Netflix (NFLX) 10-Q 18 Apr 19 2019 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information	3 Months Ended
	Mar. 31, 2019shares
Document And Entity Information [Abstract]
Entity Registrant Name	NETFLIX INC
Entity Central Index Key	0001065280
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Mar. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding	437,191,891
Entity Emerging Growth Company	false
Entity Small Business	false

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Income Statement [Abstract]
Revenues	$ 4,520,992	$ 3,700,856
Cost of revenues	2,870,614	2,300,579
Marketing	616,578	536,777
Technology and development	372,764	282,310
General and administrative	201,952	134,612
Operating income	459,084	446,578
Other income (expense):
Interest expense	(135,529)	(81,219)
Interest and other income (expense)	76,104	(65,743)
Income before income taxes	399,659	299,616
Provision for income taxes	55,607	9,492
Net income	$ 344,052	$ 290,124
Earnings per share:
Basic (in dollars per share)	$ 0.79	$ 0.67
Diluted (in dollars per share)	$ 0.76	$ 0.64
Weighted-average common shares outstanding:
Basic (in shares)	436,947	434,174
Diluted (in shares)	451,922	450,359

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Statement of Comprehensive Income [Abstract]
Net income	$ 344,052	$ 290,124
Other comprehensive income (loss):
Foreign currency translation adjustments	(6,018)	24,821
Comprehensive income	$ 338,034	$ 314,945

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Cash flows from operating activities:
Net income	$ 344,052	$ 290,124
Adjustments to reconcile net income to net cash used in operating activities:
Additions to streaming content assets	(2,997,746)	(2,986,747)
Change in streaming content liabilities	(14,698)	378,885
Amortization of streaming content assets	2,124,686	1,748,844
Amortization of DVD content assets	8,509	11,134
Depreciation and amortization of property, equipment and intangibles	23,561	19,041
Stock-based compensation expense	101,200	68,395
Other non-cash items	37,199	8,209
Foreign currency remeasurement loss (gain) on long-term debt	(57,600)	41,080
Deferred taxes	6,627	(22,049)
Changes in operating assets and liabilities:
Other current assets	(32,076)	(55,905)
Accounts payable	(124,467)	74,083
Accrued expenses and other liabilities	157,647	119,049
Deferred revenue	47,793	55,270
Other non-current assets and liabilities	(4,486)	13,830
Net cash used in operating activities	(379,799)	(236,757)
Cash flows from investing activities:
Acquisition of DVD content assets	(9,170)	(10,796)
Purchases of property and equipment	(60,381)	(37,170)
Change in other assets	(10,552)	(1,786)
Net cash used in investing activities	(80,103)	(49,752)
Cash flows from financing activities:
Proceeds from issuance of common stock	22,972	56,335
Other financing activities	0	(321)
Net cash provided by financing activities	22,972	56,014
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	(5,014)	7,177
Net decrease in cash, cash equivalents, and restricted cash	(441,944)	(223,318)
Cash, cash equivalents and restricted cash at beginning of period	3,812,041	2,822,795
Cash, cash equivalents and restricted cash at end of period	$ 3,370,097	$ 2,599,477

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 3,348,557	$ 3,794,483
Current content assets, net	0	5,151,186
Other current assets	820,350	748,466
Total current assets	4,168,907	9,694,135
Non-current content assets, net	20,888,785	14,960,954
Property and equipment, net	434,372	418,281
Other non-current assets	1,726,568	901,030
Total assets	27,218,632	25,974,400
Current liabilities:
Current content liabilities	4,863,351	4,686,019
Accounts payable	439,496	562,985
Accrued expenses and other liabilities	746,268	477,417
Deferred revenue	808,692	760,899
Total current liabilities	6,857,807	6,487,320
Non-current content liabilities	3,560,364	3,759,026
Long-term debt	10,305,023	10,360,058
Other non-current liabilities	792,380	129,231
Total liabilities	21,515,574	20,735,635
Commitments and contingencies (Note 6)
Stockholders’ equity:
Common stock, $0.001 par value; 4,990,000,000 shares authorized at March 31, 2019 and December 31, 2018; 437,191,891 and 436,598,597 issued and outstanding at March 31, 2019 and December 31, 2018, respectively	2,439,773	2,315,988
Accumulated other comprehensive loss	(25,600)	(19,582)
Retained earnings	3,288,885	2,942,359
Total stockholders’ equity	5,703,058	5,238,765
Total liabilities and stockholders’ equity	$ 27,218,632	$ 25,974,400

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Common stock, par value (dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (shares)	4,990,000,000	4,990,000,000
Common stock, shares issued (shares)	437,191,891	436,598,597
Common stock, shares outstanding (shares)	437,191,891	436,598,597

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock and Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adoption of ASU 2016-02, Leases (Topic 842)				$ 0
Beginning Balance at Dec. 31, 2017	$ 3,581,956	$ 1,871,396	$ (20,557)	1,731,117
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of options		55,434
Stock-based compensation expense		68,395
Other comprehensive income (loss)			24,821
Net income	290,124			290,124
Ending Balance at Mar. 31, 2018	4,020,730	1,995,225	4,264	2,021,241
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adoption of ASU 2016-02, Leases (Topic 842)				2,474
Beginning Balance at Dec. 31, 2018	5,238,765	2,315,988	(19,582)	2,942,359
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of options		22,585
Stock-based compensation expense		101,200
Other comprehensive income (loss)			(6,018)
Net income	344,052			344,052
Ending Balance at Mar. 31, 2019	$ 5,703,058	$ 2,439,773	$ (25,600)	$ 3,288,885

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	Basis of Presentation and Summary of Significant Accounting Policies The accompanying interim consolidated financial statements of Netflix, Inc. and its wholly owned subsidiaries (the “Company”) have been prepared in conformity with accounting principles generally accepted in the United States (“U.S.”) and are consistent in all material respects with those applied in the Company’s Annual Report on Form 10-K, as amended by Form 10-K/A, for the year ended December 31, 2018 filed with the Securities and Exchange Commission (the “SEC”) on January 29, 2019 and February 8, 2019 , respectively. The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and judgments that affect the amounts reported in the consolidated financial statements and accompanying notes. Significant items subject to such estimates and assumptions include the streaming content asset amortization policy and the recognition and measurement of income tax assets and liabilities. The Company bases its estimates on historical experience and on various other assumptions that the Company believes to be reasonable under the circumstances. On a regular basis, the Company evaluates the assumptions, judgments and estimates. Actual results may differ from these estimates. The interim financial information is unaudited, but reflects all normal recurring adjustments that are, in the opinion of management, necessary to fairly present the information set forth herein. The interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K, as amended by Form 10-K/A, for the year ended December 31, 2018 . Interim results are not necessarily indicative of the results for a full year. There have been no material changes in the Company’s significant accounting policies, other than the adoption of accounting pronouncements below, as compared to the significant accounting policies described in the Company’s Annual Report on Form 10-K, as amended by Form 10-K/A, for the year ended December 31, 2018. Recently adopted accounting pronouncements In February 2016, the Financial Accounting Standards Board ("FASB") issued ASU 2016-02, Leases (Topic 842) in order to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet for those leases classified as operating leases under prior GAAP. ASU 2016-02 requires that a lessee should recognize a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term on the balance sheet. The Company adopted ASU 2016-02 in the first quarter of 2019 utilizing the modified retrospective transition method through a cumulative-effect adjustment at the beginning of the first quarter of 2019. The Company has elected the package of practical expedients, which allows the Company not to reassess (1) whether any expired or existing contracts as of the adoption date are or contain a lease, (2) lease classification for any expired or existing leases as of the adoption date and (3) initial direct costs for any existing leases as of the adoption date. The Company did not elect to apply the hindsight practical expedient when determining lease term and assessing impairment of right-of-use assets. The adoption of ASU 2016-02 on January 1, 2019 resulted in the recognition of right-of-use assets of approximately $743 million , lease liabilities for operating leases of approximately $813 million and a cumulative-effect adjustment on retained earnings of $2 million on its Consolidated Balance Sheets, with no material impact to its Consolidated Statements of Operations. See Note 4 for further information regarding the impact of the adoption of ASU 2016-02 on the Company's financial statements. In March 2019, the FASB issued ASU 2019-02, Improvements to Accounting for Costs of Films and License Agreements for Program Materials , in order to align the accounting for production costs of an episodic television series with the accounting for production costs of films by removing the content distinction for capitalization. ASU 2019-02 also requires that an entity reassess estimates of the use of a film in a film group and account for any changes prospectively. In addition, ASU 2019-02 requires that an entity test films and license agreements for program material for impairment at a film group level when the film or license agreements are predominantly monetized with other films and license agreements. ASU 2019-02 is effective for fiscal years beginning after December 15, 2019 and early adoption is permitted. The Company early adopted ASU 2019-02 in the first quarter of 2019 and as such has included all content assets (licensed and produced) as "Non-current content assets, net" on its Consolidated Balance Sheets, beginning with the period of adoption. There was no material impact to its Consolidated Statements of Operations. See the Company's updated Streaming Content policy below for further details. Streaming Content (Effective January 1, 2019) The Company acquires, licenses and produces content, including original programming, in order to offer members unlimited viewing of TV series and films. The content licenses are for a fixed fee and specific windows of availability. Payment terms for certain content licenses and the production of content require more upfront cash payments relative to the amortization expense. Payments for content, including additions to streaming assets and the changes in related liabilities, are classified within "Net cash used in operating activities" on the Consolidated Statements of Cash Flows. The Company recognizes content assets (licensed and produced) as “Non-current content assets, net” on the Consolidated Balance Sheets. For licenses, the Company capitalizes the fee per title and records a corresponding liability at the gross amount of the liability when the license period begins, the cost of the title is known and the title is accepted and available for streaming. For productions, the Company capitalizes costs associated with the production, including development costs, direct costs and production overhead. Participations and residuals are expensed in line with the amortization of production costs. Based on factors including historical and estimated viewing patterns, the Company amortizes the content assets (licensed and produced) in “Cost of revenues” on the Consolidated Statements of Operations over the shorter of each title's contractual window of availability or estimated period of use or ten years, beginning with the month of first availability. The amortization is on an accelerated basis, as the Company typically expects more upfront viewing, for instance due to additional merchandising and marketing efforts and film amortization is more accelerated than TV series amortization. The Company reviews factors impacting the amortization of the content assets on an ongoing basis. The Company's estimates related to these factors require considerable management judgment. The Company's business model is subscription based as opposed to a model generating revenues at a specific title level. Content assets (licensed and produced) are predominantly monetized as a group and therefore are reviewed in aggregate at a group level when an event or change in circumstances indicates a change in the expected usefulness of the content or that the fair value may be less than unamortized cost. To date, the Company has not identified any such event or changes in circumstances. If such changes are identified in the future, these aggregated content assets will be stated at the lower of unamortized cost or fair value. In addition, unamortized costs for assets that have been, or are expected to be, abandoned are written off.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2019
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Basic earnings per share is computed using the weighted-average number of outstanding shares of common stock during the period. Diluted earnings per share is computed using the weighted-average number of outstanding shares of common stock and, when dilutive, potential common shares outstanding during the period. Potential common shares consist of incremental shares issuable upon the assumed exercise of stock options. The computation of earnings per share is as follows: Three Months Ended March 31, March 31, (in thousands, except per share data) Basic earnings per share: Net income $ 344,052 $ 290,124 Shares used in computation: Weighted-average common shares outstanding 436,947 434,174 Basic earnings per share $ 0.79 $ 0.67 Diluted earnings per share: Net income $ 344,052 $ 290,124 Shares used in computation: Weighted-average common shares outstanding 436,947 434,174 Employee stock options 14,975 16,185 Weighted-average number of shares 451,922 450,359 Diluted earnings per share $ 0.76 $ 0.64 Employee stock options with exercise prices greater than the average market price of the common stock were excluded from the diluted calculation as their inclusion would have been anti-dilutive. These anti-dilutive stock options were immaterial for each period presented.

