Reportable Segments

9 Months Ended

Sep. 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				Nine Months Ended
	September 30,				September 30,
	2020		2019		2020		2019
Revenues:
Advertising	$	1,053	$	1,063	$	3,385	$	4,339
Affiliate	803		641		2,288		1,868
Content licensing	455		695		1,796		2,442
Other	43		55		119		149
TV Entertainment	2,354		2,454		7,588		8,798
Advertising	1,135		1,280		3,244		3,742
Affiliate	1,562		1,508		4,468		4,601
Content licensing	364		495		1,439		1,018
Cable Networks	3,061		3,283		9,151		9,361
Theatrical	6		94		176		418
Home entertainment	150		153		533		468
Licensing	418		575		1,294		1,490
Other	16		29		45		82
Filmed Entertainment	590		851		2,048		2,458
Publishing	279		217		649		599
Corporate/Eliminations	(168)		(107)		(376)		(275)
Total Revenues	$	6,116	$	6,698	$	19,060	$	20,941

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				Nine Months Ended
	September 30,				September 30,
	2020		2019		2020		2019
Intercompany Revenues:
TV Entertainment	$	67	$	69	$	185	$	163
Cable Networks	57		11		75		38
Filmed Entertainment	44		33		116		94
Total Intercompany Revenues	$	168	$	113	$	376	$	295

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				Nine Months Ended
	September 30,				September 30,
	2020		2019		2020		2019
Adjusted OIBDA:
TV Entertainment	$	343	$	463	$	1,308	$	1,818
Cable Networks	866		841		2,945		2,723
Filmed Entertainment	54		66		197		199
Publishing	58		55		115		109
Corporate/Eliminations	(171)		(112)		(364)		(334)
Stock-based compensation	(41)		(47)		(140)		(148)
Depreciation and amortization	(98)		(108)		(335)		(323)
Restructuring and other corporate matters	(52)		(122)		(443)		(307)
Programming charges	—		—		(121)		—
Gain on sale of assets	—		—		—		549
Operating income	959		1,036		3,162		4,286
Interest expense	(259)		(246)		(763)		(723)
Interest income	14		19		39		53
Loss on extinguishment of debt	(23)		—		(126)		—
Other items, net	(20)		(27)		(47)		(2)
Earnings from continuing operations before income taxes and equity in loss of investee companies	671		782		2,265		3,614
(Provision) benefit for income taxes	(38)		(126)		(377)		9
Equity in loss of investee companies, net of tax	(9)		(14)		(30)		(53)
Net earnings from continuing operations	624		642		1,858		3,570
Net earnings from discontinued operations, net of tax	3		4		14		23
Net earnings (ViacomCBS and noncontrolling interests)	627		646		1,872		3,593
Net earnings attributable to noncontrolling interests	(12)		(16)		(260)		(27)
Net earnings attributable to ViacomCBS	$	615	$	630	$	1,612	$	3,566

	At			At
	September 30, 2020			December 31, 2019
Assets:
TV Entertainment (a)		$	19,018		$	19,689
Cable Networks (a)		22,434			22,109
Filmed Entertainment (a)		6,354			5,477
Publishing		1,320			1,262
Corporate/Eliminations		2,299			982
Total Assets		$	51,425		$	49,519

(a) Total assets at September 30, 2020 include assets held for sale of $271 million for TV Entertainment, associated with CMG (see Note 2), $23 million for Cable Networks and $5 million for Filmed Entertainment. Total assets at December 31, 2019 include assets held for sale of $23 million for Cable Networks.