Netflix (NFLX) 10-Q 20 Jul 20 2020 Q2 Quarterly report Financial data

Cover Page

Cover Page	6 Months Ended
	Jun. 30, 2020shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2020
Document Transition Report	false
Entity File Number	001-35727
Entity Registrant Name	Netflix, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	77-0467272
Entity Address, Address Line One	100 Winchester Circle,
Entity Address, City or Town	Los Gatos,
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	95032
City Area Code	408
Local Phone Number	540-3700
Title of each class	Common stock, par value $0.001 per share
Trading Symbol	NFLX
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	441,015,443
Entity Central Index Key	0001065280
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Amendment Flag	false

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Income Statement [Abstract]
Revenues	$ 6,148,286	$ 4,923,116	$ 11,915,977	$ 9,444,108
Cost of revenues	3,643,707	3,005,657	7,243,408	5,876,271
Marketing	434,370	603,150	938,200	1,219,728
Technology and development	435,045	383,233	888,862	755,997
General and administrative	277,236	224,657	529,323	426,609
Operating income	1,357,928	706,419	2,316,184	1,165,503
Other income (expense):
Interest expense	(189,151)	(152,033)	(373,234)	(287,562)
Interest and other income (expense)	(133,175)	(53,470)	(111,478)	22,634
Income before income taxes	1,035,602	500,916	1,831,472	900,575
Provision for income taxes	315,406	230,266	402,209	285,873
Net income	$ 720,196	$ 270,650	$ 1,429,263	$ 614,702
Earnings per share:
Basic (in dollars per share)	$ 1.63	$ 0.62	$ 3.25	$ 1.41
Diluted (in dollars per share)	$ 1.59	$ 0.60	$ 3.15	$ 1.36
Weighted-average common shares outstanding:
Basic (in shares)	440,569	437,587	439,961	437,271
Diluted (in shares)	453,945	452,195	453,220	452,063

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 720,196	$ 270,650	$ 1,429,263	$ 614,702
Other comprehensive income (loss):
Foreign currency translation adjustments	12,982	5,248	(10,551)	(770)
Comprehensive income	$ 733,178	$ 275,898	$ 1,418,712	$ 613,932

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Cash flows from operating activities:
Net income	$ 720,196	$ 270,650	$ 1,429,263	$ 614,702
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Additions to content assets	(2,510,782)	(3,325,103)	(5,805,057)	(6,322,849)
Change in content liabilities	(108,432)	(12,414)	150,513	(27,112)
Amortization of content assets	2,607,159	2,231,915	5,090,544	4,356,601
Depreciation and amortization of property, equipment and intangibles	26,661	25,496	55,178	49,057
Stock-based compensation expense	104,210	103,848	201,229	205,048
Other non-cash items	70,301	60,695	135,749	106,403
Foreign currency remeasurement loss on debt	119,161	61,284	26,101	3,684
Deferred taxes	223,308	35,519	269,927	42,146
Changes in operating assets and liabilities:
Other current assets	3,066	(24,231)	(124,287)	(56,307)
Accounts payable	(112,027)	(2,674)	(261,180)	(127,141)
Accrued expenses and other liabilities	(105,450)	(26,705)	108,741	130,942
Deferred revenue	42,508	84,085	104,516	131,878
Other non-current assets and liabilities	(38,803)	(26,119)	(80,249)	(30,605)
Net cash provided by (used in) operating activities	1,041,076	(543,754)	1,300,988	(923,553)
Cash flows from investing activities:
Purchases of property and equipment	(141,741)	(39,584)	(239,756)	(99,965)
Change in other assets	(260)	(10,452)	(548)	(30,174)
Net cash used in investing activities	(142,001)	(50,036)	(240,304)	(130,139)
Cash flows from financing activities:
Proceeds from issuance of debt	1,009,464	2,243,196	1,009,464	2,243,196
Debt issuance costs	(7,559)	(18,192)	(7,559)	(18,192)
Proceeds from issuance of common stock	89,060	21,896	132,754	44,868
Net cash provided by financing activities	1,090,965	2,246,900	1,134,659	2,269,872
Effect of exchange rate changes on cash, cash equivalents and restricted cash	11,819	4,998	(59,083)	(16)
Net increase in cash, cash equivalents and restricted cash	2,001,859	1,658,108	2,136,260	1,216,164
Cash, cash equivalents and restricted cash at beginning of period	5,178,187	3,370,097	5,043,786	3,812,041
Cash, cash equivalents and restricted cash at end of period	$ 7,180,046	$ 5,028,205	$ 7,180,046	$ 5,028,205

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 7,153,248	$ 5,018,437
Other current assets	1,410,891	1,160,067
Total current assets	8,564,139	6,178,504
Content assets, net	25,155,117	24,504,567
Property and equipment, net	751,941	565,221
Other non-current assets	2,704,084	2,727,420
Total assets	37,175,281	33,975,712
Current liabilities:
Current content liabilities	4,664,733	4,413,561
Accounts payable	446,668	674,347
Accrued expenses and other liabilities	986,595	843,043
Deferred revenue	1,029,261	924,745
Short-term debt	499,161	0
Total current liabilities	7,626,418	6,855,696
Non-current content liabilities	3,208,164	3,334,323
Long-term debt	15,294,998	14,759,260
Other non-current liabilities	1,710,948	1,444,276
Total liabilities	27,840,528	26,393,555
Commitments and contingencies (Note 7)
Stockholders’ equity:
Common stock, $0.001 par value; 4,990,000,000 shares authorized at June 30, 2020 and December 31, 2019; 441,015,443 and 438,806,649 issued and outstanding at June 30, 2020 and December 31, 2019, respectively	3,127,813	2,793,929
Accumulated other comprehensive loss	(34,072)	(23,521)
Retained earnings	6,241,012	4,811,749
Total stockholders’ equity	9,334,753	7,582,157
Total liabilities and stockholders’ equity	$ 37,175,281	$ 33,975,712

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2020	Dec. 31, 2019
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)	441,015,443	438,806,649
Common stock, shares outstanding (shares)	441,015,443	438,806,649

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock and Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Retained Earnings	Cumulative Effect, Period of Adoption, AdjustmentRetained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adoption of ASU 2016-02, Leases (Topic 842)	$ 5,238,765	$ 2,315,988	$ (19,582)	$ 2,942,359
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		45,329
Stock-based compensation expense		205,048
Other comprehensive income (loss)			(770)
Net income	614,702			614,702
Adoption of ASU 2016-02, Leases (Topic 842)	6,105,548	2,566,365	(20,352)	3,559,535
Ending Balance at Jun. 30, 2019	6,105,548	2,566,365	(20,352)	3,559,535
Beginning Balance at Dec. 31, 2018	5,238,765	2,315,988	(19,582)	2,942,359
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income				1,429,263
Adoption of ASU 2016-02, Leases (Topic 842)	5,238,765	2,315,988	(19,582)	2,942,359	$ 2,474
Ending Balance at Dec. 31, 2019	$ 7,582,157	2,793,929	(23,521)	4,811,749	2,474
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201602Member
Adoption of ASU 2016-02, Leases (Topic 842)	$ 5,703,058	2,439,773	(25,600)	3,288,885
Beginning Balance at Mar. 31, 2019	5,703,058	2,439,773	(25,600)	3,288,885
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of options		22,744
Stock-based compensation expense		103,848
Other comprehensive income (loss)			5,248
Net income	270,650			270,650
Adoption of ASU 2016-02, Leases (Topic 842)	6,105,548	2,566,365	(20,352)	3,559,535
Ending Balance at Jun. 30, 2019	6,105,548	2,566,365	(20,352)	3,559,535
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adoption of ASU 2016-02, Leases (Topic 842)	6,105,548	2,566,365	(20,352)	3,559,535
Adoption of ASU 2016-02, Leases (Topic 842)	7,582,157	2,793,929	(23,521)	4,811,749	2,474
Beginning Balance at Dec. 31, 2019	7,582,157	2,793,929	(23,521)	4,811,749	2,474
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of options		132,655
Stock-based compensation expense		201,229
Other comprehensive income (loss)			(10,551)
Net income	1,429,263
Adoption of ASU 2016-02, Leases (Topic 842)	7,582,157	3,127,813	(34,072)	6,241,012	$ 2,474
Ending Balance at Jun. 30, 2020	9,334,753	3,127,813	(34,072)	6,241,012
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adoption of ASU 2016-02, Leases (Topic 842)	8,409,294	2,935,532	(47,054)	5,520,816
Beginning Balance at Mar. 31, 2020	8,409,294	2,935,532	(47,054)	5,520,816
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of options		88,071
Stock-based compensation expense		104,210
Other comprehensive income (loss)			12,982
Net income	720,196			720,196
Adoption of ASU 2016-02, Leases (Topic 842)	8,409,294	3,127,813	(34,072)	6,241,012
Ending Balance at Jun. 30, 2020	9,334,753	3,127,813	(34,072)	6,241,012
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adoption of ASU 2016-02, Leases (Topic 842)	$ 9,334,753	$ 3,127,813	$ (34,072)	$ 6,241,012