Cash, Cash Equivalents and Rest

Cash, Cash Equivalents and Restricted Cash	3 Months Ended
	Mar. 31, 2019
Short-Term Investments And Fair Value Measurement [Abstract]
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents, and Restricted Cash The following table summarizes the Company's cash, cash equivalents, and restricted cash as of March 31, 2019 and December 31, 2018 : As of March 31, 2019 Cash and cash equivalents Non-current Assets Total (in thousands) Cash $ 2,384,999 $ 20,234 $ 2,405,233 Level 1 securities: Money market funds 963,558 1,306 964,864 $ 3,348,557 $ 21,540 $ 3,370,097 As of December 31, 2018 Cash and cash equivalents Non-current Assets Total (in thousands) Cash $ 2,572,685 $ 16,260 $ 2,588,945 Level 1 securities: Money market funds 1,221,798 1,298 1,223,096 $ 3,794,483 $ 17,558 $ 3,812,041 Non-current assets include restricted cash related to letter of credit agreements and workers compensation deposits. There were no material gross realized gains or losses in the three months ended March 31, 2019 and 2018 , respectively.

Balance Sheet Components

Balance Sheet Components	3 Months Ended
	Mar. 31, 2019
Balance Sheet Components Disclosure [Abstract]
Balance Sheet Components	Balance Sheet Components Content Assets Content assets consisted of the following: As of March 31, December 31, (in thousands) Licensed content, net $ 14,297,658 $ 14,081,463 Produced content, net Released, less amortization 2,737,677 2,403,896 In production 3,494,467 3,305,126 In development and pre-production 348,515 311,842 6,580,659 6,020,864 DVD, net 10,468 9,813 Total $ 20,888,785 $ 20,112,140 On average, over 90% of a licensed or produced streaming content asset is expected to be amortized within four years after its month of first availability. As of March 31, 2019 , approximately $5,415 million , $3,691 million , and $2,552 million of the $14,298 million unamortized cost of the licensed content is expected to be amortized in each of the next three years. As of March 31, 2019 , approximately $935 million , $756 million , and $559 million of the $2,738 million unamortized cost of the produced content that has been released is expected to be amortized in each of the next three years. As of March 31, 2019 , the amount of accrued participations and residuals was not material. The following table represents the amortization of streaming content assets: Three Months Ended March 31, March 31, (in thousands) Licensed content $ 1,774,289 $ 1,557,424 Produced content 350,397 191,420 Total streaming content $ 2,124,686 $ 1,748,844 Property and Equipment, Net Property and equipment and accumulated depreciation consisted of the following: As of March 31, December 31, Estimated Useful Lives (in thousands) Leasehold improvements 294,358 282,028 Over life of lease Information technology 229,168 224,296 3 years Furniture and fixtures 70,125 63,667 3-15 years Buildings 32,787 73,468 30 years Corporate aircraft 99,009 62,560 8 years DVD operations equipment 53,416 53,416 5 years Machinery and equipment 2,117 1,692 3 years Land 6,125 6,125 Capital work-in-progress 18,290 19,548 Property and equipment, gross 805,395 786,800 Less: Accumulated depreciation (371,023 ) (368,519 ) Property and equipment, net $ 434,372 $ 418,281 Leases The Company has entered into operating leases primarily for real estate. These leases have terms which range from 1 year to 15 years, and often include one or more options to renew. These renewal terms can extend the lease term from 1 to 10 years, and are included in the lease term when it is reasonably certain that the Company will exercise the option. These operating leases are included in "Other non-current assets" on the Company's March 31, 2019 Consolidated Balance Sheet, and represent the Company’s right to use the underlying asset for the lease term. The Company’s obligation to make lease payments are included in "Accrued expenses and other liabilities" and "Other non-current liabilities" on the Company's March 31, 2019 Consolidated Balance Sheet. Based on the present value of the lease payments for the remaining lease term of the Company's existing leases, the Company recognized right-of-use assets of approximately $743 million and lease liabilities for operating leases of approximately $813 million on January 1, 2019. Operating lease right-of-use assets and liabilities commencing after January 1, 2019 are recognized at commencement date based on the present value of lease payments over the lease term. As of March 31, 2019, total right-of-use assets and operating lease liabilities were approximately $812 million and $888 million , respectively. The Company has entered into various short-term operating leases, primarily for marketing billboards, with an initial term of twelve months or less. These leases are not recorded on the Company's balance sheet. All operating lease expense is recognized on a straight-line basis over the lease term. In the three months ended March 31, 2019, the Company recognized approximately $104 million in total lease costs, which was comprised of $43 million in operating lease costs for right-of-use assets and $61 million in short-term lease costs related to short-term operating leases. Because the rate implicit in each lease is not readily determinable, the Company uses its incremental borrowing rate to determine the present value of the lease payments. The Company has certain contracts for real estate and marketing which may contain lease and non-lease components which it has elected to treat as a single lease component. Information related to the Company's right-of-use assets and related lease liabilities were as follows: Three Months Ended March 31, 2019 (in thousands) Cash paid for operating lease liabilities $ 37,653 Right-of-use assets obtained in exchange for new operating lease obligations (1) 842,395 Weighted-average remaining lease term 8.5 years Weighted-average discount rate 5.7 % (1) Includes $743 million for operating leases existing on January 1, 2019 and $99 million for operating leases that commenced in the first quarter of 2019. Maturities of lease liabilities as of March 31, 2019 were as follows (in thousands): Due in 12 month period ended March 31, 2020 167,238 2021 142,248 2022 133,824 2023 113,437 2024 109,572 Thereafter 477,116 1,143,435 Less imputed interest (255,913 ) Total lease liabilities 887,522 Current operating lease liabilities 122,498 Non-current operating lease liabilities 765,024 Total lease liabilities 887,522 The Company has additional operating leases for real estate of $815 million which have not commenced as of March 31, 2019, and as such, have not been recognized on the Company's Consolidated Balance Sheet. These operating leases are expected to commence between 2019 and 2020 with lease terms between 5 years and 15 years. Deferred Revenue The Company’s primary source of revenues are from monthly membership fees. Members are billed in advance of the start of their monthly membership and revenues are recognized ratably over each monthly membership period. Revenues are presented net of the taxes that are collected from members and remitted to governmental authorities. The Company is the principal in all its relationships where partners, including consumer electronics (“CE”) manufacturers, multichannel video programming distributors (“MVPDs”), mobile operators and internet service providers (“ISPs”), provide access to the service as the Company retains control over service delivery to its members. Typically, payments made to the partners, such as for marketing, are expensed, but in the case where the price that the member pays is established by the partners and there is no standalone price for the Netflix service (for instance, in a bundle), these payments are recognized as a reduction of revenues. Deferred revenue consists of membership fees billed that have not been recognized, as well as gift and other prepaid memberships that have not been fully redeemed. As of March 31, 2019 , total deferred revenue was $809 million , the vast majority of which was related to membership fees billed that are expected to be recognized as revenue within the next month. The remaining deferred revenue balance, which is related to gift cards and other prepaid memberships, will be recognized as revenue over the period of service after redemption, which is expected to occur over the next 12 months. The $48 million increase in deferred revenue as compared to the year ended December 31, 2018 is a result of the increase in membership fees billed due to increased members and average monthly revenue per paying member. Other Current Assets Other current assets consisted of the following: As of March 31, December 31, (in thousands) Trade receivables $ 432,955 $ 362,712 Prepaid expenses 177,460 178,833 Other 209,935 206,921 Total other current assets $ 820,350 $ 748,466

