Netflix (NFLX) 10-Q 22 Apr 21 2021 Q1 Quarterly report Financial data

Cover Page

Cover Page	3 Months Ended
	Mar. 31, 2021shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
Document Transition Report	false
Entity File Number	001-35727
Entity Registrant Name	Netflix, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	77-0467272
Entity Address, Address Line One	100 Winchester Circle,
Entity Address, City or Town	Los Gatos,
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	95032
City Area Code	408
Local Phone Number	540-3700
Title of each class	Common stock, par value $0.001 per share
Trading Symbol	NFLX
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	443,383,732
Entity Central Index Key	0001065280
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Amendment Flag	false
Current Fiscal Year End Date	--12-31

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Statement [Abstract]
Revenues	$ 7,163,282	$ 5,767,691
Cost of revenues	3,868,511	3,599,701
Marketing	512,512	503,830
Technology and development	525,207	453,817
General and administrative	297,196	252,087
Operating income	1,959,856	958,256
Other income (expense):
Interest expense	(194,440)	(184,083)
Interest and other income	269,086	21,697
Income before income taxes	2,034,502	795,870
Provision for income taxes	(327,787)	(86,803)
Net income	$ 1,706,715	$ 709,067
Earnings per share:
Basic (in dollars per share)	$ 3.85	$ 1.61
Diluted (in dollars per share)	$ 3.75	$ 1.57
Weighted-average common shares outstanding:
Basic (in shares)	443,224	439,352
Diluted (in shares)	455,641	452,494

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 1,706,715	$ 709,067
Other comprehensive loss:
Foreign currency translation adjustments	(40,261)	(23,533)
Comprehensive income	$ 1,666,454	$ 685,534

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities:
Net income	$ 1,706,715	$ 709,067
Adjustments to reconcile net income to net cash provided by operating activities:
Additions to content assets	(3,284,576)	(3,294,275)
Change in content liabilities	(266,040)	258,945
Amortization of content assets	2,719,196	2,483,385
Depreciation and amortization of property, equipment and intangibles	35,741	28,517
Stock-based compensation expense	107,230	97,019
Foreign currency remeasurement gain on debt	(253,330)	(93,060)
Other non-cash items	72,657	65,448
Deferred income taxes	159,733	46,619
Changes in operating assets and liabilities:
Other current assets	(221,555)	(127,353)
Accounts payable	(137,313)	(149,153)
Accrued expenses and other liabilities	177,897	214,191
Deferred revenue	22,279	62,008
Other non-current assets and liabilities	(61,368)	(41,446)
Net cash provided by operating activities	777,266	259,912
Cash flows from investing activities:
Purchases of property and equipment	(81,001)	(98,015)
Change in other assets	(4,615)	(288)
Net cash used in investing activities	(85,616)	(98,303)
Cash flows from financing activities:
Repayments of debt	(500,000)	0
Proceeds from issuance of common stock	48,071	43,694
Net cash provided by (used in) financing activities	(451,929)	43,694
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(42,138)	(70,902)
Net increase in cash, cash equivalents and restricted cash	197,583	134,401
Cash, cash equivalents and restricted cash at beginning of period	8,238,870	5,043,786
Cash, cash equivalents and restricted cash at end of period	$ 8,436,453	$ 5,178,187

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 8,403,705	$ 8,205,550
Other current assets	1,703,803	1,556,030
Total current assets	10,107,508	9,761,580
Content assets, net	26,043,991	25,383,950
Property and equipment, net	1,015,419	960,183
Other non-current assets	2,956,096	3,174,646
Total assets	40,123,014	39,280,359
Current liabilities:
Current content liabilities	4,297,957	4,429,536
Accounts payable	532,942	656,183
Accrued expenses and other liabilities	1,291,812	1,102,196
Deferred revenue	1,140,271	1,117,992
Short-term debt	698,788	499,878
Total current liabilities	7,961,770	7,805,785
Non-current content liabilities	2,465,626	2,618,084
Long-term debt	14,860,552	15,809,095
Other non-current liabilities	1,950,986	1,982,155
Total liabilities	27,238,934	28,215,119
Commitments and contingencies
Stockholders’ equity:
Common stock, $0.001 par value; 4,990,000,000 shares authorized at March 31, 2021 and December 31, 2020; 443,383,732 and 442,895,261 issued and outstanding at March 31, 2021 and December 31, 2020, respectively	3,600,084	3,447,698
Accumulated other comprehensive income	4,137	44,398
Retained earnings	9,279,859	7,573,144
Total stockholders’ equity	12,884,080	11,065,240
Total liabilities and stockholders’ equity	$ 40,123,014	$ 39,280,359

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Common stock, par value (dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (shares)	4,990,000,000	4,990,000,000
Common stock, shares issued (shares)	443,383,732	442,895,261
Common stock, shares outstanding (shares)	443,383,732	442,895,261

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock and Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Retained Earnings
Beginning Balance at Dec. 31, 2019	$ 7,582,157	$ 2,793,929	$ (23,521)	$ 4,811,749
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of options		44,584
Stock-based compensation expense		97,019
Other comprehensive loss			(23,533)
Net income	709,067			709,067
Ending Balance at Mar. 31, 2020	8,409,294	2,935,532	(47,054)	5,520,816
Beginning Balance at Dec. 31, 2020	11,065,240	3,447,698	44,398	7,573,144
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of options		45,156
Stock-based compensation expense		107,230
Other comprehensive loss			(40,261)
Net income	1,706,715			1,706,715
Ending Balance at Mar. 31, 2021	$ 12,884,080	$ 3,600,084	$ 4,137	$ 9,279,859

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	Basis of Presentation and Summary of Significant Accounting Policies The accompanying interim consolidated financial statements of Netflix, Inc. and its wholly owned subsidiaries (the “Company”) have been prepared in conformity with accounting principles generally accepted in the United States (“U.S.”) and are consistent in all material respects with those applied in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 filed with the Securities and Exchange Commission (the “SEC”) on January 28, 2021. The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and judgments that affect the amounts reported in the consolidated financial statements and accompanying notes. Significant items subject to such estimates and assumptions include the content asset amortization policy and the recognition and measurement of income tax assets and liabilities. The Company bases its estimates on historical experience and on various other assumptions that the Company believes to be reasonable under the circumstances. On a regular basis, the Company evaluates the assumptions, judgments and estimates. Actual results may differ from these estimates. The interim financial information is unaudited, but reflects all normal recurring adjustments that are, in the opinion of management, necessary to fairly present the information set forth herein. The interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. Interim results are not necessarily indicative of the results for a full year. There have been no material changes in the Company’s significant accounting policies as compared to the significant accounting policies described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. Recently adopted accounting pronouncements In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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. The Company adopted ASU 2019-12 in the first quarter of 2021 and the adoption had no material impact to the Company’s consolidated financial statements.

