Netflix (NFLX) 10-K 28 Jan 21 2020 FY Annual report Financial data

Cover

Cover - USD ($)	12 Months Ended
	Dec. 31, 2020	Jun. 30, 2020
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2020
Current Fiscal Year End Date	--12-31
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 12(b) Security	Common stock, par value $0.001 per share
Trading Symbol	NFLX
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float		$ 196,932,116,552
Entity Common Stock, Shares Outstanding	442,895,261
Documents Incorporated by Reference	Parts of the registrant’s Proxy Statement for the registrant’s 2021 Annual Meeting of Stockholders are incorporated by reference into Part III of this Annual Report on Form 10-K.
Entity Central Index Key	0001065280
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Amendment Flag	false

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Statement [Abstract]
Revenues	$ 24,996,056	$ 20,156,447	$ 15,794,341
Cost of revenues	15,276,319	12,440,213	9,967,538
Marketing	2,228,362	2,652,462	2,369,469
Technology and development	1,829,600	1,545,149	1,221,814
General and administrative	1,076,486	914,369	630,294
Operating income	4,585,289	2,604,254	1,605,226
Other income (expense):
Interest expense	(767,499)	(626,023)	(420,493)
Interest and other income (expense)	(618,441)	84,000	41,725
Income before income taxes	3,199,349	2,062,231	1,226,458
Provision for income taxes	(437,954)	(195,315)	(15,216)
Net income	$ 2,761,395	$ 1,866,916	$ 1,211,242
Earnings per share:
Basic (in USD per share)	$ 6.26	$ 4.26	$ 2.78
Diluted (in USD per share)	$ 6.08	$ 4.13	$ 2.68
Weighted-average common shares outstanding:
Basic (in shares)	440,922	437,799	435,374
Diluted (in shares)	454,208	451,765	451,244

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement of Comprehensive Income [Abstract]
Net income	$ 2,761,395	$ 1,866,916	$ 1,211,242
Other comprehensive income (loss):
Foreign currency translation adjustments	67,919	(3,939)	975
Comprehensive income	$ 2,829,314	$ 1,862,977	$ 1,212,217

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash flows from operating activities:
Net income	$ 2,761,395	$ 1,866,916	$ 1,211,242
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Additions to content assets	(11,779,284)	(13,916,683)	(13,043,437)
Change in content liabilities	(757,433)	(694,011)	999,880
Amortization of content assets	10,806,912	9,216,247	7,532,088
Depreciation and amortization of property, equipment and intangibles	115,710	103,579	83,157
Stock-based compensation expense	415,180	405,376	320,657
Foreign currency remeasurement loss (gain) on debt	533,278	(45,576)	(73,953)
Other non-cash items	293,126	228,230	81,640
Deferred income taxes	70,066	(94,443)	(85,520)
Changes in operating assets and liabilities:
Other current assets	(187,623)	(252,113)	(200,192)
Accounts payable	(41,605)	96,063	199,198
Accrued expenses and other liabilities	198,183	157,778	150,422
Deferred revenue	193,247	163,846	142,277
Other non-current assets and liabilities	(194,075)	(122,531)	2,062
Net cash provided by (used in) operating activities	2,427,077	(2,887,322)	(2,680,479)
Cash flows from investing activities:
Purchases of property and equipment	(497,923)	(253,035)	(173,946)
Change in other assets	(7,431)	(134,029)	(165,174)
Net cash used in investing activities	(505,354)	(387,064)	(339,120)
Cash flows from financing activities:
Proceeds from issuance of debt	1,009,464	4,469,306	3,961,852
Debt issuance costs	(7,559)	(36,134)	(35,871)
Proceeds from issuance of common stock	235,406	72,490	124,502
Other financing activities	0	0	(1,956)
Net cash provided by financing activities	1,237,311	4,505,662	4,048,527
Effect of exchange rate changes on cash, cash equivalents and restricted cash	36,050	469	(39,682)
Net increase in cash, cash equivalents and restricted cash	3,195,084	1,231,745	989,246
Cash and cash equivalents, beginning of year	5,043,786	3,812,041	2,822,795
Cash, cash equivalents and restricted cash, end of year	8,238,870	5,043,786	3,812,041
Supplemental disclosure:
Income taxes paid	291,582	400,658	131,069
Interest paid	$ 762,904	$ 599,132	$ 375,831

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 8,205,550	$ 5,018,437
Other current assets	1,556,030	1,160,067
Total current assets	9,761,580	6,178,504
Content assets, net	25,383,950	24,504,567
Property and equipment, net	960,183	565,221
Other non-current assets	3,174,646	2,727,420
Total assets	39,280,359	33,975,712
Current liabilities:
Current content liabilities	4,429,536	4,413,561
Accounts payable	656,183	674,347
Accrued expenses and other liabilities	1,102,196	843,043
Deferred revenue	1,117,992	924,745
Short-term debt	499,878	0
Total current liabilities	7,805,785	6,855,696
Non-current content liabilities	2,618,084	3,334,323
Long-term debt	15,809,095	14,759,260
Other non-current liabilities	1,982,155	1,444,276
Total liabilities	28,215,119	26,393,555
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.001 par value; 10,000,000 shares authorized at December 31, 2020 and 2019; no shares issued and outstanding at December 31, 2020 and 2019	0	0
Common stock, 0.001 par value; 4,990,000,000 shares authorized at December 31, 2020 and December 31, 2019, respectively; 442,895,261 and 438,806,649 issued and outstanding at December 31, 2020 and December 31, 2019, respectively	3,447,698	2,793,929
Accumulated other comprehensive income (loss)	44,398	(23,521)
Retained earnings	7,573,144	4,811,749
Total stockholders’ equity	11,065,240	7,582,157
Total liabilities and stockholders’ equity	$ 39,280,359	$ 33,975,712

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Preferred stock, par value (in USD per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in USD per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	4,990,000,000	4,990,000,000
Common stock, shares issued (in shares)	442,895,261	438,806,649
Common stock, shares outstanding (in shares)	442,895,261	438,806,649

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Common Stock and Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Retained EarningsCumulative Effect, Period of Adoption, Adjustment
Beginning Balance (in shares) at Dec. 31, 2017			433,392,686
Beginning Balance at Dec. 31, 2017	$ 3,581,956		$ 1,871,396	$ (20,557)	$ 1,731,117
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	1,211,242				1,211,242
Other comprehensive income (loss)	$ 975			975
Issuance of common stock upon exercise of options (in shares)	3,205,911		3,205,911
Issuance of common stock upon exercise of options	$ 123,935		$ 123,935
Stock-based compensation expense	320,657		$ 320,657
Ending Balance (in shares) at Dec. 31, 2018			436,598,597
Ending Balance at Dec. 31, 2018	$ 5,238,765	$ 2,474	$ 2,315,988	(19,582)	2,942,359	$ 2,474
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201602Member
Net income	$ 1,866,916				1,866,916
Other comprehensive income (loss)	$ (3,939)			(3,939)
Issuance of common stock upon exercise of options (in shares)	2,208,052		2,208,052
Issuance of common stock upon exercise of options	$ 72,565		$ 72,565
Stock-based compensation expense	405,376		$ 405,376
Ending Balance (in shares) at Dec. 31, 2019			438,806,649
Ending Balance at Dec. 31, 2019	7,582,157		$ 2,793,929	(23,521)	4,811,749
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	2,761,395				2,761,395
Other comprehensive income (loss)	$ 67,919			67,919
Issuance of common stock upon exercise of options (in shares)	4,088,612		4,088,612
Issuance of common stock upon exercise of options	$ 238,589		$ 238,589
Stock-based compensation expense	415,180		$ 415,180
Ending Balance (in shares) at Dec. 31, 2020			442,895,261
Ending Balance at Dec. 31, 2020	$ 11,065,240		$ 3,447,698	$ 44,398	$ 7,573,144