Long-term Debt

Long-term Debt	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Long-term Debt	Long-term Debt As of March 31, 2019 , the Company had aggregate outstanding long-term notes of $10,305 million , net of $87 million of issuance costs, with varying maturities (the "Notes"). Each of the Notes were issued at par and are senior unsecured obligations of the Company. Interest is payable semi-annually at fixed rates. A portion of the outstanding long-term notes is denominated in foreign currency (comprised of €2,400 million ) and is remeasured into U.S. dollars at each balance sheet date. The following table provides a summary of the Company's outstanding long-term debt and the fair values based on quoted market prices in less active markets as of March 31, 2019 and December 31, 2018 : Level 2 Fair Value as of Principal Amount at Par Issuance Date Maturity Interest Payment Dates March 31, 2019 December 31, 2018 (in millions) (in millions) 5.375% Senior Notes $ 500 February 2013 February 2021 February and August $ 521 $ 509 5.500% Senior Notes 700 February 2015 February 2022 April and October 736 706 5.750% Senior Notes 400 February 2014 March 2024 March and September 429 407 5.875% Senior Notes 800 February 2015 February 2025 April and October 867 812 4.375% Senior Notes 1,000 October 2016 November 2026 May and November 982 915 3.625% Senior Notes (1) 1,458 May 2017 May 2027 May and November 1,512 1,446 4.875% Senior Notes 1,600 October 2017 April 2028 April and October 1,586 1,464 5.875% Senior Notes 1,900 April 2018 November 2028 May and November 2,010 1,851 4.625% Senior Notes (2) 1,234 October 2018 May 2029 May and November 1,320 1,241 6.375% Senior Notes 800 October 2018 May 2029 May and November 868 797 $ 10,392 (1) Debt is denominated in euro with a €1,300 million principal amount. Total proceeds were $1,421 million . (2) Debt is denominated in euro with a €1,100 million principal amount. Total proceeds were $1,262 million . The expected timing of principal and interest payments for these Notes are as follows: As of March 31, December 31, 2018 (in thousands) Less than one year $ 535,960 $ 538,384 Due after one year and through three years 2,245,272 1,550,581 Due after three years and through five years 1,328,564 1,646,101 Due after five years 10,658,355 11,138,129 Total debt obligations $ 14,768,151 $ 14,873,195 Each of the Notes are repayable in whole or in part upon the occurrence of a change of control, at the option of the holders, at a purchase price in cash equal to 101% of the principal plus accrued interest. The Company may redeem the Notes prior to maturity in whole or in part at an amount equal to the principal amount thereof plus accrued and unpaid interest and an applicable premium. The Notes include, among other terms and conditions, limitations on the Company's ability to create, incur or allow certain liens; enter into sale and lease-back transactions; create, assume, incur or guarantee additional indebtedness of certain of the Company's subsidiaries; and consolidate or merge with, or convey, transfer or lease all or substantially all of the Company's and its subsidiaries assets, to another person. As of March 31, 2019 and December 31, 2018 , the Company was in compliance with all related covenants. Revolving Credit Facility In July 2017, the Company entered into a $500 million unsecured revolving credit facility (“Revolving Credit Agreement”), with an uncommitted incremental facility to increase the amount of the revolving credit facility by up to an additional $250 million , subject to certain terms and conditions. On March 29, 2019, the agreement was amended to extend the maturity date from July 27, 2022 to March 29, 2024 and to increase the size of the credit facility to $750 million , without impacting the existing uncommitted incremental facility. Revolving loans may be borrowed, repaid and reborrowed until March 29, 2024, at which time all amounts borrowed must be repaid. The Company may use the proceeds of future borrowings under the Revolving Credit Agreement for working capital and general corporate purposes. As of March 31, 2019 , no amounts have been borrowed under the Revolving Credit Agreement. The borrowings under the Revolving Credit Agreement bear interest, at the Company’s option, of either (i) a floating rate equal to a base rate (the “Alternate Base Rate”) or (ii) a rate equal to an adjusted London interbank offered rate (the “Adjusted LIBO Rate”), plus a margin of 0.75% . The Alternate Base Rate is defined as the greatest of (A) the rate of interest published by the Wall Street Journal, from time to time, as the prime rate, (B) the federal funds rate, plus 0.500% and (C) the Adjusted LIBO Rate for a one-month interest period, plus 1.00% . The Adjusted LIBO Rate is defined as the London interbank offered rate for deposits in U.S. dollars, for the relevant interest period, adjusted for statutory reserve requirements, but in no event shall the Adjusted LIBO Rate be less than 0.00% per annum. The Company is also obligated to pay a commitment fee on the undrawn amounts of the Revolving Credit Agreement at a rate of 0.10% . The Revolving Credit Agreement requires the Company to comply with certain covenants, including covenants that limit or restrict the ability of the Company’s subsidiaries to incur debt and limit or restrict the ability of the Company and its subsidiaries to grant liens and enter into sale and leaseback transactions; and, in the case of the Company or a guarantor, merge, consolidate, liquidate, dissolve or sell, transfer, lease or otherwise dispose of all or substantially all of the assets of the Company and its subsidiaries, taken as a whole. As of March 31, 2019 , the Company was in compliance with all related covenants.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Streaming Content As of March 31, 2019 , the Company had $18.9 billion of obligations comprised of $4.9 billion included in "Current content liabilities" and $3.6 billion of "Non-current content liabilities" on the Consolidated Balance Sheets and $10.4 billion of obligations that are not reflected on the Consolidated Balance Sheets as they did not yet meet the criteria for asset recognition. As of December 31, 2018 , the Company had $19.3 billion of obligations comprised of $4.7 billion included in "Current content liabilities" and $3.8 billion of "Non-current content liabilities" on the Consolidated Balance Sheets and $10.8 billion of obligations that are not reflected on the Consolidated Balance Sheets as they did not yet meet the criteria for asset recognition. The expected timing of payments for these streaming content obligations is as follows: As of March 31, December 31, (in thousands) Less than one year $ 8,888,491 $ 8,611,398 Due after one year and through three years 8,416,736 8,841,561 Due after three years and through five years 1,480,670 1,684,582 Due after five years 136,892 148,334 Total streaming content obligations $ 18,922,789 $ 19,285,875 Content obligations include amounts related to the acquisition, licensing and production of streaming content. Obligations that are in non-U.S. dollar currencies are translated to the U.S. dollar at period end rates. An obligation for the production of content includes non-cancelable commitments under creative talent and employment agreements as well as other production related commitments. An obligation for the acquisition and licensing of content is incurred at the time the Company enters into an agreement to obtain future titles. Once a title becomes available, a content liability is recorded on the Consolidated Balance Sheets. Certain agreements include the obligation to license rights for unknown future titles, the ultimate quantity and/or fees for which are not yet determinable as of the reporting date. Traditional film output deals, or certain TV series license agreements where the number of seasons to be aired is unknown, are examples of such license agreements. The Company does not include any estimated obligation for these future titles beyond the known minimum amount. However, the unknown obligations are expected to be significant. Legal Proceedings From time to time, in the normal course of its operations, the Company is subject to litigation matters and claims, including claims relating to employee relations, business practices and patent infringement. Litigation can be expensive and disruptive to normal business operations. Moreover, the results of complex legal proceedings are difficult to predict and the Company's view of these matters may change in the future as the litigation and events related thereto unfold. The Company expenses legal fees as incurred. The Company records a provision for contingent losses when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. An unfavorable outcome to any legal matter, if material, could have an adverse effect on the Company's operations or its financial position, liquidity or results of operations. The Company is involved in litigation matters not listed herein but does not consider the matters to be material either individually or in the aggregate at this time. The Company's view of the matters not listed may change in the future as the litigation and events related thereto unfold. Indemnification In the ordinary course of business, the Company has entered into contractual arrangements under which it has agreed to provide indemnification of varying scope and terms to business partners and other parties with respect to certain matters, including, but not limited to, losses arising out of the Company’s breach of such agreements and out of intellectual property infringement claims made by third parties. In these circumstances, payment may be conditional on the other party making a claim pursuant to the procedures specified in the particular contract. The Company's obligations under these agreements may be limited in terms of time or amount, and in some instances, the Company may have recourse against third parties for certain payments. In addition, the Company has entered into indemnification agreements with its directors and certain of its officers that will require it, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors or officers. The terms of such obligations vary. It is not possible to make a reasonable estimate of the maximum potential amount of future payments under these or similar agreements due to the conditional nature of the Company’s obligations and the unique facts and circumstances involved in each particular agreement. No amount has been accrued in the accompanying consolidated financial statements with respect to these indemnification obligations.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2019
Stockholders' Equity and Stock-based Compensation Disclosure [Abstract]