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2020
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 for the year ended December 31, 2019 filed with the Securities and Exchange Commission (the “SEC”) on January 29, 2020. 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 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 for the year ended December 31, 2019 . 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 as compared to the significant accounting policies described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 . Recently adopted accounting pronouncements In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-13, Financial Instruments - Credit Losses (Topic 326) , in order to improve financial reporting of expected credit losses on financial instruments and other commitments to extend credit. ASU 2016-13 requires that an entity measure and recognize expected credit losses for financial assets held at amortized cost and replaces the incurred loss impairment methodology in prior GAAP with a methodology that requires consideration of a broader range of information to estimate credit losses. The Company adopted ASU 2016-13 in the first quarter of 2020 and the impact of the adoption was not material to the Company's consolidated financial statements as credit losses are not expected to be significant based on historical collection trends, the financial condition of payment partners, and external market factors. The Company will continue to actively monitor the impact of the recent coronavirus (COVID-19) pandemic on expected credit losses.

Revenue Recognition

Revenue Recognition	6 Months Ended
	Jun. 30, 2020
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition The Company's primary source of revenues is 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. The following tables summarize streaming revenue, paid net membership additions (losses), and paid memberships at end of period by region for the three and six months ended June 30, 2020 and June 30, 2019 , respectively: United States and Canada (UCAN) As of/ Three Months Ended As of/ Six Months Ended June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019 (in thousands) Revenues $ 2,839,670 $ 2,501,199 $ 5,542,446 $ 4,758,050 Paid net membership additions (losses) 2,935 (132 ) 5,242 1,744 Paid memberships at end of period (1) 72,904 66,501 72,904 66,501 Europe, Middle East, and Africa (EMEA) As of/ Three Months Ended As of/ Six Months Ended June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019 (in thousands) Revenues $ 1,892,537 $ 1,319,087 $ 3,616,011 $ 2,552,466 Paid net membership additions 2,749 1,687 9,705 6,411 Paid memberships at end of period (1) 61,483 44,229 61,483 44,229 Latin America (LATAM) As of/ Three Months Ended As of/ Six Months Ended June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019 (in thousands) Revenues $ 785,368 $ 677,136 $ 1,578,821 $ 1,307,608 Paid net membership additions 1,750 343 4,651 1,813 Paid memberships at end of period (1) 36,068 27,890 36,068 27,890 Asia-Pacific (APAC) As of/ Three Months Ended As of/ Six Months Ended June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019 (in thousands) Revenues $ 569,140 $ 349,494 $ 1,052,800 $ 669,096 Paid net membership additions 2,657 801 6,259 2,335 Paid memberships at end of period (1) 22,492 12,942 22,492 12,942 (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 cancellations, 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. Total U.S. revenues, inclusive of DVD revenues not reported in the tables above, were $2.7 billion and $5.2 billion , respectively, for the three and six months ended June 30, 2020 , and $2.4 billion and $4.5 billion , respectively, for the three and six months ended June 30, 2019 . DVD revenues were $62 million and $126 million , respectively, for the three and six months ended June 30, 2020 , and $76 million and $157 million , respectively, for the three and six months ended June 30, 2019 . Deferred revenue consists of membership fees billed that have not been recognized, as well as gift cards and other prepaid memberships that have not been fully redeemed. As of June 30, 2020 , total deferred revenue was $1,029 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 $105 million increase in deferred revenue as compared to the balance of $925 million for the year ended December 31, 2019 is a result of the increase in membership fees billed due to increased memberships.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2020
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 Six Months Ended June 30, June 30, June 30, June 30, (in thousands, except per share data) Basic earnings per share: Net income $ 720,196 $ 270,650 $ 1,429,263 $ 614,702 Shares used in computation: Weighted-average common shares outstanding 440,569 437,587 439,961 437,271 Basic earnings per share $ 1.63 $ 0.62 $ 3.25 $ 1.41 Diluted earnings per share: Net income $ 720,196 $ 270,650 $ 1,429,263 $ 614,702 Shares used in computation: Weighted-average common shares outstanding 440,569 437,587 439,961 437,271 Employee stock options 13,376 14,608 13,259 14,792 Weighted-average number of shares 453,945 452,195 453,220 452,063 Diluted earnings per share $ 1.59 $ 0.60 $ 3.15 $ 1.36 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. The following table summarizes the potential common shares excluded from the diluted calculation: Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, (in thousands) Employee stock options 39 750 777 701

Cash, Cash Equivalents and Rest

Cash, Cash Equivalents and Restricted Cash	6 Months Ended
	Jun. 30, 2020
Short-Term Investments And Fair Value Measurement [Abstract]
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash The following tables summarize the Company's cash, cash equivalents, and restricted cash as of June 30, 2020 and December 31, 2019 : As of June 30, 2020 Cash and cash equivalents Other Current Assets Non-current Assets Total (in thousands) Cash $ 2,980,468 $ 2,483 $ 24,062 $ 3,007,013 Level 1 securities: Money market funds 3,872,780 — 253 3,873,033 Level 2 securities: Foreign Time Deposits 300,000 — — 300,000 $ 7,153,248 $ 2,483 $ 24,315 $ 7,180,046 As of December 31, 2019 Cash and cash equivalents Other Current Assets Non-current Assets Total (in thousands) Cash $ 3,103,525 $ 1,863 $ 22,161 $ 3,127,549 Level 1 securities: Money market funds 1,614,912 — 1,325 1,616,237 Level 2 securities: Foreign Time Deposits 300,000 — — 300,000 $ 5,018,437 $ 1,863 $ 23,486 $ 5,043,786 Other current assets include restricted cash for self insurance. Non-current assets include restricted cash related to workers compensation deposits and letter of credit agreements. The fair value of cash equivalents included in the Level 2 category is based on observable inputs, such as quoted prices for similar assets at the measurement date; quoted prices in markets that are not active; or other inputs that are observable, either directly or indirectly. See Note 6 to the consolidated financial statements for further information regarding the fair value of the Company’s senior notes. There were no material gross realized gains or losses in the three and six months ended June 30, 2020 and 2019

