QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||||||||
(Address of principal executive offices) | (Zip Code) |
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 – FINANCIAL INFORMATION | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 1. | Financial Statements. |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2021 | 2020 | 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 sales | |||||||||||||||||||||||
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 (ViacomCBS and noncontrolling interests) | |||||||||||||||||||||||
Net earnings attributable to noncontrolling interests | ( | ( | ( | ( | |||||||||||||||||||
Net earnings attributable to ViacomCBS | $ | $ | $ | $ | |||||||||||||||||||
Amounts attributable to ViacomCBS: | |||||||||||||||||||||||
Net earnings from continuing operations | $ | $ | $ | $ | |||||||||||||||||||
Net earnings from discontinued operations, net of tax | |||||||||||||||||||||||
Net earnings attributable to ViacomCBS | $ | $ | $ | $ | |||||||||||||||||||
Basic net earnings per common share attributable to ViacomCBS: | |||||||||||||||||||||||
Net earnings from continuing operations | $ | $ | $ | $ | |||||||||||||||||||
Net earnings from discontinued operations | $ | $ | $ | $ | |||||||||||||||||||
Net earnings | $ | $ | $ | $ | |||||||||||||||||||
Diluted net earnings per common share attributable to ViacomCBS: | |||||||||||||||||||||||
Net earnings from continuing operations | $ | $ | $ | $ | |||||||||||||||||||
Net earnings from discontinued operations | $ | $ | $ | $ | |||||||||||||||||||
Net earnings | $ | $ | $ | $ | |||||||||||||||||||
Weighted average number of common shares outstanding: | |||||||||||||||||||||||
Basic | |||||||||||||||||||||||
Diluted |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net earnings (ViacomCBS and noncontrolling interests) | $ | $ | $ | $ | |||||||||||||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||||||||
Cumulative translation adjustments | ( | ( | |||||||||||||||||||||
Net actuarial loss and prior service costs | |||||||||||||||||||||||
Other comprehensive income (loss) from continuing operations, net of tax (ViacomCBS and noncontrolling interests) | ( | ( | |||||||||||||||||||||
Other comprehensive income (loss) from discontinued operations | ( | ( | |||||||||||||||||||||
Comprehensive income | |||||||||||||||||||||||
Less: Comprehensive income attributable to noncontrolling interests | |||||||||||||||||||||||
Comprehensive income attributable to ViacomCBS | $ | $ | $ | $ |
At | At | ||||||||||||||||||||||
September 30, 2021 | December 31, 2020 | ||||||||||||||||||||||
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 15) | |||||||||||||||||||||||
ViacomCBS 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 ViacomCBS stockholders’ equity | |||||||||||||||||||||||
Noncontrolling interests | |||||||||||||||||||||||
Total Equity | |||||||||||||||||||||||
Total Liabilities and Equity | $ | $ |
Nine Months Ended | |||||||||||
September 30, | |||||||||||
2021 | 2020 | ||||||||||
Operating Activities: | |||||||||||
Net earnings (ViacomCBS 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 provided by operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
Deferred tax (benefit) provision | ( | ||||||||||
Stock-based compensation | |||||||||||
Net gain on sales | ( | ||||||||||
Gains from investments | ( | ( | |||||||||
Loss on extinguishment of debt | |||||||||||
Equity in loss of investee companies, net of tax and distributions | |||||||||||
Change in assets and liabilities | ( | ( | |||||||||
Net cash flow 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 investing activities from continuing operations | ( | ( | |||||||||
Net cash flow used for investing activities from discontinued operations | ( | ( | |||||||||
Net cash flow used for investing activities | ( | ( | |||||||||
Financing Activities: | |||||||||||
Repayments of short-term debt borrowings, net | ( | ||||||||||
Proceeds from issuance of long-term debt | |||||||||||
Repayment of long-term 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 provided by financing activities | |||||||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | ( | ( | |||||||||
Net increase in cash, cash equivalents and restricted cash | |||||||||||
Cash, cash equivalents and restricted cash at beginning of period (includes $ | |||||||||||
Cash, cash equivalents and restricted cash at end of period (includes $ held for sale) | $ | $ | |||||||||
Three Months Ended September 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Stock | Class A and B Common Stock | Additional Paid-In Capital | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Loss | Total ViacomCBS Stockholders’ Equity | Noncontrolling Interests | Total Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Shares) | (Shares) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2021 | $ | $ | $ | ( | $ | $ | ( | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation activity | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock dividends | — | — | — | — | — | — | ( | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock dividends | — | — | — | — | — | — | ( | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests | — | — | — | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net earnings | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | — | — | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2021 | $ | $ | $ | $ | ( | $ | $ | ( | $ | $ | $ |
Nine Months Ended September 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Stock | Class A and B Common Stock | Additional Paid-In Capital | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Loss | Total ViacomCBS Stockholders’ Equity | Noncontrolling Interests | Total Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Shares) | (Shares) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2020 | $ | $ | $ | $ | ( | $ | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation activity | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock issuances | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock dividends | — | — | — | — | — | — | ( | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock dividends | — | — | — | — | — | — | ( | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests | — | — | — | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net earnings | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | — | — | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2021 | $ | $ | $ | $ | ( | $ | $ | ( | $ | $ | $ |
Three Months Ended September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A and B Common Stock | Additional Paid-In Capital | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Loss | Total ViacomCBS Stockholders’ Equity | Noncontrolling Interests | Total Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Shares) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2020 | $ | $ | $ | ( | $ | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation activity | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock dividends | — | — | — | — | ( | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net earnings | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2020 | $ | $ | $ | ( | $ | $ | ( | $ | $ | $ |
Nine Months Ended September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A and B Common Stock | Additional Paid-In Capital | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Loss | Total ViacomCBS Stockholders’ Equity | Noncontrolling Interests | Total Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(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) | — | — | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2020 | $ | $ | $ | ( | $ | $ | ( | $ | $ | $ |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Amounts attributable to ViacomCBS: | |||||||||||||||||||||||
Net earnings from continuing operations | $ | $ | $ | $ | |||||||||||||||||||
Preferred stock dividends | ( | ( | |||||||||||||||||||||
Net earnings from continuing operations for basic and diluted EPS calculation | $ | $ | $ | $ | |||||||||||||||||||
Amounts attributable to ViacomCBS: | |||||||||||||||||||||||
Net earnings | $ | $ | $ | $ | |||||||||||||||||||
Preferred stock dividends | ( | ( | |||||||||||||||||||||
Net earnings for basic and diluted EPS calculation | $ | $ | $ | $ |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
(in millions) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Weighted average shares for basic EPS | |||||||||||||||||||||||
Dilutive effect of shares issuable under stock-based compensation plans | |||||||||||||||||||||||
Weighted average shares for diluted EPS |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Revenues | $ | $ | $ | $ | |||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||
Operating | |||||||||||||||||||||||
Selling, general and administrative | |||||||||||||||||||||||
Depreciation and amortization | |||||||||||||||||||||||
Restructuring charges | |||||||||||||||||||||||
Total costs and expenses (a) | |||||||||||||||||||||||
Operating income | |||||||||||||||||||||||
Other items, net | ( | ( | ( | ||||||||||||||||||||
Earnings from discontinued operations | |||||||||||||||||||||||
Income tax provision (b) | ( | ( | ( | ( | |||||||||||||||||||
Net earnings from discontinued operations, net of tax | $ | $ | $ | $ | |||||||||||||||||||
At | At | ||||||||||||||||||||||
September 30, 2021 | December 31, 2020 | ||||||||||||||||||||||
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 | At | ||||||||||||||||||||||
September 30, 2021 | December 31, 2020 | ||||||||||||||||||||||
Film Group Monetization: | |||||||||||||||||||||||
Acquired program rights, including prepaid sports rights | $ | $ | |||||||||||||||||||||
Film inventory: | |||||||||||||||||||||||
In process and other | |||||||||||||||||||||||
Internally-produced television 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 | $ | $ |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Programming costs, acquired programming | $ | $ | $ | $ | |||||||||||||||||||
Production costs, internally-produced television and film programming: | |||||||||||||||||||||||
Individual monetization | $ | $ | $ | $ | |||||||||||||||||||
Film group monetization | $ | $ | $ | $ |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Severance | $ | $ | $ | $ | |||||||||||||||||||
Exit costs | |||||||||||||||||||||||
Restructuring charges | |||||||||||||||||||||||
Merger-related costs | |||||||||||||||||||||||
Other corporate matters | |||||||||||||||||||||||
Restructuring and other corporate matters | $ | $ | $ | $ | |||||||||||||||||||
Impairment charges | $ | $ | $ | $ | |||||||||||||||||||
Depreciation of abandoned technology | $ | $ | $ | $ |
Balance at | 2021 Activity | Balance at | |||||||||||||||||||||||||||||||||||||||||||||
December 31, 2020 | Charges (a) | Payments | Other | September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||
TV Entertainment | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||||
Cable Networks | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Filmed Entertainment | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Corporate | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | ( | $ | ( | $ |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Revenues | $ | $ | $ | $ | |||||||||||||||||||
Operating expenses | $ | $ | $ | $ |
At | At | ||||||||||||||||||||||
September 30, 2021 | December 31, 2020 | ||||||||||||||||||||||
Accounts receivable | $ | $ | |||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Revenues by Type: | |||||||||||||||||||||||
Advertising (a) | $ | $ | $ | $ | |||||||||||||||||||
Affiliate (b) | |||||||||||||||||||||||
Streaming | |||||||||||||||||||||||
Theatrical | |||||||||||||||||||||||
Licensing and other | |||||||||||||||||||||||
Total Revenues | $ | $ | $ | $ |
At | At | ||||||||||||||||||||||
September 30, 2021 | December 31, 2020 | ||||||||||||||||||||||
$ | $ | ||||||||||||||||||||||
Other bank borrowings | |||||||||||||||||||||||
Obligations under finance leases | |||||||||||||||||||||||
Total debt (a) | |||||||||||||||||||||||
Less current portion of long-term debt | |||||||||||||||||||||||
Total long-term debt, net of current portion | $ | $ |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | Financial Statement Account | ||||||||||||||||||||||
Non-designated foreign exchange contracts | $ | $ | ( | $ | $ | Other items, net |
At September 30, 2021 | Level 2 | Total | |||||||||
Assets: | |||||||||||
Foreign currency hedges | $ | $ | |||||||||
Total Assets | $ | $ | |||||||||
Liabilities: | |||||||||||
Deferred compensation | $ | $ | |||||||||
Foreign currency hedges | |||||||||||
Total Liabilities | $ | $ |
At December 31, 2020 | Level 2 | Total | |||||||||
Assets: | |||||||||||
Foreign currency hedges | $ | $ | |||||||||
Total Assets | $ | $ | |||||||||
Liabilities: | |||||||||||
Deferred compensation | $ | $ | |||||||||
Foreign currency hedges | |||||||||||
Total Liabilities | $ | $ |
Continuing Operations | Discontinued Operations | ||||||||||||||||||||||||||||||||||||||||||||||
Cumulative Translation Adjustments | Net Actuarial Loss and Prior Service Cost | Other Comprehensive Loss (a) | Accumulated Other Comprehensive Loss | ||||||||||||||||||||||||||||||||||||||||||||
At December 31, 2020 | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Reclassifications to net earnings | (b) | ||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
At September 30, 2021 | $ | ( | $ | ( | $ | ( | $ | ( |
Continuing Operations | Discontinued Operations | ||||||||||||||||||||||||||||||||||||||||||||||
Cumulative Translation Adjustments | Net Actuarial Loss and Prior Service Cost | Other Comprehensive Loss (a) | Accumulated Other Comprehensive Loss | ||||||||||||||||||||||||||||||||||||||||||||
At December 31, 2019 | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Reclassifications to net earnings | (b) | ||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | ( | ||||||||||||||||||||||||||||||||||||||||||||||
At September 30, 2020 | $ | ( | $ | ( | $ | ( | $ | ( |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
RSUs and PSUs | $ | $ | $ | $ | |||||||||||||||||||
Stock options | |||||||||||||||||||||||
Compensation cost included in operating and SG&A expense | |||||||||||||||||||||||
Compensation cost 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 | $ | $ | $ | $ |
Pension Benefits | Postretirement Benefits | ||||||||||||||||||||||
Three Months Ended September 30, | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Components of net periodic cost (a): | |||||||||||||||||||||||
Service cost | $ | $ | $ | $ | |||||||||||||||||||
Interest cost | |||||||||||||||||||||||
Expected return on plan assets | ( | ( | |||||||||||||||||||||
Amortization of actuarial loss (gain) (b) | ( | ( | |||||||||||||||||||||
Settlements (c) | |||||||||||||||||||||||
Net periodic cost | $ | $ | $ | ( | $ | ( |
Pension Benefits | Postretirement Benefits | ||||||||||||||||||||||
Nine Months Ended September 30, | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Components of net periodic cost (a): | |||||||||||||||||||||||
Service cost | $ | $ | $ | $ | |||||||||||||||||||
Interest cost | |||||||||||||||||||||||
Expected return on plan assets | ( | ( | |||||||||||||||||||||
Amortization of actuarial loss (gain) (b) | ( | ( | |||||||||||||||||||||
Settlements (c) | |||||||||||||||||||||||
Net periodic cost | $ | $ | $ | ( | $ | ( |
Nine Months Ended | |||||||||||
September 30, | |||||||||||
2021 | 2020 | ||||||||||
Beginning balance | $ | $ | |||||||||
Net earnings | |||||||||||
Distributions | ( | ( | |||||||||
Translation adjustment | ( | ( | |||||||||
Redemption value adjustment | ( | ( | |||||||||
Ending balance | $ | $ |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Advertising | $ | $ | $ | $ | |||||||||||||||||||
Affiliate | |||||||||||||||||||||||
Streaming | |||||||||||||||||||||||
Licensing and other | |||||||||||||||||||||||
TV Entertainment | |||||||||||||||||||||||
Advertising | |||||||||||||||||||||||
Affiliate | |||||||||||||||||||||||
Streaming | |||||||||||||||||||||||
Licensing and other | |||||||||||||||||||||||
Cable Networks | |||||||||||||||||||||||
Theatrical | |||||||||||||||||||||||
Licensing and other | |||||||||||||||||||||||
Filmed Entertainment | |||||||||||||||||||||||
Corporate/Eliminations | ( | ( | ( | ( | |||||||||||||||||||
Total Revenues | $ | $ | $ | $ |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Intercompany Revenues: | |||||||||||||||||||||||
TV Entertainment | $ | $ | $ | $ | |||||||||||||||||||
Cable Networks | |||||||||||||||||||||||
Filmed Entertainment | |||||||||||||||||||||||
Total Intercompany Revenues | $ | $ | $ | $ |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Adjusted OIBDA: | |||||||||||||||||||||||
TV Entertainment | $ | $ | $ | $ | |||||||||||||||||||
Cable Networks | |||||||||||||||||||||||
Filmed Entertainment | |||||||||||||||||||||||
Corporate/Eliminations | ( | ( | ( | ( | |||||||||||||||||||
Stock-based compensation | ( | ( | ( | ( | |||||||||||||||||||
Depreciation and amortization | ( | ( | ( | ( | |||||||||||||||||||
Restructuring and other corporate matters | ( | ( | ( | ( | |||||||||||||||||||
Programming charges | ( | ||||||||||||||||||||||
Net gain on sales | |||||||||||||||||||||||
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 (ViacomCBS and noncontrolling interests) | |||||||||||||||||||||||
Net earnings attributable to noncontrolling interests | ( | ( | ( | ( | |||||||||||||||||||
Net earnings attributable to ViacomCBS | $ | $ | $ | $ |
At | At | ||||||||||||||||||||||
September 30, 2021 | December 31, 2020 | ||||||||||||||||||||||
Assets: | |||||||||||||||||||||||
TV Entertainment | $ | $ | |||||||||||||||||||||
Cable Networks | |||||||||||||||||||||||
Filmed Entertainment | |||||||||||||||||||||||
Corporate/Eliminations | |||||||||||||||||||||||
Discontinued Operations | |||||||||||||||||||||||
Total Assets | $ | $ |
Nine Months Ended | |||||||||||
September 30, | |||||||||||
2021 | 2020 | ||||||||||
Cash paid for interest | $ | $ | |||||||||
Cash paid for income taxes: | |||||||||||
Continuing operations | $ | $ | |||||||||
Discontinued operations | $ | $ | |||||||||
Noncash additions to operating lease assets | $ | $ |
At | At | ||||||||||||||||||||||
September 30, 2021 | December 31, 2020 | ||||||||||||||||||||||
Total assets | $ | $ | |||||||||||||||||||||
Total liabilities | $ | $ |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 (a) | ||||||||||||||||||||
Revenues | $ | $ | $ | $ | |||||||||||||||||||
Operating income (loss) | $ | ( | $ | $ | $ |
Item 2. | 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) | |||||||||||||||||||||||||