Revenue Recognition

Revenue Recognition	3 Months Ended
	Mar. 31, 2021
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition The Company's primary source of revenues is from monthly membership fees. Members are billed in advance of the start of their monthly membership and revenues are recognized ratably over each monthly membership period. Revenues are presented net of the taxes that are collected from members and remitted to governmental authorities. The Company is the principal in all its relationships where partners, including consumer electronics (“CE”) manufacturers, multichannel video programming distributors (“MVPDs”), mobile operators and internet service providers (“ISPs”), provide access to the service as the Company retains control over service delivery to its members. Typically, payments made to the partners, such as for marketing, are expensed. 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 revenue, paid net membership additions, and paid memberships at end of period by region for the three months ended March 31, 2021 and March 31, 2020, respectively: United States and Canada (UCAN) As of/ Three Months Ended March 31, 2021 March 31, 2020 (in thousands) Revenues $ 3,170,972 $ 2,702,776 Paid net membership additions 448 2,307 Paid memberships at end of period (1) 74,384 69,969 Europe, Middle East, and Africa (EMEA) As of/ Three Months Ended March 31, 2021 March 31, 2020 (in thousands) Revenues $ 2,343,674 $ 1,723,474 Paid net membership additions 1,810 6,956 Paid memberships at end of period (1) 68,508 58,734 Latin America (LATAM) As of/ Three Months Ended March 31, 2021 March 31, 2020 (in thousands) Revenues $ 836,647 $ 793,453 Paid net membership additions 357 2,901 Paid memberships at end of period (1) 37,894 34,318 Asia-Pacific (APAC) As of/ Three Months Ended March 31, 2021 March 31, 2020 (in thousands) Revenues $ 762,414 $ 483,660 Paid net membership additions 1,361 3,602 Paid memberships at end of period (1) 26,853 19,835 (1) A paid membership (also referred to as a paid subscription) is defined as a membership that has the right to receive Netflix service following sign-up and a method of payment being provided, and that is not part of a free trial or 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 $3.0 billion and $2.5 billion for the three months ended March 31, 2021 and 2020, respectively. DVD revenues were $50 million and $64 million for the three months ended March 31, 2021 and 2020, respectively. Deferred revenue consists of membership fees billed that have not been recognized, as well as gift cards and other prepaid memberships that have not been fully redeemed. As of March 31, 2021, total deferred revenue was $1,140 million, the vast majority of which was related to membership fees billed that are expected to be recognized as revenue within the next month. The remaining deferred revenue balance, which is related to gift cards and other prepaid memberships, will be recognized as revenue over the period of service after redemption, which is expected to occur over the next 12 months. The $22 million increase in deferred revenue as compared to the balance of $1,118 million for the year ended December 31, 2020 is a result of the increase in membership fees billed due to increased members and average monthly revenue per paying member.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Basic earnings per share is computed using the weighted-average number of outstanding shares of common stock during the period. Diluted earnings per share is computed using the weighted-average number of outstanding shares of common stock and, when dilutive, potential common shares outstanding during the period. Potential common shares consist of incremental shares issuable upon the assumed exercise of stock options. The computation of earnings per share is as follows: Three Months Ended March 31, March 31, (in thousands, except per share data) Basic earnings per share: Net income $ 1,706,715 $ 709,067 Shares used in computation: Weighted-average common shares outstanding 443,224 439,352 Basic earnings per share $ 3.85 $ 1.61 Diluted earnings per share: Net income $ 1,706,715 $ 709,067 Shares used in computation: Weighted-average common shares outstanding 443,224 439,352 Employee stock options 12,417 13,142 Weighted-average number of shares 455,641 452,494 Diluted earnings per share $ 3.75 $ 1.57 Employee stock options with exercise prices greater than the average market price of the common stock were excluded from the diluted calculation as their inclusion would have been anti-dilutive. The following table summarizes the potential common shares excluded from the diluted calculation: Three Months Ended March 31, March 31, (in thousands) Employee stock options 257 1,516

Cash, Cash Equivalents and Rest

Cash, Cash Equivalents and Restricted Cash	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021 and December 31, 2020: As of March 31, 2021 Cash and cash equivalents Other Current Assets Non-current Assets Total (in thousands) Cash $ 4,019,585 $ 2,159 $ 30,443 $ 4,052,187 Level 1 securities: Money market funds 4,083,887 — 146 4,084,033 Level 2 securities: Foreign Time Deposits 300,233 — — 300,233 $ 8,403,705 $ 2,159 $ 30,589 $ 8,436,453 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 Other current assets include restricted cash for deposits related to self insurance. Non-current assets include restricted cash related to letter of credit agreements. The fair value of cash equivalents included in the Level 2 category is based on observable inputs, such as quoted prices for similar assets at the measurement date; quoted prices in markets that are not active; or other inputs that are observable, either directly or indirectly. See Note 6 Debt to the consolidated financial statements for further information regarding the fair value of the Company’s senior notes.

Balance Sheet Components

Balance Sheet Components	3 Months Ended
	Mar. 31, 2021
Balance Sheet Components Disclosure [Abstract]
Balance Sheet Components	Balance Sheet Components Content Assets, Net Content assets consisted of the following: As of March 31, December 31, (in thousands) Licensed content, net $ 13,351,416 $ 13,747,607 Produced content, net Released, less amortization 5,671,182 5,809,681 In production 6,030,349 4,827,455 In development and pre-production 991,044 999,207 12,692,575 11,636,343 Content assets, net $ 26,043,991 $ 25,383,950 As of March 31, 2021, approximately $5,606 million, $3,376 million, and $2,013 million of the $13,351 million unamortized cost of the licensed content is expected to be amortized in each of the next three years. As of March 31, 2021, approximately $2,130 million, $1,633 million, and $1,038 million of the $5,671 million unamortized cost of the produced content that has been released is expected to be amortized in each of the next three years. As of March 31, 2021, the amount of accrued participations and residuals was not material. The following table represents the amortization of content assets: Three Months Ended March 31, March 31, (in thousands) Licensed content $ 1,829,246 $ 1,860,170 Produced content 889,950 623,215 Total $ 2,719,196 $ 2,483,385 Property and Equipment, Net Property and equipment and accumulated depreciation consisted of the following: As of March 31, December 31, Estimated Useful Lives (in thousands) Land $ 51,154 $ 50,700 Buildings 43,840 42,717 30 years Leasehold improvements 531,507 524,537 Over life of lease Furniture and fixtures 108,495 110,185 3-15 years Information technology 289,813 283,014 3 years Corporate aircraft 110,862 110,629 8 years Machinery and equipment 34,236 34,633 3-5 years Capital work-in-progress 366,056 298,558 Property and equipment, gross 1,535,963 1,454,973 Less: Accumulated depreciation (520,544) (494,790) Property and equipment, net $ 1,015,419 $ 960,183 Leases The Company has entered into operating leases primarily for real estate. These operating leases are included in "Other non-current assets" on the Company's Consolidated Balance Sheets, and represent the Company’s right to use the underlying asset for the lease term. The Company’s obligations to make lease payments are included in "Accrued expenses and other liabilities" and "Other non-current liabilities" on the Company's Consolidated Balance Sheets. The Company has entered into various short-term operating leases, primarily for marketing billboards, with an initial term of twelve months or less. These leases are not recorded on the Company's Consolidated Balance Sheets. All operating lease expense is recognized on a straight-line basis over the lease term. Because the rate implicit in each lease is not readily determinable, the Company uses its incremental borrowing rate to determine the present value of the lease payments. Information related to the Company's operating right-of-use assets and related operating lease liabilities were as follows: Three Months Ended March 31, 2021 March 31, 2020 (in thousands) Cash paid for operating lease liabilities $ 82,439 $ 57,490 Right-of-use assets obtained in exchange for new operating lease obligations 49,445 51,824 As of March 31, 2021 December 31, 2020 (in thousands) Operating lease right-of-use assets, net $ 2,007,729 $ 2,037,726 Current operating lease liabilities 268,087 256,222 Non-current operating lease liabilities 1,911,892 1,945,631 Total operating lease liabilities $ 2,179,979 $ 2,201,853 Other Current Assets Other current assets consisted of the following: As of March 31, December 31, (in thousands) Trade receivables $ 807,036 $ 610,819 Prepaid expenses 273,527 203,042 Other 623,240 742,169 Total other current assets $ 1,703,803 $ 1,556,030