Balance Sheet Components

Balance Sheet Components	6 Months Ended
	Jun. 30, 2020
Balance Sheet Components Disclosure [Abstract]
Balance Sheet Components	Balance Sheet Components Content Assets, Net Content assets consisted of the following: As of June 30, December 31, (in thousands) Licensed content, net $ 14,632,723 $ 14,703,352 Produced content, net Released, less amortization 5,034,139 4,382,685 In production 4,717,598 4,750,664 In development and pre-production 770,657 667,866 10,522,394 9,801,215 Total $ 25,155,117 $ 24,504,567 As of June 30, 2020 , approximately $5,776 million , $3,756 million , and $2,410 million of the $14,633 million unamortized cost of the licensed content is expected to be amortized in each of the next three years. As of June 30, 2020 , approximately $1,813 million , $1,395 million , and $1,012 million of the $5,034 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 June 30, 2020 , the amount of accrued participations and residuals was not material. The following table represents the amortization of content assets: Three Months Ended June 30, June 30, (in thousands) Licensed content $ 1,883,070 $ 1,797,179 Produced content 724,089 434,736 Total $ 2,607,159 $ 2,231,915 Six Months Ended June 30, June 30, (in thousands) Licensed content $ 3,743,240 $ 3,571,468 Produced content 1,347,304 785,133 Total $ 5,090,544 $ 4,356,601 Property and Equipment, Net Property and equipment and accumulated depreciation consisted of the following: As of June 30, December 31, Estimated Useful Lives (in thousands) Land $ 13,560 $ 6,125 Buildings 41,896 33,141 30 years Leasehold improvements 378,345 354,999 Over life of lease Furniture and fixtures 93,092 87,465 3-15 years Information technology 258,875 243,565 3 years Corporate aircraft 109,641 108,995 8 years Machinery and equipment 43,863 46,415 3-5 years Capital work-in-progress 272,875 100,521 Property and equipment, gross 1,212,147 981,226 Less: Accumulated depreciation (460,206 ) (416,005 ) Property and equipment, net $ 751,941 $ 565,221 Leases The Company has entered into operating leases primarily for real estate. These operating leases are included in "Other non-current assets" on the Company's Consolidated Balance Sheets, and represent the Company’s right to use the underlying asset for the lease term. The Company’s obligations to make lease payments are included in "Accrued expenses and other liabilities" and "Other non-current liabilities" on the Company's Consolidated Balance Sheets. As of June 30, 2020 , total right-of-use assets were approximately $1,812 million and total operating lease liabilities were approximately $1,914 million , of which $227 million and $1,687 million were classified in "Accrued expenses and other liabilities" and "Other non-current liabilities", respectively. As of December 31, 2019 , total right-of-use assets were approximately $1,532 million and total operating lease liabilities were approximately $1,613 million , of which $190 million and $1,423 million were classified in "Accrued expenses and other liabilities" and "Other non-current liabilities", 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 Consolidated Balance Sheets. All operating lease expense is recognized on a straight-line basis over the lease term. 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. Information related to the Company's right-of-use assets and related lease liabilities were as follows: Three Months Ended June 30, 2020 June 30, 2019 (in thousands) Cash paid for operating lease liabilities $ 59,473 $ 41,320 Right-of-use assets obtained in exchange for new operating lease obligations 364,606 230,499 Six Months Ended June 30, 2020 June 30, 2019 (in thousands) Cash paid for operating lease liabilities $ 116,963 $ 78,973 Right-of-use assets obtained in exchange for new operating lease obligations (1) 416,430 1,072,894 (1) In the six months ended June 30, 2019 , the balance includes $743 million for operating leases existing on January 1, 2019. Other Current Assets Other current assets consisted of the following: As of June 30, December 31, (in thousands) Trade receivables $ 565,668 $ 454,399 Prepaid expenses 204,752 180,999 Other 640,471 524,669 Total other current assets $ 1,410,891 $ 1,160,067