Stockholders' Equity	Stockholders’ Equity Stock Option Plan In June 2011, the Company adopted the 2011 Stock Plan. The 2011 Stock Plan provides for the grant of incentive stock options to employees and for the grant of non-statutory stock options, stock appreciation rights, restricted stock and restricted stock units to employees, directors and consultants. As of March 31, 2019 , approximately 8 million shares were reserved for future grants under the 2011 Stock Plan. A summary of the activities related to the Company’s stock option plans is as follows: Options Outstanding Shares Number of Weighted- (per share) Weighted-Average Remaining Aggregate Balances as of December 31, 2018 8,699,941 20,479,278 $ 89.61 Granted (619,636 ) 619,636 319.43 Exercised — (593,294 ) 38.07 Expired — (21 ) 4.27 Balances as of March 31, 2019 8,080,305 20,505,599 $ 98.04 5.68 $ 5,312,077 Vested and exercisable as of March 31, 2019 20,505,599 $ 98.04 5.68 $ 5,312,077 The aggregate intrinsic value in the table above represents the total pretax intrinsic value (the difference between the Company’s closing stock price on the last trading day of the first quarter of 2019 and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their options on the last trading day of the first quarter of 2019 . This amount changes based on the fair market value of the Company’s common stock. A summary of the amounts related to option exercises, is as follows: Three Months Ended March 31, March 31, (in thousands) Total intrinsic value of options exercised $ 180,842 $ 277,910 Cash received from options exercised 22,972 56,335 Stock-based Compensation Stock options granted are exercisable for the full ten year contractual term regardless of employment status. The following table summarizes the assumptions used to value option grants using the lattice-binomial model and the valuation data: Three Months Ended March 31, March 31, Dividend yield — % — % Expected volatility 41 % 40 % Risk-free interest rate 2.74 % 2.61 % Suboptimal exercise factor 3.07 2.80 Weighted-average fair value (per share) $ 163 $ 124 Total stock-based compensation expense (in thousands) $ 101,200 $ 68,395 Total income tax impact on provision (in thousands) $ 21,628 $ 14,691 The Company considers several factors in determining the suboptimal exercise factor, including the historical and estimated option exercise behavior. The Company calculates expected volatility based solely on implied volatility. The Company believes that implied volatility of publicly traded options in its common stock is more reflective of market conditions, and given consistently high trade volumes of the options, can reasonably be expected to be a better indicator of expected volatility than historical volatility of its common stock. In valuing shares issued under the Company’s employee stock option plans, the Company bases the risk-free interest rate on U.S. Treasury zero-coupon issues with terms similar to the contractual term of the options. The Company does not anticipate paying any cash dividends in the foreseeable future and therefore uses an expected dividend yield of zero in the option valuation model. The Company does not use a post-vesting termination rate as options are fully vested upon grant date.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2019
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Three Months Ended March 31, March 31, (in thousands, except percentages) Provision for income taxes $ 55,607 $ 9,492 Effective tax rate 14 % 3 % The effective tax rate for the three months ended March 31, 2019 differed from the Federal statutory rate primarily due to the recognition of excess tax benefits of stock-based compensation, Federal and California research and development credits (“R&D”) and effects of the international tax provisions from U.S. tax reform that became effective in 2018, partially offset by state taxes, foreign taxes, and non-deductible expenses. The effective tax rate for the three months ended March 31, 2018 differed from the Federal statutory rate primarily due to the recognition of excess tax benefits of stock-based compensation and Federal and California R&D credits, partially offset by state taxes, foreign taxes, non-deductible expenses, and effects of the international tax provisions from U.S. tax reform that became effective in 2018. The increase in effective tax rate for the three months ended March 31, 2019 , as compared to the same period in 2018 was primarily due to a lower benefit from the recognition of excess tax benefits of stock-based compensation, lower benefit on a percentage basis from Federal and California R&D credits, and additional expenses related to foreign taxes. For the three months ended March 31, 2019 and 2018, the Company recognized a discrete tax benefit related to the excess tax benefits from stock-based compensation of $41 million and $61 million , respectively. Gross unrecognized tax benefits were $52 million and $48 million as of March 31, 2019 and December 31, 2018 , respectively. The gross unrecognized tax benefits, if recognized by the Company, will result in a reduction of approximately $49 million to the provision for income taxes thereby favorably impacting the Company’s effective tax rate. As of March 31, 2019 , gross unrecognized tax benefits of $17 million were classified as “Other non-current liabilities” and $35 million as a reduction to deferred tax assets which was classified as "Other non-current assets" in the Consolidated Balance Sheets. The Company includes interest and penalties related to unrecognized tax benefits within the "Provision for (benefit from) income taxes" on the Consolidated Statements of Operations and “Other non-current liabilities” in the Consolidated Balance Sheets. Interest and penalties included in the Company’s “Provision for income taxes” were not material in any of the periods presented. Deferred tax assets of $557 million and $564 million were classified as “Other non-current assets” on the Consolidated Balance Sheets as of March 31, 2019 and December 31, 2018 , respectively. In evaluating its ability to realize the net deferred tax assets, the Company considered all available positive and negative evidence, including its past operating results and the forecast of future market growth, forecasted earnings, future taxable income, and prudent and feasible tax planning strategies. The Company has a valuation allowance of $139 million and $125 million as of March 31, 2019 and December 31, 2018 , respectively. The valuation allowance is primarily related to certain foreign tax credits that are not likely to be realized. The Company files U.S. Federal, state and foreign tax returns. The Company is currently under examination by the IRS for 2016 and 2017 and by the state of California for 2014 and 2015. The 2009 through 2017 state tax returns are subject to examination by state tax authorities. The Company is also currently under examination in the UK for 2015. The Company has no other significant foreign jurisdiction audits underway. The years 2014 through 2018 remain subject to examination by foreign tax authorities. Given the potential outcome of the current examinations as well as the impact of the current examinations on the potential expiration of the statute of limitations, it is reasonably possible that the balance of unrecognized tax benefits could significantly change within the next twelve months. At this time, an estimate of the range of reasonably possible adjustments to the balance of unrecognized tax benefits cannot be made.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2019
Segment Reporting [Abstract]
Segment Information	Segment Information Segment information is presented in the same manner that the Company’s chief operating decision maker (“CODM”) reviews the operating results in assessing performance and allocating resources. As markets within the Company's International streaming segment become profitable, the CODM increasingly focuses on the Company's global operating margin as a measure of profitability. As of the first quarter of 2019 , the Company has three reportable segments: Domestic streaming, International streaming and Domestic DVD. The Company’s CODM reviews revenues and contribution profit (loss) for each of the reportable segments. Contribution profit (loss) is defined as revenues less cost of revenues and marketing expenses incurred by the segment. The Company has aggregated the results of the International operating segments into one reportable segment because these operating segments share similar long-term economic and other qualitative characteristics. The Domestic streaming segment derives revenues from monthly membership fees for services related to streaming content to members in the United States. The International streaming segment derives revenues from monthly membership fees for services related to streaming content to members outside of the United States. The Domestic DVD segment derives revenues from monthly membership fees for services consisting solely of DVD-by-mail. Revenues and the related payment processing fees are attributed to the operating segment based on the nature of the underlying membership (streaming or DVD) and the geographic region from which the membership originates. There are no internal revenue transactions between the Company’s segments. Amortization of streaming content assets makes up the majority of cost of revenues. The Company obtains multi-territory or global rights for its streaming content and allocates these rights between Domestic and International streaming segments based on estimated fair market value. Amortization of content assets and other expenses associated with the acquisition, licensing, and production of streaming content for each streaming segment thus includes both expenses directly incurred by the segment as well as an allocation of expenses incurred for global or multi-territory rights. Other costs of revenues such as delivery costs are either attributed to the operating segment based on amounts directly incurred by the segment or are allocated across segments by management. Marketing expenses consist primarily of advertising expenses and certain payments made to marketing partners, including CE manufacturers, MVPDs, mobile operators and ISPs, which are generally included in the segment in which the expenditures are directly incurred. The Company's long-lived tangible assets, as well as the Company's operating lease right-of-use assets recognized on the Consolidated Balance Sheets as of March 31, 2019, were located as follows: As of March 31, December 31, 2018 (in thousands) United States $ 1,102,154 $ 381,947 International 144,012 36,334 The following tables represent segment information for the three months ended March 31, 2019 : As of/ Three Months Ended March 31, 2019 Domestic International Domestic Consolidated (in thousands) Total paid memberships at end of period (1) 60,229 88,634 2,565 Total paid net membership additions (1) 1,743 7,861 (141 ) Total free trials at end of period 1,563 5,003 22 Revenues $ 2,073,555 $ 2,366,749 $ 80,688 $ 4,520,992 Cost of revenues 1,139,535 1,697,121 33,958 2,870,614 Marketing 221,046 395,532 — 616,578 Contribution profit $ 712,974 $ 274,096 $ 46,730 $ 1,033,800 Other operating expenses 574,716 Operating income 459,084 Other income (expense) (59,425 ) Provision for income taxes 55,607 Net income $ 344,052 The following tables represent segment information for the three months ended March 31, 2018 : As of/ Three Months Ended March 31, 2018 Domestic International Domestic Consolidated (in thousands) Total paid memberships at end of period (1) 55,087 63,815 3,138 Total paid net membership additions (1) 2,277 5,981 (192 ) Total free trials at end of period 1,618 4,475 29 Revenues $ 1,820,019 $ 1,782,086 $ 98,751 $ 3,700,856 Cost of revenues 936,480 1,321,706 42,393 2,300,579 Marketing 250,719 286,058 — 536,777 Contribution profit $ 632,820 $ 174,322 $ 56,358 $ 863,500 Other operating expenses 416,922 Operating income 446,578 Other income (expense) (146,962 ) Provision for income taxes 9,492 Net income $ 290,124 (1) A paid membership (also referred to as a paid subscription) is defined as a membership that has the right to receive Netflix service following sign-up and a method of payment being provided, and that is not part of a free trial or other promotional offering by the Company to certain new and rejoining members. A membership is canceled and ceases to be reflected in the above metrics as of the effective cancellation date. Voluntary cancellations generally become effective at the end of the prepaid membership period. Involuntary cancellation of the service, as a result of a failed method of payment, becomes effective immediately. Memberships are assigned to territories based on the geographic location used at time of sign-up as determined by the Company's internal systems, which utilize industry standard geo-location technology. The following table represents the amortization of content assets: Domestic Streaming International Streaming Domestic DVD Consolidated (in thousands) Three months ended March 31, 2019 $ 864,311 $ 1,260,375 $ 8,509 $ 2,133,195 2018 730,272 1,018,572 11,134 1,759,978

