
| Junior debt (5.875%-6.375% due 2057 and 2062) | 1,632 | 1,157 | |||||||||
| Other bank borrowings | 55 | 35 | |||||||||
| Obligations under finance leases | 10 | 16 | |||||||||
Total debt (a) | 15,846 | 17,709 | |||||||||
| Less current portion of long-term debt | 239 | 11 | |||||||||
| Total long-term debt, net of current portion | $ | 15,607 | $ | 17,698 | |||||||
| Item 7A. | Quantitative and Qualitative Disclosures About Market Risk. | ||||
Item 8. | Financial Statements and Supplementary Data. | ||||
| Page | ||||||||||||||
| Item 15(a)(1) Financial Statements: | ||||||||||||||
| 1. | II-47 | |||||||||||||
| 2. | Report of Independent Registered Public Accounting Firm (PCAOB ID: | II-48 | ||||||||||||
| 3. | II-51 | |||||||||||||
| 4. | II-52 | |||||||||||||
| 5. | II-53 | |||||||||||||
| 6. | II-54 | |||||||||||||
| 7. | II-55 | |||||||||||||
| 8. | II-56 | |||||||||||||
| Item 15(a)(2) Financial Statement Schedule: | ||||||||||||||
F-1 | ||||||||||||||
| PARAMOUNT GLOBAL | |||||||||||
| By: | /s/ Robert M. Bakish | ||||||||||
Robert M. Bakish President and Chief Executive Officer | |||||||||||
| By: | /s/ Naveen Chopra | ||||||||||
Naveen Chopra Executive Vice President, Chief Financial Officer | |||||||||||
| By: | /s/ Katherine Gill-Charest | ||||||||||
Katherine Gill-Charest Executive Vice President, Controller and Chief Accounting Officer | |||||||||||
| Year Ended December 31, | |||||||||||||||||
| 2022 | 2021 | 2020 | |||||||||||||||
| Revenues | $ | $ | $ | ||||||||||||||
| Costs and expenses: | |||||||||||||||||
| Operating | |||||||||||||||||
| Selling, general and administrative | |||||||||||||||||
| Depreciation and amortization | |||||||||||||||||
| Restructuring and other corporate matters | |||||||||||||||||
| Total costs and expenses | |||||||||||||||||
| Net gain on dispositions | |||||||||||||||||
| Operating income | |||||||||||||||||
| Interest expense | ( | ( | ( | ||||||||||||||
| Interest income | |||||||||||||||||
| Net gains (losses) from investments | ( | ||||||||||||||||
| Loss on extinguishment of debt | ( | ( | ( | ||||||||||||||
| Other items, net | ( | ( | ( | ||||||||||||||
Earnings from continuing operations before income taxes and equity in loss of investee companies | |||||||||||||||||
| Provision for income taxes | ( | ( | ( | ||||||||||||||
| Equity in loss of investee companies, net of tax | ( | ( | ( | ||||||||||||||
| Net earnings from continuing operations | |||||||||||||||||
| Net earnings from discontinued operations, net of tax | |||||||||||||||||
| Net earnings (Paramount and noncontrolling interests) | |||||||||||||||||
| Net earnings attributable to noncontrolling interests | ( | ( | ( | ||||||||||||||
| Net earnings attributable to Paramount | $ | $ | $ | ||||||||||||||
| Amounts attributable to Paramount: | |||||||||||||||||
| Net earnings from continuing operations | $ | $ | $ | ||||||||||||||
| Net earnings from discontinued operations, net of tax | |||||||||||||||||
| Net earnings attributable to Paramount | $ | $ | $ | ||||||||||||||
| Basic net earnings per common share attributable to Paramount: | |||||||||||||||||
| Net earnings from continuing operations | $ | $ | $ | ||||||||||||||
| Net earnings from discontinued operations | $ | $ | $ | ||||||||||||||
| Net earnings | $ | $ | $ | ||||||||||||||
| Diluted net earnings per common share attributable to Paramount: | |||||||||||||||||
| Net earnings from continuing operations | $ | $ | $ | ||||||||||||||
| Net earnings from discontinued operations | $ | $ | $ | ||||||||||||||
| Net earnings | $ | $ | $ | ||||||||||||||
| Weighted average number of common shares outstanding: | |||||||||||||||||
| Basic | |||||||||||||||||
| Diluted | |||||||||||||||||
| Year Ended December 31, | |||||||||||||||||
| 2022 | 2021 | 2020 | |||||||||||||||
| Net earnings (Paramount and noncontrolling interests) | $ | $ | $ | ||||||||||||||
| Other comprehensive income (loss), net of tax: | |||||||||||||||||
| Cumulative translation adjustments | ( | ( | |||||||||||||||
| Decrease (increase) to net actuarial loss and prior service costs | ( | ||||||||||||||||
Other comprehensive income (loss) from continuing operations, net of tax (Paramount and noncontrolling interests) | ( | ||||||||||||||||
| Other comprehensive income (loss) from discontinued operations | ( | ( | |||||||||||||||
| Comprehensive income | |||||||||||||||||
| Less: Comprehensive income attributable to noncontrolling interests | |||||||||||||||||
| Comprehensive income attributable to Paramount | $ | $ | $ | ||||||||||||||
| At December 31, | |||||||||||||||||
| 2022 | 2021 | ||||||||||||||||
| ASSETS | |||||||||||||||||
| Current Assets: | |||||||||||||||||
| Cash and cash equivalents | $ | $ | |||||||||||||||
| Receivables, net | |||||||||||||||||
| Programming and other inventory | |||||||||||||||||
| Prepaid expenses and other current assets | |||||||||||||||||
| Current assets of discontinued operations | |||||||||||||||||
| Total current assets | |||||||||||||||||
| Property and equipment, net | |||||||||||||||||
| Programming and other inventory | |||||||||||||||||
| Goodwill | |||||||||||||||||
| Intangible assets, net | |||||||||||||||||
| Operating lease assets | |||||||||||||||||
| Deferred income tax assets, net | |||||||||||||||||
| Other assets | |||||||||||||||||
| Assets held for sale | |||||||||||||||||
| Assets of discontinued operations | |||||||||||||||||
| Total Assets | $ | $ | |||||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||
| Current Liabilities: | |||||||||||||||||
| Accounts payable | $ | $ | |||||||||||||||
| Accrued expenses | |||||||||||||||||
| Participants’ share and royalties payable | |||||||||||||||||
| Accrued programming and production costs | |||||||||||||||||
| Deferred revenues | |||||||||||||||||
| Debt | |||||||||||||||||
| Other current liabilities | |||||||||||||||||
| Current liabilities of discontinued operations | |||||||||||||||||
| Total current liabilities | |||||||||||||||||
| Long-term debt | |||||||||||||||||
| Participants’ share and royalties payable | |||||||||||||||||
| Pension and postretirement benefit obligations | |||||||||||||||||
| Deferred income tax liabilities, net | |||||||||||||||||
| Operating lease liabilities | |||||||||||||||||
| Program rights obligations | |||||||||||||||||
| Other liabilities | |||||||||||||||||
| Liabilities of discontinued operations | |||||||||||||||||
| Redeemable noncontrolling interest | |||||||||||||||||
Commitments and contingencies (Note 20) | |||||||||||||||||
| Paramount stockholders’ equity: | |||||||||||||||||
Class A Common Stock, par value $ | |||||||||||||||||
Class B Common Stock, par value $ | |||||||||||||||||
| Additional paid-in capital | |||||||||||||||||
Treasury stock, at cost; | ( | ( | |||||||||||||||
| Retained earnings | |||||||||||||||||
| Accumulated other comprehensive loss | ( | ( | |||||||||||||||
| Total Paramount stockholders’ equity | |||||||||||||||||
| Noncontrolling interests | |||||||||||||||||
| Total Equity | |||||||||||||||||
| Total Liabilities and Equity | $ | $ | |||||||||||||||
| Year Ended December 31, | ||||||||||||||||||||
| 2022 | 2021 | 2020 | ||||||||||||||||||
| Operating Activities: | ||||||||||||||||||||
| Net earnings (Paramount and noncontrolling interests) | $ | $ | $ | |||||||||||||||||
| Less: Net earnings from discontinued operations, net of tax | ||||||||||||||||||||
| Net earnings from continuing operations | ||||||||||||||||||||
Adjustments to reconcile net earnings from continuing operations to net cash flow (used for) provided by operating activities from continuing operations: | ||||||||||||||||||||
| Depreciation and amortization | ||||||||||||||||||||
| Amortization of content costs and participation and residuals expense | ||||||||||||||||||||
| Deferred tax provision (benefit) | ( | |||||||||||||||||||
| Stock-based compensation | ||||||||||||||||||||
| Net gain on dispositions | ( | ( | ( | |||||||||||||||||
| Net (gains) losses from investments | ( | ( | ||||||||||||||||||
| Loss on extinguishment of debt | ||||||||||||||||||||
| Equity in loss of investee companies, net of tax and distributions | ||||||||||||||||||||
| Change in assets and liabilities | ||||||||||||||||||||
| (Increase) decrease in receivables | ( | ( | ||||||||||||||||||
| Increase in inventory and related program, participation, and residuals liabilities | ( | ( | ( | |||||||||||||||||
| Increase in accounts payable and other liabilities | ||||||||||||||||||||
| Decrease in pension and postretirement benefit obligations | ( | ( | ( | |||||||||||||||||
| Increase in income taxes | ||||||||||||||||||||
| Other, net | ( | ( | ||||||||||||||||||
| Net cash flow (used for) provided by operating activities from continuing operations | ( | |||||||||||||||||||
| Net cash flow provided by operating activities from discontinued operations | ||||||||||||||||||||
| Net cash flow provided by operating activities | ||||||||||||||||||||
| Investing Activities: | ||||||||||||||||||||
| Investments | ( | ( | ( | |||||||||||||||||
| Capital expenditures | ( | ( | ( | |||||||||||||||||
| Acquisitions, net of cash acquired | ( | ( | ||||||||||||||||||
| Proceeds from dispositions | ||||||||||||||||||||
| Other investing activities | ( | ( | ||||||||||||||||||
| Net cash flow (used for) provided by investing activities from continuing operations | ( | |||||||||||||||||||
| Net cash flow used for investing activities from discontinued operations | ( | ( | ( | |||||||||||||||||
| Net cash flow (used for) provided by investing activities | ( | |||||||||||||||||||
| Financing Activities: | ||||||||||||||||||||
| Repayments of commercial paper borrowings, net | ( | |||||||||||||||||||
| Proceeds from issuance of debt | ||||||||||||||||||||
| Repayment of debt | ( | ( | ( | |||||||||||||||||
| Dividends paid on preferred stock | ( | ( | ||||||||||||||||||
| Dividends paid on common stock | ( | ( | ( | |||||||||||||||||
| Proceeds from issuance of preferred stock | ||||||||||||||||||||
| Proceeds from issuance of common stock | ||||||||||||||||||||
| Purchase of Company common stock | ( | |||||||||||||||||||
| Payment of payroll taxes in lieu of issuing shares for stock-based compensation | ( | ( | ( | |||||||||||||||||
| Proceeds from exercise of stock options | ||||||||||||||||||||
| Payments to noncontrolling interests | ( | ( | ( | |||||||||||||||||
| Other financing activities | ( | ( | ( | |||||||||||||||||
| Net cash flow used for financing activities | ( | ( | ( | |||||||||||||||||
| Effect of exchange rate changes on cash and cash equivalents | ( | ( | ||||||||||||||||||
| Net (decrease) increase in cash, cash equivalents and restricted cash | ( | |||||||||||||||||||
Cash, cash equivalents and restricted cash at beginning of year (includes $ | ||||||||||||||||||||
Cash, cash equivalents and restricted cash at end of year (includes $ | $ | $ | $ | |||||||||||||||||
| Preferred Stock | Class A and B Common Stock | Treasury Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Total Paramount Stockholders’ Equity | Non-Controlling Interests | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (Shares) | (Shares) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| December 31, 2019 | $ | $ | $ | ( | $ | $ | $ | ( | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock-based compensation activity | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Class B Common Stock purchased | — | — | ( | — | ( | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Common stock dividends | — | — | — | — | — | — | ( | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Noncontrolling interests | — | — | — | — | — | — | — | (a) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net earnings | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other comprehensive income (loss) | — | — | — | — | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| December 31, 2020 | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock-based compensation activity | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock issuances | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Preferred stock dividends | — | — | — | — | — | — | ( | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Common stock dividends | — | — | — | — | — | — | ( | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Noncontrolling interests | — | — | — | — | — | ( | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net earnings | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other comprehensive loss | — | — | — | — | — | — | — | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| December 31, 2021 | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock-based compensation activity | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Preferred stock dividends | — | — | — | — | — | — | ( | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Common stock dividends | — | — | — | — | — | — | ( | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Noncontrolling interests | — | — | — | — | — | ( | — | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net earnings | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other comprehensive loss | — | — | — | — | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| December 31, 2022 | $ | $ | $ | ( | $ | $ | $ | ( | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Buildings and building improvements | |||||
| Leasehold improvements | |||||
| Equipment and other (including finance leases) | |||||
| Year Ended December 31, | 2022 | 2021 | 2020 | ||||||||||||||
| (in millions) | |||||||||||||||||
| Weighted average shares for basic EPS | |||||||||||||||||
Dilutive effect of shares issuable under stock-based compensation plans | |||||||||||||||||
| Conversion of Mandatory Convertible Preferred Stock | |||||||||||||||||
| Weighted average shares for diluted EPS | |||||||||||||||||
| Year Ended December 31, | 2022 | 2021 | ||||||||||||
| Amounts attributable to Paramount: | ||||||||||||||
| Net earnings from continuing operations | $ | $ | ||||||||||||
| Preferred stock dividends | ( | ( | ||||||||||||
| Net earnings from continuing operations for basic EPS calculation | ||||||||||||||
| Preferred stock dividend adjustment | ||||||||||||||
| Net earnings from continuing operations for diluted EPS calculation | $ | $ | ||||||||||||
| Amounts attributable to Paramount: | ||||||||||||||
| Net earnings | $ | $ | ||||||||||||
| Preferred stock dividends | ( | ( | ||||||||||||
| Net earnings for basic EPS calculation | ||||||||||||||
| Preferred stock dividend adjustment | ||||||||||||||
| Net earnings for diluted EPS calculation | $ | $ | ||||||||||||
| Year Ended December 31, 2022 | Simon & Schuster | Other (a) | Total | |||||||||||||||||||||||
| Revenues | $ | $ | $ | |||||||||||||||||||||||
| Costs and expenses: | ||||||||||||||||||||||||||
| Operating | ( | |||||||||||||||||||||||||
| Selling, general and administrative | ||||||||||||||||||||||||||
| Restructuring charges | ||||||||||||||||||||||||||
| Total costs and expenses | ( | |||||||||||||||||||||||||
| Operating income | ||||||||||||||||||||||||||
| Termination fee, net of advisory fees | ||||||||||||||||||||||||||
| Other items, net | ( | ( | ||||||||||||||||||||||||
| Earnings from discontinued operations | ||||||||||||||||||||||||||
| Income tax provision | ( | ( | ( | |||||||||||||||||||||||
| Net earnings from discontinued operations, net of tax | $ | $ | $ | |||||||||||||||||||||||
| Year Ended December 31, 2021 | Simon & Schuster | Other (a) | Total | |||||||||||||||||||||||
| Revenues | $ | $ | $ | |||||||||||||||||||||||
| Costs and expenses: | ||||||||||||||||||||||||||
| Operating | ( | |||||||||||||||||||||||||
| Selling, general and administrative | ||||||||||||||||||||||||||
| Depreciation and amortization | ||||||||||||||||||||||||||
| Restructuring charges | ||||||||||||||||||||||||||
| Total costs and expenses | ( | |||||||||||||||||||||||||
| Operating income | ||||||||||||||||||||||||||
| Other items, net | ( | ( | ||||||||||||||||||||||||
| Earnings from discontinued operations | ||||||||||||||||||||||||||
| Income tax provision | ( | ( | ( | |||||||||||||||||||||||
| Net earnings from discontinued operations, net of tax | $ | $ | $ | |||||||||||||||||||||||
| Year Ended December 31, 2020 | Simon & Schuster | Other (a) | Total | |||||||||||||||||||||||
| Revenues | $ | $ | $ | |||||||||||||||||||||||
| Costs and expenses: | ||||||||||||||||||||||||||
| Operating | ( | |||||||||||||||||||||||||
| Selling, general and administrative | ||||||||||||||||||||||||||
| Depreciation and amortization | ||||||||||||||||||||||||||
| Restructuring charges | ||||||||||||||||||||||||||
| Total costs and expenses | ( | |||||||||||||||||||||||||
| Operating income | ||||||||||||||||||||||||||
| Other items, net | ( | ( | ||||||||||||||||||||||||
| Earnings from discontinued operations | ||||||||||||||||||||||||||
| Income tax provision | ( | ( | ( | |||||||||||||||||||||||
| Net earnings from discontinued operations, net of tax | $ | $ | $ | |||||||||||||||||||||||
| At December 31, | 2022 | 2021 | |||||||||
| Receivables, net | $ | $ | |||||||||
| Other current assets | |||||||||||
| Goodwill | |||||||||||
| Property and equipment, net | |||||||||||
| Operating lease assets | |||||||||||
| Other assets | |||||||||||
| Total Assets | $ | $ | |||||||||
| Royalties payable | $ | $ | |||||||||
| Other current liabilities | |||||||||||
| Operating lease liabilities | |||||||||||
| Other liabilities | |||||||||||
| Total Liabilities | $ | $ | |||||||||
| At December 31, | 2022 | 2021 | |||||||||
| Land | $ | $ | |||||||||
| Buildings | |||||||||||
| Equipment and other | |||||||||||
| Less accumulated depreciation | |||||||||||
| Property and equipment, net | $ | $ | |||||||||
| Year Ended December 31, | 2022 | 2021 | 2020 | ||||||||||||||
Depreciation expense (a) | $ | $ | $ | ||||||||||||||
| At December 31, | 2022 | 2021 | |||||||||
| Film Group Monetization: | |||||||||||
| Acquired program rights, including prepaid sports rights | $ | $ | |||||||||
| Internally-produced television and film programming: | |||||||||||
| Released | |||||||||||
| In process and other | |||||||||||
| Individual Monetization: | |||||||||||
| Acquired libraries | |||||||||||
| Film inventory: | |||||||||||
| Released | |||||||||||
| Completed, not yet released | |||||||||||
| In process and other | |||||||||||
| Internally-produced television programming: | |||||||||||
| Released | |||||||||||
| In process and other | |||||||||||
| Home entertainment | |||||||||||
| Total programming and other inventory | |||||||||||
| Less current portion | |||||||||||
| Total noncurrent programming and other inventory | $ | $ | |||||||||
| Year Ended December 31, | 2022 | 2021 | 2020 | ||||||||||||||
| Programming costs, acquired programming | $ | $ | $ | ||||||||||||||
| Production costs, internally-produced television and film programming: | |||||||||||||||||
| Individual monetization | $ | $ | $ | ||||||||||||||
| Film group monetization | $ | $ | $ | ||||||||||||||
| 2023 | 2024 | 2025 | |||||||||||||||
| Programming costs, acquired programming | $ | $ | $ | ||||||||||||||
| Production costs, internally-produced television and film programming: | |||||||||||||||||
| Individual monetization | $ | $ | $ | ||||||||||||||
| Film group monetization | $ | $ | $ | ||||||||||||||
| Balance at | Acquisitions / | Foreign | Balance at | ||||||||||||||||||||||||||||||||||||||
| December 31, 2021 | (Dispositions) | Currency | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||
| TV Media: | |||||||||||||||||||||||||||||||||||||||||
| Goodwill | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||||
| Accumulated impairment losses | ( | ( | |||||||||||||||||||||||||||||||||||||||
| Goodwill, net of impairment | ( | ||||||||||||||||||||||||||||||||||||||||
| Direct-to-Consumer | |||||||||||||||||||||||||||||||||||||||||
| Goodwill | |||||||||||||||||||||||||||||||||||||||||
| Accumulated impairment losses | |||||||||||||||||||||||||||||||||||||||||
| Goodwill, net of impairment | |||||||||||||||||||||||||||||||||||||||||
| Filmed Entertainment: | |||||||||||||||||||||||||||||||||||||||||
| Goodwill | |||||||||||||||||||||||||||||||||||||||||
| Accumulated impairment losses | |||||||||||||||||||||||||||||||||||||||||
| Goodwill, net of impairment | |||||||||||||||||||||||||||||||||||||||||
| Total: | |||||||||||||||||||||||||||||||||||||||||
| Goodwill | ( | ||||||||||||||||||||||||||||||||||||||||
| Accumulated impairment losses | ( | ( | |||||||||||||||||||||||||||||||||||||||
| Goodwill, net of impairment | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||||
| Balance at | Acquisitions / | Foreign | Balance at | ||||||||||||||||||||||||||||||||||||||
| December 31, 2020 | (Dispositions) | Currency | December 31, 2021 | ||||||||||||||||||||||||||||||||||||||
| TV Media: | |||||||||||||||||||||||||||||||||||||||||
| Goodwill | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||||
| Accumulated impairment losses | ( | ( | |||||||||||||||||||||||||||||||||||||||
| Goodwill, net of impairment | ( | ||||||||||||||||||||||||||||||||||||||||
| Direct-to-Consumer: | |||||||||||||||||||||||||||||||||||||||||
| Goodwill | |||||||||||||||||||||||||||||||||||||||||
| Accumulated impairment losses | |||||||||||||||||||||||||||||||||||||||||
| Goodwill, net of impairment | |||||||||||||||||||||||||||||||||||||||||
| Filmed Entertainment: | |||||||||||||||||||||||||||||||||||||||||
| Goodwill | |||||||||||||||||||||||||||||||||||||||||
| Accumulated impairment losses | |||||||||||||||||||||||||||||||||||||||||
| Goodwill, net of impairment | |||||||||||||||||||||||||||||||||||||||||
| Total: | |||||||||||||||||||||||||||||||||||||||||
| Goodwill | ( | ||||||||||||||||||||||||||||||||||||||||
| Accumulated impairment losses | ( | ( | |||||||||||||||||||||||||||||||||||||||
| Goodwill, net of impairment | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||||
| Accumulated | |||||||||||||||||
| At December 31, 2022 | Gross | Amortization | Net | ||||||||||||||
| Intangible assets subject to amortization: | |||||||||||||||||
| Trade names | $ | $ | ( | $ | |||||||||||||
| Licenses | ( | ||||||||||||||||
| Customer agreements | ( | ||||||||||||||||
| Other intangible assets | ( | ||||||||||||||||
| Total intangible assets subject to amortization | ( | ||||||||||||||||
| FCC licenses | — | ||||||||||||||||
| International broadcast licenses | — | ||||||||||||||||
| Other intangible assets | — | ||||||||||||||||
| Total intangible assets | $ | $ | ( | $ | |||||||||||||
| Accumulated | |||||||||||||||||
| At December 31, 2021 | Gross | Amortization | Net | ||||||||||||||
| Intangible assets subject to amortization: | |||||||||||||||||
| Trade names | $ | $ | ( | $ | |||||||||||||
| Licenses | ( | ||||||||||||||||
| Customer agreements | ( | ||||||||||||||||
| Other intangible assets | ( | ||||||||||||||||
| Total intangible assets subject to amortization | ( | ||||||||||||||||
| FCC licenses | — | ||||||||||||||||
| International broadcast licenses | — | ||||||||||||||||
| Other intangible assets | — | ||||||||||||||||
| Total intangible assets | $ | $ | ( | $ | |||||||||||||
| Year Ended December 31, | 2022 | 2021 | 2020 | ||||||||||||||||||||||||||||||||
Amortization expense (a) | $ | $ | $ | ||||||||||||||||||||||||||||||||
| 2023 | 2024 | 2025 | 2026 | 2027 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Future amortization expense | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Year Ended December 31, | 2022 | 2021 | 2020 | ||||||||||||||
Severance (a) | $ | $ | $ | ||||||||||||||
| Lease impairments and other exit costs | |||||||||||||||||
| Restructuring charges | |||||||||||||||||
| Merger-related costs | |||||||||||||||||
| Other corporate matters | |||||||||||||||||
| Restructuring and other corporate matters | $ | $ | $ | ||||||||||||||
| 2022 Activity | |||||||||||||||||||||||||||||||||||||||||
| Balance at December 31, 2021 | Charges (a) | Payments | Balance at December 31, 2022 | ||||||||||||||||||||||||||||||||||||||
| TV Media | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||||
| Direct-to-Consumer | |||||||||||||||||||||||||||||||||||||||||
| Filmed Entertainment | ( | ||||||||||||||||||||||||||||||||||||||||
| Corporate | ( | ||||||||||||||||||||||||||||||||||||||||
| Total | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||||
| 2021 Activity | |||||||||||||||||||||||||||||||||||||||||
| Balance at December 31, 2020 | Charges (a) | Payments | Balance at December 31, 2021 | ||||||||||||||||||||||||||||||||||||||
| TV Media | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||||
| Filmed Entertainment | ( | ||||||||||||||||||||||||||||||||||||||||
| Corporate | ( | ||||||||||||||||||||||||||||||||||||||||
| Total | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||||
| Year Ended December 31, | 2022 (a) | 2021 | 2020 | ||||||||||||||
| Revenues | $ | $ | $ | ||||||||||||||
| Operating expenses | $ | $ | $ | ||||||||||||||
| At December 31, | 2022 (a) | 2021 | |||||||||
| Accounts receivable | $ | $ | |||||||||
| Year Ended December 31, | 2022 | 2021 | 2020 | ||||||||||||||
| Revenues by Type: | |||||||||||||||||
| Advertising | $ | $ | $ | ||||||||||||||
| Affiliate and subscription | |||||||||||||||||
| Theatrical | |||||||||||||||||
| Licensing and other | |||||||||||||||||
| Total Revenues | $ | $ | $ | ||||||||||||||
| At December 31, | 2022 | 2021 | |||||||||
| $ | $ | ||||||||||
| Other bank borrowings | |||||||||||
Total debt (a) | |||||||||||
Less current portion of long-term debt | |||||||||||
| Total long-term debt, net of current portion | $ | $ | |||||||||
| 2028 and | ||||||||||||||||||||||||||||||||||||||||||||||||||
| 2023 | 2024 | 2025 | 2026 | 2027 | Thereafter | |||||||||||||||||||||||||||||||||||||||||||||
| Long-term debt | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
| 2022 | 2021 | ||||||||||
| Right-of-Use Assets | |||||||||||
| Operating lease assets | $ | $ | |||||||||
| Lease Liabilities | |||||||||||
| $ | $ | ||||||||||
| Operating lease liabilities | |||||||||||
| Total lease liabilities | $ | $ | |||||||||
| 2022 | 2021 | ||||||||||
| Weighted average remaining lease term | |||||||||||
| Weighted average discount rate | % | % | |||||||||
| Year Ended December 31, | 2022 | 2021 | 2020 | ||||||||||||||
Operating lease cost (a) (b) | $ | $ | $ | ||||||||||||||
Short-term lease cost (b) (c) | |||||||||||||||||
Variable lease cost (b) (d) | |||||||||||||||||
| Sublease income | ( | ( | ( | ||||||||||||||
| Total lease cost | $ | $ | $ | ||||||||||||||
| Year Ended December 31, | 2022 | 2021 | 2020 | ||||||||||||||
| Payments for amounts included in operating lease liabilities (operating cash flows) | $ | $ | $ | ||||||||||||||
| Noncash additions to operating lease assets | $ | $ | $ | ||||||||||||||
| 2023 | $ | ||||
| 2024 | |||||
| 2025 | |||||
| 2026 | |||||
| 2027 | |||||
| 2028 and thereafter | |||||
| Total minimum payments | |||||
| Less amounts representing interest | |||||
| Present value of minimum payments | $ | ||||
| Year Ended December 31, | 2022 | 2021 | Financial Statement Account | ||||||||||||||||||||||||||
| Non-designated foreign exchange contracts | $ | $ | Other items, net | ||||||||||||||||||||||||||
| At December 31, | 2022 | 2021 | |||||||||
| Assets: | |||||||||||
| Foreign currency hedges | $ | $ | |||||||||
| Total Assets | $ | $ | |||||||||
| Liabilities: | |||||||||||
| Deferred compensation | $ | $ | |||||||||
| Foreign currency hedges | |||||||||||
| Total Liabilities | $ | $ | |||||||||
| At December 31, | 2022 | 2021 | |||||||||
| Total assets | $ | $ | |||||||||
| Total liabilities | $ | $ | |||||||||
| Year Ended December 31, | 2022 | 2021 | 2020 (a) | ||||||||||||||
| Revenues | $ | $ | $ | ||||||||||||||
Operating 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, 2019 | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||||||||||||||||||||||||||
| Other comprehensive income (loss) before reclassifications | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
| Reclassifications to net earnings | (b) | |||||||||||||||||||||||||||||||||||||||||||||||||
| Other comprehensive income (loss) | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
| At December 31, 2020 | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||
| Other comprehensive income (loss) before reclassifications | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||
| Reclassifications to net earnings | (b) | |||||||||||||||||||||||||||||||||||||||||||||||||
| Other comprehensive income (loss) | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||
| At December 31, 2021 | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||
| Other comprehensive income (loss) before reclassifications | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
| Reclassifications to net earnings | (b) | |||||||||||||||||||||||||||||||||||||||||||||||||
| Other comprehensive income (loss) | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
| At December 31, 2022 | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||||||||||||||||||||||||||
| Year Ended December 31, | 2022 | 2021 | 2020 | ||||||||||||||
| RSUs and PSUs | $ | $ | $ | ||||||||||||||
| Stock options | |||||||||||||||||
| Expense included in operating and SG&A | |||||||||||||||||
Expense included in restructuring and other corporate matters (a) | |||||||||||||||||
| Stock-based compensation expense, before income taxes | |||||||||||||||||
| Related tax benefit | ( | ( | ( | ||||||||||||||
| Stock-based compensation expense, net of tax benefit | $ | $ | $ | ||||||||||||||
| Weighted Average | ||||||||||||||||||||
| Shares | Grant Date Fair Value | |||||||||||||||||||
| Non-vested at December 31, 2021 | $ | |||||||||||||||||||
| Granted | $ | |||||||||||||||||||
| Vested | ( | $ | ||||||||||||||||||
| Forfeited | ( | $ | ||||||||||||||||||
| Non-vested at December 31, 2022 | $ | |||||||||||||||||||
| Weighted Average | |||||||||||||||||||||||
| Stock Options | Exercise Price | ||||||||||||||||||||||
| Outstanding at December 31, 2021 | $ | ||||||||||||||||||||||
| Forfeited or expired | ( | $ | |||||||||||||||||||||
| Outstanding at December 31, 2022 | $ | ||||||||||||||||||||||
| Exercisable at December 31, 2022 | $ | ||||||||||||||||||||||
| Year Ended December 31, | 2021 | 2020 | |||||||||
| Cash received from stock option exercises | $ | $ | |||||||||
| Tax benefit of stock option exercises | $ | $ | |||||||||
| Intrinsic value of stock option exercises | $ | $ | |||||||||
| Year Ended December 31, | 2022 | 2021 | 2020 | ||||||||||||||
| United States | $ | $ | $ | ||||||||||||||
| Foreign | |||||||||||||||||
| Total | $ | $ | $ | ||||||||||||||
| Year Ended December 31, | 2022 | 2021 | 2020 | ||||||||||||||
| Current: | |||||||||||||||||
| Federal | $ | $ | $ | ||||||||||||||
| State and local | |||||||||||||||||
| Foreign | |||||||||||||||||
| Total current | |||||||||||||||||
| Deferred: | |||||||||||||||||
| Federal | ( | ||||||||||||||||
| State and local | ( | ||||||||||||||||
| Foreign | ( | ( | ( | ||||||||||||||
| Total deferred | ( | ||||||||||||||||
| Provision for income taxes | $ | $ | $ | ||||||||||||||
| Year Ended December 31, | 2022 | 2021 | 2020 | ||||||||||||||
| Taxes on income at U.S. federal statutory rate | $ | $ | $ | ||||||||||||||
| State and local taxes, net of federal tax benefit | |||||||||||||||||
| Effect of foreign operations | ( | ( | ( | ||||||||||||||
| Noncontrolling interests | ( | ( | ( | ||||||||||||||
| U.K. statutory rate change | ( | ( | |||||||||||||||
Reorganization of foreign operations (a) | ( | ( | |||||||||||||||
| Excess tax (benefit) deficiency from stock-based compensation | ( | ||||||||||||||||
Other, net | ( | ||||||||||||||||
| Provision for income taxes | $ | $ | $ | ||||||||||||||
| At December 31, | 2022 | 2021 | |||||||||
| Deferred income tax assets: | |||||||||||
| Reserves and other accrued liabilities | $ | $ | |||||||||
| Pension, postretirement and other employee benefits | |||||||||||
| Lease liability | |||||||||||
| Tax credit and loss carryforwards | |||||||||||
| Interest limitation carryforward | |||||||||||
| Capitalized costs | |||||||||||
| Other | |||||||||||
| Total deferred income tax assets | |||||||||||
| Valuation allowance | ( | ( | |||||||||
| Deferred income tax assets, net | |||||||||||
| Deferred income tax liabilities: | |||||||||||
| Intangible assets | ( | ( | |||||||||
| Unbilled licensing receivables | ( | ||||||||||
| Lease asset | ( | ( | |||||||||
| Property, equipment and other assets | ( | ( | |||||||||
| Financing obligations | ( | ( | |||||||||
| Other | ( | ( | |||||||||
| Total deferred income tax liabilities | ( | ( | |||||||||
| Deferred income tax assets, net | $ | $ | |||||||||
| At January 1, 2020 | $ | ||||
| Additions for current year tax positions | |||||
| Additions for prior year tax positions | |||||
| Reductions for prior year tax positions | ( | ||||
| Cash settlements | ( | ||||
| Statute of limitations lapses | ( | ||||
| Reclassification to deferred income tax liability | ( | ||||
| At December 31, 2020 | |||||
| Additions for current year tax positions | |||||
| Additions for prior year tax positions | |||||
| Reductions for prior year tax positions | ( | ||||
| Cash settlements | ( | ||||
| Statute of limitations lapses | ( | ||||
| At December 31, 2021 | |||||
| Additions for current year tax positions | |||||
| Additions for prior year tax positions | |||||
| Reductions for prior year tax positions | ( | ||||
| Cash settlements | ( | ||||
| Statute of limitations lapses | ( | ||||
| At December 31, 2022 | $ | ||||
| Pension Benefits | Postretirement Benefits | ||||||||||||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
| Change in benefit obligation: | |||||||||||||||||||||||
| Benefit obligation, beginning of year | $ | $ | $ | $ | |||||||||||||||||||
| Service cost | |||||||||||||||||||||||
| Interest cost | |||||||||||||||||||||||
| Actuarial gain | ( | ( | ( | ( | |||||||||||||||||||
| Benefits paid | ( | ( | ( | ( | |||||||||||||||||||
| Settlements paid | ( | ||||||||||||||||||||||
| Participants’ contributions | |||||||||||||||||||||||
| Retiree Medicare drug subsidy | |||||||||||||||||||||||
| Benefit obligation, end of year | $ | $ | $ | $ | |||||||||||||||||||
| Pension Benefits | Postretirement Benefits | ||||||||||||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
| Change in plan assets: | |||||||||||||||||||||||
| Fair value of plan assets, beginning of year | $ | $ | $ | $ | |||||||||||||||||||
| Actual (loss) return on plan assets | ( | ||||||||||||||||||||||
| Employer contributions | |||||||||||||||||||||||
| Benefits paid | ( | ( | ( | ( | |||||||||||||||||||
| Settlements paid | ( | ||||||||||||||||||||||
| Participants’ contributions | |||||||||||||||||||||||
| Retiree Medicare drug subsidy | |||||||||||||||||||||||
| Fair value of plan assets, end of year | $ | $ | $ | $ | |||||||||||||||||||
| Pension Benefits | Postretirement Benefits | ||||||||||||||||||||||
| At December 31, | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
| Funded status at end of year | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
| Amounts recognized on the Consolidated Balance Sheets: | |||||||||||||||||||||||
| Other assets | $ | $ | $ | $ | |||||||||||||||||||
| Current liabilities | ( | ( | ( | ( | |||||||||||||||||||
| Noncurrent liabilities | ( | ( | ( | ( | |||||||||||||||||||
| Net amounts recognized | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