Three Months Ended September 30, | 2021 | 2020 | $ | % | ||||||||||||||||||||||
GAAP: | ||||||||||||||||||||||||||
Revenues | $ | 6,610 | $ | 5,837 | $ | 773 | 13 | % | ||||||||||||||||||
Operating income | $ | 879 | $ | 903 | $ | (24) | (3) | % | ||||||||||||||||||
Net earnings from continuing operations attributable to ViacomCBS | $ | 465 | $ | 568 | $ | (103) | (18) | % | ||||||||||||||||||
Diluted EPS from continuing operations attributable to ViacomCBS | $ | .69 | $ | .92 | $ | (.23) | (25) | % | ||||||||||||||||||
Non-GAAP: (a) | ||||||||||||||||||||||||||
Adjusted OIBDA | $ | 1,020 | $ | 1,052 | $ | (32) | (3) | % | ||||||||||||||||||
Adjusted net earnings from continuing operations attributable to ViacomCBS | $ | 510 | $ | 516 | $ | (6) | (1) | % | ||||||||||||||||||
Adjusted diluted EPS from continuing operations attributable to ViacomCBS | $ | .76 | $ | .83 | $ | (.07) | (8) | % | ||||||||||||||||||
Consolidated results of operations | Increase/(Decrease) | |||||||||||||||||||||||||
Nine Months Ended September 30, | 2021 | 2020 | $ | % | ||||||||||||||||||||||
GAAP: | ||||||||||||||||||||||||||
Revenues | $ | 20,586 | $ | 18,411 | $ | 2,175 | 12 | % | ||||||||||||||||||
Operating income | $ | 3,633 | $ | 3,056 | $ | 577 | 19 | % | ||||||||||||||||||
Net earnings from continuing operations attributable to ViacomCBS | $ | 2,359 | $ | 1,522 | $ | 837 | 55 | % | ||||||||||||||||||
Diluted EPS from continuing operations attributable to ViacomCBS | $ | 3.62 | $ | 2.47 | $ | 1.15 | 47 | % | ||||||||||||||||||
Non-GAAP: (a) | ||||||||||||||||||||||||||
Adjusted OIBDA | $ | 3,887 | $ | 3,949 | $ | (62) | (2) | % | ||||||||||||||||||
Adjusted net earnings from continuing operations attributable to ViacomCBS | $ | 2,111 | $ | 1,950 | $ | 161 | 8 | % | ||||||||||||||||||
Adjusted diluted EPS from continuing operations attributable to ViacomCBS | $ | 3.23 | $ | 3.16 | $ | .07 | 2 | % | ||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Operating income (GAAP) | $ | 879 | $ | 903 | $ | 3,633 | $ | 3,056 | |||||||||||||||
Depreciation and amortization (a) | 95 | 97 | 289 | 331 | |||||||||||||||||||
Restructuring and other corporate matters (b) | 46 | 52 | 81 | 441 | |||||||||||||||||||
Programming charges (b) | — | — | — | 121 | |||||||||||||||||||
Net gain on sales (b) | — | — | (116) | — | |||||||||||||||||||
Adjusted OIBDA (Non-GAAP) | $ | 1,020 | $ | 1,052 | $ | 3,887 | $ | 3,949 |
Three Months Ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
Earnings from Continuing Operations Before Income Taxes | Provision for Income Taxes | Net Earnings from Continuing Operations Attributable to ViacomCBS | Diluted EPS from Continuing Operations | ||||||||||||||||||||||||||||||||||||||||||||
Reported (GAAP) | $ | 616 | $ | (120) | $ | 465 | $ | .69 | |||||||||||||||||||||||||||||||||||||||
Items affecting comparability: | |||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and other corporate matters (a) | 46 | (12) | 34 | .05 | |||||||||||||||||||||||||||||||||||||||||||
Loss from investments (b) | 5 | (1) | 4 | .01 | |||||||||||||||||||||||||||||||||||||||||||
Pension settlement charge (c) | 10 | (2) | 8 | .01 | |||||||||||||||||||||||||||||||||||||||||||
Discrete tax items | — | (1) | (1) | — | |||||||||||||||||||||||||||||||||||||||||||
Adjusted (Non-GAAP) | $ | 677 | $ | (136) | $ | 510 | $ | .76 | |||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Earnings from Continuing Operations Before Income Taxes | Provision for Income Taxes | Net Earnings from Continuing Operations Attributable to ViacomCBS | Diluted EPS from Continuing Operations | ||||||||||||||||||||||||||||||||||||||||||||
Reported (GAAP) | $ | 615 | $ | (26) | $ | 568 | $ | .92 | |||||||||||||||||||||||||||||||||||||||
Items affecting comparability: | |||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and other corporate matters (a) | 52 | (12) | 40 | .06 | |||||||||||||||||||||||||||||||||||||||||||
Loss on extinguishment of debt | 23 | (5) | 18 | .03 | |||||||||||||||||||||||||||||||||||||||||||
Discrete tax items (b) | — | (119) | (119) | (.19) | |||||||||||||||||||||||||||||||||||||||||||
Impairment of an equity-method investment | — | — | 9 | .01 | |||||||||||||||||||||||||||||||||||||||||||
Adjusted (Non-GAAP) | $ | 690 | $ | (162) | $ | 516 | $ | .83 | |||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
Earnings from Continuing Operations Before Income Taxes | Provision for Income Taxes | Net Earnings from Continuing Operations Attributable to ViacomCBS | Diluted EPS from Continuing Operations | ||||||||||||||||||||||||||||||||||||||||||||
Reported (GAAP) | $ | 2,789 | $ | (312) | $ | 2,359 | $ | 3.62 | |||||||||||||||||||||||||||||||||||||||
Items affecting comparability: | |||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and other corporate matters (a) | 81 | (20) | 61 | .10 | |||||||||||||||||||||||||||||||||||||||||||
Net gain on sales (b) | (116) | 27 | (89) | (.14) | |||||||||||||||||||||||||||||||||||||||||||
Gains from investments (c) | (47) | 11 | (36) | (.06) | |||||||||||||||||||||||||||||||||||||||||||
Loss on extinguishment of debt | 128 | (30) | 98 | .15 | |||||||||||||||||||||||||||||||||||||||||||
Pension settlement charge (d) | 10 | (2) | 8 | .01 | |||||||||||||||||||||||||||||||||||||||||||
Discrete tax items (e) | — | (290) | (290) | (.45) | |||||||||||||||||||||||||||||||||||||||||||
Adjusted (Non-GAAP) | $ | 2,845 | $ | (616) | $ | 2,111 | $ | 3.23 | |||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Earnings from Continuing Operations Before Income Taxes | Provision for Income Taxes | Net Earnings from Continuing Operations Attributable to ViacomCBS | Diluted EPS from Continuing Operations | ||||||||||||||||||||||||||||||||||||||||||||
Reported (GAAP) | $ | 2,164 | $ | (352) | $ | 1,522 | $ | 2.47 | |||||||||||||||||||||||||||||||||||||||
Items affecting comparability: | |||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and other corporate matters (a) | 441 | (93) | 348 | .57 | |||||||||||||||||||||||||||||||||||||||||||
Impairment charge (b) | 25 | (6) | 19 | .03 | |||||||||||||||||||||||||||||||||||||||||||
Depreciation of abandoned technology (c) | 12 | (3) | 9 | .01 | |||||||||||||||||||||||||||||||||||||||||||
Programming charges (d) | 121 | (29) | 92 | .15 | |||||||||||||||||||||||||||||||||||||||||||
Gains from investments (e) | (32) | 8 | (24) | (.04) | |||||||||||||||||||||||||||||||||||||||||||
Loss on extinguishment of debt | 126 | (29) | 97 | .16 | |||||||||||||||||||||||||||||||||||||||||||
Discrete tax items (f) | — | (122) | (122) | (.20) | |||||||||||||||||||||||||||||||||||||||||||
Impairment of an equity-method investment | — | — | 9 | .01 | |||||||||||||||||||||||||||||||||||||||||||
Adjusted (Non-GAAP) | $ | 2,857 | $ | (626) | $ | 1,950 | $ | 3.16 | |||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||
% of Total Revenues | % of Total Revenues | Increase/(Decrease) | ||||||||||||||||||||||||||||||||||||
Revenues by Type | 2021 | 2020 | $ | % | ||||||||||||||||||||||||||||||||||
Advertising (a) | $ | 1,855 | 28 | % | $ | 1,828 | 31 | % | $ | 27 | 1 | % | ||||||||||||||||||||||||||
Affiliate (b) | 2,102 | 32 | 2,059 | 35 | 43 | 2 | ||||||||||||||||||||||||||||||||
Streaming | 1,079 | 16 | 666 | 12 | 413 | 62 | ||||||||||||||||||||||||||||||||
Theatrical | 67 | 1 | 6 | — | 61 | n/m | ||||||||||||||||||||||||||||||||
Licensing and other | 1,507 | 23 | 1,278 | 22 | 229 | 18 | ||||||||||||||||||||||||||||||||
Total Revenues | $ | 6,610 | 100 | % | $ | 5,837 | 100 | % | $ | 773 | 13 | % |
Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||
% of Total Revenues | % of Total Revenues | Increase/(Decrease) | ||||||||||||||||||||||||||||||||||||
Revenues by Type | 2021 | 2020 | $ | % | ||||||||||||||||||||||||||||||||||
Advertising (a) | $ | 6,633 | 32 | % | $ | 5,733 | 31 | % | $ | 900 | 16 | % | ||||||||||||||||||||||||||
Affiliate (b) | 6,284 | 31 | 5,956 | 32 | 328 | 6 | ||||||||||||||||||||||||||||||||
Streaming | 2,878 | 14 | 1,673 | 9 | 1,205 | 72 | ||||||||||||||||||||||||||||||||
Theatrical | 202 | 1 | 176 | 1 | 26 | 15 | ||||||||||||||||||||||||||||||||
Licensing and other | 4,589 | 22 | 4,873 | 27 | (284) | (6) | ||||||||||||||||||||||||||||||||
Total Revenues | $ | 20,586 | 100 | % | $ | 18,411 | 100 | % | $ | 2,175 | 12 | % |
Three Months Ended September 30, | ||||||||||||||||||||||||||
Increase/(Decrease) | ||||||||||||||||||||||||||
Streaming Revenues by Type | 2021 | 2020 | $ | % | ||||||||||||||||||||||
Advertising | $ | 531 | $ | 360 | $ | 171 | 48 | % | ||||||||||||||||||
Subscription | 548 | 306 | 242 | 79 | ||||||||||||||||||||||
Total Streaming Revenues | $ | 1,079 | $ | 666 | $ | 413 | 62 | % |
Nine Months Ended September 30, | ||||||||||||||||||||||||||
Increase/(Decrease) | ||||||||||||||||||||||||||
Streaming Revenues by Type | 2021 | 2020 | $ | % | ||||||||||||||||||||||
Advertising | $ | 1,461 | $ | 873 | $ | 588 | 67 | % | ||||||||||||||||||
Subscription | 1,417 | 800 | 617 | 77 | ||||||||||||||||||||||
Total Streaming Revenues | $ | 2,878 | $ | 1,673 | $ | 1,205 | 72 | % |
Three Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||
% of Operating Expenses | % of Operating Expenses | Increase/(Decrease) | ||||||||||||||||||||||||||||||||||||
Operating Expenses by Type | 2021 | 2020 | $ | % | ||||||||||||||||||||||||||||||||||
Production and programming | $ | 2,830 | 70 | % | $ | 2,376 | 69 | % | $ | 454 | 19 | % | ||||||||||||||||||||||||||
Participations and residuals | 425 | 10 | 420 | 12 | 5 | 1 | ||||||||||||||||||||||||||||||||
Distribution and other | 809 | 20 | 666 | 19 | 143 | 21 | ||||||||||||||||||||||||||||||||
Total Operating Expenses | $ | 4,064 | 100 | % | $ | 3,462 | 100 | % | $ | 602 | 17 | % |
Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||
% of Operating Expenses | % of Operating Expenses | Increase/(Decrease) | ||||||||||||||||||||||||||||||||||||
Operating Expenses by Type | 2021 | 2020 | $ | % | ||||||||||||||||||||||||||||||||||
Production and programming | $ | 8,646 | 70 | % | $ | 7,207 | 67 | % | $ | 1,439 | 20 | % | ||||||||||||||||||||||||||
Participations and residuals | 1,447 | 12 | 1,291 | 12 | 156 | 12 | ||||||||||||||||||||||||||||||||
Programming charges | — | — | 121 | 1 | (121) | n/m | ||||||||||||||||||||||||||||||||
Distribution and other | 2,199 | 18 | 2,160 | 20 | 39 | 2 | ||||||||||||||||||||||||||||||||
Total Operating Expenses | $ | 12,292 | 100 | % | $ | 10,779 | 100 | % | $ | 1,513 | 14 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | Increase/(Decrease) | 2021 | 2020 | Increase/(Decrease) | |||||||||||||||||||||||||||||||||||||||||||||
Selling, general and administrative expenses | $ | 1,526 | $ | 1,323 | 15 | % | $ | 4,407 | $ | 3,804 | 16 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | Increase/(Decrease) | 2021 | 2020 | Increase/(Decrease) | |||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | $ | 95 | $ | 97 | (2) | % | $ | 289 | $ | 331 | (13) | % |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Severance | $ | 46 | $ | 30 | $ | 46 | $ | 332 | |||||||||||||||
Exit costs | — | 5 | 35 | 37 | |||||||||||||||||||
Restructuring charges | 46 | 35 | 81 | 369 | |||||||||||||||||||
Merger-related costs | — | 10 | — | 51 | |||||||||||||||||||
Other corporate matters | — | 7 | — | 21 | |||||||||||||||||||
Restructuring and other corporate matters | $ | 46 | $ | 52 | $ | 81 | $ | 441 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | Increase/(Decrease) | 2021 | 2020 | Increase/(Decrease) | |||||||||||||||||||||||||||||||||||||||||||||
Interest expense | $ | (243) | $ | (259) | (6) | % | $ | (745) | $ | (763) | (2) | % | ||||||||||||||||||||||||||||||||||||||
Interest income | $ | 11 | $ | 14 | (21) | % | $ | 37 | $ | 39 | (5) | % |
At September 30, | |||||||||||||||||||||||||||||||||||
Weighted Average | Weighted Average | ||||||||||||||||||||||||||||||||||
2021 | Interest Rate | 2020 | Interest Rate | ||||||||||||||||||||||||||||||||
Total long-term debt | $ | 17,650 | 4.93 | % | $ | 19,599 | 4.80 | % | |||||||||||||||||||||||||||
Other bank borrowings | $ | 35 | 3.50 | % | $ | 90 | 3.50 | % | |||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | Increase/(Decrease) | 2021 | 2020 | Increase/(Decrease) | |||||||||||||||||||||||||||||||||||||||||||||
Net gains (losses) from investments | $ | (5) | $ | — | n/m | $ | 47 | $ | 32 | 47 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
Pension and postretirement benefit costs | $ | (10) | $ | (18) | $ | (32) | $ | (52) | ||||||||||||||||||
Foreign exchange loss | (6) | (1) | (14) | (23) | ||||||||||||||||||||||
Pension settlement charge (a) | (10) | — | (10) | — | ||||||||||||||||||||||
Other | — | (1) | 1 | 1 | ||||||||||||||||||||||
Other items, net | $ | (26) | $ | (20) | $ | (55) | $ | (74) |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | Increase/(Decrease) | 2021 | 2020 | Increase/(Decrease) | |||||||||||||||||||||||||||||||||||||||||||||
Equity in loss of investee companies | $ | (27) | $ | (14) | (93) | % | $ | (119) | $ | (46) | (159) | % | ||||||||||||||||||||||||||||||||||||||
Tax benefit | 9 | 5 | 80 | 39 | 16 | 144 | ||||||||||||||||||||||||||||||||||||||||||||
Equity in loss of investee companies, net of tax | $ | (18) | $ | (9) | (100) | % | $ | (80) | $ | (30) | (167) | % |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Revenues | $ | 321 | $ | 279 | $ | 725 | $ | 649 | |||||||||||||||
Costs and expenses: | |||||||||||||||||||||||
Operating | 182 | 167 | 429 | 386 | |||||||||||||||||||
Selling, general and administrative | 38 | 50 | 114 | 132 | |||||||||||||||||||
Depreciation and amortization | — | 1 | — | 4 | |||||||||||||||||||
Restructuring charges | 1 | — | 1 | 2 | |||||||||||||||||||
Total costs and expenses (a) | 221 | 218 | 544 | 524 | |||||||||||||||||||
Operating income | 100 | 61 | 181 | 125 | |||||||||||||||||||
Other items, net | (6) | — | (8) | (5) | |||||||||||||||||||
Earnings from discontinued operations | 94 | 61 | 173 | 120 | |||||||||||||||||||
Income tax provision (b) | (21) | (14) | (47) | (30) | |||||||||||||||||||
Net earnings from discontinued operations, net of tax | $ | 73 | $ | 47 | $ | 126 | $ | 90 | |||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net earnings attributable to noncontrolling interests | $ | 13 | $ | 12 | $ | 38 | $ | 260 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | Increase/(Decrease) | 2021 | 2020 | Increase/(Decrease) | |||||||||||||||||||||||||||||||||||||||||||||
Net earnings from continuing operations attributable to ViacomCBS | $ | 465 | $ | 568 | (18) | % | $ | 2,359 | $ | 1,522 | 55 | % | ||||||||||||||||||||||||||||||||||||||
Diluted EPS from continuing operations attributable to ViacomCBS | $ | .69 | $ | .92 | (25) | % | $ | 3.62 | $ | 2.47 | 47 | % |
Three Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||
% of Total Revenues | % of Total Revenues | Increase/(Decrease) | |||||||||||||||||||||||||||||||||||||||
2021 | 2020 | $ | % | ||||||||||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||||||||
TV Entertainment | $ | 2,924 | 44 | % | $ | 2,354 | 40 | % | $ | 570 | 24 | % | |||||||||||||||||||||||||||||
Cable Networks | 3,458 | 52 | 3,061 | 53 | 397 | 13 | |||||||||||||||||||||||||||||||||||
Filmed Entertainment | 580 | 9 | 590 | 10 | (10) | (2) | |||||||||||||||||||||||||||||||||||
Corporate/Eliminations | (352) | (5) | (168) | (3) | (184) | (110) | |||||||||||||||||||||||||||||||||||
Total Revenues | $ | 6,610 | 100 | % | $ | 5,837 | 100 | % | $ | 773 | 13 | % |
Three Months Ended September 30, | ||||||||||||||||||||||||||
Increase/(Decrease) | ||||||||||||||||||||||||||
2021 | 2020 | $ | % | |||||||||||||||||||||||
Adjusted OIBDA: | ||||||||||||||||||||||||||
TV Entertainment | $ | 271 | $ | 343 | $ | (72) | (21) | % | ||||||||||||||||||
Cable Networks | 906 | 866 | 40 | 5 | ||||||||||||||||||||||
Filmed Entertainment | 38 | 54 | (16) | (30) | ||||||||||||||||||||||
Corporate/Eliminations | (163) | (171) | 8 | 5 | ||||||||||||||||||||||
Stock-based compensation | (32) | (40) | 8 | 20 | ||||||||||||||||||||||
Total Adjusted OIBDA | 1,020 | 1,052 | (32) | (3) | ||||||||||||||||||||||
Depreciation and amortization | (95) | (97) | 2 | 2 | ||||||||||||||||||||||
Restructuring and other corporate matters | (46) | (52) | 6 | 12 | ||||||||||||||||||||||
Total Operating Income | $ | 879 | $ | 903 | $ | (24) | (3) | % |
Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||
% of Total Revenues | % of Total Revenues | Increase/(Decrease) | |||||||||||||||||||||||||||||||||||||||
2021 | 2020 | $ | % | ||||||||||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||||||||
TV Entertainment | $ | 9,244 | 45 | % | $ | 7,588 | 41 | % | $ | 1,656 | 22 | % | |||||||||||||||||||||||||||||
Cable Networks | 10,192 | 49 | 9,151 | 50 | 1,041 | 11 | |||||||||||||||||||||||||||||||||||
Filmed Entertainment | 2,244 | 11 | 2,048 | 11 | 196 | 10 | |||||||||||||||||||||||||||||||||||
Corporate/Eliminations | (1,094) | (5) | (376) | (2) | (718) | (191) | |||||||||||||||||||||||||||||||||||
Total Revenues | $ | 20,586 | 100 | % | $ | 18,411 | 100 | % | $ | 2,175 | 12 | % |
Nine Months Ended September 30, | ||||||||||||||||||||||||||
Increase/(Decrease) | ||||||||||||||||||||||||||
2021 | 2020 | $ | % | |||||||||||||||||||||||
Adjusted OIBDA: | ||||||||||||||||||||||||||
TV Entertainment | $ | 936 | $ | 1,308 | $ | (372) | (28) | % | ||||||||||||||||||
Cable Networks | 3,215 | 2,945 | 270 | 9 | ||||||||||||||||||||||
Filmed Entertainment | 314 | 197 | 117 | 59 | ||||||||||||||||||||||
Corporate/Eliminations | (445) | (364) | (81) | (22) | ||||||||||||||||||||||
Stock-based compensation | (133) | (137) | 4 | 3 | ||||||||||||||||||||||
Total Adjusted OIBDA | 3,887 | 3,949 | (62) | (2) | ||||||||||||||||||||||
Depreciation and amortization | (289) | (331) | 42 | 13 | ||||||||||||||||||||||
Restructuring and other corporate matters | (81) | (441) | 360 | 82 | ||||||||||||||||||||||
Programming charges | — | (121) | 121 | n/m | ||||||||||||||||||||||
Net gain on sales | 116 | — | 116 | n/m | ||||||||||||||||||||||
Total Operating Income | $ | 3,633 | $ | 3,056 | $ | 577 | 19 | % |
Three Months Ended September 30, | ||||||||||||||||||||||||||
Increase/(Decrease) | ||||||||||||||||||||||||||
TV Entertainment | 2021 | 2020 | $ | % | ||||||||||||||||||||||
Advertising (a) | $ | 943 | $ | 966 | $ | (23) | (2) | % | ||||||||||||||||||
Affiliate (b) | 698 | 674 | 24 | 4 | ||||||||||||||||||||||
Streaming | 390 | 216 | 174 | 81 | ||||||||||||||||||||||
Licensing and other | 893 | 498 | 395 | 79 | ||||||||||||||||||||||
Revenues | $ | 2,924 | $ | 2,354 | $ | 570 | 24 | % | ||||||||||||||||||
Adjusted OIBDA | $ | 271 | $ | 343 | $ | (72) | (21) | % |
Nine Months Ended September 30, | ||||||||||||||||||||||||||