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Use of Estimates	The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and judgments that affect the amounts reported in the consolidated financial statements and accompanying notes. Significant items subject to such estimates and assumptions include the streaming content asset amortization policy and the recognition and measurement of income tax assets and liabilities. The Company bases its estimates on historical experience and on various other assumptions that the Company believes to be reasonable under the circumstances. On a regular basis, the Company evaluates the assumptions, judgments and estimates. Actual results may differ from these estimates.
Recently adopted accounting pronouncements and Recently issued accounting pronouncements not yet adopted	Recently adopted accounting pronouncements In February 2016, the Financial Accounting Standards Board ("FASB") issued ASU 2016-02, Leases (Topic 842) in order to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet for those leases classified as operating leases under prior GAAP. ASU 2016-02 requires that a lessee should recognize a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term on the balance sheet. The Company adopted ASU 2016-02 in the first quarter of 2019 utilizing the modified retrospective transition method through a cumulative-effect adjustment at the beginning of the first quarter of 2019. The Company has elected the package of practical expedients, which allows the Company not to reassess (1) whether any expired or existing contracts as of the adoption date are or contain a lease, (2) lease classification for any expired or existing leases as of the adoption date and (3) initial direct costs for any existing leases as of the adoption date. The Company did not elect to apply the hindsight practical expedient when determining lease term and assessing impairment of right-of-use assets. The adoption of ASU 2016-02 on January 1, 2019 resulted in the recognition of right-of-use assets of approximately $743 million , lease liabilities for operating leases of approximately $813 million and a cumulative-effect adjustment on retained earnings of $2 million on its Consolidated Balance Sheets, with no material impact to its Consolidated Statements of Operations. See Note 4 for further information regarding the impact of the adoption of ASU 2016-02 on the Company's financial statements. In March 2019, the FASB issued ASU 2019-02, Improvements to Accounting for Costs of Films and License Agreements for Program Materials , in order to align the accounting for production costs of an episodic television series with the accounting for production costs of films by removing the content distinction for capitalization. ASU 2019-02 also requires that an entity reassess estimates of the use of a film in a film group and account for any changes prospectively. In addition, ASU 2019-02 requires that an entity test films and license agreements for program material for impairment at a film group level when the film or license agreements are predominantly monetized with other films and license agreements. ASU 2019-02 is effective for fiscal years beginning after December 15, 2019 and early adoption is permitted. The Company early adopted ASU 2019-02 in the first quarter of 2019 and as such has included all content assets (licensed and produced) as "Non-current content assets, net" on its Consolidated Balance Sheets, beginning with the period of adoption. There was no material impact to its Consolidated Statements of Operations. See the Company's updated Streaming Content policy below for further details. Streaming Content (Effective January 1, 2019) The Company acquires, licenses and produces content, including original programming, in order to offer members unlimited viewing of TV series and films. The content licenses are for a fixed fee and specific windows of availability. Payment terms for certain content licenses and the production of content require more upfront cash payments relative to the amortization expense. Payments for content, including additions to streaming assets and the changes in related liabilities, are classified within "Net cash used in operating activities" on the Consolidated Statements of Cash Flows. The Company recognizes content assets (licensed and produced) as “Non-current content assets, net” on the Consolidated Balance Sheets. For licenses, the Company capitalizes the fee per title and records a corresponding liability at the gross amount of the liability when the license period begins, the cost of the title is known and the title is accepted and available for streaming. For productions, the Company capitalizes costs associated with the production, including development costs, direct costs and production overhead. Participations and residuals are expensed in line with the amortization of production costs. Based on factors including historical and estimated viewing patterns, the Company amortizes the content assets (licensed and produced) in “Cost of revenues” on the Consolidated Statements of Operations over the shorter of each title's contractual window of availability or estimated period of use or ten years, beginning with the month of first availability. The amortization is on an accelerated basis, as the Company typically expects more upfront viewing, for instance due to additional merchandising and marketing efforts and film amortization is more accelerated than TV series amortization. The Company reviews factors impacting the amortization of the content assets on an ongoing basis. The Company's estimates related to these factors require considerable management judgment. The Company's business model is subscription based as opposed to a model generating revenues at a specific title level. Content assets (licensed and produced) are predominantly monetized as a group and therefore are reviewed in aggregate at a group level when an event or change in circumstances indicates a change in the expected usefulness of the content or that the fair value may be less than unamortized cost. To date, the Company has not identified any such event or changes in circumstances. If such changes are identified in the future, these aggregated content assets will be stated at the lower of unamortized cost or fair value. In addition, unamortized costs for assets that have been, or are expected to be, abandoned are written off.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2019
Earnings Per Share [Abstract]
Computation of Earnings Per Share	The computation of earnings per share is as follows: Three Months Ended March 31, March 31, (in thousands, except per share data) Basic earnings per share: Net income $ 344,052 $ 290,124 Shares used in computation: Weighted-average common shares outstanding 436,947 434,174 Basic earnings per share $ 0.79 $ 0.67 Diluted earnings per share: Net income $ 344,052 $ 290,124 Shares used in computation: Weighted-average common shares outstanding 436,947 434,174 Employee stock options 14,975 16,185 Weighted-average number of shares 451,922 450,359 Diluted earnings per share $ 0.76 $ 0.64

Cash, Cash Equivalents and Re_2

Cash, Cash Equivalents and Restricted Cash (Tables)	3 Months Ended
	Mar. 31, 2019
Short-Term Investments And Fair Value Measurement [Abstract]
Schedule of Cash and Cash Equivalents	The following table summarizes the Company's cash, cash equivalents, and restricted cash as of March 31, 2019 and December 31, 2018 : As of March 31, 2019 Cash and cash equivalents Non-current Assets Total (in thousands) Cash $ 2,384,999 $ 20,234 $ 2,405,233 Level 1 securities: Money market funds 963,558 1,306 964,864 $ 3,348,557 $ 21,540 $ 3,370,097 As of December 31, 2018 Cash and cash equivalents Non-current Assets Total (in thousands) Cash $ 2,572,685 $ 16,260 $ 2,588,945 Level 1 securities: Money market funds 1,221,798 1,298 1,223,096 $ 3,794,483 $ 17,558 $ 3,812,041