Organization and Summary of Sig

Organization and Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Summary of Significant Accounting Policies	Organization and Summary of Significant Accounting Policies Description of Business Netflix, Inc. (the “Company”) was incorporated on August 29, 1997 and began operations on April 14, 1998. The Company is one of the world’s leading entertainment services with approximately 204 million paid memberships in over 190 countries enjoying TV series, documentaries and feature films across a wide variety of genres and languages. Members can watch as much as they want, anytime, anywhere, on any internet-connected screen. Members can play, pause and resume watching, all without commercials. Additionally, the Company continues to offer its DVD-by-mail service in the United States ("U.S."). Basis of Presentation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. Intercompany balances and transactions have been eliminated. Use of Estimates The preparation of consolidated financial statements in conformity with generally accepted accounting principles ("GAAP") in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. 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 an ongoing basis, the Company evaluates these assumptions, judgments and estimates. Actual results may differ from these estimates. 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. Recently issued accounting pronouncements not yet adopted In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes (Topic 740) . ASU 2019-12 removes certain exceptions for performing intraperiod tax allocations, recognizing deferred taxes for investments, and calculating income taxes in interim periods. The guidance also simplifies the accounting for franchise taxes, transactions that result in a step-up in the tax basis of goodwill, and the effect of enacted changes in tax laws or rates in interim periods. ASU 2019-12 is effective for fiscal years beginning after December 15, 2020 and early adoption is permitted. While the Company is continuing to assess the potential impacts of ASU 2019-12, it does not expect ASU 2019-12 to have a material effect, if any, on its financial statements. Cash Equivalents The Company considers investments in instruments purchased with an original maturity of 90 days or less to be cash equivalents. The Company also classifies amounts in transit from payment processors for customer credit card and debit card transactions as cash equivalents. Content The Company acquires, licenses and produces content, including original programming, in order to offer members unlimited viewing of video entertainment. 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 content assets and the changes in related liabilities, are classified within "Net cash provided by (used in) operating activities" on the Consolidated Statements of Cash Flows. The Company recognizes content assets (licensed and produced) as “Content assets, net” on the Consolidated Balance Sheets. For licensed content, 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 produced content, 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. On average, over 90% of a licensed or produced content asset is expected to be amortized within four years after its month of first availability. 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. Property and Equipment Property and equipment are carried at cost less accumulated depreciation. Depreciation is calculated using the straight-line method over the shorter of the estimated useful lives of the respective assets, generally up to 30 years, or the expected lease term for leasehold improvements, if applicable. Trade Receivables Trade receivables consist primarily of amounts related to members and payment partners that collect membership fees on the Company's behalf. The Company evaluates the need for an allowance for doubtful accounts based on historical collection trends, the financial condition of its payment partners, and external market factors. Marketing Marketing expenses consist primarily of advertising expenses and certain payments made to the Company’s partners, including consumer electronics ("CE") manufacturers, multichannel video programming distributors ("MVPDs"), mobile operators and internet service providers ("ISPs"). Advertising expenses include promotional activities such as digital and television advertising. Advertising costs are expensed as incurred. Advertising expenses were $1,447 million, $1,879 million and $1,808 million for the years ended December 31, 2020, 2019 and 2018, respectively. Marketing expenses also include payroll and related expenses for personnel that support the Company's marketing activities. Research and Development Research and development expenses consist of payroll and related costs incurred in making improvements to our service offerings. Research and development expenses were $1,984 million, $1,673 million and $1,218 million for the years ended December 31, 2020, 2019 and 2018, respectively. Income Taxes The Company records a provision for income taxes for the anticipated tax consequences of the reported results of operations using the asset and liability method. Deferred income taxes are recognized by applying enacted statutory tax rates applicable to future years to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases as well as net operating loss and tax credit carryforwards. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The measurement of deferred tax assets is reduced, if necessary, by a valuation allowance for any tax benefits for which future realization is uncertain. The Company did not recognize certain tax benefits from uncertain tax positions within the provision for income taxes. The Company may recognize a tax benefit only if it is more likely than not the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such positions are then measured based on the largest benefit that has a greater than 50% likelihood of being realized upon settlement. The Company recognizes interest and penalties related to uncertain tax positions in income tax expense. See Note 10 to the consolidated financial statements for further information regarding income taxes. Foreign Currency The functional currency for the Company's subsidiaries is determined based on the primary economic environment in which the subsidiary operates. The Company translates the assets and liabilities of its non-U.S. dollar functional currency subsidiaries into U.S. dollars using exchange rates in effect at the end of each period. Revenues and expenses for these subsidiaries are translated using rates that approximate those in effect during the period. Gains and losses from these translations are recognized in cumulative translation adjustment included in "Accumulated other comprehensive income (loss)" in Stockholders’ equity on the Consolidated Balance Sheets. The Company remeasures monetary assets and liabilities that are not denominated in the functional currency at exchange rates in effect at the end of each period. Gains and losses from these remeasurements are recognized in interest and other income (expense). Foreign currency transactions resulted in a loss of $660 million, a gain of $7 million, and a loss of $1 million for the years ended December 31, 2020, 2019 and 2018, respectively. These gains and losses were primarily due to the non-cash remeasurement of our Senior Notes denominated in euros and the remeasurement of cash and content liability positions denominated in currencies other than functional currencies. Stock-Based Compensation The Company grants fully vested non-qualified stock options to its employees on a monthly basis. As a result of immediate vesting, stock-based compensation expense is fully recognized on the grant date, and no estimate is required for post-vesting option forfeitures. See Note 9 to the consolidated financial statements for further information regarding stock-based compensation.

Revenue Recognition

Revenue Recognition	12 Months Ended
	Dec. 31, 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 CE manufacturers, MVPDs, mobile operators and 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. However, if there is no distinct service provided in exchange for the payments made to the partners or if 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 revenues, paid net membership additions, and ending paid memberships by region for the years December 31, 2020, 2019 and 2018, respectively: United States and Canada (UCAN) As of/ Year Ended December 31, 2020 2019 2018 (in thousands) Revenues $ 11,455,396 $ 10,051,208 $ 8,281,532 Paid net membership additions 6,274 2,905 6,335 Paid memberships at end of period 73,936 67,662 64,757 Europe, Middle East, and Africa (EMEA) As of/ Year Ended December 31, 2020 2019 2018 (in thousands) Revenues $ 7,772,252 $ 5,543,067 $ 3,963,707 Paid net membership additions 14,920 13,960 11,814 Paid memberships at end of period 66,698 51,778 37,818 Latin America (LATAM) As of/ Year Ended December 31, 2020 2019 2018 (in thousands) Revenues $ 3,156,727 $ 2,795,434 $ 2,237,697 Paid net membership additions 6,120 5,340 6,360 Paid memberships at end of period 37,537 31,417 26,077 Asia-Pacific (APAC) As of/ Year Ended December 31, 2020 2019 2018 (in thousands) Revenues $ 2,372,300 $ 1,469,521 $ 945,816 Paid net membership additions 9,259 5,626 4,106 Paid memberships at end of period 25,492 16,233 10,607 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 certain other promotions that may be offered by the Company to new or 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, become 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 $10.8 billion, $9.5 billion and $8.0 billion for the years ended December 31, 2020, 2019 and 2018, respectively. DVD revenues were $0.2 billion, $0.3 billion, and $0.4 billion for the years ended December 31, 2020, 2019 and 2018, respectively.

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 31, 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: Year ended December 31, 2020 2019 2018 (in thousands, except per share data) Basic earnings per share: Net income $ 2,761,395 $ 1,866,916 $ 1,211,242 Shares used in computation: Weighted-average common shares outstanding 440,922 437,799 435,374 Basic earnings per share $ 6.26 $ 4.26 $ 2.78 Diluted earnings per share: Net income $ 2,761,395 $ 1,866,916 $ 1,211,242 Shares used in computation: Weighted-average common shares outstanding 440,922 437,799 435,374 Employee stock options 13,286 13,966 15,870 Weighted-average number of shares 454,208 451,765 451,244 Diluted earnings per share $ 6.08 $ 4.13 $ 2.68 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: Year ended December 31, 2020 2019 2018 (in thousands) Employee stock options 484 1,588 330

Cash, Cash Equivalents and Rest

Cash, Cash Equivalents and Restricted Cash	12 Months Ended
	Dec. 31, 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 December 31, 2020 and 2019: As of December 31, 2020 Cash and cash equivalents Other Current Assets Non-current Assets Total (in thousands) Cash $ 3,331,860 $ 1,783 $ 31,284 $ 3,364,927 Level 1 securities: Money market funds 4,573,690 — 253 4,573,943 Level 2 securities: Foreign Time Deposits 300,000 — 300,000 $ 8,205,550 $ 1,783 $ 31,537 $ 8,238,870 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 deposits related to self insurance. Non-current assets include restricted cash related to letter of credit agreements. Foreign time deposits of $300 million, classified as Level 2 securities, were included in Cash and cash equivalents on the Company's Balance Sheet as of December 31, 2020 and December 31, 2019. 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.

Balance Sheet Components

Balance Sheet Components	12 Months Ended
	Dec. 31, 2020
Balance Sheet Components Disclosure [Abstract]
Balance Sheet Components	Balance Sheet Components Content Assets, Net Content assets consisted of the following: As of December 31, 2020 2019 (in thousands) Licensed content, net $ 13,747,607 $ 14,703,352 Produced content, net Released, less amortization 5,809,681 4,382,685 In production 4,827,455 4,750,664 In development and pre-production 999,207 667,866 11,636,343 9,801,215 Content assets, net $ 25,383,950 $ 24,504,567 As of December 31, 2020, approximately $5,637 million, $3,494 million, and $2,134 million of the $13,748 million unamortized cost of the licensed content is expected to be amortized in each of the next three years. As of December 31, 2020, approximately $2,183 million, $1,629 million, and $1,092 million of the $5,810 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 December 31, 2020, the amount of accrued participations and residuals was not material. The following table represents the amortization of content assets: Year ended December 31, 2020 2019 2018 (in thousands) Licensed content $ 7,544,631 $ 7,242,799 $ 6,511,689 Produced content 3,262,281 1,973,448 1,020,399 Total $ 10,806,912 $ 9,216,247 $ 7,532,088 Property and Equipment, Net Property and equipment and accumulated depreciation consisted of the following: As of December 31, Estimated Useful Lives (in Years) 2020 2019 (in thousands) Land $ 50,700 $ 6,125 Buildings 42,717 33,141 30 years Leasehold improvements 524,537 354,999 Over life of lease Furniture and fixtures 110,185 87,465 3-15 years Information technology 283,014 243,565 3 years Corporate aircraft 110,629 108,995 8 years Machinery and equipment 34,633 46,415 3-5 years Capital work-in-progress 298,558 100,521 Property and equipment, gross 1,454,973 981,226 Less: Accumulated depreciation (494,790) (416,005) Property and equipment, net $ 960,183 $ 565,221 Leases The Company has entered into operating leases primarily for real estate. These leases generally 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 year to 20 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 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. Operating lease right-of-use assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. 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. For the year ended December 31, 2020, the Company recognized approximately $441 million in total lease costs, which was comprised of $324 million in operating lease costs for right-of-use assets and $117 million in short-term lease costs related to short-term operating leases. For the year ended December 31, 2019, the Company recognized approximately $448 million in total lease costs, which was comprised of $218 million in operating lease costs for right-of-use assets and $230 million in short-term lease costs related to short-term operating leases. Prior to the adoption of ASU 2016-02 in the first quarter of 2019, the Company recognized minimum rental expense on a straight-line basis over the lease term. The Company used the date of initial possession to begin amortization, which is generally when the Company entered the space and began to make improvements in preparation for intended use. For scheduled rent escalation clauses during the lease terms or for rental payments commencing at a date other than the date of initial occupancy, the Company recorded minimum rental expenses on a straight-line basis over the terms of the leases in the Consolidated Statements of Operations. Rent expense associated with operating leases was $107 million for the year ended December 31, 2018. 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 operating right-of-use assets and related operating lease liabilities were as follows: Year ended December 31, 2020 2019 (in thousands) Cash paid for operating lease liabilities $ 259,559 $ 192,084 Right-of-use assets obtained in exchange for new operating lease obligations (1) 729,942 1,672,462 (1) Balance as of December 31, 2019 includes $743 million for operating leases existing on January 1, 2019. As of December 31, 2020 2019 (in thousands, except lease term and discount rate) Operating lease right-of-use assets, net $ 2,037,726 $ 1,532,285 Current operating lease liabilities $ 256,222 $ 190,622 Non-current operating lease liabilities 1,945,631 1,422,612 Total operating lease liabilities $ 2,201,853 $ 1,613,234 Weighted-average remaining lease term 8.9 years 8.8 years Weighted-average discount rate 3.6 % 5.0 % Maturities of operating lease liabilities as of December 31, 2020 were as follows (in thousands): Due in 12 month period ended December 31, 2021 $ 320,245 2022 312,154 2023 300,014 2024 279,037 2025 258,348 Thereafter 1,100,115 2,569,913 Less imputed interest (368,060) Total operating lease liabilities 2,201,853 Current operating lease liabilities 256,222 Non-current operating lease liabilities 1,945,631 Total operating lease liabilities $ 2,201,853 The Company has additional operating leases for real estate of $256 million which have not commenced as of December 31, 2020, and as such, have not been recognized on the Company's Consolidated Balance Sheets. These operating leases are expected to commence in 2021 with lease terms between 1 year and 15 years. Other Current Assets Other current assets consisted of the following: As of December 31, December 31, (in thousands) Trade receivables $ 610,819 $ 454,399 Prepaid expenses 203,042 180,999 Other 742,169 524,669 Total other current assets $ 1,556,030 $ 1,160,067