Debt

Debt	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Debt	Debt As of June 30, 2020 , the Company had aggregate outstanding notes of $15,794 million , net of $114 million of issuance costs, with varying maturities (the "Notes"). Of the outstanding balance, $499 million , net of issuance costs, is classified as short-term debt on the Consolidated Balance Sheets. As of December 31, 2019, the Company had aggregate outstanding long-term notes of $14,759 million , net of $114 million of issuance costs. 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 notes is denominated in foreign currency (comprised of €5,170 million ) and is remeasured into U.S. dollars at each balance sheet date (with remeasurement loss totaling $119 million and $26 million , respectively, for the three and six months ended June 30, 2020 ). The following table provides a summary of the Company's outstanding debt and the fair values based on quoted market prices in less active markets as of June 30, 2020 and December 31, 2019 : Principal Amount at Par Level 2 Fair Value as of June 30, 2020 December 31, 2019 Issuance Date Maturity June 30, 2020 December 31, 2019 (in millions) (in millions) 5.375% Senior Notes $ 500 $ 500 February 2013 February 2021 $ 512 $ 518 5.500% Senior Notes 700 700 February 2015 February 2022 733 744 5.750% Senior Notes 400 400 February 2014 March 2024 437 444 5.875% Senior Notes 800 800 February 2015 February 2025 892 896 3.000% Senior Notes (1) 527 — April 2020 June 2025 545 — 3.625% Senior Notes 500 — April 2020 June 2025 504 — 4.375% Senior Notes 1,000 1,000 October 2016 November 2026 1,043 1,026 3.625% Senior Notes (1) 1,461 1,459 May 2017 May 2027 1,524 1,565 4.875% Senior Notes 1,600 1,600 October 2017 April 2028 1,712 1,670 5.875% Senior Notes 1,900 1,900 April 2018 November 2028 2,164 2,111 4.625% Senior Notes (1) 1,236 1,234 October 2018 May 2029 1,375 1,378 6.375% Senior Notes 800 800 October 2018 May 2029 934 916 3.875% Senior Notes (1) 1,348 1,346 April 2019 November 2029 1,418 1,429 5.375% Senior Notes 900 900 April 2019 November 2029 989 960 3.625% Senior Notes (1) 1,236 1,234 October 2019 June 2030 1,274 1,273 4.875% Senior Notes 1,000 1,000 October 2019 June 2030 1,073 1,019 $ 15,908 $ 14,873 $ 17,129 $ 15,949 (1) The following Senior Notes have a principal amount denominated in euro: 3.000% Senior Notes for €470 million , 3.625% Senior Notes for €1,300 million , 4.625% Senior Notes for €1,100 million , 3.875% Senior Notes for €1,200 million , and 3.625% Senior Notes for €1,100 million . The expected timing of principal and interest payments for these Notes are as follows: As of June 30, December 31, 2019 (in thousands) Less than one year $ 1,262,421 $ 736,969 Due after one year and through three years 2,117,306 2,581,471 Due after three years and through five years 3,582,529 1,705,201 Due after five years 14,614,847 15,699,800 Total debt obligations $ 21,577,103 $ 20,723,441 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 June 30, 2020 and December 31, 2019 , the Company was in compliance with all related covenants. Revolving Credit Facility As of June 30, 2020 , the Company has a $750 million unsecured revolving credit facility ("Revolving Credit Agreement") which matures on March 29, 2024. 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 June 30, 2020 , 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. Regulatory authorities that oversee financial markets have announced that after the end of 2021, they would no longer compel banks currently reporting information used to set the LIBO Rate to continue to make rate submissions. As a result, it is possible that beginning in 2022, the LIBO Rate will no longer be available as a reference rate. Under the terms of the Company's Revolving Credit Agreement, in the event of the discontinuance of the LIBO Rate, a mutually agreed-upon alternate benchmark rate will be established to replace the LIBO Rate. The Company and Lenders shall in good faith establish an alternate benchmark rate which places the Lenders and the Company in the same economic position that existed immediately prior to the discontinuation of the LIBO Rate. The Company does not anticipate that the discontinuance of the LIBO Rate will materially impact its liquidity or financial position. The Company is also obligated to pay a commitment fee on the undrawn amounts of the Revolving Credit Agreement at an annual 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 June 30, 2020 and December 31, 2019 , the Company was in compliance with all related covenants.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Content As of June 30, 2020 , the Company had $19.1 billion of obligations comprised of $4.7 billion included in "Current content liabilities" and $3.2 billion of "Non-current content liabilities" on the Consolidated Balance Sheets and $11.2 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, 2019 , the Company had $19.5 billion of obligations comprised of $4.4 billion included in "Current content liabilities" and $3.3 billion of "Non-current content liabilities" on the Consolidated Balance Sheets and $11.8 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 content obligations is as follows: As of June 30, December 31, (in thousands) Less than one year $ 8,415,792 $ 8,477,367 Due after one year and through three years 8,315,449 8,352,731 Due after three years and through five years 1,941,731 2,041,340 Due after five years 460,368 618,644 Total content obligations $ 19,133,340 $ 19,490,082 Content obligations include amounts related to the acquisition, licensing and production of 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	6 Months Ended
	Jun. 30, 2020
Stockholders' Equity and Stock-based Compensation Disclosure [Abstract]
Stockholders' Equity	Stockholders’ Equity Stock Option Plan On June 4, 2020, the Company's stockholders approved the 2020 Stock Plan, which was adopted by the Company’s Board of Directors on March 4, 2020 subject to stockholder approval. The 2020 Stock Plan is the successor to the 2011 Stock Plan. The 2020 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. The 2020 Stock plan authorized 17,500,000 new shares to be available for award grants. As of the date the 2020 Stock Plan was adopted by the Company's Board of Directors, 5,530,106 shares were available to be granted under the 2011 Stock Plan. These shares are available for award grants under the 2020 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) Balances as of December 31, 2019 6,111,561 20,859,326 $ 124.28 New Shares Authorized 17,500,000 — — Granted (1,095,065 ) 1,095,065 375.86 Exercised — (2,208,741 ) 60.06 Expired — (48 ) 9.96 Balances as of June 30, 2020 22,516,496 19,745,602 $ 145.42 Vested and exercisable as of June 30, 2020 19,745,602 $ 145.42 The aggregate intrinsic value of the Company's outstanding stock options as of June 30, 2020 was $6,114 million and represents the total pretax intrinsic value (the difference between the Company’s closing stock price on the last trading day of the second quarter of 2020 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 second quarter of 2020 . This amount changes based on the fair market value of the Company’s common stock. The weighted-average remaining contractual term of the Company's outstanding stock options as of June 30, 2020 included in the table above was 5.55 years . A summary of the amounts related to option exercises, is as follows: Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, (in thousands) Total intrinsic value of options exercised $ 442,156 $ 212,932 $ 745,382 $ 393,774 Cash received from options exercised 89,060 21,896 132,754 44,868 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 Six Months Ended June 30, June 30, June 30, June 30, Dividend yield — % — % — % — % Expected volatility 44 % 39 % 37% - 44% 39% - 41% Risk-free interest rate 0.74 % 2.50 % 0.74% - 1.71% 2.50% - 2.74% Suboptimal exercise factor 3.51 3.16 3.34 - 3.51 3.07 - 3.16 Weighted-average fair value (per share) $ 203 $ 179 $ 184 $ 171 Total stock-based compensation expense (in thousands) $ 104,210 $ 103,848 $ 201,229 $ 205,048 Total income tax impact on provision (in thousands) $ 22,834 $ 24,845 $ 44,143 $ 46,473 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	6 Months Ended
	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Three Months Ended Six Months Ended June 30, June 30, June 30, 2020 June 30, 2019 (in thousands, except percentages) Provision for income taxes $ 315,406 $ 230,266 $ 402,209 $ 285,873 Effective tax rate 30 % 46 % 22 % 32 % On June 29, 2020, California enacted legislative changes that impose an annual cap of $5 million on the amount of business incentive tax credits the Company can utilize in California effective for tax years 2020 through 2022. As of June 30, 2020, the Company had a California research and development ("R&D") credit carryforward of $220 million which can be carried forward indefinitely. In evaluating the Company’s ability to realize the California R&D credit, the Company considered all available positive and negative evidence, including operating results, ongoing tax planning, and forecasts of future taxable income and determined it is more likely than not that the pre-2020 credits and a portion of the current year R&D credit would not be realized. As a result the Company has recorded a valuation allowance of $220 million . The Company will monitor its business strategies, weighing positive and negative evidence in assessing its realization of this asset in the future and in the event there is a need to release the valuation allowance a tax benefit will be recorded. The effective tax rates for the three and six months ended June 30, 2020 differed from the Federal statutory rate primarily due to the establishment of a valuation allowance on the California R&D credit that was partially offset by recognition of excess tax benefits of stock-based compensation. The effective tax rates for the three and six months ended June 30, 2019 differed from the Federal statutory rate primarily due to changes from the global corporate structure simplification, state taxes, foreign taxes, non-deductible expenses, and the international provisions of U.S. tax reform that became effective in 2018, partially offset by the recognition of excess tax benefits of stock-based compensation, and Federal and California R&D credits . The decrease in effective tax rates for the three and six months ended June 30, 2020 , as compared to the same period in 2019 was primarily due to the United States Treasury issuance of final regulations that made certain aspects related to the Tax Cuts and Jobs Act of 2017 no longer applicable to the Company, and changes from the global corporate structure simplification, partially offset by the establishment of a valuation allowance on the California R&D credit, and a lower benefit on a percentage basis for excess tax benefits of stock-based compensation due to higher pre-tax income. For the three and six months ended June 30, 2020 , the Company recognized a discrete tax benefit related to the excess tax benefits from stock-based compensation of $92 million and $157 million , respectively, compared to the three and six months ended June 30, 2019 of $46 million and $87 million , respectively. Gross unrecognized tax benefits were $81 million and $67 million as of June 30, 2020 and December 31, 2019 , respectively. The gross unrecognized tax benefits, if recognized by the Company, will result in a reduction of approximately $47 million to the provision for income taxes thereby favorably impacting the Company’s effective tax rate. As of June 30, 2020 , gross unrecognized tax benefits of $24 million were classified as “Other non-current liabilities” and $29 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 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 $389 million and $658 million were classified as “Other non-current assets” on the Consolidated Balance Sheets as of June 30, 2020 and December 31, 2019 , 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 $352 million and $135 million as of June 30, 2020 and December 31, 2019 , respectively. The valuation allowance is related to the California R&D credits and 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, 2017, and 2018. The 2011 through 2018 state tax returns are subject to examination by various state tax authorities. The Company is also currently under examination in the U.K. for 2018 and 2019. The Company has no other significant foreign jurisdiction audits underway. The years 2014 through 2019 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 and Geographic Informat

Segment and Geographic Information	6 Months Ended
	Jun. 30, 2020
Segment Reporting [Abstract]
Segment and Geographic Information	Segment and Geographic Information The Company operates as one operating segment. The Company's chief operating decision maker ("CODM") is its chief executive officer, who reviews financial information presented on a consolidated basis for purposes of making operating decisions, assessing financial performance and allocating resources. Total U.S. revenues were $2.7 billion and $5.2 billion , respectively, for the three and six months ended June 30, 2020 , and $2.4 billion and $4.5 billion , respectively, for the three and six months ended June 30, 2019 . See Note 2 Revenue Recognition for additional information about streaming revenue by region. 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 June 30, 2020 and December 31, 2019 , were located as follows: As of June 30, December 31, 2019 (in thousands) United States $ 1,976,099 $ 1,503,459 International 587,764 594,047