Balance Sheet Components (Table

Balance Sheet Components (Tables)	3 Months Ended
	Mar. 31, 2019
Balance Sheet Components Disclosure [Abstract]
Content Assets	Content assets consisted of the following: As of March 31, December 31, (in thousands) Licensed content, net $ 14,297,658 $ 14,081,463 Produced content, net Released, less amortization 2,737,677 2,403,896 In production 3,494,467 3,305,126 In development and pre-production 348,515 311,842 6,580,659 6,020,864 DVD, net 10,468 9,813 Total $ 20,888,785 $ 20,112,140
Schedule of Amortization of Streaming Content Assets	The following table represents the amortization of streaming content assets: Three Months Ended March 31, March 31, (in thousands) Licensed content $ 1,774,289 $ 1,557,424 Produced content 350,397 191,420 Total streaming content $ 2,124,686 $ 1,748,844
Property and Equipment, Net	Property and equipment and accumulated depreciation consisted of the following: As of March 31, December 31, Estimated Useful Lives (in thousands) Leasehold improvements 294,358 282,028 Over life of lease Information technology 229,168 224,296 3 years Furniture and fixtures 70,125 63,667 3-15 years Buildings 32,787 73,468 30 years Corporate aircraft 99,009 62,560 8 years DVD operations equipment 53,416 53,416 5 years Machinery and equipment 2,117 1,692 3 years Land 6,125 6,125 Capital work-in-progress 18,290 19,548 Property and equipment, gross 805,395 786,800 Less: Accumulated depreciation (371,023 ) (368,519 ) Property and equipment, net $ 434,372 $ 418,281
Lease, Cost	Information related to the Company's right-of-use assets and related lease liabilities were as follows: Three Months Ended March 31, 2019 (in thousands) Cash paid for operating lease liabilities $ 37,653 Right-of-use assets obtained in exchange for new operating lease obligations (1) 842,395 Weighted-average remaining lease term 8.5 years Weighted-average discount rate 5.7 % (1) Includes $743 million for operating leases existing on January 1, 2019 and $99 million for operating leases that commenced in the first quarter of 2019. Maturities of lease liabilities as of March 31, 2019 were as follows (in thousands): Due in 12 month period ended March 31, 2020 167,238 2021 142,248 2022 133,824 2023 113,437 2024 109,572 Thereafter 477,116 1,143,435 Less imputed interest (255,913 ) Total lease liabilities 887,522 Current operating lease liabilities 122,498 Non-current operating lease liabilities 765,024 Total lease liabilities 887,522
Other Current Assets	Other current assets consisted of the following: As of March 31, December 31, (in thousands) Trade receivables $ 432,955 $ 362,712 Prepaid expenses 177,460 178,833 Other 209,935 206,921 Total other current assets $ 820,350 $ 748,466

Long-term Debt (Tables)

Long-term Debt (Tables)	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Summary of Long-term Debt	The following table provides a summary of the Company's outstanding long-term debt and the fair values based on quoted market prices in less active markets as of March 31, 2019 and December 31, 2018 : Level 2 Fair Value as of Principal Amount at Par Issuance Date Maturity Interest Payment Dates March 31, 2019 December 31, 2018 (in millions) (in millions) 5.375% Senior Notes $ 500 February 2013 February 2021 February and August $ 521 $ 509 5.500% Senior Notes 700 February 2015 February 2022 April and October 736 706 5.750% Senior Notes 400 February 2014 March 2024 March and September 429 407 5.875% Senior Notes 800 February 2015 February 2025 April and October 867 812 4.375% Senior Notes 1,000 October 2016 November 2026 May and November 982 915 3.625% Senior Notes (1) 1,458 May 2017 May 2027 May and November 1,512 1,446 4.875% Senior Notes 1,600 October 2017 April 2028 April and October 1,586 1,464 5.875% Senior Notes 1,900 April 2018 November 2028 May and November 2,010 1,851 4.625% Senior Notes (2) 1,234 October 2018 May 2029 May and November 1,320 1,241 6.375% Senior Notes 800 October 2018 May 2029 May and November 868 797 $ 10,392 (1) Debt is denominated in euro with a €1,300 million principal amount. Total proceeds were $1,421 million . (2) Debt is denominated in euro with a €1,100 million principal amount. Total proceeds were $1,262 million .
Schedule of Maturities of Long-term Debt	The expected timing of principal and interest payments for these Notes are as follows: As of March 31, December 31, 2018 (in thousands) Less than one year $ 535,960 $ 538,384 Due after one year and through three years 2,245,272 1,550,581 Due after three years and through five years 1,328,564 1,646,101 Due after five years 10,658,355 11,138,129 Total debt obligations $ 14,768,151 $ 14,873,195

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Expected Timing of Payments for Commitments	The expected timing of payments for these streaming content obligations is as follows: As of March 31, December 31, (in thousands) Less than one year $ 8,888,491 $ 8,611,398 Due after one year and through three years 8,416,736 8,841,561 Due after three years and through five years 1,480,670 1,684,582 Due after five years 136,892 148,334 Total streaming content obligations $ 18,922,789 $ 19,285,875

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2019
Stockholders' Equity and Stock-based Compensation Disclosure [Abstract]
Summary of Activity Related to Stock Option Plans	A summary of the activities related to the Company’s stock option plans is as follows: Options Outstanding Shares Number of Weighted- (per share) Weighted-Average Remaining Aggregate Balances as of December 31, 2018 8,699,941 20,479,278 $ 89.61 Granted (619,636 ) 619,636 319.43 Exercised — (593,294 ) 38.07 Expired — (21 ) 4.27 Balances as of March 31, 2019 8,080,305 20,505,599 $ 98.04 5.68 $ 5,312,077 Vested and exercisable as of March 31, 2019 20,505,599 $ 98.04 5.68 $ 5,312,077
Summary of Amounts Related to Option Exercises	A summary of the amounts related to option exercises, is as follows: Three Months Ended March 31, March 31, (in thousands) Total intrinsic value of options exercised $ 180,842 $ 277,910 Cash received from options exercised 22,972 56,335
Summary of Assumptions Used to Value Stock Option Grants Using Lattice-Binomial Model	The following table summarizes the assumptions used to value option grants using the lattice-binomial model and the valuation data: Three Months Ended March 31, March 31, Dividend yield — % — % Expected volatility 41 % 40 % Risk-free interest rate 2.74 % 2.61 % Suboptimal exercise factor 3.07 2.80 Weighted-average fair value (per share) $ 163 $ 124 Total stock-based compensation expense (in thousands) $ 101,200 $ 68,395 Total income tax impact on provision (in thousands) $ 21,628 $ 14,691

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2019
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit)	Three Months Ended March 31, March 31, (in thousands, except percentages) Provision for income taxes $ 55,607 $ 9,492 Effective tax rate 14 % 3 %

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2019
Segment Reporting [Abstract]
Long-lived Assets by Geographic Areas	The Company's long-lived tangible assets, as well as the Company's operating lease right-of-use assets recognized on the Consolidated Balance Sheets as of March 31, 2019, were located as follows: As of March 31, December 31, 2018 (in thousands) United States $ 1,102,154 $ 381,947 International 144,012 36,334
Information on Reportable Segments And Reconciliation To Consolidated Net Income	The following tables represent segment information for the three months ended March 31, 2019 : As of/ Three Months Ended March 31, 2019 Domestic International Domestic Consolidated (in thousands) Total paid memberships at end of period (1) 60,229 88,634 2,565 Total paid net membership additions (1) 1,743 7,861 (141 ) Total free trials at end of period 1,563 5,003 22 Revenues $ 2,073,555 $ 2,366,749 $ 80,688 $ 4,520,992 Cost of revenues 1,139,535 1,697,121 33,958 2,870,614 Marketing 221,046 395,532 — 616,578 Contribution profit $ 712,974 $ 274,096 $ 46,730 $ 1,033,800 Other operating expenses 574,716 Operating income 459,084 Other income (expense) (59,425 ) Provision for income taxes 55,607 Net income $ 344,052 The following tables represent segment information for the three months ended March 31, 2018 : As of/ Three Months Ended March 31, 2018 Domestic International Domestic Consolidated (in thousands) Total paid memberships at end of period (1) 55,087 63,815 3,138 Total paid net membership additions (1) 2,277 5,981 (192 ) Total free trials at end of period 1,618 4,475 29 Revenues $ 1,820,019 $ 1,782,086 $ 98,751 $ 3,700,856 Cost of revenues 936,480 1,321,706 42,393 2,300,579 Marketing 250,719 286,058 — 536,777 Contribution profit $ 632,820 $ 174,322 $ 56,358 $ 863,500 Other operating expenses 416,922 Operating income 446,578 Other income (expense) (146,962 ) Provision for income taxes 9,492 Net income $ 290,124 (1) A paid membership (also referred to as a paid subscription) is defined as a membership that has the right to receive Netflix service following sign-up and a method of payment being provided, and that is not part of a free trial or other promotional offering by the Company to certain new and rejoining members. A membership is canceled and ceases to be reflected in the above metrics as of the effective cancellation date. Voluntary cancellations generally become effective at the end of the prepaid membership period. Involuntary cancellation of the service, as a result of a failed method of payment, becomes effective immediately. Memberships are assigned to territories based on the geographic location used at time of sign-up as determined by the Company's internal systems, which utilize industry standard geo-location technology. The following table represents the amortization of content assets: Domestic Streaming International Streaming Domestic DVD Consolidated (in thousands) Three months ended March 31, 2019 $ 864,311 $ 1,260,375 $ 8,509 $ 2,133,195 2018 730,272 1,018,572 11,134 1,759,978