| Pension Benefits | Postretirement Benefits | ||||||||||||||||||||||
| At December 31, | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
| Net actuarial (loss) gain | $ | ( | $ | ( | $ | $ | |||||||||||||||||
| Net prior service cost | ( | ( | |||||||||||||||||||||
| Share of equity investee | ( | ||||||||||||||||||||||
| ( | ( | ||||||||||||||||||||||
| Deferred income taxes | ( | ( | |||||||||||||||||||||
Net amount recognized in accumulated other comprehensive income (loss) | $ | ( | $ | ( | $ | $ | |||||||||||||||||
| At December 31, | 2022 | 2021 | |||||||||
| Projected and accumulated benefit obligation | $ | $ | |||||||||
| Fair value of plan assets | $ | $ | |||||||||
| Pension Benefits | Postretirement Benefits | ||||||||||||||||||||||||||||||||||
| Year Ended December 31, | 2022 | 2021 | 2020 | 2022 | 2021 | 2020 | |||||||||||||||||||||||||||||
| Components of net periodic cost: | |||||||||||||||||||||||||||||||||||
| Service cost | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
| Interest cost | |||||||||||||||||||||||||||||||||||
| Expected return on plan assets | ( | ( | ( | ||||||||||||||||||||||||||||||||
| Amortization of actuarial losses (gains) | ( | ( | ( | ||||||||||||||||||||||||||||||||
| Amortization of prior service cost | |||||||||||||||||||||||||||||||||||
Settlements (a) | |||||||||||||||||||||||||||||||||||
Net periodic cost (b) | $ | $ | $ | $ | ( | $ | ( | $ | ( | ||||||||||||||||||||||||||
| Pension Benefits | Postretirement Benefits | ||||||||||||||||||||||||||||||||||
| Year Ended December 31, | 2022 | 2021 | 2020 | 2022 | 2021 | 2020 | |||||||||||||||||||||||||||||
| Other comprehensive income (loss): | |||||||||||||||||||||||||||||||||||
| Actuarial (loss) gain | $ | $ | ( | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||
| Share of equity investee | |||||||||||||||||||||||||||||||||||
| Curtailment gain | |||||||||||||||||||||||||||||||||||
| Settlements | |||||||||||||||||||||||||||||||||||
| Amortization of actuarial losses (gains) | ( | ( | ( | ||||||||||||||||||||||||||||||||
| Amortization of prior service cost | |||||||||||||||||||||||||||||||||||
| ( | |||||||||||||||||||||||||||||||||||
| Deferred income taxes | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||
| Recognized in other comprehensive income (loss), net of tax | $ | $ | $ | $ | $ | $ | ( | ||||||||||||||||||||||||||||
| Pension Benefits | Postretirement Benefits | ||||||||||||||||||||||||||||||||||
| 2022 | 2021 | 2020 | 2022 | 2021 | 2020 | ||||||||||||||||||||||||||||||
| Weighted average assumptions used to determine benefit obligations at December 31: | |||||||||||||||||||||||||||||||||||
| Discount rate | % | % | % | % | % | % | |||||||||||||||||||||||||||||
| 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 | % | % | % | % | % | % | |||||||||||||||||||||||||||||
| Expected long-term return on plan assets | % | % | % | N/A | N/A | N/A | |||||||||||||||||||||||||||||
| Cash balance interest crediting rate | % | % | % | N/A | N/A | N/A | |||||||||||||||||||||||||||||
| Rate of compensation increase | % | % | % | N/A | N/A | N/A | |||||||||||||||||||||||||||||
| 2022 | 2021 | ||||||||||
| Projected health care cost trend rate (pre-65) | % | % | |||||||||
| Projected health care cost trend rate (post-65) | % | % | |||||||||
| Ultimate trend rate | % | % | |||||||||
| Year ultimate trend rate is achieved | 2030 | 2030 | |||||||||
| At December 31, 2022 | Level 1 | Level 2 | Total | ||||||||||||||
Cash and cash equivalents (a) | $ | $ | $ | ||||||||||||||
| Fixed income securities: | |||||||||||||||||
| U.S. treasury securities | |||||||||||||||||
| Government-related securities | |||||||||||||||||
Corporate bonds (c) | |||||||||||||||||
| Mortgage-backed and asset-backed securities | |||||||||||||||||
| Equity securities: | |||||||||||||||||
| U.S. large capitalization | |||||||||||||||||
| U.S. small capitalization | |||||||||||||||||
| Total assets in fair value hierarchy | $ | $ | $ | ||||||||||||||
Common collective funds measured at net asset value (d) (e) | |||||||||||||||||
Limited partnerships measured at net asset value (d) | |||||||||||||||||
Mutual funds measured at net asset value (d) | |||||||||||||||||
| Investments, at fair value | $ | ||||||||||||||||
| At December 31, 2021 | Level 1 | Level 2 | Total | ||||||||||||||
Cash and cash equivalents (a) (b) | $ | $ | $ | ||||||||||||||
| Fixed income securities: | |||||||||||||||||
| U.S. treasury securities | |||||||||||||||||
| Government-related securities | |||||||||||||||||
Corporate bonds (c) | |||||||||||||||||
| Mortgage-backed and asset-backed securities | |||||||||||||||||
| Equity securities: | |||||||||||||||||
| U.S. large capitalization | |||||||||||||||||
| U.S. small capitalization | |||||||||||||||||
| Other | |||||||||||||||||
| Total assets in fair value hierarchy | $ | $ | $ | ||||||||||||||
Common collective funds measured at net asset value (d) (e) | |||||||||||||||||
Limited partnerships measured at net asset value (d) | |||||||||||||||||
Mutual funds measured at net asset value (d) | |||||||||||||||||
| Investments, at fair value | $ | ||||||||||||||||
| 2023 | 2024 | 2025 | 2026 | 2027 | 2028-2032 | ||||||||||||||||||||||||||||||
| Pension | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
| Postretirement | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
| Retiree Medicare drug subsidy | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
| Employer Identification Number/Pension Plan Number | Pension Protection Act | Company Contributions | Expiration Date of Collective Bargaining Agreement | ||||||||||||||||||||||||||||||||||||||
Zone Status (a) | |||||||||||||||||||||||||||||||||||||||||
| Pension Plan | 2022 | 2021 | 2022 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||
AFTRA Retirement Plan (b) | 13-6414972-001 | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Directors Guild of America - Producer (b) | 95-2892780-001 | ||||||||||||||||||||||||||||||||||||||||
| Producer-Writers Guild of America | 95-2216351-001 | ||||||||||||||||||||||||||||||||||||||||
| Screen Actors Guild - Producers | 95-2110997-001 | ||||||||||||||||||||||||||||||||||||||||
| Motion Picture Industry | 95-1810805-001 | (c) | |||||||||||||||||||||||||||||||||||||||
| I.A.T.S.E. Local No. 33 Pension Trust Fund | 95-6377503-001 | ||||||||||||||||||||||||||||||||||||||||
| Other Plans | |||||||||||||||||||||||||||||||||||||||||
| Total contributions | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||
| Year Ended December 31, | 2022 | 2021 | 2020 | ||||||||||||||
| Revenues: | |||||||||||||||||
| Advertising | $ | $ | $ | ||||||||||||||
| Affiliate and subscription | |||||||||||||||||
| Licensing and other | |||||||||||||||||
| TV Media | |||||||||||||||||
| Advertising | |||||||||||||||||
| Subscription | |||||||||||||||||
| Direct-to-Consumer | |||||||||||||||||
| Advertising | |||||||||||||||||
| Theatrical | |||||||||||||||||
| Licensing and other | |||||||||||||||||
| Filmed Entertainment | |||||||||||||||||
| Eliminations | ( | ( | ( | ||||||||||||||
| Total Revenues | $ | $ | $ | ||||||||||||||
| Year Ended December 31, | 2022 | 2021 | 2020 | ||||||||||||||
| Intercompany Revenues: | |||||||||||||||||
| TV Media | $ | $ | $ | ||||||||||||||
| Direct-to-Consumer | |||||||||||||||||
| Filmed Entertainment | |||||||||||||||||
| Total Intercompany Revenues | $ | $ | $ | ||||||||||||||
| Year Ended December 31, | 2022 | 2021 | 2020 | ||||||||||||||
| Adjusted OIBDA: | |||||||||||||||||
| TV Media | $ | $ | $ | ||||||||||||||
| Direct-to-Consumer | ( | ( | ( | ||||||||||||||
| Filmed Entertainment | |||||||||||||||||
| Corporate/Eliminations | ( | ( | ( | ||||||||||||||
| Stock-based compensation | ( | ( | ( | ||||||||||||||
| Depreciation and amortization | ( | ( | ( | ||||||||||||||
| Restructuring and other corporate matters | ( | ( | ( | ||||||||||||||
| Programming charges | ( | ||||||||||||||||
| Net gain on dispositions | |||||||||||||||||
| Operating income | |||||||||||||||||
| Interest expense | ( | ( | ( | ||||||||||||||
| Interest income | |||||||||||||||||
| Net gains (losses) from investments | ( | ||||||||||||||||
| Loss on extinguishment of debt | ( | ( | ( | ||||||||||||||
| Other items, net | ( | ( | ( | ||||||||||||||
Earnings from continuing operations before income taxes and equity in loss of investee companies | |||||||||||||||||
| Provision for income taxes | ( | ( | ( | ||||||||||||||
| Equity in loss of investee companies, net of tax | ( | ( | ( | ||||||||||||||
| Net earnings from continuing operations | |||||||||||||||||
| Net earnings from discontinued operations, net of tax | |||||||||||||||||
| Net earnings (Paramount and noncontrolling interests) | |||||||||||||||||
| Net earnings attributable to noncontrolling interests | ( | ( | ( | ||||||||||||||
| Net earnings attributable to Paramount | $ | $ | $ | ||||||||||||||
| Year Ended December 31, | 2022 | 2021 | 2020 | ||||||||||||||
Revenues: (a) | |||||||||||||||||
| United States | $ | $ | $ | ||||||||||||||
| International | |||||||||||||||||
| Total Revenues | $ | $ | $ | ||||||||||||||
| At December 31, | 2022 | 2021 | |||||||||
Long-lived Assets: (a) | |||||||||||
| United States | $ | $ | |||||||||
| International | |||||||||||
| Total Long-lived Assets | $ | $ | |||||||||
| Payments Due by Period | |||||||||||||||||||||||||||||||||||||||||
| 2028 and | |||||||||||||||||||||||||||||||||||||||||
| Total | 2023 | 2024 | 2025 | 2026 | 2027 | Thereafter | |||||||||||||||||||||||||||||||||||
| Off-Balance Sheet Arrangements | |||||||||||||||||||||||||||||||||||||||||
| Programming and talent commitments | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
| Purchase obligations | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
| On-Balance Sheet Arrangements | |||||||||||||||||||||||||||||||||||||||||
| Other long-term contractual obligations | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
| Year Ended December 31, | 2022 | 2021 | 2020 | ||||||||||||||
| Pension and postretirement benefit costs | $ | ( | $ | ( | $ | ( | |||||||||||
| Foreign exchange losses | ( | ( | ( | ||||||||||||||
Pension settlement charge (a) | ( | ||||||||||||||||
| Other | ( | ||||||||||||||||
| Other items, net | $ | ( | $ | ( | $ | ( | |||||||||||
| Year Ended December 31, | 2022 | 2021 | 2020 | ||||||||||||||
| Beginning balance | $ | $ | $ | ||||||||||||||
| Net earnings | |||||||||||||||||
| Distributions | ( | ( | ( | ||||||||||||||
| Translation adjustment | ( | ( | |||||||||||||||
| Redemption value adjustment | ( | ( | |||||||||||||||
| Purchase of noncontrolling interest | ( | ||||||||||||||||
| Ending balance | $ | $ | $ | ||||||||||||||
| Year Ended December 31, | 2022 | 2021 | 2020 | ||||||||||||||
| Cash paid for interest | $ | $ | $ | ||||||||||||||
| Cash paid for income taxes: | |||||||||||||||||
| Continuing operations | $ | $ | $ | ||||||||||||||
| Discontinued operations | |||||||||||||||||
| Total cash paid for income taxes | $ | $ | $ | ||||||||||||||
Item 9. | Changes in and Disagreements With Accountants on Accounting and Financial Disclosure. | ||||
Item 9A. | Controls and Procedures. | ||||
Item 9B. | Other Information. | ||||
| Item 9C. | Disclosure Regarding Foreign Jurisdictions that Prevent Inspections. | ||||
Item 10. | Directors, Executive Officers and Corporate Governance. | ||||
Item 11. | Executive Compensation. | ||||
Item 12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters. | ||||
Item 13. | Certain Relationships and Related Transactions, and Director Independence. | ||||
Item 14. | Principal Accounting Fees and Services. | ||||
Item 15. | Exhibits, Financial Statement Schedules. | ||||
Item 16. | Form 10-K Summary. | ||||
| 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, 2022 | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||
| Year ended December 31, 2021 | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||
| Year ended December 31, 2020 | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||
| Valuation allowance on deferred tax assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Year ended December 31, 2022 | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||
| Year ended December 31, 2021 | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||
| Year ended December 31, 2020 | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||
| Reserves for inventory obsolescence: | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Year ended December 31, 2022 | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||
| Year ended December 31, 2021 | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||
| Year ended December 31, 2020 | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||
| Exhibit No. | Description of Document | ||||||||||
| (3) | Articles of Incorporation and Bylaws | ||||||||||
| (a) | Amended and Restated Certificate of Incorporation of Paramount Global, effective as of February 16, 2022 (incorporated by reference to Exhibit 3.1 to the Current Report on Form 8‑K of Paramount Global filed February 16, 2022) (File No. 001‑09553). | ||||||||||
| (b) | |||||||||||
| (c) | Certificate of Designations of the 5.75% Mandatory Convertible Preferred Stock, Series A (incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K of ViacomCBS Inc. filed March 26, 2021) (File No. 001-09553). | ||||||||||
| (4) | Instruments defining the rights of security holders, including indentures | ||||||||||
| (a) | Specimen Certificate of the Mandatory Convertible Preferred Stock (included in Exhibit 3(c) above). | ||||||||||
| (b) | Description of the Registrant’s Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934 (incorporated by reference to Exhibit 4(b) to the Annual Report on Form 10‑K of ViacomCBS Inc. for the fiscal year ended December 31, 2021) (File No. 001‑09553). | ||||||||||
| (c) | Amended and Restated Senior Indenture dated as of November 3, 2008 (“2008 Indenture”) among CBS Corporation, CBS Operations Inc., and The Bank of New York Mellon, as senior trustee (incorporated by reference to Exhibit 4.1 to the Registration Statement on Form S‑3 of CBS Corporation filed November 3, 2008) (Registration No. 333‑154962) (File No. 001‑09553). | ||||||||||
| (d) | First Supplemental Indenture to 2008 Indenture dated as of April 5, 2010 among CBS Corporation, CBS Operations Inc., and Deutsche Bank Trust Company Americas, as senior trustee (incorporated by reference to Exhibit 4.3 to the Current Report on Form 8‑K of CBS Corporation filed April 5, 2010) (File No. 001‑09553). | ||||||||||
| (e) | Indenture, dated as of April 12, 2006, between Viacom Inc. and The Bank of New York (incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K of Viacom Inc. filed April 17, 2006) (File No. 001-32686). | ||||||||||
| (f) | Twenty-First Supplemental Indenture, dated as of December 4, 2019, by and among CBS Corporation, Viacom Inc. and The Bank of New York Mellon, a New York banking corporation, as trustee (in such capacity, the “Trustee”), to the Indenture, dated as of April 12, 2006, between Viacom Inc. and the Trustee (incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K of ViacomCBS Inc. filed December 4, 2019) (File No. 001-09553). | ||||||||||
| (g) | Indenture, dated as of March 27, 2020, between ViacomCBS Inc. and Deutsche Bank Trust Company Americas, as trustee (incorporated by reference to Exhibit 4.3 to the Registration Statement on Form S-3 of ViacomCBS Inc. filed March 27, 2020) (File No. 001‑09553). | ||||||||||
| The other instruments defining the rights of holders of the long‑term debt securities of Paramount Global and its subsidiaries are omitted pursuant to paragraph (b)(4)(iii)(A) of Item 601 of Regulation S‑K. Paramount Global hereby agrees to furnish copies of these instruments to the Securities and Exchange Commission upon request. | |||||||||||
| (10) | Material Contracts | ||||||||||
| (a) | CBS Corporation 2009 Long‑Term Incentive Plan (as amended and restated December 11, 2018) (incorporated by reference to Exhibit 10(a) to the Annual Report on Form 10-K of CBS Corporation for the fiscal year ended December 31, 2018) (File No. 001-09553).* | ||||||||||
| (b) | Forms of Certificate and Terms and Conditions for equity awards under CBS Corporation 2009 Long‑Term Incentive Plan: | ||||||||||
| (i) | Stock Options (incorporated by reference to Exhibit 10(c)(ii) to the Annual Report on Form 10‑K of CBS Corporation for the fiscal year ended December 31, 2011) (File No. 001‑09553).* | ||||||||||
| (ii) | Performance‑Based Restricted Share Units with Time Vesting and Performance Vesting (incorporated by reference to Exhibit 10(c)(v) to the Annual Report on Form 10‑K of CBS Corporation for the fiscal year ended December 31, 2011) (File No. 001‑09553).* | ||||||||||
| Exhibit No. | Description of Document | ||||||||||
| (iii) | Restricted Share Units with Time Vesting (incorporated by reference to Exhibit 10(c)(vii) to the Annual Report on Form 10‑K of CBS Corporation for the fiscal year ended December 31, 2011) (File No. 001‑09553).* | ||||||||||
| (iv) | Performance Share Units (incorporated by reference to Exhibit 10(b)(iv) to the Annual Report on Form 10‑K of ViacomCBS Inc. for the fiscal year ended December 31, 2020) (File No. 001-09553).* | ||||||||||
| (v) | Restricted Share Units (incorporated by reference to Exhibit 10(b)(v) to the Annual Report on Form 10-K of ViacomCBS Inc. for the fiscal year ended December 31, 2020) (File No. 001-09553).* | ||||||||||
| (c) | Paramount Global Short-Term Incentive Plan, as amended and restated February 13, 2023 (filed herewith).* | ||||||||||
| (d) | Paramount Global Excess 401(k) Plan for Designated Senior Executives - Part A (as amended and restated as of October 1, 2021) (incorporated by reference to Exhibit 10(b) to the Quarterly Report on Form 10-Q of ViacomCBS Inc. for the quarter ended September 30, 2021) (File No. 001‑09553) (as amended by Amendment No. 1, effective as of February 16, 2022) (incorporated by reference to Exhibit 4.5 to the Registration Statement on Form S‑8 of Paramount Global filed October 7, 2022) (Registration No. 333‑154962).* | ||||||||||
| (e) | Paramount Global Excess 401(k) Plan for Designated Senior Executives - Part B (as amended and restated as of October 1, 2021) (incorporated by reference to Exhibit 10(c) to the Quarterly Report on Form 10-Q of ViacomCBS Inc. for the quarter ended September 30, 2021) (File No. 001‑09553) (as amended by Amendment No. 1, effective as of February 16, 2022) (incorporated by reference to Exhibit 4.5 to the Registration Statement on Form S‑8 of Paramount Global filed October 7, 2022) (File No. 001‑09553) (as further amended by Amendment No. 2, effective as of January 1, 2021) (filed herewith).* | ||||||||||
| (f) | Paramount Global Bonus Deferral Plan for Designated Senior Executives - Part A (as amended and restated as of October 1, 2021) (incorporated by reference to Exhibit 10(e) to the Quarterly Report on Form 10-Q of ViacomCBS Inc. for the quarter ended September 30, 2021) (File No. 001‑09553) (as amended by Amendment No. 1, effective as of February 16, 2022) (incorporated by reference to Exhibit 4.10 to the Registration Statement on Form S‑8 of Paramount Global filed October 7, 2022) (File No. 001‑09553).* | ||||||||||
| (g) | Paramount Global Bonus Deferral Plan for Designated Senior Executives - Part B (as amended and restated as of October 1, 2021) (incorporated by reference to Exhibit 10(f) to the Quarterly Report on Form 10-Q of ViacomCBS Inc. for the quarter ended September 30, 2021) (File No. 001‑09553) (as amended by Amendment No. 1, effective as of February 16, 2022) (incorporated by reference to Exhibit 4.10 to the Registration Statement on Form S‑8 of Paramount Global filed October 7, 2022) (File No. 001‑09553).* | ||||||||||
| (h) | Viacom Inc. 2016 Long-Term Management Incentive Plan (incorporated by reference to Exhibit A to the Definitive Proxy Statement of Viacom Inc. filed January 23, 2015) (File No. 001-32686).* | ||||||||||
| (i) | Forms of Terms and Conditions to the Certificates for equity awards under the Viacom Inc. 2016 Long-Term Management Incentive Plan: | ||||||||||
| (i) | Stock Options (incorporated by reference to Exhibit 10.3 to the Quarterly Report on Form 10-Q of Viacom Inc. for the quarter ended June 30, 2016) (File No. 001-32686).* | ||||||||||
| (ii) | Restricted Share Units (incorporated by reference to Exhibit 10.4 to the Quarterly Report on Form 10-Q of Viacom Inc. for the quarter ended June 30, 2016) (File No. 001-32686).* | ||||||||||
| (iii) | Performance Share Units (incorporated by reference to Exhibit 10.1 to the Quarterly Report on Form 10-Q of Viacom Inc. for the quarter ended December 31, 2018) (File No. 001-32686).* | ||||||||||
| (iv) | Performance Share Units (incorporated by reference to Exhibit 10(g)(iv) to the Annual Report on Form 10‑K of ViacomCBS Inc. for the fiscal year ended December 31, 2020) (File No. 001-09553).* | ||||||||||
| (v) | Restricted Share Units (incorporated by reference to Exhibit 10(g)(v) to the Annual Report on Form 10-K of ViacomCBS Inc. for the fiscal year ended December 31, 2020) (File No. 001-09553).* | ||||||||||
| (j) | |||||||||||
| (k) | Viacom Excess 401(k) Plan for Designated Senior Executives, as amended and restated as of October 1, 2021 (incorporated by reference to Exhibit 10(a) to the Quarterly Report on Form 10-Q of ViacomCBS Inc. for the quarter ended September 30, 2021) (File No. 001‑09553).* | ||||||||||
| (l) | Viacom Bonus Deferral Plan for Designated Senior Executives, as amended and restated as of October 1, 2021 (incorporated by reference to Exhibit 10(d) to the Quarterly Report on Form 10-Q of ViacomCBS Inc. for the quarter ended September 30, 2021) (File No. 001‑09553).* | ||||||||||
| (m) | Summary of Paramount Global Compensation for Outside Directors (as of December 16, 2022) (filed herewith).* | ||||||||||
| (n) | Form of Director Indemnification Agreement (incorporated by reference to Exhibit 10 to the Current Report on Form 8‑K of CBS Corporation filed September 18, 2009) (File No. 001‑09553).* | ||||||||||
| Exhibit No. | Description of Document | ||||||||||
| (o) | CBS Corporation Deferred Compensation Plan for Outside Directors (as amended and restated as of January 29, 2015) (incorporated by reference to Exhibit 10(k) to the Annual Report on Form 10-K of CBS Corporation for the fiscal year ended December 31, 2014) (File No. 001-09553).* | ||||||||||
| (p) | CBS Corporation 2005 RSU Plan for Outside Directors (as amended and restated through January 29, 2015) (incorporated by reference to Exhibit 10(m) to the Annual Report on Form 10-K of CBS Corporation for the fiscal year ended December 31, 2014) (File No. 001-09553).* | ||||||||||
| (q) | CBS Corporation 2015 Equity Plan for Outside Directors (effective May 21, 2015) (incorporated by reference to Exhibit 10(a) to the Quarterly Report on Form 10-Q of CBS Corporation for the quarter ended June 30, 2015) (File No. 001-09553).* | ||||||||||
| (r) | Viacom Inc. 2011 RSU Plan for Outside Directors, as amended and restated as of January 1, 2016 (incorporated by reference to Exhibit B to the Definitive Proxy Statement of Viacom Inc. filed January 23, 2015) (File No. 001-32686), as further amended and restated as of May 18, 2016 (incorporated by reference to Exhibit 10.2 to the Quarterly Report of Viacom Inc. for the quarter ended June 30, 2016) (File No. 001-32686).* | ||||||||||
| (s) | Employment Agreement, dated as of August 13, 2019, between Viacom Inc. and Robert M. Bakish (incorporated by reference to Exhibit 10.4 to CBS Corporation’s Registration Statement No. 333-234238 on Form S-4 filed October 17, 2019) (File No. 333-234238).* | ||||||||||
| (t) | Letter Agreement, dated as of August 13, 2019, between Viacom Inc. and Robert M. Bakish (incorporated by reference to Exhibit 10.5 to CBS Corporation’s Registration Statement No. 333-234238 on Form S-4 filed October 17, 2019) (File No. 333-234238).* | ||||||||||
| (u) | Employment Agreement, dated as of June 30, 2020, between Viacom Inc. and Naveen Chopra (incorporated by reference to Exhibit 10(a) to the Quarterly Report on Form 10-Q of ViacomCBS Inc. for the quarter ended June 30, 2020) (File No. 333-234238).* | ||||||||||
| (v) | Letter Agreement, dated as of June 30, 2020, between ViacomCBS Inc. and Naveen Chopra (incorporated by reference to Exhibit 10(b) to the Quarterly Report on Form 10-Q of ViacomCBS Inc. for the quarter ended June 30, 2020) (File No. 333-234238).* | ||||||||||
| (w) | Employment Agreement, dated as of March 15, 2022, between Paramount Global and Christa A. D’Alimonte (incorporated by reference to Exhibit 10(a) to the Quarterly Report on Form 10-Q of Paramount Global for the quarter ended March 31, 2022) (File No. 333-234238).* | ||||||||||
| (x) | Employment Agreement, dated as of April 11, 2022, between Paramount Global and DeDe Lea (incorporated by reference to Exhibit 10(b) to the Quarterly Report on Form 10-Q of Paramount Global for the quarter ended March 31, 2022) (File No. 333-234238).* | ||||||||||
| (y) | Employment Agreement, dated as of April 11, 2022, between Paramount Global and Nancy Phillips (incorporated by reference to Exhibit 10(c) to the Quarterly Report on Form 10-Q of Paramount Global for the quarter ended March 31, 2022 (File No. 001-09553).* | ||||||||||
| (z) | Matching Gifts Program for Directors (incorporated by reference to Exhibit 10(aa) to the Annual Report on Form 10-K of CBS Corporation for the fiscal year ended December 31, 2018) (File No. 001-09553).* | ||||||||||
| (aa) | Amended and Restated $3.5 Billion Credit Agreement, dated as of January 23, 2020 (the “Credit Agreement”), among ViacomCBS Inc.; the Subsidiary Borrowers party thereto; the Lenders named therein; JPMorgan Chase Bank, N.A., as Administrative Agent; Citibank, N.A., Bank of America, N.A. and Wells Fargo Bank, National Association, as Syndication Agents; and Deutsche Bank Securities Inc., Goldman Sachs Bank USA, Mizuho Bank, Ltd. and Morgan Stanley MUFG Loan Partners, LLC, as Documentation Agents (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of ViacomCBS Inc. filed January 23, 2020) (File No. 001-09553). | ||||||||||
| (bb) | Amendment No. 1 to the Credit Agreement, dated as of December 9, 2021, by and among the parties listed therein (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of ViacomCBS Inc. filed December 14, 2021) (File No. 001-09553). | ||||||||||
| (cc) | |||||||||||
| (dd) | Settlement and Release Agreement effective as of September 9, 2018 (incorporated by reference to Exhibit 10(a) to the Current Report on Form 8-K of CBS Corporation filed September 10, 2018) (File No. 001-09553). | ||||||||||
| (ee) | Amendment No. 1 to the Settlement and Release Agreement, dated as of August 13, 2019, by and among the parties listed therein (incorporated by reference to Exhibit 10.3 to the Current Report on Form 8-K of CBS Corporation filed August 19, 2019) (File No. 001-09553). | ||||||||||
| (ff) | Support Agreement, dated as of August 13, 2019, by and among the parties listed therein (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of CBS Corporation filed August 19, 2019) (File No. 001-09553). | ||||||||||
| Exhibit No. | Description of Document | ||||||||||
| (gg) | Governance Agreement, dated as of August 13, 2019, by and among the parties listed therein (incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K of CBS Corporation filed August 19, 2019) (File No. 001-09553). | ||||||||||
| (21) | |||||||||||
| (23) | Consents of Experts and Counsel | ||||||||||
| (a) | |||||||||||
| (24) | |||||||||||
| (31) | Rule 13a‑14(a)/15d‑14(a) Certifications | ||||||||||
| (a) | Certification of the Chief Executive Officer of Paramount Global pursuant to Rule 13a‑14(a) or 15d‑14(a), as adopted pursuant to Section 302 of the Sarbanes‑Oxley Act of 2002 (filed herewith). | ||||||||||
| (b) | Certification of the Chief Financial Officer of Paramount Global. pursuant to Rule 13a‑14(a) or 15d‑14(a), as adopted pursuant to Section 302 of the Sarbanes‑Oxley Act of 2002 (filed herewith). | ||||||||||
| (32) | Section 1350 Certifications | ||||||||||
| (a) | Certification of the Chief Executive Officer of Paramount Global furnished pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes‑Oxley Act of 2002 (furnished herewith). | ||||||||||
| (b) | Certification of the Chief Financial Officer of Paramount Global furnished pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes‑Oxley Act of 2002 (furnished herewith). | ||||||||||
| (101) | Interactive Data File | ||||||||||
| 101. INS XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. 101. SCH XBRL Taxonomy Extension Schema. 101. CAL XBRL Taxonomy Extension Calculation Linkbase. 101. DEF XBRL Taxonomy Extension Definition Linkbase. 101. LAB XBRL Taxonomy Extension Label Linkbase. 101. PRE XBRL Taxonomy Extension Presentation Linkbase. | |||||||||||
| (104) | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). | ||||||||||
| PARAMOUNT GLOBAL | |||||||||||
| By: | /s/ Robert M. Bakish | ||||||||||
Robert M. Bakish President and Chief Executive Officer | |||||||||||
| Signature | Title | Date | |||||||||||||||
| /s/ Robert M. Bakish | President and Chief Executive Officer; Director (Principal Executive Officer) | February 16, 2023 | |||||||||||||||
| Robert M. Bakish | |||||||||||||||||
| /s/ Naveen Chopra | Executive Vice President, Chief Financial Officer (Principal Financial Officer) | February 16, 2023 | |||||||||||||||
| Naveen Chopra | |||||||||||||||||
| /s/ Katherine Gill-Charest | Executive Vice President, Controller and Chief Accounting Officer (Principal Accounting Officer) | February 16, 2023 | |||||||||||||||
| Katherine Gill-Charest | |||||||||||||||||
| * | Director | February 16, 2023 | |||||||||||||||
| Candace K. Beinecke | |||||||||||||||||
| * | Director | February 16, 2023 | |||||||||||||||
| Barbara M. Byrne | |||||||||||||||||
| * | Director | February 16, 2023 | |||||||||||||||
| Linda M. Griego | |||||||||||||||||
| * | Director | February 16, 2023 | |||||||||||||||
| Robert N. Klieger | |||||||||||||||||
| Signature | Title | Date | |||||||||||||||
| * | Director | February 16, 2023 | |||||||||||||||
| Judith A. McHale | |||||||||||||||||
| * | Director | February 16, 2023 | |||||||||||||||
| Ronald L. Nelson | |||||||||||||||||
| * | Director | February 16, 2023 | |||||||||||||||
| Charles E. Phillips, Jr. | |||||||||||||||||
| * | Chair | February 16, 2023 | |||||||||||||||
| Shari Redstone | |||||||||||||||||
| * | Director | February 16, 2023 | |||||||||||||||
| Susan Schuman | |||||||||||||||||
| * | Director | February 16, 2023 | |||||||||||||||
| Nicole Seligman | |||||||||||||||||
| * | Director | February 16, 2023 | |||||||||||||||
| Frederick O. Terrell | |||||||||||||||||
| *By: | /s/ Christa A. D’Alimonte | February 16, 2023 | |||||||||||||||
Christa A. D’Alimonte Attorney-in-Fact for Directors | |||||||||||||||||
| Years of Completed Vesting Service | Vesting % | ||||
| Less than 2 years | 0% | ||||
| 2 years or more | 100% | ||||
| By: | /s/ Mark Beatty | ||||||||||
| Name: Mark Beatty | |||||||||||
| Its: Member, Paramount Global | |||||||||||
Administrative Committee | |||||||||||
| This Amended and Restated Viacom Excess Pension Plan is hereby adopted, effective January 1, 2023 | |||||
| /s/ Mark Beatty | |||||
Mark Beatty, SVP, Global Total Rewards and Administrative Committee, Member | |||||
| February 10, 2023 | |||||
| Date | |||||
Subsidiary Name | Place of Incorporation or Organization | ||||
| 13 Investments LLC | Louisiana | ||||
| 13 Productions LLC | Louisiana | ||||
| 14 Hours Productions Inc. | Canada (Ontario) | ||||
| 1928778 Ontario Inc. | Canada (Ontario) | ||||
| 2POP, LLC | California | ||||
| 300 New LLC | Delaware | ||||
| 365Gay LLC | Delaware | ||||
| 37th Floor Productions Inc. | Delaware | ||||
| 38th Floor Productions Inc. | Delaware | ||||
| 5555 Communications Inc. | Delaware | ||||
| 90210 Productions, Inc. | California | ||||
| A G Films Canada Inc. | Canada (Ontario) | ||||
| A.S. Payroll Company, Inc. | California | ||||
| Aardvark Productions, Inc. | Delaware | ||||
| Aaron Spelling Productions, Inc. | California | ||||
| AC INVERSORA S.A. | Argentina | ||||
| Acorn Pipe Line Company | Texas | ||||
| Acorn Properties, Inc. | Texas | ||||
| Acorn Trading Company | Texas | ||||
| Acquisition Group West LLC | Delaware | ||||
| Addax Music Co., Inc. | Delaware | ||||
| Adoy LLC | Delaware | ||||
| After School Productions Inc. | Delaware | ||||
| AfterL.com LLC | Delaware | ||||
| Ages Electronics, Inc. | Delaware | ||||
| Ages Entertainment Software LLC | Delaware | ||||
| Air Realty Corporation | Delaware | ||||
| Air Realty LLC | Delaware | ||||
| All About Productions LLC | Delaware | ||||
| All Media Inc. | Delaware | ||||
| ALTSIM Inc. | Delaware | ||||
| Amadea Film Productions, Inc. | Texas | ||||
| Amazing Race Productions Inc. | Delaware | ||||
| Ananey Communications Ltd. | Israel | ||||
| Animated Productions Inc. | Delaware | ||||
| Antilles Oil Company, Inc. | Puerto Rico | ||||
| A-R Acquisition Corp. | Delaware | ||||
| Armacost Music LLC | Delaware | ||||
| Around the Block Productions, Inc. | Delaware | ||||
| Artcraft Productions Inc. | Delaware | ||||
| Aspenfair Music, Inc. | California | ||||
| ATCO I S.A. | Argentina | ||||
Subsidiary Name | Place of Incorporation or Organization | ||||
| Atlanta Television Station WUPA Inc. | Delaware | ||||
| Atlántida Comunicaciones S.A. | Argentina | ||||
| Atom Digital Inc. | Delaware | ||||
| Atom Entertainment, Inc. | Delaware | ||||
| ATV ACME, LLC | California | ||||
| Audioscrobbler Limited | United Kingdom | ||||
| August Street Films Limited | United Kingdom | ||||
| Avery Productions LLC | Delaware | ||||
| Awesomeness BP, LLC | California | ||||
| Awesomeness Distribution, LLC | California | ||||
| Awesomeness Inc. | Delaware | ||||
| Awesomeness Music Publishing, LLC | California | ||||
| Awesomeness, LLC | California | ||||
| AwesomenessTV Holdings, LLC | Delaware | ||||
| Awestruck, LLC | California | ||||
| AXN, LLC | California | ||||
| Babunga Inc. | Delaware | ||||
| Bahamas Underwriters Services Limited | Bahamas | ||||
| BAPP Acquisition Corporation | Delaware | ||||
| Barrington Songs LLC | Delaware | ||||
| Bay County Energy Systems, Inc. | Delaware | ||||
| Bay Resource Management, Inc. | Delaware | ||||
| Beijing Yalian Online Network Technology Co. Ltd. | China | ||||
| Belhaven Limited | Bahamas | ||||
| Bellator Sport Worldwide LLC | Delaware | ||||
| Benjamin Button Productions LLC | Louisiana | ||||
| BET Acquisition Corp. | Delaware | ||||
| BET Arabesque, LLC | Delaware | ||||
| BET Comic View II, LLC | Delaware | ||||
| BET Consumer Services, Inc. | Delaware | ||||
| BET Creations, Inc. | Delaware | ||||
| BET Development Company | Delaware | ||||
| BET Documentaries, LLC | Delaware | ||||
| BET Event Productions, LLC | Delaware | ||||
| BET Holdings LLC | Delaware | ||||
| BET Innovations Publishing, Inc. | Delaware | ||||
| BET Interactive, LLC | Delaware | ||||
| BET International, Inc. | Delaware | ||||
| BET Live from LA, LLC | Delaware | ||||
| BET Music Soundz, Inc. | Delaware | ||||
| BET Oh Drama!, LLC | Delaware | ||||
| BET Pictures II Development & Production, Inc. | Delaware | ||||
| BET Pictures II Distribution, Inc. | Delaware | ||||
| BET Pictures II, LLC | Delaware | ||||
| BET Productions II, Inc. | Delaware | ||||
Subsidiary Name | Place of Incorporation or Organization | ||||