Debt

Debt	12 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
Debt	Debt As of December 31, 2020, the Company had aggregate outstanding notes of $16,309 million, net of $107 million of issuance costs, with varying maturities (the "Notes"). Of the outstanding balance, $500 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 $533 million for the year ended December 31, 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 December 31, 2020 and December 31, 2019: Principal Amount at Par Level 2 Fair Value as of December 31, December 31, Issuance Date Maturity December 31, December 31, (in millions) (in millions) 5.375% Senior Notes $ 500 $ 500 February 2013 February 2021 $ 502 $ 518 5.500% Senior Notes 700 700 February 2015 February 2022 735 744 5.750% Senior Notes 400 400 February 2014 March 2024 449 444 5.875% Senior Notes 800 800 February 2015 February 2025 921 896 3.000% Senior Notes (1) 574 — April 2020 June 2025 616 — 3.625% Senior Notes 500 — April 2020 June 2025 535 — 4.375% Senior Notes 1,000 1,000 October 2016 November 2026 1,110 1,026 3.625% Senior Notes (1) 1,588 1,459 May 2017 May 2027 1,776 1,565 4.875% Senior Notes 1,600 1,600 October 2017 April 2028 1,807 1,670 5.875% Senior Notes 1,900 1,900 April 2018 November 2028 2,280 2,111 4.625% Senior Notes (1) 1,344 1,234 October 2018 May 2029 1,630 1,378 6.375% Senior Notes 800 800 October 2018 May 2029 995 916 3.875% Senior Notes (1) 1,466 1,346 April 2019 November 2029 1,700 1,429 5.375% Senior Notes 900 900 April 2019 November 2029 1,061 960 3.625% Senior Notes (1) 1,344 1,234 October 2019 June 2030 1,533 1,273 4.875% Senior Notes 1,000 1,000 October 2019 June 2030 1,155 1,019 $ 16,416 $ 14,873 $ 18,805 $ 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 December 31, December 31, 2019 (in thousands) Less than one year $ 1,264,020 $ 736,969 Due after one year and through three years 2,136,997 2,581,471 Due after three years and through five years 3,614,906 1,705,201 Due after five years 14,841,164 15,699,800 Total debt obligations $ 21,857,087 $ 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 December 31, 2020 and December 31, 2019, the Company was in compliance with all related covenants. Revolving Credit Facility As of December 31, 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 December 31, 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 December 31, 2020 and December 31, 2019, the Company was in compliance with all related covenants.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Content At December 31, 2020, the Company had $19.2 billion of obligations comprised of $4.4 billion included in "Current content liabilities" and $2.6 billion of "Non-current content liabilities" on the Consolidated Balance Sheets and $12.2 billion of obligations that are not reflected on the Consolidated Balance Sheets as they did not yet meet the criteria for asset recognition. At 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 December 31, 2020 2019 (in thousands) Less than one year $ 8,980,868 $ 8,477,367 Due after one year and through 3 years 7,819,563 8,352,731 Due after 3 years and through 5 years 1,973,091 2,041,340 Due after 5 years 445,308 618,644 Total content obligations $ 19,218,830 $ 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.

Guarantees_Indemnification Obli

Guarantees—Indemnification Obligations	12 Months Ended
	Dec. 31, 2020
Guarantees [Abstract]
Guarantees—Indemnification Obligations	Guarantees—Indemnification Obligations 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 guarantees.

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2020
Stockholders' Equity Note [Abstract]
Stockholders' Equity	Stockholders’ Equity Voting Rights The holders of each share of common stock shall be entitled to one vote per share on all matters to be voted upon by the Company’s stockholders. 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: Shares Available Options Outstanding Number of Weighted- Average Exercise Price Balances as of December 31, 2017 10,739,915 21,647,350 $ 61.13 Granted (2,039,974) 2,039,974 311.66 Exercised — (3,205,911) 38.66 Expired — (2,135) 4.60 Balances as of December 31, 2018 8,699,941 20,479,278 $ 89.61 Granted (2,588,380) 2,588,380 320.66 Exercised — (2,208,052) 32.88 Expired — (280) 6.74 Balances as of December 31, 2019 6,111,561 20,859,326 $ 124.28 New Shares Authorized 17,500,000 — — Granted (1,909,476) 1,909,476 432.34 Exercised — (4,088,612) 58.35 Expired — (3,380) 27.54 Balances as of December 31, 2020 21,702,085 18,676,810 $ 170.23 Vested and exercisable at December 31, 2020 18,676,810 $ 170.23 The aggregate intrinsic value of the Company's outstanding stock options as of December 31, 2020 was $6,922 million and represents the total pretax intrinsic value (the difference between the Company’s closing stock price on the last trading day 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 2020. This amount changes based on the fair market value of the Company’s common stock. Total intrinsic value of options exercised for the years ended December 31, 2020, 2019 and 2018 was $1,596 million, $666 million and $863 million, respectively. The weighted-average remaining contractual term of the Company's outstanding stock options as of December 31, 2020 included in the table above was 5.55 years. Cash received from option exercises for the years ended December 31, 2020, 2019 and 2018 was $235 million, $72 million and $125 million, respectively. Stock-Based Compensation Stock options granted are exercisable for the full ten Year Ended December 31, 2020 2019 2018 Dividend yield — % — % — % Expected volatility 37% - 45% 37% - 41% 40% - 42% Risk-free interest rate 0.67% - 1.71% 1.74% - 2.74% 2.61% - 3.09% Suboptimal exercise factor 3.34 - 3.67 3.07 - 3.23 2.80 - 3.01 Valuation data: Weighted-average fair value (per share) $ 217.42 $ 156.60 $ 157.19 Total stock-based compensation expense (in thousands) 415,180 405,376 320,657 Total income tax impact on provision (in thousands) 91,718 90,856 67,575 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	12 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Income before provision for income taxes was as follows: Year Ended December 31, 2020 2019 2018 (in thousands) United States $ 2,789,064 $ 1,719,326 $ 845,402 Foreign 410,285 342,905 381,056 Income before income taxes $ 3,199,349 $ 2,062,231 $ 1,226,458 The components of provision for income taxes for all periods presented were as follows: Year Ended December 31, 2020 2019 2018 (in thousands) Current tax provision: Federal $ 24,221 $ 21,498 $ (22,176) State 65,821 45,228 (10,234) Foreign 277,846 223,328 133,146 Total current 367,888 290,054 100,736 Deferred tax provision: Federal (57,765) (28,003) (37,396) State 164,685 (54,507) (52,391) Foreign (36,854) (12,229) 4,267 Total deferred 70,066 (94,739) (85,520) Provision for income taxes $ 437,954 $ 195,315 $ 15,216 As of December 31, 2020, the Company had a California research and development ("R&D") credit carryforward of $250 million which can be carried forward indefinitely. On June 29, 2020, California enacted legislative changes that impose an annual cap of $5 million on the amount of business incentive tax credits we can utilize in California effective for tax years 2020 through 2022. As a result, we evaluated 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. In the twelve months ended December 31, 2020, the Company has recorded a valuation allowance of $250 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. A reconciliation of the provision for income taxes, with the amount computed by applying the statutory Federal income tax rate to income before income taxes is as follows: Year Ended December 31, 2020 2019 2018 (in thousands) Expected tax expense at U.S. Federal statutory rates $ 671,864 $ 433,059 $ 257,556 State income taxes, net of Federal income tax effect 65,808 47,909 33,611 Foreign earnings at other than U.S. rates 12,212 56,969 63,519 Federal and California R&D tax credits (113,882) (134,523) (140,749) Valuation allowance on California R&D tax credits 183,283 — — Excess tax benefits on stock-based compensation (339,436) (148,693) (191,323) Impact of the Tax Cuts and Jobs Act of 2017 Rate Change / Transition Tax — — (71,516) Tax effects of the Tax Cuts and Jobs Act (87,194) (127,534) 43,099 Global corporate structure simplification — 35,939 — Nondeductible Officers Compensation 30,351 24,111 14,377 Other 14,948 8,078 6,642 Provision for income taxes $ 437,954 $ 195,315 $ 15,216 Effective Tax Rate 14 % 9 % 1 % The components of deferred tax assets and liabilities were as follows: As of December 31, 2020 2019 (in thousands) Deferred tax assets: Stock-based compensation $ 296,646 $ 258,376 Federal and California tax R&D credits 513,413 408,715 Foreign tax credits — 137,818 Accruals and reserves 74,239 42,450 Operating leases 436,838 349,208 Foreign Net Operating Losses 29,894 411 Unrealized Gain/Loss 114,884 5,477 Other 2,543 622 Gross deferred tax assets 1,468,457 1,203,077 Depreciation & amortization (229,142) (80,921) Operating leases (400,380) (329,168) Gross deferred tax liabilities (629,522) (410,089) Valuation allowance (249,844) (134,782) Net deferred tax assets $ 589,091 $ 658,206 All deferred tax assets are classified as “Other non-current assets” on the Consolidated Balance Sheets as of December 31, 2020 and December 31, 2019. 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. As of December 31, 2020, the valuation allowance of $250 million was related to the California R&D credits that the Company does not expect to realize. As of December 31, 2020, the Company's Federal R&D tax credit and state tax credit carryforwards for tax return purposes were $317 million, and $365 million, respectively. The Federal R&D tax credit carryforwards expire through 2040. State tax credit carryforwards can be carried forward indefinitely. In the fourth quarter of 2020, the Company determined that the likelihood of utilizing its non-U.S. foreign tax credits of $135 million for which there was a valuation allowance of $135 million was remote given its recent global corporate simplification. As such, the Company has written off the deferred tax asset against the valuation allowance and will no longer disclose these amounts. The unrecognized tax benefits that are not expected to result in payment or receipt of cash within one year are classified as “Other non-current liabilities” and a reduction of deferred tax assets which is classified as "Other non-current assets" in the Consolidated Balance Sheets. As of December 31, 2020, the total amount of gross unrecognized tax benefits was $140 million, of which $86 million, if recognized, would favorably impact the Company’s effective tax rate. As of December 31, 2019, the total amount of gross unrecognized tax benefits was $67 million, of which $57 million, if recognized, would favorably impact the Company’s effective tax rate. The aggregate changes in the Company’s total gross amount of unrecognized tax benefits are summarized as follows (in thousands): Balances as of December 31, 2018 $ 47,534 Increases related to tax positions taken during prior periods 925 Decreases related to tax positions taken during prior periods (417) Increases related to tax positions taken during the current period 18,826 Decreases related to expiration of statute of limitations (100) Balances as of December 31, 2019 66,768 Increases related to tax positions taken during prior periods 11,943 Decreases related to tax positions taken during prior periods (3,697) Increases related to tax positions taken during the current period 65,110 Decreases related to expiration of statute of limitations — Balances as of December 31, 2020 $ 140,124 The Company includes interest and penalties related to unrecognized tax benefits within the provision for income taxes and in “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 all the periods presented. The Company files U.S. Federal, state and foreign tax returns. The Company is currently under examination by the IRS for 2016 through 2018 and is subject to examination for 2019. The 2015 through 2019 state tax returns are subject to examination by various state tax authorities. The Company is also currently under examination in the UK for 2018 and 2019. The company has no other significant foreign jurisdiction audits underway. The years 2014 through 2019 generally 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. However, an estimate of the range of reasonably possible adjustments cannot be made at this time.