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Jan. 01, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease right-of-use assets	$ 812,000
Non-current operating lease liabilities	$ 765,024
Content assets, amortization period cap	10 years
Retained Earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Adoption of ASU 2016-02, Leases (Topic 842)			$ 2,474		$ 0
ASU 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease right-of-use assets		$ 743,000
Non-current operating lease liabilities		$ 813,000
ASU 2016-02 | Retained Earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Adoption of ASU 2016-02, Leases (Topic 842)				$ 2,000

Earnings Per Share - Computatio

Earnings Per Share - Computation of Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Basic earnings per share:
Net income	$ 344,052	$ 290,124
Weighted-average common shares outstanding (in shares)	436,947	434,174
Basic earnings per share (in dollars per share)	$ 0.79	$ 0.67
Diluted earnings per share:
Net income	$ 344,052	$ 290,124
Shares used in computation:
Weighted-average common shares outstanding (in shares)	436,947	434,174
Employee stock options (in shares)	14,975	16,185
Weighted-average number of shares (in shares)	451,922	450,359
Diluted earnings per share (in dollars per share)	$ 0.76	$ 0.64

Cash, Cash Equivalents and Re_3

Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Cash and Cash Equivalents [Line Items]
Cash	$ 2,384,999	$ 2,572,685
Cash and cash equivalents	3,348,557	3,794,483
Non-current Assets, Cash	20,234	16,260
Restricted Cash and Cash Equivalents	21,540	17,558
Cash and Restricted Cash	2,405,233	2,588,945
Total Cash, cash equivalents, and restricted cash and cash equivalents	3,370,097	3,812,041
Fair Value, Measurements, Recurring | Level 1 Securities | Money market funds
Cash and Cash Equivalents [Line Items]
Money market funds	963,558	1,221,798
Money market funds | Fair Value, Measurements, Recurring | Level 1 Securities
Cash and Cash Equivalents [Line Items]
Non-current Assets, Securities	1,306	1,298
Cash Equivalents and Restricted Cash Equivalents	$ 964,864	$ 1,223,096

Balance Sheet Components - Comp

Balance Sheet Components - Components of Content Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Finite-Lived Intangible Assets [Line Items]
Content assets, net	$ 20,888,785		$ 20,112,140
Average produced content asset amortization percentage	90.00%
Average produced content asset amortization period	4 years
Amortization of streaming content assets	$ 2,124,686	$ 1,748,844
Licensed content, net
Finite-Lived Intangible Assets [Line Items]
Net content	14,297,658		14,081,463
Unamortized cost in year one	5,415,000
Unamortized cost in year two	3,691,000
Unamortized cost in year three	2,552,000
Amortization of streaming content assets	1,774,289	1,557,424
Produced content, net
Finite-Lived Intangible Assets [Line Items]
Net content	2,737,677		2,403,896
In production	3,494,467		3,305,126
In development and pre-production	348,515		311,842
Content assets, net	6,580,659		6,020,864
Unamortized cost in year one	935,000
Unamortized cost in year two	756,000
Unamortized cost in year three	559,000
Amortization of streaming content assets	350,397	$ 191,420
DVD, net
Finite-Lived Intangible Assets [Line Items]
Content assets, net	$ 10,468		$ 9,813

Balance Sheet Components - Prop

Balance Sheet Components - Property And Equipment And Accumulated Depreciation (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 805,395	$ 786,800
Less: Accumulated depreciation	(371,023)	(368,519)
Property and equipment, net	434,372	418,281
Accrued participation liabilities, due in next operating cycle	0
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	294,358	282,028
Information technology
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 229,168	$ 224,296
Estimated Useful Lives	3 years	3 years
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 70,125	$ 63,667
Furniture and fixtures | Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	3 years	3 years
Furniture and fixtures | Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	15 years	15 years
Buildings
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 32,787	$ 73,468
Estimated Useful Lives	30 years	30 years
Corporate aircraft
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 99,009	$ 62,560
Estimated Useful Lives	8 years	8 years
DVD operations equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 53,416	$ 53,416
Estimated Useful Lives	5 years	5 years
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 2,117	$ 1,692
Estimated Useful Lives	3 years	3 years
Land
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 6,125	$ 6,125
Capital work-in-progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 18,290	$ 19,548

Balance Sheet Components - Leas

Balance Sheet Components - Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Jan. 01, 2019
Lessee, Lease, Description [Line Items]
Operating lease right-of-use assets	$ 812,000
Non-current operating lease liabilities	765,024
Total	887,522
Lease Cost:
Lease costs	104,000
Operating lease cost	43,000
Short-term lease cost	61,000
Cash paid for operating lease liabilities	37,653
Right-of-use assets obtained in exchange for new operating lease obligations	$ 842,395
Weighted-average remaining lease term	8 years 6 months
Weighted-average discount rate	5.70%
Operating leases commenced during period	$ 99,000
Maturities of Lease Liabilities
2020	167,238
2021	142,248
2022	133,824
2023	113,437
2024	109,572
Thereafter	477,116
Total lease liabilities	1,143,435
Less imputed interest	(255,913)
Current operating lease liabilities	122,498
Operating lease, liability, leases not commenced	$ 815,000
ASU 2016-02
Lessee, Lease, Description [Line Items]
Operating lease right-of-use assets		$ 743,000
Non-current operating lease liabilities		$ 813,000
Minimum
Lessee, Lease, Description [Line Items]
Lease term of contract	1 year
Lease renewal term	1 year
Maturities of Lease Liabilities
Lease not yet commenced, term of contract	5 years
Maximum
Lessee, Lease, Description [Line Items]
Lease term of contract	15 years
Lease renewal term	10 years
Maturities of Lease Liabilities
Lease not yet commenced, term of contract	15 years

Balance Sheet Components - Defe

Balance Sheet Components - Deferred Revenue (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Disaggregation of Revenue [Line Items]
Deferred revenue	$ 808,692	$ 760,899
Gift Cards and Other Prepaid Memberships
Disaggregation of Revenue [Line Items]
Deferred revenue		$ 48,000

Balance Sheet Components - Othe

Balance Sheet Components - Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Balance Sheet Components Disclosure [Abstract]
Trade receivables	$ 432,955	$ 362,712
Prepaid expenses	177,460	178,833
Other	209,935	206,921
Total other current assets	$ 820,350	$ 748,466

Long-term Debt - Narrative (Det

Long-term Debt - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)	Mar. 31, 2019EUR (€)	Mar. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Debt Disclosure [Abstract]
Aggregate outstanding principal			$ 10,305,023	$ 10,360,058
Debt issuance costs			87,000
Debt Instrument [Line Items]
Principal amount at par			10,392,000
Senior Notes
Debt Instrument [Line Items]
Principal amount at par | €		€ 2,400,000,000
Redemption prices, percent of outstanding principal	101.00%
Senior Notes | 3.625% Senior Notes
Debt Instrument [Line Items]
Principal amount at par		1,300,000,000	1,458,000
Proceeds from convertible debt	$ 1,421,000
Senior Notes | 4.625% Senior Notes
Debt Instrument [Line Items]
Principal amount at par		€ 1,100,000,000	$ 1,234,000
Proceeds from convertible debt	$ 1,262,000

Long-term Debt - Summary of Lon

Long-term Debt - Summary of Long-term Debt (Details) $ in Millions	Mar. 31, 2019EUR (€)	Mar. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Debt Instrument [Line Items]
Principal amount at par		$ 10,392
Senior Notes
Debt Instrument [Line Items]
Principal amount at par | €	€ 2,400,000,000
Senior Notes | 5.375% Senior Notes
Debt Instrument [Line Items]
Principal amount at par		500
Fair value		$ 521	$ 509
Interest rate	5.375%	5.375%
Senior Notes | 5.50% Senior Notes
Debt Instrument [Line Items]
Principal amount at par		$ 700
Fair value		$ 736	706
Interest rate	5.50%	5.50%
Senior Notes | 5.750% Senior Notes
Debt Instrument [Line Items]
Principal amount at par		$ 400
Fair value		$ 429	407
Interest rate	5.75%	5.75%
Senior Notes | 5.875% Senior Notes
Debt Instrument [Line Items]
Principal amount at par		$ 800
Fair value		$ 867	812
Interest rate	5.875%	5.875%
Senior Notes | 4.375% Senior Notes
Debt Instrument [Line Items]
Principal amount at par		$ 1,000
Fair value		$ 982	915
Interest rate	4.375%	4.375%
Senior Notes | 3.625% Senior Notes
Debt Instrument [Line Items]
Principal amount at par	€ 1,300,000,000	$ 1,458
Fair value		$ 1,512	1,446
Interest rate	3.625%	3.625%
Senior Notes | 4.875% Senior Notes
Debt Instrument [Line Items]
Principal amount at par		$ 1,600
Fair value		$ 1,586	1,464
Interest rate	4.875%	4.875%
Senior Notes | 5.875% Senior Notes
Debt Instrument [Line Items]
Principal amount at par		$ 1,900
Fair value		$ 2,010	1,851
Interest rate	5.875%	5.875%
Senior Notes | 4.625% Senior Notes
Debt Instrument [Line Items]
Principal amount at par	€ 1,100,000,000	$ 1,234
Fair value		$ 1,320	1,241
Interest rate	4.625%	4.625%
Senior Notes | 6.375% Senior Notes
Debt Instrument [Line Items]
Principal amount at par		$ 800
Fair value		$ 868	$ 797
Interest rate	6.375%	6.375%