Increase/(Decrease) | ||||||||||||||||||||||||||
TV Entertainment | 2021 | 2020 | $ | % | ||||||||||||||||||||||
Advertising (a) | $ | 3,838 | $ | 3,134 | $ | 704 | 22 | % | ||||||||||||||||||
Affiliate (b) | 2,082 | 1,926 | 156 | 8 | ||||||||||||||||||||||
Streaming | 1,062 | 613 | 449 | 73 | ||||||||||||||||||||||
Licensing and other | 2,262 | 1,915 | 347 | 18 | ||||||||||||||||||||||
Revenues | $ | 9,244 | $ | 7,588 | $ | 1,656 | 22 | % | ||||||||||||||||||
Adjusted OIBDA | $ | 936 | $ | 1,308 | $ | (372) | (28) | % |
Three Months Ended September 30, | ||||||||||||||||||||||||||
Increase/(Decrease) | ||||||||||||||||||||||||||
Cable Networks | 2021 | 2020 | $ | % | ||||||||||||||||||||||
Advertising (a) | $ | 917 | $ | 862 | $ | 55 | 6 | % | ||||||||||||||||||
Affiliate (b) | 1,404 | 1,385 | 19 | 1 | ||||||||||||||||||||||
Streaming | 689 | 450 | 239 | 53 | ||||||||||||||||||||||
Licensing and other | 448 | 364 | 84 | 23 | ||||||||||||||||||||||
Revenues | $ | 3,458 | $ | 3,061 | $ | 397 | 13 | % | ||||||||||||||||||
Adjusted OIBDA | $ | 906 | $ | 866 | $ | 40 | 5 | % |
Nine Months Ended September 30, | ||||||||||||||||||||||||||
Increase/(Decrease) | ||||||||||||||||||||||||||
Cable Networks | 2021 | 2020 | $ | % | ||||||||||||||||||||||
Advertising (a) | $ | 2,806 | $ | 2,622 | $ | 184 | 7 | % | ||||||||||||||||||
Affiliate (b) | 4,202 | 4,030 | 172 | 4 | ||||||||||||||||||||||
Streaming | 1,816 | 1,060 | 756 | 71 | ||||||||||||||||||||||
Licensing and other | 1,368 | 1,439 | (71) | (5) | ||||||||||||||||||||||
Revenues | $ | 10,192 | $ | 9,151 | $ | 1,041 | 11 | % | ||||||||||||||||||
Adjusted OIBDA | $ | 3,215 | $ | 2,945 | $ | 270 | 9 | % |
Three Months Ended September 30, | ||||||||||||||||||||||||||
Increase/(Decrease) | ||||||||||||||||||||||||||
Filmed Entertainment | 2021 | 2020 | $ | % | ||||||||||||||||||||||
Theatrical | $ | 67 | $ | 6 | $ | 61 | n/m | |||||||||||||||||||
Licensing and other | 513 | 584 | (71) | (12) | ||||||||||||||||||||||
Revenues | $ | 580 | $ | 590 | $ | (10) | (2) | % | ||||||||||||||||||
Adjusted OIBDA | $ | 38 | $ | 54 | $ | (16) | (30) | % |
Nine Months Ended September 30, | ||||||||||||||||||||||||||
Increase/(Decrease) | ||||||||||||||||||||||||||
Filmed Entertainment | 2021 | 2020 | $ | % | ||||||||||||||||||||||
Theatrical | $ | 202 | $ | 176 | $ | 26 | 15 | % | ||||||||||||||||||
Licensing and other | 2,042 | 1,872 | 170 | 9 | ||||||||||||||||||||||
Revenues | $ | 2,244 | $ | 2,048 | $ | 196 | 10 | % | ||||||||||||||||||
Adjusted OIBDA | $ | 314 | $ | 197 | $ | 117 | 59 | % |
Nine Months Ended September 30, | |||||||||||||||||||||||
2021 | 2020 | Increase/(Decrease) | |||||||||||||||||||||
Net cash flow provided by operating activities from: | |||||||||||||||||||||||
Continuing operations | $ | 1,528 | $ | 2,554 | $ | (1,026) | |||||||||||||||||
Discontinued operations | 124 | 11 | 113 | ||||||||||||||||||||
Cash flow provided by operating activities | 1,652 | 2,565 | (913) | ||||||||||||||||||||
Net cash flow used for investing activities from: | |||||||||||||||||||||||
Continuing operations | (13) | (266) | 253 | ||||||||||||||||||||
Discontinued operations | (3) | (3) | — | ||||||||||||||||||||
Cash flow used for investing activities | (16) | (269) | 253 | ||||||||||||||||||||
Cash flow provided by financing activities | 101 | 106 | (5) | ||||||||||||||||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (30) | (6) | (24) | ||||||||||||||||||||
Net increase in cash, cash equivalents and restricted cash | $ | 1,707 | $ | 2,396 | $ | (689) |
Nine Months Ended September 30, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Investments (a) | $ | (147) | $ | (60) | |||||||||||||||||||
Capital expenditures (b) | (231) | (210) | |||||||||||||||||||||
Acquisitions, net of cash acquired (c) | (27) | (142) | |||||||||||||||||||||
Proceeds from dispositions (d) | 418 | 146 | |||||||||||||||||||||
Other investing activities | (26) | — | |||||||||||||||||||||
Net cash flow used for investing activities from continuing operations | (13) | (266) | |||||||||||||||||||||
Net cash flow used for investing activities from discontinued operations | (3) | (3) | |||||||||||||||||||||
Net cash flow used for investing activities | $ | (16) | $ | (269) |
Nine Months Ended September 30, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Repayments of short-term debt borrowings, net | $ | — | $ | (706) | |||||||||||||||||||
Proceeds from issuance of long-term debt | — | 4,365 | |||||||||||||||||||||
Repayment of long-term debt | (2,220) | (2,896) | |||||||||||||||||||||
Dividends paid on preferred stock | (15) | — | |||||||||||||||||||||
Dividends paid on common stock | (458) | (450) | |||||||||||||||||||||
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 | (55) | (62) | |||||||||||||||||||||
Proceeds from exercise of stock options | 408 | — | |||||||||||||||||||||
Payments to noncontrolling interests | (215) | (44) | |||||||||||||||||||||
Other financing activities | 1 | (43) | |||||||||||||||||||||
Net cash flow provided by financing activities | $ | 101 | $ | 106 |
At | At | ||||||||||||||||||||||
September 30, 2021 | December 31, 2020 | ||||||||||||||||||||||
Senior debt (2.250%-7.875% due 2022-2050) | $ | 16,493 | $ | 18,455 | |||||||||||||||||||
Junior debt (5.875% and 6.25% due 2057) | 1,157 | 1,157 | |||||||||||||||||||||
Other bank borrowings | 35 | 95 | |||||||||||||||||||||
Obligations under finance leases | 26 | 26 | |||||||||||||||||||||
Total debt (a) | 17,711 | 19,733 | |||||||||||||||||||||
Less current portion of long-term debt | 15 | 16 | |||||||||||||||||||||
Total long-term debt, net of current portion | $ | 17,696 | $ | 19,717 |
Item 3. | Quantitative and Qualitative Disclosures About Market Risk. |
Item 4. | Controls and Procedures. |
Item 1. | Legal Proceedings. |
Item 1A. | Risk Factors. |
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds. |
Item 6. | Exhibits. |
Exhibit No. | Description of Document | |||||||
(10) | Material Contracts | |||||||
(a) | Viacom Excess 401(k) Plan for Designated Senior Executives (as amended and restated as of October 1, 2021) (filed herewith).* | |||||||
(b) | ViacomCBS Excess 401(k) Plan for Designated Senior Executives - Part A (as amended and restated as of October 1, 2021) (filed herewith).* | |||||||
(c) | ViacomCBS Excess 401(k) Plan for Designated Senior Executives - Part B (as amended and restated as of October 1, 2021) (filed herewith).* | |||||||
(d) | Viacom Bonus Deferral Plan for Designated Senior Executives (as amended and restated as of October 1, 2021) (filed herewith).* | |||||||
(e) | ViacomCBS Bonus Deferral Plan for Designated Senior Executives - Part A (as amended and restated as of October 1, 2021) (filed herewith).* | |||||||
(f) | ViacomCBS Bonus Deferral Plan for Designated Senior Executives - Part B (as amended and restated as of October 1, 2021) (filed herewith).* | |||||||
(31) | Rule 13a-14(a)/15d-14(a) Certifications | |||||||
(a) | Certification of the Chief Executive Officer of ViacomCBS Inc. 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 ViacomCBS Inc. 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 ViacomCBS Inc. 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 ViacomCBS Inc. 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 Inline XBRL Taxonomy Extension Schema. | ||||||||
101. CAL Inline XBRL Taxonomy Extension Calculation Linkbase. | ||||||||
101. DEF Inline XBRL Taxonomy Extension Definition Linkbase. | ||||||||
101. LAB Inline XBRL Taxonomy Extension Label Linkbase. | ||||||||
101. PRE Inline XBRL Taxonomy Extension Presentation Linkbase. | ||||||||
(104) | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |
VIACOMCBS INC. (Registrant) | |||||
Date: November 4, 2021 | /s/ Naveen Chopra | ||||
Naveen Chopra Executive Vice President, Chief Financial Officer | |||||
Date: November 4, 2021 | /s/ Katherine Gill-Charest | ||||
Katherine Gill-Charest Executive Vice President, Controller and Chief Accounting Officer |
Section 1. Establishment and Purpose of the Plan | 1 | ||||||||||
1.1 | Establishment | 1 | |||||||||
1.2 | Purpose | 1 | |||||||||
1.3 | Reporting Employees | 1 | |||||||||
Section 2. Definitions | 2 | ||||||||||
2.1 | Account | 2 | |||||||||
2.2 | Administrative Committee | 2 | |||||||||
2.3 | Board of Directors | 2 | |||||||||
2.4 | Bonus | 2 | |||||||||
2.5 | Company | 2 | |||||||||
2.6 | Compensation | 2 | |||||||||
2.7 | Disability | 2 | |||||||||
2.8 | Eligible Employee | 3 | |||||||||
2.9 | Employer | 3 | |||||||||
2.10 | Employer Match | 3 | |||||||||
2.11 | Excess Salary Reduction Contributions | 4 | |||||||||
2.12 | Grandfathered Account | 4 | |||||||||
2.13 | Grandfathered Account Payment Option. | 4 | |||||||||
2.14 | Investment Committee | 4 | |||||||||
2.15 | Investment Options | 4 | |||||||||
2.16 | Limitation | 4 | |||||||||
2.17 | Old Viacom | 4 | |||||||||
2.18 | Old Viacom Excess 401(k) | 4 | |||||||||
2.19 | Old Viacom Excess 401(k) Plan for Designated Senior Executives | 4 | |||||||||
2.20 | Ongoing Account | 4 | |||||||||
2.21 | Ongoing Account Payment Option | 5 | |||||||||
2.22 | Participant | 5 | |||||||||
2.23 | Plan | 5 | |||||||||
2.24 | Reporting Employee | 5 |
2.25 | Separation from Service | 5 | |||||||||
2.26 | Viacom 401(k) Plan | 5 | |||||||||
Section 3. Participation | 5 | ||||||||||
3.1 | Designation of Eligible Employees | 6 | |||||||||
3.2 | Election to Participate | 6 | |||||||||
3.3 | Amendment of Election | 6 | |||||||||
3.4 | Amount of Elections | 6 | |||||||||
3.5 | Plan Freeze | 6 | |||||||||
Section 4. Employer Match and Vesting | 6 | ||||||||||
4.1 | Employer Match | 6 | |||||||||
4.2 | Vesting | 7 | |||||||||
4.3 | Plan Freeze | 7 | |||||||||
Section 5. Individual Account | 7 | ||||||||||
5.1 | Creation of Accounts | 7 | |||||||||
5.2 | Election of Payment Options | 7 | |||||||||
5.3 | Investments | 9 | |||||||||
5.4 | Account Statements | 10 | |||||||||
Section 6. Payment | 10 | ||||||||||
6.1 | Payment on Account of Termination of Employment For Reasons Other Than Disability | 10 | |||||||||
6.2 | Payment on Account of Disability | 11 | |||||||||
Section 7. Nature of Interest of Participant | 11 | ||||||||||
Section 8. Hardship Distributions | 11 | ||||||||||
8.1 | Hardship Definition | 11 | |||||||||
8.2 | Administrative Committee Discretion | 11 | |||||||||
8.3 | Cancellation of Excess Salary Reduction Contributions | 12 | |||||||||
Section 9. Beneficiary Designation | 12 | ||||||||||
Section 10. Administration | 12 | ||||||||||
10.1 | Administrative Committee | 12 | |||||||||
10.2 | Powers of the Administrative Committee | 12 | |||||||||
10.3 | Claims Procedure | 12 | |||||||||
10.4 | Finality of Administrative Committee Determinations | 14 | |||||||||
10.5 | Severability | 14 | |||||||||
10.6 | Governing Law | 14 | |||||||||
10.7 | Gender | 14 | |||||||||
Section 11. No Employment Rights | 14 | ||||||||||
Section 12. Amendment, Suspension, and Termination | 14 | ||||||||||
ViacomCBS Inc. | |||||||||||
By: | /s/ Mark Beatty | ||||||||||
Mark Beatty | |||||||||||
Its: | Member, ViacomCBS Administrative Committee | ||||||||||
Section 1. Establishment and Purpose of the Plan | 4 | ||||||||||
1.1 | Establishment | 4 | |||||||||
1.2 | Purpose | 4 | |||||||||
Section 2. Definitions | 4 | ||||||||||
Section 3. Participation | 6 | ||||||||||
3.1 | Designation of Eligible Employees | 6 | |||||||||
3.2 | Election to Participate | 6 | |||||||||
3.3 | Amendment or Suspension of Election | 6 | |||||||||
3.4 | Amount of Elections | 6 | |||||||||
Section 4. Employer Match | 7 | ||||||||||
Section 5. Individual Account | 7 | ||||||||||
5.1 | Creation of Accounts | 7 | |||||||||
5.2 | Joint Payment Option Election | 7 | |||||||||
5.3 | Investments | 8 | |||||||||
5.4 | Account Statements | 9 | |||||||||
Section 6. Payment. | 9 | ||||||||||
6.1 | Payment on Account of Termination of Employment for Reasons Other Than Disability | 9 | |||||||||
6.2 | Payment on Account of Disability | 10 | |||||||||
Section 7. Nature of Interest of Participant | 10 | ||||||||||
Section 8. Hardship Distributions and Deferral Revocations | 10 | ||||||||||
Section 9. Beneficiary Designation | 10 | ||||||||||
Section 10. Administration. | 10 | ||||||||||
10.1 | Committee | 10 | |||||||||
10.2 | Powers of the Committee | 10 | |||||||||
10.3 | Claims Procedure | 11 | |||||||||
10.4 | Finality of Committee Determinations | 11 | |||||||||
10.5 | Severability | 11 | |||||||||
10.6 | Governing Law | 11 | |||||||||
10.7 | Gender | 11 | |||||||||
Section 11. No Employment Rights | 11 | ||||||||||
Section 12. Amendment, Suspension, and Termination | 12 |
ViacomCBS Inc. | |||||||||||
By: | /s/ Mark Beatty | ||||||||||
Mark Beatty | |||||||||||
Its: | Member, ViacomCBS Administrative Committee | ||||||||||
Section 1. Establishment and Purpose of the Plan | 1 | ||||||||||
1.1 | Establishment | 1 | |||||||||
1.2 | Amendment and Restatement | 1 | |||||||||
1.3 | Merger | 1 | |||||||||
1.4 | Reporting Employees | 1 | |||||||||
1.5 | Purpose | 1 | |||||||||
Section 2. Definitions | 2 | ||||||||||
Section 3. Participation | 5 | ||||||||||
3.1 | Designation of Eligible Employees | 5 | |||||||||
3.2 | Election to Participate | 5 | |||||||||
3.3 | Amount of Elections | 6 | |||||||||
Section 4. Employer Match | 6 | ||||||||||
Section 5. Vesting | 7 | ||||||||||
Section 6. Individual Account | 7 | ||||||||||
6.1 | Creation of Accounts | 7 | |||||||||
6.2 | Investments | 8 | |||||||||
6.3 | Account Statements | 9 | |||||||||
Section 7. Payment. | 9 | ||||||||||
7.1 | Joint Payment Option Election. | 9 | |||||||||
7.2 | Payment on Account of Separation from | 11 | |||||||||
7.3 | Payment on Account of Participant’s Death | 11 | |||||||||
Section 8. Unforeseeable Emergency Distributions and Deferral Revocations | 11 | ||||||||||
Section 9. Beneficiary Designation | 12 | ||||||||||
Section 10. Nature of Interest of Participant | 12 | ||||||||||
Section 11. Administration | 12 | ||||||||||
11.1 | Administrative Committee | 12 | |||||||||
11.2 | Powers of the Administrative Committee | 13 | |||||||||
11.3 | Claims Procedure | 13 | |||||||||
11.4 | Finality of Administrative Committee Determinations and Delegation | 15 | |||||||||
11.5 | Rules and Regulations Established by Administrative Committee | 15 | |||||||||
Section 12. No Employment Rights | 15 | ||||||||||
Section 13. Amendment, Suspension, and Termination | 15 |
Section 14. Miscellaneous | 16 | ||||||||||
14.1 | Severability | 16 | |||||||||
14.2 | Governing Law | 16 | |||||||||
14.3 | Gender | 16 | |||||||||
14.4 | Code Section 409A | 16 |
Years of Vesting Service | Vesting % | ||||
Less than 1 year | 0% | ||||
1 year but less than 2 years | 20% | ||||
2 years but less than 3 years | 40% | ||||
3 years but less than 4 years | 60% | ||||
4 years but less than 5 years | 80% | ||||
5 years or more | 100% |
Years of Vesting Service | Vesting % | ||||
Less than 1 year | 0% | ||||
1 year but less than 2 years | 33 1/3% | ||||
2 years but less than 3 years | 66 2/3% | ||||
3 years or more | 100% |
Years of Vesting Service | Vesting % | ||||
Less than 2 years | 0% | ||||
2 years or more | 100% |
ViacomCBS Inc. | |||||||||||
By: | /s/ Mark Beatty | ||||||||||
Mark Beatty | |||||||||||
Its: | Member, ViacomCBS Administrative Committee | ||||||||||
Section 1. Establishment and Purpose of the Plan | 1 | ||||||||||
1.2 | Purpose | 1 | |||||||||
1.3 | Reporting Employees | 1 | |||||||||
Section 2. Definitions | 1 | ||||||||||
2.1 | Account | 1 | |||||||||
2.2 | Administrative Committee | 2 | |||||||||
2.3 | Board of Directors | 2 | |||||||||
2.4 | Bonus | 2 | |||||||||
2.5 | Bonus Deferral Contributions | 2 | |||||||||
2.6 | Company | 2 | |||||||||
2.7 | Disability | 2 | |||||||||
2.8 | Eligible Employee | 2 | |||||||||
2.9 | Employer | 3 | |||||||||
2.10 | Grandfathered Account | 3 | |||||||||
2.11 | Grandfathered Account Payment Option | 3 | |||||||||
2.12 | Investment Committee | 3 | |||||||||
2.13 | Investment Options | 3 | |||||||||
2.14 | Old Viacom | 3 | |||||||||
2.15 | Old Viacom Bonus Deferral Plan for Designated Senior Executives | 3 | |||||||||
2.16 | Ongoing Account | 3 | |||||||||
2.17 | Ongoing Account Payment Option | 3 | |||||||||
2.18 | Participant | 3 | |||||||||
2.19 | Plan | 4 | |||||||||
2.20 | Reporting Employee | 4 | |||||||||
2.21 | Separation from Service | 4 | |||||||||
2.22 | Viacom 401(k) Plan | 4 | |||||||||
Section 3. Participation | 4 | ||||||||||
3.1 | Election to Participate | 4 | |||||||||
3.2 | Amount of Elections | 5 | |||||||||
3.3 | Plan Freeze | 5 | |||||||||
Section 4. Individual Account | 5 | ||||||||||
4.1 | Creation of Accounts | 5 |
4.2 | Election of Payment Option | 5 | |||||||||
4.3 | Investments | 8 | |||||||||
4.4 | Account Statements | 9 | |||||||||
Section 5. Payment | 9 | ||||||||||
5.1 | Payment on Account of Termination of Employment For Reasons Other Than Disability | 9 | |||||||||
5.2 | Payment on Account of Disability | 9 | |||||||||
Section 6. Nature of Interest of Participant | 9 | ||||||||||
Section 7. Hardship Distributions | 10 | ||||||||||
7.1 | Hardship Definition | 10 | |||||||||
7.2 | Administrative Committee Discretion | 10 | |||||||||
Section 8. Beneficiary Designation | 10 | ||||||||||
Section 9. Administration | 10 | ||||||||||
9.1 | Administrative Committee | 10 | |||||||||
9.2 | Powers of the Administrative Committee | 10 | |||||||||
9.3 | Claims Procedure | 11 | |||||||||
9.4 | Finality of Administrative Committee Determinations | 12 | |||||||||
9.5 | Severability | 13 | |||||||||
9.6 | Governing Law | 13 | |||||||||
9.7 | Gender | 13 | |||||||||
Section 10. No Employment Rights | 13 | ||||||||||
Section 11. Amendment, Suspension, and Termination | 13 |
ViacomCBS Inc. | |||||||||||
By: | /s/ Mark Beatty | ||||||||||
Mark Beatty | |||||||||||
Its: | Member, ViacomCBS Administrative Committee | ||||||||||
ViacomCBS Bonus Deferral Plan For Designated Senior Executives Part A | 1 | ||||||||||
Section 1. Establishment and Purpose of the Plan | 3 | ||||||||||
1.1 | Establishment | 3 | |||||||||
1.2 | Purpose | 3 | |||||||||
Section 2. Definitions | 3 | ||||||||||
Section 3. Participation | 5 | ||||||||||
3.1 | Election to Participate | 5 | |||||||||
3.2 | Amount of Elections | 5 | |||||||||
Section 4. Individual Account | 6 | ||||||||||
4.1 | Creation of Accounts | 6 | |||||||||
4.2 | Joint Payment Option Election | 6 | |||||||||
4.3 | Investments | 7 | |||||||||
4.4 | Account Statements | 8 | |||||||||
Section 5. Payment | 9 | ||||||||||
5.1 | Payment on Account of Termination of Employment for Reasons Other than Disability | 9 | |||||||||
5.2 | Payment on Account of Disability | 9 | |||||||||
Section 6. Nature of Interest of Participant | 9 | ||||||||||