Employee Benefit Plan

Employee Benefit Plan	12 Months Ended
	Dec. 31, 2020
Retirement Benefits [Abstract]
Employee Benefit Plan	Employee Benefit Plan The Company maintains a 401(k) savings plan covering substantially all of its employees. Eligible employees may contribute up to 80% of their annual salary through payroll deductions, but not more than the statutory limits set by the Internal Revenue Service. The Company matches employee contributions at the discretion of the Board. During 2020, 2019 and 2018, the Company’s matching contributions totaled $69 million, $47 million and $27 million, respectively. Multiemployer Benefit Plans The Company contributes to various multiemployer defined pension plans under the terms of collective bargaining agreements that cover our union-represented employees. The risks of participating in multiemployer pension plans are different from single-employer plans such that (i) contributions made by the Company to the multiemployer pension plans may be used to provide benefits to employees of other participating employers; (ii) if the Company chooses to stop participating in the multiemployer pension plans, it may be required to pay those plans an amount based on the underfunded status of the plan; and (iii) if the Company stops contributing to the multiemployer pension plan, the unfunded obligations of the plan may become the obligation of the remaining participating employers. The Company also contributes to various other multiemployer benefit plans that provide health and welfare benefits to both active and retired participants. The Company does not participate in any multiemployer benefit plans that are individually significant to the Company. The following table summarizes the Company's contributions to multiemployer pension and health plans for the years ended December 31, 2020, 2019 and 2018, respectively: Year Ended December 31, 2020 2019 2018 (in thousands) Pension benefits $ 78,060 $ 89,703 $ 32,389 Health benefits 52,322 44,351 26,898 Total contributions $ 130,382 $ 134,054 $ 59,287

Segment and Geographic Informat

Segment and Geographic Information	12 Months Ended
	Dec. 31, 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 co-chief executive officers, who review financial information presented on a consolidated basis for purposes of making operating decisions, assessing financial performance and allocating resources. On July 13, 2020, Ted Sarandos was appointed as co-Chief Executive Officer of the Company and serves as Chief Content Officer with Reed Hastings, the Company’s President, co-Chief Executive Officer, and Chairman of the Board. The Company determined that both Mr. Sarandos and Mr. Hastings are its CODM and that there have been no changes to the Company's one operating segment as the Company's financial results continue to be evaluated on a consolidated basis by its CODM. Total U.S. revenues were $10.8 billion, $9.5 billion and $8.0 billion for the years ended December 31, 2020, 2019 and 2018, respectively. 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 were located as follows: As of December 31, 2020 2019 (in thousands) United States $ 2,224,891 $ 1,503,459 International 773,018 594,047

Selected Quarterly Financial Da

Selected Quarterly Financial Data (Unaudited)	12 Months Ended
	Dec. 31, 2020
Quarterly Financial Information Disclosure [Abstract]
Selected Quarterly Financial Data (Unaudited)	Selected Quarterly Financial Data (Unaudited) December 31, September 30, June 30, March 31, (in thousands, except for per share data) 2020 Total revenues $ 6,644,442 $ 6,435,637 $ 6,148,286 $ 5,767,691 Gross profit 2,479,282 2,567,886 2,504,579 2,167,990 Net income 542,156 789,976 720,196 709,067 Earnings per share: Basic $ 1.23 $ 1.79 $ 1.63 $ 1.61 Diluted 1.19 1.74 1.59 1.57 2019 Total revenues $ 5,467,434 $ 5,244,905 $ 4,923,116 $ 4,520,992 Gross profit 2,001,411 2,146,986 1,917,459 1,650,378 Net income 586,970 665,244 270,650 344,052 Earnings per share: Basic $ 1.34 $ 1.52 $ 0.62 $ 0.79 Diluted 1.30 1.47 0.60 0.76

Organization and Summary of S_2

Organization and Summary of Significant Accounting Policies (Policy)	12 Months Ended
	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of PresentationThe consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. Intercompany balances and transactions have been eliminated.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with generally accepted accounting principles ("GAAP") in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. 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 an ongoing basis, the Company evaluates these 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. Recently issued accounting pronouncements not yet adopted In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes (Topic 740) . ASU 2019-12 removes certain exceptions for performing intraperiod tax allocations, recognizing deferred taxes for investments, and calculating income taxes in interim periods. The guidance also simplifies the accounting for franchise taxes, transactions that result in a step-up in the tax basis of goodwill, and the effect of enacted changes in tax laws or rates in interim periods. ASU 2019-12 is effective for fiscal years beginning after December 15, 2020 and early adoption is permitted. While the Company is continuing to assess the potential impacts of ASU 2019-12, it does not expect ASU 2019-12 to have a material effect, if any, on its financial statements.
Cash Equivalents	Cash EquivalentsThe Company considers investments in instruments purchased with an original maturity of 90 days or less to be cash equivalents. The Company also classifies amounts in transit from payment processors for customer credit card and debit card transactions as cash equivalents.
Content	Content The Company acquires, licenses and produces content, including original programming, in order to offer members unlimited viewing of video entertainment. 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 content assets and the changes in related liabilities, are classified within "Net cash provided by (used in) operating activities" on the Consolidated Statements of Cash Flows. The Company recognizes content assets (licensed and produced) as “Content assets, net” on the Consolidated Balance Sheets. For licensed content, 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 produced content, 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. On average, over 90% of a licensed or produced content asset is expected to be amortized within four years after its month of first availability. 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.
Property and Equipment	Property and EquipmentProperty and equipment are carried at cost less accumulated depreciation. Depreciation is calculated using the straight-line method over the shorter of the estimated useful lives of the respective assets, generally up to 30 years, or the expected lease term for leasehold improvements, if applicable.
Trade Receivables	Trade ReceivablesTrade receivables consist primarily of amounts related to members and payment partners that collect membership fees on the Company's behalf. The Company evaluates the need for an allowance for doubtful accounts based on historical collection trends, the financial condition of its payment partners, and external market factors.
Marketing	MarketingMarketing expenses consist primarily of advertising expenses and certain payments made to the Company’s partners, including consumer electronics ("CE") manufacturers, multichannel video programming distributors ("MVPDs"), mobile operators and internet service providers ("ISPs"). Advertising expenses include promotional activities such as digital and television advertising. Advertising costs are expensed as incurred.
Research and Development	Research and DevelopmentResearch and development expenses consist of payroll and related costs incurred in making improvements to our service offerings.
Income Taxes	Income Taxes The Company records a provision for income taxes for the anticipated tax consequences of the reported results of operations using the asset and liability method. Deferred income taxes are recognized by applying enacted statutory tax rates applicable to future years to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases as well as net operating loss and tax credit carryforwards. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The measurement of deferred tax assets is reduced, if necessary, by a valuation allowance for any tax benefits for which future realization is uncertain.
Foreign Currency	Foreign Currency The functional currency for the Company's subsidiaries is determined based on the primary economic environment in which the subsidiary operates. The Company translates the assets and liabilities of its non-U.S. dollar functional currency subsidiaries into U.S. dollars using exchange rates in effect at the end of each period. Revenues and expenses for these subsidiaries are translated using rates that approximate those in effect during the period. Gains and losses from these translations are recognized in cumulative translation adjustment included in "Accumulated other comprehensive income (loss)" in Stockholders’ equity on the Consolidated Balance Sheets.
Stock-Based Compensation	Stock-Based CompensationThe Company grants fully vested non-qualified stock options to its employees on a monthly basis. As a result of immediate vesting, stock-based compensation expense is fully recognized on the grant date, and no estimate is required for post-vesting option forfeitures.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	12 Months Ended
	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Streaming Revenue, Paid net Membership Additions, and Ending Paid Memberships by Region	The following tables summarize streaming revenues, paid net membership additions, and ending paid memberships by region for the years December 31, 2020, 2019 and 2018, respectively: United States and Canada (UCAN) As of/ Year Ended December 31, 2020 2019 2018 (in thousands) Revenues $ 11,455,396 $ 10,051,208 $ 8,281,532 Paid net membership additions 6,274 2,905 6,335 Paid memberships at end of period 73,936 67,662 64,757 Europe, Middle East, and Africa (EMEA) As of/ Year Ended December 31, 2020 2019 2018 (in thousands) Revenues $ 7,772,252 $ 5,543,067 $ 3,963,707 Paid net membership additions 14,920 13,960 11,814 Paid memberships at end of period 66,698 51,778 37,818 Latin America (LATAM) As of/ Year Ended December 31, 2020 2019 2018 (in thousands) Revenues $ 3,156,727 $ 2,795,434 $ 2,237,697 Paid net membership additions 6,120 5,340 6,360 Paid memberships at end of period 37,537 31,417 26,077 Asia-Pacific (APAC) As of/ Year Ended December 31, 2020 2019 2018 (in thousands) Revenues $ 2,372,300 $ 1,469,521 $ 945,816 Paid net membership additions 9,259 5,626 4,106 Paid memberships at end of period 25,492 16,233 10,607