Debt

Debt	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Debt	Debt As of March 31, 2021, the Company had aggregate outstanding notes of $15,559 million, net of $103 million of issuance costs, with varying maturities (the "Notes"). Of the outstanding balance, $699 million, net of issuance costs, is classified as short-term debt on the Consolidated Balance Sheets. As of December 31, 2020, the Company had aggregate outstanding notes of $16,309 million, net of $107 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 gain totaling $253 million for the three months ended March 31, 2021). 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 March 31, 2021 and December 31, 2020: Principal Amount at Par Level 2 Fair Value as of March 31, 2021 December 31, 2020 Issuance Date Maturity March 31, 2021 December 31, 2020 (in millions) (in millions) 5.375% Senior Notes $ — $ 500 February 2013 February 2021 $ — $ 502 5.500% Senior Notes 700 700 February 2015 February 2022 729 735 5.750% Senior Notes 400 400 February 2014 March 2024 449 449 5.875% Senior Notes 800 800 February 2015 February 2025 917 921 3.000% Senior Notes (1) 551 574 April 2020 June 2025 600 616 3.625% Senior Notes 500 500 April 2020 June 2025 534 535 4.375% Senior Notes 1,000 1,000 October 2016 November 2026 1,119 1,110 3.625% Senior Notes (1) 1,524 1,588 May 2017 May 2027 1,748 1,776 4.875% Senior Notes 1,600 1,600 October 2017 April 2028 1,812 1,807 5.875% Senior Notes 1,900 1,900 April 2018 November 2028 2,302 2,280 4.625% Senior Notes (1) 1,290 1,344 October 2018 May 2029 1,605 1,630 6.375% Senior Notes 800 800 October 2018 May 2029 997 995 3.875% Senior Notes (1) 1,407 1,466 April 2019 November 2029 1,680 1,700 5.375% Senior Notes 900 900 April 2019 November 2029 1,065 1,061 3.625% Senior Notes (1) 1,290 1,344 October 2019 June 2030 1,513 1,533 4.875% Senior Notes 1,000 1,000 October 2019 June 2030 1,152 1,155 $ 15,662 $ 16,416 $ 18,222 $ 18,805 (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. In February 2021, the Company repaid upon maturity the $500 million aggregate principal amount of its 5.375% Senior Notes due February 2021. The expected timing of principal and interest payments for the Company’s outstanding Notes are as follows: As of March 31, December 31, (in thousands) Less than one year $ 1,453,690 $ 1,264,020 Due after one year and through three years 1,804,714 2,136,997 Due after three years and through five years 3,161,269 3,614,906 Due after five years 14,581,110 14,841,164 Total debt obligations $ 21,000,783 $ 21,857,087 Each of the Notes are repayable in whole or in part upon the occurrence of a change of control, at the option of the holders, at a purchase price in cash equal to 101% of the principal plus accrued interest. The Company may redeem the Notes prior to maturity in whole or in part at an amount equal to the principal amount thereof plus accrued and unpaid interest and an applicable premium. The Notes include, among other terms and conditions, limitations on the Company's ability to create, incur or allow certain liens; enter into sale and lease-back transactions; create, assume, incur or guarantee additional indebtedness of certain of the Company's subsidiaries; and consolidate or merge with, or convey, transfer or lease all or substantially all of the Company's and its subsidiaries assets, to another person. As of March 31, 2021 and December 31, 2020, the Company was in compliance with all related covenants. Revolving Credit Facility As of March 31, 2021, 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 March 31, 2021, 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 March 31, 2021 and December 31, 2020, the Company was in compliance with all related covenants.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Content As of March 31, 2021, the Company had $20.7 billion of obligations comprised of $4.3 billion included in "Current content liabilities" and $2.5 billion of "Non-current content liabilities" on the Consolidated Balance Sheets and $13.9 billion of obligations that are not reflected on the Consolidated Balance Sheets as they did not yet meet the criteria for asset recognition. As of December 31, 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. The expected timing of payments for these content obligations is as follows: As of March 31, December 31, (in thousands) Less than one year $ 9,456,342 $ 8,980,868 Due after one year and through three years 8,241,022 7,819,563 Due after three years and through five years 2,259,821 1,973,091 Due after five years 767,980 445,308 Total content obligations $ 20,725,165 $ 19,218,830 Content obligations include amounts related to the acquisition, licensing and production of content. Obligations that are in non-U.S. dollar currencies are translated to the U.S. dollar at period end rates. An obligation for the production of content includes non-cancelable commitments under creative talent and employment agreements as well as other production related commitments. An obligation for the acquisition and licensing of content is incurred at the time the Company enters into an agreement to obtain future titles. Once a title becomes available, a content liability is recorded on the Consolidated Balance Sheets. Certain agreements include the obligation to license rights for unknown future titles, the ultimate quantity and/or fees for which are not yet determinable as of the reporting date. Traditional film output deals, or certain TV series license agreements where the number of seasons to be aired is unknown, are examples of such license agreements. The Company does not include any estimated obligation for these future titles beyond the known minimum amount. However, the unknown obligations are expected to be significant. Legal Proceedings From time to time, in the normal course of its operations, the Company is subject to litigation matters and claims, including claims relating to employee relations, business practices and patent infringement. Litigation can be expensive and disruptive to normal business operations. Moreover, the results of complex legal proceedings are difficult to predict and the Company's view of these matters may change in the future as the litigation and events related thereto unfold. The Company expenses legal fees as incurred. The Company records a provision for contingent losses when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. An unfavorable outcome to any legal matter, if material, could have an adverse effect on the Company's operations or its financial position, liquidity or results of operations. The Company is involved in litigation matters not listed herein but does not consider the matters to be material either individually or in the aggregate at this time. The Company's view of the matters not listed may change in the future as the litigation and events related thereto unfold. Indemnification In the ordinary course of business, the Company has entered into contractual arrangements under which it has agreed to provide indemnification of varying scope and terms to business partners and other parties with respect to certain matters, including, but not limited to, losses arising out of the Company’s breach of such agreements and out of intellectual property infringement claims made by third parties. In these circumstances, payment may be conditional on the other party making a claim pursuant to the procedures specified in the particular contract. The Company's obligations under these agreements may be limited in terms of time or amount, and in some instances, the Company may have recourse against third parties for certain payments. In addition, the Company has entered into indemnification agreements with its directors and certain of its officers that will require it, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors or officers. The terms of such obligations vary. It is not possible to make a reasonable estimate of the maximum potential amount of future payments under these or similar agreements due to the conditional nature of the Company’s obligations and the unique facts and circumstances involved in each particular agreement. No amount has been accrued in the accompanying consolidated financial statements with respect to these indemnification obligations.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2021
Stockholders' Equity and Stock-based Compensation Disclosure [Abstract]
Stockholders' Equity	Stockholders’ Equity Stock Option Plan In June 2020, the Company's stockholders approved the 2020 Stock Plan, which was adopted by the Company’s Board of Directors in March 2020 subject to stockholder approval. The 2020 Stock Plan is the successor to the 2011 Stock Plan and 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. A summary of the activities related to the Company’s stock option plans is as follows: Options Outstanding Shares Number of Weighted- Balances as of December 31, 2020 21,702,085 18,676,810 $ 170.23 Granted (400,126) 400,126 537.47 Exercised — (488,471) 92.45 Expired — (4,648) 30.30 Balances as of March 31, 2021 21,301,959 18,583,817 $ 180.22 Vested and exercisable as of March 31, 2021 18,583,817 $ 180.22 The aggregate intrinsic value of the Company's outstanding stock options as of March 31, 2021 was $6,357 million and represents the total pretax intrinsic value (the difference between the Company’s closing stock price on the last trading day of the first quarter of 2021 and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their options on the last trading day of the first quarter of 2021. This amount changes based on the fair market value of the Company’s common stock. The weighted-average remaining contractual term of the Company's outstanding stock options as of March 31, 2021 included in the table above was 5.46 years. A summary of the amounts related to option exercises, is as follows: Three Months Ended March 31, March 31, (in thousands) Total intrinsic value of options exercised $ 228,020 $ 303,226 Cash received from options exercised 48,071 43,694 Stock-based Compensation Stock options granted are exercisable for the full ten year contractual term regardless of employment status. The following table summarizes the assumptions used to value option grants using the lattice-binomial model and the valuation data: Three Months Ended March 31, March 31, Dividend yield — % — % Expected volatility 41 % 37 % Risk-free interest rate 1.08 % 1.71 % Suboptimal exercise factor 3.81 3.34 Weighted-average fair value (per share) $ 268 $ 167 Total stock-based compensation expense (in thousands) $ 107,230 $ 97,019 Total income tax impact on provision (in thousands) $ 24,079 $ 21,309 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. Stock Repurchases