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2020
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 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	Recently adopted accounting pronouncements In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-13, Financial Instruments - Credit Losses (Topic 326) , in order to improve financial reporting of expected credit losses on financial instruments and other commitments to extend credit. ASU 2016-13 requires that an entity measure and recognize expected credit losses for financial assets held at amortized cost and replaces the incurred loss impairment methodology in prior GAAP with a methodology that requires consideration of a broader range of information to estimate credit losses. The Company adopted ASU 2016-13 in the first quarter of 2020 and the impact of the adoption was not material to the Company's consolidated financial statements as credit losses are not expected to be significant based on historical collection trends, the financial condition of payment partners, and external market factors. The Company will continue to actively monitor the impact of the recent coronavirus (COVID-19) pandemic on expected credit losses.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	6 Months Ended
	Jun. 30, 2020
Revenue from Contract with Customer [Abstract]
Streaming Revenue, Paid net Membership Additions, and Ending Paid Memberships by Region	The following tables summarize streaming revenue, paid net membership additions (losses), and paid memberships at end of period by region for the three and six months ended June 30, 2020 and June 30, 2019 , respectively: United States and Canada (UCAN) As of/ Three Months Ended As of/ Six Months Ended June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019 (in thousands) Revenues $ 2,839,670 $ 2,501,199 $ 5,542,446 $ 4,758,050 Paid net membership additions (losses) 2,935 (132 ) 5,242 1,744 Paid memberships at end of period (1) 72,904 66,501 72,904 66,501 Europe, Middle East, and Africa (EMEA) As of/ Three Months Ended As of/ Six Months Ended June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019 (in thousands) Revenues $ 1,892,537 $ 1,319,087 $ 3,616,011 $ 2,552,466 Paid net membership additions 2,749 1,687 9,705 6,411 Paid memberships at end of period (1) 61,483 44,229 61,483 44,229 Latin America (LATAM) As of/ Three Months Ended As of/ Six Months Ended June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019 (in thousands) Revenues $ 785,368 $ 677,136 $ 1,578,821 $ 1,307,608 Paid net membership additions 1,750 343 4,651 1,813 Paid memberships at end of period (1) 36,068 27,890 36,068 27,890 Asia-Pacific (APAC) As of/ Three Months Ended As of/ Six Months Ended June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019 (in thousands) Revenues $ 569,140 $ 349,494 $ 1,052,800 $ 669,096 Paid net membership additions 2,657 801 6,259 2,335 Paid memberships at end of period (1) 22,492 12,942 22,492 12,942 (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 cancellations, 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.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
Computation of Earnings Per Share	The computation of earnings per share is as follows: Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, (in thousands, except per share data) Basic earnings per share: Net income $ 720,196 $ 270,650 $ 1,429,263 $ 614,702 Shares used in computation: Weighted-average common shares outstanding 440,569 437,587 439,961 437,271 Basic earnings per share $ 1.63 $ 0.62 $ 3.25 $ 1.41 Diluted earnings per share: Net income $ 720,196 $ 270,650 $ 1,429,263 $ 614,702 Shares used in computation: Weighted-average common shares outstanding 440,569 437,587 439,961 437,271 Employee stock options 13,376 14,608 13,259 14,792 Weighted-average number of shares 453,945 452,195 453,220 452,063 Diluted earnings per share $ 1.59 $ 0.60 $ 3.15 $ 1.36
Summary of Potential Common Shares Excluded from the Diluted Calculation	The following table summarizes the potential common shares excluded from the diluted calculation: Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, (in thousands) Employee stock options 39 750 777 701

Cash, Cash Equivalents and Re_2

Cash, Cash Equivalents and Restricted Cash (Tables)	6 Months Ended
	Jun. 30, 2020
Short-Term Investments And Fair Value Measurement [Abstract]
Schedule of Cash and Cash Equivalents and Restricted Cash	The following tables summarize the Company's cash, cash equivalents, and restricted cash as of June 30, 2020 and December 31, 2019 : As of June 30, 2020 Cash and cash equivalents Other Current Assets Non-current Assets Total (in thousands) Cash $ 2,980,468 $ 2,483 $ 24,062 $ 3,007,013 Level 1 securities: Money market funds 3,872,780 — 253 3,873,033 Level 2 securities: Foreign Time Deposits 300,000 — — 300,000 $ 7,153,248 $ 2,483 $ 24,315 $ 7,180,046 As of December 31, 2019 Cash and cash equivalents Other Current Assets Non-current Assets Total (in thousands) Cash $ 3,103,525 $ 1,863 $ 22,161 $ 3,127,549 Level 1 securities: Money market funds 1,614,912 — 1,325 1,616,237 Level 2 securities: Foreign Time Deposits 300,000 — — 300,000 $ 5,018,437 $ 1,863 $ 23,486 $ 5,043,786

Balance Sheet Components (Table

Balance Sheet Components (Tables)	6 Months Ended
	Jun. 30, 2020
Balance Sheet Components Disclosure [Abstract]
Content Assets	Content assets consisted of the following: As of June 30, December 31, (in thousands) Licensed content, net $ 14,632,723 $ 14,703,352 Produced content, net Released, less amortization 5,034,139 4,382,685 In production 4,717,598 4,750,664 In development and pre-production 770,657 667,866 10,522,394 9,801,215 Total $ 25,155,117 $ 24,504,567
Schedule of Amortization of Streaming Content Assets	The following table represents the amortization of content assets: Three Months Ended June 30, June 30, (in thousands) Licensed content $ 1,883,070 $ 1,797,179 Produced content 724,089 434,736 Total $ 2,607,159 $ 2,231,915 Six Months Ended June 30, June 30, (in thousands) Licensed content $ 3,743,240 $ 3,571,468 Produced content 1,347,304 785,133 Total $ 5,090,544 $ 4,356,601
Property and Equipment, Net	Property and equipment and accumulated depreciation consisted of the following: As of June 30, December 31, Estimated Useful Lives (in thousands) Land $ 13,560 $ 6,125 Buildings 41,896 33,141 30 years Leasehold improvements 378,345 354,999 Over life of lease Furniture and fixtures 93,092 87,465 3-15 years Information technology 258,875 243,565 3 years Corporate aircraft 109,641 108,995 8 years Machinery and equipment 43,863 46,415 3-5 years Capital work-in-progress 272,875 100,521 Property and equipment, gross 1,212,147 981,226 Less: Accumulated depreciation (460,206 ) (416,005 ) Property and equipment, net $ 751,941 $ 565,221
Information on Right-of-Use Assets and Lease Liabilities	Information related to the Company's right-of-use assets and related lease liabilities were as follows: Three Months Ended June 30, 2020 June 30, 2019 (in thousands) Cash paid for operating lease liabilities $ 59,473 $ 41,320 Right-of-use assets obtained in exchange for new operating lease obligations 364,606 230,499 Six Months Ended June 30, 2020 June 30, 2019 (in thousands) Cash paid for operating lease liabilities $ 116,963 $ 78,973 Right-of-use assets obtained in exchange for new operating lease obligations (1) 416,430 1,072,894 (1) In the six months ended June 30, 2019 , the balance includes $743 million for operating leases existing on January 1, 2019.
Other Current Assets	Other current assets consisted of the following: As of June 30, December 31, (in thousands) Trade receivables $ 565,668 $ 454,399 Prepaid expenses 204,752 180,999 Other 640,471 524,669 Total other current assets $ 1,410,891 $ 1,160,067

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Summary of Long-term Debt	The following table provides a summary of the Company's outstanding debt and the fair values based on quoted market prices in less active markets as of June 30, 2020 and December 31, 2019 : Principal Amount at Par Level 2 Fair Value as of June 30, 2020 December 31, 2019 Issuance Date Maturity June 30, 2020 December 31, 2019 (in millions) (in millions) 5.375% Senior Notes $ 500 $ 500 February 2013 February 2021 $ 512 $ 518 5.500% Senior Notes 700 700 February 2015 February 2022 733 744 5.750% Senior Notes 400 400 February 2014 March 2024 437 444 5.875% Senior Notes 800 800 February 2015 February 2025 892 896 3.000% Senior Notes (1) 527 — April 2020 June 2025 545 — 3.625% Senior Notes 500 — April 2020 June 2025 504 — 4.375% Senior Notes 1,000 1,000 October 2016 November 2026 1,043 1,026 3.625% Senior Notes (1) 1,461 1,459 May 2017 May 2027 1,524 1,565 4.875% Senior Notes 1,600 1,600 October 2017 April 2028 1,712 1,670 5.875% Senior Notes 1,900 1,900 April 2018 November 2028 2,164 2,111 4.625% Senior Notes (1) 1,236 1,234 October 2018 May 2029 1,375 1,378 6.375% Senior Notes 800 800 October 2018 May 2029 934 916 3.875% Senior Notes (1) 1,348 1,346 April 2019 November 2029 1,418 1,429 5.375% Senior Notes 900 900 April 2019 November 2029 989 960 3.625% Senior Notes (1) 1,236 1,234 October 2019 June 2030 1,274 1,273 4.875% Senior Notes 1,000 1,000 October 2019 June 2030 1,073 1,019 $ 15,908 $ 14,873 $ 17,129 $ 15,949 (1) The following Senior Notes have a principal amount denominated in euro: 3.000% Senior Notes for €470 million , 3.625% Senior Notes for €1,300 million , 4.625% Senior Notes for €1,100 million , 3.875% Senior Notes for €1,200 million
Schedule of Maturities of Long-term Debt	The expected timing of principal and interest payments for these Notes are as follows: As of June 30, December 31, 2019 (in thousands) Less than one year $ 1,262,421 $ 736,969 Due after one year and through three years 2,117,306 2,581,471 Due after three years and through five years 3,582,529 1,705,201 Due after five years 14,614,847 15,699,800 Total debt obligations $ 21,577,103 $ 20,723,441