| BET Productions IV, LLC | Delaware | ||||
| BET Productions V, Inc. | Delaware | ||||
| BET Productions, LLC | Delaware | ||||
| BET Satellite Services, Inc. | Delaware | ||||
| BET Services, Inc. | District of Columbia | ||||
| BET ST LLC | Delaware | ||||
| BET Streaming LLC | Delaware | ||||
| BET Studios LLC | Delaware | ||||
| BET Studios Partners Inc. | Delaware | ||||
| Beta Theatres Inc. | Delaware | ||||
| BETCH SKETCH, LLC | California | ||||
| BETN Theatre Ventures, LLC | Delaware | ||||
| BET-SVOD Holdings Inc. | Delaware | ||||
| Beverly Productions Canada Inc. | Canada (B.C.) | ||||
| Beverlyfax Music, Inc. | California | ||||
| Big Frame, LLC | Delaware | ||||
| BIG JOHN, LLC | California | ||||
| Big Shows Inc. | Delaware | ||||
| Big Ticket Music Inc. | Delaware | ||||
| Big Ticket Pictures Inc. | Delaware | ||||
| Big Ticket Productions Inc. | Delaware | ||||
| Big Ticket Television Inc. | Delaware | ||||
| Bikini Bottom Holdings Inc. | Delaware | ||||
| Bikini Bottom Productions Limited Liability Company | New York | ||||
| Black Entertainment Television LLC | District of Columbia | ||||
| Blackout Productions Inc. | Delaware | ||||
| Bling Productions Inc. | Delaware | ||||
| Blue Cow Inc. | Delaware | ||||
| Blue Sea Productions, Inc. | Delaware | ||||
| Blue/White Productions, Inc. | Delaware | ||||
| BN Productions Inc. | Delaware | ||||
| Bob’s Post House, LLC | California | ||||
| BODYBAG, LLC | California | ||||
| Bombay Hook LLC | Delaware | ||||
| Bonneville Wind Corporation | Utah | ||||
| Boxing Acquisition Inc. | Delaware | ||||
| Branded Productions, Inc. | California | ||||
| Breakdown Productions LA LLC | Louisiana | ||||
| Breakdown Productions Inc. | Delaware | ||||
| Brentwood Pictures Inc. | Delaware | ||||
| Bronson Avenue LLC | Delaware | ||||
| Bronson Gate Film Management GmbH | Germany | ||||
| Brotherhood Productions, Inc. | Rhode Island | ||||
| Bruin Music Company | Delaware | ||||
| Buster Productions Inc. | Delaware | ||||
Subsidiary Name | Place of Incorporation or Organization | ||||
| C-28 FCC Licensee Subsidiary, LLC | Delaware | ||||
| Cania Productions Inc. | Canada (Ontario) | ||||
| Caper Productions LLC | Delaware | ||||
| Capital Equipment Leasing Limited | United Kingdom | ||||
| Caprice Pty Ltd. | Australia | ||||
| Caroline Films Productions, Inc. | California | ||||
| Cayman Overseas Reinsurance Association | Cayman Islands | ||||
| CBS (PDI) Distribution Inc. | Delaware | ||||
| CBS 247 Inc. | Delaware | ||||
| CBS Advertiser Services Inc. | Delaware | ||||
| CBS AJV Inc. | Delaware | ||||
| CBS All Access International UK Limited | United Kingdom | ||||
| CBS Acquisition Holdings Limited | United Kingdom | ||||
| CBS Asia Inc. | Delaware | ||||
| CBS ATSC3 Protection Inc. | Delaware | ||||
| CBS Broadcast International Asia Inc. | New York | ||||
| CBS Broadcast International B.V. | Netherlands | ||||
| CBS Broadcast International of Canada Ltd. | Canada (Ontario) | ||||
| CBS Broadcast Services Limited | United Kingdom | ||||
| CBS Broadcasting Inc. | New York | ||||
| CBS Broadcasting West Inc. | Delaware | ||||
| CBS Canada Co. | Canada (Nova Scotia) | ||||
| CBS Canadian Film and Television Inc. | Canada (Ontario) | ||||
| CBS Channel 10/55 Inc. | Delaware | ||||
| CBS Communications Services Inc. | Delaware | ||||
| CBS Communications Technology Group Inc. | Delaware | ||||
| CBS Consumer Products Inc. | Delaware | ||||
| CBS Corporate Services Inc. | Delaware | ||||
| CBS Cultural Communications Inc. | Delaware | ||||
| CBS Cultural Development (Beijing) Co., Limited | China | ||||
| CBS Cultural Development (Hong Kong) Co, Limited | Hong Kong | ||||
| CBS CW Network Partner LLC | Delaware | ||||
| CBS DBS Inc. | Delaware | ||||
| CBS DEC Inc. | Delaware | ||||
| CBS Domains Inc. | Virginia | ||||
| CBS EcoMedia Inc. | Delaware | ||||
| CBS EMEA Limited | United Kingdom | ||||
| CBS Employee Services Inc. | Delaware | ||||
| CBS Enterprises (UK) Limited | United Kingdom | ||||
| CBS Executive Services Corporation | Delaware | ||||
| CBS Experiences Inc. | Delaware | ||||
| CBS Film Funding Company Inc. | Delaware | ||||
| CBS Films Canadian Productions Inc. | Canada (Ontario) | ||||
| CBS Films Distribution Inc. | Delaware | ||||
| CBS Films Inc. | Delaware | ||||
Subsidiary Name | Place of Incorporation or Organization | ||||
| CBS Films Productions Inc. | Delaware | ||||
| CBS Finance 1 UK Limited | United Kingdom | ||||
| CBS Finance 2 UK Limited | United Kingdom | ||||
| CBS Finance Holdings Limited | United Kingdom | ||||
| CBS First Run Development Company Inc. | Delaware | ||||
| CBS First Run Limited | Delaware | ||||
| CBS General Entertainment Australia Inc. | Delaware | ||||
| CBS Holdings (Mexico) Inc. | Delaware | ||||
| CBS Hollywood Partner Inc. | Delaware | ||||
| CBS Home Entertainment Inc. | Delaware | ||||
| CBS IDA Inc. | Delaware | ||||
| CBS Interactive Inc. | Delaware | ||||
| CBS Interactive Media Inc. | Delaware | ||||
| CBS International (Netherlands) B.V. | Netherlands | ||||
| CBS International GmbH | Germany | ||||
| CBS International Holdings B.V. | Netherlands | ||||
| CBS International Holdings UK Limited | United Kingdom | ||||
| CBS International Inc. | Delaware | ||||
| CBS International Sales Holdings B.V. | Netherlands | ||||
| CBS International Television (UK) Limited | United Kingdom | ||||
| CBS International Television Australia Pty Limited | Australia | ||||
| CBS International Television Italia Srl | Italy | ||||
| CBS International Television Japan GK | Japan | ||||
| CBS IRB Acquisition Inc. | Delaware | ||||
| CBS Japan Inc. | New York | ||||
| CBS K-Band Inc. | Delaware | ||||
| CBS Last FM Holding Inc. | Delaware | ||||
| CBS LITV LLC | Delaware | ||||
| CBS Mass Media Corporation | Delaware | ||||
| CBS MaxPreps Inc. | California | ||||
| CBS Media Realty Corporation | New York | ||||
| CBS Music LLC | Delaware | ||||
| CBS Network Ten B.V. | Netherlands | ||||
| CBS News Inc. | Delaware | ||||
| CBS Offshore Networks Holdings Limited | United Kingdom | ||||
| CBS Operations Investments Inc. | Delaware | ||||
| CBS Operations Services Inc. | Delaware | ||||
| CBS Outdoor Investments Inc. | Delaware | ||||
| CBS Outdoor Metro Services Limited | United Kingdom | ||||
| CBS Overseas Inc. | New York | ||||
| CBS Overseas Productions Two Inc. | Delaware | ||||
| CBS Phoenix Inc. | Delaware | ||||
| CBS Pictures Overseas Inc. | Delaware | ||||
| CBS PNW Sports Inc. | Delaware | ||||
| CBS Pop Partner Inc. | Delaware | ||||
Subsidiary Name | Place of Incorporation or Organization | ||||
| CBS Productions UK Holdings Limited | United Kingdom | ||||
| CBS Publishing UK Holdings Limited | United Kingdom | ||||
| CBS Receivables Funding II Corporation | Delaware | ||||
| CBS Receivables Funding III Corporation | Delaware | ||||
| CBS Records Inc. | Delaware | ||||
| CBS Retail Stores Inc. | Delaware | ||||
| CBS Satellite News Inc. | Delaware | ||||
| CBS Services Inc. | Delaware | ||||
| CBS Shopping Inc. | Delaware | ||||
| CBS Sports Inc. | Delaware | ||||
| CBS Stages Canada Co. | Canada (Nova Scotia) | ||||
| CBS Stations Group of Texas LLC | Delaware | ||||
| CBS Stock Holdings I Inc. | Delaware | ||||
| CBS Studios Distribution UK Limited | United Kingdom | ||||
| CBS Studios Inc. | Delaware | ||||
| CBS Studios Networks Inc. | New York | ||||
| CBS Studios Overseas Productions Inc. | Delaware | ||||
| CBS Studios Productions LLC | Delaware | ||||
| CBS Subsidiary Management Corp. | Delaware | ||||
| CBS Survivor Productions, Inc. | Delaware | ||||
| CBS Technology Corporation | Delaware | ||||
| CBS Television Licenses LLC | Delaware | ||||
| CBS Television Service Inc. | Delaware | ||||
| CBS Television Stations Inc. | Delaware | ||||
| CBS Temp Services Inc. | Delaware | ||||
| CBS TVG Inc. | Delaware | ||||
| CBS UAC Corporation | Delaware | ||||
| CBS UK | United Kingdom | ||||
| CBS UK Channels Limited | United Kingdom | ||||
| CBS UK Finance LP | United Kingdom | ||||
| CBS UK Productions Limited | United Kingdom | ||||
| CBS VFX Canada ULC | Canada (B.C.) | ||||
| CBS World Wide Ltd. | New York | ||||
| CBS Worldwide Distribution Inc. | Delaware | ||||
| CBS/CTS Airport Network Inc. | Delaware | ||||
| CBS/CTS Inc. | Delaware | ||||
| CBS/Wilmerding of PA Inc. | Delaware | ||||
| CBS-CSI International B.V. | Netherlands | ||||
| CBS-Lux Holding LLC | Delaware | ||||
| CBS–SAC Music Inc. | Delaware | ||||
| CBT Sports, LLC | Delaware | ||||
| CC Direct Inc. | Delaware | ||||
| CCG Ventures, Inc. | Delaware | ||||
| Central Productions LLC | Delaware | ||||
| Centurion Satellite Broadcast Inc. | Delaware | ||||
Subsidiary Name | Place of Incorporation or Organization | ||||
| Championship Productions Inc. | Delaware | ||||
| Channel 28 Television Station, Inc. | Delaware | ||||
| Channel 34 Television Station LLC | Delaware | ||||
| Channel 5 Broadcasting Limited | United Kingdom | ||||
| Channel Services GmbH | Switzerland | ||||
| Channel Services Holdings B.V. | Netherlands | ||||
| Charter Crude Oil Company | Texas | ||||
| Charter Futures Trading Company | Texas | ||||
| Charter Media Company | Delaware | ||||
| Charter Oil (Bahamas) Limited | Bahamas | ||||
| Charter Oil Company | Florida | ||||
| Charter Oil Services, Inc. | Texas | ||||
| Charter Oil Specialties Limited | Bahamas | ||||
| Chartreuse Pty Limited | Australia | ||||
| Chazo Productions Inc. | Delaware | ||||
| Cinematic Arts B.V. | Netherlands | ||||
| CIOC LLC | Delaware | ||||
| CIOC Remediation Trust | Delaware | ||||
| CJD, LLC | California | ||||
| Classless Inc. | Delaware | ||||
| Clicker Media Inc. | Delaware | ||||
| Cloverleaf Productions Inc. | Delaware | ||||
| CMT Productions Inc. | Delaware | ||||
| CN Pilot Productions Inc. | Canada (Ontario) | ||||
| CNET Investments, Inc. | Delaware | ||||
| Columbia Broadcasting System (Barbados) SRL | Barbados | ||||
| Columbia Broadcasting System Holdings UK Limited | United Kingdom | ||||
| Columbia Broadcasting System International (Barbados) SRL | Barbados | ||||
| Columbia Television, Inc. | New York | ||||
| Columbus Circle Films LLC | Delaware | ||||
| Comanche Moon Productions Inc. | New Mexico | ||||
| Comedy Partners | New York | ||||
| Comicbook.com, LLC | Tennessee | ||||
| Commerce Street Productions Inc. | Delaware | ||||
| Commissioner.com, Inc. | New York | ||||
| Compelling Music LLC | California | ||||
| Concord Entertainment Inc. | Delaware | ||||
| Consolidated Caguas Corporation | Delaware | ||||
| Country Music Television, Inc. | Tennessee | ||||
| Country Network Enterprises, Inc. | Delaware | ||||
| Country Services Inc. | Delaware | ||||
| country.com, Inc. | Delaware | ||||
| Cradle of Life Productions LLC | Delaware | ||||
| Creative Mix Inc. | Delaware | ||||
| Cross Step Productions Inc. | Delaware | ||||
Subsidiary Name | Place of Incorporation or Organization | ||||
| CSTV Networks, Inc. | Delaware | ||||
| CSTV Online, Inc. | Delaware | ||||
| CSTV Regional, LLC | Delaware | ||||
| CSTV-A, LLC | Delaware | ||||
| CSTV-B, LLC | Delaware | ||||
| CVV (Japan) B.V. | Netherlands | ||||
| DABL Network LLC | Delaware | ||||
| Danielle Productions LLC | Delaware | ||||
| Danni Productions LLC | Louisiana | ||||
| Davis Circle Productions Inc. | Delaware | ||||
| Daza Productions Inc. | Delaware | ||||
| DEAD X, LLC | California | ||||
| Delaware Resource Beneficiary, Inc. | Delaware | ||||
| Delaware Resource Lessee Trust | Delaware | ||||
| Delaware Resource Management, Inc. | Delaware | ||||
| Desilu Productions Inc. | Delaware | ||||
| Detroit Television Station WKBD Inc. | Virginia | ||||
| DIGICO Inc. | Delaware | ||||
| Digital Video Ops Inc. | Delaware | ||||
| Direct Court Productions, Inc. | Delaware | ||||
| DM Holding Inc. | Delaware | ||||
| DMS Holdco Inc. | Delaware | ||||
| Dotspotter Inc. | Delaware | ||||
| DT Investor Inc. | Delaware | ||||
| DTE Films LLC | Delaware | ||||
| Dutchess Resource Management, Inc. | Delaware | ||||
| DW (Netherlands) B.V. | Netherlands | ||||
| DW Distribution L.L.C. | Delaware | ||||
| DW Dramatic Television L.L.C. | Delaware | ||||
| DW Films L.L.C. | Delaware | ||||
| DW Finance L.L.C. | Delaware | ||||
| DW Funding, LLC | Delaware | ||||
| DW Holdco LLC | Delaware | ||||
| DW International Distribution L.L.C. | Delaware | ||||
| DW International Productions L.L.C. | Delaware | ||||
| DW Internet L.L.C. | Delaware | ||||
| DW Music Publishing L.L.C. | Delaware | ||||
| DW Music Publishing Nashville L.L.C. | Delaware | ||||
| DW One Corp. | Delaware | ||||
| DW Project Development L.L.C. | Delaware | ||||
| DW SKG TV L.L.C. | Delaware | ||||
| DW Studios L.L.C. | Delaware | ||||
| DW Studios Productions L.L.C. | Delaware | ||||
| DW Television Animation L.L.C. | Delaware | ||||
| DW Television L.L.C. | Delaware | ||||
Subsidiary Name | Place of Incorporation or Organization | ||||
| DW TV Finance I L.L.C. | Delaware | ||||
| DW Two Corp. | Delaware | ||||
| DWTT Productions Limited | New Zealand | ||||
| Dynamic Soap, Inc. | California | ||||
| Eagle Direct, Inc. | Delaware | ||||
| Eighth Century Corporation | Delaware | ||||
| Elevate Productions Inc. | Delaware | ||||
| Elevenco Pty Limited | Australia | ||||
| ELIANIMAL, LLC | California | ||||
| Elite Productions Inc. | Delaware | ||||
| Elysium Productions Inc. | Delaware | ||||
| Emily Productions LLC | Delaware | ||||
| Energy Development Associates Inc. | Delaware | ||||
| ENFISUR S.A. | Argentina | ||||
| EPI Music LLC | California | ||||
| Erica Film Productions, Inc. | California | ||||
| ET Media Group Inc. | Delaware | ||||
| Evergreen Programs LLC | New York | ||||
| EWB Corporation | Delaware | ||||
| Express Lane Productions Inc. | Delaware | ||||
| Eye Animation Productions Inc. | Delaware | ||||
| Eye Creative Media Group Inc. | Delaware | ||||
| Eye Explorations Inc. | Delaware | ||||
| Eye International Studios Inc. | Delaware | ||||
| Eye Podcast Productions Inc. | Delaware | ||||
| Eye Productions Inc. | Delaware | ||||
| Failure To Launch Productions LLC | Louisiana | ||||
| Fall, LLC | California | ||||
| Famous Orange Productions Inc. | Delaware | ||||
| Famous Players International B.V. | Netherlands | ||||
| Festival Inc. | Delaware | ||||
| FHT Media Holdings LLC | Delaware | ||||
| Fifty-Sixth Century Antrim Iron Company, Inc. | Delaware | ||||
| Film Intex Corporation | Delaware | ||||
| Films Paramount SARL | France | ||||
| Films Ventures (Fiji) Inc. | Delaware | ||||
| First Cut Productions Inc. | Canada (B.C.) | ||||
| First Hotel Investment Corporation | Delaware | ||||
| Forty-Fourth Century Corporation | Delaware | ||||
| Four Crowns, Inc. | Delaware | ||||
| French Street Management LLC | Delaware | ||||
| Front Street Management Inc. | Delaware | ||||
| Futa B.V. | Netherlands | ||||
| Future General Corporation | Delaware | ||||
| G&W Leasing Company | Delaware | ||||
Subsidiary Name | Place of Incorporation or Organization | ||||
| G&W Natural Resources Company, Inc. | Delaware | ||||
| Game One SAS | France | ||||
| Games Animation Inc. | Delaware | ||||
| Games Exchange Inc. | Delaware | ||||
| Games Productions Inc. | Delaware | ||||
| Gateway Fleet Company | Pennsylvania | ||||
| Gazella New Media Experience LP | Delaware | ||||
| GC Productions Inc. | Delaware | ||||
| GFB Productions Inc. | Canada (Ontario) | ||||
| Gladiator Productions L.L.C. | Delaware | ||||
| Glendale Property Corp. | Delaware | ||||
| Global Film Distributors B.V. | Netherlands | ||||
| Glory Productions Inc. | Delaware | ||||
| Gloucester Titanium Company, Inc. | Delaware | ||||
| GNS Productions Inc. | Delaware | ||||
| GolfWeb | California | ||||
| Gorgen, Inc. | California | ||||
| Government Issue LLC | Louisiana | ||||
| Gower Avenue Films Limited | United Kingdom | ||||
| Grace Productions LLC | Delaware | ||||
| Grad Night, LLC | California | ||||
| Grammar Productions Inc. | Delaware | ||||
| Gramofair Inc. | Delaware | ||||
| Grand Bahama Petroleum Company Limited | Bahamas | ||||
| Grande Alliance Co. Ltd. | Cayman Islands | ||||
| Granite Productions Inc. | California | ||||
| Granville Canadian Productions Inc. | Canada (Ontario) | ||||
| Granville LA LLC | Louisiana | ||||
| Granville Pictures Inc. | Delaware | ||||
| Gravity Productions Inc. | Canada (B.C.) | ||||
| Green Tiger Press, Inc. | California | ||||
| Group W Television Stations, L.P. | Delaware | ||||
| Guidance, LLC | California | ||||
| Gulf & Western Indonesia, Inc. | Delaware | ||||
| Gulf & Western Limited | Bahamas | ||||
| H R Acquisition Corp. | Delaware | ||||
| Hamilton Projects, Inc. | New York | ||||
| Hard Caliche LLC | New Mexico | ||||
| Hey Yeah Productions Inc. | Delaware | ||||
| High Command Productions Limited | United Kingdom | ||||
| House of Yes Productions Inc. | Delaware | ||||
| Hudson Street Productions, Inc. | Delaware | ||||
| HUSD, LLC | California | ||||
| Image Edit, Inc. | Delaware | ||||
| Imagine Radio, Inc. | California | ||||
Subsidiary Name | Place of Incorporation or Organization | ||||
| IMR Acquisition Corp. | Delaware | ||||
| Inside Edition Inc. | New York | ||||
| Interstitial Programs Inc. | Delaware | ||||
| Invisions Productions B.V. | Netherlands | ||||
| Irvine Games Inc. | Delaware | ||||
| Irvine Games USA Inc. | Delaware | ||||
| Joseph Productions Inc. | Delaware | ||||
| Jumbo Ticket Songs Inc. | Delaware | ||||
| Jupiter Spring Productions Limited | United Kingdom | ||||
| Just U Productions, Inc. | California | ||||
| K.W. M., Inc. | Delaware | ||||
| KAPCAN1 Productions Inc. | Canada (B.C.) | ||||
| Kapital Entertainment, LLC | Delaware | ||||
| Kapital Productions, LLC | Delaware | ||||
| KapLA LLC | Louisiana | ||||
| Katled Systems Inc. | Delaware | ||||
| Kilo Mining Corporation | Pennsylvania | ||||
| King Street Productions Inc. | Delaware | ||||
| King World Corporation | Delaware | ||||
| King World Development Inc. | California | ||||
| King World Direct Inc. | Delaware | ||||
| King World Media Sales Inc. | Delaware | ||||
| King World Merchandising, Inc. | Delaware | ||||
| King World Productions, Inc. | Delaware | ||||
| King World Studios West Inc. | California | ||||
| King World/CC Inc. | New York | ||||
| Kristina Productions Inc. | Delaware | ||||
| KUTV Holdings, Inc. | Delaware | ||||
| KVMM LLC | Delaware | ||||
| KW Development Inc. | California | ||||
| KWP Studios Inc. | California | ||||
| KWP/RR Inc. | New York | ||||
| KWTS Productions Inc. | California | ||||
| Ladies Man Productions USA Inc. | Delaware | ||||
| Large Ticket Songs Inc. | Delaware | ||||
| Last Holiday Productions LLC | Louisiana | ||||
| Last.FM Acquisition Limited | United Kingdom | ||||
| Last.FM Limited | United Kingdom | ||||
| Late Night Cartoons Inc. | Delaware | ||||
| Laurel Entertainment LLC | Delaware | ||||
| LAXG, LLC | California | ||||
| Light Meter, LLC | California | ||||
| Liliana Productions Inc. | Delaware | ||||
| Linbaba’s Story Pty Ltd | Australia | ||||
| Lincoln Point Productions Inc. | Delaware | ||||
Subsidiary Name | Place of Incorporation or Organization | ||||
| Lisarb Holding B.V. | Netherlands | ||||
| List Productions, LLC | California | ||||
| Little Boston Company Inc. | Delaware | ||||
| Long Branch Productions LLC | Louisiana | ||||
| Long Road Productions | Illinois | ||||
| Los Angeles Television Station KCAL LLC | Delaware | ||||
| Louisiana CMT LLC | Louisiana | ||||
| Louisiana RPI LLC | Louisiana | ||||
| Low Key Productions Inc. | Delaware | ||||
| LS Productions Inc. | Canada (Ontario) | ||||
| LT Holdings Inc. | Delaware | ||||
| M4Mobile, LLC | California | ||||
| Maarten Investerings Partnership | New York | ||||
| MAD MOMS, LLC | California | ||||
| MAD Production Trucking Company | Delaware | ||||
| Magic Molehill Productions, Inc. | California | ||||
| Magical Jade Productions Inc. | Delaware | ||||
| Magical Motion Pictures Inc. | Delaware | ||||
| Magicam, Inc. | Delaware | ||||
| Marathon Holdings Inc. | Delaware | ||||
| Matlock Company, The | Delaware | ||||
| Mattalex LLC | Delaware | ||||
| Mattalex Two LLC | Delaware | ||||
| Mayday Productions Inc. | Canada (Ontario) | ||||
| MDP Productions, LLC | Delaware | ||||
| MDR, LLC | California | ||||
| Meadowland Parkway Associates | New Jersey | ||||
| Melange Pictures LLC | Delaware | ||||
| Melrose Productions Inc. | California | ||||
| Meredith Productions LLC | Delaware | ||||
| Merlot Film Productions, Inc. | California | ||||
| Merritt Inc. | Delaware | ||||
| Miami Television Station WBFS Inc. | Delaware | ||||
| Michaela Productions Inc. | Delaware | ||||
| MMA Holdco Inc. | Delaware | ||||
| MonkeyWurks LLC | Delaware | ||||
| MoonMan Productions Inc. | Delaware | ||||
| MTV Animation Inc. | Delaware | ||||
| MTV Asia | Cayman Islands | ||||
| MTV Asia Development Company Inc. | Delaware | ||||
| MTV Asia Ventures (India) Pte. Limited | Mauritius | ||||
| MTV Asia Ventures Co. | Cayman Islands | ||||
| MTV DMS Inc. | Delaware | ||||
| MTV Games Inc. | Delaware | ||||
| MTV Hong Kong Limited | Hong Kong | ||||
Subsidiary Name | Place of Incorporation or Organization | ||||
| MTV India | Cayman Islands | ||||
| MTV Networks Argentina LLC | Delaware | ||||
| MTV Networks Argentina S.R.L. | Argentina | ||||
| MTV Networks Colombia S.A.S. | Colombia | ||||
| MTV Networks Company | Delaware | ||||
| MTV Networks de Mexico, S. de R.L. de C.V. | Mexico | ||||
| MTV Networks Enterprises Inc. | Delaware | ||||
| MTV Networks Europe Inc. | Delaware | ||||
| MTV Networks Europe LLC | Delaware | ||||
| MTV Networks Global Services Inc. | Delaware | ||||
| MTV Networks Holdings SARL | France | ||||
| MTV Networks Latin America Inc. | Delaware | ||||
| MTV Networks Music Productions Inc. | Delaware | ||||
| MTV Networks Sarl | France | ||||
| MTV Networks, Unipessoal, LDA | Portugal | ||||
| MTV NZ Limited | New Zealand | ||||
| MTV Ownership (Portugal), LDA | Portugal | ||||
| MTV Russia Holdings Inc. | Delaware | ||||
| MTV S.A. | Cayman Islands | ||||
| MTV Songs Inc. | Delaware | ||||
| MTV Taiwan LDC | Cayman Islands | ||||
| MTVBVI Inc. | Delaware | ||||
| MTVN Direct Inc. | Delaware | ||||
| MTVN Online Partner I Inc. | Delaware | ||||
| MTVN Social Gaming Inc. | Delaware | ||||
| Music by Nickelodeon Inc. | Delaware | ||||
| Music by Video Inc. | Delaware | ||||
| MVP.com Sports, Inc. | Delaware | ||||
| N.V. Broadcasting (Canada) Inc. | Canada (Federal) | ||||
| Narrabeen Productions Inc. | Delaware | ||||
| Netherlands Management Services LLC | Delaware | ||||
| Netherlands Overseas LLC | Delaware | ||||
| Network Ten ( Sydney) Pty Limited | Australia | ||||
| Network Ten (Adelaide) Pty Limited | Australia | ||||
| Network Ten (Brisbane) Pty Limited | Australia | ||||
| Network Ten (Melbourne) Pty Limited | Australia | ||||
| Network Ten (Perth) Pty Limited | Australia | ||||
| Network Ten All Access Pty Ltd. | Australia | ||||
| Network Ten Pty Limited | Australia | ||||
| Networks CTS Inc. | Delaware | ||||
| Neutronium Inc. | Delaware | ||||
| New 38th Floor Productions Inc. | Delaware | ||||
| New Coral Ltd. | Cayman Islands | ||||
| New Country Services Inc. | Delaware | ||||
| New Creative Mix Inc. | Delaware | ||||
Subsidiary Name | Place of Incorporation or Organization | ||||
| New Games Productions Inc. | Delaware | ||||
| New Group Productions Inc. | Delaware | ||||
| New International Mix Inc. | Delaware | ||||
| New Jersey Zinc Exploration Company, The | Delaware | ||||
| New Nickelodeon Animation Studios Inc. | Delaware | ||||
| New Not Before 10AM Productions Inc. | Delaware | ||||
| New Open Door Productions Inc. | Delaware | ||||
| New Pop Culture Productions Inc. | Delaware | ||||
| New Providence Assurance Company Limited | Bahamas | ||||
| New Remote Productions Inc. | Delaware | ||||
| New Viacom Velocity LLC | Delaware | ||||
| Newdon Productions | Illinois | ||||
| Nick at Nite's TV Land Retromercials Inc. | Delaware | ||||
| Nickelodeon Animation Studios Inc. | Delaware | ||||
| Nickelodeon Asia Holdings Pte Ltd | Singapore | ||||
| Nickelodeon Australia Management Pty Ltd. | Australia | ||||
| Nickelodeon Brasil Inc. | Delaware | ||||
| Nickelodeon Direct Inc. | Delaware | ||||
| Nickelodeon Global Network Ventures Inc. | Delaware | ||||
| Nickelodeon Huggings U.K. Limited | United Kingdom | ||||
| Nickelodeon India Pvt Ltd | India | ||||
| Nickelodeon International Limited | United Kingdom | ||||
| Nickelodeon Magazines Inc. | Delaware | ||||
| Nickelodeon Movies Inc. | Delaware | ||||
| Nickelodeon Notes Inc. | Delaware | ||||
| Nickelodeon Online Inc. | Delaware | ||||
| Nickelodeon U.K. Limited | United Kingdom | ||||
| Nickelodeon UK Holdings LLC | Delaware | ||||
| Nickelodeon Virtual Worlds LLC | Delaware | ||||
| Nicki Film Productions, Inc. | California | ||||
| Night Falls Productions Inc. | Delaware | ||||
| NM Classics Inc. | Delaware | ||||
| Noggin LLC | Delaware | ||||
| North Shore Productions Inc. | California | ||||
| Not Before 10am Productions Inc. | Delaware | ||||
| NP Domains, Inc. | Delaware | ||||
| NTA Films, Inc. | New York | ||||
| NTM, LLC | California | ||||
| Nutz Productions International, Inc. | Delaware | ||||
| NV International, Inc. | Georgia | ||||
| O Good Songs Company | California | ||||
| O’Connor Combustor Corporation | California | ||||
| OHBWAY Investco Inc. | Delaware | ||||
| OM/TV Productions Inc. | Delaware | ||||
| On Broadband Networks LLC | Delaware | ||||
Subsidiary Name | Place of Incorporation or Organization | ||||
| On Second Thought Productions Inc. | Canada (B.C.) | ||||
| On-Site Productions Inc. | Delaware | ||||
| OOO VIMN Holdings Vostok | Russian Federation | ||||
| OOO VIMN Media Vostok | Russian Federation | ||||
| Open Door Productions Inc. | Delaware | ||||
| Orange Ball Networks Subsidiary PRC LLC | Delaware | ||||
| ORB, LLC | California | ||||
| Our Home Productions Inc. | Delaware | ||||
| OurChart.com LLC | Delaware | ||||
| Outdoor Entertainment, Inc. | Tennessee | ||||
| Outlet Networks Inc. | Delaware | ||||
| Override Pictures LLC | Delaware | ||||
| Paramount British Pictures Limited | United Kingdom | ||||
| Paramount China B.V. | Netherlands | ||||
| Paramount Digital Entertainment Inc. | Delaware | ||||
| Paramount Entertainment Canada ULC | Canada (B.C.) | ||||
| Paramount Films of China, Inc. | Delaware | ||||
| Paramount Films of India, Ltd. | Delaware | ||||
| Paramount Films of Southeast Asia Inc. | Delaware | ||||
| Paramount Global Canada Holdings Inc. | Delaware | ||||
| Paramount Global Korea Limited | Republic of Korea | ||||
| Paramount Global Productions GmbH | Germany | ||||
| Paramount Global UK Holdings Limited | United Kingdom | ||||
| Paramount Home Entertainment (Australasia) Pty Limited | Australia | ||||
| Paramount Home Entertainment (Brazil) Limitada | Brazil | ||||
| Paramount Home Entertainment (France) S.A.S. | France | ||||
| Paramount Home Entertainment (Germany) GmbH | Germany | ||||
| Paramount Home Entertainment (Italy) SRL | Italy | ||||
| Paramount Home Entertainment (Mexico) S. de R.L. de C.V. | Mexico | ||||
| Paramount Home Entertainment (Mexico) Services S. de R.L. de C.V. | Mexico | ||||
| Paramount Home Entertainment (UK) | United Kingdom | ||||
| Paramount Home Entertainment Distribution Inc. | Delaware | ||||
| Paramount Home Entertainment Inc. | Delaware | ||||
| Paramount Home Entertainment International (Holdings) B.V. | Netherlands | ||||
| Paramount Home Entertainment International B.V. | Netherlands | ||||
| Paramount Home Entertainment International Limited | United Kingdom | ||||
| Paramount Images Inc. | Delaware | ||||
| Paramount International (Netherlands) B.V. | Netherlands | ||||
| Paramount Japan G.K. | Japan | ||||
| Paramount LAPTV Inc. | Delaware | ||||
| Paramount Latin America SRL | Argentina | ||||
| Paramount Licensing Inc. | Delaware | ||||
| Paramount Movie and TV Program Planning (Beijing) Co., Ltd. | China | ||||
| Paramount Network Espana, S.L.U. | Spain | ||||
| Paramount NMOC LLC | Delaware | ||||
Subsidiary Name | Place of Incorporation or Organization | ||||
| Paramount Overseas Productions, Inc. | Delaware | ||||
| Paramount Pictures Asia Pacific Limited | Taiwan | ||||
| Paramount Pictures Australia Pty. | Australia | ||||
| Paramount Pictures Brasil Distribuidora de Filmes Ltda | Brazil | ||||
| Paramount Pictures Corporation | Delaware | ||||
| Paramount Pictures Corporation (Canada) Inc. | Canada (Ontario) | ||||
| Paramount Pictures France Sarl | France | ||||
| Paramount Pictures Germany GmbH | Germany | ||||
| Paramount Pictures Hong Kong Limited | Hong Kong | ||||
| Paramount Pictures International Limited | United Kingdom | ||||
| Paramount Pictures Louisiana Production Investments II LLC | Louisiana | ||||
| Paramount Pictures Louisiana Production Investments III LLC | Louisiana | ||||
| Paramount Pictures Louisiana Production Investments LLC | Louisiana | ||||
| Paramount Pictures Mexico S. de R.L. de C.V. | Mexico | ||||
| Paramount Pictures NZ | New Zealand | ||||
| Paramount Pictures Services UK | United Kingdom | ||||
| Paramount Pictures UK | United Kingdom | ||||
| Paramount Poland sp. z.o.o. | Poland | ||||
| Paramount Production Support Inc. | Delaware | ||||
| Paramount Productions Service Corporation | Delaware | ||||
| Paramount Spain S.L.U. | Spain | ||||
| Paramount Streaming Services Inc. | Delaware | ||||
| Paramount Sweden AB | Sweden | ||||
| Paramount Worldwide Productions Inc. | Delaware | ||||
| ParaUSD Singapore Pte. Ltd. | Singapore | ||||
| Park Court Productions, Inc. | Delaware | ||||
| Part-Time Productions Inc. | Delaware | ||||
| Paws, Incorporated | Indiana | ||||
| PC Home Cayman Ltd. | Cayman Islands | ||||
| PCCGW Company, Inc. | Delaware | ||||
| PCI Canada Inc. | Delaware | ||||
| PCI Network Partner II Inc. | Delaware | ||||
| PCI Network Partner Inc. | Delaware | ||||
| Peanut Worm Productions Inc. | Delaware | ||||
| Pen Productions, LLC | California | ||||
| Peppercorn Productions, Inc. | Tennessee | ||||
| Permutation Productions Inc. | Delaware | ||||
| Pet II Productions Inc. | Delaware | ||||
| Philadelphia Television Station WPSG Inc. | Delaware | ||||
| Pittsburgh Television Station WPCW Inc. | Delaware | ||||
| Pluto Inc. | Delaware | ||||
| Pluto TV Europe GmbH | Germany | ||||
| PMV Productions, Inc. | Delaware | ||||
| Pocket Books of Canada, Ltd. | Canada (Federal) | ||||
| Pop Channel Productions Inc. | Delaware | ||||
Subsidiary Name | Place of Incorporation or Organization | ||||
| Pop Culture Productions Inc. | Delaware | ||||
| Pop Media Group, LLC | Delaware | ||||
| Pop Media Networks, LLC | Delaware | ||||
| Pop Media Productions, LLC | Delaware | ||||
| Pop Media Properties, LLC | Delaware | ||||
| Pop Media Services, LLC | Delaware | ||||
| Pop Music, LLC | Delaware | ||||
| Pop Toons Inc. | Delaware | ||||
| Porta dos Fundos Produtora e Distribuidora Audiovisual S.A. | Brazil | ||||
| Possible Productions Inc. | Delaware | ||||
| Possum Point Incorporated | Delaware | ||||
| Pottle Productions, Inc. | California | ||||
| PPC Film Management GmbH | Germany | ||||
| PPG Holding 5 B.V. | Netherlands | ||||
| PPG Holding 95 B.V. | Netherlands | ||||
| Premiere House, Inc. | Delaware | ||||
| Preye, Inc. | California | ||||
| Prime Directive Productions Inc. | Delaware | ||||
| Project Drew, LLC | California | ||||
| Prospect Company Ltd. | Cayman Islands | ||||
| Proxy Music LLC | California | ||||
| Quemahoning Coal Processing Company | Pennsylvania | ||||
| R.G.L. Realty Limited | United Kingdom | ||||
| Raquel Productions Inc. | Delaware | ||||
| Real TV Music Inc. | Delaware | ||||
| Recovery Ventures Inc. | Delaware | ||||
| Red de Televisión Chilevisión S.A. | Chile | ||||
| Red Devs LLC | Delaware | ||||
| RED MIRROR, LLC | California | ||||
| Remote Productions Inc. | Delaware | ||||
| Republic Distribution LLC | Delaware | ||||
| Republic Entertainment LLC | Delaware | ||||
| Republic Pictures Enterprises LLC | Delaware | ||||
| Republic Pictures Productions LLC | California | ||||
| RH Productions Inc. | California | ||||
| Rosy Haze Productions Pty Limited | Australia | ||||
| RTV News Inc. | Delaware | ||||
| RTV News Music Inc. | Delaware | ||||
| Sacramento Television Stations Inc. | Delaware | ||||
| Sagia Productions Inc. | Canada (Ontario) | ||||
| Salton Sea Songs LLC | Delaware | ||||
| Salvation Productions Inc. | Canada (B.C.) | ||||
| Sammarnick Insurance Corporation | New York | ||||
| San Francisco Television Station KBCW Inc. | Virginia | ||||
| Saucon Valley Iron and Railroad Company, The | Pennsylvania | ||||
Subsidiary Name | Place of Incorporation or Organization | ||||
| SBX Acquisition Corp. | Delaware | ||||
| Scott-Mattson Farms, Inc. | Florida | ||||
| Screenlife Licensing, LLC | Nevada | ||||
| Screenlife, LLC | Washington | ||||
| See Yourself Productions Inc. | Delaware | ||||
| Servicios Para Empresas de Entretenimiento, S. de R.L. de C.V. | Mexico | ||||
| Sexy Beast Productions Limited | United Kingdom | ||||
| SF Films Inc. | Canada (Ontario) | ||||
| SFI Song Company | Delaware | ||||
| SHAUNTENT, LLC | California | ||||
| Ship House, Inc. | Florida | ||||
| SHOtunes Music LLC | Delaware | ||||
| Shovel Buddies, LLC | California | ||||
| Show Pants LLC | Delaware | ||||
| Show Works Productions Inc. | Delaware | ||||
| Showtime Digital Inc. | Delaware | ||||
| Showtime Distribution B.V. | Netherlands | ||||
| Showtime Harmonies LLC | Delaware | ||||
| Showtime Live Entertainment Inc. | Delaware | ||||
| Showtime Marketing Inc. | Delaware | ||||
| Showtime Melodies Inc. | Delaware | ||||
| Showtime Networks Inc. | Delaware | ||||
| Showtime Networks Inc. (U.K.) | Delaware | ||||
| Showtime Networks Satellite Programming Company | California | ||||
| Showtime Online Inc. | Delaware | ||||
| Showtime Pictures Development Company | Delaware | ||||
| Showtime Satellite Networks Inc. | Delaware | ||||
| Showtime Songs Inc. | Delaware | ||||
| Showtime/Sundance Holding Company Inc. | Delaware | ||||
| SIFO One Inc. | Delaware | ||||
| SIFO Two Inc. | Delaware | ||||
| Simon & Schuster (Australia) Pty. Limited | Australia | ||||
| Simon & Schuster (UK) Limited | UK | ||||
| Simon & Schuster Canada ULC | Canada (B.C.) | ||||
| Simon & Schuster Digital Sales Inc. | Delaware | ||||
| Simon & Schuster Global Services Inc. | Delaware | ||||
| Simon & Schuster India LLC | Delaware | ||||
| Simon & Schuster International Inc. | Delaware | ||||
| Simon & Schuster of Canada (1976) Ltd. | Canada (Federal) | ||||
| Simon & Schuster Publishers India Private Limited | India | ||||
| Simon & Schuster, Inc. | New York | ||||
| SKG Louisiana L.L.C. | Louisiana | ||||
| SKG Music L.L.C. | Delaware | ||||
| SKG Music Nashville Inc. | Delaware | ||||
| SKG Music Publishing L.L.C. | Delaware | ||||
Subsidiary Name | Place of Incorporation or Organization | ||||
| SKG Productions L.L.C. | Louisiana | ||||
| SKG Studios Canada Inc. | Canada (Ontario) | ||||
| SN Digital LLC | Delaware | ||||
| SNI/SI Networks L.L.C | Delaware | ||||
| SnowGlobe LLC | Delaware | ||||
| Soapmusic Company | Delaware | ||||
| Social Project LLC | Delaware | ||||
| Solar Service Company | Delaware | ||||
| SongFair Inc. | Delaware | ||||
| South Park Digital Studios LLC | Delaware | ||||
| Spelling Daytime Songs Inc. | Delaware | ||||
| Spelling Daytime Television Inc. | Delaware | ||||
| Spelling Entertainment Group LLC | Delaware | ||||
| Spelling Entertainment LLC | Delaware | ||||
| Spelling Films Inc. | Delaware | ||||