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Three Months Ended March 31, March 31, (in thousands, except percentages) Provision for income taxes $ 327,787 $ 86,803 Effective tax rate 16 % 11 % The effective tax rate for the three months ended March 31, 2021 differed from the Federal statutory rate primarily due to the impact of international provisions of the Tax Cuts and Jobs Act and recognition of excess tax benefits of stock-based compensation. The effective tax rate for the three months ended March 31, 2020 differed from the Federal statutory rate primarily due to the recognition of excess tax benefits of stock-based compensation and the changes from the global corporate structure simplification. The increase in effective tax rate for the three months ended March 31, 2021, as compared to the same period in 2020 was primarily due to recognizing less excess tax benefits related to stock-based compensation. For the three months ended March 31, 2021, the Company recognized a discrete tax benefit related to the excess tax benefits from stock-based compensation of $47 million, compared to the three months ended March 31, 2020 of $65 million. Gross unrecognized tax benefits were $160 million and $140 million as of March 31, 2021 and December 31, 2020, respectively. The gross unrecognized tax benefits, if recognized by the Company, will result in a reduction of approximately $99 million to the provision for income taxes thereby favorably impacting the Company’s effective tax rate. As of March 31, 2021, gross unrecognized tax benefits of $38 million were classified as “Other non-current liabilities” and $64 million as a reduction to deferred tax assets which was classified as "Other non-current assets" in the Consolidated Balance Sheets. The Company includes interest and penalties related to unrecognized tax benefits within the "Provision for income taxes" on the Consolidated Statements of Operations and “Other non-current liabilities” in the Consolidated Balance Sheets. Interest and penalties included in the Company’s “Provision for income taxes” were not material in any of the periods presented. Deferred tax assets of $427 million and $589 million were classified as “Other non-current assets” on the Consolidated Balance Sheets as of March 31, 2021 and December 31, 2020, respectively. In evaluating its ability to realize the net deferred tax assets, the Company considered all available positive and negative evidence, including its past operating results and the forecast of future market growth, forecasted earnings, future taxable income, and prudent and feasible tax planning strategies. The Company has a valuation allowance of $298 million and $250 million as of March 31, 2021 and December 31, 2020, respectively. The valuation allowance is related to the California research and development credits and certain foreign tax attributes that the Company does not expect to realize. 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 U.K. for 2018 and 2019. The Company has no other significant foreign jurisdiction audits underway. The years 2015 through 2020 generally remain subject to examination by foreign tax authorities.

Segment and Geographic Informat

Segment and Geographic Information	3 Months Ended
	Mar. 31, 2021
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 the purposes of making operating decisions, assessing financial performance and allocating resources. Total U.S. revenues were $3.0 billion and $2.5 billion for the three months ended March 31, 2021 and March 31, 2020, 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 as of March 31, 2021 and December 31, 2020, were located as follows: As of March 31, December 31, (in thousands) United States $ 2,269,444 $ 2,224,891 International 753,704 773,018