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Expected Timing of Payments for Commitments	The expected timing of payments for these content obligations is as follows: As of June 30, December 31, (in thousands) Less than one year $ 8,415,792 $ 8,477,367 Due after one year and through three years 8,315,449 8,352,731 Due after three years and through five years 1,941,731 2,041,340 Due after five years 460,368 618,644 Total content obligations $ 19,133,340 $ 19,490,082

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2020
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) Balances as of December 31, 2019 6,111,561 20,859,326 $ 124.28 New Shares Authorized 17,500,000 — — Granted (1,095,065 ) 1,095,065 375.86 Exercised — (2,208,741 ) 60.06 Expired — (48 ) 9.96 Balances as of June 30, 2020 22,516,496 19,745,602 $ 145.42 Vested and exercisable as of June 30, 2020 19,745,602 $ 145.42
Summary of Amounts Related to Option Exercises	A summary of the amounts related to option exercises, is as follows: Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, (in thousands) Total intrinsic value of options exercised $ 442,156 $ 212,932 $ 745,382 $ 393,774 Cash received from options exercised 89,060 21,896 132,754 44,868
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 Six Months Ended June 30, June 30, June 30, June 30, Dividend yield — % — % — % — % Expected volatility 44 % 39 % 37% - 44% 39% - 41% Risk-free interest rate 0.74 % 2.50 % 0.74% - 1.71% 2.50% - 2.74% Suboptimal exercise factor 3.51 3.16 3.34 - 3.51 3.07 - 3.16 Weighted-average fair value (per share) $ 203 $ 179 $ 184 $ 171 Total stock-based compensation expense (in thousands) $ 104,210 $ 103,848 $ 201,229 $ 205,048 Total income tax impact on provision (in thousands) $ 22,834 $ 24,845 $ 44,143 $ 46,473

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit)	Three Months Ended Six Months Ended June 30, June 30, June 30, 2020 June 30, 2019 (in thousands, except percentages) Provision for income taxes $ 315,406 $ 230,266 $ 402,209 $ 285,873 Effective tax rate 30 % 46 % 22 % 32 %

Segment and Geographic Inform_2

Segment and Geographic Information (Tables)	6 Months Ended
	Jun. 30, 2020
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 June 30, 2020 and December 31, 2019 , were located as follows: As of June 30, December 31, 2019 (in thousands) United States $ 1,976,099 $ 1,503,459 International 587,764 594,047

Revenue Recognition - Revenue a

Revenue Recognition - Revenue and Membership Information (Details) membership in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020USD ($)membership	Jun. 30, 2019USD ($)membership	Jun. 30, 2020USD ($)membership	Jun. 30, 2019USD ($)membership
Disaggregation of Revenue [Line Items]
Revenues | $	$ 6,148,286	$ 4,923,116	$ 11,915,977	$ 9,444,108
United States and Canada
Disaggregation of Revenue [Line Items]
Paid net membership additions (losses) (in memberships)	2,935	(132)	5,242	1,744
Paid memberships at end of period (in memberships)	72,904	66,501	72,904	66,501
Europe, Middle East, and Africa
Disaggregation of Revenue [Line Items]
Paid net membership additions (losses) (in memberships)	2,749	1,687	9,705	6,411
Paid memberships at end of period (in memberships)	61,483	44,229	61,483	44,229
Latin America
Disaggregation of Revenue [Line Items]
Paid net membership additions (losses) (in memberships)	1,750	343	4,651	1,813
Paid memberships at end of period (in memberships)	36,068	27,890	36,068	27,890
Asia-Pacific
Disaggregation of Revenue [Line Items]
Paid net membership additions (losses) (in memberships)	2,657	801	6,259	2,335
Paid memberships at end of period (in memberships)	22,492	12,942	22,492	12,942
Streaming | United States and Canada
Disaggregation of Revenue [Line Items]
Revenues | $	$ 2,839,670	$ 2,501,199	$ 5,542,446	$ 4,758,050
Streaming | Europe, Middle East, and Africa
Disaggregation of Revenue [Line Items]
Revenues | $	1,892,537	1,319,087	3,616,011	2,552,466
Streaming | Latin America
Disaggregation of Revenue [Line Items]
Revenues | $	785,368	677,136	1,578,821	1,307,608
Streaming | Asia-Pacific
Disaggregation of Revenue [Line Items]
Revenues | $	$ 569,140	$ 349,494	$ 1,052,800	$ 669,096

Revenue Recognition - Additiona

Revenue Recognition - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Revenues	$ 6,148,286	$ 4,923,116	$ 11,915,977	$ 9,444,108
Deferred revenue	1,029,261		1,029,261		$ 924,745
Increase in deferred revenue	42,508	84,085	104,516	131,878
United States
Disaggregation of Revenue [Line Items]
Revenues	2,700,000	2,400,000	5,200,000	4,500,000
DVD
Disaggregation of Revenue [Line Items]
Revenues	$ 62,000	$ 76,000	$ 126,000	$ 157,000

Earnings Per Share - Calculatio

Earnings Per Share - Calculation of EPS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Basic earnings per share:
Net income	$ 720,196	$ 270,650	$ 1,429,263	$ 614,702
Weighted-average common shares outstanding (in shares)	440,569	437,587	439,961	437,271
Basic earnings per share (in dollars per share)	$ 1.63	$ 0.62	$ 3.25	$ 1.41
Diluted earnings per share:
Net income	$ 720,196	$ 270,650	$ 1,429,263	$ 614,702
Shares used in computation:
Weighted-average common shares outstanding (in shares)	440,569	437,587	439,961	437,271
Employee stock options (in shares)	13,376	14,608	13,259	14,792
Weighted-average number of shares (in shares)	453,945	452,195	453,220	452,063
Diluted earnings per share (in dollars per share)	$ 1.59	$ 0.60	$ 3.15	$ 1.36

Earnings Per Share - Antidiluti

Earnings Per Share - Antidilutive Shares (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Earnings Per Share [Abstract]
Antidilutive securities excluded from earnings per share calculations	39	750	777	701

Cash, Cash Equivalents and Re_3

Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents, and restricted cash	$ 7,180,046	$ 5,178,187	$ 5,043,786	$ 5,028,205	$ 3,370,097	$ 3,812,041
Cash and cash equivalents
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents, and restricted cash	7,153,248		5,018,437
Other Current Assets
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents, and restricted cash	2,483		1,863
Non-current Assets
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents, and restricted cash	24,315		23,486
Cash
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents, and restricted cash	3,007,013		3,127,549
Cash | Cash and cash equivalents
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents, and restricted cash	2,980,468		3,103,525
Cash | Other Current Assets
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents, and restricted cash	2,483		1,863
Cash | Non-current Assets
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents, and restricted cash	24,062		22,161
Level 1 Securities | Money market funds
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents, and restricted cash	3,873,033		1,616,237
Level 1 Securities | Money market funds | Cash and cash equivalents
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents, and restricted cash	3,872,780		1,614,912
Level 1 Securities | Money market funds | Other Current Assets
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents, and restricted cash	0		0
Level 1 Securities | Money market funds | Non-current Assets
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents, and restricted cash	253		1,325
Level 2 Securities | Foreign Time Deposits
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents, and restricted cash	300,000		300,000
Level 2 Securities | Foreign Time Deposits | Cash and cash equivalents
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents, and restricted cash	300,000		300,000
Level 2 Securities | Foreign Time Deposits | Other Current Assets
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents, and restricted cash	0		0
Level 2 Securities | Foreign Time Deposits | Non-current Assets
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents, and restricted cash	$ 0		$ 0