Long-term Debt - Maturities (De

Long-term Debt - Maturities (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Debt Disclosure [Abstract]
Less than one year	$ 535,960	$ 538,384
Due after one year and through three years	2,245,272	1,550,581
Due after three years and through five years	1,328,564	1,646,101
Due after five years	10,658,355	11,138,129
Total	$ 14,768,151	$ 14,873,195

Long-term Debt - Revolving Line

Long-term Debt - Revolving Line of Credit (Details) - Revolving Credit Facility - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 29, 2019	Jul. 31, 2017
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity		$ 750,000,000	$ 500,000,000
Line of credit facility, additional maximum borrowing capacity			$ 250,000,000
Commitment fee percentage	0.10%
London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.75%
Federal Funds Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.50%
One-Month LIBOR Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.00%
One-Month LIBOR Rate | Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.00%

Commitments and Contingencies -

Commitments and Contingencies - Streaming Content - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Contractual Obligation [Line Items]
Streaming obligations included in current content liabilities	$ 18,922,789	$ 19,285,875
Streaming obligations not reflected on Consolidated Balance Sheets	10,400,000	10,800,000
Current content liabilities
Contractual Obligation [Line Items]
Streaming obligations included in non-current content liabilities	4,900,000	4,700,000
Non-current content liabilities
Contractual Obligation [Line Items]
Streaming obligations included in non-current content liabilities	$ 3,600,000	$ 3,800,000

Commitments and Contingencies_2

Commitments and Contingencies - Expected Timing of Payments for Commitments (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Less than one year	$ 8,888,491	$ 8,611,398
Due after one year and through three years	8,416,736	8,841,561
Due after three years and through five years	1,480,670	1,684,582
Due after five years	136,892	148,334
Total streaming content obligations	$ 18,922,789	$ 19,285,875

Commitments and Contingencies_3

Commitments and Contingencies - Legal Proceedings - Narrative (Details)	Mar. 31, 2019USD ($)
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	$ 0

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details) shares in Millions	Mar. 31, 2019shares
2011 Stock Plan
Components of Stockholders' Equity [Line Items]
Shares reserved for future issuance	8

Stockholders' Equity - Summary

Stockholders' Equity - Summary of Activity Related to Stock Option Plans (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Shares available for grant, beginning balance (in shares)	8,699,941
Options outstanding, number of shares, beginning balance (in shares)	20,479,278
Shares available for grant, granted (in shares)	619,636
Options outstanding, number of shares, exercised (in shares)	(593,294)
Options outstanding, number of shares expired (in shares)	(21)
Shares available for grant, ending balance (in shares)	8,080,305
Options outstanding, number of shares, ending balance (in shares)	20,505,599
Options vested and exercisable, number of shares, ending balance (in shares)	20,505,599
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward]
Options outstanding, weighted-average exercise price, beginning balance (dollars per share) | $ / shares	$ 89.61
Options outstanding, weighted-average exercise price, granted (dollars per share) | $ / shares	319.43
Options outstanding, weighted-average exercise price, exercised (dollars per share) | $ / shares	38.07
Options expired, weighted-average exercise price (dollars per share) | $ / shares	4.27
Options outstanding, weighted-average exercise price, ending balance (dollars per share) | $ / shares	98.04
Options outstanding, weighted-average exercise price, vested and exercisable (dollars per share) | $ / shares	$ 98.04
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Weighted-average remaining contractual term, ending balance (in years)	5 years 8 months 5 days
Weighted-average remaining contractual term, vested and exercisable (in years)	5 years 8 months 5 days
Aggregate intrinsic value, ending balance | $	$ 5,312,077
Aggregate intrinsic value, vested and exercisable | $	$ 5,312,077

Stockholders' Equity - Summar_2

Stockholders' Equity - Summary of Amounts Related to Option Exercises (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Stockholders' Equity and Stock-based Compensation Disclosure [Abstract]
Total intrinsic value of options exercised	$ 180,842	$ 277,910
Cash received from options exercised	$ 22,972	$ 56,335

Stockholders' Equity - Summar_3

Stockholders' Equity - Summary of Assumptions Used to Value Stock Option Grants Using Lattice-Binomial Model (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)$ / shares	Mar. 31, 2018USD ($)$ / shares
Stockholders' Equity and Stock-based Compensation Disclosure [Abstract]
Share-based payment award, expiration period (in years)	10 years
Dividend yield	0.00%	0.00%
Expected volatility	41.00%	40.00%
Risk-free interest rate	2.74%	2.61%
Suboptimal exercise factor	3.07	2.80
Weighted-average fair value (in dollars per share) | $ / shares	$ 163	$ 124
Stock-based compensation expense	$ 101,200	$ 68,395
Total income tax impact on provision (in thousands)	$ 21,628	$ 14,691

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 55,607	$ 9,492
Effective tax rates	14.00%	3.00%
Income Tax Contingency [Line Items]
Unrecognized tax benefits	$ 52,000		$ 48,000
Reduction in provision for income taxes due to impact of effective tax rate	49,000
Deferred tax assets classified as other non-current assets	557,000		564,000
Deferred tax assets, valuation allowance	139,000		$ 125,000
Other noncurrent liabilities
Income Tax Contingency [Line Items]
Unrecognized tax benefits	17,000
Other noncurrent assets
Income Tax Contingency [Line Items]
Unrecognized tax benefits	35,000
Accounting Standards Update 2016-09
Income Tax Contingency [Line Items]
Effective income tax rate reconciliation, share-based compensation, excess tax benefit	$ 41,000	$ 61,000

Segment Information - Narrativ

Segment Information - Narrative (Details)	3 Months Ended
	Mar. 31, 2019segment
Segment Reporting Information [Line Items]
Number of reportable segments	3
International Streaming
Segment Reporting Information [Line Items]
Number of reportable segments	1

Segment Information - Long-liv

Segment Information - Long-lived Assets by Geographical Areas (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived tangible assets	$ 1,102,154	$ 381,947
International
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived tangible assets	$ 144,012	$ 36,334

Segment Information - Informat

Segment Information - Information On Reportable Segments And Reconciliation To Consolidated Net Income (Details) subscription in Thousands, membership in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)subscriptionmembership	Mar. 31, 2018USD ($)subscriptionmembership
Segment Reporting Information [Line Items]
Revenues	$ 4,520,992	$ 3,700,856
Cost of revenues	2,870,614	2,300,579
Marketing	616,578	536,777
Contribution profit	1,033,800	863,500
Other operating expenses	574,716	416,922
Operating income	459,084	446,578
Other income (expense)	(59,425)	(146,962)
Provision for income taxes	55,607	9,492
Net income	344,052	290,124
Amortization of content assets	$ 2,133,195	$ 1,759,978
Domestic Streaming
Segment Reporting Information [Line Items]
Total paid memberships at end of period | subscription	60,229	55,087
Total paid net membership additions | membership	1,743	2,277
Total free trials at end of period | membership	1,563	1,618
Revenues	$ 2,073,555	$ 1,820,019
Cost of revenues	1,139,535	936,480
Marketing	221,046	250,719
Contribution profit	712,974	632,820
Amortization of content assets	$ 864,311	$ 730,272
International Streaming
Segment Reporting Information [Line Items]
Total paid memberships at end of period | subscription	88,634	63,815
Total paid net membership additions | membership	7,861	5,981
Total free trials at end of period | membership	5,003	4,475
Revenues	$ 2,366,749	$ 1,782,086
Cost of revenues	1,697,121	1,321,706
Marketing	395,532	286,058
Contribution profit	274,096	174,322
Amortization of content assets	$ 1,260,375	$ 1,018,572
Domestic DVD
Segment Reporting Information [Line Items]
Total paid memberships at end of period | subscription	2,565	3,138
Total paid net membership additions | membership	(141)	(192)
Total free trials at end of period | membership	22	29
Revenues	$ 80,688	$ 98,751
Cost of revenues	33,958	42,393
Marketing	0	0
Contribution profit	46,730	56,358
Amortization of content assets	$ 8,509	$ 11,134