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Use of Estimates	The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and judgments that affect the amounts reported in the consolidated financial statements and accompanying notes. Significant items subject to such estimates and assumptions include the content asset amortization policy and the recognition and measurement of income tax assets and liabilities. The Company bases its estimates on historical experience and on various other assumptions that the Company believes to be reasonable under the circumstances. On a regular basis, the Company evaluates the assumptions, judgments and estimates. Actual results may differ from these estimates.
Recently adopted accounting pronouncements	Recently adopted accounting pronouncements In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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. The Company adopted ASU 2019-12 in the first quarter of 2021 and the adoption had no material impact to the Company’s consolidated financial statements.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Mar. 31, 2021
Revenue from Contract with Customer [Abstract]
Streaming Revenue, Paid net Membership Additions, and Ending Paid Memberships by Region	The following tables summarize streaming revenue, paid net membership additions, and paid memberships at end of period by region for the three months ended March 31, 2021 and March 31, 2020, respectively: United States and Canada (UCAN) As of/ Three Months Ended March 31, 2021 March 31, 2020 (in thousands) Revenues $ 3,170,972 $ 2,702,776 Paid net membership additions 448 2,307 Paid memberships at end of period (1) 74,384 69,969 Europe, Middle East, and Africa (EMEA) As of/ Three Months Ended March 31, 2021 March 31, 2020 (in thousands) Revenues $ 2,343,674 $ 1,723,474 Paid net membership additions 1,810 6,956 Paid memberships at end of period (1) 68,508 58,734 Latin America (LATAM) As of/ Three Months Ended March 31, 2021 March 31, 2020 (in thousands) Revenues $ 836,647 $ 793,453 Paid net membership additions 357 2,901 Paid memberships at end of period (1) 37,894 34,318 Asia-Pacific (APAC) As of/ Three Months Ended March 31, 2021 March 31, 2020 (in thousands) Revenues $ 762,414 $ 483,660 Paid net membership additions 1,361 3,602 Paid memberships at end of period (1) 26,853 19,835 (1) A paid membership (also referred to as a paid subscription) is defined as a membership that has the right to receive Netflix service following sign-up and a method of payment being provided, and that is not part of a free trial or 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.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Computation of Earnings Per Share	The computation of earnings per share is as follows: Three Months Ended March 31, March 31, (in thousands, except per share data) Basic earnings per share: Net income $ 1,706,715 $ 709,067 Shares used in computation: Weighted-average common shares outstanding 443,224 439,352 Basic earnings per share $ 3.85 $ 1.61 Diluted earnings per share: Net income $ 1,706,715 $ 709,067 Shares used in computation: Weighted-average common shares outstanding 443,224 439,352 Employee stock options 12,417 13,142 Weighted-average number of shares 455,641 452,494 Diluted earnings per share $ 3.75 $ 1.57
Summary of Potential Common Shares Excluded from the Diluted Calculation	The following table summarizes the potential common shares excluded from the diluted calculation: Three Months Ended March 31, March 31, (in thousands) Employee stock options 257 1,516

Cash, Cash Equivalents and Re_2

Cash, Cash Equivalents and Restricted Cash (Tables)	3 Months Ended
	Mar. 31, 2021
Short-Term Investments And Fair Value Measurement [Abstract]
Schedule of Cash and Cash Equivalents and Restricted Cash	The following tables summarize the Company's cash, cash equivalents, and restricted cash as of March 31, 2021 and December 31, 2020: As of March 31, 2021 Cash and cash equivalents Other Current Assets Non-current Assets Total (in thousands) Cash $ 4,019,585 $ 2,159 $ 30,443 $ 4,052,187 Level 1 securities: Money market funds 4,083,887 — 146 4,084,033 Level 2 securities: Foreign Time Deposits 300,233 — — 300,233 $ 8,403,705 $ 2,159 $ 30,589 $ 8,436,453 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

Balance Sheet Components (Table

Balance Sheet Components (Tables)	3 Months Ended
	Mar. 31, 2021
Balance Sheet Components Disclosure [Abstract]
Content Assets	Content assets consisted of the following: As of March 31, December 31, (in thousands) Licensed content, net $ 13,351,416 $ 13,747,607 Produced content, net Released, less amortization 5,671,182 5,809,681 In production 6,030,349 4,827,455 In development and pre-production 991,044 999,207 12,692,575 11,636,343 Content assets, net $ 26,043,991 $ 25,383,950
Schedule of Amortization of Streaming Content Assets	The following table represents the amortization of content assets: Three Months Ended March 31, March 31, (in thousands) Licensed content $ 1,829,246 $ 1,860,170 Produced content 889,950 623,215 Total $ 2,719,196 $ 2,483,385
Property and Equipment, Net	Property and equipment and accumulated depreciation consisted of the following: As of March 31, December 31, Estimated Useful Lives (in thousands) Land $ 51,154 $ 50,700 Buildings 43,840 42,717 30 years Leasehold improvements 531,507 524,537 Over life of lease Furniture and fixtures 108,495 110,185 3-15 years Information technology 289,813 283,014 3 years Corporate aircraft 110,862 110,629 8 years Machinery and equipment 34,236 34,633 3-5 years Capital work-in-progress 366,056 298,558 Property and equipment, gross 1,535,963 1,454,973 Less: Accumulated depreciation (520,544) (494,790) Property and equipment, net $ 1,015,419 $ 960,183
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: Three Months Ended March 31, 2021 March 31, 2020 (in thousands) Cash paid for operating lease liabilities $ 82,439 $ 57,490 Right-of-use assets obtained in exchange for new operating lease obligations 49,445 51,824 As of March 31, 2021 December 31, 2020 (in thousands) Operating lease right-of-use assets, net $ 2,007,729 $ 2,037,726 Current operating lease liabilities 268,087 256,222 Non-current operating lease liabilities 1,911,892 1,945,631 Total operating lease liabilities $ 2,179,979 $ 2,201,853
Other Current Assets	Other current assets consisted of the following: As of March 31, December 31, (in thousands) Trade receivables $ 807,036 $ 610,819 Prepaid expenses 273,527 203,042 Other 623,240 742,169 Total other current assets $ 1,703,803 $ 1,556,030

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Summary of Long-term Debt	The following table provides a summary of the Company's outstanding debt and the fair values based on quoted market prices in less active markets as of March 31, 2021 and December 31, 2020: Principal Amount at Par Level 2 Fair Value as of March 31, 2021 December 31, 2020 Issuance Date Maturity March 31, 2021 December 31, 2020 (in millions) (in millions) 5.375% Senior Notes $ — $ 500 February 2013 February 2021 $ — $ 502 5.500% Senior Notes 700 700 February 2015 February 2022 729 735 5.750% Senior Notes 400 400 February 2014 March 2024 449 449 5.875% Senior Notes 800 800 February 2015 February 2025 917 921 3.000% Senior Notes (1) 551 574 April 2020 June 2025 600 616 3.625% Senior Notes 500 500 April 2020 June 2025 534 535 4.375% Senior Notes 1,000 1,000 October 2016 November 2026 1,119 1,110 3.625% Senior Notes (1) 1,524 1,588 May 2017 May 2027 1,748 1,776 4.875% Senior Notes 1,600 1,600 October 2017 April 2028 1,812 1,807 5.875% Senior Notes 1,900 1,900 April 2018 November 2028 2,302 2,280 4.625% Senior Notes (1) 1,290 1,344 October 2018 May 2029 1,605 1,630 6.375% Senior Notes 800 800 October 2018 May 2029 997 995 3.875% Senior Notes (1) 1,407 1,466 April 2019 November 2029 1,680 1,700 5.375% Senior Notes 900 900 April 2019 November 2029 1,065 1,061 3.625% Senior Notes (1) 1,290 1,344 October 2019 June 2030 1,513 1,533 4.875% Senior Notes 1,000 1,000 October 2019 June 2030 1,152 1,155 $ 15,662 $ 16,416 $ 18,222 $ 18,805
Schedule of Maturities of Long-term Debt	The expected timing of principal and interest payments for the Company’s outstanding Notes are as follows: As of March 31, December 31, (in thousands) Less than one year $ 1,453,690 $ 1,264,020 Due after one year and through three years 1,804,714 2,136,997 Due after three years and through five years 3,161,269 3,614,906 Due after five years 14,581,110 14,841,164 Total debt obligations $ 21,000,783 $ 21,857,087