Balance Sheet Components - Comp

Balance Sheet Components - Components of Content Assets (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Content assets, net	$ 25,155,117		$ 25,155,117		$ 24,504,567
Amortization of content assets	2,607,159	$ 2,231,915	5,090,544	$ 4,356,601
Licensed content, net
Finite-Lived Intangible Assets [Line Items]
Net content	14,632,723		14,632,723		14,703,352
Unamortized cost in year one	5,776,000		5,776,000
Unamortized cost in year two	3,756,000		3,756,000
Unamortized cost in year three	2,410,000		2,410,000
Amortization of content assets	1,883,070	1,797,179	3,743,240	3,571,468
Produced content, net
Finite-Lived Intangible Assets [Line Items]
Net content	5,034,139		5,034,139		4,382,685
In production	4,717,598		4,717,598		4,750,664
In development and pre-production	770,657		770,657		667,866
Content assets, net	10,522,394		10,522,394		$ 9,801,215
Unamortized cost in year one	1,813,000		1,813,000
Unamortized cost in year two	1,395,000		1,395,000
Unamortized cost in year three	1,012,000		1,012,000
Amortization of content assets	$ 724,089	$ 434,736	$ 1,347,304	$ 785,133

Balance Sheet Components - Prop

Balance Sheet Components - Property And Equipment (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 1,212,147	$ 981,226
Less: Accumulated depreciation	(460,206)	(416,005)
Property and equipment, net	751,941	565,221
Land
Property, Plant and Equipment [Line Items]
Property and equipment, gross	13,560	6,125
Buildings
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 41,896	33,141
Estimated Useful Lives	30 years
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 378,345	354,999
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 93,092	87,465
Furniture and fixtures | Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	3 years
Furniture and fixtures | Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	15 years
Information technology
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 258,875	243,565
Estimated Useful Lives	3 years
Corporate aircraft
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 109,641	108,995
Estimated Useful Lives	8 years
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 43,863	46,415
Machinery and equipment | Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	3 years
Machinery and equipment | Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	5 years
Capital work-in-progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 272,875	$ 100,521

Balance Sheet Components - Leas

Balance Sheet Components - Leases (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019	Jan. 01, 2019
Lessee, Lease, Description [Line Items]
Operating lease right-of-use assets	$ 1,812,000		$ 1,812,000		$ 1,532,000
Operating lease liabilities	1,914,000		1,914,000		1,613,000
Current operating lease liabilities	227,000		227,000		190,000
Non-current operating lease liabilities	1,687,000		1,687,000		$ 1,423,000
Cash paid for operating lease liabilities	59,473	$ 41,320	116,963	$ 78,973
Right-of-use assets obtained in exchange for new operating lease obligations	$ 364,606	$ 230,499	$ 416,430	$ 1,072,894
ASU 2016-02
Lessee, Lease, Description [Line Items]
Operating lease right-of-use assets						$ 743,000

Balance Sheet Components - Othe

Balance Sheet Components - Other Current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Balance Sheet Components Disclosure [Abstract]
Trade receivables	$ 565,668	$ 454,399
Prepaid expenses	204,752	180,999
Other	640,471	524,669
Total other current assets	$ 1,410,891	$ 1,160,067

Debt - Narrative (Details)

Debt - Narrative (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2020EUR (€)	Dec. 31, 2019USD ($)
Debt Instrument [Line Items]
Aggregate outstanding notes	$ 15,794,000		$ 15,794,000
Debt issuance costs	114,000		114,000			$ 114,000
Short-term debt	499,161		499,161			0
Long-term debt	15,294,998		15,294,998			14,759,260
Long-term notes denominated in foreign currency	15,908,000		15,908,000			$ 14,873,000
Foreign currency remeasurement loss on debt	119,161	$ 61,284	26,101	$ 3,684
Senior Notes
Debt Instrument [Line Items]
Long-term notes denominated in foreign currency | €					€ 5,170,000,000
Foreign currency remeasurement loss on debt	$ 119,000		$ 26,000
Redemption prices, percent of outstanding principal			101.00%

Debt - Summary of Long-term Deb

Debt - Summary of Long-term Debt (Details) $ in Millions	Jun. 30, 2020USD ($)	Jun. 30, 2020EUR (€)	Dec. 31, 2019USD ($)	Dec. 31, 2019EUR (€)
Debt Instrument [Line Items]
Principal amount at par	$ 15,908		$ 14,873
Fair value	17,129		15,949
Senior Notes
Debt Instrument [Line Items]
Principal amount at par | €		€ 5,170,000,000
Senior Notes | 5.375% Senior Notes
Debt Instrument [Line Items]
Principal amount at par	500		500
Fair value	$ 512		$ 518
Interest rate	5.375%	5.375%	5.375%	5.375%
Senior Notes | 5.500% Senior Notes
Debt Instrument [Line Items]
Principal amount at par	$ 700		$ 700
Fair value	$ 733		$ 744
Interest rate	5.50%	5.50%	5.50%	5.50%
Senior Notes | 5.750% Senior Notes
Debt Instrument [Line Items]
Principal amount at par	$ 400		$ 400
Fair value	$ 437		$ 444
Interest rate	5.75%	5.75%	5.75%	5.75%
Senior Notes | 5.875% Senior Notes
Debt Instrument [Line Items]
Principal amount at par	$ 800		$ 800
Fair value	$ 892		$ 896
Interest rate	5.875%	5.875%	5.875%	5.875%
Senior Notes | 3.000% Senior Notes
Debt Instrument [Line Items]
Principal amount at par	$ 527	€ 470,000,000	$ 0	€ 470,000,000
Fair value	$ 545		$ 0
Interest rate	3.00%	3.00%	3.00%	3.00%
Senior Notes | 4.875% Senior Notes
Debt Instrument [Line Items]
Principal amount at par	$ 500		$ 0
Fair value	$ 504		$ 0
Interest rate	3.625%	3.625%	3.625%	3.625%
Senior Notes | Four Point Three Seven Five Percent Senior Notes [Member]
Debt Instrument [Line Items]
Principal amount at par	$ 1,000		$ 1,000
Fair value	$ 1,043		$ 1,026
Interest rate	4.375%	4.375%	4.375%	4.375%
Senior Notes | Three Point Six Two Five Percent Senior Notes [Member]
Debt Instrument [Line Items]
Principal amount at par	$ 1,461	€ 1,300,000,000	$ 1,459	€ 1,300,000,000
Fair value	$ 1,524		$ 1,565
Interest rate	3.625%	3.625%	3.625%	3.625%
Senior Notes | Four Point Eight Seven Five Percent Senior Notes [Member]
Debt Instrument [Line Items]
Principal amount at par	$ 1,600		$ 1,600
Fair value	$ 1,712		$ 1,670
Interest rate	4.875%	4.875%	4.875%	4.875%
Senior Notes | Five Point Eight Seven Five Percent Senior Notes 2018 [Member]
Debt Instrument [Line Items]
Principal amount at par	$ 1,900		$ 1,900
Fair value	$ 2,164		$ 2,111
Interest rate	5.875%	5.875%	5.875%	5.875%
Senior Notes | Four Point Six Two Five Percent Senior Notes [Member]
Debt Instrument [Line Items]
Principal amount at par	$ 1,236	€ 1,100,000,000	$ 1,234	€ 1,100,000,000
Fair value	$ 1,375		$ 1,378
Interest rate	4.625%	4.625%	4.625%	4.625%
Senior Notes | Six Point Three Seven Five Percent Senior Notes [Member]
Debt Instrument [Line Items]
Principal amount at par	$ 800		$ 800
Fair value	$ 934		$ 916
Interest rate	6.375%	6.375%	6.375%	6.375%
Senior Notes | Three Point Eight Seven Five Percent Senior Notes [Member]
Debt Instrument [Line Items]
Principal amount at par	$ 1,348	€ 1,200,000,000	$ 1,346	€ 1,200,000,000
Fair value	$ 1,418		$ 1,429
Interest rate	3.875%	3.875%	3.875%	3.875%
Senior Notes | Five Point Three Seven Five Percent Senior Notes Issued April 2019 [Member]
Debt Instrument [Line Items]
Principal amount at par	$ 900		$ 900
Fair value	$ 989		$ 960
Interest rate	5.375%	5.375%	5.375%	5.375%
Senior Notes | Three Point Six Two Five Percent Senior Notes Issued October 2019 [Member]
Debt Instrument [Line Items]
Principal amount at par	$ 1,236	€ 1,100,000,000	$ 1,234	€ 1,100,000,000
Fair value	$ 1,274		$ 1,273
Interest rate	3.625%	3.625%	3.625%	3.625%
Senior Notes | Four Point Eight Seven Five Percent Senior Notes Issued October 2019 [Member]
Debt Instrument [Line Items]
Principal amount at par	$ 1,000		$ 1,000
Fair value	$ 1,073		$ 1,019
Interest rate	4.875%	4.875%	4.875%	4.875%