Section 7. Hardship Distributions and Deferral Revocations | 9 | ||||||||||
Section 8. Beneficiary Designation | 10 | ||||||||||
Section 9. Administration | 10 | ||||||||||
9.1 | Administrative Committee | 10 | |||||||||
9.2 | Powers of the Administrative Committee | 10 | |||||||||
9.3 | Claims Procedure | 10 | |||||||||
9.4 | Finality of Administrative Committee Determinations | 11 | |||||||||
9.5 | Severability | 11 | |||||||||
9.6 | Governing Law | 11 | |||||||||
9.7 | Gender | 11 | |||||||||
Section 10. No Employment Rights | 11 | ||||||||||
Section 11. Amendment, Suspension, and Termination | 11 |
ViacomCBS Inc. | |||||||||||
By: | /s/ Mark Beatty | ||||||||||
Mark Beatty | |||||||||||
Its: | Member, ViacomCBS Administrative Committee | ||||||||||
Section 1. Establishment and Purpose of the Plan | 1 | ||||||||||
1.1 | Establishment | 1 | |||||||||
1.2 | Amendment and Restatement | 1 | |||||||||
1.3 | Merger | 1 | |||||||||
1.4 | Reporting Employees | 1 | |||||||||
1.5 | Purpose | 2 | |||||||||
Section 2. Definitions | 2 | ||||||||||
Section 3. Participation | 5 | ||||||||||
3.1 | Election to Participate | 5 | |||||||||
3.2 | Amount of Elections | 6 | |||||||||
Section 4. Individual Account | 6 | ||||||||||
4.1 | Creation of Accounts | 6 | |||||||||
4.2 | Investments | 6 | |||||||||
4.3 | Account Statements | 8 | |||||||||
Section 5. Payment | 8 | ||||||||||
5.1 | Joint Payment Option Election | 8 | |||||||||
5.2 | Payment on Account of Separation from Service | 10 | |||||||||
5.3 | Payment on Account of Participant’s Death | 10 | |||||||||
Section 6. Unforeseeable Emergency Distributions and Deferral Revocations | 10 | ||||||||||
Section 7. Beneficiary Designation | 11 | ||||||||||
Section 8. Nature of Interest of Participant | 11 | ||||||||||
Section 9. Administration. | 11 | ||||||||||
9.1 | Administrative Committee | 11 | |||||||||
9.2 | Powers of the Administrative Committee | 12 | |||||||||
9.3 | Claims Procedure | 12 | |||||||||
9.4 | Finality of Administrative Committee Determinations | 12 | |||||||||
Section 10. No Employment Rights | 13 | ||||||||||
Section 11. Amendment, Suspension, and Termination | 13 | ||||||||||
Section 12. Miscellaneous | 13 | ||||||||||
12.1 | Severability | 13 | |||||||||
12.2 | Governing Law | 13 |
12.3 | Gender | 13 | |||||||||
12.4 | Code Section 409A | 13 |
ViacomCBS Inc. | |||||||||||
By: | /s/ Mark Beatty | ||||||||||
Mark Beatty | |||||||||||
Its: | Member, ViacomCBS Administrative Committee | ||||||||||
/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 | |||||
November 4, 2021 |
/s/ Naveen Chopra | |||||
Naveen Chopra | |||||
November 4, 2021 |
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net earnings (ViacomCBS and noncontrolling interests) | $ 551 | $ 627 | $ 2,523 | $ 1,872 |
Other comprehensive income (loss), net of tax: | ||||
Cumulative translation adjustments | (59) | 68 | (114) | 9 |
Net actuarial loss and prior service costs | 33 | 17 | 62 | 52 |
Other comprehensive income (loss) from continuing operations, net of tax (ViacomCBS and noncontrolling interests) | (26) | 85 | (52) | 61 |
Other comprehensive income (loss) from discontinued operations | (5) | 4 | 0 | (4) |
Comprehensive income | 520 | 716 | 2,471 | 1,929 |
Less: Comprehensive income attributable to noncontrolling interests | 12 | 12 | 37 | 257 |
Comprehensive income attributable to ViacomCBS | $ 508 | $ 704 | $ 2,434 | $ 1,672 |
Consolidated Balance Sheets (Parenthetical) - $ / shares |
9 Months Ended | |
---|---|---|
Sep. 30, 2021 |
Dec. 31, 2020 |
|
Series A Convertible Preferred Stock | ||
Class of Stock [Line Items] | ||
Preferred stock, percentage | 5.75% | |
Preferred stock, par value (in dollars per share) | $ 0.001 | |
Preferred stock, shares authorized (in shares) | 25,000,000 | |
Preferred stock, shares issued (in shares) | 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 | 52,000,000 |
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) | 1,108,000,000 | 1,068,000,000 |
Treasury stock, at cost, Class B shares (in shares) | 503,000,000 | 503,000,000 |
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions |
Sep. 30, 2021 |
Dec. 31, 2020 |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|---|---|
Statement of Cash Flows [Abstract] | ||||
Restricted cash and cash equivalents | $ 3 | $ 135 | $ 138 | $ 202 |
Assets held-for-sale | $ 6 |
Basis of Presentation |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis of Presentation | 1) BASIS OF PRESENTATION Description of Business—ViacomCBS Inc. is comprised of the following segments: TV Entertainment (CBS Television Network; CBS Studios; CBS Media Ventures; streaming services, including Paramount+ and CBSN; CBS Sports Network; and CBS Television Stations), Cable Networks (premium and basic cable networks, including Showtime, BET, Nickelodeon, MTV, Comedy Central, Paramount Network, and Smithsonian Channel, among others; streaming services, including Pluto TV and Showtime Networks’ premium subscription streaming service (“Showtime OTT”); and ViacomCBS Networks International, including Channel 5, Telefe and Network 10) and Filmed Entertainment (Paramount Pictures, Paramount Players, Paramount Animation, Paramount Television Studios and Miramax). References to “ViacomCBS,” the “Company,” “we,” “us” and “our” refer to ViacomCBS Inc. and its consolidated subsidiaries, unless the context otherwise requires. Basis of Presentation—The accompanying unaudited consolidated financial statements have been prepared on a basis consistent with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and pursuant to the rules of the Securities and Exchange Commission (“SEC”). These financial statements should be read in conjunction with the more detailed financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2020. In the opinion of management, the accompanying unaudited consolidated financial statements reflect all adjustments, consisting only of normal and recurring adjustments, necessary for a fair statement of our financial position, results of operations and cash flows for the periods presented. Certain previously reported amounts have been reclassified to conform to the current presentation. Discontinued Operations—On November 25, 2020, we entered into an agreement to sell our publishing business, Simon & Schuster, which was previously reported as the Publishing segment, to Penguin Random House LLC (“Penguin Random House”), a wholly owned subsidiary of Bertelsmann SE & Co. KGaA, for $2.175 billion in cash. As a result, Simon & Schuster has been presented as a discontinued operation in our consolidated financial statements for all periods presented (see Note 2). Assets Held for Sale—During October 2021, we completed the sale of 51 West 52nd Street, an office tower that was formerly the headquarters of CBS Corporation (“CBS”). The assets sold were classified as held for sale on the Consolidated Balance Sheet at September 30, 2021, with the noncurrent portion of $207 million, which is principally comprised of property and equipment, presented in “Assets held for sale” and the current portion of $3 million presented within “Prepaid expenses and other current assets.” (See Note 2.) Use of Estimates—The preparation of our consolidated financial statements in conformity with GAAP requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the periods presented. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may vary from these estimates under different assumptions or conditions. Net Earnings per Common Share—Basic net earnings per share (“EPS”) is based upon net earnings available to common stockholders divided by the weighted average number of common shares outstanding during the period. Net earnings available to common stockholders is calculated as net earnings from continuing operations or net earnings, as applicable, adjusted to include dividends on the 5.75% Series A Mandatory Convertible Preferred Stock (“Mandatory Convertible Preferred Stock”) that was issued during the first quarter of 2021 (see Note 9). Weighted average shares for diluted EPS reflects the effect of the assumed exercise of stock options and vesting of restricted stock units (“RSUs”) or performance stock units (“PSUs”) only in the periods in which such effect would have been dilutive. Diluted EPS also reflects the effect of the assumed conversion of preferred stock, if dilutive, which includes the issuance of common shares in the weighted average number of shares and excludes the above-mentioned preferred stock dividend adjustment to net earnings available to common stockholders. Excluded from the calculation of diluted EPS because their inclusion would have been antidilutive, were stock options and RSUs of 6 million and 5 million for the three and nine months ended September 30, 2021, respectively, and stock options and RSUs of 21 million and 24 million for the three and nine months ended September 30, 2020, respectively. Also excluded from the calculation of diluted EPS for the three and nine months ended September 30, 2021, was the effect of the assumed conversion of 10 million shares of Mandatory Convertible Preferred Stock into shares of common stock because the impact would have been antidilutive. As a result, the preferred stock dividends recorded during the three and nine months ended September 30, 2021 were deducted from net earnings from continuing operations and net earnings in both our basic and diluted EPS calculations. 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.
The table below presents a reconciliation of weighted average shares used in the calculation of basic and diluted EPS.
Recently Adopted Accounting Pronouncements Simplifying the Accounting for Income Taxes On January 1, 2021, we adopted Financial Accounting Standards Board (“FASB”) guidance on the accounting for income taxes that, among other provisions, eliminates certain exceptions to existing guidance related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. This guidance also requires an entity to reflect the effect of an enacted change in tax laws or rates in its effective income tax rate in the interim period that includes the enactment date. The adoption of this guidance did not have a material impact on our consolidated financial statements. Accounting Pronouncements Not Yet Adopted Reference Rate Reform In March 2020, the FASB issued guidance providing optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by the discontinuation of the London Interbank Offered Rate (“LIBOR”) or by another reference rate expected to be discontinued. The guidance is effective immediately upon issuance and an entity may elect to apply it to contract modifications or hedging relationships entered into on or before December 31, 2022, with a few exceptions for certain hedging relationships existing as of December 31, 2022. We intend to apply this guidance when modifications of contracts that include LIBOR occur, which is not expected to have a material impact on our consolidated financial statements. Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity On August 5, 2020, the FASB issued 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. This guidance also amends certain EPS guidance for convertible instruments and expands disclosure requirements. This guidance is effective for fiscal years beginning after December 15, 2021, with early adoption permitted, and is not expected to have a material impact on our consolidated financial statements.
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Dispositions |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dispositions | 2) DISPOSITIONS 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. At closing, we executed an agreement to lease back the space we occupy for terms ranging from to three years. This transaction will result in an estimated pre-tax gain during the fourth quarter of 2021 of $523 million, which is net of estimated transaction costs. The assets sold, which are principally comprised of property and equipment, were classified as “Assets held for sale” on the Consolidated Balance Sheet at September 30, 2021. During the nine months ended September 30, 2021, we recognized a net gain on sales of $116 million, principally relating to the sale of a noncore trademark licensing operation. During the fourth quarter of 2020, we entered into an agreement to sell our publishing business, Simon & Schuster, for $2.175 billion in cash. Simon & Schuster has been presented as a discontinued operation in our consolidated financial statements for all periods presented. On November 2, 2021, the U.S. Department of Justice filed suit to block the sale. The purchase agreement contains commitments on the part of the purchaser to take all necessary steps to obtain any required regulatory approvals and to defend any litigation that would delay or prevent consummation, and also provides for a termination fee payable to us in certain circumstances in the event the transaction does not close for regulatory reasons (see Note 15). The following table sets forth details of net earnings from discontinued operations for the three and nine months ended September 30, 2021 and 2020, which primarily reflects the results of Simon & Schuster.
(a) Included in total costs and expenses are the release of indemnification obligations for leases relating to a previously disposed business of $7 million and $9 million for the three and nine months ended September 30, 2021, respectively, and $5 million and $19 million for the three and nine months ended September 30, 2020, respectively. (b) The tax provision includes amounts relating to previously disposed businesses of $2 million and $9 million for the three and nine months ended September 30, 2021, respectively, and $2 million and $5 million for the three and nine months ended September 30, 2020, respectively. The following table presents the major classes of assets and liabilities of our discontinued operations.
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Programming and Other Inventory |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Programming and Other Inventory | 3) PROGRAMMING AND OTHER INVENTORY The following table presents our programming and other inventory at September 30, 2021 and December 31, 2020, grouped by type and predominant monetization strategy.
The following table presents amortization of television and film programming and production costs, which is included within “Operating expenses” on the Consolidated Statements of Operations.
Included in the table above for the nine months ended September 30, 2020, are programming charges of $121 million primarily related to the abandonment of certain incomplete programs resulting from production shutdowns related to the coronavirus pandemic (“COVID-19”). Programming charges of $66 million, $50 million and $5 million are included within the TV Entertainment, Cable Networks and Filmed Entertainment segments, respectively.
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Restructuring. Impairment, and Other Corporate Matters |
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Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring. Impairment, and Other Corporate Matters | 4) RESTRUCTURING, IMPAIRMENT AND OTHER CORPORATE MATTERS During the three and nine months ended September 30, 2021 and 2020, we recorded the following costs associated with restructuring, impairment and other corporate matters.
Restructuring Charges During the three and nine months ended September 30, 2021, we recorded restructuring charges of $46 million and $81 million, respectively. These charges include $46 million of severance costs, including the accelerated vesting of stock-based compensation, primarily associated with changes in management at certain of our businesses. The charges for the nine-month period also include $35 million for the impairment of lease assets that we determined we will not use and began actively marketing for sublease. This determination was made in connection with cost-transformation initiatives related to the merger of Viacom Inc. (“Viacom”) with and into CBS Corporation (the “Merger”). The impairment is the result of a decline in market conditions since inception of these leases and reflects the difference between the estimated fair values, which were determined based on the expected discounted future cash flows of the lease assets, and the carrying values. During the three and nine months ended September 30, 2020, we recorded restructuring charges of $35 million and $369 million, respectively, associated with cost-transformation initiatives in connection with the Merger in an effort to reduce redundancies across our businesses. These charges consisted of severance costs, including the accelerated vesting of stock-based compensation, as well as costs resulting from the termination of contractual obligations and charges associated with the exit of leases. The following table presents 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 September 30, 2021, which primarily relates to severance payments, is expected to be paid by the end of 2022.
(a) Excludes stock-based compensation expense of $21 million and lease asset impairments of $35 million. Merger-related Costs and Other Corporate Matters During the three and nine months ended September 30, 2020, in addition to the above-mentioned restructuring charges, we incurred merger-related costs of $10 million and $51 million, respectively, consisting of professional fees mainly associated with integration activities, as well as transaction-related bonuses for the nine-month period. In addition, during the three and nine months ended September 30, 2020, we incurred costs of $6 million in connection with planned dispositions, and for the nine months ended September 30, 2020, we recorded a charge of $15 million to write down property and equipment to its fair value less costs to sell. Impairment Charges During the nine months ended September 30, 2020, we recorded an impairment charge of $25 million, which is recorded within “Depreciation and amortization” on the Consolidated Statement of Operations, to write down the carrying values of FCC licenses in two markets to their aggregate estimated fair value. The impairment resulted from declines in industry projections in the markets where these FCC licenses are held, which were further accelerated by COVID-19, and was recorded within the TV Entertainment segment. Accelerated Depreciation During the nine months ended September 30, 2020, we recorded accelerated depreciation expense of $12 million resulting from the abandonment of technology in connection with synergy plans related to the Merger, which is recorded in “Depreciation and amortization” on the Consolidated Statement of Operations.