| Spelling Films Music Inc. | Delaware | ||||
| Spelling Pictures Inc. | Delaware | ||||
| Spelling Satellite Networks Inc. | California | ||||
| Spelling Television Inc. | Delaware | ||||
| Spike Cable Networks Inc. | Delaware | ||||
| Spike Digital Entertainment LLC | Delaware | ||||
| SportsLine.com, Inc. | Delaware | ||||
| Springy Productions Pty. Limited | Australia | ||||
| St. Francis Ltd. | Cayman Islands | ||||
| St. Ives Company Ltd. | Cayman Islands | ||||
| STAND IN, L.L.C. | Louisiana | ||||
| Starfish Productions Inc. | Florida | ||||
| Stargate Acquisition Corp. One | Delaware | ||||
| Stat Crew Software, Inc. | Ohio | ||||
| Stepdude Productions LLC | Louisiana | ||||
| Stranglehold Productions, Inc. | California | ||||
| Streak Productions Inc. | Canada (Ontario) | ||||
| Stuart Street, LLC | California | ||||
| Study Hall Films Inc. | Delaware | ||||
| Sunday Best, LLC | Louisiana | ||||
| Sunset Beach Productions, Inc. | Delaware | ||||
| Superstar Productions USA Inc. | Delaware | ||||
| SURRENDER, LLC | California | ||||
| Survivor Productions, LLC | Delaware | ||||
| Swift Justice Productions Inc. | Delaware | ||||
| T&R Payroll Company | Delaware | ||||
| Talent Court Productions, Inc. | Delaware | ||||
| TAM 3, LLC | California | ||||
| TATB, LLC | California | ||||
| Taylor Forge Memphis, Inc. | Delaware | ||||
Subsidiary Name | Place of Incorporation or Organization | ||||
| TB Productions Inc. | Canada (Ontario) | ||||
| TDI Worldwide Investments Inc. | Delaware | ||||
| Television & Telecasters (Properties) Pty Limited | Australia | ||||
| Televisión Federal S.A. | Argentina | ||||
| Television Station KTXA Inc. | Virginia | ||||
| Television Station WTCN LLC | Delaware | ||||
| Ten Network Holdings Pty Limited | Australia | ||||
| Tentpole Productions, LLC | California | ||||
| TEVEFE COMERCIALIZACIÓN S.A. | Argentina | ||||
| TG Film, LLC | California | ||||
| The Box Italy LLC | Delaware | ||||
| The Box Worldwide LLC | Delaware | ||||
| The CW Television Stations Inc. | Delaware | ||||
| The Gramps Company Inc. | Delaware | ||||
| The Late Show Inc. | Delaware | ||||
| The Love Sickness, LLC | California | ||||
| The MTVi Group, Inc. | Delaware | ||||
| The Paramount UK Partnership | United Kingdom | ||||
| The Ten Group Pty Limited | Australia | ||||
| Thespians, LLC | California | ||||
| They Productions Inc. | Delaware | ||||
| Things of the Wild Songs Inc. | Delaware | ||||
| Thinner Productions, Inc. | Delaware | ||||
| Third Century Company | Delaware | ||||
| Thirteenth Century Corporation | Delaware | ||||
| Thirtieth Century Corporation | Delaware | ||||
| Thunder, Inc. | Delaware | ||||
| Timber Purchase Company | Florida | ||||
| Timeline Films Inc. | Canada (Ontario) | ||||
| TIS Productions Colombia S.A.S. | Colombia | ||||
| TIS Productions Holdings S. de R.L. | Panama | ||||
| TIS Productions Mexico S. de R.L. de C.V. | Mexico | ||||
| TNN Classic Sessions, Inc. | Delaware | ||||
| TNN Productions, Inc. | Delaware | ||||
| Toe-to-Toe Productions Inc. | Delaware | ||||
| Torand Payroll Company | Delaware | ||||
| Torand Productions Inc. | Delaware | ||||
| Total Warehouse Services Corporation | Delaware | ||||
| Trans-American Resources, Inc. | Delaware | ||||
| TSM Services Inc. | Delaware | ||||
| TSM, LLC | California | ||||
| Tube Mill, Inc. | Alabama | ||||
| Tunes by Nickelodeon Inc. | Delaware | ||||
| Turnip Productions LLC | Delaware | ||||
| TV Scoop Inc. | Delaware | ||||
Subsidiary Name | Place of Incorporation or Organization | ||||
| Twofer, LLC | California | ||||
| UE Site Acquisition LLC | Delaware | ||||
| Ultra Productions Inc. | Canada (Ontario) | ||||
| Untitled Productions II LLC | Delaware | ||||
| Untitled Science LLC | Delaware | ||||
| UPN (general partnership) | Delaware | ||||
| UPN Holding Company, Inc. | California | ||||
| UPN Properties, Inc. | California | ||||
| Uptown Productions Inc. | Delaware | ||||
| Ureal Productions Inc. | Delaware | ||||
| URGE PrePaid Cards Inc. | Virginia | ||||
| VBC Pilot Productions Inc. | Canada (B.C.) | ||||
| VDS, LLC | California | ||||
| VE Development Company | Delaware | ||||
| VE Drive Inc. | Delaware | ||||
| VE Television Inc. | Delaware | ||||
| VGS Management Services Inc. | Delaware | ||||
| VI Services Corporation | Delaware | ||||
| Viacom Alto Finance C.V. | Netherlands | ||||
| Viacom Alto Overseas C.V. | Netherlands | ||||
| Viacom Animation of Korea Inc. | Delaware | ||||
| Viacom Asia (Beijing) Advertising and Media Co. Ltd. | China | ||||
| Viacom Asia Inc. | Delaware | ||||
| Viacom ATV Inc. | Delaware | ||||
| Viacom August Songs Inc. | Delaware | ||||
| Viacom Blue Sky Inc. | Delaware | ||||
| Viacom Brand Solutions Limited | United Kingdom | ||||
| Viacom Caledonia LP | United Kingdom | ||||
| Viacom Camden Lock Inc. | Delaware | ||||
| Viacom Camden Lock Limited | United Kingdom | ||||
| Viacom Canadian Productions Holdings Inc. | Canada (Ontario) | ||||
| Viacom Capital LLC | Delaware | ||||
| Viacom Digital Studios LLC | Delaware | ||||
| Viacom Domains Limited | Canada (B.C.) | ||||
| Viacom Galaxy Tunes Inc. | Delaware | ||||
| Viacom Genesis Music Inc. | Delaware | ||||
| Viacom Global Limited | United Kingdom | ||||
| Viacom Global Services Inc. | Delaware | ||||
| Viacom Hearty Ha!Ha! LLC | Delaware | ||||
| Viacom Holdings Germany LLC | Delaware | ||||
| Viacom Holdings Italia S.r.l. | Italy | ||||
| Viacom Interactive Limited | United Kingdom | ||||
| Viacom International Administration Inc. | Delaware | ||||
| Viacom International Film Finance Holdings Limited | Jersey | ||||
| Viacom International Film Finance Limited | Jersey | ||||
Subsidiary Name | Place of Incorporation or Organization | ||||
| Viacom International Hungary Kft. | Hungary | ||||
| Viacom International Inc. | Delaware | ||||
| Viacom International Inc. Political Action Committee Corporation | New York | ||||
| Viacom International Media Networks (Malaysia) Sdn. Bhd. | Malaysia | ||||
| Viacom International Media Networks Africa (Pty) Limited | South Africa | ||||
| Viacom International Media Networks España, S.L. | Spain | ||||
| Viacom International Media Networks Italia S.r.l. | Italy | ||||
| Viacom International Media Networks Middle East FZ-LLC | United Arab Emirates | ||||
| Viacom International Media Networks Nigeria Limited | Nigeria | ||||
| Viacom International Media Networks U.K. Limited | United Kingdom | ||||
| Viacom International Services Inc. | Delaware | ||||
| Viacom International Studios Inc. | Delaware | ||||
| Viacom Limited | New Zealand | ||||
| Viacom Limited | United Kingdom | ||||
| Viacom Media Argentina S.A. | Argentina | ||||
| Viacom Music Touring Inc. | Delaware | ||||
| Viacom Netherlands Coöperatief U.A. | Netherlands | ||||
| Viacom Netherlands Management LLC | Delaware | ||||
| Viacom Networks Brasil Programacao Televisiva E Publicidade Ltda. | Brazil | ||||
| Viacom Networks Europe Inc. | Delaware | ||||
| Viacom Networks Italia Limited | United Kingdom | ||||
| Viacom Networks Japan G.K | Japan | ||||
| Viacom Networks Japan K.K. | Japan | ||||
| Viacom Notes Inc. | Delaware | ||||
| Viacom Origins Inc. | Delaware | ||||
| Viacom Overseas Holdings C.V. | Netherlands | ||||
| Viacom Realty Corporation | Delaware | ||||
| Viacom RMP International LLC | Delaware | ||||
| Viacom RMP LLC | Delaware | ||||
| Viacom SG Inc. | Delaware | ||||
| Viacom Songs Inc. | Delaware | ||||
| Viacom Special Events LLC | Delaware | ||||
| Viacom Sterling Finance C.V. | Netherlands | ||||
| Viacom Subsidiary Management Corp. | Delaware | ||||
| Viacom Telecommunications LLC | Delaware | ||||
| Viacom Theater Inc. | Delaware | ||||
| Viacom TN Inc. | Delaware | ||||
| Viacom Tunes Inc. | Delaware | ||||
| Viacom TV Investco Inc. | Delaware | ||||
| Viacom Ventures B.V. | Netherlands | ||||
| Viacom Ventures Inc. | Delaware | ||||
| ViacomCBS Blockchain Partner Inc. | Delaware | ||||
| ViacomCBS Chilevisión Holding I SpA | Chile | ||||
| ViacomCBS Chilevisión Holding II SpA | Chile | ||||
| ViacomCBS Digital DTC International LLC | Delaware | ||||
Subsidiary Name | Place of Incorporation or Organization | ||||
| ViacomCBS Integration Holdings LLC | Delaware | ||||
| ViacomCBS Interactive Holdings Limited | United Kingdom | ||||
| ViacomCBS International Distribution Inc. | Delaware | ||||
| ViacomCBS International Studios Productions Limited | United Kingdom | ||||
| ViacomCBS Networks International Czech s.r.o | Czech Republic | ||||
| ViacomCBS Realty Corporation | Delaware | ||||
| VidCon International LLC | Montana | ||||
| VidCon LLC | Delaware | ||||
| Vidoo Video Solutions Ltd. | Israel | ||||
| VIMN Advertising and Brand Solutions S.r.l. | Italy | ||||
| VIMN Argentina Limited | United Kingdom | ||||
| VIMN Australia Pty Limited | Australia | ||||
| VIMN Brasil Participações Ltda. | Brazil | ||||
| VIMN CP Services (UK) Limited | United Kingdom | ||||
| VIMN CP Services, ULC | Canada (B.C.) | ||||
| VIMN CP Serviços (Brasil) Ltda. | Brazil | ||||
| VIMN Finance Holding (UK) Ltd | United Kingdom | ||||
| VIMN Finance Jersey Limited | Jersey | ||||
| VIMN Germany GmbH | Germany | ||||
| VIMN Netherlands B.V. | Netherlands | ||||
| VIMN Netherlands Holding B.V. | Netherlands | ||||
| VIMN Nordic AB | Sweden | ||||
| VIMN Poland sp. z o.o. | Poland | ||||
| VIMN Polska B.V. | Netherlands | ||||
| VIMN Russia C.V. | Netherlands | ||||
| VIMN Singapore Pte. Ltd. | Singapore | ||||
| VIMN Switzerland AG | Switzerland | ||||
| Viper Productions Inc. | Canada (B.C.) | ||||
| VISI Services Inc. | Delaware | ||||
| Visions Productions, Inc. | New York | ||||
| VIVA Media GmbH | Germany | ||||
| VJK Inc. | Delaware | ||||
| VMN Digital Inc. | Delaware | ||||
| VMN Noord LLC | Delaware | ||||
| VMPG LLC | Delaware | ||||
| VNM Inc. | Delaware | ||||
| VP Direct Inc. | Delaware | ||||
| VP Programs Inc. | California | ||||
| VPix Inc. | Delaware | ||||
| VSC Compositions LLC | New York | ||||
| VSC Music LLC | New York | ||||
| Waste Resource Energy, Inc. | Delaware | ||||
| WBCE Corp. | New York | ||||
| WCC FSC I, Inc. | Delaware | ||||
| WCC Project Corp. | Delaware | ||||
Subsidiary Name | Place of Incorporation or Organization | ||||
| Westgate Pictures Inc. | Delaware | ||||
| White Mountain Productions Limited | United Kingdom | ||||
| WhoSay, Inc. | Delaware | ||||
| Wildness, LLC | California | ||||
| Wilmerding Aircraft Leasing Inc. | Delaware | ||||
| Wilmerding Asset Management Inc. | Delaware | ||||
| Wilmerding Canada Holdings L.L.C. | Delaware | ||||
| Wilmerding CBS Holding Company, Inc. | Delaware | ||||
| Wilmerding Electric Corporation | Delaware | ||||
| Wilmerding Environmental Management Company of Ohio, Inc. | Delaware | ||||
| Wilmerding Hanford Company | Delaware | ||||
| Wilmerding Holdings Corporation | Delaware | ||||
| Wilmerding Idaho Nuclear Company, Inc. | Delaware | ||||
| Wilmerding International Holding UK Limited | United Kingdom | ||||
| Wilmerding Investment Corporation | Delaware | ||||
| Wilmerding Licensing Corporation | Pennsylvania | ||||
| Wilmerding Reinvestment Company, L.L.C. | Delaware | ||||
| Wilmerding World Investment Corporation | Delaware | ||||
| Wilshire Court Productions LLC | Delaware | ||||
| Wilshire Entertainment Inc. | Delaware | ||||
| Wilshire/Hauser Company | Delaware | ||||
| Woburn Insurance Ltd. | Bermuda | ||||
| Wordsmith, LLC | California | ||||
| World Sports Enterprises | Tennessee | ||||
| World Volleyball League, Inc. | New York | ||||
| Worldvision Enterprises (France) SARL | France | ||||
| Worldvision Enterprises (United Kingdom) Ltd. | New York | ||||
| Worldvision Enterprises de Venezuela | Venezuela | ||||
| Worldvision Enterprises Latino-Americana, S.A. | Panama | ||||
| Worldvision Enterprises LLC | New York | ||||
| Worldvision Enterprises of Canada, Limited | New York | ||||
| Worldvision Home Video LLC | New York | ||||
| Worldwide Productions, Inc. | Delaware | ||||
| WPIC Corporation | Delaware | ||||
| WT Animal Music Inc. | Delaware | ||||
| WT Productions Inc. | Delaware | ||||
| Wuthering Heights, CA Productions Inc. | Delaware | ||||
| WVI Films B.V. | Netherlands | ||||
| Yellams | Cayman Islands | ||||
| Yellowstone Finance LLC | Delaware | ||||
| York Resource Energy Systems, Inc. | Delaware | ||||
| Young Reader’s Press, Inc. | Delaware | ||||
| YP Productions Inc. | Canada (Ontario) | ||||
| Zarina 99 Vermogensverwaltungs GmbH | Germany | ||||
| ZDE, LLC | California | ||||
Subsidiary Name | Place of Incorporation or Organization | ||||
| Zoo Films LLC | Delaware | ||||
| Zukor LLC | Delaware | ||||
| /s/ Candace K. Beinecke | ||||||||
| /s/ Barbara M. Byrne | ||||||||
| /s/ Linda M. Griego | ||||||||
| /s/ Robert N. Klieger | ||||||||
| /s/ Judith A. McHale | ||||||||
| /s/ Ronald L. Nelson | ||||||||
| /s/ Charles E. Phillips, Jr. | ||||||||
| /s/ Shari Redstone | ||||||||
| /s/ Susan Schuman | ||||||||
| /s/ Nicole Seligman | ||||||||
| /s/ Frederick O. Terrell | ||||||||
| /s/ Robert M. Bakish | |||||
| Robert M. Bakish | |||||
| President and Chief Executive Officer | |||||
| /s/ Naveen Chopra | |||||
| Naveen Chopra | |||||
| Executive Vice President, Chief Financial Officer | |||||
| /s/ Robert M. Bakish | |||||
| Robert M. Bakish | |||||
| February 16, 2023 | |||||
| /s/ Naveen Chopra | |||||
| Naveen Chopra | |||||
| February 16, 2023 | |||||
Audit Information |
12 Months Ended |
|---|---|
Dec. 31, 2022 | |
| Auditor Information [Abstract] | |
| Auditor Name | PricewaterhouseCoopers LLP |
| Auditor Location | New York, New York |
| Auditor Firm ID | 238 |
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Statement of Comprehensive Income [Abstract] | |||
| Net earnings (Paramount and noncontrolling interests) | $ 1,214 | $ 4,631 | $ 2,701 |
| Other comprehensive income (loss), net of tax: | |||
| Cumulative translation adjustments | (240) | (143) | 134 |
| Decrease (increase) to net actuarial loss and prior service costs | 337 | 75 | (2) |
| Other comprehensive income (loss) from continuing operations, net of tax (Paramount and noncontrolling interests) | 97 | (68) | 132 |
| Other comprehensive income (loss) from discontinued operations | (7) | (3) | 5 |
| Comprehensive income | 1,304 | 4,560 | 2,838 |
| Less: Comprehensive income attributable to noncontrolling interests | 105 | 87 | 278 |
| Comprehensive income attributable to Paramount | $ 1,199 | $ 4,473 | $ 2,560 |
Consolidated Balance Sheets (Parenthetical) - $ / shares |
12 Months Ended | |
|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Class of Stock [Line Items] | ||
| Preferred stock, percentage | 5.75% | 5.75% |
| Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
| Preferred stock, shares authorized (in shares) | 25,000,000 | 25,000,000 |
| Preferred stock, shares issued (in shares) | 10,000,000 | 10,000,000 |
| Common Class A | ||
| Class of Stock [Line Items] | ||
| Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
| Common stock, shares authorized (in shares) | 55,000,000 | 55,000,000 |
| Common stock, shares issued (in shares) | 41,000,000 | 41,000,000 |
| Common Class B | ||
| Class of Stock [Line Items] | ||
| Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
| Common stock, shares authorized (in shares) | 5,000,000,000 | 5,000,000,000 |
| Common stock, shares issued (in shares) | 1,112,000,000 | 1,110,000,000 |
| Treasury stock, at cost, Class B Shares (in shares) | 503,000,000 | 503,000,000 |
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions |
Dec. 31, 2020 |
Dec. 31, 2019 |
|---|---|---|
| Statement of Cash Flows [Abstract] | ||
| Restricted cash and cash equivalents | $ 135 | $ 202 |
Basis of Presentation and Summary of Significant Accounting Policies |
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| 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—Effective February 16, 2022, we changed our name from ViacomCBS Inc. to Paramount Global, and effective at the open of market trading on February 17, 2022, our Class A Common Stock, Class B Common Stock and 5.75% Series A Mandatory Convertible Preferred Stock (“Mandatory Convertible Preferred Stock”) ceased trading under the ticker symbols “VIACA,” “VIAC” and “VIACP” and began trading under the ticker symbols “PARAA,” “PARA” and “PARAP,” respectively, on The Nasdaq Stock Market LLC. References to “Paramount,” the “Company,” “we,” “us” and “our” refer to Paramount Global and its consolidated subsidiaries, unless the context otherwise requires. Beginning in the first quarter of 2022, primarily as a result of our increased strategic focus on our direct-to-consumer streaming businesses, we made certain changes to how we manage our businesses and allocate resources that resulted in a change to our operating segments. Our management structure was reorganized to focus on managing our business as the combination of three parts: a traditional media business, a portfolio of domestic and international streaming services, and a film studio. Accordingly, for all periods presented we are reporting results based on 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) premium and basic cable networks, including Showtime, MTV, Comedy Central, Paramount Network, The Smithsonian Channel, Nickelodeon, BET Media Group, CBS Sports Network, and international extensions of certain of these brands; (3) domestic and international television studio operations, including CBS Studios, Paramount Television Studios and 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 consists of our portfolio of domestic and international pay and free streaming services, including Paramount+, Pluto TV, Showtime Networks’ premium subscription streaming service (Showtime OTT), BET+ and Noggin. •Filmed Entertainment—Our Filmed Entertainment segment consists of Paramount Pictures, Paramount Players, Paramount Animation, Nickelodeon Studio, Awesomeness and Miramax. In January 2023, we announced that we will be fully integrating Showtime into Paramount+ across both streaming and linear platforms later in 2023. Discontinued Operations—In November 2020, we entered into an agreement to sell our publishing business, Simon & Schuster, which was previously reported as the Publishing segment, to Penguin Random House LLC (“Penguin Random House”), a wholly owned subsidiary of Bertelsmann SE & Co. KGaA. As a result, we began presenting Simon & Schuster as a discontinued operation in our consolidated financial statements for the fourth quarter of 2020. In November 2021, the U.S. Department of Justice (the “DOJ”) filed suit in the United States District Court for the District of Columbia to block the sale and in October 2022 the Court ruled in favor of the DOJ. In November 2022, we terminated the agreement and in accordance with its terms, subsequently received a $200 million termination fee. Simon & Schuster remains a noncore asset as it does not fit strategically within our video-based portfolio. We expect to enter into a new agreement to sell Simon & Schuster in 2023. Assuming that we do so, closing would be subject to closing conditions that would include regulatory approval. Simon & Schuster continues to be presented as a discontinued operation for all periods presented (see Note 3). 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. 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 amount of revenues and expenses during the periods presented. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may vary from these estimates under different assumptions or conditions. Business Combinations—We generally account for business combinations using the acquisition method of accounting. Under the acquisition method, once control is obtained of a business, 100% of the assets, liabilities and certain contingent liabilities acquired, as well as amounts attributed to noncontrolling interests, are recorded at fair value. Any transaction costs are expensed as incurred. 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 Sheet. Prepayments for the rights to air sporting and other live events that are expected to be expensed over the next 12 months are classified within the current portion of “Programming and other inventory” on the Consolidated Balance Sheet. Costs incurred to produce television programs and feature films (which include direct production costs, production overhead, acquisition costs and development costs) are capitalized when incurred and amortized over the projected life of each television program or feature film. Costs incurred to acquire television series and feature film programming rights, including advances, are capitalized when the license period has begun and the program is accepted and available for airing and amortized over the shorter of the license period or the period in which an economic benefit is expected to be derived. 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, 2022 were receivables for production tax incentives of $0.3 billion and $1.4 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, if the predominant monetization strategy is determined to be individual, or at the film group level where the future cash flows will be generated. 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. Property and Equipment—Property and equipment is stated at cost. Depreciation is calculated using the straight-line method over estimated useful lives as follows:
Costs associated with repairs and maintenance of property and equipment are expensed as incurred. Impairment of Long-Lived Assets—The Company assesses long-lived assets and intangible assets, other than goodwill and intangible assets with indefinite lives, for impairment whenever there is an indication that the carrying amount of the asset group may not be recoverable. Recoverability of these asset groups is determined by comparing the forecasted undiscounted cash flows expected to be generated by these asset groups to their net carrying value. If the carrying value is not recoverable, the amount of impairment charge, if any, is measured by the difference between the net carrying value and the estimated fair value of the assets. Investments—Investments over which we have a significant influence, without a controlling interest, are accounted for under the equity method. Equity investments for which we have no significant influence are measured at fair value where a readily determinable fair value exists. Equity investments that do not have a readily determinable fair value are measured at cost less impairment, if any, and adjusted for observable price changes. Gains and losses resulting from changes in the fair value of equity investments are recorded in “Net gains (losses) from investments” 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 6). Guarantees—At the inception of a guarantee, we recognize a liability for the fair value of an obligation assumed by issuing the guarantee. The related liability is subsequently reduced as utilized or extinguished and increased if there is a probable loss associated with the guarantee which exceeds the value of the recorded liability. Treasury Stock—Treasury stock is accounted for using the cost method. Retirements of treasury stock are reflected as a reduction to additional paid-in capital. Fair Value Measurements—Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. The framework for measuring fair value provides a hierarchy that prioritizes the inputs to valuation techniques used in measuring fair value. Level 1 is based on publicly quoted prices for the asset or liability in active markets. Level 2 is based on inputs that are observable other than quoted market prices in active markets, such as quoted prices for the asset or liability in inactive markets or quoted prices for similar assets or liabilities. Level 3 is based on unobservable inputs reflecting our own assumptions about the assumptions that market participants would use in pricing the asset or liability. Certain assets and liabilities, including foreign currency hedges and deferred compensation liabilities, are measured and recorded at fair value on a recurring basis. Other assets and liabilities, including television and film production costs, 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 fees received from multichannel video programming distributors (“MVPDs”) and third-party live television streaming services (“virtual MVPDs”, or “vMVPDs”) for carriage of our cable networks (“cable affiliate fees”) and our owned television stations (“retransmission fees”); 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 MVPDs and vMVPDs, 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 the rental of production facilities. 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 to five years. When payment is due from a customer more than one year before or after revenue is recognized, we consider the contract to contain a significant financing component and the transaction price is adjusted for the effects of the time value of money. We do not adjust the transaction price for the time value of money if payment is expected within one year of recognizing revenues. We also license our programming to distributors of transactional video-on-demand and similar services. Under these arrangements, our performance obligation is the delivery of our content to such distributors who then license our content to the end customer. Our revenues are determined each month based on a contractual rate applied to the number of licenses to the distributors’ end customers. Similarly, revenues earned from electronic sell-through services are recognized as each program is downloaded by the end customer. Revenues associated with the licensing of our brands for consumer products, recreation and live events are generally determined based on contractual royalty rates applied to sales reported by the licensees. For consumer products and recreation arrangements that include minimum guaranteed consideration, revenue is recognized as sales occur by the licensee, if the sales-based consideration is expected to exceed the minimum guarantee, or ratably if it is not expected to exceed the minimum guarantee. For live events, we recognize revenue when the event is held. Revenues from the sales of DVDs and Blu-ray discs to wholesalers and retailers are recognized upon the later of the physical delivery to the customer or the date that any sales restrictions on the retailers are lifted. We earn revenues from the distribution of content on behalf of third parties. We also have arrangements for the distribution or sale of our content by third parties. Under such arrangements, we determine whether revenues should be recognized based on the gross amount of consideration received from the customer or the net amount of revenue we retain after payment to the third party producer or distributor, based on an assessment of which party controls the good or service being transferred. 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 $70 million and $36 million at December 31, 2022 and 2021, 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 $111 million and $80 million at December 31, 2022 and 2021, respectively. The provision for doubtful accounts charged to expense was $40 million in 2022, $8 million in 2021 and $32 million in 2020. 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 7). 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 14 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 $2.69 billion in 2022, $2.14 billion in 2021 and $1.31 billion in 2020. 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 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, as a period cost when incurred within the provision for income taxes. Deferred tax assets and liabilities are recognized for the estimated future tax effects of temporary differences between the financial statement carrying amounts and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the year in which the temporary differences are expected to be reversed. We evaluate the realizability of deferred tax assets and establish a valuation allowance when it is more likely than not that all or a portion of deferred tax assets will not be realized. Deferred tax assets and deferred tax liabilities are classified as noncurrent on the Consolidated Balance Sheets. For tax positions taken in a previously filed tax return or expected to be taken in a future tax return, we evaluate each position to determine whether it is more likely than not that the tax position will be sustained upon examination, based on the technical merits of the position. A tax position that meets the more-likely-than-not recognition threshold is subject to a measurement assessment to determine the amount of benefit to be recognized in the Consolidated Statement of Operations and the appropriate reserve to establish, if any. If a tax position does not meet the more-likely-than-not recognition threshold, a tax reserve is established and no benefit is recognized. A number of years may elapse before a tax return containing tax matters for which a reserve has been established is audited and finally resolved. We recognize interest and penalty charges related to the reserve for uncertain tax positions as income tax expense. Foreign Currency Translation and Transactions—Assets and liabilities of subsidiaries with a functional currency other than the United States (“U.S.”) Dollar are translated into U.S. Dollars at foreign exchange rates in effect at the balance sheet date, while results of operations are translated at average foreign exchange rates for the respective periods. The resulting translation gains and losses are included as a separate component of stockholders’ equity in “Accumulated other comprehensive loss” on the Consolidated Balance Sheets. Argentina has been designated as a highly inflationary economy during all periods presented. Transactions denominated in currencies other than the functional currency will result in remeasurement gains and losses, which are included in “Other items, net” on the Consolidated Statements of Operations. Net Earnings per Common Share—Basic net earnings per share (“EPS”) is based upon net earnings available to common stockholders divided by the weighted average number of common shares outstanding during the period. Net earnings available to common stockholders is calculated as net earnings from continuing operations or net earnings, as applicable, adjusted to include dividends on our Mandatory Convertible Preferred Stock, which was issued in March 2021 (see Note 15). Weighted average shares for diluted EPS reflects the effect of the assumed exercise of stock options and vesting of restricted share units (“RSUs”) or performance share units (“PSUs”) only in the periods in which such effect would have been dilutive. Diluted EPS also reflects the effect of the assumed conversion of preferred stock, if dilutive, which includes the issuance of common shares in the weighted average number of shares and excludes the above-mentioned preferred stock dividend adjustment to net earnings available to common stockholders. Excluded from the calculation of diluted EPS because their inclusion would have been antidilutive, were stock options and RSUs of 11 million, 6 million and 22 million for the years ended December 31, 2022, 2021 and 2020, respectively. Also excluded from the calculation of diluted EPS for the year ended December 31, 2022, was the effect of the assumed conversion of 10 million shares of Mandatory Convertible Preferred Stock into shares of common stock because the impact would have been antidilutive. The table below presents a reconciliation of weighted average shares used in the calculation of basic and diluted EPS.
Additionally, because the impact of the assumed conversion of the Mandatory Convertible Preferred Stock would have been antidilutive, net earnings from continuing operations and net earnings used in our calculation of diluted EPS for the year ended December 31, 2022 include the preferred stock dividends recorded during the period. The table below presents a reconciliation of net earnings from continuing operations and net earnings to the amounts used in the calculations of basic and diluted EPS.
Stock-based Compensation—We measure the cost of employee services received in exchange for an award of equity instruments based on the grant date fair value of the award. The cost is recognized over the vesting period during which an employee is required to provide service in exchange for the award. Recently Adopted Accounting Pronouncements Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity On January 1, 2022, we adopted Financial Accounting Standards Board (“FASB”) amended guidance to reduce complexity associated with the accounting for convertible instruments with characteristics of liabilities and equity. Under this guidance, embedded conversion features associated with convertible instruments no longer need to be separated from the host contracts unless they are required to be accounted for as derivatives or have been issued at a substantial premium. For contracts in an entity’s own equity, this guidance removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exceptions. The adoption of this guidance did not have a material impact on our consolidated financial statements.
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Acquisitions and Dispositions |
12 Months Ended |
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Dec. 31, 2022 | |
| Business Combination and Asset Acquisition [Abstract] | |
| Acquisitions and Dispositions | ACQUISITIONS AND DISPOSITIONS 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. During 2020, we acquired a 49% interest in Miramax, a global film and television studio, for $375 million, which included a cash payment at closing of approximately $150 million along with a commitment to invest $45 million annually, beginning on the first anniversary of the closing and continuing through 2025, to be used for new film and television productions and working capital. In conjunction with this acquisition, we entered into commercial agreements with Miramax under which we have exclusive, long-term distribution rights to Miramax’s catalog, which added more than 700 titles to our existing library. We also have certain rights to co-produce, co-finance and/or distribute new film and television projects. The investment is accounted for as a consolidated VIE. We are the primary beneficiary of the VIE due to our power to direct the distribution of Miramax’s films and television series, which is considered the most significant activity of the VIE. The results of Miramax are included in the Filmed Entertainment segment from the date of acquisition. The operating results of these acquisitions were not material to our consolidated financial statements in the year of acquisition. Dispositions In September 2022, in connection with our funding commitments under our streaming joint venture, SkyShowtime, we made a noncash contribution of certain assets of Paramount+ in Denmark, Finland, Norway and Sweden (the “Nordics”) to the joint venture, which resulted in a gain of $41 million. Upon the transfer of these assets, the SkyShowtime service was launched in the Nordics, where it replaced Paramount+. 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. We have a lease for a portion of the space we occupied with terms that end in 2023 and 2024. 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. In October 2020, we completed the sale of CNET Media Group to Red Ventures for $484 million. This transaction resulted in a gain of $214 million.