Debt - Maturities (Details)

Debt - Maturities (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Debt Disclosure [Abstract]
Less than one year	$ 1,262,421	$ 736,969
Due after one year and through three years	2,117,306	2,581,471
Due after three years and through five years	3,582,529	1,705,201
Due after five years	14,614,847	15,699,800
Total	$ 21,577,103	$ 20,723,441

Debt - Revolving Line of Credit

Debt - Revolving Line of Credit (Details) - Revolving Credit Facility	6 Months Ended
	Jun. 30, 2020USD ($)
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity	$ 750,000,000
Commitment fee percentage	0.10%
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
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.00%
One-month LIBOR | Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.00%

Commitments and Contingencies -

Commitments and Contingencies - Streaming Content (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Contractual Obligation [Line Items]
Total streaming content obligations	$ 19,133,340	$ 19,490,082
Current content liabilities	4,664,733	4,413,561
Non-current content liabilities	3,208,164	3,334,323
Streaming obligations not reflected on Consolidated Balance Sheets	11,200,000	11,800,000
Current content liabilities
Contractual Obligation [Line Items]
Current content liabilities	4,700,000	4,400,000
Non-current content liabilities
Contractual Obligation [Line Items]
Non-current content liabilities	$ 3,200,000	$ 3,300,000

Commitments and Contingencies_2

Commitments and Contingencies - Expected Timing of Payments (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Less than one year	$ 8,415,792	$ 8,477,367
Due after one year and through three years	8,315,449	8,352,731
Due after three years and through five years	1,941,731	2,041,340
Due after five years	460,368	618,644
Total content obligations	$ 19,133,340	$ 19,490,082

Commitments and Contingencies_3

Commitments and Contingencies - Legal Proceedings (Details)	Jun. 30, 2020USD ($)
Commitments and Contingencies Disclosure [Abstract]
Indemnification obligations	$ 0

Stockholders' Equity Stockholde

Stockholders' Equity Stockholders' Equity - Stock Option Plan Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant (in shares)	22,516,496	6,111,561
Aggregate intrinsic value	$ 6,114
Weighted-average remaining contractual term (in years)	5 years 6 months 18 days
2020 Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant (in shares)	17,500,000
2011 Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant (in shares)	5,530,106

Stockholders' Equity - Activity

Stockholders' Equity - Activity Related to Stock Option Plans (Details)	6 Months Ended
	Jun. 30, 2020$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Shares available for grant, beginning balance (in shares)	6,111,561
Options outstanding, number of shares, beginning balance (in shares)	20,859,326
Shares available for grant, number of shares authorized (in shares)	17,500,000
Options outstanding, number of shares granted (in shares)	(1,095,065)
Options outstanding, number of shares granted (in shares)	1,095,065
Options outstanding, number of shares, exercised (in shares)	(2,208,741)
Options outstanding, number of shares expired (in shares)	(48)
Shares available for grant, ending balance (in shares)	22,516,496
Options outstanding, number of shares, ending balance (in shares)	19,745,602
Options vested and exercisable, number of shares, ending balance (in shares)	19,745,602
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	$ 124.28
Options outstanding, weighted-average exercise price, granted (dollars per share) | $ / shares	375.86
Options outstanding, weighted-average exercise price, exercised (dollars per share) | $ / shares	60.06
Options expired, weighted-average exercise price (dollars per share) | $ / shares	9.96
Options outstanding, weighted-average exercise price, ending balance (dollars per share) | $ / shares	145.42
Options outstanding, weighted-average exercise price, vested and exercisable (dollars per share) | $ / shares	$ 145.42

Stockholders' Equity - Amounts

Stockholders' Equity - Amounts Related to Option Exercises (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Stockholders' Equity and Stock-based Compensation Disclosure [Abstract]
Total intrinsic value of options exercised	$ 442,156	$ 212,932	$ 745,382	$ 393,774
Cash received from options exercised	$ 89,060	$ 21,896	$ 132,754	$ 44,868

Stockholders' Equity - Assumpti

Stockholders' Equity - Assumptions Used to Value Stock Options (Details) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020USD ($)$ / shares	Jun. 30, 2019USD ($)$ / shares	Jun. 30, 2020USD ($)$ / shares	Jun. 30, 2019USD ($)$ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment award, expiration period (in years)			10 years
Dividend yield	0.00%	0.00%	0.00%	0.00%
Expected volatility	44.00%	39.00%
Expected volatility, minimum			37.00%	39.00%
Expected volatility, maximum			44.00%	41.00%
Risk-free interest rate	0.74%	2.50%
Risk-free interest rate, minimum			0.74%	2.50%
Risk-free interest rate, maximum			1.71%	2.74%
Suboptimal exercise factor	3.51	3.16
Weighted-average fair value (in dollars per share) | $ / shares	$ 203	$ 179	$ 184	$ 171
Total stock-based compensation expense	$ 104,210	$ 103,848	$ 201,229	$ 205,048
Total income tax impact on provision	$ 22,834	$ 24,845	$ 44,143	$ 46,473
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Suboptimal exercise factor			3.34	3.07
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Suboptimal exercise factor			3.51	3.16

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 315,406	$ 230,266	$ 402,209	$ 285,873
Effective tax rates	30.00%	46.00%	22.00%	32.00%
Income Tax Contingency [Line Items]
Effective income tax rate reconciliation, share-based compensation, excess tax benefit	$ 92,000	$ 46,000	$ 157,000	$ 87,000
Unrecognized tax benefits	81,000		81,000		$ 67,000
Reduction in provision for income taxes due to impact of effective tax rate	47,000		47,000
Deferred tax assets, valuation allowance	352,000		352,000		135,000
Other noncurrent liabilities
Income Tax Contingency [Line Items]
Unrecognized tax benefits	24,000		24,000
Non-current Assets
Income Tax Contingency [Line Items]
Unrecognized tax benefits	29,000		29,000
Deferred tax assets	389,000		389,000		$ 658,000
Research Tax Credit Carryforward
Income Tax Contingency [Line Items]
Tax credit carryforward	220,000		220,000
Valuation allowance	$ 220,000		$ 220,000

Segment and Geographic Inform_3

Segment and Geographic Information - Narrative (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)segment	Jun. 30, 2019USD ($)
Segment Reporting Information [Line Items]
Number of operating segments | segment			1
Revenues	$ 6,148,286	$ 4,923,116	$ 11,915,977	$ 9,444,108
United States
Segment Reporting Information [Line Items]
Revenues	$ 2,700,000	$ 2,400,000	$ 5,200,000	$ 4,500,000

Segment and Geographic Inform_4

Segment and Geographic Information - Long-lived Assets by Geographical Areas (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived tangible assets	$ 1,976,099	$ 1,503,459
International
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived tangible assets	$ 587,764	$ 594,047