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Restructuring. Impairment, and Other Corporate Matters | 4) RESTRUCTURING, IMPAIRMENT AND OTHER CORPORATE MATTERS During the three and nine months ended September 30, 2021 and 2020, we recorded the following costs associated with restructuring, impairment and other corporate matters.
Restructuring Charges During the three and nine months ended September 30, 2021, we recorded restructuring charges of $46 million and $81 million, respectively. These charges include $46 million of severance costs, including the accelerated vesting of stock-based compensation, primarily associated with changes in management at certain of our businesses. The charges for the nine-month period also include $35 million for the impairment of lease assets that we determined we will not use and began actively marketing for sublease. This determination was made in connection with cost-transformation initiatives related to the merger of Viacom Inc. (“Viacom”) with and into CBS Corporation (the “Merger”). The impairment is the result of a decline in market conditions since inception of these leases and reflects the difference between the estimated fair values, which were determined based on the expected discounted future cash flows of the lease assets, and the carrying values. During the three and nine months ended September 30, 2020, we recorded restructuring charges of $35 million and $369 million, respectively, associated with cost-transformation initiatives in connection with the Merger in an effort to reduce redundancies across our businesses. These charges consisted of severance costs, including the accelerated vesting of stock-based compensation, as well as costs resulting from the termination of contractual obligations and charges associated with the exit of leases. The following table presents 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 September 30, 2021, which primarily relates to severance payments, is expected to be paid by the end of 2022.
(a) Excludes stock-based compensation expense of $21 million and lease asset impairments of $35 million. Merger-related Costs and Other Corporate Matters During the three and nine months ended September 30, 2020, in addition to the above-mentioned restructuring charges, we incurred merger-related costs of $10 million and $51 million, respectively, consisting of professional fees mainly associated with integration activities, as well as transaction-related bonuses for the nine-month period. In addition, during the three and nine months ended September 30, 2020, we incurred costs of $6 million in connection with planned dispositions, and for the nine months ended September 30, 2020, we recorded a charge of $15 million to write down property and equipment to its fair value less costs to sell. Impairment Charges During the nine months ended September 30, 2020, we recorded an impairment charge of $25 million, which is recorded within “Depreciation and amortization” on the Consolidated Statement of Operations, to write down the carrying values of FCC licenses in two markets to their aggregate estimated fair value. The impairment resulted from declines in industry projections in the markets where these FCC licenses are held, which were further accelerated by COVID-19, and was recorded within the TV Entertainment segment. Accelerated Depreciation During the nine months ended September 30, 2020, we recorded accelerated depreciation expense of $12 million resulting from the abandonment of technology in connection with synergy plans related to the Merger, which is recorded in “Depreciation and amortization” on the Consolidated Statement of Operations.
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Related Parties | RELATED PARTIES National Amusements, Inc. National Amusements, Inc. (“NAI”) is the controlling stockholder of ViacomCBS. At September 30, 2021, NAI directly or indirectly owned approximately 77.4% of our voting Class A Common Stock and 9.7% of our Class A Common Stock and non-voting Class B Common Stock on a combined basis. NAI is controlled by the Sumner M. Redstone National Amusements Part B General Trust (the “General Trust”), which owns 80% of the voting interest of NAI 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.
Through the normal course of business, we are involved in transactions with other related parties that have not been material in any of the periods presented.
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Revenues | REVENUES The table below presents our revenues disaggregated into categories based on the nature of such revenues. Beginning in the first quarter of 2021, and for all comparable prior-year periods, these categories include streaming revenues, which aligns with management’s increased focus on this revenue stream. Streaming revenues are comprised of streaming advertising and streaming subscription revenues. Streaming advertising revenues are earned from advertisements on our pay and free streaming services, including Paramount+ and Pluto TV, and from digital video advertisements on our websites and in our video content on third-party platforms (“other digital video platforms”). Streaming subscription revenues include fees for our pay streaming services, including Paramount+, Showtime OTT, BET+ and Noggin, as well as premium subscriptions to access certain video content on our websites. Accordingly, our advertising and affiliate revenue categories exclude revenues earned by our streaming services and on other digital video platforms.
(a) Excludes streaming advertising revenues. (b) Excludes streaming subscription revenues. Receivables Reserves for accounts receivable reflect our expected credit losses based on historical experience as well as current and expected economic conditions. Our allowance for credit losses was $84 million and $85 million at September 30, 2021 and December 31, 2020, respectively. Included in “Other assets” on the Consolidated Balance Sheets are noncurrent receivables of $1.74 billion and $2.02 billion at September 30, 2021 and December 31, 2020, respectively. Noncurrent receivables primarily relate to revenues recognized under long-term content licensing arrangements. Revenues from the licensing of content are recognized at the beginning of the license period in which programs are made available to the licensee for exhibition, while the related cash is generally collected over the term of the license period. Contract Liabilities Contract liabilities are included within “Deferred revenues” and “Other liabilities” on the Consolidated Balance Sheets and were $1.18 billion and $1.12 billion at September 30, 2021 and December 31, 2020, respectively. For the nine months ended September 30, 2021, we recognized revenues of $769 million that were included in deferred revenues at December 31, 2020. For the nine months ended September 30, 2020, we recognized revenues of $553 million that were included in deferred revenues at December 31, 2019. Unrecognized Revenues Under Contract At September 30, 2021, unrecognized revenues attributable to unsatisfied performance obligations under our long-term contracts were $6.1 billion, of which $1.4 billion is expected to be recognized for the remainder of 2021, $2.9 billion in 2022, $1.0 billion in 2023, and $0.8 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, which primarily include licensing of our content to distributors of transactional video-on-demand and electronic sell-through services, we often satisfy our performance obligation of delivery of our content in advance of revenue recognition. Revenues recognized in our Filmed Entertainment segment for performance obligations satisfied or partially satisfied in a prior period were $126 million and $77 million for the three months ended September 30, 2021 and 2020, respectively, and $233 million and $198 million for the nine months ended September 30, 2021 and 2020, respectively.
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Debt | 7) DEBT Our debt consists of the following:
(a) At September 30, 2021 and December 31, 2020, the senior and junior subordinated debt balances included (i) a net unamortized discount of $472 million and $491 million, respectively, and (ii) unamortized deferred financing costs of $97 million and $107 million, respectively. The face value of our total debt was $18.28 billion and $20.33 billion at September 30, 2021 and December 31, 2020, respectively. During the nine months ended September 30, 2021, we redeemed senior notes totaling $1.99 billion, prior to maturity, for an aggregate redemption price of $2.11 billion resulting in a pre-tax loss on extinguishment of debt of $128 million. During the nine months ended September 30, 2020, we issued $4.50 billion of senior notes and used the net proceeds from these issuances for the redemption of long-term debt as well as for general corporate purposes. During the nine months ended September 30, 2020, we redeemed long-term debt totaling $2.77 billion, prior to maturity, for an aggregate redemption price of $2.88 billion, which included third quarter redemptions of $340 million for a redemption price of $357 million. As a result, we recognized a pre-tax loss on extinguishment of debt of $23 million and $126 million for the three and nine months ended September 30, 2020, respectively. Our 5.875% junior subordinated debentures due February 2057 and 6.25% junior subordinated debentures due February 2057 accrue interest at the stated fixed rates until February 28, 2022 and February 28, 2027, respectively, on which dates the rates will switch to floating rates based on three-month LIBOR plus 3.895% and 3.899%, respectively, reset quarterly. These debentures can be called by us at any time after the expiration of the fixed-rate period. Commercial Paper At both September 30, 2021 and December 31, 2020, we had no outstanding commercial paper borrowings under our commercial paper program. Credit Facility At September 30, 2021, 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 LIBOR plus a margin based on our senior unsecured debt rating, depending on the type and tenor of the loans entered. 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. We met the covenant as of September 30, 2021. At September 30, 2021, we had no borrowings outstanding under the Credit Facility and the remaining availability under the Credit Facility, net of outstanding letters of credit, was $3.50 billion. Other Bank Borrowings At September 30, 2021 and December 31, 2020, we had bank borrowings under Miramax’s $300 million credit facility, which matures in April 2023, of $35 million and $95 million, respectively, with a weighted average interest rate of 3.50%.
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Financial Instruments and Fair Value Measurements | 8) FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS The carrying value of our financial instruments approximates fair value, except for notes and debentures. At September 30, 2021 and December 31, 2020, the carrying value of our notes and debentures was $17.65 billion and $19.61 billion, respectively, and the fair value, which is determined based on quoted prices in active markets (Level 1 in the fair value hierarchy) was $21.7 billion and $24.5 billion, respectively. Investments The carrying value of our investments without a readily determinable fair value for which we have no significant influence was $57 million and $65 million at September 30, 2021 and December 31, 2020, respectively. These investments are included in “Other assets” on the Consolidated Balance Sheets. For the three and nine months ended September 30, 2021, we recorded a net loss of $5 million and a net gain of $47 million, respectively, within “Net gains (losses) from investments” on the Consolidated Statements of Operations. Included in these amounts were changes in the fair value of a marketable security, which was sold during the third quarter of 2021 for proceeds of $9 million. The nine-month period also included a gain of $37 million on the sale of an investment, for which we received proceeds of $43 million. During the nine months ended September 30, 2020, we recorded an unrealized gain of $32 million for a change in the fair value of an investment as indicated by the market price of a similar investment. Additionally, “Equity in loss of investee companies, net of tax” on the Consolidated Statements of Operations for the three and nine months ended September 30, 2020 includes an impairment charge of $9 million relating to an international television joint venture. Foreign Exchange Contracts We use derivative financial instruments primarily to modify our exposure to market risks from fluctuations in foreign currency exchange rates. We do not use derivative instruments unless there is an underlying exposure and therefore we do not hold or enter into derivative financial instruments for speculative trading purposes. Foreign exchange forward contracts have principally been used to hedge projected cash flows, in currencies such as the British Pound, the Euro, the Canadian Dollar and the Australian Dollar, generally for periods up to 24 months. We designate foreign exchange forward contracts used to hedge committed and forecasted foreign currency transactions as cash flow hedges. Additionally, we enter into non-designated forward contracts to hedge non-U.S. dollar denominated cash flows. At September 30, 2021 and December 31, 2020, the notional amount of all foreign exchange contracts was $1.99 billion and $1.27 billion, respectively. At September 30, 2021, $1.49 billion related to future production costs and $498 million related to our foreign currency balances and other expected foreign currency cash flows. At December 31, 2020, $740 million related to future production costs and $529 million related to our foreign currency balances and other expected foreign currency cash flows. Gains (losses) recognized on derivative financial instruments were as follows:
The fair value of our derivative instruments was not material to the Consolidated Balance Sheets for any of the periods presented. Fair Value Measurements The following tables set forth our assets and liabilities measured at fair value on a recurring basis at September 30, 2021 and December 31, 2020. 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. We do not have any assets or liabilities that are measured at fair value on a recurring basis using level 1 or level 3 inputs.
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Stockholders' Equity |
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Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity | 9) STOCKHOLDERS’ EQUITY Stock Offerings On March 26, 2021, we completed offerings of 20 million shares of our Class B Common Stock at a price to the public of $85 per share and 10 million shares of 5.75% Series A Mandatory Convertible Preferred Stock at a price to the public and liquidation preference of $100 per share. The net proceeds from the Class B Common Stock offering and the Mandatory Convertible Preferred Stock offering were approximately $1.67 billion and $983 million, respectively, in each case after deducting underwriting discounts, commissions and estimated offering expenses. We have used and intend to continue to use the net proceeds for general corporate purposes, including investments in streaming. 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 anti-dilution adjustments. The number of shares of Class B Common Stock issuable upon conversion will be determined based on the average of the volume-weighted average price per share of our Class B Common Stock over the 20 consecutive trading day period commencing on, and including, the 21st scheduled trading day immediately preceding April 1, 2024. Holders of the Mandatory Convertible Preferred Stock (“Holders”) have the right to convert all or any portion of their shares of Mandatory Convertible Preferred Stock at any time prior to April 1, 2024 at the minimum conversion rate of 1.0013 shares of our Class B Common Stock. In addition, the conversion rate applicable to such an early conversion may, in certain circumstances, be increased to compensate Holders for certain unpaid accumulated dividends. However, if a fundamental change (as defined in the Certificate of Designations governing the Mandatory Convertible Preferred Stock) occurs on or prior to April 1, 2024, then Holders will, in certain circumstances, be entitled to convert all or a portion of their shares of Mandatory Convertible Preferred Stock at an increased conversion rate for a specified period of time and receive an amount to compensate them for unpaid accumulated dividends and any remaining future scheduled dividend payments. The Mandatory Convertible Preferred Stock is not redeemable. However, at our option, we may purchase or otherwise acquire (including in an exchange transaction) the Mandatory Convertible Preferred Stock from time to time in the open market, by tender or exchange offer or otherwise, without the consent of, or notice to, Holders. Holders have no voting rights, with certain exceptions. If declared, dividends on the Mandatory Convertible Preferred Stock are payable quarterly through April 1, 2024. Dividends on the Mandatory Convertible Preferred Stock accumulate from the most recent dividend payment date, and will be payable on a cumulative basis when, as and if declared by our Board of Directors, or an authorized committee thereof, at an annual rate of 5.75% of the liquidation preference of $100 per share, payable in cash or, subject to certain limitations, by delivery of shares of Class B Common Stock or through any combination of cash and shares of Class B Common Stock, at our election. If we have not declared any portion of the accumulated and unpaid dividends by April 1, 2024, the conversion rate will be adjusted so that Holders receive an additional number of shares of our Class B Common Stock, with certain limitations. Dividends We declared cash dividends of $.24 per share on our Class A and Class B Common Stock during each of the three months ended September 30, 2021 and 2020, resulting in total dividends of $159 million and $150 million, respectively. We declared cash dividends of $.72 per share on our Class A and Class B Common Stock, during each of the nine months ended September 30, 2021 and 2020, resulting in total dividends of $468 million and $450 million, respectively. During the third quarter of 2021 we declared a quarterly cash dividend of $1.4375 per share on our Mandatory Convertible Preferred Stock. During the second quarter of 2021 we declared a cash dividend of $1.5493 per share on our Mandatory Convertible Preferred Stock, representing a dividend period from March 26, 2021 through July 1, 2021. Accordingly, we recorded dividends on the Mandatory Convertible Preferred Stock of $14.4 million and $29.9 million during the three and nine months ended September 30, 2021, respectively. Accumulated Other Comprehensive Income (Loss) The following tables summarize the changes in the components of accumulated other comprehensive loss.
(a) Reflects cumulative translation adjustments. (b) Reflects amortization of net actuarial losses, which for 2021 includes the accelerated recognition of a portion of the unamortized actuarial losses due to the volume of lump sum benefit payments in one of our pension plans (see Note 12). 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 nine months ended September 30, 2021 and 2020 of $20 million and $16 million, respectively.
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Stock-based Compensation |
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Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based Compensation | 10) STOCK-BASED COMPENSATION The following table summarizes our stock-based compensation expense for the three and nine months ended September 30, 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 $1 million for each of the three-month periods ended September 30, 2021 and 2020, and $3 million for each of the nine-month periods ended September 30, 2021 and 2020.
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Income Taxes |
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Income Tax Disclosure [Abstract] | |
Income Taxes | 11) INCOME TAXES The provision for income taxes represents federal, state and local, and foreign taxes on earnings from continuing operations before income taxes and equity in loss of investee companies. For the three and nine months ended September 30, 2021, we recorded a provision for income taxes of $120 million and $312 million, reflecting effective income tax rates of 19.5% and 11.2%, respectively. Included in the provision for income taxes for the nine months ended September 30, 2021 are discrete tax benefits of $290 million primarily consisting of a benefit of $260 million to remeasure our UK net deferred income tax asset as a result of the enactment during the second quarter of an increase in the UK corporate income tax rate from 19% to 25% beginning April 1, 2023, as well as a net tax benefit in connection with the settlement of income tax audits. For the nine months ended September 30, 2021, these discrete tax benefits, together with a net tax benefit of $14 million on other items identified as affecting the comparability of our results during the period, which include a loss on extinguishment of debt, restructuring and pension settlement charges and net gains from sales and investments, decreased our effective income tax rate by 10.5 percentage points. For the three and nine months ended September 30, 2020, we recorded a provision for income taxes of $26 million and $352 million, reflecting effective income tax rates of 4.2% and 16.3%, respectively. Included in the provision for income taxes for the three and nine months ended September 30, 2020, are discrete tax benefits of $119 million and $122 million, respectively, primarily consisting of a benefit of $100 million to remeasure our UK net deferred income tax asset as a result of an increase in the UK corporate income tax rate from 17% to 19% enacted during the third quarter of 2020, as well as a benefit of $22 million realized in connection with the preparation of the fiscal 2019 tax return for Viacom. These items, together with a net tax benefit of $17 million and $152 million for the three and nine months ended September 30, 2020, respectively, which relate principally to restructuring and other corporate matters, losses on the extinguishment of debt and, in the nine-month period, programming charges, reduced our effective income tax rate by 19.3 percentage points and 5.6 percentage points, respectively. ViacomCBS and its subsidiaries file income tax returns with the Internal Revenue Service (“IRS”) and various state and local and foreign jurisdictions. For periods prior to the Merger, Viacom and CBS filed separate tax returns. For CBS, we are currently under examination by the IRS for the 2017 and 2018 tax years. For Viacom, the Company and the IRS settled the income tax audit for the 2014 and 2015 tax years during the second quarter of 2021. We anticipate that the IRS will commence its examination of Viacom’s 2016 through 2019 tax years in the fourth quarter of 2021. 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 | 12) PENSION AND OTHER POSTRETIREMENT BENEFITS The following tables present the components of net periodic cost for our pension and postretirement benefit plans.
(a) Amounts reflect our domestic plans only. (b) Reflects amounts reclassified from accumulated other comprehensive loss to net earnings. (c) Reflects the accelerated recognition of a portion of the unamortized actuarial losses due to the volume of lump sum benefit payments in one of our pension plans. The service cost component of net periodic cost is presented on the Consolidated Statements of Operations within operating income and all other components of net periodic cost are presented within “Other items, net.”
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Redeemable Noncontrolling Interests |
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Noncontrolling Interest [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Noncontrolling Interests | 13) REDEEMABLE NONCONTROLLING INTERESTS We are subject to a redeemable put option, payable in a foreign currency, with respect to an international subsidiary. The put option expires in December 2022 and is classified as “Redeemable noncontrolling interest” on the Consolidated Balance Sheets. The activity reflected within redeemable noncontrolling interest for the nine months ended September 30, 2021 and 2020 is presented below.
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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. In the first quarter of 2021, we began separately presenting streaming revenues in the categories we use to disaggregate our revenues (see Note 6).
Revenues generated between segments are principally from the licensing of Filmed Entertainment and Cable Networks content to Paramount+ and licensing of Filmed Entertainment and TV Entertainment content to Cable Networks. These transactions are recorded at market value as if the sales were to third parties and are eliminated in consolidation. Revenues earned from the licensing of content within segments, including licensing to Paramount+ within the TV Entertainment segment, are eliminated within the segment. Intercompany revenues associated with the licensing of programming to Paramount+ after the initial exhibition on our broadcast or cable networks are recorded on a straight-line basis over the term of the agreement and 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 sales, 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.