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2020
Earnings Per Share [Abstract]
Computation of Earnings Per Share	The computation of earnings per share is as follows: Year ended December 31, 2020 2019 2018 (in thousands, except per share data) Basic earnings per share: Net income $ 2,761,395 $ 1,866,916 $ 1,211,242 Shares used in computation: Weighted-average common shares outstanding 440,922 437,799 435,374 Basic earnings per share $ 6.26 $ 4.26 $ 2.78 Diluted earnings per share: Net income $ 2,761,395 $ 1,866,916 $ 1,211,242 Shares used in computation: Weighted-average common shares outstanding 440,922 437,799 435,374 Employee stock options 13,286 13,966 15,870 Weighted-average number of shares 454,208 451,765 451,244 Diluted earnings per share $ 6.08 $ 4.13 $ 2.68
Summary of Potential Common Shares Excluded from Diluted Calculation	The following table summarizes the potential common shares excluded from the diluted calculation: Year ended December 31, 2020 2019 2018 (in thousands) Employee stock options 484 1,588 330

Cash, Cash Equivalents and Re_2

Cash, Cash Equivalents and Restricted Cash (Tables)	12 Months Ended
	Dec. 31, 2020
Short-Term Investments And Fair Value Measurement [Abstract]
Schedule of Cash and Cash Equivalents	The following tables summarize the Company's cash, cash equivalents and restricted cash as of December 31, 2020 and 2019: As of December 31, 2020 Cash and cash equivalents Other Current Assets Non-current Assets Total (in thousands) Cash $ 3,331,860 $ 1,783 $ 31,284 $ 3,364,927 Level 1 securities: Money market funds 4,573,690 — 253 4,573,943 Level 2 securities: Foreign Time Deposits 300,000 — 300,000 $ 8,205,550 $ 1,783 $ 31,537 $ 8,238,870 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)	12 Months Ended
	Dec. 31, 2020
Balance Sheet Components Disclosure [Abstract]
Content Assets	Content assets consisted of the following: As of December 31, 2020 2019 (in thousands) Licensed content, net $ 13,747,607 $ 14,703,352 Produced content, net Released, less amortization 5,809,681 4,382,685 In production 4,827,455 4,750,664 In development and pre-production 999,207 667,866 11,636,343 9,801,215 Content assets, net $ 25,383,950 $ 24,504,567
Schedule of Amortization of Streaming Content Assets	The following table represents the amortization of content assets: Year ended December 31, 2020 2019 2018 (in thousands) Licensed content $ 7,544,631 $ 7,242,799 $ 6,511,689 Produced content 3,262,281 1,973,448 1,020,399 Total $ 10,806,912 $ 9,216,247 $ 7,532,088
Property and Equipment, Net	Property and equipment and accumulated depreciation consisted of the following: As of December 31, Estimated Useful Lives (in Years) 2020 2019 (in thousands) Land $ 50,700 $ 6,125 Buildings 42,717 33,141 30 years Leasehold improvements 524,537 354,999 Over life of lease Furniture and fixtures 110,185 87,465 3-15 years Information technology 283,014 243,565 3 years Corporate aircraft 110,629 108,995 8 years Machinery and equipment 34,633 46,415 3-5 years Capital work-in-progress 298,558 100,521 Property and equipment, gross 1,454,973 981,226 Less: Accumulated depreciation (494,790) (416,005) Property and equipment, net $ 960,183 $ 565,221
Information on Right-of-Use Assets and Lease Liabilities	Information related to the Company's operating right-of-use assets and related operating lease liabilities were as follows: Year ended December 31, 2020 2019 (in thousands) Cash paid for operating lease liabilities $ 259,559 $ 192,084 Right-of-use assets obtained in exchange for new operating lease obligations (1) 729,942 1,672,462 (1) Balance as of December 31, 2019 includes $743 million for operating leases existing on January 1, 2019. As of December 31, 2020 2019 (in thousands, except lease term and discount rate) Operating lease right-of-use assets, net $ 2,037,726 $ 1,532,285 Current operating lease liabilities $ 256,222 $ 190,622 Non-current operating lease liabilities 1,945,631 1,422,612 Total operating lease liabilities $ 2,201,853 $ 1,613,234 Weighted-average remaining lease term 8.9 years 8.8 years Weighted-average discount rate 3.6 % 5.0 %
Maturities of Lease Liabilities	Maturities of operating lease liabilities as of December 31, 2020 were as follows (in thousands): Due in 12 month period ended December 31, 2021 $ 320,245 2022 312,154 2023 300,014 2024 279,037 2025 258,348 Thereafter 1,100,115 2,569,913 Less imputed interest (368,060) Total operating lease liabilities 2,201,853 Current operating lease liabilities 256,222 Non-current operating lease liabilities 1,945,631 Total operating lease liabilities $ 2,201,853
Other Current Assets	Other current assets consisted of the following: As of December 31, December 31, (in thousands) Trade receivables $ 610,819 $ 454,399 Prepaid expenses 203,042 180,999 Other 742,169 524,669 Total other current assets $ 1,556,030 $ 1,160,067

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	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 December 31, 2020 and December 31, 2019: Principal Amount at Par Level 2 Fair Value as of December 31, December 31, Issuance Date Maturity December 31, December 31, (in millions) (in millions) 5.375% Senior Notes $ 500 $ 500 February 2013 February 2021 $ 502 $ 518 5.500% Senior Notes 700 700 February 2015 February 2022 735 744 5.750% Senior Notes 400 400 February 2014 March 2024 449 444 5.875% Senior Notes 800 800 February 2015 February 2025 921 896 3.000% Senior Notes (1) 574 — April 2020 June 2025 616 — 3.625% Senior Notes 500 — April 2020 June 2025 535 — 4.375% Senior Notes 1,000 1,000 October 2016 November 2026 1,110 1,026 3.625% Senior Notes (1) 1,588 1,459 May 2017 May 2027 1,776 1,565 4.875% Senior Notes 1,600 1,600 October 2017 April 2028 1,807 1,670 5.875% Senior Notes 1,900 1,900 April 2018 November 2028 2,280 2,111 4.625% Senior Notes (1) 1,344 1,234 October 2018 May 2029 1,630 1,378 6.375% Senior Notes 800 800 October 2018 May 2029 995 916 3.875% Senior Notes (1) 1,466 1,346 April 2019 November 2029 1,700 1,429 5.375% Senior Notes 900 900 April 2019 November 2029 1,061 960 3.625% Senior Notes (1) 1,344 1,234 October 2019 June 2030 1,533 1,273 4.875% Senior Notes 1,000 1,000 October 2019 June 2030 1,155 1,019 $ 16,416 $ 14,873 $ 18,805 $ 15,949
Schedule of Expected Timing of Principal and Interest Payments for the Notes	The expected timing of principal and interest payments for these Notes are as follows: As of December 31, December 31, 2019 (in thousands) Less than one year $ 1,264,020 $ 736,969 Due after one year and through three years 2,136,997 2,581,471 Due after three years and through five years 3,614,906 1,705,201 Due after five years 14,841,164 15,699,800 Total debt obligations $ 21,857,087 $ 20,723,441

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Expected Timing of Payments for Streaming Content Obligations	The expected timing of payments for these content obligations is as follows: As of December 31, 2020 2019 (in thousands) Less than one year $ 8,980,868 $ 8,477,367 Due after one year and through 3 years 7,819,563 8,352,731 Due after 3 years and through 5 years 1,973,091 2,041,340 Due after 5 years 445,308 618,644 Total content obligations $ 19,218,830 $ 19,490,082

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2020
Stockholders' Equity Note [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: Shares Available Options Outstanding Number of Weighted- Average Exercise Price Balances as of December 31, 2017 10,739,915 21,647,350 $ 61.13 Granted (2,039,974) 2,039,974 311.66 Exercised — (3,205,911) 38.66 Expired — (2,135) 4.60 Balances as of December 31, 2018 8,699,941 20,479,278 $ 89.61 Granted (2,588,380) 2,588,380 320.66 Exercised — (2,208,052) 32.88 Expired — (280) 6.74 Balances as of December 31, 2019 6,111,561 20,859,326 $ 124.28 New Shares Authorized 17,500,000 — — Granted (1,909,476) 1,909,476 432.34 Exercised — (4,088,612) 58.35 Expired — (3,380) 27.54 Balances as of December 31, 2020 21,702,085 18,676,810 $ 170.23 Vested and exercisable at December 31, 2020 18,676,810 $ 170.23
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: Year Ended December 31, 2020 2019 2018 Dividend yield — % — % — % Expected volatility 37% - 45% 37% - 41% 40% - 42% Risk-free interest rate 0.67% - 1.71% 1.74% - 2.74% 2.61% - 3.09% Suboptimal exercise factor 3.34 - 3.67 3.07 - 3.23 2.80 - 3.01 Valuation data: Weighted-average fair value (per share) $ 217.42 $ 156.60 $ 157.19 Total stock-based compensation expense (in thousands) 415,180 405,376 320,657 Total income tax impact on provision (in thousands) 91,718 90,856 67,575