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Discontinued Operations |
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| Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Discontinued Operations | DISCONTINUED OPERATIONS The following tables set forth details of net earnings from discontinued operations for the years ended December 31, 2022, 2021 and 2020, which primarily relates to Simon & Schuster (see Note 1).
(a) Primarily relates to indemnification obligations for leases associated with the previously discontinued operations of Famous Players Inc. (“Famous Players”). The following table presents the major classes of assets and liabilities of our discontinued operations.
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Property and Equipment |
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| Property and Equipment | PROPERTY AND EQUIPMENT
(a) Included in depreciation expense for 2020 is $12 million of accelerated depreciation resulting from the abandonment of technology in connection with synergy plans related to the merger of Viacom Inc. (“Viacom”) with and into CBS Corporation (“CBS”) (the “Merger”).
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Programming and Other Inventory |
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| Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Programming and Other Inventory | PROGRAMMING AND OTHER INVENTORY The following table presents our programming and other inventory at December 31, 2022 and 2021, grouped by type and predominant monetization strategy. During the first quarter of 2022, in connection with our increased strategic focus on our streaming businesses, we reassessed our predominant monetization strategy for certain of our internally-produced content, and determined that it had shifted from individual to film group as a result of expected increased monetization of the content on our streaming services.
The following table presents amortization of television and film programming and production costs, which is included within “” on the Consolidated Statements of Operations.
Programming Charges Included in the table above for the year ended December 31, 2020, are programming charges of $159 million primarily related to the abandonment of certain incomplete programs resulting from production shutdowns related to the coronavirus pandemic (COVID-19). Programming charges of $154 million and $5 million are included within the TV Media and Filmed Entertainment segments, respectively. In connection with our plan to integrate Showtime into Paramount+ across both streaming and linear platforms in 2023, we have undertaken a comprehensive strategic review of the combined content portfolio of Showtime and Paramount+. At the same time, we are rationalizing and right-sizing our international operations to align with our streaming strategy, and closing or globalizing certain of our international channels. We plan to complete this review in the first quarter of 2023 and abandon or remove from our platforms certain content, which will result in charges for the impairment or abandonment of the affected content, which we estimate will be approximately $1.3 billion to $1.5 billion. The following table presents the expected amortization over each of the next three years of released programming inventory on the Consolidated Balance Sheet at December 31, 2022. This information does not include the expected effects of the 2023 programming charges discussed above.
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Goodwill and Other Intangible Assets |
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| 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, 2022, 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, 2022, we had 14 television markets with FCC license book values. 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 2022 annual impairment test, we performed qualitative assessments for nine 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 2022 annual test for FCC licenses, we performed a quantitative impairment test for the remaining five 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 8% and 1%, respectively. The impairment tests indicated that the estimated fair values of FCC licenses in two of the markets were below their respective carrying values. Accordingly, we recorded an impairment charge of $27 million to write down the carrying values of these FCC licenses to their aggregate estimated fair value of $184 million. The impairment charge, which is included within “Depreciation and amortization” in the Consolidated Statement of Operations and recorded within the TV Media segment, was the result of a higher discount rate utilized in our annual impairment tests, reflecting the impacts of market volatility and higher interest rates. Additionally, the estimated fair values of FCC licenses in the three remaining markets, which had an aggregate carrying value of $787 million, were each within 10% of their respective carrying values. In the fourth quarter of 2022, as a result of a management reorganization, the reporting units within our TV Media segment changed from three to two reporting units. Accordingly, we reallocated goodwill using a relative fair value approach and performed further qualitative goodwill impairment assessments on the two reporting units subsequent to the reallocation of goodwill, and concluded that the fair values of these reporting units continued to exceed their respective carrying values. In the first quarter of 2022, in connection with changes to our management structure and the resulting change in operating segments, we reassessed our reporting units and reallocated goodwill from the four reporting units in place prior to the realignment to six reporting units, using a relative fair value approach. We performed goodwill impairment tests as of January 1, 2022 on the reporting units in place before and after the change and concluded that the fair values of these reporting units continued to exceed their respective carrying values with significant estimated headroom and, therefore, no impairment charge was required. The following tables present the changes in the book value of goodwill by segment for the years ended December 31, 2022 and 2021.
Our intangible assets were as follows:
Amortization expense was as follows:
(a) For 2022 and 2020, includes impairment charges of $27 million and $25 million, respectively, to write down the carrying value of FCC licenses, which were recorded within the TV Media segment. We expect our aggregate annual amortization expense for existing intangible assets subject to amortization for each of the years, 2023 through 2027, to be as follows:
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| Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Restructuring and Other Corporate Matters | RESTRUCTURING AND OTHER CORPORATE MATTERS During the years ended December 31, 2022, 2021 and 2020, we recorded the following costs associated with restructuring and other corporate matters.
(a) Severance costs include the accelerated vesting of stock-based compensation. Restructuring Charges Since the Merger, we have implemented a series of initiatives designed to integrate and transform our operations, including changes in our management structure, some of which resulted in changes to our operating segments (see Note 1). These initiatives led to restructuring actions, and as a result, we recorded restructuring charges of $260 million, $65 million, and $472 million during the years ended December 31, 2022, 2021 and 2020, respectively, for severance associated with the elimination of positions and changes in management. In 2022, the actions giving rise to the restructuring charges are primarily associated with our segment realignment, our plan to integrate Showtime into Paramount+ across both streaming and linear platforms, and restructuring of our international operations. In addition, since the Merger we have been consolidating 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 $68 million, $35 million, and $42 million for the years ended December 31, 2022, 2021 and 2020, 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. For the year ended December 31, 2020, we also recorded other exit costs of $28 million resulting from the termination of contractual obligations. 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 majority of the restructuring liability at December 31, 2022, which primarily relates to severance payments, is expected to be paid by the end of 2023.
(a) For the years ended December 31, 2022 and 2021, excludes stock-based compensation expense of $14 million and $20 million, respectively, and lease asset impairments of $68 million and $35 million, respectively. Other Corporate Matters In 2022, in addition to the above-mentioned restructuring charges, we recorded charges for other corporate matters of $257 million, consisting of $211 million associated with litigation described under Legal Matters—Stockholder Matters in Note 20 and $46 million recorded following Russia’s invasion of Ukraine in the first quarter of 2022, principally to reserve against amounts due from counterparties in Russia, Belarus and Ukraine. In 2020, in addition to the above-mentioned restructuring charges, we incurred costs of $56 million in connection with the Merger, consisting of professional fees mainly associated with integration activities, as well as transaction-related bonuses. We also incurred costs of $5 million for professional fees associated with dispositions and other corporate matters, and we recorded a charge of $15 million to write down property and equipment, which was classified as held for sale in 2020, to its fair value less costs to sell.
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Related Parties |
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| 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, 2022, NAI directly or indirectly owned approximately 77.4% of our voting Class A Common Stock and approximately 9.8% of our Class A Common Stock and non-voting Class B Common Stock on a combined basis. NAI is controlled by the Sumner M. Redstone National Amusements Part B General Trust (the “General Trust”), which owns 80% of the voting interest of NAI and acts by majority vote of seven voting trustees (subject to certain exceptions), including with respect to the NAI shares held by the General Trust. Shari E. Redstone, Chairperson, CEO and President of NAI and non-executive Chair of our Board of Directors, is one of the seven voting trustees for the General Trust and is one of two voting trustees who are beneficiaries of the General Trust. No member of our management or other member of our Board of Directors is a trustee of the General Trust. Other Related Parties In the ordinary course of business, we are involved in transactions with our equity-method investees, primarily for the licensing of television and film programming. The following tables present the amounts recorded in our consolidated financial statements related to these transactions.
(a) Revenues for the year ended December 31, 2022 and accounts receivable at December 31, 2022 include amounts related to SkyShowtime. 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.
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| Revenues | REVENUES The table below presents our revenues disaggregated into categories based on the nature of such revenues. See Note 19 for revenues by segment disaggregated into these categories.
Receivables Included in “Other assets” on the Consolidated Balance Sheets are noncurrent receivables of $1.61 billion and $1.84 billion at December 31, 2022 and 2021, respectively. Noncurrent receivables primarily relate to revenues recognized under long-term content licensing arrangements. Revenues from the licensing of content are recognized at the beginning of the license period in which programs are made available to the licensee for exhibition, while the related cash is generally collected over the term of the license period. Our receivables do not represent significant concentrations of credit risk at December 31, 2022 or 2021, 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 $1.06 billion, $1.20 billion and $1.12 billion at December 31, 2022, 2021 and 2020, respectively. We recognized revenues of $0.9 billion for each of the years ended December 31, 2022 and 2021 and $0.6 billion for the year ended December 31, 2020 that were included in the opening balance of deferred revenues for the respective year. Unrecognized Revenues Under Contract At December 31, 2022, unrecognized revenues attributable to unsatisfied performance obligations under our long-term contracts were approximately $9 billion, of which $4 billion is expected to be recognized in 2023, $2 billion in 2024, $1 billion in 2025, and $2 billion thereafter. These amounts only include contracts subject to a guaranteed fixed amount or the guaranteed minimum under variable contracts, primarily consisting of television and film licensing contracts and affiliate agreements that are subject to a fixed or guaranteed minimum fee. Such amounts change on a regular basis as we renew existing agreements or enter into new agreements. Unrecognized revenues under contracts disclosed above do not include (i) contracts with an original expected term of one year or less, mainly consisting of advertising contracts (ii) contracts for which variable consideration is determined based on the customer’s subsequent sale or usage, mainly consisting of affiliate agreements and (iii) long-term licensing agreements for multiple programs for which variable consideration is determined based on the value of the programs delivered to the customer and our right to invoice corresponds with the value delivered. Performance Obligations Satisfied in Previous Periods Under certain licensing arrangements, the amount and timing of our revenue recognition is determined based on our licensees’ subsequent sale to its end customers. As a result, under such arrangements, we often satisfy our performance obligation of delivery of our content in advance of revenue recognition. We recognized revenues of $0.4 billion for each of the years ended December 31, 2022, 2021 and 2020, from arrangements for the licensing of our content, including from distributors of transactional video-on-demand and electronic sell-through services and other licensing arrangement, as well as from the theatrical distribution of our films, for which our performance obligation was satisfied in a prior period.
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Debt |
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| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt | DEBT Our debt consists of the following:
(a) At December 31, 2022 and 2021, the senior and junior subordinated debt balances included (i) a net unamortized discount of $442 million and $466 million, respectively, and (ii) unamortized deferred financing costs of $89 million and $95 million, respectively. The face value of our total debt was $16.38 billion at December 31, 2022 and $18.27 billion at December 31, 2021. During the year ended December 31, 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. During the year ended December 31, 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. During the year ended December 31, 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. During the year ended December 31, 2020, we issued $4.50 billion of senior notes and redeemed long-term debt totaling $2.77 billion, prior to maturity, for an aggregate redemption price of $2.88 billion resulting in a pre-tax loss on extinguishment of debt of $126 million. Our 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. The interest rate payable on our 3.45% senior notes due October 2026, will be subject to adjustment from time to time if Moody’s Investor Services, Inc. or S&P Global Ratings downgrades (or downgrades and subsequently upgrades) the credit rating assigned to these senior notes. The interest rate on these senior notes would increase by 0.25% upon each credit agency downgrade, up to a maximum of 2.00%, and would similarly be decreased for subsequent upgrades. At December 31, 2022, the outstanding principal amount of these senior notes was $124 million. Some of our outstanding notes and debentures provide for certain covenant packages typical for an investment grade company. There is an acceleration trigger for the majority of the notes and debentures in the event of a change in control under specified circumstances coupled with ratings downgrades due to the change in control, as well as certain optional redemption provisions for our junior debentures. At December 31, 2022, our scheduled maturities of long-term debt at face value, which excludes payments for the related interest and finance leases, were as follows:
Commercial Paper At both December 31, 2022 and 2021, we had no outstanding commercial paper borrowings. Credit Facility At December 31, 2022, we had a $3.50 billion revolving credit facility with a maturity in January 2025 (the “Credit Facility”). The Credit Facility is used for general corporate purposes and to support commercial paper borrowings, if any. We may, at our option, also borrow in certain foreign currencies up to specified limits under the Credit Facility. Borrowing rates under the Credit Facility are determined at the time of each borrowing and are generally based on either the prime rate in the U.S. or an applicable benchmark rate plus a margin (based on our senior unsecured debt rating), depending on the type and tenor of the loans entered. The benchmark rate for loans denominated in euros, sterling and yen is based on EURIBOR, SONIA and TIBOR rates, respectively. The Credit Facility has one principal financial covenant that requires our Consolidated Total Leverage Ratio to be less than 4.5x (which we may elect to increase to 5.0x for up to four consecutive quarters following a qualified acquisition) at the end of each quarter. The Consolidated Total Leverage Ratio reflects the ratio of our Consolidated Indebtedness at the end of a quarter, to our Consolidated EBITDA (each as defined in the amended credit agreement) for the trailing twelve-month period. On February 14, 2022, we amended our Credit Facility to modify the definition of the Consolidated Total Leverage Ratio in the amended credit agreement to allow unrestricted cash and cash equivalents to be netted against Consolidated Indebtedness through June 2024. We met the covenant as of December 31, 2022. At December 31, 2022, we had no borrowings outstanding under the Credit Facility and the remaining availability under the Credit Facility, net of outstanding letters of credit, was $3.50 billion. Other Bank Borrowings At December 31, 2022 and 2021, we had bank borrowings under Miramax’s $300 million credit facility, which matures in April 2023, of $55 million and $35 million, respectively, with weighted average interest rates of 7.09% and 3.50%, respectively.
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Leases |
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| 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, 2022 and 2021, the following amounts were recorded on the Consolidated Balance Sheets relating to our operating leases.
The following table presents our lease cost relating to our operating leases.
(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.
The expected future payments relating to our operating lease liabilities at December 31, 2022 are as follows:
As of December 31, 2022, we had no material leases that were executed but not yet commenced. Lessor Contracts For the years ended December 31, 2022, 2021 and 2020, we recorded total lease income of $65 million, $145 million and $133 million, respectively, which relates to operating leases of our owned production facilities and office buildings. Lease payments received under these agreements consist of fixed payments for the rental of space and certain building operating costs, as well as variable payments based on usage of production facilities and services, and escalating costs of building operations. The lower lease income for 2022 compared with prior years is the result of the sales of a production facility and an office building during the fourth quarter of 2021 (see Note 2). Accordingly, our future fixed lease income is not expected to be material.
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| 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, 2022 and 2021, the following amounts were recorded on the Consolidated Balance Sheets relating to our operating leases.
The following table presents our lease cost relating to our operating leases.
(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.
The expected future payments relating to our operating lease liabilities at December 31, 2022 are as follows:
As of December 31, 2022, we had no material leases that were executed but not yet commenced. Lessor Contracts For the years ended December 31, 2022, 2021 and 2020, we recorded total lease income of $65 million, $145 million and $133 million, respectively, which relates to operating leases of our owned production facilities and office buildings. Lease payments received under these agreements consist of fixed payments for the rental of space and certain building operating costs, as well as variable payments based on usage of production facilities and services, and escalating costs of building operations. The lower lease income for 2022 compared with prior years is the result of the sales of a production facility and an office building during the fourth quarter of 2021 (see Note 2). Accordingly, our future fixed lease income is not expected to be material.
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Financial Instruments |
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| 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, 2022 and 2021, the carrying value of our outstanding notes and debentures was $15.78 billion and $17.66 billion, respectively, and the fair value, which is determined based on quoted prices in active markets (Level 1 in the fair value hierarchy) was $13.9 billion and $21.5 billion, respectively. Investments At December 31, 2022 and 2021, included in “Other assets” on the Consolidated Balance Sheets are equity-method investments of $375 million and $568 million, respectively, and equity investments without a readily determinable fair value for which we have no significant influence of $70 million and $59 million, respectively. 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 including a 49% interest in Viacom18, a joint venture in India. For the years ended December 31, 2021 and 2020, “Equity in loss of investee companies, net of tax” on the Consolidated Statements of Operations included impairment charges of $34 million and $9 million, respectively, relating to television joint ventures. During September 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 sold in the fourth quarter of 2022 of $5 million, is recorded in “Net gains (losses) from investments” on the Consolidated Statements of Operations. For 2021, “Net gains 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. For 2020, “Net gains from investments” of $206 million reflects a gain of $213 million related to an increase in the value of our investment in fuboTV, Inc. which was sold in the fourth quarter of 2020, partially offset by an impairment of investments without a readily determinable fair value of $7 million. 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, 2022 and 2021, the notional amount of all foreign currency contracts was $3.06 billion and $1.94 billion, respectively. 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. For 2021, $1.38 billion related to future production costs and $564 million related to our foreign currency balances and other expected foreign currency cash flows. Gains recognized on derivative financial instruments were as follows:
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.
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Fair Value Measurements |
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| 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, 2022 and 2021. These assets and liabilities have been categorized according to the three-level fair value hierarchy established by the FASB, which prioritizes the inputs used in measuring fair value. Level 1 is based on publicly quoted prices for the asset or liability in active markets. Level 2 is based on inputs that are observable other than quoted market prices in active markets, such as quoted prices for the asset or liability in inactive markets or quoted prices for similar assets or liabilities. Level 3 is based on unobservable inputs reflecting our own assumptions about the assumptions that market participants would use in pricing the asset or liability. All of our assets and liabilities that are measured at fair value on a recurring basis use Level 2 inputs. The fair value of foreign currency hedges is determined based on the present value of future cash flows using observable inputs including foreign currency exchange rates. The fair value of deferred compensation liabilities is determined based on the fair value of the investments elected by employees.
During the fourth quarter 2022, we recorded an impairment charge of $27 million to write down the carrying values of FCC licenses in two markets to their estimated fair values, which were determined based on the Greenfield Discounted Cash Flow Method (Level 3). See Note 6.
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Variable Interest Entities |
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| Variable Interest Entity Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Variable Interest Entities | VARIABLE INTEREST ENTITIESIn the normal course of business, we enter into joint ventures or make investments with business partners that support our underlying business strategy and provide us the ability to enter new markets to expand the reach of our brands, develop new programming and/or distribute our existing content. In certain instances, an entity in which we make an investment may qualify as a 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.
(a) The revenue and operating income include the licensing of the streaming rights to South Park by a consolidated 51%-owned VIE in 2020.
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Stockholders' Equity |
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| Stockholders' Equity Note [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, 2022, 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 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 We declared a quarterly cash dividend on our Class A and Class B Common Stock during each of the quarters of 2022, 2021, and 2020. During each of the years ended December 31, 2022, 2021 and 2020, we declared total per share dividends of $.96, resulting in total annual dividends of $635 million, $625 million and $601 million, respectively. During each of the quarters of 2022, we declared a quarterly cash dividend of $1.4375 per share on our Mandatory Convertible Preferred Stock, resulting in total annual dividends of $58 million for the year ended December 31, 2022. For the year ended December 31, 2021, we recorded total annual dividends on our Mandatory Convertible Preferred Stock of $44 million. During each of the third and fourth quarters of 2021, we declared a quarterly cash dividend on our Mandatory Convertible Preferred Stock of 1.4375 per share. During the second quarter of 2021, we declared a quarterly cash dividend on our Mandatory Convertible Preferred Stock of $1.5493 per share, representing a dividend period from March 26, 2021 through July 1, 2021. Treasury Stock At December 31, 2022, we had $2.36 billion of authorization remaining under our share repurchase program. During 2022, we did not repurchase any shares of our common stock. During 2020, we repurchased 1.3 million shares of our Class B Common Stock under our share repurchase program for $50 million, at an average cost of $38.63 per share. 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 2022 and 2020, 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).
(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, and amortization of prior service cost (see Note 18). The net actuarial loss and prior service cost related to pension and other postretirement benefit plans included in other comprehensive income (loss) is net of a tax benefit for the years ended December 31, 2022, 2021 and 2020 of $108 million, $25 million and $1 million, respectively.
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Stock-Based Compensation |
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| 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, 2022, there were 32 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, 2021. 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, 2022, 2021 and 2020.
(a) Reflects accelerations as a result of restructuring activities. Included in net earnings from discontinued operations was stock-based compensation expense of $3 million for each of the years ended December 31, 2022 and 2021 and $10 million for the year ended December 31, 2020. 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 - to four-year service period. Forfeitures for RSUs are estimated on the date of grant based on historical forfeiture rates and adjusted based on actual forfeitures. On an annual basis, we revise the estimated forfeiture rate, as necessary. For PSU awards 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 over a designated measurement period, and for certain 2022 and 2021 awards is also based on the achievement of established 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 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. Compensation expense is adjusted for non-performance based forfeitures for all PSU awards. The fair value of PSU awards granted during the years ended December 31, 2022, 2021 and 2020 was $43 million, $3 million and $34 million, respectively. The weighted average grant date fair value of RSUs and PSUs granted was $31.58, $35.80 and $32.35 in 2022, 2021, and 2020, respectively. The total market value of RSUs and PSUs that vested during 2022, 2021, and 2020 was $77 million, $260 million and $222 million, respectively. Total unrecognized compensation cost related to non-vested RSUs and PSUs at December 31, 2022 was $244 million, which is expected to be recognized over a weighted average period of 2.46 years. The following table summarizes our RSU and PSU share activity:
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 - to four-year service period and expire eight years from the date of grant. Forfeitures are estimated on the date of grant based on historical forfeiture rates. We adjust the compensation expense based on actual forfeitures. There were no stock option grants during any of the periods presented. At December 31, 2022, all stock options are vested and there is no remaining unrecognized compensation cost. The following table summarizes our stock option activity under the Plans.
The following table summarizes other information relating to stock option exercises during the years ended December 31, 2021 and 2020. There were no stock option exercises during the year ended December 31, 2022.
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Income Taxes |
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| 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:
The components of the provision (benefit) for income taxes were as follows:
In addition, included in net earnings from discontinued operations was an income tax provision of $77 million, $57 million and $38 million for 2022, 2021, and 2020, 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 $33 million in 2022, $49 million in 2021 and $19 million in 2020, which represented an effective tax rate of 13.9%, 35.0% and 40.4% for 2022, 2021, and 2020, respectively. The difference between income taxes expected at the U.S. federal statutory income tax rate of 21% and the provision (benefit) for income taxes is summarized as follows:
(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.
In addition to the amounts reflected in the table above, included in “Assets of discontinued operations” on the Consolidated Balance Sheets are net deferred income tax assets of $55 million and $80 million at December 31, 2022 and 2021, respectively. At December 31, 2022, we had deferred income tax assets for federal foreign tax credit carryforwards of $43 million and net operating loss carryforwards for federal, state and local, and foreign jurisdictions of $261 million, the majority of which expire in various years from 2023 through 2038. The deferred tax asset for the federal interest limitation carryforward of $93 million at December 31, 2022 has an indefinite carryforward period. The 2022 and 2021 deferred income tax assets were reduced by a valuation allowance of $488 million and $581 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, 2022, we recorded deferred income tax liabilities associated with future repatriations of $13 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.
The reserve for uncertain tax positions of $303 million at December 31, 2022 includes $272 million which would affect our effective income tax rate, including discontinued operations, if and when recognized in future years. We recognized interest and penalties of $14 million for each of the years ended December 31, 2022 and 2021 and $16 million for the year ended December 31, 2020 in the Consolidated Statements of Operations. As of December 31, 2022 and 2021, we have recorded liabilities for accrued interest and penalties of $67 million and $56 million, respectively, on the Consolidated Balance Sheets. Viacom and CBS filed separate tax returns for periods prior to the Merger. For CBS, we are currently under examination by the Internal Revenue Service (“IRS”) for the 2017 and 2018 tax years. For Viacom, we are currently under examination by the IRS for the 2016 through 2019 tax years. For tax returns filed as a merged company, we are currently under examination by the IRS for the 2019 tax year. Various tax years are also currently under examination by state and local and foreign tax authorities. With respect to open tax years in all jurisdictions, we currently do not believe that it is reasonably possible that the reserve for uncertain tax positions will significantly change within the next 12 months; however, it is difficult to predict the final outcome or timing of resolution of any particular tax matter and events could cause our current expectation to change in the future.
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Pension and Other Postretirement Benefits |
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| 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. The majority of participants in these plans are retired employees or former employees of previously divested businesses. In November 2020, our remaining defined benefit pension plans subject to benefit accruals, which were sponsored by CBS prior to the Merger, were amended to freeze future benefit accruals and benefits were enhanced under defined contribution plans that were previously sponsored by CBS, both of which were effective January 1, 2021. As a result of the pension plan amendments, a curtailment gain of $79 million associated with the elimination of benefit accruals for future services of the impacted employees was reflected in unrecognized actuarial loss included within “Accumulated other comprehensive loss” on the Consolidated Balance Sheet for the year ended December 31, 2020. 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 1.2% and 1.5% of the fair value of plan assets at December 31, 2022 and 2021, 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, 2022 and 2021, the Consolidated Balance Sheets also include a liability of $45 million and $53 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.
The actuarial gain of $1.09 billion, included in the change in benefit obligation for pension benefits in 2022, was driven by a 270 basis point increase in the discount rate from December 31, 2021 to December 31, 2022. The following table sets forth the change in plan assets for our pension and postretirement benefit plans.
The funded status of pension and postretirement benefit obligations and the related amounts recognized on the Consolidated Balance Sheets were as follows:
Our qualified pension plans were underfunded by $485 million and $655 million at December 31, 2022 and 2021, respectively. The following amounts were recognized in accumulated other comprehensive income (loss) on the Consolidated Balance Sheets.
The accumulated benefit obligation for all defined benefit pension plans was $3.66 billion and $4.91 billion at December 31, 2022 and 2021, respectively. Information for the pension plans with an accumulated benefit obligation in excess of plan assets is set forth below.
The following tables present the components of net periodic benefit cost and amounts recognized in other comprehensive income (loss).
(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 $3 million for each of the years ended December 31, 2022 and 2021 and $5 million for the year ended December 31, 2020. 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.”
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.
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, 2022, the trusts were invested approximately 63% in liability hedging assets, 29% 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, 2022 and 2021. 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 13 for a description of the levels within this hierarchy. There are no investments categorized as Level 3.
(a) Assets categorized as Level 2 reflect investments in money market funds. (b) On January 3, 2022, the trust that held the assets of the Viacom pension plan was merged into the trust that holds the assets of the remainder of the Company’s' domestic plans. As part of this merger, certain of the transferred assets were liquidated, which resulted in a higher level of cash and cash equivalents at December 31, 2021. (c) Securities of diverse sectors and industries, substantially all investment grade. (d) 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. (e) 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:
In 2023, we expect to make $8 million in contributions to our qualified pension plans for minimum funding requirements under ERISA and $75 million to our non-qualified pension plans to satisfy benefit payments due under these plans. Also in 2023, we expect to contribute approximately $35 million to our other postretirement benefit plans to satisfy our portion of benefit payments due under these plans. Multiemployer Pension and Postretirement Benefit Plans We contribute to a number of multiemployer defined benefit pension plans under the terms of collective bargaining agreements that cover our union-represented employees including talent, writers, directors, producers and other employees, primarily in the entertainment industry. The other employers participating in these multiemployer plans are primarily in the entertainment and other related industries. The risks of participating in multiemployer plans are different from single-employer plans as assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating employers and if a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers. In addition, if we choose to stop participating in some of its multiemployer plans we may be required to pay those plans a withdrawal liability based on the underfunded status of the plan. The financial health of a multiemployer plan is indicated by the zone status, as defined by the Pension Protection Act of 2006. Plans in the red zone are in critical status; those in the yellow zone are in endangered status; and those in the green zone are neither critical nor endangered. The table below presents information concerning our participation in multiemployer defined benefit pension plans.
(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 2022 and 2021. 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 January 15, 2022 through December 1, 2024. 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 $192 million, $184 million and $95 million for the years ended December 31, 2022, 2021 and 2020, respectively. We recognize the net periodic cost for multiemployer pension and postretirement benefit plans based on the required contributions to the plans. Defined Contribution Plans We sponsor defined contribution plans for the benefit of substantially all employees meeting eligibility requirements. Employer contributions to such plans were $137 million, $106 million and $91 million for the years ended December 31, 2022, 2021 and 2020, respectively.
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Segment Information |
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| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Information | SEGMENT INFORMATION The tables below set forth our financial information by reportable segment. Our operating segments, which are the same as our reportable segments, have been determined in accordance with our internal management structure, which is organized based upon products and services. Beginning in the first quarter of 2022, primarily as a result of our increased strategic focus on our direct-to-consumer streaming businesses, we made certain changes to how we manage our businesses and allocate resources that resulted in the changes described below. Prior period results have been recast to conform to these presentation changes. Management Structure Change Our management structure was reorganized to focus on managing our business as the combination of three parts: a traditional media business, a portfolio of domestic and international streaming services, and a film studio. As a result, we realigned our operating segments and accordingly, beginning in 2022, and for all periods presented we are reporting results based on the segments in the tables below (see Note 1 for a description of each operating segment). Intercompany License Fees Concurrent with the change to our operating segments, we changed the way we record intersegment content licensing. Under our previous segment structure, management evaluated the results of our segments including intersegment content licensing at market value as if the sales were to third parties. Therefore, the licensor segment recorded intercompany license fee revenues and profits and the licensee segment recorded production costs in the amount of the license fee charged by the licensor, which generally reflected the cost to the Company plus a margin. The intercompany revenues and the margin embedded in the cost to the licensee were eliminated in consolidation. Under our new segment structure, management evaluates the results of the segments using an allocation of the total cost of content from the licensor segment to each licensee segment utilizing the content. As a result, content costs are allocated across segments based on the relative value of the distribution windows within each segment. The allocation is recorded by the licensor segment as a reduction of content cost and no intersegment licensing revenues or profits are recorded.
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.
We present operating income excluding depreciation and amortization, stock-based compensation, costs for restructuring and other corporate matters, programming charges and net gain on dispositions, each where applicable (“Adjusted OIBDA”), as the primary measure of profit and loss for our operating segments in accordance with FASB guidance for segment reporting since it is the primary method used by our management. Stock-based compensation is excluded from our segment measure of profit and loss because it is set and approved by our Board of Directors in consultation with corporate executive management.
(a) Revenue classifications are based on customers’ locations.
(a) Reflects total assets less current assets, investments, goodwill, intangible assets, noncurrent receivables and noncurrent deferred tax assets. We do not disclose our assets by segment because they are not used to evaluate our operating performance or in determining the allocation of resources.
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Commitments and Contingencies |
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| Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES Commitments Our commitments not recorded on the balance sheet primarily consist of programming and talent commitments and purchase obligations for goods and services resulting from our normal course of business. Our programming and talent commitments, estimated to aggregate to $33.73 billion as of December 31, 2022, include $29.50 billion for sports programming rights and $4.23 billion relating to the production and licensing of television and film programming, including talent contracts. We also have committed purchase obligations which include agreements to purchase goods or services in the future that totaled $1.73 billion as of December 31, 2022. Other long-term contractual obligations recorded on the Consolidated Balance Sheet include program liabilities, participations, residuals, and a tax liability resulting from federal tax legislation enacted in December 2017. This tax liability reflects the remaining tax on the Company’s historical accumulated foreign earnings and profits, which is payable to the IRS in 2024 and 2025. At December 31, 2022, commitments for programming and talent and purchase obligations not recorded on the balance sheet, and other long-term contractual obligations recorded on the balance sheet were payable as follows:
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, 2022. See Note 11 for details of our operating lease commitments. Guarantees Letters of Credit and Surety Bonds. At December 31, 2022, we had outstanding letters of credit and surety bonds of $178 million that were not recorded on the Consolidated Balance Sheet. Letters of credit and surety bonds are primarily used as security against non-performance in the normal course of business. CBS Television City. In connection with the sale of CBS Television City property and sound stage operation (“CBS Television City”) in 2019, we guaranteed a specified level of cash flows to be generated by the business during the first five years following the completion of the sale. Included in “Other current liabilities” and “Other liabilities” on the Consolidated Balance Sheet at December 31, 2022 is a liability totaling $51 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 $20 million at December 31, 2022, and are presented within “Other liabilities” on the Consolidated Balance Sheet. The amount of lease commitments varies over time depending on the expiration or termination of individual underlying leases, or the related indemnification obligation, and foreign exchange rates, among other things. We may also have exposure for certain other expenses related to the leases, such as property taxes and common area maintenance. We believe our accrual is sufficient to meet any future obligations based on our consideration of available financial information, the lessees’ historical performance in meeting their lease obligations and the underlying economic factors impacting the lessees’ business models. 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. In March 2020, the Court consolidated the three lawsuits and appointed Bucks County Employees’ Retirement Fund and International Union of Operating Engineers of Eastern Pennsylvania and Delaware as co-lead plaintiffs for the consolidated action. 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, NAI, Sumner M. Redstone National Amusements Trust, members of the CBS Board of Directors (comprised of Candace K. Beinecke, Barbara M. Byrne, Gary L. Countryman, Brian Goldner, Linda M. Griego, Robert N. Klieger, Martha L. Minow, Susan Schuman, Frederick O. Terrell and Strauss Zelnick), former CBS President and Acting Chief Executive Officer Joseph Ianniello and the Company as nominal defendant. The Complaint alleges breaches of fiduciary duties to CBS stockholders in connection with the negotiation and approval of an Agreement and Plan of Merger, dated as of August 13, 2019, between CBS and Viacom (as amended, the “Merger Agreement”). The Complaint also alleges waste and unjust enrichment in connection with Mr. Ianniello’s compensation. The Complaint seeks unspecified damages, costs and expenses, as well as other relief. In June 2020, the defendants filed motions to dismiss. In January 2021, the Court dismissed one disclosure claim, while allowing all other claims against the defendants to proceed. In December 2022, the Court dismissed the fiduciary duty claim against Mr. Klieger. Discovery on the surviving claims is proceeding. A six-day trial is scheduled to begin in June 2023. We believe that the remaining claims are without merit and we intend to defend against them vigorously. Beginning in November 2019, four purported Viacom stockholders filed separate putative class action lawsuits in the Court of Chancery of the State of Delaware. In January 2020, the Court consolidated the four lawsuits. In February 2020, the 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. The Complaint alleges breaches of fiduciary duties to Viacom stockholders in connection with the negotiation and approval of the Merger Agreement. The Complaint seeks unspecified damages, costs and expenses, as well as other relief. In May 2020, the defendants filed motions to dismiss. In December 2020, the Court dismissed the claims against Mr. Bakish, while allowing the claims against the remaining defendants to proceed. Discovery on the surviving claims is proceeding. A six-day trial is scheduled to begin in July 2023. We believe that the remaining claims are without merit and we intend to defend against them vigorously. Investigation-Related Matters As announced in August 2018, the CBS Board of Directors retained two law firms to conduct a full investigation of the allegations in press reports about CBS’ former Chairman of the Board, President and Chief Executive Officer, Leslie Moonves, CBS News and cultural issues at CBS. In December 2018, the CBS Board of Directors announced the completion of its investigation, certain findings of the investigation and the CBS Board of Directors’ determination with respect to the termination of Mr. Moonves’ employment. In August 2018 and in October 2018, Gene Samit and John Lantz, respectively, filed putative class action lawsuits in the U.S. District Court for the Southern District of New York, individually and on behalf of others similarly situated, for claims that are similar to those alleged in the amended complaint described below. In November 2018, the Court entered an order consolidating the two actions. Subsequently, in November 2018, the Court appointed Construction Laborers Pension Trust for Southern California as the lead plaintiff of the consolidated action. In February 2019, the lead plaintiff filed a consolidated amended putative class action complaint against CBS, certain current and former senior executives and members of the CBS Board of Directors. The consolidated action is stated to be on behalf of purchasers of CBS Class A Common Stock and Class B Common Stock between September 26, 2016 and December 4, 2018. This action seeks to recover damages arising during this time period allegedly caused by the defendants’ purported violations of the federal securities laws, including by allegedly making materially false and misleading statements or failing to disclose material information, and seeks costs and expenses as well as remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. In April 2019, the defendants filed motions to dismiss this action, which the Court granted in part and denied in part in January 2020. With the exception of one statement made by Mr. Moonves at an industry event in November 2017, in which he allegedly was acting as the agent of CBS, all claims as to all other allegedly false and misleading statements were dismissed. We reached an agreement with the plaintiffs to settle the lawsuit for $14.75 million, which was paid by our insurers. The settlement, which includes no admission of liability or wrongdoing by the Company, was granted final approval by the Court in November 2022. We also received subpoenas or requests for information from the New York County District Attorney’s Office, the New York City Commission on Human Rights, the New York State Attorney General’s Office and the United States Securities and Exchange Commission (the “SEC”) regarding the subject matter of the CBS Board of Directors’ investigation and related matters, including with respect to CBS’ related public disclosures. In November 2022, we entered into an Assurance of Discontinuance with the Investor Protection Bureau of the New York State Attorney General’s Office to resolve that matter. After credits for the settlement amount to be paid in the consolidated federal securities class action discussed above, and certain financial commitments to human resources-related programs made by CBS in connection with an earlier resolution with the Civil Rights Bureau of the New York State Attorney General’s Office, the Company has made a payment of $7.25 million, which by agreement with the Investor Protection Bureau will be distributed in connection with the federal securities class action settlement discussed above. The resolution with the Investor Protection Bureau includes no admission of liability or wrongdoing by the Company. In December 2022, we received a termination letter from the SEC, indicating that it does not intend to recommend an enforcement action against the Company. We may continue to receive additional related regulatory and investigative inquiries from these and other entities in the future. Litigation Related to Stock Offerings 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 purportedly on behalf of investors who purchased shares of the Company’s Class B Common Stock and 5.75% Series A Mandatory Convertible Preferred Stock pursuant to public securities offerings completed in March 2021, and was filed against the Company, certain senior executives, members of our Board of Directors, and the underwriters involved in the offerings. The Complaint asserts violations of federal securities law and alleges that the offering documents contained material misstatements and omissions, including through an alleged failure to adequately disclose certain total return swap transactions involving Archegos Capital Management referenced to our securities and related alleged risks to the Company’s stock price. 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. On February 7, 2023, the Court dismissed all claims against the Company while allowing the claims against the underwriters to proceed. 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. In October 2019, the Company and other defendants filed a motion to dismiss the matter, which was denied by the Court in November 2020. We have reached an agreement in principle with the plaintiffs to settle the lawsuit. The settlement, which will include no admission of liability or wrongdoing by the Company, will be subject to Court approval. Litigation Related to the Proposed Sale of Simon & Schuster In November 2021, the U.S. Department of Justice filed suit in the U.S. District Court for the District of Columbia to block our sale of the Simon & Schuster business to Penguin Random House pursuant to a Share Purchase Agreement (the “Purchase Agreement”), dated November 24, 2020, between the Company, certain of its subsidiaries, Penguin Random House and Bertelsmann SE & Co. KGaA. In October 2022, following a bench trial, the Court blocked the sale. In November 2022, we terminated the Purchase Agreement and subsequently received a $200 million termination fee. 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, 2022, we had pending approximately 21,580 asbestos claims, as compared with approximately 27,770 as of December 31, 2021 and 30,710 as of December 31, 2020. During 2022, we received approximately 2,840 new claims and closed or moved to an inactive docket approximately 9,030 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 2022 and 2021 for settlement and defense of asbestos claims after insurance recoveries and net of tax were approximately $57 million and $63 million, respectively. Our costs for settlement and defense of asbestos claims may vary year to year and insurance proceeds are not always recovered in the same period as the insured portion of the expenses. Filings include claims for individuals suffering from mesothelioma, a rare cancer, the risk of which is allegedly increased by exposure to asbestos; lung cancer, a cancer which may be caused by various factors, one of which is alleged to be asbestos exposure; other cancers, and conditions that are substantially less serious, including claims brought on behalf of individuals who are asymptomatic as to an allegedly asbestos-related disease. The predominant number of pending claims against us are non-cancer claims. It is difficult to predict future asbestos liabilities, as events and circumstances may impact the estimate of our asbestos liabilities, including, among others, the number and types of claims and average cost to resolve such claims. We record an accrual for a loss contingency when it is both probable that a liability has been incurred and when the amount of the loss can be reasonably estimated. Our liability estimate is based upon many factors, including the number of outstanding claims, estimated average cost per claim, the breakdown of claims by disease type, historic claim filings, costs per claim of resolution and the filing of new claims, as well as consultation with a third party firm on trends that may impact our future asbestos liability. While we believe that our accrual for matters related to our predecessor operations, including environmental and asbestos, 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. 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.