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Commitments and Contingencies |
9 Months Ended |
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Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 15) COMMITMENTS AND CONTINGENCIES Guarantees Letters of Credit and Surety Bonds We have indemnification obligations with respect to letters of credit and surety bonds primarily used as security against non-performance in the normal course of business. At September 30, 2021, the outstanding letters of credit and surety bonds approximated $181 million and were not recorded on the Consolidated Balance Sheet. CBS Television City In connection with the sale of the CBS Television City property and sound stage operation (“CBS Television City”) in 2019, we guaranteed a specified level of cash flows to be generated by the business during the first five years following the completion of the sale. Included in “Other current liabilities” and “Other liabilities” on the Consolidated Balance Sheet at September 30, 2021 is a liability of $76 million, reflecting the present value of the 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 Inc. These lease commitments were $58 million at September 30, 2021 and are presented within “Other liabilities” on the Consolidated Balance Sheet. The amount of lease commitments varies over time depending on the expiration or termination of individual underlying leases, or the related indemnification obligation, and foreign exchange rates, among other things. We may also have exposure for certain other expenses related to the leases, such as property taxes and common area maintenance. We believe our accrual is sufficient to meet any future obligations based on our consideration of available financial information, the lessees’ historical performance in meeting their lease obligations and the underlying economic factors impacting the lessees’ business models. Other In the course of our business, we both provide and receive indemnities which are intended to allocate certain risks associated with business transactions. Similarly, we may remain contingently liable for various obligations of a business that has been divested in the event that a third party does not live up to its obligations under an indemnification obligation. We record a liability for our indemnification obligations and other contingent liabilities when probable and reasonably estimable. Legal Matters General On an ongoing basis, we vigorously defend ourselves in numerous lawsuits and proceedings and respond to various investigations and inquiries from federal, state, local and international authorities (collectively, “litigation”). Litigation may be brought against us without merit, is inherently uncertain and always difficult to predict. However, based on our understanding and evaluation of the relevant facts and circumstances, we believe that the following matters are not likely, in the aggregate, to result in a material adverse effect on our business, financial condition and results of operations. Litigation Relating to the Merger Beginning on February 20, 2020, three purported CBS stockholders filed separate derivative and/or putative class action lawsuits in the Court of Chancery of the State of Delaware. On March 31, 2020, the Court consolidated the three lawsuits and appointed Bucks County Employees’ Retirement Fund and International Union of Operating Engineers of Eastern Pennsylvania and Delaware as co-lead plaintiffs for the consolidated action. On April 14, 2020, the lead plaintiffs filed a Verified Consolidated Class Action and Derivative Complaint (as used in this paragraph, the “Complaint”) against Shari E. Redstone, NAI, Sumner M. Redstone National Amusements Trust, members of the CBS Board of Directors (comprised of Candace K. Beinecke, Barbara M. Byrne, Gary L. Countryman, Brian Goldner, Linda M. Griego, Robert N. Klieger, Martha L. Minow, Susan Schuman, Frederick O. Terrell and Strauss Zelnick), former CBS President and Acting Chief Executive Officer Joseph Ianniello and nominal defendant ViacomCBS Inc. The Complaint alleges breaches of fiduciary duties to CBS stockholders in connection with the negotiation and approval of the Agreement and Plan of Merger dated as of August 13, 2019, as amended on October 16, 2019 (the “Merger Agreement”). The Complaint also alleges waste and unjust enrichment in connection with Mr. Ianniello’s compensation. The Complaint seeks unspecified damages, costs and expenses, as well as other relief. On June 5, 2020, the defendants filed motions to dismiss. On January 27, 2021, the Court dismissed one disclosure claim, while allowing all other claims against the defendants to proceed. Discovery on the surviving claims is proceeding. We believe that the remaining claims are without merit and we intend to defend against them vigorously. Beginning on November 25, 2019, four purported Viacom stockholders filed separate putative class action lawsuits in the Court of Chancery of the State of Delaware. On January 23, 2020, the Court consolidated the four lawsuits. On February 6, 2020, the Court appointed California Public Employees’ Retirement System (“CalPERS”) as lead plaintiff for the consolidated action. On February 28, 2020, CalPERS, together with Park Employees’ and Retirement Board Employees’ Annuity and Benefit Fund of Chicago and Louis M. Wilen, filed a First Amended Verified Class Action Complaint (as used in this paragraph, the “Complaint”) against NAI, NAI Entertainment Holdings LLC, Shari E. Redstone, the members of the Viacom special transaction committee of the Viacom Board of Directors (comprised of Thomas J. May, Judith A. McHale, Ronald L. Nelson and Nicole Seligman) and our President and Chief Executive Officer and director, Robert M. Bakish. The Complaint alleges breaches of fiduciary duties to Viacom stockholders in connection with the negotiation and approval of the Merger Agreement. The Complaint seeks unspecified damages, costs and expenses, as well as other relief. On May 22, 2020, the defendants filed motions to dismiss. On December 29, 2020, the Court dismissed the claims against Mr. Bakish, while allowing the claims against the remaining defendants to proceed. Discovery on the surviving claims is proceeding. We believe that the remaining claims are without merit and we intend to defend against them vigorously. Investigation-Related Matters As announced on August 1, 2018, the CBS Board of Directors retained two law firms to conduct a full investigation of the allegations in press reports about CBS’ former Chairman of the Board, President and Chief Executive Officer, Leslie Moonves, CBS News and cultural issues at CBS. On December 17, 2018, the CBS Board of Directors announced the completion of its investigation, certain findings of the investigation and the CBS Board of Directors’ determination, with respect to the termination of Mr. Moonves’ employment. We have received subpoenas or requests for information from the New York County District Attorney’s Office, the New York City Commission on Human Rights, the New York State Attorney General’s Office and the United States Securities and Exchange Commission regarding the subject matter of this investigation and related matters, including with respect to CBS’ related public disclosures. We may continue to receive additional related regulatory and investigative inquiries from these and other entities in the future. We are cooperating with these inquiries. On August 27, 2018 and on October 1, 2018, Gene Samit and John Lantz, respectively, filed putative class action lawsuits in the United States District Court for the Southern District of New York, individually and on behalf of others similarly situated, for claims that are similar to those alleged in the amended complaint described below. On November 6, 2018, the Court entered an order consolidating the two actions. On November 30, 2018, the Court appointed Construction Laborers Pension Trust for Southern California as the lead plaintiff of the consolidated action. On February 11, 2019, the lead plaintiff filed a consolidated amended putative class action complaint against CBS, certain current and former senior executives and members of the CBS Board of Directors. The consolidated action is stated to be on behalf of purchasers of CBS Class A Common Stock and Class B Common Stock between September 26, 2016 and December 4, 2018. This action seeks to recover damages arising during this time period allegedly caused by the defendants’ purported violations of the federal securities laws, including by allegedly making materially false and misleading statements or failing to disclose material information, and seeks costs and expenses as well as remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. On April 12, 2019, the defendants filed motions to dismiss this action, which the Court granted in part and denied in part on January 15, 2020. With the exception of one statement made by Mr. Moonves at an industry event in November 2017, in which he allegedly was acting as the agent of CBS, all claims as to all other allegedly false and misleading statements were dismissed. We believe that the remaining claims are without merit and we intend to defend against them vigorously. Litigation Related to Television Station Owners On September 9, 2019, the Company was added as a defendant in a multi-district putative class action lawsuit filed in the United States District Court for the Northern District of Illinois. The lawsuit was filed by parties that claim to have purchased broadcast television spot advertising beginning on or about January 1, 2014 on television stations owned by one or more of the defendant television station owners and alleges the sharing of allegedly competitively sensitive information among such television stations in alleged violation of the Sherman Antitrust Act. The action, which names the Company among fourteen total defendants, seeks monetary damages, attorneys’ fees, costs and interest as well as injunctions against the allegedly unlawful conduct. On October 8, 2019, the Company and other defendants filed a motion to dismiss the matter, which was denied by the court on November 6, 2020. We have reached an agreement in principle with the plaintiffs to settle the lawsuit. The settlement, which will include no admission of liability or wrongdoing by the Company, will be subject to court approval. Litigation Related to Stock Offerings On August 13, 2021, Camelot Event Driven Fund filed a putative securities class action lawsuit in New York Supreme Court, County of New York. 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 current and former senior executives, members of the ViacomCBS 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 ViacomCBS securities and related alleged risks to the Company’s stock price. The complaint seeks unspecified compensatory damages, as well as other relief. We believe that the claims are without merit and intend to defend against them vigorously. Litigation Related to the Proposed Sale of Simon & Schuster On November 2, 2021, the U.S. Department of Justice (the “DOJ”) filed suit in the United States District Court for the District of Columbia to block our sale of the Simon & Schuster business to Penguin Random House (the “Transaction”) pursuant to a Share Purchase Agreement (“Purchase Agreement”), dated November 24, 2020, between ViacomCBS, certain of its subsidiaries, Penguin Random House and Bertelsmann SE & Co. KGaA. The DOJ asserts that the sale of Simon & Schuster would reduce competition for the acquisition of titles. The Purchase Agreement contains customary representations and warranties and covenants, including commitments on the part of Penguin Random House to take all necessary steps to obtain any required regulatory approvals and to defend any litigation that would delay or prevent consummation, and also provides for a termination fee payable to ViacomCBS in certain circumstances in the event the Transaction does not close for regulatory reasons. We and the other defendants believe the DOJ’s claims are without merit, and we intend to defend against them vigorously. Claims Related to Former Businesses: Asbestos We are a defendant in lawsuits claiming various personal injuries related to asbestos and other materials, which allegedly occurred as a result of exposure caused by various products manufactured by Westinghouse, a predecessor, generally prior to the early 1970s. Westinghouse was neither a producer nor a manufacturer of asbestos. We are typically named as one of a large number of defendants in both state and federal cases. In the majority of asbestos lawsuits, the plaintiffs have not identified which of our products is the basis of a claim. Claims against us in which a product has been identified most commonly relate to allegations of exposure to asbestos-containing insulating material used in conjunction with turbines and electrical equipment. Claims are frequently filed and/or settled in groups, which may make the amount and timing of settlements, and the number of pending claims, subject to significant fluctuation from period to period. We do not report as pending those claims on inactive, stayed, deferred or similar dockets that some jurisdictions have established for claimants who allege minimal or no impairment. As of September 30, 2021, we had pending approximately 28,470 asbestos claims, as compared with approximately 30,710 as of December 31, 2020. During the third quarter of 2021, we received approximately 800 new claims and closed or moved to an inactive docket approximately 2,050 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 2020 and 2019 for settlement and defense of asbestos claims after insurance recoveries and net of tax were approximately $35 million and $58 million, respectively. Our costs for settlement and defense of asbestos claims may vary year to year and insurance proceeds are not always recovered in the same period as the insured portion of the expenses. Filings include claims for individuals suffering from mesothelioma, a rare cancer, the risk of which is allegedly increased by exposure to asbestos; lung cancer, a cancer which may be caused by various factors, one of which is alleged to be asbestos exposure; other cancers, and conditions that are substantially less serious, including claims brought on behalf of individuals who are asymptomatic as to an allegedly asbestos-related disease. The predominant number of pending claims against us are non-cancer claims. It is difficult to predict future asbestos liabilities, as events and circumstances may impact the estimate of our asbestos liabilities, including, among others, the number and types of claims and average cost to resolve such claims. We record an accrual for a loss contingency when it is both probable that a liability has been incurred and when the amount of the loss can be reasonably estimated. We believe that our accrual and insurance are sufficient to cover our asbestos liabilities. Our liability estimate is based upon many factors, including the number of outstanding claims, estimated average cost per claim, the breakdown of claims by disease type, historic claim filings, costs per claim of resolution and the filing of new claims, as well as consultation with a third party firm on trends that may impact our future asbestos liability. Other From time to time we receive claims from federal and state environmental regulatory agencies and other entities asserting that we are or may be liable for environmental cleanup costs and related damages principally relating to our historical and predecessor operations. In addition, from time to time we receive personal injury claims including toxic tort and product liability claims (other than asbestos) arising from our historical operations and predecessors.
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Supplemental Financial Information |
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Additional Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Financial Information | 16) SUPPLEMENTAL FINANCIAL INFORMATION Supplemental Cash Flow Information
Variable Interest Entities In the normal course of business, we enter into joint ventures or make investments with business partners that support our underlying business strategy and provide us the ability to enter new markets to expand the reach of our brands, develop new programming and/or distribute our existing content. In certain instances, an entity in which we make an investment may qualify as a variable interest entity (“VIE”). In determining whether we are the primary beneficiary of a VIE, we assess whether we have the power to direct matters that most significantly impact the activities of the VIE and have the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. The following tables present the amounts recorded in our consolidated financial statements related to our consolidated VIEs.
(a) The revenue and operating income include the licensing of the streaming rights to South Park by a consolidated 51%-owned VIE in the second quarter of 2020. Lease Income We enter into operating leases for the use of our owned production facilities and office buildings. Lease payments received under these agreements consist of fixed payments for the rental of space and certain building operating costs, as well as variable payments based on usage of production facilities and services, and escalating costs of building operations. We recorded total lease income, including both fixed and variable amounts, of $42 million and $113 million for the three and nine months ended September 30, 2021, respectively, and $32 million and $84 million for the three and nine months ended September 30, 2020, respectively.
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Basis of Presentation (Policies) |
9 Months Ended |
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Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Use of Estimates | Use of Estimates—The preparation of our consolidated financial statements in conformity with GAAP requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the periods presented. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may vary from these estimates under different assumptions or conditions. |
Net Earnings per Common Share | Net Earnings per Common Share—Basic net earnings per share (“EPS”) is based upon net earnings available to common stockholders divided by the weighted average number of common shares outstanding during the period. Net earnings available to common stockholders is calculated as net earnings from continuing operations or net earnings, as applicable, adjusted to include dividends on the 5.75% Series A Mandatory Convertible Preferred Stock (“Mandatory Convertible Preferred Stock”) that was issued during the first quarter of 2021 (see Note 9).Weighted average shares for diluted EPS reflects the effect of the assumed exercise of stock options and vesting of restricted stock units (“RSUs”) or performance stock units (“PSUs”) only in the periods in which such effect would have been dilutive. Diluted EPS also reflects the effect of the assumed conversion of preferred stock, if dilutive, which includes the issuance of common shares in the weighted average number of shares and excludes the above-mentioned preferred stock dividend adjustment to net earnings available to common stockholders. |
Recently Adopted Accounting Pronouncements and Accounting Pronouncements Not Yet Adopted | Recently Adopted Accounting Pronouncements Simplifying the Accounting for Income Taxes On January 1, 2021, we adopted Financial Accounting Standards Board (“FASB”) guidance on the accounting for income taxes that, among other provisions, eliminates certain exceptions to existing guidance related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. This guidance also requires an entity to reflect the effect of an enacted change in tax laws or rates in its effective income tax rate in the interim period that includes the enactment date. The adoption of this guidance did not have a material impact on our consolidated financial statements. Accounting Pronouncements Not Yet Adopted Reference Rate Reform In March 2020, the FASB issued guidance providing optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by the discontinuation of the London Interbank Offered Rate (“LIBOR”) or by another reference rate expected to be discontinued. The guidance is effective immediately upon issuance and an entity may elect to apply it to contract modifications or hedging relationships entered into on or before December 31, 2022, with a few exceptions for certain hedging relationships existing as of December 31, 2022. We intend to apply this guidance when modifications of contracts that include LIBOR occur, which is not expected to have a material impact on our consolidated financial statements. Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity On August 5, 2020, the FASB issued 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. This guidance also amends certain EPS guidance for convertible instruments and expands disclosure requirements. This guidance is effective for fiscal years beginning after December 15, 2021, with early adoption permitted, and is not expected to have a material impact on our consolidated financial statements.
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Basis of Presentation (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of earnings per share, basic and diluted | The table below presents a reconciliation of net earnings from continuing operations and net earnings to the amounts used in the calculations of basic and diluted EPS.
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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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Dispositions (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Discontinued Operations | The following table sets forth details of net earnings from discontinued operations for the three and nine months ended September 30, 2021 and 2020, which primarily reflects the results of Simon & Schuster.
(a) Included in total costs and expenses are the release of indemnification obligations for leases relating to a previously disposed business of $7 million and $9 million for the three and nine months ended September 30, 2021, respectively, and $5 million and $19 million for the three and nine months ended September 30, 2020, respectively. (b) The tax provision includes amounts relating to previously disposed businesses of $2 million and $9 million for the three and nine months ended September 30, 2021, respectively, and $2 million and $5 million for the three and nine months ended September 30, 2020, respectively. The following table presents the major classes of assets and liabilities of our discontinued operations.
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Programming and Other Inventory (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current Programming and Other Inventory | The following table presents our programming and other inventory at September 30, 2021 and December 31, 2020, grouped by type and predominant monetization strategy.
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Noncurrent Programming and Other Inventory | The following table presents our programming and other inventory at September 30, 2021 and December 31, 2020, grouped by type and predominant monetization strategy.
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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 “Operating expenses” on the Consolidated Statements of Operations.
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Restructuring. Impairment, and Other Corporate Matters (Tables) |
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Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring Reserve Rollforward | During the three and nine months ended September 30, 2021 and 2020, we recorded the following costs associated with restructuring, impairment and other corporate matters.
The following table presents 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 September 30, 2021, which primarily relates to severance payments, is expected to be paid by the end of 2022.
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Related Parties (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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.
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Revenues (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue |
(a) Excludes streaming advertising revenues. (b) Excludes streaming subscription revenues.
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Debt (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Debt | Our debt consists of the following:
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Financial Instruments and Fair Value Measurements (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Instruments | Gains (losses) recognized on derivative financial instruments were as follows:
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Fair Value Measurements | The following tables set forth our assets and liabilities measured at fair value on a recurring basis at September 30, 2021 and December 31, 2020. 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. We do not have any assets or liabilities that are measured at fair value on a recurring basis using level 1 or level 3 inputs.
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Stockholders' Equity (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in Components of Accumulated Other Comprehensive Income (Loss) | The following tables summarize the changes in the components of accumulated other comprehensive 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 (see Note 12).
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Stock-based Compensation (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based Compensation | The following table summarizes our stock-based compensation expense for the three and nine months ended September 30, 2021 and 2020.
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Pension and Other Postretirement Benefits (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension and Other Postretirement Benefits | The following tables present the components of net periodic cost for our pension and postretirement benefit plans.
(a) Amounts reflect our domestic plans only. (b) Reflects amounts reclassified from accumulated other comprehensive loss to net earnings. (c) Reflects the accelerated recognition of a portion of the unamortized actuarial losses due to the volume of lump sum benefit payments in one of our pension plans.
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Redeemable Noncontrolling Interest (Tables) |
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling Interest [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Noncontrolling Interests | The activity reflected within redeemable noncontrolling interest for the nine months ended September 30, 2021 and 2020 is presented below.
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Reportable Segments (Tables) |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues by Segment |
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Intercompany Revenues by Segment |
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Adjusted OIBDA by Segment and Reconciliation to Net Earnings (Loss) |
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Assets by Segment |
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Supplemental Financial Information (Tables) |
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Additional Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Cash Flow Information | Supplemental Cash Flow Information
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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 the second quarter of 2020.