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Schedule of Income before Income Taxes	Income before provision for income taxes was as follows: Year Ended December 31, 2020 2019 2018 (in thousands) United States $ 2,789,064 $ 1,719,326 $ 845,402 Foreign 410,285 342,905 381,056 Income before income taxes $ 3,199,349 $ 2,062,231 $ 1,226,458
Components of Provision for Income Taxes	The components of provision for income taxes for all periods presented were as follows: Year Ended December 31, 2020 2019 2018 (in thousands) Current tax provision: Federal $ 24,221 $ 21,498 $ (22,176) State 65,821 45,228 (10,234) Foreign 277,846 223,328 133,146 Total current 367,888 290,054 100,736 Deferred tax provision: Federal (57,765) (28,003) (37,396) State 164,685 (54,507) (52,391) Foreign (36,854) (12,229) 4,267 Total deferred 70,066 (94,739) (85,520) Provision for income taxes $ 437,954 $ 195,315 $ 15,216
Reconciliation of Provision for Income Taxes	A reconciliation of the provision for income taxes, with the amount computed by applying the statutory Federal income tax rate to income before income taxes is as follows: Year Ended December 31, 2020 2019 2018 (in thousands) Expected tax expense at U.S. Federal statutory rates $ 671,864 $ 433,059 $ 257,556 State income taxes, net of Federal income tax effect 65,808 47,909 33,611 Foreign earnings at other than U.S. rates 12,212 56,969 63,519 Federal and California R&D tax credits (113,882) (134,523) (140,749) Valuation allowance on California R&D tax credits 183,283 — — Excess tax benefits on stock-based compensation (339,436) (148,693) (191,323) Impact of the Tax Cuts and Jobs Act of 2017 Rate Change / Transition Tax — — (71,516) Tax effects of the Tax Cuts and Jobs Act (87,194) (127,534) 43,099 Global corporate structure simplification — 35,939 — Nondeductible Officers Compensation 30,351 24,111 14,377 Other 14,948 8,078 6,642 Provision for income taxes $ 437,954 $ 195,315 $ 15,216 Effective Tax Rate 14 % 9 % 1 %
Deferred Tax Assets and Liabilities	The components of deferred tax assets and liabilities were as follows: As of December 31, 2020 2019 (in thousands) Deferred tax assets: Stock-based compensation $ 296,646 $ 258,376 Federal and California tax R&D credits 513,413 408,715 Foreign tax credits — 137,818 Accruals and reserves 74,239 42,450 Operating leases 436,838 349,208 Foreign Net Operating Losses 29,894 411 Unrealized Gain/Loss 114,884 5,477 Other 2,543 622 Gross deferred tax assets 1,468,457 1,203,077 Depreciation & amortization (229,142) (80,921) Operating leases (400,380) (329,168) Gross deferred tax liabilities (629,522) (410,089) Valuation allowance (249,844) (134,782) Net deferred tax assets $ 589,091 $ 658,206
Summary of Changes in Unrecognized Tax Benefits	The aggregate changes in the Company’s total gross amount of unrecognized tax benefits are summarized as follows (in thousands): Balances as of December 31, 2018 $ 47,534 Increases related to tax positions taken during prior periods 925 Decreases related to tax positions taken during prior periods (417) Increases related to tax positions taken during the current period 18,826 Decreases related to expiration of statute of limitations (100) Balances as of December 31, 2019 66,768 Increases related to tax positions taken during prior periods 11,943 Decreases related to tax positions taken during prior periods (3,697) Increases related to tax positions taken during the current period 65,110 Decreases related to expiration of statute of limitations — Balances as of December 31, 2020 $ 140,124

Employee Benefit Plan (Tables)

Employee Benefit Plan (Tables)	12 Months Ended
	Dec. 31, 2020
Retirement Benefits [Abstract]
Schedule of Company Contributions to Pension and Health Plans	The following table summarizes the Company's contributions to multiemployer pension and health plans for the years ended December 31, 2020, 2019 and 2018, respectively: Year Ended December 31, 2020 2019 2018 (in thousands) Pension benefits $ 78,060 $ 89,703 $ 32,389 Health benefits 52,322 44,351 26,898 Total contributions $ 130,382 $ 134,054 $ 59,287

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
	Dec. 31, 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 were located as follows: As of December 31, 2020 2019 (in thousands) United States $ 2,224,891 $ 1,503,459 International 773,018 594,047

Selected Quarterly Financial _2

Selected Quarterly Financial Data (Tables)	12 Months Ended
	Dec. 31, 2020
Quarterly Financial Information Disclosure [Abstract]
Selected Quarterly Financial Data	December 31, September 30, June 30, March 31, (in thousands, except for per share data) 2020 Total revenues $ 6,644,442 $ 6,435,637 $ 6,148,286 $ 5,767,691 Gross profit 2,479,282 2,567,886 2,504,579 2,167,990 Net income 542,156 789,976 720,196 709,067 Earnings per share: Basic $ 1.23 $ 1.79 $ 1.63 $ 1.61 Diluted 1.19 1.74 1.59 1.57 2019 Total revenues $ 5,467,434 $ 5,244,905 $ 4,923,116 $ 4,520,992 Gross profit 2,001,411 2,146,986 1,917,459 1,650,378 Net income 586,970 665,244 270,650 344,052 Earnings per share: Basic $ 1.34 $ 1.52 $ 0.62 $ 0.79 Diluted 1.30 1.47 0.60 0.76

Organization and Summary of S_3

Organization and Summary of Significant Accounting Policies (Narrative) (Details) $ in Thousands, member in Millions	12 Months Ended
	Dec. 31, 2020USD ($)membercountry	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Organization And Summary Of Significant Accounting Policies [Line Items]
Number of streaming members (over) | member	204
Number of countries (over) | country	190
Content assets amortization period cap	10 years
Average produced content asset amortization percentage (over)	90.00%
Average produced content asset amortization period	4 years
Advertising expense	$ 1,447,000	$ 1,879,000	$ 1,808,000
Research and development expense	1,984,000	1,673,000	1,218,000
Foreign currency remeasurement gain (loss)	(533,278)	45,576	73,953
Interest and Other Income (Expense)
Organization And Summary Of Significant Accounting Policies [Line Items]
Foreign currency remeasurement gain (loss)	$ (660,000)	$ 7,000	$ (1,000)
Maximum
Organization And Summary Of Significant Accounting Policies [Line Items]
Property and equipment estimated useful life	30 years

Revenue Recognition - Additiona

Revenue Recognition - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disaggregation of Revenue [Line Items]
Revenues	$ 6,644,442	$ 6,435,637	$ 6,148,286	$ 5,767,691	$ 5,467,434	$ 5,244,905	$ 4,923,116	$ 4,520,992	$ 24,996,056	$ 20,156,447	$ 15,794,341
Deferred revenue	$ 1,117,992				$ 924,745				1,117,992	924,745
Increase in deferred revenue									193,247	163,846	142,277
DVD
Disaggregation of Revenue [Line Items]
Revenues									200,000	300,000	400,000
United States
Disaggregation of Revenue [Line Items]
Revenues									$ 10,800,000	$ 9,500,000	$ 8,000,000

Revenue Recognition - Revenue a

Revenue Recognition - Revenue and Membership Information (Details) membership in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020USD ($)membership	Sep. 30, 2020USD ($)	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)membership	Sep. 30, 2019USD ($)	Jun. 30, 2019USD ($)	Mar. 31, 2019USD ($)	Dec. 31, 2020USD ($)membership	Dec. 31, 2019USD ($)membership	Dec. 31, 2018USD ($)membership
Disaggregation of Revenue [Line Items]
Revenues | $	$ 6,644,442	$ 6,435,637	$ 6,148,286	$ 5,767,691	$ 5,467,434	$ 5,244,905	$ 4,923,116	$ 4,520,992	$ 24,996,056	$ 20,156,447	$ 15,794,341
Streaming | United States and Canada
Disaggregation of Revenue [Line Items]
Revenues | $									$ 11,455,396	$ 10,051,208	$ 8,281,532
Paid net membership additions (in memberships)									6,274	2,905	6,335
Paid memberships at end of period (in memberships)	73,936				67,662				73,936	67,662	64,757
Streaming | Europe, Middle East, and Africa
Disaggregation of Revenue [Line Items]
Revenues | $									$ 7,772,252	$ 5,543,067	$ 3,963,707
Paid net membership additions (in memberships)									14,920	13,960	11,814
Paid memberships at end of period (in memberships)	66,698				51,778				66,698	51,778	37,818
Streaming | Latin America
Disaggregation of Revenue [Line Items]
Revenues | $									$ 3,156,727	$ 2,795,434	$ 2,237,697
Paid net membership additions (in memberships)									6,120	5,340	6,360
Paid memberships at end of period (in memberships)	37,537				31,417				37,537	31,417	26,077
Streaming | Asia-Pacific
Disaggregation of Revenue [Line Items]
Revenues | $									$ 2,372,300	$ 1,469,521	$ 945,816
Paid net membership additions (in memberships)									9,259	5,626	4,106
Paid memberships at end of period (in memberships)	25,492				16,233				25,492	16,233	10,607

Earnings Per Share - Calculatio

Earnings Per Share - Calculation of EPS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Basic earnings per share:
Net income	$ 542,156	$ 789,976	$ 720,196	$ 709,067	$ 586,970	$ 665,244	$ 270,650	$ 344,052	$ 2,761,395	$ 1,866,916	$ 1,211,242
Weighted-average common shares outstanding (in shares)									440,922	437,799	435,374
Basic earnings per share (in USD per share)	$ 1.23	$ 1.79	$ 1.63	$ 1.61	$ 1.34	$ 1.52	$ 0.62	$ 0.79	$ 6.26	$ 4.26	$ 2.78
Diluted earnings per share:
Net income	$ 542,156	$ 789,976	$ 720,196	$ 709,067	$ 586,970	$ 665,244	$ 270,650	$ 344,052	$ 2,761,395	$ 1,866,916	$ 1,211,242
Shares used in computation:
Weighted-average common shares outstanding (in shares)									440,922	437,799	435,374
Employee stock options (in shares)									13,286	13,966	15,870
Weighted-average number of shares (in shares)									454,208	451,765	451,244
Diluted earnings per share (in USD per share)	$ 1.19	$ 1.74	$ 1.59	$ 1.57	$ 1.30	$ 1.47	$ 0.60	$ 0.76	$ 6.08	$ 4.13	$ 2.68

Earnings Per Share - Antidiluti

Earnings Per Share - Antidilutive Shares (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Earnings Per Share [Abstract]
Employee stock options	484	1,588	330

Cash, Cash Equivalents and Re_3

Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents and restricted cash	$ 8,238,870	$ 5,043,786	$ 3,812,041	$ 2,822,795
Cash
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents and restricted cash	3,364,927	3,127,549
Level 1 securities | Money market funds
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents and restricted cash	4,573,943	1,616,237
Level 2 securities | Foreign Time Deposits
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents and restricted cash	300,000	300,000
Cash and cash equivalents
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents and restricted cash	8,205,550	5,018,437
Cash and cash equivalents | Cash
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents and restricted cash	3,331,860	3,103,525
Cash and cash equivalents | Level 1 securities | Money market funds
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents and restricted cash	4,573,690	1,614,912
Cash and cash equivalents | Level 2 securities | Foreign Time Deposits
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents and restricted cash	300,000	300,000
Other Current Assets
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents and restricted cash	1,783	1,863
Other Current Assets | Cash
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents and restricted cash	1,783	1,863
Other Current Assets | Level 1 securities | Money market funds
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents and restricted cash	0	0
Other Current Assets | Level 2 securities | Foreign Time Deposits
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents and restricted cash		0
Non-current Assets
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents and restricted cash	31,537	23,486
Non-current Assets | Cash
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents and restricted cash	31,284	22,161
Non-current Assets | Level 1 securities | Money market funds
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents and restricted cash	253	1,325
Non-current Assets | Level 2 securities | Foreign Time Deposits
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	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Finite-Lived Intangible Assets [Line Items]
Content assets, net	$ 25,383,950	$ 24,504,567
Amortization of content assets	10,806,912	9,216,247	$ 7,532,088
Licensed content, net
Finite-Lived Intangible Assets [Line Items]
Net content	13,747,607	14,703,352
Unamortized cost in year one	5,637,000
Unamortized cost in year two	3,494,000
Unamortized cost in year three	2,134,000
Amortization of content assets	7,544,631	7,242,799	6,511,689
Produced content, net
Finite-Lived Intangible Assets [Line Items]
Net content	5,809,681	4,382,685
In production	4,827,455	4,750,664
In development and pre-production	999,207	667,866
Content assets, net	11,636,343	9,801,215
Unamortized cost in year one	2,183,000
Unamortized cost in year two	1,629,000
Unamortized cost in year three	1,092,000
Amortization of content assets	$ 3,262,281	$ 1,973,448	$ 1,020,399