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Expected Timing of Payments for Commitments	The expected timing of payments for these content obligations is as follows: As of March 31, December 31, (in thousands) Less than one year $ 9,456,342 $ 8,980,868 Due after one year and through three years 8,241,022 7,819,563 Due after three years and through five years 2,259,821 1,973,091 Due after five years 767,980 445,308 Total content obligations $ 20,725,165 $ 19,218,830

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2021
Stockholders' Equity and Stock-based Compensation Disclosure [Abstract]
Summary of Activity Related to Stock Option Plans	A summary of the activities related to the Company’s stock option plans is as follows: Options Outstanding Shares Number of Weighted- Balances as of December 31, 2020 21,702,085 18,676,810 $ 170.23 Granted (400,126) 400,126 537.47 Exercised — (488,471) 92.45 Expired — (4,648) 30.30 Balances as of March 31, 2021 21,301,959 18,583,817 $ 180.22 Vested and exercisable as of March 31, 2021 18,583,817 $ 180.22
Summary of Amounts Related to Option Exercises	A summary of the amounts related to option exercises, is as follows: Three Months Ended March 31, March 31, (in thousands) Total intrinsic value of options exercised $ 228,020 $ 303,226 Cash received from options exercised 48,071 43,694
Summary of Assumptions Used to Value Stock Option Grants Using Lattice-Binomial Model	The following table summarizes the assumptions used to value option grants using the lattice-binomial model and the valuation data: Three Months Ended March 31, March 31, Dividend yield — % — % Expected volatility 41 % 37 % Risk-free interest rate 1.08 % 1.71 % Suboptimal exercise factor 3.81 3.34 Weighted-average fair value (per share) $ 268 $ 167 Total stock-based compensation expense (in thousands) $ 107,230 $ 97,019 Total income tax impact on provision (in thousands) $ 24,079 $ 21,309

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit)	Three Months Ended March 31, March 31, (in thousands, except percentages) Provision for income taxes $ 327,787 $ 86,803 Effective tax rate 16 % 11 %

Segment and Geographic Inform_2

Segment and Geographic Information (Tables)	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
Long-lived Assets by Geographic Areas	The Company's long-lived tangible assets, as well as the Company's operating lease right-of-use assets recognized on the Consolidated Balance Sheets as of March 31, 2021 and December 31, 2020, were located as follows: As of March 31, December 31, (in thousands) United States $ 2,269,444 $ 2,224,891 International 753,704 773,018

Revenue Recognition - Revenue a

Revenue Recognition - Revenue and Membership Information (Details) membership in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)membership	Mar. 31, 2020USD ($)membership
Disaggregation of Revenue [Line Items]
Revenues | $	$ 7,163,282	$ 5,767,691
United States and Canada
Disaggregation of Revenue [Line Items]
Paid net membership additions (in memberships)	448	2,307
Paid memberships at end of period (in memberships)	74,384	69,969
Europe, Middle East, and Africa
Disaggregation of Revenue [Line Items]
Paid net membership additions (in memberships)	1,810	6,956
Paid memberships at end of period (in memberships)	68,508	58,734
Latin America
Disaggregation of Revenue [Line Items]
Paid net membership additions (in memberships)	357	2,901
Paid memberships at end of period (in memberships)	37,894	34,318
Asia-Pacific
Disaggregation of Revenue [Line Items]
Paid net membership additions (in memberships)	1,361	3,602
Paid memberships at end of period (in memberships)	26,853	19,835
Streaming | United States and Canada
Disaggregation of Revenue [Line Items]
Revenues | $	$ 3,170,972	$ 2,702,776
Streaming | Europe, Middle East, and Africa
Disaggregation of Revenue [Line Items]
Revenues | $	2,343,674	1,723,474
Streaming | Latin America
Disaggregation of Revenue [Line Items]
Revenues | $	836,647	793,453
Streaming | Asia-Pacific
Disaggregation of Revenue [Line Items]
Revenues | $	$ 762,414	$ 483,660

Revenue Recognition - Additiona

Revenue Recognition - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Revenues	$ 7,163,282	$ 5,767,691
Deferred revenue	1,140,271		$ 1,117,992
Increase in deferred revenue	22,279	62,008
DVD
Disaggregation of Revenue [Line Items]
Revenues	50,000	64,000
United States
Disaggregation of Revenue [Line Items]
Revenues	$ 3,000,000	$ 2,500,000

Earnings Per Share - Calculatio

Earnings Per Share - Calculation of EPS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Basic earnings per share:
Net income	$ 1,706,715	$ 709,067
Weighted-average common shares outstanding (in shares)	443,224	439,352
Basic earnings per share (in dollars per share)	$ 3.85	$ 1.61
Diluted earnings per share:
Net income	$ 1,706,715	$ 709,067
Shares used in computation:
Weighted-average common shares outstanding (in shares)	443,224	439,352
Employee stock options (in shares)	12,417	13,142
Weighted-average number of shares (in shares)	455,641	452,494
Diluted earnings per share (in dollars per share)	$ 3.75	$ 1.57

Earnings Per Share - Antidiluti

Earnings Per Share - Antidilutive Shares (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Earnings Per Share [Abstract]
Antidilutive securities excluded from earnings per share calculations	257	1,516

Cash, Cash Equivalents and Re_3

Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents, and restricted cash	$ 8,436,453	$ 8,238,870	$ 5,178,187	$ 5,043,786
Cash and cash equivalents
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents, and restricted cash	8,403,705	8,205,550
Other Current Assets
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents, and restricted cash	2,159	1,783
Non-current Assets
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents, and restricted cash	30,589	31,537
Cash
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents, and restricted cash	4,052,187	3,364,927
Cash | Cash and cash equivalents
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents, and restricted cash	4,019,585	3,331,860
Cash | Other Current Assets
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents, and restricted cash	2,159	1,783
Cash | Non-current Assets
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents, and restricted cash	30,443	31,284
Level 1 Securities | Money market funds
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents, and restricted cash	4,084,033	4,573,943
Level 1 Securities | Money market funds | Cash and cash equivalents
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents, and restricted cash	4,083,887	4,573,690
Level 1 Securities | Money market funds | Other Current Assets
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents, and restricted cash	0	0
Level 1 Securities | Money market funds | Non-current Assets
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents, and restricted cash	146	253
Level 2 Securities | Foreign Time Deposits
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents, and restricted cash	300,233	300,000
Level 2 Securities | Foreign Time Deposits | Cash and cash equivalents
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents, and restricted cash	300,233	300,000
Level 2 Securities | Foreign Time Deposits | Other Current Assets
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents, and restricted cash	0	0
Level 2 Securities | Foreign Time Deposits | Non-current Assets
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents, and restricted cash	$ 0	$ 0