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Basis of Presentation - Narrative (Details) - USD ($) shares in Millions, $ in Millions |
3 Months Ended | 9 Months Ended | |||||
---|---|---|---|---|---|---|---|
Mar. 26, 2021 |
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
Dec. 31, 2020 |
Nov. 25, 2020 |
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Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||
Assets held for sale, noncurrent | $ 207 | $ 207 | $ 28 | ||||
Assets held for sale, current | $ 3 | $ 3 | |||||
Dilutive effect of Mandatory Convertible Preferred Stock (in shares) | 10 | 10 | |||||
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) | 6 | 21 | 5 | 24 | |||
Series A Convertible Preferred Stock | |||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||
Preferred stock, percentage | 5.75% | 5.75% | |||||
Simon And Schuster | Discontinued Operations, Disposed of by Sale | |||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||
Sale of business, consideration | $ 2,175 |
Basis of Presentation - Schedule of earnings per share, basic and diluted (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Net earnings from continuing operations | $ 465 | $ 568 | $ 2,359 | $ 1,522 |
Preferred stock dividends | (14) | 0 | (30) | 0 |
Net earnings from continuing operations for basic EPS calculation | 451 | 568 | 2,329 | 1,522 |
Net earnings from continuing operations for diluted EPS calculation | 451 | 568 | 2,329 | 1,522 |
Net earnings | 538 | 615 | 2,485 | 1,612 |
Preferred stock dividends | (14) | 0 | (30) | 0 |
Net earnings for basic EPS calculation | 524 | 615 | 2,455 | 1,612 |
Net earnings for diluted EPS calculation | $ 524 | $ 615 | $ 2,455 | $ 1,612 |
Basis of Presentation - Reconciliation from Basic to Diluted Shares (Details) - shares shares in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Weighted average shares for basic EPS (in shares) | 646 | 616 | 638 | 615 |
Dilutive effect of shares issuable under stock-based compensation plans (in shares) | 5 | 2 | 6 | 2 |
Weighted average shares for diluted EPS (in shares) | 651 | 618 | 644 | 617 |
Dispositions - Narrative (Details) - USD ($) $ in Millions |
1 Months Ended | 3 Months Ended | 9 Months Ended | |
---|---|---|---|---|
Oct. 31, 2021 |
Dec. 31, 2021 |
Sep. 30, 2021 |
Nov. 25, 2020 |
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Discontinued Operations [Line Items] | ||||
Net gain on sales | $ 116 | |||
Minimum | Subsequent Event | Fifty One West Fifty Second Street, Office Tower | ||||
Discontinued Operations [Line Items] | ||||
Lessee, lease term | 2 years | |||
Maximum | Subsequent Event | Fifty One West Fifty Second Street, Office Tower | ||||
Discontinued Operations [Line Items] | ||||
Lessee, lease term | 3 years | |||
Disposed of by Sale | Fifty One West Fifty Second Street, Office Tower | Forecast | ||||
Discontinued Operations [Line Items] | ||||
Net gain on sales | $ 523 | |||
Disposed of by Sale | Fifty One West Fifty Second Street, Office Tower | Subsequent Event | ||||
Discontinued Operations [Line Items] | ||||
Proceeds from dispositions | $ 760 | |||
Discontinued Operations, Disposed of by Sale | Simon And Schuster | ||||
Discontinued Operations [Line Items] | ||||
Sale of business, consideration | $ 2,175 |
Dispositions - Schedule of Discontinued Operations, Net Earnings (Details) - Discontinued operations - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
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Discontinued Operations [Line Items] | ||||
Revenues | $ 321 | $ 279 | $ 725 | $ 649 |
Costs and expenses: | ||||
Operating | 182 | 167 | 429 | 386 |
Selling, general and administrative | 38 | 50 | 114 | 132 |
Depreciation and amortization | 0 | 1 | 0 | 4 |
Restructuring charges | 1 | 0 | 1 | 2 |
Total costs and expenses | 221 | 218 | 544 | 524 |
Operating income | 100 | 61 | 181 | 125 |
Other items, net | (6) | 0 | (8) | (5) |
Earnings from discontinued operations | 94 | 61 | 173 | 120 |
Income tax provisions | (21) | (14) | (47) | (30) |
Net earnings from discontinued operations, net of tax | 73 | 47 | 126 | 90 |
Previous disposals, cost and expenses | 7 | 5 | 9 | 19 |
Previous disposals, income tax prevision | $ 2 | $ 2 | $ 9 | $ 5 |
Dispositions - Schedule of Discontinued Operations, Assets and Liabilities (Details) - USD ($) $ in Millions |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Assets | ||
Total Assets | $ 1,430 | $ 1,439 |
Discontinued operations | ||
Assets | ||
Receivables, net | 438 | 447 |
Other current assets | 184 | 183 |
Goodwill | 435 | 435 |
Property and equipment, net | 45 | 42 |
Operating lease assets | 193 | 191 |
Other assets | 135 | 141 |
Total Assets | 1,430 | 1,439 |
Liabilities | ||
Royalties payable | 123 | 131 |
Other current liabilities | 362 | 349 |
Operating lease liabilities | 187 | 194 |
Other liabilities | 21 | 26 |
Total Liabilities | $ 693 | $ 700 |
Programming and Other Inventory - Programming Inventory (Details) - USD ($) $ in Millions |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Film Group Monetization: | ||
Acquired program rights, including prepaid sports rights | $ 3,312 | $ 3,413 |
Individual Monetization: | ||
Acquired libraries | 458 | 483 |
Film inventory and Internally-produced television programming: | ||
Home entertainment | 32 | 32 |
Total programming and other inventory | 14,127 | 12,120 |
Less current portion | 1,563 | 1,757 |
Programming and other inventory | 12,564 | 10,363 |
Film Inventory | ||
Film inventory and internally produced television programming | ||
In process and other | 66 | 0 |
Film inventory and Internally-produced television programming: | ||
Released | 596 | 374 |
Completed, not yet released | 339 | 543 |
In process and other | 1,189 | 816 |
Internally Produced Television Programming | ||
Film inventory and internally produced television programming | ||
In process and other | 2,653 | 1,682 |
Released | 3,190 | 2,558 |
Film inventory and Internally-produced television programming: | ||
Released | 1,271 | 1,206 |
In process and other | $ 1,021 | $ 1,013 |
Programming and Other Inventory - Programming and Production Costs (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
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Inventory Disclosure [Abstract] | ||||
Programming costs, acquired programming | $ 1,025 | $ 839 | $ 3,625 | $ 2,525 |
Production costs, internally-produced television and film programming: | ||||
Individual monetization | 735 | 606 | 2,245 | 2,129 |
Film group monetization | $ 847 | $ 662 | $ 2,148 | $ 2,082 |
Programming and Other Inventory - Narrative (Details) $ in Millions |
9 Months Ended |
---|---|
Sep. 30, 2020
USD ($)
| |
Segment Reporting Information [Line Items] | |
Programming charges | $ 121 |
TV Entertainment | |
Segment Reporting Information [Line Items] | |
Programming charges | 66 |
Cable Networks | |
Segment Reporting Information [Line Items] | |
Programming charges | 50 |
Filmed Entertainment | |
Segment Reporting Information [Line Items] | |
Programming charges | $ 5 |
Restructuring. Impairment, and Other Corporate Matters - Restructuring. Impairment, and Other Corporate Matters (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
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Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | $ 46 | $ 35 | $ 81 | $ 369 |
Merger-related costs | 0 | 10 | 0 | 51 |
Other corporate matters | 0 | 7 | 0 | 21 |
Restructuring and other corporate matters | 46 | 52 | 81 | 441 |
Impairment charges | 0 | 0 | 0 | 25 |
Depreciation of abandoned technology | 0 | 0 | 0 | 12 |
Severance | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 46 | 30 | 46 | 332 |
Exit costs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | $ 0 | $ 5 | $ 35 | $ 37 |
Restructuring. Impairment, and Other Corporate Matters - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | $ 46 | $ 35 | $ 81 | $ 369 |
Merger-related costs | 0 | 10 | 0 | 51 |
Other corporate matters | 0 | 7 | 0 | 21 |
Write down property and equipment | 15 | |||
Impairment charges | 0 | 0 | 0 | 25 |
Depreciation of abandoned technology | 0 | 0 | 0 | 12 |
Disposal Group, Not Discontinued Operations | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Other corporate matters | 6 | 6 | ||
Severance | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | $ 46 | $ 30 | 46 | $ 332 |
Lease Impairment Charges | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | $ 35 |
Restructuring. Impairment, and Other Corporate Matters - Rollforward (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Restructuring Reserve [Roll Forward] | ||||
Restructuring reserve, beginning balance | $ 372 | |||
Charges | $ 46 | $ 35 | 81 | $ 369 |
Payments | (173) | |||
Other | (19) | |||
Restructuring reserve, ending balance | 205 | 205 | ||
Restructuring Charges Excluding Stock-Based Compensation And Lease Impairment Charges | ||||
Restructuring Reserve [Roll Forward] | ||||
Charges | 25 | |||
Share-Based Compensation Expense | ||||
Restructuring Reserve [Roll Forward] | ||||
Charges | 21 | |||
Lease Impairment Charges | ||||
Restructuring Reserve [Roll Forward] | ||||
Charges | 35 | |||
Operating Segments | TV Entertainment | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring reserve, beginning balance | 112 | |||
Payments | (48) | |||
Other | (7) | |||
Restructuring reserve, ending balance | 58 | 58 | ||
Operating Segments | TV Entertainment | Restructuring Charges Excluding Stock-Based Compensation And Lease Impairment Charges | ||||
Restructuring Reserve [Roll Forward] | ||||
Charges | 1 | |||
Operating Segments | Cable Networks | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring reserve, beginning balance | 144 | |||
Payments | (69) | |||
Other | (3) | |||
Restructuring reserve, ending balance | 75 | 75 | ||
Operating Segments | Cable Networks | Restructuring Charges Excluding Stock-Based Compensation And Lease Impairment Charges | ||||
Restructuring Reserve [Roll Forward] | ||||
Charges | 3 | |||
Operating Segments | Filmed Entertainment | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring reserve, beginning balance | 30 | |||
Payments | (10) | |||
Other | (5) | |||
Restructuring reserve, ending balance | 34 | 34 | ||
Operating Segments | Filmed Entertainment | Restructuring Charges Excluding Stock-Based Compensation And Lease Impairment Charges | ||||
Restructuring Reserve [Roll Forward] | ||||
Charges | 19 | |||
Corporate | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring reserve, beginning balance | 86 | |||
Payments | (46) | |||
Other | (4) | |||
Restructuring reserve, ending balance | $ 38 | 38 | ||
Corporate | Restructuring Charges Excluding Stock-Based Compensation And Lease Impairment Charges | ||||
Restructuring Reserve [Roll Forward] | ||||
Charges | $ 2 |
Related Parties - Narrative (Details) |
Sep. 30, 2021
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 common stock Class A common stock (percentage) | 77.40% |
NAI ownership of ViacomCBS Class A and Class B common stock on a combined basis (percentage) | 9.70% |
Number of trustees | 7 |
Number of beneficiary trustees | 2 |
Related Parties - Schedule of Related Party Transactions (Details) - Other Related Parties - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
Dec. 31, 2020 |
|
Related Party Transaction [Line Items] | |||||
Revenues | $ 37 | $ 13 | $ 175 | $ 89 | |
Operating expenses | 5 | $ 4 | 13 | $ 9 | |
Accounts receivable | $ 39 | $ 39 | $ 69 |
Revenues - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Disaggregation of Revenue [Line Items] | ||||
Total Revenues | $ 6,610 | $ 5,837 | $ 20,586 | $ 18,411 |
Advertising | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenues | 1,855 | 1,828 | 6,633 | 5,733 |
Affiliate | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenues | 2,102 | 2,059 | 6,284 | 5,956 |
Streaming | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenues | 1,079 | 666 | 2,878 | 1,673 |
Theatrical | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenues | 67 | 6 | 202 | 176 |
Licensing and other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenues | $ 1,507 | $ 1,278 | $ 4,589 | $ 4,873 |
Revenues - Receivables (Details) - USD ($) $ in Millions |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Disaggregation of Revenue [Line Items] | ||
Allowance for credit loss | $ 84 | $ 85 |
Other Assets | ||
Disaggregation of Revenue [Line Items] | ||
Noncurrent receivables | $ 1,740 | $ 2,020 |
Revenues - Contract Liabilities (Details) - USD ($) $ in Millions |
9 Months Ended | ||
---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Dec. 31, 2020 |
|
Revenue from Contract with Customer [Abstract] | |||
Deferred revenue | $ 1,180 | $ 1,120 | |
Revenue recognized | $ 769 | $ 553 |
Revenues - Unrecognized Revenues Under Contract (Details) $ in Billions |
Sep. 30, 2021
USD ($)
|
---|---|
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Unrecognized revenue | $ 6.1 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-10-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Unrecognized revenue | $ 1.4 |
Expected timing of satisfaction period | 3 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Unrecognized revenue | $ 2.9 |
Expected timing of satisfaction period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Unrecognized revenue | $ 1.0 |
Expected timing of satisfaction period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Unrecognized revenue | $ 0.8 |
Expected timing of satisfaction period |
Revenues - Performance Obligations Satisfied in Previous Periods (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Filmed Entertainment | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||
Performance obligation satisfied | $ 126 | $ 77 | $ 233 | $ 198 |
Debt - Schedule of Debt (Details) - USD ($) $ in Millions |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Debt Instrument [Line Items] | ||
Other bank borrowings | $ 35 | $ 95 |
Obligations under finance leases | 26 | 26 |
Total debt | 17,711 | 19,733 |
Less current portion of long-term debt | 15 | 16 |
Total long-term debt, net of current portion | 17,696 | 19,717 |
Net unamortized discount on senior debt | 472 | 491 |
Unamortized deferred financing costs | 97 | 107 |
Face value of debt | 18,280 | $ 20,330 |
2.250% Senior Notes due 2022 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 2.25% | |
Carrying value of senior debt | 0 | $ 35 |
3.375% Senior Notes due 2022 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 3.375% | |
Carrying value of senior debt | 0 | $ 415 |
3.125% Senior Notes due 2022 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 3.125% | |
Carrying value of senior debt | 0 | $ 117 |
2.50% Senior Notes due 2023 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 2.50% | |
Carrying value of senior debt | 0 | $ 196 |
3.25% Senior Notes due 2023 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 3.25% | |
Carrying value of senior debt | 0 | $ 141 |
2.90% Senior Notes due 2023 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 2.90% | |
Carrying value of senior debt | 0 | $ 242 |
4.25% Senior Notes due 2023 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 4.25% | |
Carrying value of senior debt | $ 0 | $ 837 |
7.875% Debentures due 2023 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 7.875% | |
Carrying value of senior debt | $ 139 | 139 |
7.125% Senior Notes due 2023 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 7.125% | |
Carrying value of senior debt | $ 35 | 35 |
3.875% Senior Notes due 2024 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 3.875% | |
Carrying value of senior debt | $ 490 | 490 |
3.70% Senior Notes due 2024 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 3.70% | |
Carrying value of senior debt | $ 599 | 598 |
3.50% Senior Notes due 2025 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 3.50% | |
Carrying value of senior debt | $ 597 | 596 |
4.75% Senior Notes due 2025 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 4.75% | |
Carrying value of senior debt | $ 1,241 | 1,239 |
4.0% Senior Notes due 2026 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 4.00% | |
Carrying value of senior debt | $ 792 | 791 |
3.45% Senior Notes due 2026 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 3.45% | |
Carrying value of senior debt | $ 123 | 123 |
2.90% Senior Notes due 2027 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 2.90% | |
Carrying value of senior debt | $ 692 | 691 |
3.375% Senior Notes due 2028 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 3.375% | |
Carrying value of senior debt | $ 495 | 495 |
3.70% Senior Notes due 2028 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 3.70% | |
Carrying value of senior debt | $ 493 | 492 |
4.20% Senior Notes due 2029 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 4.20% | |
Carrying value of senior debt | $ 494 | 493 |
7.875% Senior Debentures due 2030 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 7.875% | |
Carrying value of senior debt | $ 831 | 831 |
4.95% Senior Notes due 2031 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 4.95% | |
Carrying value of senior debt | $ 1,222 | 1,220 |
4.20% Senior Notes due 2032 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 4.20% | |
Carrying value of senior debt | $ 971 | 969 |
5.50% Senior Debentures due 2033 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 5.50% | |
Carrying value of senior debt | $ 427 | 427 |
4.85% Senior Debentures due 2034 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 4.85% | |
Carrying value of senior debt | $ 87 | 87 |
6.875% Senior Debentures due 2036 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 6.875% | |
Carrying value of senior debt | $ 1,070 | 1,069 |
6.75% Senior Debentures due 2037 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 6.75% | |
Carrying value of senior debt | $ 75 | 75 |
5.90% Senior Notes due 2040 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 5.90% | |
Carrying value of senior debt | $ 298 | 298 |
4.50% Senior Debentures due 2042 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 4.50% | |
Carrying value of senior debt | $ 45 | 45 |
4.85% Senior Notes due 2042 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 4.85% | |
Carrying value of senior debt | $ 488 | 487 |
4.375% Senior Debentures due 2043 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 4.375% | |
Carrying value of senior debt | $ 1,121 | 1,116 |
4.875% Senior Debentures due 2043 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 4.875% | |
Carrying value of senior debt | $ 18 | 18 |
5.85% Senior Debentures due 2043 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 5.85% | |
Carrying value of senior debt | $ 1,232 | 1,232 |
5.25% Senior Debentures due 2044 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 5.25% | |
Carrying value of senior debt | $ 345 | 345 |
4.90% Senior Notes due 2044 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 4.90% | |
Carrying value of senior debt | $ 540 | 540 |
4.60% Senior Notes due 2045 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 4.60% | |
Carrying value of senior debt | $ 589 | 589 |
4.95% Senior Notes due 2050 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 4.95% | |
Carrying value of senior debt | $ 944 | 942 |
5.875% Junior Subordinated Debentures due 2057 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 5.875% | |
Junior subordinated notes | $ 514 | 514 |
6.25% Junior Subordinated Debentures due 2057 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 6.25% | |
Junior subordinated notes | $ 643 | $ 643 |
Debt - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
Dec. 31, 2020 |
|
Line of Credit Facility [Line Items] | |||||
Debt redeemed | $ 2,770 | $ 2,770 | |||
Payments for debt redemption | 2,880 | 2,880 | |||
Loss on extinguishment of debt | $ 0 | (23) | $ (128) | (126) | |
Face value of debt | $ 18,280 | $ 18,280 | $ 20,330 | ||
Senior Notes | |||||
Line of Credit Facility [Line Items] | |||||
Debt redeemed | 340 | 340 | |||
Payments for debt redemption | 357 | 357 | |||