Balance Sheet Components - Prop

Balance Sheet Components - Property and Equipment and Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 1,454,973	$ 981,226
Less: Accumulated depreciation	(494,790)	(416,005)
Property and equipment, net	$ 960,183	$ 565,221
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	us-gaap:AccruedLiabilitiesCurrent	us-gaap:AccruedLiabilitiesCurrent
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	us-gaap:OtherLiabilitiesNoncurrent	us-gaap:OtherLiabilitiesNoncurrent
Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	30 years
Land
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 50,700	$ 6,125
Buildings
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 42,717	33,141
Estimated Useful Lives	30 years
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 524,537	354,999
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 110,185	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	$ 283,014	243,565
Estimated Useful Lives	3 years
Corporate aircraft
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 110,629	108,995
Estimated Useful Lives	8 years
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 34,633	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	$ 298,558	$ 100,521

Balance Sheet Components - Leas

Balance Sheet Components - Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Jan. 01, 2019
Lease Cost:
Lease costs	$ 441,000	$ 448,000
Operating lease cost	324,000	218,000
Short-term lease cost	117,000	230,000
Rent expense			$ 107,000
Cash paid for operating lease liabilities	259,559	192,084
Right-of-use assets obtained in exchange for new operating lease obligations	729,942	1,672,462
Operating lease right-of-use assets, net	2,037,726	1,532,285
Current operating lease liabilities	256,222	190,622
Non-current operating lease liabilities	1,945,631	1,422,612
Total operating lease liabilities	$ 2,201,853	$ 1,613,234
Weighted-average remaining lease term	8 years 10 months 24 days	8 years 9 months 18 days
Weighted-average discount rate	3.60%	5.00%
Operating lease, liability, leases not commenced	$ 256,000
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	us-gaap:AccruedLiabilitiesCurrent	us-gaap:AccruedLiabilitiesCurrent
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	us-gaap:OtherLiabilitiesNoncurrent	us-gaap:OtherLiabilitiesNoncurrent
ASU 2016-02
Lease Cost:
Operating lease right-of-use assets, net				$ 743,000
Minimum
Lessee, Lease, Description [Line Items]
Lease term of contract	1 year
Lease renewal term	1 year
Lease Cost:
Lease not yet commenced, term of contract	1 year
Maximum
Lessee, Lease, Description [Line Items]
Lease term of contract	15 years
Lease renewal term	20 years
Lease Cost:
Lease not yet commenced, term of contract	15 years

Balance Sheet Components - Le_2

Balance Sheet Components - Lease Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
2021	$ 320,245
2022	312,154
2023	300,014
2024	279,037
2025	258,348
Thereafter	1,100,115
Total lease liabilities	2,569,913
Less imputed interest	(368,060)
Total operating lease liabilities	2,201,853	$ 1,613,234
Current operating lease liabilities	256,222	190,622
Non-current operating lease liabilities	$ 1,945,631	$ 1,422,612

Balance Sheet Components - Othe

Balance Sheet Components - Other Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Balance Sheet Components Disclosure [Abstract]
Trade receivables	$ 610,819	$ 454,399
Prepaid expenses	203,042	180,999
Other	742,169	524,669
Total other current assets	$ 1,556,030	$ 1,160,067

Debt - Narrative (Details)

Debt - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2020EUR (€)
Debt Instrument [Line Items]
Aggregate outstanding notes	$ 16,309,000
Debt issuance costs	107,000	$ 114,000
Short-term debt	499,878	0
Long-term debt	15,809,095	14,759,260
Long-term notes denominated in foreign currency	16,416,000	14,873,000
Foreign currency remeasurement loss (gain) on debt	533,278	$ (45,576)	$ (73,953)
Senior Notes
Debt Instrument [Line Items]
Long-term notes denominated in foreign currency | €				€ 5,170,000,000
Foreign currency remeasurement loss (gain) on debt	$ 533,000
Redemption price, percent of outstanding principal	101.00%

Debt - Summary of Long-term Deb

Debt - Summary of Long-term Debt (Details) $ in Millions	Dec. 31, 2020EUR (€)	Dec. 31, 2020USD ($)	Dec. 31, 2019EUR (€)	Dec. 31, 2019USD ($)
Debt Instrument [Line Items]
Face amount		$ 16,416		$ 14,873
Long-term debt, fair value		18,805		15,949
Senior Notes
Debt Instrument [Line Items]
Face amount | €	€ 5,170,000,000
Senior Notes | 5.375% Senior Notes
Debt Instrument [Line Items]
Face amount		500		500
Long-term debt, fair value		$ 502		$ 518
Interest rate	5.375%	5.375%	5.375%	5.375%
Senior Notes | 5.500% Senior Notes
Debt Instrument [Line Items]
Face amount		$ 700		$ 700
Long-term debt, fair value		$ 735		$ 744
Interest rate	5.50%	5.50%	5.50%	5.50%
Senior Notes | 5.750% Senior Notes
Debt Instrument [Line Items]
Face amount		$ 400		$ 400
Long-term debt, fair value		$ 449		$ 444
Interest rate	5.75%	5.75%	5.75%	5.75%
Senior Notes | 5.875% Senior Notes
Debt Instrument [Line Items]
Face amount		$ 800		$ 800
Long-term debt, fair value		$ 921		$ 896
Interest rate	5.875%	5.875%	5.875%	5.875%
Senior Notes | 3.000% Senior Notes
Debt Instrument [Line Items]
Face amount	€ 470,000,000	$ 574	€ 470,000,000	$ 0
Long-term debt, fair value		$ 616		$ 0
Interest rate	3.00%	3.00%	3.00%	3.00%
Senior Notes | 3.625% Senior Notes
Debt Instrument [Line Items]
Face amount		$ 500		$ 0
Long-term debt, fair value		$ 535		$ 0
Interest rate	3.625%	3.625%	3.625%	3.625%
Senior Notes | 4.375% Senior Notes
Debt Instrument [Line Items]
Face amount		$ 1,000		$ 1,000
Long-term debt, fair value		$ 1,110		$ 1,026
Interest rate	4.375%	4.375%	4.375%	4.375%
Senior Notes | 3.625% Senior Notes
Debt Instrument [Line Items]
Face amount	€ 1,300,000,000	$ 1,588	€ 1,300,000,000	$ 1,459
Long-term debt, fair value		$ 1,776		$ 1,565
Interest rate	3.625%	3.625%	3.625%	3.625%
Senior Notes | 4.875% Senior Notes
Debt Instrument [Line Items]
Face amount		$ 1,600		$ 1,600
Long-term debt, fair value		$ 1,807		$ 1,670
Interest rate	4.875%	4.875%	4.875%	4.875%
Senior Notes | 5.875% Senior Notes
Debt Instrument [Line Items]
Face amount		$ 1,900		$ 1,900
Long-term debt, fair value		$ 2,280		$ 2,111
Interest rate	5.875%	5.875%	5.875%	5.875%
Senior Notes | 4.625% Senior Notes
Debt Instrument [Line Items]
Face amount	€ 1,100,000,000	$ 1,344	€ 1,100,000,000	$ 1,234
Long-term debt, fair value		$ 1,630		$ 1,378
Interest rate	4.625%	4.625%	4.625%	4.625%
Senior Notes | 6.375% Senior Notes
Debt Instrument [Line Items]
Face amount		$ 800		$ 800
Long-term debt, fair value		$ 995		$ 916
Interest rate	6.375%	6.375%	6.375%	6.375%
Senior Notes | 3.875% Senior Notes
Debt Instrument [Line Items]
Face amount	€ 1,200,000,000	$ 1,466	€ 1,200,000,000	$ 1,346
Long-term debt, fair value		$ 1,700		$ 1,429
Interest rate	3.875%	3.875%	3.875%	3.875%
Senior Notes | 5.375% Senior Notes
Debt Instrument [Line Items]
Face amount		$ 900		$ 900
Long-term debt, fair value		$ 1,061		$ 960
Interest rate	5.375%	5.375%	5.375%	5.375%
Senior Notes | 3.625% Senior Notes
Debt Instrument [Line Items]
Face amount	€ 1,100,000,000	$ 1,344	€ 1,100,000,000	$ 1,234
Long-term debt, fair value		$ 1,533		$ 1,273
Interest rate	3.625%	3.625%	3.625%	3.625%
Senior Notes | 4.875% Senior Notes
Debt Instrument [Line Items]
Face amount		$ 1,000		$ 1,000
Long-term debt, fair value		$ 1,155		$ 1,019
Interest rate	4.875%	4.875%	4.875%	4.875%

Debt - Maturities (Details)

Debt - Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Debt Disclosure [Abstract]
Less than one year	$ 1,264,020	$ 736,969
Due after one year and through three years	2,136,997	2,581,471
Due after three years and through five years	3,614,906	1,705,201
Due after five years	14,841,164	15,699,800
Total debt obligations	$ 21,857,087	$ 20,723,441

Debt - Revolving Line of Credit

Debt - Revolving Line of Credit (Details) - Revolving Credit Facility	12 Months Ended
	Dec. 31, 2020USD ($)
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity	$ 750,000,000
Amount borrowed	$ 0
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_2

Commitments and Contingencies (Streaming Content) (Narrative) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Contractual Obligation [Line Items]
Total streaming content obligations	$ 19,218,830	$ 19,490,082
Current content liabilities	4,429,536	4,413,561
Non-current content liabilities	2,618,084	3,334,323
Unrecorded streaming obligations	12,200,000	11,800,000
Current Content Liabilities
Contractual Obligation [Line Items]
Current content liabilities	4,400,000	4,400,000
Non-current Content Liabilities
Contractual Obligation [Line Items]
Non-current content liabilities	$ 2,600,000	$ 3,300,000