Balance Sheet Components - Comp

Balance Sheet Components - Components of Content Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Content assets, net	$ 26,043,991		$ 25,383,950
Amortization of content assets	2,719,196	$ 2,483,385
Licensed content, net
Finite-Lived Intangible Assets [Line Items]
Net content	13,351,416		13,747,607
Unamortized cost in year one	5,606,000
Unamortized cost in year two	3,376,000
Unamortized cost in year three	2,013,000
Amortization of content assets	1,829,246	1,860,170
Produced content, net
Finite-Lived Intangible Assets [Line Items]
Net content	5,671,182		5,809,681
In production	6,030,349		4,827,455
In development and pre-production	991,044		999,207
Content assets, net	12,692,575		$ 11,636,343
Unamortized cost in year one	2,130,000
Unamortized cost in year two	1,633,000
Unamortized cost in year three	1,038,000
Amortization of content assets	$ 889,950	$ 623,215

Balance Sheet Components - Prop

Balance Sheet Components - Property And Equipment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 1,535,963	$ 1,454,973
Less: Accumulated depreciation	(520,544)	(494,790)
Property and equipment, net	1,015,419	960,183
Land
Property, Plant and Equipment [Line Items]
Property and equipment, gross	51,154	50,700
Buildings
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 43,840	42,717
Estimated Useful Lives	30 years
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 531,507	524,537
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 108,495	110,185
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	$ 289,813	283,014
Estimated Useful Lives	3 years
Corporate aircraft
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 110,862	110,629
Estimated Useful Lives	8 years
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 34,236	34,633
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	$ 366,056	$ 298,558

Balance Sheet Components - Leas

Balance Sheet Components - Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Leases [Abstract]
Cash paid for operating lease liabilities	$ 82,439	$ 57,490
Right-of-use assets obtained in exchange for new operating lease obligations	49,445	$ 51,824
Operating lease right-of-use assets, net	2,007,729		$ 2,037,726
Current operating lease liabilities	268,087		256,222
Non-current operating lease liabilities	1,911,892		1,945,631
Total operating lease liabilities	$ 2,179,979		$ 2,201,853

Balance Sheet Components - Othe

Balance Sheet Components - Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Balance Sheet Components Disclosure [Abstract]
Trade receivables	$ 807,036	$ 610,819
Prepaid expenses	273,527	203,042
Other	623,240	742,169
Total other current assets	$ 1,703,803	$ 1,556,030

Debt - Narrative (Details)

Debt - Narrative (Details) $ in Thousands	1 Months Ended	3 Months Ended
	Feb. 28, 2021USD ($)	Mar. 31, 2021USD ($)	Mar. 31, 2020USD ($)	Mar. 31, 2021EUR (€)	Dec. 31, 2020USD ($)
Debt Instrument [Line Items]
Aggregate outstanding notes		$ 15,559,000			$ 16,309,000
Debt issuance costs		103,000			107,000
Short-term debt		698,788			499,878
Long-term notes denominated in foreign currency		15,662,000			16,416,000
Foreign currency remeasurement gain on debt		253,330	$ 93,060
Senior Notes
Debt Instrument [Line Items]
Long-term notes denominated in foreign currency | €				€ 5,170,000,000
Foreign currency remeasurement gain on debt		$ 253,000
Redemption prices, percent of outstanding principal		101.00%
Senior Notes | 5.375% Senior Notes
Debt Instrument [Line Items]
Long-term notes denominated in foreign currency		$ 0			$ 500,000
Repayments of senior notes	$ 500,000
Interest rate	5.375%	5.375%		5.375%	5.375%

Debt - Summary of Long-term Deb

Debt - Summary of Long-term Debt (Details) $ in Millions	Mar. 31, 2021EUR (€)	Mar. 31, 2021USD ($)	Feb. 28, 2021	Dec. 31, 2020EUR (€)	Dec. 31, 2020USD ($)
Debt Instrument [Line Items]
Principal amount at par		$ 15,662			$ 16,416
Fair value		18,222			18,805
Senior Notes
Debt Instrument [Line Items]
Principal amount at par | €	€ 5,170,000,000
Senior Notes | 5.375% Senior Notes
Debt Instrument [Line Items]
Principal amount at par		0			500
Fair value		$ 0			$ 502
Interest rate	5.375%	5.375%	5.375%	5.375%	5.375%
Senior Notes | 5.500% Senior Notes
Debt Instrument [Line Items]
Principal amount at par		$ 700			$ 700
Fair value		$ 729			$ 735
Interest rate	5.50%	5.50%		5.50%	5.50%
Senior Notes | 5.750% Senior Notes
Debt Instrument [Line Items]
Principal amount at par		$ 400			$ 400
Fair value		$ 449			$ 449
Interest rate	5.75%	5.75%		5.75%	5.75%
Senior Notes | 5.875% Senior Notes
Debt Instrument [Line Items]
Principal amount at par		$ 800			$ 800
Fair value		$ 917			$ 921
Interest rate	5.875%	5.875%		5.875%	5.875%
Senior Notes | 3.000% Senior Notes
Debt Instrument [Line Items]
Principal amount at par	€ 470,000,000	$ 551		€ 470,000,000	$ 574
Fair value		$ 600			$ 616
Interest rate	3.00%	3.00%		3.00%	3.00%
Senior Notes | 3.625% Senior Notes
Debt Instrument [Line Items]
Principal amount at par		$ 500			$ 500
Fair value		$ 534			$ 535
Interest rate	3.625%	3.625%		3.625%	3.625%
Senior Notes | 4.375% Senior Notes
Debt Instrument [Line Items]
Principal amount at par		$ 1,000			$ 1,000
Fair value		$ 1,119			$ 1,110
Interest rate	4.375%	4.375%		4.375%	4.375%
Senior Notes | 3.625% Senior Notes
Debt Instrument [Line Items]
Principal amount at par	€ 1,300,000,000	$ 1,524		€ 1,300,000,000	$ 1,588
Fair value		$ 1,748			$ 1,776
Interest rate	3.625%	3.625%		3.625%	3.625%
Senior Notes | 4.875% Senior Notes
Debt Instrument [Line Items]
Principal amount at par		$ 1,600			$ 1,600
Fair value		$ 1,812			$ 1,807
Interest rate	4.875%	4.875%		4.875%	4.875%
Senior Notes | 5.875% Senior Notes
Debt Instrument [Line Items]
Principal amount at par		$ 1,900			$ 1,900
Fair value		$ 2,302			$ 2,280
Interest rate	5.875%	5.875%		5.875%	5.875%
Senior Notes | 4.625% Senior Notes
Debt Instrument [Line Items]
Principal amount at par	€ 1,100,000,000	$ 1,290		€ 1,100,000,000	$ 1,344
Fair value		$ 1,605			$ 1,630
Interest rate	4.625%	4.625%		4.625%	4.625%
Senior Notes | 6.375% Senior Notes
Debt Instrument [Line Items]
Principal amount at par		$ 800			$ 800
Fair value		$ 997			$ 995
Interest rate	6.375%	6.375%		6.375%	6.375%
Senior Notes | 3.875% Senior Notes
Debt Instrument [Line Items]
Principal amount at par	€ 1,200,000,000	$ 1,407		€ 1,200,000,000	$ 1,466
Fair value		$ 1,680			$ 1,700
Interest rate	3.875%	3.875%		3.875%	3.875%
Senior Notes | 5.375% Senior Notes
Debt Instrument [Line Items]
Principal amount at par		$ 900			$ 900
Fair value		$ 1,065			$ 1,061
Interest rate	5.375%	5.375%		5.375%	5.375%
Senior Notes | 3.625% Senior Notes
Debt Instrument [Line Items]
Principal amount at par	€ 1,100,000,000	$ 1,290		€ 1,100,000,000	$ 1,344
Fair value		$ 1,513			$ 1,533
Interest rate	3.625%	3.625%		3.625%	3.625%
Senior Notes | 4.875% Senior Notes
Debt Instrument [Line Items]
Principal amount at par		$ 1,000			$ 1,000
Fair value		$ 1,152			$ 1,155
Interest rate	4.875%	4.875%		4.875%	4.875%