Face value of debt | $ 4,500 | $ 4,500 | |||
5.875% Junior Subordinated Debentures due 2057 | |||||
Line of Credit Facility [Line Items] | |||||
Stated interest rate | 5.875% | 5.875% | |||
5.875% Junior Subordinated Debentures due 2057 | London Interbank Offered Rate (LIBOR) [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread on variable rate | 3.895% | ||||
6.25% Junior Subordinated Debentures due 2057 | |||||
Line of Credit Facility [Line Items] | |||||
Stated interest rate | 6.25% | 6.25% | |||
6.25% Junior Subordinated Debentures due 2057 | London Interbank Offered Rate (LIBOR) [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread on variable rate | 3.899% | ||||
Senior Notes | |||||
Line of Credit Facility [Line Items] | |||||
Debt redeemed | $ 1,990 | $ 1,990 | |||
Payments for debt redemption | $ 2,110 | $ 2,110 |
Debt - Commercial Paper Narrative (Details) - USD ($) |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Debt Disclosure [Abstract] | ||
Commercial paper | $ 0 | $ 0 |
Debt - Credit Facility Narrative (Details) - Revolving Credit Facility |
9 Months Ended |
---|---|
Sep. 30, 2021
USD ($)
| |
Line of Credit Facility [Line Items] | |
Period for Consolidated EBITDA | 12 months |
Credit Facility | |
Line of Credit Facility [Line Items] | |
Maximum borrowing capacity under credit facility | $ 3,500,000,000 |
Maximum consolidated leverage ratio | 4.5 |
Maximum Consolidated Leverage Ratio, potential increase | 5.0 |
Amount borrowed under credit facility | $ 0 |
Availability under credit facility | $ 3,500,000,000 |
Debt - Other Bank Borrowings Narrative (Details) - USD ($) |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Debt Instrument [Line Items] | ||
Other bank borrowings | $ 35,000,000 | $ 95,000,000 |
Credit Facility | Miramax | ||
Debt Instrument [Line Items] | ||
Maximum borrowing capacity under credit facility | $ 300,000,000 | $ 300,000,000 |
Other Bank Borrowings | ||
Debt Instrument [Line Items] | ||
Weighted average interest rate | 3.50% | 3.50% |
Financial Instruments and Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
Dec. 31, 2020 |
|
Derivative [Line Items] | |||||
Carrying value of notes and debentures | $ 17,650 | $ 17,650 | $ 19,610 | ||
Fair value of debt | 21,700 | 21,700 | 24,500 | ||
Investments without readily determinable fair value | 57 | 57 | 65 | ||
Recognized gain (loss) from equity investments | (5) | 47 | |||
Proceeds from sale of equity investments | 9 | 43 | |||
Gain (loss) on sale of equity investments | $ 37 | ||||
Unrecognized gain from equity investments | $ 32 | ||||
Equity investment impairment charges | $ 9 | $ 9 | |||
Cash Flow Hedging | Foreign exchange contract | |||||
Derivative [Line Items] | |||||
Maximum derivative contract term | 24 months | ||||
Notional amount of derivative | 1,990 | $ 1,990 | 1,270 | ||
Cash Flow Hedging | Foreign exchange contract | Future Production Costs | |||||
Derivative [Line Items] | |||||
Notional amount of derivative | 1,490 | 1,490 | 740 | ||
Cash Flow Hedging | Foreign exchange contract | Other Foreign Currency | |||||
Derivative [Line Items] | |||||
Notional amount of derivative | $ 498 | $ 498 | $ 529 |
Financial Instruments and Fair Value Measurements - Gain (Losses) Recognized on Derivative Financial Instruments (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Foreign exchange contract | ||||
Derivatives [Line Items] | ||||
Non-designated foreign exchange contracts | $ 13 | $ (12) | $ 12 | $ 6 |
Financial Instruments and Fair Value Measurements - Fair Value of Assets and Liabilities (Details) - USD ($) $ in Millions |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Assets: | ||
Foreign currency hedges | $ 27 | $ 20 |
Total Assets | 27 | 20 |
Liabilities: | ||
Deferred compensation | 416 | 529 |
Foreign currency hedges | 33 | 39 |
Total Liabilities | 449 | 568 |
Level 2 | ||
Assets: | ||
Foreign currency hedges | 27 | 20 |
Total Assets | 27 | 20 |
Liabilities: | ||
Deferred compensation | 416 | 529 |
Foreign currency hedges | 33 | 39 |
Total Liabilities | $ 449 | $ 568 |
Stockholders' Equity - Stock Offerings (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
9 Months Ended | ||
---|---|---|---|
Mar. 26, 2021 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Class of Stock [Line Items] | |||
Proceeds from issuance of common stock | $ 1,670 | $ 1,672 | $ 0 |
Proceeds from issuance of preferred stock | $ 983 | $ 983 | $ 0 |
Common Class B | |||
Class of Stock [Line Items] | |||
Stock issuance (in shares) | 20 | ||
Shares issued (in dollars per share) | $ 85 | ||
Series A Convertible Preferred Stock | |||
Class of Stock [Line Items] | |||
Stock issuance (in shares) | 10 | ||
Preferred stock, percentage | 5.75% | 5.75% | |
Liquidation preference (in dollars per share) | $ 100 |
Stockholders' Equity - Mandatory Convertible Preferred Stock (Details) - Series A Convertible Preferred Stock |
9 Months Ended | ||
---|---|---|---|
Apr. 01, 2024 |
Mar. 26, 2021
$ / shares
|
Sep. 30, 2021 |
|
Class of Stock [Line Items] | |||
Preferred stock, percentage | 5.75% | 5.75% | |
Liquidation preference (in dollars per share) | $ 100 | ||
Forecast | |||
Class of Stock [Line Items] | |||
Consecutive trading days | 20 days | ||
Trading days | 21 days | ||
Forecast | Minimum | |||
Class of Stock [Line Items] | |||
Convertible rate | 1.0013 | ||
Forecast | Maximum | |||
Class of Stock [Line Items] | |||
Convertible rate | 1.1765 |
Stockholders' Equity - Dividends (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2021 |
Jun. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Class of Stock [Line Items] | |||||
Dividends per common share (in dollars per share) | $ 0.24 | $ 0.24 | $ 0.72 | $ 0.72 | |
Dividends recorded on common stock | $ 159.0 | $ 150.0 | $ 468.0 | $ 450.0 | |
Dividends | $ 14.0 | $ 0.0 | $ 30.0 | $ 0.0 | |
Series A Convertible Preferred Stock | |||||
Class of Stock [Line Items] | |||||
Quarterly dividends payable over remaining term (in dollars per share) | $ 1.4375 | $ 1.4375 | |||
Accumulated dividends (in dollars per share) | $ 1.5493 | ||||
Dividends | $ 14.4 | $ 29.9 |
Stockholders' Equity - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
|
AOCI Attributable to Parent, Net of Tax | ||
Accumulated other comprehensive income (loss) beginning balance | $ (1,832) | $ (1,970) |
Other comprehensive income (loss) before reclassifications | (102) | 8 |
Reclassifications to net earnings | 51 | 52 |
Other comprehensive income (loss) | (51) | 60 |
Accumulated other comprehensive income (loss) ending balance | (1,883) | (1,910) |
Tax provision on net actuarial gain (loss) and prior service costs related to pension and other postretirement benefit plans | 20 | 16 |
Cumulative Translation Adjustments | ||
AOCI Attributable to Parent, Net of Tax | ||
Accumulated other comprehensive income (loss) beginning balance | (303) | (438) |
Other comprehensive income (loss) before reclassifications | (113) | 12 |
Reclassifications to net earnings | 0 | 0 |
Other comprehensive income (loss) | (113) | 12 |
Accumulated other comprehensive income (loss) ending balance | (416) | (426) |
Net Actuarial Loss and Prior Service Cost | ||
AOCI Attributable to Parent, Net of Tax | ||
Accumulated other comprehensive income (loss) beginning balance | (1,509) | (1,507) |
Other comprehensive income (loss) before reclassifications | 11 | 0 |
Reclassifications to net earnings | 51 | 52 |
Other comprehensive income (loss) | 62 | 52 |
Accumulated other comprehensive income (loss) ending balance | (1,447) | (1,455) |
Other Comprehensive Loss | ||
AOCI Attributable to Parent, Net of Tax | ||
Accumulated other comprehensive income (loss) beginning balance | (20) | (25) |
Other comprehensive income (loss) before reclassifications | 0 | (4) |
Reclassifications to net earnings | 0 | 0 |
Other comprehensive income (loss) | 0 | (4) |
Accumulated other comprehensive income (loss) ending balance | $ (20) | $ (29) |
Stock-based Compensation (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense, before income taxes | $ 53 | $ 45 | $ 154 | $ 188 |
Related tax benefit | (13) | (10) | (34) | (36) |
Stock-based compensation expense, net of tax benefit | 40 | 35 | 120 | 152 |
Stock-based compensation expense, discontinued operations | 1 | 1 | 3 | 3 |
RSUs and PSUs | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense, before income taxes | 31 | 36 | 126 | 122 |
Stock options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense, before income taxes | 1 | 4 | 7 | 15 |
Operating and SG&A Expense | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense, before income taxes | 32 | 40 | 133 | 137 |
Restructuring and Other Corporate Matters | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense, before income taxes | $ 21 | $ 5 | $ 21 | $ 51 |
Income Taxes (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2021 |
Jun. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Income Tax Disclosure [Abstract] | |||||
Benefit (provision) for income taxes | $ (120) | $ (26) | $ (312) | $ (352) | |
Effective income tax rate | 19.50% | 4.20% | 11.20% | 16.30% | |
Discrete tax benefit | $ 119 | $ 290 | $ 122 | ||
Income tax benefit, adjustments of deferred tax asset | $ 260 | $ 100 | $ 100 | ||
Benefit from loss on extinguishment of debt, loss on marketable securities and other discrete tax items | $ 14 | ||||
Percentage point decrease in effective tax rate | 19.30% | 10.50% | 5.60% | ||
Income benefit, preparation of tax return | $ 22 | $ 22 | |||
Benefit from restructuring and other corporate matters, depreciation on abandoned technology and other discrete tax items | $ 17 | $ 152 |
Pension and Other Postretirement Benefits (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Pension Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 0 | $ 8 | $ 0 | $ 23 |
Interest cost | 37 | 41 | 109 | 123 |
Expected return on plan assets | (47) | (48) | (141) | (145) |
Amortization of actuarial loss (gain) | 23 | 26 | 70 | 78 |
Settlements | 10 | 0 | 10 | 0 |
Net periodic cost | 23 | 27 | 48 | 79 |
Postretirement Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 1 | 0 | 1 | 1 |
Interest cost | 2 | 2 | 6 | 8 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Amortization of actuarial loss (gain) | (4) | (3) | (11) | (11) |
Settlements | 0 | 0 | 0 | 0 |
Net periodic cost | $ (1) | $ (1) | $ (4) | $ (2) |
Redeemable Noncontrolling Interests (Details) - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Redeemable Noncontrolling Interest | ||
Beginning balance | $ 197 | $ 254 |
Net earnings | 8 | 5 |
Distributions | (4) | (10) |
Translation adjustment | (4) | (5) |
Redemption value adjustment | (94) | (48) |
Ending balance | $ 103 | $ 196 |
Reportable Segments - Revenues (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | $ 6,610 | $ 5,837 | $ 20,586 | $ 18,411 |
Operating Segments | TV Entertainment | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | 2,924 | 2,354 | 9,244 | 7,588 |
Operating Segments | Cable Networks | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | 3,458 | 3,061 | 10,192 | 9,151 |
Operating Segments | Filmed Entertainment | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | 580 | 590 | 2,244 | 2,048 |
Corporate/Eliminations | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | (352) | (168) | (1,094) | (376) |
Intersegment Eliminations | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | (352) | (168) | (1,094) | (376) |
Intersegment Eliminations | TV Entertainment | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | (78) | (67) | (217) | (185) |
Intersegment Eliminations | Cable Networks | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | (135) | (57) | (366) | (75) |
Intersegment Eliminations | Filmed Entertainment | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | (139) | (44) | (511) | (116) |
Advertising | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | 1,855 | 1,828 | 6,633 | 5,733 |
Advertising | Operating Segments | TV Entertainment | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | 943 | 966 | 3,838 | 3,134 |
Advertising | Operating Segments | Cable Networks | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | 917 | 862 | 2,806 | 2,622 |
Affiliate | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | 2,102 | 2,059 | 6,284 | 5,956 |
Affiliate | Operating Segments | TV Entertainment | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | 698 | 674 | 2,082 | 1,926 |
Affiliate | Operating Segments | Cable Networks | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | 1,404 | 1,385 | 4,202 | 4,030 |
Streaming | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | 1,079 | 666 | 2,878 | 1,673 |
Streaming | Operating Segments | TV Entertainment | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | 390 | 216 | 1,062 | 613 |
Streaming | Operating Segments | Cable Networks | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | 689 | 450 | 1,816 | 1,060 |
Licensing and other | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | 1,507 | 1,278 | 4,589 | 4,873 |
Licensing and other | Operating Segments | TV Entertainment | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | 893 | 498 | 2,262 | 1,915 |
Licensing and other | Operating Segments | Cable Networks | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | 448 | 364 | 1,368 | 1,439 |
Licensing and other | Operating Segments | Filmed Entertainment | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | 513 | 584 | 2,042 | 1,872 |
Theatrical | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | 67 | 6 | 202 | 176 |
Theatrical | Operating Segments | Filmed Entertainment | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | $ 67 | $ 6 | $ 202 | $ 176 |
Reportable Segments - Operating Income (Loss) (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Segment Reporting Information [Line Items] | ||||
Stock-based compensation | $ (53) | $ (45) | $ (154) | $ (188) |
Depreciation and amortization | (95) | (97) | (289) | (331) |
Restructuring and other corporate matters | (46) | (52) | (81) | (441) |
Programming charges | (121) | |||
Net gain on sales | 0 | 0 | 116 | 0 |
Operating income | 879 | 903 | 3,633 | 3,056 |
Interest expense | (243) | (259) | (745) | (763) |
Interest income | 11 | 14 | 37 | 39 |
Net gains (losses) from investments | (5) | 0 | 47 | 32 |
Loss on extinguishment of debt | 0 | (23) | (128) | (126) |
Other items, net | (26) | (20) | (55) | (74) |
Earnings from continuing operations before income taxes and equity in loss of investee companies | 616 | 615 | 2,789 | 2,164 |
Provision for income taxes | (120) | (26) | (312) | (352) |
Equity in loss of investee companies, net of tax | (18) | (9) | (80) | (30) |
Net earnings from continuing operations | 478 | 580 | 2,397 | 1,782 |
Net earnings from discontinued operations, net of tax | 73 | 47 | 126 | 90 |
Net earnings (ViacomCBS and noncontrolling interests) | 551 | 627 | 2,523 | 1,872 |
Net earnings attributable to noncontrolling interests | (13) | (12) | (38) | (260) |
Net earnings attributable to ViacomCBS | 538 | 615 | 2,485 | 1,612 |
TV Entertainment | ||||
Segment Reporting Information [Line Items] | ||||
Programming charges | (66) | |||
Cable Networks | ||||
Segment Reporting Information [Line Items] | ||||
Programming charges | (50) | |||
Filmed Entertainment | ||||
Segment Reporting Information [Line Items] | ||||
Programming charges | (5) | |||
Operating Segments | TV Entertainment | ||||
Segment Reporting Information [Line Items] | ||||
Adjusted OIBDA | 271 | 343 | 936 | 1,308 |
Operating Segments | Cable Networks | ||||
Segment Reporting Information [Line Items] | ||||
Adjusted OIBDA | 906 | 866 | 3,215 | 2,945 |
Operating Segments | Filmed Entertainment | ||||
Segment Reporting Information [Line Items] | ||||
Adjusted OIBDA | 38 | 54 | 314 | 197 |
Corporate/Eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Adjusted OIBDA | (163) | (171) | (445) | (364) |
Segment Reconciling Items | ||||
Segment Reporting Information [Line Items] | ||||
Stock-based compensation | (32) | (40) | (133) | (137) |
Depreciation and amortization | (95) | (97) | (289) | (331) |
Restructuring and other corporate matters | (46) | (52) | (81) | (441) |
Programming charges | 0 | 0 | 0 | (121) |
Net gain on sales | $ 0 | $ 0 | $ 116 | $ 0 |
Reportable Segments - Assets (Details) - USD ($) $ in Millions |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Segment Reporting Information [Line Items] | ||
Total Assets | $ 55,912 | $ 52,663 |
Discontinued Operations | 1,430 | 1,439 |
Operating Segments | TV Entertainment | ||
Segment Reporting Information [Line Items] | ||
Total Assets | 19,871 | 19,443 |
Operating Segments | Cable Networks | ||
Segment Reporting Information [Line Items] | ||
Total Assets | 24,183 | 23,139 |
Operating Segments | Filmed Entertainment | ||
Segment Reporting Information [Line Items] | ||
Total Assets | 6,790 | 6,440 |
Corporate/Eliminations | ||
Segment Reporting Information [Line Items] | ||
Total Assets | $ 3,638 | $ 2,202 |
Commitments and Contingencies (Details) $ in Millions |
3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|---|
Mar. 26, 2021 |
Jan. 27, 2021
claim
|
Sep. 09, 2019
defendant
|
Sep. 30, 2021
USD ($)
claim
|
Sep. 30, 2021
USD ($)
claim
|
Dec. 31, 2020
USD ($)
claim
|
Dec. 31, 2019
USD ($)
|
Mar. 31, 2020
lawsuit
|
Jan. 23, 2020
claim
|
Aug. 01, 2018
lawsuit
|
|
Loss Contingencies [Line Items] | ||||||||||
Outstanding letters of credit and surety bonds | $ | $ 181 | $ 181 | ||||||||
Lawsuits consolidated | lawsuit | 3 | |||||||||
Number of claims dismissed | 1 | |||||||||
Number of consolidated class action lawsuits | 4 | |||||||||
Number of law firms retained | lawsuit | 2 | |||||||||
Number of defendants | defendant | 14 | |||||||||
Costs for settlement and defense of asbestos claims, net of insurance recoveries and taxes | $ | $ 35 | $ 58 | ||||||||
Series A Convertible Preferred Stock | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Preferred stock, percentage | 5.75% | 5.75% | ||||||||
Asbestos Claims | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Number of pending asbestos claims | 28,470 | 28,470 | 30,710 | |||||||
Number of new asbestos claims | 800 | |||||||||
Number of asbestos claims closed or moved to inactive docket | 2,050 | |||||||||
CBS Television City | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Guaranteed cash flow period | 5 years | |||||||||
Estimated liability | $ | $ 76 | $ 76 | ||||||||
Famous Players | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Estimated liability | $ | $ 58 | $ 58 |
Supplemental Financial Information - Supplemental Cash Flow Information (Details) - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Cash and Cash Equivalents [Line Items] | ||
Cash paid for interest | $ 783 | $ 765 |
Noncash additions to operating lease assets | 180 | 123 |
Continuing operations | ||
Cash and Cash Equivalents [Line Items] | ||
Cash paid (received) for income taxes | 171 | 257 |
Discontinued operations | ||
Cash and Cash Equivalents [Line Items] | ||
Cash paid (received) for income taxes | $ 40 | $ 41 |
Supplemental Financial Information - Variable Interest Entities (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
Dec. 31, 2020 |
|
Variable Interest Entity [Line Items] | |||||
Total assets | $ 55,912 | $ 55,912 | $ 52,663 | ||
Revenues | 6,610 | $ 5,837 | 20,586 | $ 18,411 | |
Operating income (loss) | 879 | 903 | 3,633 | 3,056 | |
Variable Interest Entity, Primary Beneficiary | |||||
Variable Interest Entity [Line Items] | |||||
Total assets | 1,566 | 1,566 | 1,385 | ||
Total liabilities | 196 | 196 | $ 197 | ||
Revenues | 179 | 50 | 342 | 606 | |
Operating income (loss) | $ (6) | $ 6 | $ 2 | $ 504 | |
Variable Interest Entity, Primary Beneficiary | South Park | |||||
Variable Interest Entity [Line Items] | |||||
Variable interest entity, ownership percentage | 51.00% | 51.00% |
Supplemental Financial Information - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Additional Financial Information Disclosure [Abstract] | ||||
Lease income | $ 42 | $ 32 | $ 113 | $ 84 |
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