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Supplemental Financial Information |
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| Supplemental Financial Information | SUPPLEMENTAL FINANCIAL INFORMATION The following table presents the components of Other items, net on the Consolidated Statements of Operations.
(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. 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 Sheets at December 31, 2021 and 2020. The activity reflected within redeemable noncontrolling interest for the years ended December 31, 2022, 2021 and 2020 is presented below.
Supplemental Cash Flow Information
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Schedule II - Valuation and Qualifying Accounts |
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| 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)
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Basis of Presentation and Summary of Significant Accounting Policies (Policies) |
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| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||
| Principles of Consolidation | 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. 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 | Reclassifications—Certain amounts reported for prior years have been reclassified to conform to the current year’s presentation. | ||||||||||||||||||||||||
| Use of Estimates | Use of Estimates—The preparation of our financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”) requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities as of the date of the financial statements, and the reported amount of revenues and expenses during the periods presented. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may vary from these estimates under different assumptions or conditions. | ||||||||||||||||||||||||
| Business Combinations | Business Combinations—We generally account for business combinations using the acquisition method of accounting. Under the acquisition method, once control is obtained of a business, 100% of the assets, liabilities and certain contingent liabilities acquired, as well as amounts attributed to noncontrolling interests, are recorded at fair value. Any transaction costs are expensed as incurred. | ||||||||||||||||||||||||
| Cash and Cash Equivalents | Cash and Cash Equivalents—Cash and cash equivalents consist of cash on hand and highly liquid investments with maturities of three months or less at the date of purchase, including money market funds, commercial paper and bank time deposits. | ||||||||||||||||||||||||
| 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 Sheet. Prepayments for the rights to air sporting and other live events that are expected to be expensed over the next 12 months are classified within the current portion of “Programming and other inventory” on the Consolidated Balance Sheet. Costs incurred to produce television programs and feature films (which include direct production costs, production overhead, acquisition costs and development costs) are capitalized when incurred and amortized over the projected life of each television program or feature film. Costs incurred to acquire television series and feature film programming rights, including advances, are capitalized when the license period has begun and the program is accepted and available for airing and amortized over the shorter of the license period or the period in which an economic benefit is expected to be derived. 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, 2022 were receivables for production tax incentives of $0.3 billion and $1.4 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, if the predominant monetization strategy is determined to be individual, or at the film group level where the future cash flows will be generated. In addition, unamortized costs for internally-produced or acquired programming that has been abandoned are written off.
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| 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:
Costs associated with repairs and maintenance of property and equipment are expensed as incurred.
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| Impairment of Long-Lived Assets | Impairment of Long-Lived Assets—The Company assesses long-lived assets and intangible assets, other than goodwill and intangible assets with indefinite lives, for impairment whenever there is an indication that the carrying amount of the asset group may not be recoverable. Recoverability of these asset groups is determined by comparing the forecasted undiscounted cash flows expected to be generated by these asset groups to their net carrying value. If the carrying value is not recoverable, the amount of impairment charge, if any, is measured by the difference between the net carrying value and the estimated fair value of the assets. | ||||||||||||||||||||||||
| Investments | Investments—Investments over which we have a significant influence, without a controlling interest, are accounted for under the equity method. Equity investments for which we have no significant influence are measured at fair value where a readily determinable fair value exists. Equity investments that do not have a readily determinable fair value are measured at cost less impairment, if any, and adjusted for observable price changes. Gains and losses resulting from changes in the fair value of equity investments are recorded in “Net gains (losses) from investments” 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—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 | ||||||||||||||||||||||||
| Guarantees | Guarantees—At the inception of a guarantee, we recognize a liability for the fair value of an obligation assumed by issuing the guarantee. The related liability is subsequently reduced as utilized or extinguished and increased if there is a probable loss associated with the guarantee which exceeds the value of the recorded liability. | ||||||||||||||||||||||||
| Treasury Stock | Treasury Stock—Treasury stock is accounted for using the cost method. Retirements of treasury stock are reflected as a reduction to additional paid-in capital. | ||||||||||||||||||||||||
| Fair Value Measurements | Fair Value Measurements—Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. The framework for measuring fair value provides a hierarchy that prioritizes the inputs to valuation techniques used in measuring fair value. Level 1 is based on publicly quoted prices for the asset or liability in active markets. Level 2 is based on inputs that are observable other than quoted market prices in active markets, such as quoted prices for the asset or liability in inactive markets or quoted prices for similar assets or liabilities. Level 3 is based on unobservable inputs reflecting our own assumptions about the assumptions that market participants would use in pricing the asset or liability. Certain assets and liabilities, including foreign currency hedges and deferred compensation liabilities, are measured and recorded at fair value on a recurring basis. 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” on the Consolidated Balance Sheets and subsequently recognized in net earnings when the hedged items are recognized. | ||||||||||||||||||||||||
| 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 fees received from multichannel video programming distributors (“MVPDs”) and third-party live television streaming services (“virtual MVPDs”, or “vMVPDs”) for carriage of our cable networks (“cable affiliate fees”) and our owned television stations (“retransmission fees”); 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 MVPDs and vMVPDs, 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 the rental of production facilities. 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 to five years. When payment is due from a customer more than one year before or after revenue is recognized, we consider the contract to contain a significant financing component and the transaction price is adjusted for the effects of the time value of money. We do not adjust the transaction price for the time value of money if payment is expected within one year of recognizing revenues. We also license our programming to distributors of transactional video-on-demand and similar services. Under these arrangements, our performance obligation is the delivery of our content to such distributors who then license our content to the end customer. Our revenues are determined each month based on a contractual rate applied to the number of licenses to the distributors’ end customers. Similarly, revenues earned from electronic sell-through services are recognized as each program is downloaded by the end customer. Revenues associated with the licensing of our brands for consumer products, recreation and live events are generally determined based on contractual royalty rates applied to sales reported by the licensees. For consumer products and recreation arrangements that include minimum guaranteed consideration, revenue is recognized as sales occur by the licensee, if the sales-based consideration is expected to exceed the minimum guarantee, or ratably if it is not expected to exceed the minimum guarantee. For live events, we recognize revenue when the event is held. Revenues from the sales of DVDs and Blu-ray discs to wholesalers and retailers are recognized upon the later of the physical delivery to the customer or the date that any sales restrictions on the retailers are lifted. We earn revenues from the distribution of content on behalf of third parties. We also have arrangements for the distribution or sale of our content by third parties. Under such arrangements, we determine whether revenues should be recognized based on the gross amount of consideration received from the customer or the net amount of revenue we retain after payment to the third party producer or distributor, based on an assessment of which party controls the good or service being transferred. 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 $70 million and $36 million at December 31, 2022 and 2021, 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 $111 million and $80 million at December 31, 2022 and 2021, respectively. The provision for doubtful accounts charged to expense was $40 million in 2022, $8 million in 2021 and $32 million in 2020. 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 7). 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.
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| 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.
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| 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. Our leases generally have remaining terms of up to 14 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—Advertising costs are expensed as incurred. | ||||||||||||||||||||||||
| Interest | Interest—Costs associated with the refinancing or issuance of debt, as well as debt discounts or premiums, are recorded as interest over the term of the related debt. | ||||||||||||||||||||||||
| Income Taxes | Income Taxes—The provision for 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, as a period cost when incurred within the provision for income taxes. Deferred tax assets and liabilities are recognized for the estimated future tax effects of temporary differences between the financial statement carrying amounts and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the year in which the temporary differences are expected to be reversed. We evaluate the realizability of deferred tax assets and establish a valuation allowance when it is more likely than not that all or a portion of deferred tax assets will not be realized. Deferred tax assets and deferred tax liabilities are classified as noncurrent on the Consolidated Balance Sheets. For tax positions taken in a previously filed tax return or expected to be taken in a future tax return, we evaluate each position to determine whether it is more likely than not that the tax position will be sustained upon examination, based on the technical merits of the position. A tax position that meets the more-likely-than-not recognition threshold is subject to a measurement assessment to determine the amount of benefit to be recognized in the Consolidated Statement of Operations and the appropriate reserve to establish, if any. If a tax position does not meet the more-likely-than-not recognition threshold, a tax reserve is established and no benefit is recognized. A number of years may elapse before a tax return containing tax matters for which a reserve has been established is audited and finally resolved. We recognize interest and penalty charges related to the reserve for uncertain tax positions as income tax expense.
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| Foreign Currency Translation and Transactions | Foreign Currency Translation and Transactions—Assets and liabilities of subsidiaries with a functional currency other than the United States (“U.S.”) Dollar are translated into U.S. Dollars at foreign exchange rates in effect at the balance sheet date, while results of operations are translated at average foreign exchange rates for the respective periods. The resulting translation gains and losses are included as a separate component of stockholders’ equity in “Accumulated other comprehensive loss” on the Consolidated Balance Sheets. Argentina has been designated as a highly inflationary economy during all periods presented. Transactions denominated in currencies other than the functional currency will result in remeasurement gains and losses, which are included in “Other items, net” on the Consolidated Statements of Operations. | ||||||||||||||||||||||||
| Net Earnings per Common Share | Net Earnings per Common Share—Basic net earnings per share (“EPS”) is based upon net earnings available to common stockholders divided by the weighted average number of common shares outstanding during the period. Net earnings available to common stockholders is calculated as net earnings from continuing operations or net earnings, as applicable, adjusted to include dividends on our Mandatory Convertible Preferred Stock, which was issued in March 2021 (see Note 15).Weighted average shares for diluted EPS reflects the effect of the assumed exercise of stock options and vesting of restricted share units (“RSUs”) or performance share units (“PSUs”) only in the periods in which such effect would have been dilutive. Diluted EPS also reflects the effect of the assumed conversion of preferred stock, if dilutive, which includes the issuance of common shares in the weighted average number of shares and excludes the above-mentioned preferred stock dividend adjustment to net earnings available to common stockholders. | ||||||||||||||||||||||||
| Stock-based Compensation | Stock-based Compensation—We measure the cost of employee services received in exchange for an award of equity instruments based on the grant date fair value of the award. The cost is recognized over the vesting period during which an employee is required to provide service in exchange for the award. | ||||||||||||||||||||||||
| Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity On January 1, 2022, we adopted Financial Accounting Standards Board (“FASB”) amended guidance to reduce complexity associated with the accounting for convertible instruments with characteristics of liabilities and equity. Under this guidance, embedded conversion features associated with convertible instruments no longer need to be separated from the host contracts unless they are required to be accounted for as derivatives or have been issued at a substantial premium. For contracts in an entity’s own equity, this guidance removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exceptions. The adoption of this guidance did not have a material impact on our consolidated financial statements.
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Basis of Presentation and Summary of Significant Accounting Policies (Tables) |
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| Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property and Equipment | Depreciation is calculated using the straight-line method over estimated useful lives as follows:
(a) Included in depreciation expense for 2020 is $12 million of accelerated depreciation resulting from the abandonment of technology in connection with synergy plans related to the merger of Viacom Inc. (“Viacom”) with and into CBS Corporation (“CBS”) (the “Merger”).
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| Reconciliation from Basic to Diluted Shares | The table below presents a reconciliation of weighted average shares used in the calculation of basic and diluted EPS.
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Discontinued Operations (Tables) |
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Discontinued Operations | The following tables set forth details of net earnings from discontinued operations for the years ended December 31, 2022, 2021 and 2020, which primarily relates to Simon & Schuster (see Note 1).
(a) Primarily relates to indemnification obligations for leases associated with the previously discontinued operations of Famous Players Inc. (“Famous Players”). The following table presents the major classes of assets and liabilities of our discontinued operations.
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Property and Equipment (Tables) |
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| Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property and Equipment | Depreciation is calculated using the straight-line method over estimated useful lives as follows:
(a) Included in depreciation expense for 2020 is $12 million of accelerated depreciation resulting from the abandonment of technology in connection with synergy plans related to the merger of Viacom Inc. (“Viacom”) with and into CBS Corporation (“CBS”) (the “Merger”).
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Programming and Other Inventory (Tables) |
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| Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Current Programming and Other Inventory | The following table presents our programming and other inventory at December 31, 2022 and 2021, grouped by type and predominant monetization strategy. During the first quarter of 2022, in connection with our increased strategic focus on our streaming businesses, we reassessed our predominant monetization strategy for certain of our internally-produced content, and determined that it had shifted from individual to film group as a result of expected increased monetization of the content on our streaming services.
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| Noncurrent Programming and Other Inventory | The following table presents our programming and other inventory at December 31, 2022 and 2021, grouped by type and predominant monetization strategy. During the first quarter of 2022, in connection with our increased strategic focus on our streaming businesses, we reassessed our predominant monetization strategy for certain of our internally-produced content, and determined that it had shifted from individual to film group as a result of expected increased monetization of the content on our streaming services.
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| Programming and Production Costs | The following table presents amortization of television and film programming and production costs, which is included within “” on the Consolidated Statements of Operations.
The following table presents the expected amortization over each of the next three years of released programming inventory on the Consolidated Balance Sheet at December 31, 2022. This information does not include the expected effects of the 2023 programming charges discussed above.
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Goodwill and Other Intangible Assets (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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, 2022 and 2021.
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| Schedule of Indefinite-lived Intangible Assets | Our intangible assets were as follows:
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| Schedule of Finite-lived Intangible Assets | Our intangible assets were as follows:
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| Finite-lived Intangible Assets Amortization Expense | Amortization expense was as follows:
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| Schedule of Expected Amortization Expense | We expect our aggregate annual amortization expense for existing intangible assets subject to amortization for each of the years, 2023 through 2027, to be as follows:
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Restructuring and Other Corporate Matters (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Restructuring Reserve Rollforward | During the years ended December 31, 2022, 2021 and 2020, we recorded the following costs associated with restructuring and other corporate matters.
(a) Severance costs include the accelerated vesting of stock-based compensation. 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 majority of the restructuring liability at December 31, 2022, which primarily relates to severance payments, is expected to be paid by the end of 2023.
(a) For the years ended December 31, 2022 and 2021, excludes stock-based compensation expense of $14 million and $20 million, respectively, and lease asset impairments of $68 million and $35 million, respectively.
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Related Parties (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Related Party Transactions | The following tables present the amounts recorded in our consolidated financial statements related to these transactions.
(a) Revenues for the year ended December 31, 2022 and accounts receivable at December 31, 2022 include amounts related to SkyShowtime.
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Revenues (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disaggregation of Revenue | The table below presents our revenues disaggregated into categories based on the nature of such revenues. See Note 19 for revenues by segment disaggregated into these categories.
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Debt (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Debt | Our debt consists of the following:
(a) At December 31, 2022 and 2021, the senior and junior subordinated debt balances included (i) a net unamortized discount of $442 million and $466 million, respectively, and (ii) unamortized deferred financing costs of $89 million and $95 million, respectively. The face value of our total debt was $16.38 billion at December 31, 2022 and $18.27 billion at December 31, 2021.
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| Scheduled Maturities of Long-term Debt at Face Value | At December 31, 2022, our scheduled maturities of long-term debt at face value, which excludes payments for the related interest and finance leases, were as follows:
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Leases (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Assets and Liabilities, Lessee | At December 31, 2022 and 2021, the following amounts were recorded on the Consolidated Balance Sheets relating to our operating leases.
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| Composition of Lease Cost |
The following table presents our lease cost relating to our operating leases.
(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.
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| Supplemental Cash Flow Information Related to Leases | The following table presents supplemental cash flow information for our operating leases.
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| Lessee, Operating Lease, Future Lease Payments | The expected future payments relating to our operating lease liabilities at December 31, 2022 are as follows:
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Financial Instruments (Tables) |
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Financial Instruments | Gains recognized on derivative financial instruments were as follows:
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Fair Value Measurements (Tables) |
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| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Measurements | The table below presents our assets and liabilities measured at fair value on a recurring basis at December 31, 2022 and 2021. These assets and liabilities have been categorized according to the three-level fair value hierarchy established by the FASB, which prioritizes the inputs used in measuring fair value. Level 1 is based on publicly quoted prices for the asset or liability in active markets. Level 2 is based on inputs that are observable other than quoted market prices in active markets, such as quoted prices for the asset or liability in inactive markets or quoted prices for similar assets or liabilities. Level 3 is based on unobservable inputs reflecting our own assumptions about the assumptions that market participants would use in pricing the asset or liability. All of our assets and liabilities that are measured at fair value on a recurring basis use Level 2 inputs. The fair value of foreign currency hedges is determined based on the present value of future cash flows using observable inputs including foreign currency exchange rates. The fair value of deferred compensation liabilities is determined based on the fair value of the investments elected by employees.
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Variable Interest Entities (Tables) |
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| 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.
(a) The revenue and operating income include the licensing of the streaming rights to South Park by a consolidated 51%-owned VIE in 2020.
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Stockholders' Equity (Tables) |
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| Stockholders' Equity Note [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Changes in the Components of Accumulated Other Comprehensive Income (Loss) | The following table presents the changes in the components of accumulated other comprehensive income (loss).
(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, and amortization of prior service cost (see Note 18).
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Stock-Based Compensation (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock-based Compensation | The following table summarizes stock-based compensation expense for the years ended December 31, 2022, 2021 and 2020.
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| Rollforward of RSU and PSU Activity | The following table summarizes our RSU and PSU share activity:
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| Rollforward of Stock Option Activity | The following table summarizes our stock option activity under the Plans.
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| Stock Option Exercise Information | The following table summarizes other information relating to stock option exercises during the years ended December 31, 2021 and 2020. There were no stock option exercises during the year ended December 31, 2022.
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Income Taxes (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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:
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| Income Tax Provision Components | The components of the provision (benefit) for income taxes were as follows:
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| Reconciliation of U.S. Federal Statutory Income Tax Rate | The difference between income taxes expected at the U.S. federal statutory income tax rate of 21% and the provision (benefit) for income taxes is summarized as follows:
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| Components of Deferred Income Tax Assets and Liabilities | The following table summarizes the components of deferred income tax assets and liabilities.
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| 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.
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Pension and Other Postretirement Benefits (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Change in Benefit Obligations | The following table sets forth the change in benefit obligation for our pension and postretirement benefit plans.
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| Change in Plan Assets | The following table sets forth the change in plan assets for our pension and postretirement benefit plans.
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| 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:
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| Amounts Recognized in Accumulated Other Comprehensive Income (Loss) | The following amounts were recognized in accumulated other comprehensive income (loss) on the Consolidated Balance Sheets.
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| 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.
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| Components of Net Periodic Benefit Cost | The following tables present the components of net periodic benefit cost and amounts recognized in other comprehensive income (loss).
(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 $3 million for each of the years ended December 31, 2022 and 2021 and $5 million for the year ended December 31, 2020.
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| Schedule of Amounts Recognized in Other Comprehensive Income (Loss) |
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| Weighted Average Assumptions Used to Determine Benefit Obligations and Net Periodic Costs |
N/A - not applicable
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| Assumptions Regarding Heath Care Cost Trend Rates for Postretirement Benefits | The following additional assumptions were used in accounting for postretirement benefits.
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| 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, 2022 and 2021. 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 13 for a description of the levels within this hierarchy. There are no investments categorized as Level 3.
(a) Assets categorized as Level 2 reflect investments in money market funds. (b) On January 3, 2022, the trust that held the assets of the Viacom pension plan was merged into the trust that holds the assets of the remainder of the Company’s' domestic plans. As part of this merger, certain of the transferred assets were liquidated, which resulted in a higher level of cash and cash equivalents at December 31, 2021. (c) Securities of diverse sectors and industries, substantially all investment grade. (d) 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. (e) Underlying investments consist mainly of U.S. large capitalization and international equity securities.
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| Estimated Future Benefit Payments | Estimated future benefit payments are as follows:
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| Participation in Multi-employer Defined Benefit Pension Plan | The table below presents information concerning our participation in multiemployer defined benefit pension plans.
(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 2022 and 2021. 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 January 15, 2022 through December 1, 2024.
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Segment Information (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenues by Segment |
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| Intercompany Revenues by Segment |
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| Adjusted OIBDA by Segment |
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| Revenues by Customer Location |
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| Long-lived Assets by Geographic Area |
(a) Reflects total assets less current assets, investments, goodwill, intangible assets, noncurrent receivables and noncurrent deferred tax assets.
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Commitments and Contingencies (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments | At December 31, 2022, commitments for programming and talent and purchase obligations not recorded on the balance sheet, and other long-term contractual obligations recorded on the balance sheet were payable as follows:
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Supplemental Financial Information (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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.
(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.
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| Schedule of Redeemable Noncontrolling Interest | The activity reflected within redeemable noncontrolling interest for the years ended December 31, 2022, 2021 and 2020 is presented below.
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| Supplemental Cash Flow Information | Supplemental Cash Flow Information
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Basis of Presentation and Summary of Significant Accounting Policies - Narrative (Details) - USD ($) shares in Millions, $ in Millions |
12 Months Ended | |||
|---|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
Nov. 30, 2022 |
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| Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
| Preferred stock, percentage | 5.75% | 5.75% | ||
| Film development costs, expense period | 3 years | |||
| Allowance for doubtful accounts | $ 111 | $ 80 | ||
| Provision for doubtful accounts | $ 40 | 8 | $ 32 | |
| Renewal options to extend term, maximum | 10 years | |||
| Advertising expense | $ 2,690 | $ 2,140 | $ 1,310 | |
| Simon & Schuster | ||||
| Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
| Termination fee | $ 200 | |||
| Stock Options and RSUs | ||||
| Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
| Antidilutive securities excluded from computation of earnings per share (in shares) | 11 | 6 | 22 | |
| Other Current Liabilities | ||||
| Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
| Reserves for sales returns and allowances | $ 70 | $ 36 | ||
| Prepaid Expense and Other Assets, Current | ||||
| Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
| Production tax incentives receivable | 300 | |||
| Other Assets, Noncurrent | ||||
| Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
| Production tax incentives receivable | $ 1,400 | |||
| Minimum | ||||
| Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
| Finite-lived intangible asset useful life | 5 years | |||
| Maximum | ||||
| Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
| Finite-lived intangible asset useful life | 40 years | |||
| Remaining term | 14 years | |||
| Internally Produced Television Programming | ||||
| Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
| Period revenue is earned | 10 years | |||
| Internally Produced Television Programming Still In Production | ||||
| Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
| Period revenue is earned | 5 years | |||
| Feature Film | ||||
| Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
| Period revenue is earned | 10 years | |||
| Film Libraries | ||||
| Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
| Period revenue is earned | 20 years | |||
| Television Licensing | Minimum | ||||
| Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
| Collection term | 1 year | |||
| Television Licensing | Maximum | ||||
| Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
| Collection term | 5 years | |||
| Convertible Preferred Stock | ||||
| Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
| Preferred stock, percentage | 5.75% | |||
Basis of Presentation and Summary of Significant Accounting Policies - Property and Equipment (Details) |
12 Months Ended |
|---|---|
Dec. 31, 2022 | |
| Buildings and building improvements | Minimum | |
| Property, Plant and Equipment [Line Items] | |
| Property and equipment estimated useful life | 10 years |
| Buildings and building improvements | Maximum | |
| Property, Plant and Equipment [Line Items] | |
| Property and equipment estimated useful life | 40 years |
| Leasehold improvements | |
| Property, Plant and Equipment [Line Items] | |
| Leasehold improvement estimated useful life | Shorter of lease term or useful life |
| Equipment and other (including finance leases) | Minimum | |
| Property, Plant and Equipment [Line Items] | |
| Property and equipment estimated useful life | 3 years |
| Equipment and other (including finance leases) | Maximum | |
| Property, Plant and Equipment [Line Items] | |
| Property and equipment estimated useful life | 20 years |
Basis of Presentation and Summary of Significant Accounting Policies - Net Earnings (Loss) per Common Share (Details) - shares shares in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
| Weighted average shares for basic EPS (in shares) | 649 | 641 | 616 |
| Dilutive effect of shares issuable under stock-based compensation plans (in shares) | 1 | 5 | 2 |
| Conversion of Mandatory Convertible Preferred Stock (in shares) | 0 | 9 | 0 |
| Weighted average shares for diluted EPS (in shares) | 650 | 655 | 618 |
Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Amounts attributable to Paramount: | |||
| Net earnings from continuing operations | $ 725 | $ 4,381 | $ 2,305 |
| Preferred stock dividends | (58) | (44) | |
| Net earnings from continuing operations for basic EPS calculation | 667 | 4,337 | |
| Preferred stock dividend adjustment | 0 | 44 | |
| Net earnings from continuing operations for diluted EPS calculation | 667 | 4,381 | |
| Amounts attributable to Paramount: | |||
| Net earnings | 1,104 | 4,543 | $ 2,422 |
| Preferred stock dividends | (58) | (44) | |
| Net earnings for basic EPS calculation | 1,046 | 4,499 | |
| Preferred stock dividend adjustment | 0 | 44 | |
| Net earnings for diluted EPS calculation | $ 1,046 | $ 4,543 | |
Acquisitions and Dispositions - Acquisitions (Details) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2022
USD ($)
|
Dec. 31, 2021
USD ($)
|
Dec. 31, 2020
USD ($)
title
|
|
| Business Acquisition [Line Items] | |||
| Payments to acquire business, net | $ 0 | $ 54 | $ 147 |
| Chilevisión, Fox TeleColombia, and Estudios TeleMexico | |||
| Business Acquisition [Line Items] | |||
| Payments to acquire business, net | $ 54 | ||
| Miramax | |||
| Business Acquisition [Line Items] | |||
| Percentage of voting interests acquired | 49.00% | ||
| Purchase price | $ 375 | ||
| Upfront cash payment | 150 | ||
| Commitment to invest, annual amount | $ 45 | ||
| Addition of titles to library | title | 700 | ||
Acquisitions and Dispositions - Dispositions (Details) - USD ($) $ in Millions |
1 Months Ended | 12 Months Ended | |||||
|---|---|---|---|---|---|---|---|
Oct. 30, 2020 |
