Reportable Segments

6 Months Ended

Jun. 30, 2020

Segment Reporting [Abstract]

Reportable Segments

14) REPORTABLE SEGMENTS

The following tables 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.

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2020			2019			2020			2019
Revenues:
Advertising	$	951		$	1,309		$	2,332		$	3,276
Affiliate	751			616			1,485			1,227
Content licensing	544			966			1,341			1,747
Other	41			47			76			94
TV Entertainment	2,287			2,938			5,234			6,344
Advertising	992			1,347			2,109			2,462
Affiliate	1,443			1,539			2,906			3,093
Content licensing	797			290			1,075			523
Cable Networks	3,232			3,176			6,090			6,078
Theatrical	3			152			170			324
Home entertainment	209			161			383			315
Licensing	434			540			876			915
Other	1			24			29			53
Filmed Entertainment	647			877			1,458			1,607
Publishing	200			218			370			382
Corporate/Eliminations	(91		)	(66		)	(208		)	(168		)
Total Revenues	$	6,275		$	7,143		$	12,944		$	14,243

Revenues generated between segments primarily reflect advertising and content licensing revenues. These transactions are recorded at market value as if the sales were to third parties and are eliminated in consolidation.

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2020		2019		2020		2019
Intercompany Revenues:
TV Entertainment	$	43	$	38	$	118	$	94
Cable Networks	2		9		18		27
Filmed Entertainment	46		26		72		61
Total Intercompany Revenues	$	91	$	73	$	208	$	182

We present operating income (loss) excluding depreciation and amortization, stock-based compensation, costs for restructuring and other corporate matters, programming charges and gain (loss) on sale of assets, each where applicable (“Adjusted OIBDA”), as the primary measure of profit and loss for our operating segments in accordance with FASB guidance for segment reporting since it is the primary method used by our management. Stock-based compensation is excluded from our segment measure of profit and loss because it is set and approved by our Board of Directors in consultation with corporate executive management.

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2020			2019			2020			2019
Adjusted OIBDA:
TV Entertainment	$	392		$	613		$	965		$	1,355
Cable Networks	1,285			989			2,079			1,882
Filmed Entertainment	116			95			143			133
Publishing	38			35			57			54
Corporate/Eliminations	(97		)	(120		)	(193		)	(222		)
Stock-based compensation	(45		)	(50		)	(99		)	(101		)
Depreciation and amortization	(124		)	(109		)	(237		)	(215		)
Restructuring and other corporate matters	(158		)	(7		)	(391		)	(185		)
Programming charges	(121		)	—			(121		)	—
Gain on sale of assets	—			—			—			549
Operating income	1,286			1,446			2,203			3,250
Interest expense	(263		)	(237		)	(504		)	(477		)
Interest income	11			15			25			34
Loss on extinguishment of debt	(103		)	—			(103		)	—
Other items, net	6			15			(27		)	25
Earnings from continuing operations before income taxes and equity in loss of investee companies	937			1,239			1,594			2,832
(Provision) benefit for income taxes	(202		)	(241		)	(339		)	135
Equity in loss of investee companies, net of tax	(12		)	(21		)	(21		)	(39		)
Net earnings from continuing operations	723			977			1,234			2,928
Net earnings from discontinued operations, net of tax	3			6			11			19
Net earnings (ViacomCBS and noncontrolling interests)	726			983			1,245			2,947
Net earnings attributable to noncontrolling interests	(245		)	(6		)	(248		)	(11		)
Net earnings attributable to ViacomCBS	$	481		$	977		$	997		$	2,936

	At			At
	June 30, 2020			December 31, 2019
Assets:
TV Entertainment		$	19,289		$	19,689
Cable Networks		22,539			22,109
Filmed Entertainment		6,454			5,477
Publishing		1,246			1,262
Corporate/Eliminations		1,649			967
Discontinued Operations		11			15
Total Assets		$	51,188		$	49,519