Debt - Maturities (Details)

Debt - Maturities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Debt Disclosure [Abstract]
Less than one year	$ 1,453,690	$ 1,264,020
Due after one year and through three years	1,804,714	2,136,997
Due after three years and through five years	3,161,269	3,614,906
Due after five years	14,581,110	14,841,164
Total	$ 21,000,783	$ 21,857,087

Debt - Revolving Line of Credit

Debt - Revolving Line of Credit (Details) - Revolving Credit Facility	3 Months Ended
	Mar. 31, 2021USD ($)
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity	$ 750,000,000
Commitment fee percentage	0.10%
LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.75%
Federal Funds Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.50%
One-month LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.00%
One-month LIBOR | Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.00%

Commitments and Contingencies -

Commitments and Contingencies - Streaming Content (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Contractual Obligation [Line Items]
Total streaming content obligations	$ 20,725,165	$ 19,218,830
Current content liabilities	4,297,957	4,429,536
Non-current content liabilities	2,465,626	2,618,084
Streaming obligations not reflected on Consolidated Balance Sheets	13,900,000	12,200,000
Current content liabilities
Contractual Obligation [Line Items]
Current content liabilities	4,300,000	4,400,000
Non-current content liabilities
Contractual Obligation [Line Items]
Non-current content liabilities	$ 2,500,000	$ 2,600,000

Commitments and Contingencies_2

Commitments and Contingencies - Expected Timing of Payments (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Less than one year	$ 9,456,342	$ 8,980,868
Due after one year and through three years	8,241,022	7,819,563
Due after three years and through five years	2,259,821	1,973,091
Due after five years	767,980	445,308
Total content obligations	$ 20,725,165	$ 19,218,830

Commitments and Contingencies_3

Commitments and Contingencies - Legal Proceedings (Details)	Mar. 31, 2021USD ($)
Commitments and Contingencies Disclosure [Abstract]
Indemnification obligations	$ 0

Stockholders' Equity - Activity

Stockholders' Equity - Activity Related to Stock Option Plans (Details)	3 Months Ended
	Mar. 31, 2021$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Shares available for grant, beginning balance (in shares)	21,702,085
Options outstanding, number of shares, beginning balance (in shares)	18,676,810
Options outstanding, number of shares granted (in shares)	(400,126)
Options outstanding, number of shares granted (in shares)	400,126
Options outstanding, number of shares, exercised (in shares)	(488,471)
Options outstanding, number of shares expired (in shares)	(4,648)
Shares available for grant, ending balance (in shares)	21,301,959
Options outstanding, number of shares, ending balance (in shares)	18,583,817
Options vested and exercisable, number of shares, ending balance (in shares)	18,583,817
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward]
Options outstanding, weighted-average exercise price, beginning balance (dollars per share) | $ / shares	$ 170.23
Options outstanding, weighted-average exercise price, granted (dollars per share) | $ / shares	537.47
Options outstanding, weighted-average exercise price, exercised (dollars per share) | $ / shares	92.45
Options expired, weighted-average exercise price (dollars per share) | $ / shares	30.30
Options outstanding, weighted-average exercise price, ending balance (dollars per share) | $ / shares	180.22
Options outstanding, weighted-average exercise price, vested and exercisable (dollars per share) | $ / shares	$ 180.22

Stockholders' Equity Stockholde

Stockholders' Equity Stockholders' Equity - Stock Option Plan Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)
Stockholders' Equity and Stock-based Compensation Disclosure [Abstract]
Aggregate intrinsic value	$ 6,357
Weighted-average remaining contractual term (in years)	5 years 5 months 15 days

Stockholders' Equity - Amounts

Stockholders' Equity - Amounts Related to Option Exercises (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Stockholders' Equity and Stock-based Compensation Disclosure [Abstract]
Total intrinsic value of options exercised	$ 228,020	$ 303,226
Cash received from options exercised	$ 48,071	$ 43,694

Stockholders' Equity - Assumpti

Stockholders' Equity - Assumptions Used to Value Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Stockholders' Equity and Stock-based Compensation Disclosure [Abstract]
Dividend yield	0.00%	0.00%
Expected volatility	41.00%	37.00%
Risk-free interest rate	1.08%	1.71%
Suboptimal exercise factor	3.81	3.34
Weighted-average fair value (in dollars per share)	$ 268	$ 167
Total stock-based compensation expense	$ 107,230	$ 97,019
Total income tax impact on provision	$ 24,079	$ 21,309

Stockholders' Equity - Stock Re

Stockholders' Equity - Stock Repurchases (Details) $ in Billions	1 Months Ended
	Mar. 31, 2021USD ($)shares
Equity [Abstract]
Common stock authorized to be repurchased | $	$ 5
Stock repurchased (in shares) | shares	0

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 327,787	$ 86,803
Effective tax rate	16.00%	11.00%
Income Tax Contingency [Line Items]
Tax benefit from share based compensation	$ 47,000	$ 65,000
Unrecognized tax benefits	160,000		$ 140,000
Reduction in provision for income taxes due to impact of effective tax rate	99,000
Deferred tax assets, valuation allowance	298,000		250,000
Other noncurrent liabilities
Income Tax Contingency [Line Items]
Unrecognized tax benefits	38,000
Non-current Assets
Income Tax Contingency [Line Items]
Unrecognized tax benefits	64,000
Deferred tax assets	$ 427,000		$ 589,000

Segment and Geographic Inform_3

Segment and Geographic Information - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)segment	Mar. 31, 2020USD ($)
Segment Reporting Information [Line Items]
Number of operating segments | segment	1
Revenues	$ 7,163,282	$ 5,767,691
United States
Segment Reporting Information [Line Items]
Revenues	$ 3,000,000	$ 2,500,000

Segment and Geographic Inform_4

Segment and Geographic Information - Long-lived Assets by Geographical Areas (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived tangible assets	$ 2,269,444	$ 2,224,891
International
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived tangible assets	$ 753,704	$ 773,018