Sep. 30, 2022 |
Dec. 31, 2021 |
Oct. 31, 2021 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Discontinued Operations [Line Items] | |||||||
| Net gain on dispositions | $ 56 | $ 2,343 | $ 214 | ||||
| CBS Studio Center, Portion Of Los Angeles Building | |||||||
| Discontinued Operations [Line Items] | |||||||
| Lessee, lease term | 10 years | 10 years | |||||
| Disposal Group, Disposed of by Sale, Not Discontinued Operations | Nordics | |||||||
| Discontinued Operations [Line Items] | |||||||
| Net gain on dispositions | $ 41 | ||||||
| Disposal Group, Disposed of by Sale, Not Discontinued Operations | Other Dispositions | |||||||
| Discontinued Operations [Line Items] | |||||||
| Net gain on dispositions | $ 15 | ||||||
| Disposal Group, Disposed of by Sale, Not Discontinued Operations | Fifty One West Fifty Second Street, Office Tower | |||||||
| Discontinued Operations [Line Items] | |||||||
| Net gain on dispositions | $ 523 | ||||||
| Proceeds from disposition | $ 760 | ||||||
| Disposal Group, Disposed of by Sale, Not Discontinued Operations | CBS Studio Center | |||||||
| Discontinued Operations [Line Items] | |||||||
| Net gain on dispositions | $ 1,700 | ||||||
| Proceeds from disposition | $ 1,850 | ||||||
| Disposal Group, Disposed of by Sale, Not Discontinued Operations | Noncore Trademark Licensing Operation | |||||||
| Discontinued Operations [Line Items] | |||||||
| Net gain on dispositions | $ 117 | ||||||
| Disposal Group, Disposed of by Sale, Not Discontinued Operations | CNET Media Group | |||||||
| Discontinued Operations [Line Items] | |||||||
| Net gain on dispositions | $ 214 | ||||||
| Sale of business, consideration | $ 484 | ||||||
Discontinued Operations - Schedule of Dispositions, Net Earnings (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Costs and expenses: | |||
| Income tax provision | $ (77) | $ (57) | $ (38) |
| Discontinued operations | |||
| Discontinued Operations [Line Items] | |||
| Revenues | 1,177 | 993 | 901 |
| Costs and expenses: | |||
| Operating | 716 | 602 | 554 |
| Selling, general and administrative | 180 | 158 | 172 |
| Depreciation and amortization | 3 | 5 | |
| Restructuring charges | 3 | 1 | 10 |
| Total costs and expenses | 899 | 764 | 741 |
| Operating income | 278 | 229 | 160 |
| Termination fee, net of advisory fees | 190 | ||
| Other items, net | (12) | (10) | (5) |
| Earnings from discontinued operations | 456 | 219 | 155 |
| Income tax provision | (77) | (57) | (38) |
| Net earnings from discontinued operations, net of tax | 379 | 162 | 117 |
| Discontinued operations | Simon & Schuster | |||
| Discontinued Operations [Line Items] | |||
| Revenues | 1,177 | 993 | 901 |
| Costs and expenses: | |||
| Operating | 746 | 618 | 573 |
| Selling, general and administrative | 180 | 158 | 172 |
| Depreciation and amortization | 3 | 5 | |
| Restructuring charges | 3 | 1 | 10 |
| Total costs and expenses | 929 | 780 | 760 |
| Operating income | 248 | 213 | 141 |
| Termination fee, net of advisory fees | 190 | ||
| Other items, net | (12) | (10) | (5) |
| Earnings from discontinued operations | 426 | 203 | 136 |
| Income tax provision | (70) | (46) | (34) |
| Net earnings from discontinued operations, net of tax | 356 | 157 | 102 |
| Discontinued operations | Other | |||
| Discontinued Operations [Line Items] | |||
| Revenues | 0 | 0 | 0 |
| Costs and expenses: | |||
| Operating | (30) | (16) | (19) |
| Selling, general and administrative | 0 | 0 | 0 |
| Depreciation and amortization | 0 | 0 | |
| Restructuring charges | 0 | 0 | 0 |
| Total costs and expenses | (30) | (16) | (19) |
| Operating income | 30 | 16 | 19 |
| Termination fee, net of advisory fees | 0 | ||
| Other items, net | 0 | 0 | 0 |
| Earnings from discontinued operations | 30 | 16 | 19 |
| Income tax provision | (7) | (11) | (4) |
| Net earnings from discontinued operations, net of tax | $ 23 | $ 5 | $ 15 |
Discontinued Operations - Schedule of Dispositions, Assets and Liabilities (Details) - USD ($) $ in Millions |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|
| Discontinued Operations [Line Items] | ||
| Other current liabilities | $ 549 | $ 571 |
| Discontinued operations | ||
| Discontinued Operations [Line Items] | ||
| Receivables, net | 558 | 536 |
| Other current assets | 229 | 209 |
| Goodwill | 434 | 435 |
| Property and equipment, net | 53 | 46 |
| Operating lease assets | 204 | 203 |
| Other assets | 111 | 131 |
| Total Assets | 1,589 | 1,560 |
| Royalties payable | 161 | 155 |
| Other current liabilities | 388 | 416 |
| Operating lease liabilities | 182 | 194 |
| Other liabilities | 18 | 19 |
| Total Liabilities | $ 749 | $ 784 |
Property and Equipment (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Property, Plant and Equipment [Line Items] | |||
| Property and equipment, gross | $ 5,476 | $ 5,486 | |
| Less accumulated depreciation | 3,714 | 3,750 | |
| Property and equipment, net | 1,762 | 1,736 | |
| Depreciation expense, including amortization of finance leases | 337 | 344 | $ 345 |
| Accelerated depreciation | $ 12 | ||
| Land | |||
| Property, Plant and Equipment [Line Items] | |||
| Property and equipment, gross | 371 | 372 | |
| Buildings | |||
| Property, Plant and Equipment [Line Items] | |||
| Property and equipment, gross | 863 | 842 | |
| Equipment and other | |||
| Property, Plant and Equipment [Line Items] | |||
| Property and equipment, gross | $ 4,242 | $ 4,272 | |
Programming and Other Inventory - Programming Inventory (Details) - USD ($) $ in Millions |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|
| Inventory [Line Items] | ||
| Acquired program rights, including prepaid sports rights, film group monetization | $ 3,238 | $ 3,432 |
| Acquired libraries, individual monetization | 394 | 441 |
| Home entertainment | 45 | 37 |
| Total programming and other inventory | 17,620 | 14,862 |
| Less current portion | 1,342 | 1,504 |
| Total noncurrent programming and other inventory | 16,278 | 13,358 |
| Internally Produced Television Programming | ||
| Inventory [Line Items] | ||
| Released, film group monetization | 7,154 | 3,808 |
| In process and other, film group monetization | 3,299 | 2,609 |
| Released, individual monetization | 624 | 1,604 |
| In process and other, individual monetization | 726 | 769 |
| Film Inventory | ||
| Inventory [Line Items] | ||
| Released, individual monetization | 694 | 606 |
| Completed, not yet released, individual monetization | 129 | 253 |
| In process and other, individual monetization | $ 1,317 | $ 1,303 |
Programming and Other Inventory - Amortization of Programming and Production Costs (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Inventory Disclosure [Abstract] | |||
| Programming costs, acquired programming | $ 5,018 | $ 5,143 | $ 3,779 |
| Production costs, internally-produced television and film programming: | |||
| Individual monetization | 2,104 | 3,245 | 2,669 |
| Film group monetization | $ 5,187 | $ 3,248 | $ 3,133 |
Programming and Other Inventory - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | ||
|---|---|---|---|---|
Mar. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| 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 | |
| Content impairment | $ 159 | |||
| Completed, not yet released film inventory expected, individual basis, amortization | $ 63 | |||
| Forecast | Minimum | ||||
| Segment Reporting Information [Line Items] | ||||
| Content impairment | $ 1,300 | |||
| Forecast | Maximum | ||||
| Segment Reporting Information [Line Items] | ||||
| Content impairment | $ 1,500 | |||
| TV Media | ||||
| Segment Reporting Information [Line Items] | ||||
| Content impairment | 154 | |||
| Filmed Entertainment | ||||
| Segment Reporting Information [Line Items] | ||||
| Content impairment | $ 5 | |||
Programming and Other Inventory - Expected Amortization of Released Programming Inventory (Details) $ in Millions |
Dec. 31, 2022
USD ($)
|
|---|---|
| Programming costs, acquired programming | |
| 2023 | $ 2,187 |
| 2024 | 593 |
| 2025 | 285 |
| Individual monetization | |
| 2023 | 822 |
| 2024 | 248 |
| 2025 | 136 |
| Film group monetization | |
| 2023 | 3,175 |
| 2024 | 1,812 |
| 2025 | $ 1,147 |
Goodwill and Other Intangible Assets - Narrative (Details) $ in Millions |
3 Months Ended | 9 Months Ended | 12 Months Ended | |||
|---|---|---|---|---|---|---|
|
Jan. 01, 2022
reportingUnit
|
Dec. 31, 2022
USD ($)
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reportingUnit
|
Sep. 30, 2022
reportingUnit
|
Dec. 31, 2022
USD ($)
market
reportingUnit
|
Dec. 31, 2021
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|
Dec. 31, 2020
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|
|
| Impairment Testing Assumptions [Line Items] | ||||||
| Number of markets with book value of FCC licenses | 14 | |||||
| Goodwill | ||||||
| Impairment Testing Assumptions [Line Items] | ||||||
| Number of reporting units | reportingUnit | 6 | 5 | 4 | |||
| TV Media | ||||||
| Impairment Testing Assumptions [Line Items] | ||||||
| Number of reporting units | reportingUnit | 2 | 3 | ||||
| FCC Licenses | ||||||
| Impairment Testing Assumptions [Line Items] | ||||||
| Number of qualitative assessments performed | 9 | |||||
| Number of quantitative assessments performed | 5 | |||||
| FCC Licenses | TV Media | ||||||
| Impairment Testing Assumptions [Line Items] | ||||||
| Impairment charge | $ | $ 25 | |||||
| FCC Licenses | Two Markets | TV Media | ||||||
| Impairment Testing Assumptions [Line Items] | ||||||
| Number of markets where carrying value of intangible asset exceeds fair value | 2 | 2 | ||||
| Impairment charge | $ | $ 27 | $ 27 | ||||
| Indefinite-lived intangible assets | $ | 184 | 184 | ||||
| FCC Licenses | Three Markets | ||||||
| Impairment Testing Assumptions [Line Items] | ||||||
| Indefinite-lived intangible assets | $ | $ 787 | $ 787 | ||||
| Quantitative test, number of markets with no impairment | 3 | 3 | ||||
| Maximum percent difference between carrying value and fair value | 10.00% | 10.00% | ||||
| FCC Licenses | Discount Rate | ||||||
| Impairment Testing Assumptions [Line Items] | ||||||
| Measurement inputs for intangible assets | 0.08 | 0.08 | ||||
| FCC Licenses | Long-Term Growth Rate | ||||||
| Impairment Testing Assumptions [Line Items] | ||||||
| Measurement inputs for intangible assets | 0.01 | 0.01 | ||||
Goodwill and Other Intangible Assets - Goodwill (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Goodwill | ||
| Goodwill, beginning balance | $ 29,938 | $ 29,966 |
| Accumulated impairment losses, beginning balance | (13,354) | (13,354) |
| Goodwill, net of impairment, beginning balance | 16,584 | 16,612 |
| Acquisitions / (Dispositions) | 0 | 16 |
| Accumulated impairment losses, Acquisitions / (Dispositions) | 0 | 0 |
| Goodwill, net of impairment, Acquisitions / (Dispositions) | 0 | 16 |
| Foreign Currency | (85) | (44) |
| Accumulated impairment losses, Foreign Currency | 0 | 0 |
| Goodwill, net of impairment, Foreign Currency | (85) | (44) |
| Goodwill, ending balance | 29,853 | 29,938 |
| Accumulated impairment losses, ending balance | (13,354) | (13,354) |
| Goodwill, net of impairment, ending balance | 16,499 | 16,584 |
| Operating Segments | TV Media | ||
| Goodwill | ||
| Goodwill, beginning balance | 24,590 | 24,618 |
| Accumulated impairment losses, beginning balance | (13,354) | (13,354) |
| Goodwill, net of impairment, beginning balance | 11,236 | 11,264 |
| Acquisitions / (Dispositions) | 0 | 16 |
| Accumulated impairment losses, Acquisitions / (Dispositions) | 0 | 0 |
| Goodwill, net of impairment, Acquisitions / (Dispositions) | 0 | 16 |
| Foreign Currency | (85) | (44) |
| Accumulated impairment losses, Foreign Currency | 0 | 0 |
| Goodwill, net of impairment, Foreign Currency | (85) | (44) |
| Goodwill, ending balance | 24,505 | 24,590 |
| Accumulated impairment losses, ending balance | (13,354) | (13,354) |
| Goodwill, net of impairment, ending balance | 11,151 | 11,236 |
| 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 |
| Acquisitions / (Dispositions) | 0 | 0 |
| Accumulated impairment losses, Acquisitions / (Dispositions) | 0 | 0 |
| Goodwill, net of impairment, Acquisitions / (Dispositions) | 0 | 0 |
| 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 |
| Acquisitions / (Dispositions) | 0 | 0 |
| Accumulated impairment losses, Acquisitions / (Dispositions) | 0 | 0 |
| Goodwill, net of impairment, Acquisitions / (Dispositions) | 0 | 0 |
| 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 Assets - Intangible Assets (Details) - USD ($) $ in Millions |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|
| Finite-Lived Intangible Assets [Line Items] | ||
| Gross | $ 737 | $ 758 |
| Accumulated amortization | (490) | (461) |
| Net | 247 | 297 |
| Total intangible assets, gross | 3,184 | 3,233 |
| Total intangible assets, net | 2,694 | 2,772 |
| FCC licenses | ||
| Finite-Lived Intangible Assets [Line Items] | ||
| Indefinite-lived intangible assets | 2,389 | 2,416 |
| International broadcast licenses | ||
| Finite-Lived Intangible Assets [Line Items] | ||
| Indefinite-lived intangible assets | 24 | 25 |
| Other intangible assets | ||
| Finite-Lived Intangible Assets [Line Items] | ||
| Indefinite-lived intangible assets | 34 | 34 |
| Trade names | ||
| Finite-Lived Intangible Assets [Line Items] | ||
| Gross | 252 | 257 |
| Accumulated amortization | (153) | (140) |
| Net | 99 | 117 |
| Licenses | ||
| Finite-Lived Intangible Assets [Line Items] | ||
| Gross | 128 | 140 |
| Accumulated amortization | (55) | (53) |
| Net | 73 | 87 |
| Customer agreements | ||
| Finite-Lived Intangible Assets [Line Items] | ||
| Gross | 123 | 124 |
| Accumulated amortization | (101) | (98) |
| Net | 22 | 26 |
| Other intangible assets | ||
| Finite-Lived Intangible Assets [Line Items] | ||
| Gross | 234 | 237 |
| Accumulated amortization | (181) | (170) |
| Net | $ 53 | $ 67 |
Goodwill and Other Intangible Assets - Amortization Expense (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Finite-Lived Intangible Assets [Line Items] | |||
| Amortization expense | $ 68 | $ 46 | $ 85 |
| Impairment, Intangible Asset, Indefinite-Lived (Excluding Goodwill), Statement of Income or Comprehensive Income [Extensible Enumeration] | Depreciation and amortization | Depreciation and amortization | |
Goodwill and Other Intangible Assets - Future Amortization Expense (Details) $ in Millions |
Dec. 31, 2022
USD ($)
|
|---|---|
| Goodwill and Intangible Assets Disclosure [Abstract] | |
| 2023 | $ 38 |
| 2024 | 29 |
| 2025 | 25 |
| 2026 | 24 |
| 2027 | $ 23 |
Restructuring and Other Corporate Matters - Restructuring and Other Corporate Matters (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Restructuring and Related Activities [Abstract] | |||
| Severance | $ 260 | $ 65 | $ 472 |
| Lease impairments and other exit costs | 68 | 35 | 70 |
| Restructuring charges | 328 | 100 | 542 |
| Merger-related costs | 0 | 0 | 56 |
| Other corporate matters | 257 | 0 | 20 |
| Restructuring and other corporate matters | $ 585 | $ 100 | $ 618 |
Restructuring and Other Corporate Matters - Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Restructuring Cost and Reserve [Line Items] | |||
| Severance | $ 260 | $ 65 | $ 472 |
| Lease impairment charges | 68 | 35 | 42 |
| Exit costs | 28 | ||
| Other corporate matters | 257 | 0 | 20 |
| Merger-related costs | 0 | $ 0 | 56 |
| Professional fees | 5 | ||
| Write down property and equipment | $ 15 | ||
| Russia, Belarus and Ukraine Counterparties | |||
| Restructuring Cost and Reserve [Line Items] | |||
| Other corporate matters | 46 | ||
| Legal Matters, Stockholder Matters Litigation | |||
| Restructuring Cost and Reserve [Line Items] | |||
| Other corporate matters | $ 211 | ||
Restructuring and Other Corporate Matters - Rollforward (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Restructuring Reserve [Roll Forward] | |||
| Restructuring reserve, beginning balance | $ 190 | $ 372 | |
| Charges | 328 | 100 | $ 542 |
| Payments | (134) | (227) | |
| Restructuring reserve, ending balance | 302 | 190 | 372 |
| Exit costs | 28 | ||
| Charges | |||
| Restructuring Reserve [Roll Forward] | |||
| Charges | 246 | 45 | |
| Stock-Based Compensation Expense | |||
| Restructuring Reserve [Roll Forward] | |||
| Charges | 14 | 20 | |
| Operating Segments | TV Media | |||
| Restructuring Reserve [Roll Forward] | |||
| Restructuring reserve, beginning balance | 122 | 256 | |
| Payments | (92) | (155) | |
| Restructuring reserve, ending balance | 251 | 122 | 256 |
| Operating Segments | TV Media | Charges | |||
| Restructuring Reserve [Roll Forward] | |||
| Charges | 221 | 21 | |
| Operating Segments | Direct-to-Consumer | |||
| Restructuring Reserve [Roll Forward] | |||
| Restructuring reserve, beginning balance | 0 | ||
| Payments | 0 | ||
| Restructuring reserve, ending balance | 8 | 0 | |
| Operating Segments | Direct-to-Consumer | Charges | |||
| Restructuring Reserve [Roll Forward] | |||
| Charges | 8 | ||
| Operating Segments | Filmed Entertainment | |||
| Restructuring Reserve [Roll Forward] | |||
| Restructuring reserve, beginning balance | 34 | 30 | |
| Payments | (22) | (19) | |
| Restructuring reserve, ending balance | 29 | 34 | 30 |
| Operating Segments | Filmed Entertainment | Charges | |||
| Restructuring Reserve [Roll Forward] | |||
| Charges | 17 | 23 | |
| Corporate | |||
| Restructuring Reserve [Roll Forward] | |||
| Restructuring reserve, beginning balance | 34 | 86 | |
| Payments | (20) | (53) | |
| Restructuring reserve, ending balance | 14 | 34 | $ 86 |
| Corporate | Charges | |||
| Restructuring Reserve [Roll Forward] | |||
| Charges | $ 0 | $ 1 | |
Related Parties - Narrative (Details) |
Dec. 31, 2022
trustee
|
|---|---|
| Related Party Transaction [Line Items] | |
| SMR trust ownership in NAI | 80.00% |
| National Amusements Inc | |
| Related Party Transaction [Line Items] | |
| NAI ownership of ViacomCBS Corp. Class A common stock (percentage) | 77.40% |
| NAI ownership of ViacomCBS Corp. Class A and Class B common stock on a combined basis (percentage) | 9.80% |
| Number of trustees | 7 |
| Number of beneficiary trustees | 2 |
Related Parties - Schedule of Related Party Transactions (Details) - Other Related Parties - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Related Party Transaction [Line Items] | |||
| Revenues | $ 358 | $ 237 | $ 106 |
| Operating expenses | 24 | 21 | $ 13 |
| Accounts receivable | $ 198 | $ 50 | |
Revenues - Disaggregation of Revenue (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Disaggregation of Revenue [Line Items] | |||
| Revenues | $ 30,154 | $ 28,586 | $ 25,285 |
| Advertising | |||
| Disaggregation of Revenue [Line Items] | |||
| Revenues | 10,890 | 11,412 | 9,751 |
| Affiliate and subscription | |||
| Disaggregation of Revenue [Line Items] | |||
| Revenues | 11,551 | 10,442 | 9,166 |
| Theatrical | |||
| Disaggregation of Revenue [Line Items] | |||
| Revenues | 1,223 | 241 | 180 |
| Licensing and other | |||
| Disaggregation of Revenue [Line Items] | |||
| Revenues | $ 6,490 | $ 6,491 | $ 6,188 |
Revenues - Receivables (Details) - USD ($) $ in Millions |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|
| Other Assets | ||
| Disaggregation of Revenue [Line Items] | ||
| Noncurrent receivables | $ 1,610 | $ 1,840 |
Revenues - Contract Liabilities (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Revenue from Contract with Customer [Abstract] | |||
| Deferred revenue | $ 1,060 | $ 1,200 | $ 1,120 |
| Revenue recognized | $ 900 | $ 900 | $ 600 |
Revenues - Unrecognized Revenues Under Contract (Details) $ in Billions |
Dec. 31, 2022
USD ($)
|
|---|---|
| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
| Unrecognized revenue | $ 9 |
| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
| Expected timing of satisfaction period | 1 year |
| Unrecognized revenue | $ 4 |
| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
| Expected timing of satisfaction period | 1 year |
| Unrecognized revenue | $ 2 |
| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
| Expected timing of satisfaction period | 1 year |
| Unrecognized revenue | $ 1 |
| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | |
| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
| Expected timing of satisfaction period | |
| Unrecognized revenue | $ 2 |
Revenues - Performance Obligations Satisfied in Previous Periods (Details) - USD ($) $ in Billions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Revenue from Contract with Customer [Abstract] | |||
| Performance obligation satisfied | $ 0.4 | $ 0.4 | $ 0.4 |
Debt - Schedule of Debt (Details) - USD ($) $ in Millions |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|
| Debt Instrument [Line Items] | ||
| Other bank borrowings | $ 55 | $ 35 |
| Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Debt, Total long-term debt, net of current portion | Debt, Total long-term debt, net of current portion |
| Obligations under finance leases | $ 10 | $ 16 |
| Total debt | 15,846 | 17,709 |
| Less current portion of long-term debt | 239 | 11 |
| Total long-term debt, net of current portion | 15,607 | 17,698 |
| Net unamortized discount on senior debt | 442 | 466 |
| Unamortized deferred financing costs | 89 | 95 |
| Face value of debt | 16,380 | 18,270 |
| 7.875% Debentures due 2023 | ||
| Debt Instrument [Line Items] | ||
| Carrying value of senior debt | $ 139 | 139 |
| Stated interest rate | 7.875% | |
| 7.125% Senior Notes due 2023 | ||
| Debt Instrument [Line Items] | ||
| Carrying value of senior debt | $ 35 | 35 |
| Stated interest rate | 7.125% | |
| 3.875% Senior Notes due 2024 | ||
| Debt Instrument [Line Items] | ||
| Carrying value of senior debt | $ 0 | 490 |
| Stated interest rate | 3.875% | |
| 3.70% Senior Notes due 2024 | ||
| Debt Instrument [Line Items] | ||
| Carrying value of senior debt | $ 0 | 599 |
| Stated interest rate | 3.70% | |
| 3.50% Senior Notes due 2025 | ||
| Debt Instrument [Line Items] | ||
| Carrying value of senior debt | $ 0 | 597 |
| Stated interest rate | 3.50% | |
| 4.75% Senior Notes due 2025 | ||
| Debt Instrument [Line Items] | ||
| Carrying value of senior debt | $ 552 | 1,242 |
| Stated interest rate | 4.75% | |
| 4.0% Senior Notes due 2026 | ||
| Debt Instrument [Line Items] | ||
| Carrying value of senior debt | $ 795 | 793 |
| Stated interest rate | 4.00% | |
| 3.45% Senior Notes due 2026 | ||
| Debt Instrument [Line Items] | ||
| Carrying value of senior debt | $ 124 | 123 |
| Stated interest rate | 3.45% | |
| 2.90% Senior Notes due 2027 | ||
| Debt Instrument [Line Items] | ||
| Carrying value of senior debt | $ 694 | 692 |
| Stated interest rate | 2.90% | |
| 3.375% Senior Notes due 2028 | ||
| Debt Instrument [Line Items] | ||
| Carrying value of senior debt | $ 496 | 496 |
| Stated interest rate | 3.375% | |
| 3.70% Senior Notes due 2028 | ||
| Debt Instrument [Line Items] | ||
| Carrying value of senior debt | $ 494 | 493 |
| Stated interest rate | 3.70% | |
| 4.20% Senior Notes due 2029 | ||
| Debt Instrument [Line Items] | ||
| Carrying value of senior debt | $ 495 | 494 |
| Stated interest rate | 4.20% | |
| 7.875% Senior Debentures due 2030 | ||
| Debt Instrument [Line Items] | ||
| Carrying value of senior debt | $ 830 | 830 |
| Stated interest rate | 7.875% | |
| 4.95% Senior Notes due 2031 | ||
| Debt Instrument [Line Items] | ||
| Carrying value of senior debt | $ 1,226 | 1,223 |
| Stated interest rate | 4.95% | |
| 4.20% Senior Notes due 2032 | ||
| Debt Instrument [Line Items] | ||
| Carrying value of senior debt | $ 975 | 972 |
| Stated interest rate | 4.20% | |
| 5.50% Senior Debentures due 2033 | ||
| Debt Instrument [Line Items] | ||
| Carrying value of senior debt | $ 427 | 427 |
| Stated interest rate | 5.50% | |
| 4.85% Senior Debentures due 2034 | ||
| Debt Instrument [Line Items] | ||
| Carrying value of senior debt | $ 87 | 87 |
| Stated interest rate | 4.85% | |
| 6.875% Senior Debentures due 2036 | ||
| Debt Instrument [Line Items] | ||
| Carrying value of senior debt | $ 1,071 | 1,070 |
| Stated interest rate | 6.875% | |
| 6.75% Senior Debentures due 2037 | ||
| Debt Instrument [Line Items] | ||
| Carrying value of senior debt | $ 75 | 75 |
| Stated interest rate | 6.75% | |
| 5.90% Senior Notes due 2040 | ||
| Debt Instrument [Line Items] | ||
| Carrying value of senior debt | $ 298 | 298 |
| Stated interest rate | 5.90% | |
| 4.50% Senior Debentures due 2042 | ||
| Debt Instrument [Line Items] | ||
| Carrying value of senior debt | $ 45 | 45 |
| Stated interest rate | 4.50% | |
| 4.85% Senior Notes due 2042 | ||
| Debt Instrument [Line Items] | ||
| Carrying value of senior debt | $ 488 | 488 |
| Stated interest rate | 4.85% | |
| 4.375% Senior Debentures due 2043 | ||
| Debt Instrument [Line Items] | ||
| Carrying value of senior debt | $ 1,130 | 1,123 |
| Stated interest rate | 4.375% | |
| 4.875% Senior Debentures due 2043 | ||
| Debt Instrument [Line Items] | ||
| Carrying value of senior debt | $ 18 | 18 |
| Stated interest rate | 4.875% | |
| 5.85% Senior Debentures due 2043 | ||
| Debt Instrument [Line Items] | ||
| Carrying value of senior debt | $ 1,233 | 1,233 |
| Stated interest rate | 5.85% | |
| 5.25% Senior Debentures due 2044 | ||
| Debt Instrument [Line Items] | ||
| Carrying value of senior debt | $ 345 | 345 |
| Stated interest rate | 5.25% | |
| 4.90% Senior Notes due 2044 | ||
| Debt Instrument [Line Items] | ||
| Carrying value of senior debt | $ 541 | 540 |
| Stated interest rate | 4.90% | |
| 4.60% Senior Notes due 2045 | ||
| Debt Instrument [Line Items] | ||
| Carrying value of senior debt | $ 590 | 590 |
| Stated interest rate | 4.60% | |
| 4.95% Senior Notes due 2050 | ||
| Debt Instrument [Line Items] | ||
| Carrying value of senior debt | $ 946 | 944 |
| Stated interest rate | 4.95% | |
| 5.875% Junior Subordinated Debentures due 2057 | ||
| Debt Instrument [Line Items] | ||
| Junior subordinated notes | $ 0 | 514 |
| Stated interest rate | 5.875% | |
| 6.25% Junior Subordinated Debentures due 2057 | ||
| Debt Instrument [Line Items] | ||
| Junior subordinated notes | $ 643 | 643 |
| Stated interest rate | 6.25% | |
| 6.375% Junior Subordinated Debentures due 2062 | ||
| Debt Instrument [Line Items] | ||
| Junior subordinated notes | $ 989 | $ 0 |
| Stated interest rate | 6.375% | |
| Face value of debt | $ 1,000 |
Debt - Narrative (Details) - USD ($) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Debt Instrument [Line Items] | |||
| Debt redemptions and repayments, cash | $ 3,140,000,000 | $ 2,230,000,000 | $ 2,909,000,000 |
| Loss on extinguishment of debt | 120,000,000 | 128,000,000 | 126,000,000 |
| Face value of debt | 16,380,000,000 | 18,270,000,000 | |
| Less commercial paper | 0 | 0 | |
| Other bank borrowings | 55,000,000 | 35,000,000 | |
| 5.875% Junior Subordinated Debentures due 2057 | |||
| Debt Instrument [Line Items] | |||
| Debt redemptions and repayments, cash | $ 520,000,000 | ||
| Stated interest rate | 5.875% | ||
| 6.375% Junior Subordinated Debentures due 2062 | |||
| Debt Instrument [Line Items] | |||
| Stated interest rate | 6.375% | ||
| Face value of debt | $ 1,000,000,000 | ||
| Interest rate reset period | 5 years | ||
| 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 due 2057 | London Interbank Offered Rate (LIBOR) | |||
| Debt Instrument [Line Items] | |||
| Basis spread on variable rate | 3.899% | ||
| 3.45% Senior Notes due 2026 | |||
| Debt Instrument [Line Items] | |||
| Stated interest rate | 3.45% | ||
| Outstanding principal | $ 124,000,000 | ||
| Credit Facility | Revolving Credit Facility | |||
| Debt Instrument [Line Items] | |||
| Maximum borrowing capacity under credit facility | $ 3,500,000,000 | ||
| Maximum consolidated leverage ratio | 4.5 | ||
| Maximum consolidated leverage ratio, potential increase | 5.0 | ||
| Period for consolidated EBITDA | 12 months | ||
| Borrowings outstanding | $ 0 | ||
| Remaining availability | 3,500,000,000 | ||
| Senior Notes | |||
| Debt Instrument [Line Items] | |||
| Senior notes redeemed | 2,390,000,000 | ||
| Debt redemptions and repayments, cash | $ 2,490,000,000 | ||
| Face value of debt | 4,500,000,000 | ||
| Potential change | 0.25% | ||
| Senior Notes | Maximum | |||
| Debt Instrument [Line Items] | |||
| Potential change | 2.00% | ||
| Senior Notes And Junior Subordinated Debt Redeemed | |||
| Debt Instrument [Line Items] | |||
| Redemption and repayment of senior notes, face value | 1,990,000,000 | 2,770,000,000 | |
| Aggregate redemption price | $ 2,110,000,000 | $ 2,880,000,000 | |
| Line of Credit | Miramax | |||
| Debt Instrument [Line Items] | |||
| Maximum borrowing capacity under credit facility | $ 300,000,000 | ||
| Other Bank Borrowings | |||
| Debt Instrument [Line Items] | |||
| Weighted average interest rate | 7.09% | 3.50% | |
Debt - Maturities of Long-Term Debt (Details) $ in Millions |
Dec. 31, 2022
USD ($)
|
|---|---|
| Debt Disclosure [Abstract] | |
| 2023 | $ 174 |
| 2024 | 0 |
| 2025 | 555 |
| 2026 | 924 |
| 2027 | 700 |
| 2028 and Thereafter | $ 13,959 |
Leases - Balance Sheet Amounts (Details) - USD ($) $ in Millions |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|
| Leases [Abstract] | ||
| Operating lease assets | $ 1,391 | $ 1,630 |
| Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Other current liabilities | Other current liabilities |
| Other current liabilities | $ 292 | $ 325 |
| Operating lease liabilities | 1,428 | 1,598 |
| Total lease liabilities | $ 1,720 | $ 1,923 |
Leases - Weighted Average (Details) |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|
| Leases [Abstract] | ||
| Weighted average remaining lease term | 7 years | 8 years |
| Weighted average discount rate | 3.60% | 3.40% |
Leases - Lease Cost (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Leases [Abstract] | |||
| Operating lease cost | $ 373 | $ 374 | $ 379 |
| Short-term lease cost | 306 | 283 | 162 |
| Variable lease cost | 77 | 62 | 58 |
| Sublease income | (12) | (20) | (24) |
| Total lease cost | $ 744 | $ 699 | $ 575 |
Leases - Operating Cash Flows (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Leases [Abstract] | |||
| Payments for amounts included in operating lease liabilities (operating cash flows) | $ 394 | $ 399 | $ 385 |
| Noncash additions to operating lease assets | $ 170 | $ 377 | $ 221 |
Leases - Future Minimum Payments (Details) - USD ($) $ in Millions |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|
| Leases [Abstract] | ||
| 2023 | $ 346 | |
| 2024 | 294 | |
| 2025 | 266 | |
| 2026 | 227 | |
| 2027 | 202 | |
| 2028 | 654 | |
| Total minimum payments | 1,989 | |
| Less amounts representing interest | 269 | |
| Present value of minimum payments | $ 1,720 | $ 1,923 |
Leases - Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Leases [Abstract] | |||
| Operating Lease Income, Comprehensive Income, Extensible List, Not Disclosed Flag | total lease income | total lease income | total lease income |
| Lease income | $ 65 | $ 145 | $ 133 |
Financial Instruments - Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | |||
|---|---|---|---|---|
Sep. 30, 2022 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Derivative [Line Items] | ||||
| Notes payable | $ 15,780 | $ 17,660 | ||
| Debt instrument fair value | 13,900 | 21,500 | ||
| Equity method investments | 375 | 568 | ||
| Investments without readily determinable fair value | 70 | 59 | ||
| Impairment charge on equity-method investment | 34 | $ 9 | ||
| Net gains (losses) from investments | $ (9) | 47 | 206 | |
| Other investment impairment losses | $ 5 | |||
| Equity securities without readily determinable fair value, gain | 37 | |||
| Equity securities, gain | 9 | |||
| Write-down of investments | 7 | |||
| Foreign exchange forward | Cash flow hedging | Maximum | ||||
| Derivative [Line Items] | ||||
| Term of contract | 24 months | |||
| Foreign exchange contract | Cash flow hedging | ||||
| Derivative [Line Items] | ||||
| Notional amount of derivative | $ 3,060 | 1,940 | ||
| Foreign exchange contract | Cash flow hedging | Future Production Costs | ||||
| Derivative [Line Items] | ||||
| Notional amount of derivative | 2,400 | 1,380 | ||
| Foreign exchange contract | Cash flow hedging | Other Foreign Currency | ||||
| Derivative [Line Items] | ||||
| Notional amount of derivative | $ 655 | $ 564 | ||
| SkyShowtime | Equity Method Investees | ||||
| Derivative [Line Items] | ||||
| Ownership percentage | 50.00% | |||
| Viacom18 | Equity Method Investees | ||||
| Derivative [Line Items] | ||||
| Ownership percentage | 49.00% | |||
| The CW | ||||
| Derivative [Line Items] | ||||
| Decrease in ownership interest | 37.50% | |||
| Noncash distribution received | $ 139 | |||
| Ownership interest after divestiture | 12.50% | |||
| Net gains (losses) from investments | $ (4) | |||
| fuboTV | ||||
| Derivative [Line Items] | ||||
| Equity securities, gain | $ 213 | |||
Financial Instruments - Foreign Exchange Contracts (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Foreign exchange contract | ||
| Derivative [Line Items] | ||
| Gain (loss) on non-designated foreign exchange contracts | $ 51 | $ 14 |
Fair Value Measurements - Assets and Liabilities (Details) - Level 2 - USD ($) $ in Millions |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|
| Assets: | ||
| Foreign currency hedges | $ 39 | $ 23 |
| Total Assets | 39 | 23 |
| Liabilities: | ||
| Deferred compensation | 336 | 435 |
| Foreign currency hedges | 83 | 29 |
| Total Liabilities | $ 419 | $ 464 |
Fair Value Measurements - Narrative (Details) - TV Media - FCC Licenses $ in Millions |
3 Months Ended | 12 Months Ended | |
|---|---|---|---|
|
Dec. 31, 2022
USD ($)
market
|
Dec. 31, 2022
USD ($)
market
|
Dec. 31, 2020
USD ($)
|
|
| Impairment Testing Assumptions [Line Items] | |||
| Impairment charge | $ 25 | ||
| Two Markets | |||
| Impairment Testing Assumptions [Line Items] | |||
| Impairment charge | $ 27 | $ 27 | |
| Number of markets where carrying value of intangible asset exceeds fair value | market | 2 | 2 | |
Variable Interest Entities (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Variable Interest Entity [Line Items] | |||
| Total assets | $ 58,393 | $ 58,620 | |
| Revenues | 30,154 | 28,586 | $ 25,285 |
| Operating income (loss) | 2,342 | 6,297 | 4,139 |
| Variable Interest Entity, Primary Beneficiary | |||
| Variable Interest Entity [Line Items] | |||
| Total assets | 1,961 | 1,578 | |
| Total liabilities | 328 | 184 | |
| Revenues | 524 | 576 | 705 |
| Operating income (loss) | $ (56) | $ 43 | $ 498 |
| Variable Interest Entity, Primary Beneficiary | South Park | |||
| Variable Interest Entity [Line Items] | |||
| Variable interest entity, ownership percentage | 51.00% | ||
Stockholders' Equity - Narrative (Details) |
3 Months Ended | 12 Months Ended | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Apr. 01, 2024 |
Mar. 26, 2021
USD ($)
$ / shares
shares
|
Dec. 31, 2022
USD ($)
$ / shares
shares
|
Sep. 30, 2022
$ / shares
|
Jun. 30, 2022
$ / shares
|
Mar. 31, 2022
$ / shares
|
Dec. 31, 2021
$ / shares
|
Sep. 30, 2021
$ / shares
|
Jun. 30, 2021
$ / shares
|
Dec. 31, 2022
USD ($)
$ / shares
shares
|
Dec. 31, 2021
USD ($)
$ / shares
shares
|
Dec. 31, 2020
USD ($)
$ / shares
shares
|
|
| Class of Stock [Line Items] | ||||||||||||
| Preferred stock, percentage | 5.75% | 5.75% | ||||||||||
| Proceeds from issuance of common stock | $ 1,670,000,000 | $ 0 | $ 1,672,000,000 | $ 0 | ||||||||
| Proceeds from issuance of preferred stock | $ 983,000,000 | 0 | 983,000,000 | $ 0 | ||||||||
| Preferred stock dividends | 58,000,000 | $ 44,000,000 | ||||||||||
| Remaining authorization under repurchase program | $ 2,360,000,000 | $ 2,360,000,000 | ||||||||||
| Class B Common Stock purchased (shares) | shares | 1,300,000 | |||||||||||
| Class B Common Stock purchased | $ 50,000,000 | |||||||||||
| Average price per share repurchased (in dollars per share) | $ / shares | $ 38.63 | |||||||||||
| Minimum Class A shares needed for conversion (in shares) | shares | 5,000 | 5,000 | ||||||||||
| Conversion of Class A Common Stock into Class B Common Stock (in shares) | shares | 11,600,000 | |||||||||||
| Deferred income taxes | $ 108,000,000 | $ 25,000,000 | $ 1,000,000 | |||||||||
| Class B Common Stock, $0.001 par value | ||||||||||||
| Class of Stock [Line Items] | ||||||||||||
| Stock issuances (in shares) | shares | 20,000,000 | |||||||||||
| Shares issued, price per share (in shares) | $ / shares | $ 85 | |||||||||||
| Convertible Preferred Stock | ||||||||||||
| Class of Stock [Line Items] | ||||||||||||
| Stock issuances (in shares) | shares | 10,000,000 | |||||||||||
| Preferred stock, percentage | 5.75% | |||||||||||
| Preferred stock, liquidation preference (in dollars per share) | $ / shares | $ 100 | |||||||||||
| Preferred stock, liquidation preference | $ 1,000,000,000 | $ 1,000,000,000 | ||||||||||
| Dividends declared per preferred share (in dollars per share) | $ / shares | $ 1.4375 | $ 1.4375 | $ 1.4375 | $ 1.4375 | $ 1.4375 | $ 1.4375 | $ 1.5493 | |||||
| Preferred stock dividends | $ 58,000,000 | $ 44,000,000 | ||||||||||
| Convertible Preferred Stock | Forecast | ||||||||||||
| Class of Stock [Line Items] | ||||||||||||
| Consecutive trading days | 20 days | |||||||||||
| Trading days | 21 days | |||||||||||
| Convertible Preferred Stock | Minimum | Forecast | ||||||||||||
| Class of Stock [Line Items] | ||||||||||||
| Convertible rate | 1.0013 | |||||||||||
| Convertible Preferred Stock | Maximum | Forecast | ||||||||||||
| Class of Stock [Line Items] | ||||||||||||
| Convertible rate | 1.1765 | |||||||||||
| Class A Common Stock and Class B Common Stock | ||||||||||||
| Class of Stock [Line Items] | ||||||||||||
| Dividends declared per common share (in dollars per share) | $ / shares | $ 0.96 | $ 0.96 | $ 0.96 | |||||||||
| Common stock dividends | $ 635,000,000 | $ 625,000,000 | $ 601,000,000 | |||||||||
Stockholders' Equity - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| AOCI Attributable to Parent, Net of Tax | |||
| Balance, beginning of year | $ 22,402 | ||
| Other comprehensive income (loss) before reclassifications | 31 | $ (140) | $ 66 |
| Reclassifications to net earnings | 64 | 70 | 72 |
| Other comprehensive income (loss) | 95 | (70) | 138 |
| Balance, end of year | 23,036 | 22,402 | |
| Cumulative Translation Adjustments | |||
| AOCI Attributable to Parent, Net of Tax | |||
| Balance, beginning of year | (445) | (303) | (438) |
| Other comprehensive income (loss) before reclassifications | (235) | (142) | 135 |
| Reclassifications to net earnings | 0 | 0 | 0 |
| Other comprehensive income (loss) | (235) | (142) | 135 |
| Balance, end of year | (680) | (445) | (303) |
| Net Actuarial Loss and Prior Service Cost | |||
| AOCI Attributable to Parent, Net of Tax | |||
| Balance, beginning of year | (1,434) | (1,509) | (1,507) |
| Other comprehensive income (loss) before reclassifications | 273 | 5 | (74) |
| Reclassifications to net earnings | 64 | 70 | 72 |
| Other comprehensive income (loss) | 337 | 75 | (2) |
| Balance, end of year | (1,097) | (1,434) | (1,509) |
| Other Comprehensive Income (Loss) | |||
| AOCI Attributable to Parent, Net of Tax | |||
| Balance, beginning of year | (23) | (20) | (25) |
| Other comprehensive income (loss) before reclassifications | (7) | (3) | 5 |