Commitments and Contingencies_3

Commitments and Contingencies (Expected Timing of Payments for Commitments) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Less than one year	$ 8,980,868	$ 8,477,367
Due after one year and through 3 years	7,819,563	8,352,731
Due after 3 years and through 5 years	1,973,091	2,041,340
Due after 5 years	445,308	618,644
Total content obligations	$ 19,218,830	$ 19,490,082

Guarantees_Indemnification Ob_2

Guarantees—Indemnification Obligations (Details)	Dec. 31, 2020USD ($)
Indemnification Agreement
Loss Contingencies [Line Items]
Indemnification guarantee accrual	$ 0

Stockholders' Equity (Voting Ri

Stockholders' Equity (Voting Rights) (Narrative) (Details)	12 Months Ended
	Dec. 31, 2020vote
Stockholders' Equity Note [Abstract]
Number of voting rights per share	1

Stockholders' Equity (Stock Opt

Stockholders' Equity (Stock Option Plans) (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate intrinsic value	$ 6,922
Shares available for grant (in shares)	21,702,085	6,111,561	8,699,941	10,739,915
Total intrinsic value of options exercised	$ 1,596	$ 666	$ 863
Weighted-average remaining contractual term (in years)	5 years 6 months 18 days
Cash received from option exercised	$ 235	$ 72	$ 125
Expiration period	10 years
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 (Summary o

Stockholders' Equity (Summary of Activity Related to Stock Option Plans) (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Shares available for grant, beginning balances	6,111,561	8,699,941	10,739,915
Options outstanding, number of shares, beginning balance (in shares)	20,859,326	20,479,278	21,647,350
Shares available for grant, number of shares authorized (in shares)	17,500,000
Options outstanding, number of shares granted (in shares)	1,909,476	2,588,380	2,039,974
Options outstanding, number of shares, exercised (in shares)	(4,088,612)	(2,208,052)	(3,205,911)
Options outstanding, number of shares expired (in shares)	(3,380)	(280)	(2,135)
Shares available for grant, ending balances	21,702,085	6,111,561	8,699,941
Options outstanding, number of shares, ending balance (in shares)	18,676,810	20,859,326	20,479,278
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Options outstanding, weighted-average exercise price, beginning balance (dollars per share)	$ 124.28	$ 89.61	$ 61.13
Options outstanding, weighted-average exercise price, granted (dollars per share)	432.34	320.66	311.66
Options outstanding, weighted-average exercise price, exercised (dollars per share)	58.35	32.88	38.66
Options expired, weighted-average exercise price (dollars per share)	27.54	6.74	4.60
Options outstanding, weighted-average exercise price, ending balance (dollars per share)	$ 170.23	$ 124.28	$ 89.61
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Options outstanding, number of shares, vested and exercisable (in shares)	18,676,810
Options outstanding, weighted-average exercise price, vested and exercisable (in dollars per share)	$ 170.23
Weighted-average remaining contractual term (in years)	5 years 6 months 18 days
Aggregate intrinsic value, vested and exercisable	$ 6,922

Stockholders' Equity (Summary_2

Stockholders' Equity (Summary of Assumptions Used to Value Stock Option Grants) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Stockholders' Equity Note [Abstract]
Dividend yield	0.00%	0.00%	0.00%
Expected volatility, minimum	37.00%	37.00%	40.00%
Expected volatility, maximum	45.00%	41.00%	42.00%
Risk-free interest rate, minimum	0.67%	1.74%	2.61%
Risk-free interest rate, maximum	1.71%	2.74%	3.09%
Suboptimal exercise factor, minimum	3.34	3.07	2.80
Suboptimal exercise factor, maximum	3.67	3.23	3.01
Valuation data:
Weighted-average fair value (in dollars per share)	$ 217.42	$ 156.60	$ 157.19
Total stock-based compensation expense	$ 415,180	$ 405,376	$ 320,657
Total income tax impact on provision	$ 91,718	$ 90,856	$ 67,575

Income Taxes (Schedule of Incom

Income Taxes (Schedule of Income before Income Taxes) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
United States	$ 2,789,064	$ 1,719,326	$ 845,402
Foreign	410,285	342,905	381,056
Income before income taxes	$ 3,199,349	$ 2,062,231	$ 1,226,458

Income Taxes (Components of Pro

Income Taxes (Components of Provision for Income Taxes) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Current tax provision:
Federal	$ 24,221	$ 21,498	$ (22,176)
State	65,821	45,228	(10,234)
Foreign	277,846	223,328	133,146
Total current	367,888	290,054	100,736
Deferred tax provision:
Federal	(57,765)	(28,003)	(37,396)
State	164,685	(54,507)	(52,391)
Foreign	(36,854)	(12,229)	4,267
Total deferred	70,066	(94,739)	(85,520)
Provision for income taxes	$ 437,954	$ 195,315	$ 15,216

Income Taxes (Reconciliation of

Income Taxes (Reconciliation of Provision for Income Taxes) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Expected tax expense at U.S. Federal statutory rates	$ 671,864	$ 433,059	$ 257,556
State income taxes, net of Federal income tax effect	65,808	47,909	33,611
Foreign earnings at other than U.S. rates	12,212	56,969	63,519
Federal and California R&D tax credits	(113,882)	(134,523)	(140,749)
Valuation allowance on California R&D tax credits	183,283	0	0
Excess tax benefits on stock-based compensation	(339,436)	(148,693)	(191,323)
Impact of the Tax Cuts and Jobs Act of 2017
Rate Change / Transition Tax	0	0	(71,516)
Tax effects of the Tax Cuts and Jobs Act	(87,194)	(127,534)	43,099
Global corporate structure simplification	0	35,939	0
Nondeductible Officers Compensation	30,351	24,111	14,377
Other	14,948	8,078	6,642
Provision for income taxes	$ 437,954	$ 195,315	$ 15,216
Effective Tax Rate	14.00%	9.00%	1.00%

Income Taxes (Deferred Tax Asse

Income Taxes (Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Deferred tax assets (liabilities):
Stock-based compensation	$ 296,646	$ 258,376
Federal and California tax R&D credits	513,413	408,715
Foreign tax credits	0	137,818
Accruals and reserves	74,239	42,450
Operating leases	436,838	349,208
Foreign Net Operating Losses	29,894	411
Unrealized Gain/Loss	114,884	5,477
Other	2,543	622
Gross deferred tax assets	1,468,457	1,203,077
Depreciation & amortization	(229,142)	(80,921)
Operating leases	(400,380)	(329,168)
Gross deferred tax liabilities	(629,522)	(410,089)
Valuation allowance	(249,844)	(134,782)
Net deferred tax assets	$ 589,091	$ 658,206

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Operating Loss Carryforwards [Line Items]
Deferred tax asset valuation allowance	$ 249,844	$ 134,782
Foreign tax credits	0	137,818
Unrecognized tax benefits	140,124	66,768	$ 47,534
Reduction in provision for income taxes due to impact of effective tax rate	86,000	$ 57,000
Research Tax Credit Carryforward
Operating Loss Carryforwards [Line Items]
Tax credit carryforward, amount	250,000
Valuation allowance	250,000
Federal tax authority
Operating Loss Carryforwards [Line Items]
Tax credit carryforward, amount	317,000
State tax authority
Operating Loss Carryforwards [Line Items]
Tax credit carryforward, amount	365,000
Foreign Tax Authority
Operating Loss Carryforwards [Line Items]
Tax credit carryforward, amount	135,000
Valuation allowance	$ 135,000

Income Taxes (Summary of Change

Income Taxes (Summary of Changes in Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Beginning Balance	$ 66,768	$ 47,534
Increases related to tax positions taken during prior periods	11,943	925
Decreases related to tax positions taken during prior periods	(3,697)	(417)
Increases related to tax positions taken during the current period	65,110	18,826
Decreases related to expiration of statute of limitations	0	(100)
Ending Balance	$ 140,124	$ 66,768

Employee Benefit Plan - Narrati

Employee Benefit Plan - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Retirement Benefits [Abstract]
Eligible employees maximum contribution percentage	80.00%
Contributions by employer	$ 69	$ 47	$ 27

Employee Benefit Plan - Multiem

Employee Benefit Plan - Multiemployer Plan (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Multiemployer Plan [Line Items]
Total contributions	$ 130,382	$ 134,054	$ 59,287
Multiemployer Plan, Type [Extensible List]	us-gaap:OtherPensionPlansPostretirementOrSupplementalPlansDefinedBenefitMember
Multiemployer Pension Benefits
Multiemployer Plan [Line Items]
Total contributions	$ 78,060	89,703	32,389
Multiemployer Health Benefits
Multiemployer Plan [Line Items]
Total contributions	$ 52,322	$ 44,351	$ 26,898

Segment Information (Narrative)

Segment Information (Narrative) (Details) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020USD ($)	Sep. 30, 2020USD ($)	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Sep. 30, 2019USD ($)	Jun. 30, 2019USD ($)	Mar. 31, 2019USD ($)	Dec. 31, 2020USD ($)membership	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Segment Reporting [Abstract]
Number of operating segments | membership									1
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 6,644,442	$ 6,435,637	$ 6,148,286	$ 5,767,691	$ 5,467,434	$ 5,244,905	$ 4,923,116	$ 4,520,992	$ 24,996,056	$ 20,156,447	$ 15,794,341
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues									$ 10,800,000	$ 9,500,000	$ 8,000,000

Segment Information (Long-lived

Segment Information (Long-lived Assets by Geographic Areas) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 2,224,891	$ 1,503,459
International
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 773,018	$ 594,047

Selected Quarterly Financial _3

Selected Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]
Total revenues	$ 6,644,442	$ 6,435,637	$ 6,148,286	$ 5,767,691	$ 5,467,434	$ 5,244,905	$ 4,923,116	$ 4,520,992	$ 24,996,056	$ 20,156,447	$ 15,794,341
Gross profit	2,479,282	2,567,886	2,504,579	2,167,990	2,001,411	2,146,986	1,917,459	1,650,378
Net income	$ 542,156	$ 789,976	$ 720,196	$ 709,067	$ 586,970	$ 665,244	$ 270,650	$ 344,052	$ 2,761,395	$ 1,866,916	$ 1,211,242
Earnings (loss) per share:
Basic (in USD per share)	$ 1.23	$ 1.79	$ 1.63	$ 1.61	$ 1.34	$ 1.52	$ 0.62	$ 0.79	$ 6.26	$ 4.26	$ 2.78
Diluted (in USD per share)	$ 1.19	$ 1.74	$ 1.59	$ 1.57	$ 1.30	$ 1.47	$ 0.60	$ 0.76	$ 6.08	$ 4.13	$ 2.68