| Reclassifications to net earnings | 0 | 0 | 0 |
| Other comprehensive income (loss) | (7) | (3) | 5 |
| Balance, end of year | (30) | (23) | (20) |
| Accumulated Other Comprehensive Loss | |||
| AOCI Attributable to Parent, Net of Tax | |||
| Balance, beginning of year | (1,902) | (1,832) | (1,970) |
| Balance, end of year | $ (1,807) | $ (1,902) | $ (1,832) |
Stock-Based Compensation - Narrative (Details) - USD ($) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Number of shares available for future grant under equity incentive plans (in shares) | 32,000,000 | ||
| Stock-based compensation expense included in discontinued operations | $ 3,000,000 | $ 3,000,000 | $ 10,000,000 |
| Stock option term until expiration | 8 years | ||
| Granted (in shares) | 0 | 0 | 0 |
| Weighted average remaining contractual life of outstanding stock options (years) | 2 years 21 days | ||
| Weighted average remaining contractual life of exercisable stock options (years) | 2 years 21 days | ||
| Intrinsic value of stock options outstanding | $ 0 | ||
| Share price (in dollars per share) | $ 16.88 | ||
| RSUs and PSUs | |||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Weighted average grant date fair value (in dollars per share) | $ 31.58 | $ 35.80 | $ 32.35 |
| Aggregate fair value of RSUs vested during the period | $ 77,000,000 | $ 260,000,000 | $ 222,000,000 |
| Unrecognized future expense of unvested RSUs | $ 244,000,000 | ||
| Weighted average period over which future expense of unrecognized stock-based compensation will be recognized (years) | 2 years 5 months 15 days | ||
| Restricted Stock Units (RSUs) | Minimum | |||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Service period over which grants vest | 1 year | ||
| Restricted Stock Units (RSUs) | Maximum | |||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Service period over which grants vest | 4 years | ||
| Performance Share Units (PSUs) | |||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Fair value | $ 43,000,000 | $ 3,000,000 | $ 34,000,000 |
| Stock options | Minimum | |||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Service period over which grants vest | 3 years | ||
| Stock options | Maximum | |||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Service period over which grants vest | 4 years | ||
Stock-Based Compensation - Stock-based Compensation Expense (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Stock-based compensation expense, before income taxes | $ 172 | $ 192 | $ 274 |
| Related tax benefit | (35) | (41) | (54) |
| Stock-based compensation expense, net of tax benefit | 137 | 151 | 220 |
| Operating and SG&A Expense | |||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Stock-based compensation expense, before income taxes | 158 | 172 | 186 |
| Restructuring and Other Corporate Matters | |||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Stock-based compensation expense, before income taxes | 14 | 20 | 88 |
| RSUs and PSUs | |||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Stock-based compensation expense, before income taxes | 155 | 163 | 167 |
| Stock options | |||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Stock-based compensation expense, before income taxes | $ 3 | $ 9 | $ 19 |
Stock-Based Compensation - RSUs and PSUs (Details) - RSUs and PSUs - $ / shares |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Shares | |||
| Non-vested (shares), beginning balance | 7,730,664 | ||
| Granted (shares) | 7,494,771 | ||
| Vested (shares) | (3,206,135) | ||
| Forfeited (shares) | (903,929) | ||
| Non-vested (shares), ending balance | 11,115,371 | 7,730,664 | |
| Weighted Average Grant Date Fair Value | |||
| Non-vested, beginning balance (USD per share) | $ 37.14 | ||
| Granted (USD per share) | 31.58 | $ 35.80 | $ 32.35 |
| Vested (USD per share) | 39.32 | ||
| Forfeited (USD per share) | 33.90 | ||
| Non-vested, ending balance (USD per share) | $ 33.02 | $ 37.14 | |
Stock-Based Compensation - Stock-Options, Rollforward (Details) |
12 Months Ended |
|---|---|
|
Dec. 31, 2022
$ / shares
shares
| |
| Stock Options | |
| Outstanding (shares), beginning balance | shares | 6,202,575 |
| Forfeited or expired (shares) | shares | (1,105,628) |
| Outstanding (shares), ending balance | shares | 5,096,947 |
| Exercisable (shares) | shares | 5,096,947 |
| Weighted Average Exercise Price | |
| Outstanding, beginning balance (USD per share) | $ / shares | $ 63.85 |
| Forfeited or expired (USD per share) | $ / shares | 80.76 |
| Outstanding, ending balance (USD per share) | $ / shares | 60.18 |
| Exercisable (USD per share) | $ / shares | $ 60.18 |
Stock-Based Compensation - Stock Options, Other Information (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Share-Based Payment Arrangement [Abstract] | |||
| Cash received from stock option exercises | $ 0 | $ 408 | $ 5 |
| Tax benefit of stock option exercises | 29 | 1 | |
| Intrinsic value of stock option exercises | $ 128 | $ 2 | |
Income Taxes - Income (Loss) from Continuing Operations (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Income Tax Disclosure [Abstract] | |||
| United States | $ 324 | $ 4,106 | $ 2,353 |
| Foreign | 942 | 1,100 | 794 |
| Earnings from continuing operations before income taxes and equity in loss of investee companies | $ 1,266 | $ 5,206 | $ 3,147 |
Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Current: | |||
| Federal | $ 75 | $ 179 | $ 160 |
| State and local | 64 | 138 | 73 |
| Foreign | 194 | 239 | 180 |
| Total current | 333 | 556 | 413 |
| Deferred: | |||
| Federal | (57) | 249 | 146 |
| State and local | (14) | 49 | 42 |
| Foreign | (35) | (208) | (66) |
| Total deferred | (106) | 90 | 122 |
| Provision for income taxes | $ 227 | $ 646 | $ 535 |
Income Taxes - Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | |||
|---|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
| Related Party Transaction [Line Items] | ||||
| Provision for income taxes for discontinued operations | $ 77 | $ 57 | $ 38 | |
| Tax benefit from equity investment losses | (227) | (646) | (535) | |
| Net deferred tax assets of discontinued operations | 55 | 80 | ||
| Net operating loss carryforwards | 261 | |||
| Interest limitation carryforward | 93 | 0 | ||
| Valuation allowance | 488 | 581 | ||
| Future repatriations | 13 | |||
| Unrecognized tax benefits | 303 | 301 | 308 | $ 384 |
| Amount included in reserve for uncertain tax positions that would affect Company's effective income tax rate (including discontinued operations) if recognized | 272 | |||
| Interest and penalty charges related to the reserve for uncertain tax positions | 14 | 14 | 16 | |
| Liabilities for accrued interest and penalty charges related to the reserve for uncertain tax positions | 67 | 56 | ||
| Foreign | ||||
| Related Party Transaction [Line Items] | ||||
| Net operating loss carryforwards | 43 | |||
| Equity Method Investees | ||||
| Related Party Transaction [Line Items] | ||||
| Tax benefit from equity investment losses | $ 33 | $ 49 | $ 19 | |
| Effective income tax rate | 13.90% | 35.00% | 40.40% | |
Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Income Tax Disclosure [Abstract] | |||
| Taxes on income at U.S. federal statutory rate | $ 266 | $ 1,093 | $ 661 |
| State and local taxes, net of federal tax benefit | 44 | 190 | 116 |
| Effect of foreign operations | (20) | (141) | (98) |
| Noncontrolling interests | (20) | (13) | (52) |
| U.K. statutory rate change | 0 | (260) | (100) |
| Reorganization of foreign operations | (72) | (229) | 0 |
| Excess tax (benefit) deficiency from stock-based compensation | 13 | (8) | 29 |
| Other, net | 16 | 14 | (21) |
| Provision for income taxes | $ 227 | $ 646 | $ 535 |
| Deferred tax asset realization period | 25 years | ||
Income Taxes - Deferred Income Tax Assets and Liabilities (Details) - USD ($) $ in Millions |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|
| Deferred income tax assets: | ||
| Reserves and other accrued liabilities | $ 430 | $ 369 |
| Pension, postretirement and other employee benefits | 534 | 679 |
| Lease liability | 425 | 465 |
| Tax credit and loss carryforwards | 397 | 428 |
| Interest limitation carryforward | 93 | 0 |
| Capitalized costs | 49 | 0 |
| Other | 11 | 23 |
| Total deferred income tax assets | 1,939 | 1,964 |
| Valuation allowance | (488) | (581) |
| Deferred income tax assets, net | 1,451 | 1,383 |
| Deferred income tax liabilities: | ||
| Intangible assets | (643) | (523) |
| Unbilled licensing receivables | 0 | (76) |
| Lease asset | (344) | (391) |
| Property, equipment and other assets | (180) | (171) |
| Financing obligations | (69) | (65) |
| Other | (50) | (14) |
| Total deferred income tax liabilities | (1,286) | (1,240) |
| Deferred income tax assets, net | $ 165 | $ 143 |
Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Change in reserve for uncertain tax positions, excluding related accrued interest and penalties | |||
| Unrecognized tax benefits, beginning of year | $ 301 | $ 308 | $ 384 |
| Additions for current year tax positions | 16 | 23 | 15 |
| Additions for prior year tax positions | 3 | 32 | 18 |
| Reductions for prior year tax positions | (13) | (45) | (34) |
| Cash settlements | (2) | (6) | (2) |
| Statute of limitations lapses | (2) | (11) | (9) |
| Reclassification to deferred income tax liability | (64) | ||
| Unrecognized tax benefits, end of year | $ 303 | $ 301 | $ 308 |
Pension and Other Postretirement Benefits - Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Defined Benefit Plan Disclosure [Line Items] | |||
| Percent of plan assets' fair value invested in Company common stock | 1.20% | 1.50% | |
| Pension and postretirement benefit obligations | $ 1,458 | $ 1,946 | |
| Contributions to defined contribution plans | $ 137 | 106 | $ 91 |
| United States | Liability Hedging | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Defined benefit plan, actual plan asset allocation | 63.00% | ||
| United States | Equity securities | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Defined benefit plan, actual plan asset allocation | 29.00% | ||
| United States | Real Estate and Real Assets | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Defined benefit plan, actual plan asset allocation | 6.00% | ||
| United States | Minimum | Liability Hedging | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Defined benefit plan, target plan asset allocations | 60.00% | ||
| United States | Minimum | Equity securities | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Defined benefit plan, target plan asset allocations | 22.00% | ||
| United States | Minimum | Real Estate and Real Assets | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Defined benefit plan, target plan asset allocations | 3.00% | ||
| United States | Maximum | Liability Hedging | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Defined benefit plan, target plan asset allocations | 68.00% | ||
| United States | Maximum | Equity securities | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Defined benefit plan, target plan asset allocations | 30.00% | ||
| United States | Maximum | Real Estate and Real Assets | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Defined benefit plan, target plan asset allocations | 10.00% | ||
| Pension Benefits | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Curtailment gain | 79 | ||
| Pension and postretirement benefit obligations | $ 1,225 | 1,652 | |
| Actuarial gain (loss) | $ 1,089 | 45 | |
| Increase in basis point | 2.70% | ||
| Unfunded status at year end | $ 1,298 | 1,718 | |
| Accumulated benefit obligation for all defined benefit pension plans | 3,660 | 4,910 | |
| Company Contributions | 177 | 203 | 120 |
| Pension Benefits | Qualified Plan | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Unfunded status at year end | 485 | 655 | |
| Expected contribution in the next fiscal year | 8 | ||
| Pension Benefits | Nonqualified Plan | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Expected contribution in the next fiscal year | 75 | ||
| Pension Benefits | Non- U.S | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Pension and postretirement benefit obligations | 45 | 53 | |
| Postretirement Benefits | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Pension and postretirement benefit obligations | 188 | 241 | |
| Actuarial gain (loss) | 29 | 18 | |
| Unfunded status at year end | 222 | 276 | |
| Expected contribution in the next fiscal year | 35 | ||
| Company Contributions | $ 192 | $ 184 | $ 95 |
Pension and Other Postretirement Benefits - Change in Benefit Obligation (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Pension Benefits | |||
| Change in benefit obligation: | |||
| Benefit obligation, beginning of year | $ 4,909 | $ 5,162 | |
| Service cost | 0 | 0 | $ 30 |
| Interest cost | 150 | 145 | 164 |
| Actuarial gain | (1,089) | (45) | |
| Benefits paid | (309) | (320) | |
| Settlements paid | 0 | (33) | |
| Participants’ contributions | 0 | 0 | |
| Retiree Medicare drug subsidy | 0 | 0 | |
| Benefit obligation, end of year | 3,661 | 4,909 | 5,162 |
| Postretirement Benefits | |||
| Change in benefit obligation: | |||
| Benefit obligation, beginning of year | 276 | 322 | |
| Service cost | 1 | 1 | 2 |
| Interest cost | 8 | 8 | 11 |
| Actuarial gain | (29) | (18) | |
| Benefits paid | (43) | (46) | |
| Settlements paid | 0 | 0 | |
| Participants’ contributions | 6 | 5 | |
| Retiree Medicare drug subsidy | 3 | 4 | |
| Benefit obligation, end of year | $ 222 | $ 276 | $ 322 |
Pension and Other Postretirement Benefits - Change In Plan Assets (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Pension Benefits | ||
| Change in plan assets: | ||
| Fair value of plan assets, beginning of year | $ 3,191 | $ 3,347 |
| Actual (loss) return on plan assets | (592) | 116 |
| Employer contributions | 73 | 81 |
| Benefits paid | (309) | (320) |
| Settlements paid | 0 | (33) |
| Participants’ contributions | 0 | 0 |
| Retiree Medicare drug subsidy | 0 | 0 |
| Fair value of plan assets, end of year | 2,363 | 3,191 |
| Postretirement Benefits | ||
| Change in plan assets: | ||
| Fair value of plan assets, beginning of year | 0 | 0 |
| Actual (loss) return on plan assets | 0 | 0 |
| Employer contributions | 34 | 37 |
| Benefits paid | (43) | (46) |
| Settlements paid | 0 | 0 |
| Participants’ contributions | 6 | 5 |
| Retiree Medicare drug subsidy | 3 | 4 |
| Fair value of plan assets, end of year | $ 0 | $ 0 |
Pension and Other Postretirement Benefits - Funded Status of Pension and Postretirement Benefit Obligations (Details) - USD ($) $ in Millions |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|
| Defined Benefit Plan Disclosure [Line Items] | ||
| Noncurrent liabilities | $ (1,458) | $ (1,946) |
| Pension Benefits | ||
| Defined Benefit Plan Disclosure [Line Items] | ||
| Funded status at end of year | (1,298) | (1,718) |
| Other assets | 0 | 7 |
| Current liabilities | (73) | (73) |
| Noncurrent liabilities | (1,225) | (1,652) |
| Net amounts recognized | (1,298) | (1,718) |
| Postretirement Benefits | ||
| Defined Benefit Plan Disclosure [Line Items] | ||
| Funded status at end of year | (222) | (276) |
| Other assets | 0 | 0 |
| Current liabilities | (34) | (35) |
| Noncurrent liabilities | (188) | (241) |
| Net amounts recognized | $ (222) | $ (276) |
Pension and Other Postretirement Benefits - Funded Status and Amounts Recognized in Accumulated Other Comprehensive Income (Loss) on the Consolidated Balance Sheets (Details) - USD ($) $ in Millions |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|
| Pension Benefits | ||
| Defined Benefit Plan Disclosure [Line Items] | ||
| Net actuarial (loss) gain | $ (1,646) | $ (2,068) |
| Net prior service cost | (1) | (1) |
| Share of equity investee | 0 | (1) |
| Net amount recognized in accumulated other comprehensive income (loss) before tax | (1,647) | (2,070) |
| Deferred income taxes | 438 | 541 |
| Net amount recognized in accumulated other comprehensive income (loss) | (1,209) | (1,529) |
| Postretirement Benefits | ||
| Defined Benefit Plan Disclosure [Line Items] | ||
| Net actuarial (loss) gain | 157 | 143 |
| Net prior service cost | 0 | 0 |
| Share of equity investee | 0 | 0 |
| Net amount recognized in accumulated other comprehensive income (loss) before tax | 157 | 143 |
| Deferred income taxes | (17) | (14) |
| Net amount recognized in accumulated other comprehensive income (loss) | $ 140 | $ 129 |
Pension and Other Postretirement Benefits - Accumulated Benefit Obligation in Excess of Plan Assets (Details) - USD ($) $ in Millions |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|
| Retirement Benefits [Abstract] | ||
| Projected benefit obligation | $ 3,661 | $ 4,908 |
| Accumulated benefit obligation | 3,661 | 4,908 |
| Fair value of plan assets | $ 2,363 | $ 3,184 |
Pension and Other Postretirement Benefits - Components of Net Periodic Benefit Cost and Amounts Recognized in Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Components of net periodic cost: | |||
| Settlements | $ 0 | $ 10 | $ 0 |
| Other comprehensive income (loss): | |||
| Deferred income taxes | 108 | 25 | 1 |
| Recognized in other comprehensive income (loss), net of tax | 337 | 75 | (2) |
| Discontinued operations | |||
| Components of net periodic cost: | |||
| Net periodic cost | 3 | 3 | 5 |
| Pension Benefits | |||
| Components of net periodic cost: | |||
| Service cost | 0 | 0 | 30 |
| Interest cost | 150 | 145 | 164 |
| Expected return on plan assets | (172) | (188) | (194) |
| Amortization of actuarial losses (gains) | 97 | 93 | 103 |
| Amortization of prior service cost | 0 | 0 | 2 |
| Settlements | 0 | 10 | 0 |
| Net periodic cost | 75 | 60 | 105 |
| Other comprehensive income (loss): | |||
| Actuarial (loss) gain | 325 | (27) | (173) |
| Share of equity investee | 1 | 1 | 0 |
| Curtailment gain | 0 | 0 | 79 |
| Settlements | 0 | 10 | 0 |
| Amortization of actuarial losses (gains) | 97 | 93 | 103 |
| Amortization of prior service cost | 0 | 0 | 2 |
| Recognized in other comprehensive income, before tax | 423 | 77 | 11 |
| Deferred income taxes | (103) | (19) | (3) |
| Recognized in other comprehensive income (loss), net of tax | 320 | 58 | 8 |
| Postretirement Benefits | |||
| Components of net periodic cost: | |||
| Service cost | 1 | 1 | 2 |
| Interest cost | 8 | 8 | 11 |
| Expected return on plan assets | 0 | 0 | 0 |
| Amortization of actuarial losses (gains) | (15) | (15) | (15) |
| Amortization of prior service cost | 0 | 0 | 1 |
| Settlements | 0 | 0 | 0 |
| Net periodic cost | (6) | (6) | (1) |
| Other comprehensive income (loss): | |||
| Actuarial (loss) gain | 29 | 18 | 8 |
| Share of equity investee | 0 | 0 | 0 |
| Curtailment gain | 0 | 0 | 0 |
| Settlements | 0 | 0 | 0 |
| Amortization of actuarial losses (gains) | (15) | (15) | (15) |
| Amortization of prior service cost | 0 | 0 | 1 |
| Recognized in other comprehensive income, before tax | 14 | 3 | (6) |
| Deferred income taxes | (3) | (1) | 1 |
| Recognized in other comprehensive income (loss), net of tax | $ 11 | $ 2 | $ (5) |
Pension and Other Postretirement Benefits - Assumptions (Details) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Pension Benefits | |||
| Weighted average assumptions used to determine benefit obligations at December 31: | |||
| Discount rate | 5.90% | 3.20% | 2.90% |
| Rate of compensation increase | 0.00% | 0.00% | 0.00% |
| Weighted average assumptions used to determine net periodic costs for the year ended December 31: | |||
| Discount rate | 3.20% | 2.90% | 3.40% |
| Expected long-term return on plan assets | 5.60% | 5.90% | 6.40% |
| Cash balance interest crediting rate | 5.00% | 5.00% | 5.00% |
| Rate of compensation increase | 0.00% | 0.00% | 3.00% |
| Postretirement Benefits | |||
| Weighted average assumptions used to determine benefit obligations at December 31: | |||
| Discount rate | 6.00% | 3.00% | 2.60% |
| Weighted average assumptions used to determine net periodic costs for the year ended December 31: | |||
| Discount rate | 3.00% | 2.60% | 3.30% |
| Defined Benefit Plan, Assumed Health Care Cost Trend Rates | |||
| Ultimate trend rate | 5.00% | 5.00% | |
| Postretirement Benefits, Pre-65 | |||
| Defined Benefit Plan, Assumed Health Care Cost Trend Rates | |||
| Projected health care cost trend rate | 6.80% | 7.00% | |
| Postretirement Benefits Plan, Post-65 | |||
| Defined Benefit Plan, Assumed Health Care Cost Trend Rates | |||
| Projected health care cost trend rate | 6.80% | 7.00% | |
Pension and Other Postretirement Benefits - Fair Value Measurements (Details) - Pension Benefits - USD ($) $ in Millions |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|---|---|---|---|
| Defined Benefit Plan Disclosure [Line Items] | |||
| Investments, at fair value | $ 2,363 | $ 3,191 | $ 3,347 |
| Fair Value, Recurring | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Investments, at fair value | 1,600 | 2,118 | |
| Fair Value, Recurring | Cash and cash equivalents | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Investments, at fair value | 3 | 88 | |
| Fair Value, Recurring | U.S. treasury securities | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Investments, at fair value | 108 | 164 | |
| Fair Value, Recurring | Government-related securities | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Investments, at fair value | 133 | 175 | |
| Fair Value, Recurring | Corporate bonds | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Investments, at fair value | 1,144 | 1,448 | |
| Fair Value, Recurring | Mortgage-backed and asset-backed securities | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Investments, at fair value | 101 | 76 | |
| Fair Value, Recurring | U.S. large capitalization | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Investments, at fair value | 48 | 72 | |
| Fair Value, Recurring | U.S. small capitalization | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Investments, at fair value | 63 | 81 | |
| Fair Value, Recurring | Other | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Investments, at fair value | 14 | ||
| Fair Value, Recurring | Level 1 | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Investments, at fair value | 219 | 400 | |
| Fair Value, Recurring | Level 1 | Cash and cash equivalents | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Investments, at fair value | 0 | 83 | |
| Fair Value, Recurring | Level 1 | U.S. treasury securities | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Investments, at fair value | 108 | 164 | |
| 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 | 48 | 72 | |
| Fair Value, Recurring | Level 1 | U.S. small capitalization | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Investments, at fair value | 63 | 81 | |
| 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 | 1,381 | 1,718 | |
| Fair Value, Recurring | Level 2 | Cash and cash equivalents | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Investments, at fair value | 3 | 5 | |
| 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 | 133 | 175 | |
| Fair Value, Recurring | Level 2 | Corporate bonds | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Investments, at fair value | 1,144 | 1,448 | |
| Fair Value, Recurring | Level 2 | Mortgage-backed and asset-backed securities | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Investments, at fair value | 101 | 76 | |
| 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 | Other | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Investments, at fair value | 14 | ||
| Fair Value, Recurring | Fair Value Measured at net asset value | Common collective funds | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Investments, at fair value | 660 | 1,013 | |
| Fair Value, Recurring | Fair Value Measured at net asset value | Limited partnerships | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Investments, at fair value | 11 | 18 | |
| Fair Value, Recurring | Fair Value Measured at net asset value | Mutual funds | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Investments, at fair value | $ 92 | $ 42 |
Pension and Other Postretirement Benefits - Future Benefit Payments (Details) $ in Millions |
Dec. 31, 2022
USD ($)
|
|---|---|
| Retiree Medicare drug subsidy | |
| 2023 | $ 3 |
| 2024 | 3 |
| 2025 | 3 |
| 2026 | 3 |
| 2027 | 3 |
| 2028-2032 | 14 |
| Pension | |
| Pension and Postretirement | |
| 2023 | 313 |
| 2024 | 311 |
| 2025 | 311 |
| 2026 | 309 |
| 2027 | 305 |
| 2028-2032 | 1,421 |
| Postretirement | |
| Pension and Postretirement | |
| 2023 | 35 |
| 2024 | 32 |
| 2025 | 29 |
| 2026 | 27 |
| 2027 | 24 |
| 2028-2032 | $ 87 |
Pension and Other Postretirement Benefits - Multiemployer Pension and Postretirement Benefit Plans (Details) - Pension Benefits - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Multiemployer Plans [Line Items] | |||
| Company Contributions | $ 177 | $ 203 | $ 120 |
| AFTRA Retirement Plan | |||
| Multiemployer Plans [Line Items] | |||
| Employer Identification Number/Pension Plan Number | 136414972 | ||
| Pension Protection Act | Green | Green | |
| Company Contributions | $ 16 | $ 17 | 13 |
| Expiration Date of Collective Bargaining Agreement | Jun. 30, 2024 | ||
| Directors Guild of America - Producer | |||
| Multiemployer Plans [Line Items] | |||
| Employer Identification Number/Pension Plan Number | 952892780 | ||
| Pension Protection Act | Green | Green | |
| Company Contributions | $ 19 | $ 23 | 16 |
| Expiration Date of Collective Bargaining Agreement | Jun. 30, 2023 | ||
| Producer-Writers Guild of America | |||
| Multiemployer Plans [Line Items] | |||
| Employer Identification Number/Pension Plan Number | 952216351 | ||
| Pension Protection Act | Green | Green | |
| Company Contributions | $ 30 | $ 26 | 22 |
| Expiration Date of Collective Bargaining Agreement | May 01, 2023 | ||
| Screen Actors Guild - Producers | |||
| Multiemployer Plans [Line Items] | |||
| Employer Identification Number/Pension Plan Number | 952110997 | ||
| Pension Protection Act | Green | Green | |
| Company Contributions | $ 30 | $ 45 | 24 |
| Expiration Date of Collective Bargaining Agreement | Jun. 30, 2023 | ||
| Motion Picture Industry | |||
| Multiemployer Plans [Line Items] | |||
| Employer Identification Number/Pension Plan Number | 951810805 | ||
| Pension Protection Act | Green | Green | |
| Company Contributions | $ 63 | $ 66 | 35 |
| 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 | Green | Green | |
| Company Contributions | $ 5 | $ 10 | 3 |
| Expiration Date of Collective Bargaining Agreement | Mar. 31, 2023 | ||
| Other Plans | |||
| Multiemployer Plans [Line Items] | |||
| Company Contributions | $ 14 | $ 16 | $ 7 |
Segment Information - Revenues (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Revenues from External Customers and Long-Lived Assets [Line Items] | |||
| Revenues | $ 30,154 | $ 28,586 | $ 25,285 |
| Advertising | |||
| Revenues from External Customers and Long-Lived Assets [Line Items] | |||
| Revenues | 10,890 | 11,412 | 9,751 |
| Affiliate and subscription | |||
| Revenues from External Customers and Long-Lived Assets [Line Items] | |||
| Revenues | 11,551 | 10,442 | 9,166 |
| Licensing and other | |||
| Revenues from External Customers and Long-Lived Assets [Line Items] | |||
| Revenues | 6,490 | 6,491 | 6,188 |
| Theatrical | |||
| Revenues from External Customers and Long-Lived Assets [Line Items] | |||
| Revenues | 1,223 | 241 | 180 |
| Operating Segments | TV Media | |||
| Revenues from External Customers and Long-Lived Assets [Line Items] | |||
| Revenues | 21,732 | 22,734 | 21,120 |
| Operating Segments | TV Media | Advertising | |||
| Revenues from External Customers and Long-Lived Assets [Line Items] | |||
| Revenues | 9,350 | 10,105 | 9,062 |
| Operating Segments | TV Media | Affiliate and subscription | |||
| Revenues from External Customers and Long-Lived Assets [Line Items] | |||
| Revenues | 8,180 | 8,413 | 8,037 |
| Operating Segments | TV Media | Licensing and other | |||
| Revenues from External Customers and Long-Lived Assets [Line Items] | |||
| Revenues | 4,202 | 4,216 | 4,021 |
| Operating Segments | Direct-to-Consumer | |||
| Revenues from External Customers and Long-Lived Assets [Line Items] | |||
| Revenues | 4,904 | 3,327 | 1,815 |
| Operating Segments | Direct-to-Consumer | Advertising | |||
| Revenues from External Customers and Long-Lived Assets [Line Items] | |||
| Revenues | 1,533 | 1,298 | 686 |
| Operating Segments | Direct-to-Consumer | Affiliate and subscription | |||
| Revenues from External Customers and Long-Lived Assets [Line Items] | |||
| Revenues | 3,371 | 2,029 | 1,129 |
| Operating Segments | Filmed Entertainment | |||
| Revenues from External Customers and Long-Lived Assets [Line Items] | |||
| Revenues | 3,706 | 2,687 | 2,470 |
| Operating Segments | Filmed Entertainment | Advertising | |||
| Revenues from External Customers and Long-Lived Assets [Line Items] | |||
| Revenues | 23 | 18 | 18 |
| Operating Segments | Filmed Entertainment | Licensing and other | |||
| Revenues from External Customers and Long-Lived Assets [Line Items] | |||
| Revenues | 2,460 | 2,428 | 2,272 |
| Operating Segments | Filmed Entertainment | Theatrical | |||
| Revenues from External Customers and Long-Lived Assets [Line Items] | |||
| Revenues | 1,223 | 241 | 180 |
| Eliminations | |||
| Revenues from External Customers and Long-Lived Assets [Line Items] | |||
| Revenues | (188) | (162) | (120) |
| Eliminations | TV Media | |||
| Revenues from External Customers and Long-Lived Assets [Line Items] | |||
| Revenues | (66) | (87) | (88) |
| Eliminations | Direct-to-Consumer | |||
| Revenues from External Customers and Long-Lived Assets [Line Items] | |||
| Revenues | 0 | (2) | (2) |
| Eliminations | Filmed Entertainment | |||
| Revenues from External Customers and Long-Lived Assets [Line Items] | |||
| Revenues | $ (122) | $ (73) | $ (30) |
Segment Information - Operating Income (Loss) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Segment Reporting Information [Line Items] | |||
| Stock-based compensation | $ (172) | $ (192) | $ (274) |
| Depreciation and amortization | (405) | (390) | (430) |
| Restructuring and other corporate matters | (585) | (100) | (618) |
| Programming charges | (159) | ||
| Net gain on dispositions | 56 | 2,343 | 214 |
| Operating income | 2,342 | 6,297 | 4,139 |
| Interest expense | (931) | (986) | (1,031) |
| Interest income | 108 | 53 | 60 |
| Net gains (losses) from investments | (9) | 47 | 206 |
| Loss on extinguishment of debt | (120) | (128) | (126) |
| Other items, net | (124) | (77) | (101) |
| Earnings from continuing operations before income taxes and equity in loss of investee companies | 1,266 | 5,206 | 3,147 |
| Provision for income taxes | 227 | 646 | 535 |
| Equity in loss of investee companies, net of tax | (204) | (91) | (28) |
| Net earnings from continuing operations | 835 | 4,469 | 2,584 |
| Net earnings from discontinued operations, net of tax | 379 | 162 | 117 |
| Net earnings (Paramount and noncontrolling interests) | 1,214 | 4,631 | 2,701 |
| Net earnings attributable to noncontrolling interests | (110) | (88) | (279) |
| Net earnings attributable to Paramount | 1,104 | 4,543 | 2,422 |
| TV Media | |||
| Segment Reporting Information [Line Items] | |||
| Programming charges | (154) | ||
| Filmed Entertainment | |||
| Segment Reporting Information [Line Items] | |||
| Programming charges | (5) | ||
| Operating Segments | TV Media | |||
| Segment Reporting Information [Line Items] | |||
| Adjusted OIBDA | 5,451 | 5,892 | 5,816 |
| Operating Segments | Direct-to-Consumer | |||
| Segment Reporting Information [Line Items] | |||
| Adjusted OIBDA | (1,819) | (992) | (171) |
| Operating Segments | Filmed Entertainment | |||
| Segment Reporting Information [Line Items] | |||
| Adjusted OIBDA | 272 | 207 | 158 |
| Corporate/Eliminations | |||
| Segment Reporting Information [Line Items] | |||
| Adjusted OIBDA | (470) | (491) | (485) |
| Segment Reconciling Items | |||
| Segment Reporting Information [Line Items] | |||
| Stock-based compensation | (158) | (172) | (186) |
| Depreciation and amortization | (405) | (390) | (430) |
| Restructuring and other corporate matters | (585) | (100) | (618) |
| Programming charges | $ 0 | $ 0 | $ (159) |
Segment Information - Revenue by Type (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Disaggregation of Revenue [Line Items] | |||
| Revenues | $ 30,154 | $ 28,586 | $ 25,285 |
| United States | |||
| Disaggregation of Revenue [Line Items] | |||
| Revenues | 24,412 | 23,320 | 20,690 |
| International | |||
| Disaggregation of Revenue [Line Items] | |||
| Revenues | $ 5,742 | $ 5,266 | $ 4,595 |
Segment Information - Long-lived Assets (Details) - USD ($) $ in Millions |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|
| Segment Reporting Information [Line Items] | ||
| Long-lived assets | $ 19,689 | $ 16,972 |
| United States | ||
| Segment Reporting Information [Line Items] | ||
| Long-lived assets | 18,231 | 16,075 |
| International | ||
| Segment Reporting Information [Line Items] | ||
| Long-lived assets | $ 1,458 | $ 897 |
Commitments and Contingencies - Narrative (Details) $ in Thousands |
1 Months Ended | 12 Months Ended | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Jan. 27, 2021
claim
|
Sep. 09, 2019
defendant
|
Nov. 30, 2022
USD ($)
|
Dec. 31, 2022
USD ($)
claim
|
Dec. 31, 2021
USD ($)
claim
|
Dec. 31, 2019 |
Dec. 31, 2020
claim
|
Mar. 31, 2020
lawsuit
|
Feb. 29, 2020
lawsuit
|
Jan. 23, 2020
claim
|
Nov. 30, 2019
claim
|
Aug. 01, 2018
lawFirm
|
|
| Other Commitments [Line Items] | ||||||||||||
| Programming and talent commitments | $ 33,729,000 | |||||||||||
| Committed purchase obligations | 1,729,000 | |||||||||||
| Outstanding letters of credit and surety bonds | $ 178,000 | |||||||||||
| Number of consolidated claims | lawsuit | 3 | 3 | ||||||||||
| Number of claims dismissed | claim | 1 | |||||||||||
| Number of consolidated class action lawsuits | claim | 4 | 4 | ||||||||||
| Number of law firms retained | lawFirm | 2 | |||||||||||
| Preferred stock, percentage | 5.75% | 5.75% | ||||||||||
| Number of defendants | defendant | 14 | |||||||||||
| Cost for settlement and defense of asbestos claims, net of insurance recoveries and tax benefits | $ 57,000 | $ 63,000 | ||||||||||
| Convertible Preferred Stock | ||||||||||||
| Other Commitments [Line Items] | ||||||||||||
| Preferred stock, percentage | 5.75% | |||||||||||
| Simon & Schuster | ||||||||||||
| Other Commitments [Line Items] | ||||||||||||
| Termination fee | $ 200,000 | |||||||||||
| Asbestos Claims | ||||||||||||
| Other Commitments [Line Items] | ||||||||||||
| Number of pending asbestos claims | claim | 21,580 | 27,770 | 30,710 | |||||||||
| Number of new asbestos claims | claim | 2,840 | |||||||||||
| Number of asbestos claims closed or moved to inactive docket | claim | 9,030 | |||||||||||
| Insurers | Construction Laborers Pension Trust for Southern California | Settled Litigation Pending Final Approval | ||||||||||||
| Other Commitments [Line Items] | ||||||||||||
| Litigation settlement payment | $ 14,750 | |||||||||||
| The Company | Federal Securities Class Action | Settled Litigation Pending Final Approval | ||||||||||||
| Other Commitments [Line Items] | ||||||||||||
| Litigation settlement payment | $ 7,250 | |||||||||||
| CBS Television City | ||||||||||||
| Other Commitments [Line Items] | ||||||||||||
| Guaranteed cash flow period | 5 years | |||||||||||
| Estimated liability | 51,000 | |||||||||||
| Famous Players | ||||||||||||
| Other Commitments [Line Items] | ||||||||||||
| Estimated liability | 20,000 | |||||||||||
| Sports programming rights commitments | ||||||||||||
| Other Commitments [Line Items] | ||||||||||||
| Programming and talent commitments | 29,500,000 | |||||||||||
| Production and licensing of television and film programming | ||||||||||||
| Other Commitments [Line Items] | ||||||||||||
| Programming and talent commitments | $ 4,230,000 | |||||||||||
Commitments and Contingencies - Commitments (Details) $ in Millions |
Dec. 31, 2022
USD ($)
|
|---|---|
| Programming and talent commitments | |
| Total | $ 33,729 |
| 2023 | 4,233 |
| 2024 | 3,990 |
| 2025 | 3,004 |
| 2026 | 2,890 |
| 2027 | 2,632 |
| 2028 and thereafter | 16,980 |
| Purchase obligations | |
| Total | 1,729 |
| 2023 | 693 |
| 2024 | 561 |
| 2025 | 258 |
| 2026 | 145 |
| 2027 | 21 |
| 2028 and thereafter | 51 |
| Other long-term contractual obligations | |
| Total | 2,287 |
| 2023 | 0 |
| 2024 | 1,288 |
| 2025 | 683 |
| 2026 | 255 |
| 2027 | 53 |
| 2028 and thereafter | $ 8 |
Supplemental Financial Information - Components of Other Items, Net (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Additional Financial Information Disclosure [Abstract] | |||
| Pension and postretirement benefit costs | $ (65) | $ (43) | $ (69) |
| Foreign exchange losses | (58) | (26) | (35) |
| Pension settlement charge | 0 | (10) | 0 |
| Other | (1) | 2 | 3 |
| Other items, net | $ (124) | $ (77) | $ (101) |
Supplemental Financial Information - Narrative (Details) - Nickelodeon UK Limited |
Oct. 31, 2022 |
|---|---|
| Business Acquisition [Line Items] | |
| Percentage of voting interests acquired | 40.00% |
| Ownership percentage after acquisition | 100.00% |
Supplemental Financial Information - Redeemable Noncontrolling Interest (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | |||
| Beginning balance | $ 107 | $ 197 | $ 254 |
| Net earnings | 4 | 14 | 11 |
| Distributions | (6) | (5) | (15) |
| Translation adjustment | (20) | (5) | 7 |
| Redemption value adjustment | 17 | (94) | (60) |
| Purchase of noncontrolling interest | (102) | 0 | 0 |
| Ending balance | $ 0 | $ 107 | $ 197 |
Supplemental Financial Information - Supplemental Cash Flow Information (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Cash and Cash Equivalents [Line Items] | |||
| Cash paid for interest | $ 920 | $ 970 | $ 965 |
| Total cash paid for income taxes | 73 | 334 | 466 |
| Continuing operations | |||
| Cash and Cash Equivalents [Line Items] | |||
| Total cash paid for income taxes | 61 | 291 | 411 |
| Discontinued operations | |||
| Cash and Cash Equivalents [Line Items] | |||
| Total cash paid for income taxes | $ 12 | $ 43 | $ 55 |
Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Allowance for doubtful accounts | |||
| SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
| Balance at Beginning of Period | $ 80 | $ 85 | $ 80 |
| Charged to Expenses and Other Accounts | 40 | 8 | 32 |
| Deductions | 9 | 13 | 27 |
| Balance at End of Period | 111 | 80 | 85 |
| Valuation allowance on deferred tax assets | |||
| SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
| Balance at Beginning of Period | 581 | 593 | 547 |
| Charged to Expenses and Other Accounts | 15 | 63 | 67 |
| Deductions | 108 | 75 | 21 |
| Balance at End of Period | 488 | 581 | 593 |
| Reserve for inventory obsolescence | |||
| SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
| Balance at Beginning of Period | 47 | 58 | 57 |
| Charged to Expenses and Other Accounts | 0 | 0 | 3 |
| Deductions | 3 | 11 | 2 |
| Balance at End of Period | $ 44 | $ 47 | $ 58 |
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