Netflix (NFLX) 10-Q 21 Apr 22 2022 Q1 Quarterly report Financial data

Cover Page

Cover Page	3 Months Ended
	Mar. 31, 2022shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
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(s)	NFLX
Name of each exchange on which registered	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	444,273,850
Entity Central Index Key	0001065280
Document Fiscal Year Focus	2022
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, 2022	Mar. 31, 2021
Income Statement [Abstract]
Revenues	$ 7,867,767	$ 7,163,282
Cost of revenues	4,284,705	3,868,511
Marketing	555,978	512,512
Technology and development	657,530	525,207
General and administrative	397,928	297,196
Operating income	1,971,626	1,959,856
Other income (expense):
Interest expense	(187,579)	(194,440)
Interest and other income	195,645	269,086
Income before income taxes	1,979,692	2,034,502
Provision for income taxes	(382,245)	(327,787)
Net income	$ 1,597,447	$ 1,706,715
Earnings per share:
Basic (dollars per share)	$ 3.60	$ 3.85
Diluted (dollars per share)	$ 3.53	$ 3.75
Weighted-average shares of common stock outstanding:
Basic (in shares)	444,146	443,224
Diluted (in shares)	452,984	455,641

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 1,597,447	$ 1,706,715
Other comprehensive loss:
Foreign currency translation adjustments	(33,675)	(40,261)
Comprehensive income	$ 1,563,772	$ 1,666,454

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net income	$ 1,597,447	$ 1,706,715
Adjustments to reconcile net income to net cash provided by operating activities:
Additions to content assets	(3,584,164)	(3,284,576)
Change in content liabilities	(347,149)	(266,040)
Amortization of content assets	3,166,365	2,719,196
Depreciation and amortization of property, equipment and intangibles	74,602	35,741
Stock-based compensation expense	119,209	107,230
Foreign currency remeasurement gain on debt	(161,821)	(253,330)
Other non-cash items	101,968	72,657
Deferred income taxes	(68,906)	159,733
Changes in operating assets and liabilities:
Other current assets	41,157	(221,555)
Accounts payable	(215,444)	(137,313)
Accrued expenses and other liabilities	350,763	177,897
Deferred revenue	16,743	22,279
Other non-current assets and liabilities	(167,931)	(61,368)
Net cash provided by operating activities	922,839	777,266
Cash flows from investing activities:
Purchases of property and equipment	(121,158)	(81,001)
Change in other assets	0	(4,615)
Acquisitions	(124,521)	0
Net cash used in investing activities	(245,679)	(85,616)
Cash flows from financing activities:
Repayments of debt	(700,000)	(500,000)
Proceeds from issuance of common stock	13,678	48,071
Net cash used in financing activities	(686,322)	(451,929)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(11,448)	(42,138)
Net increase (decrease) in cash, cash equivalents and restricted cash	(20,610)	197,583
Cash, cash equivalents and restricted cash at beginning of period	6,055,111	8,238,870
Cash, cash equivalents and restricted cash at end of period	$ 6,034,501	$ 8,436,453

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 6,008,946	$ 6,027,804
Other current assets	2,089,069	2,042,021
Total current assets	8,098,015	8,069,825
Content assets, net	31,191,920	30,919,539
Property and equipment, net	1,383,763	1,323,453
Other non-current assets	4,657,206	4,271,846
Total assets	45,330,904	44,584,663
Current liabilities:
Current content liabilities	4,066,289	4,292,967
Accounts payable	617,202	837,483
Accrued expenses and other liabilities	1,817,117	1,449,351
Deferred revenue	1,239,048	1,209,342
Short-term debt	0	699,823
Total current liabilities	7,739,656	8,488,966
Non-current content liabilities	2,945,221	3,094,213
Long-term debt	14,534,561	14,693,072
Other non-current liabilities	2,567,427	2,459,164
Total liabilities	27,786,865	28,735,415
Commitments and contingencies
Stockholders’ equity:
Common stock, $0.001 par value; 4,990,000,000 shares authorized at March 31, 2022 and December 31, 2021; 444,273,850 and 443,963,107 issued and outstanding at March 31, 2022 and December 31, 2021, respectively	4,155,580	4,024,561
Treasury stock at cost (1,564,478 shares at March 31, 2022)	(824,190)	(824,190)
Accumulated other comprehensive loss	(74,170)	(40,495)
Retained earnings	14,286,819	12,689,372
Total stockholders’ equity	17,544,039	15,849,248
Total liabilities and stockholders’ equity	$ 45,330,904	$ 44,584,663

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
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)	444,273,850	443,963,107
Common stock, shares outstanding (shares)	444,273,850	443,963,107
Treasury stock (shares)	1,564,478

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common stock and additional paid-in capital	Treasury stock	Accumulated other comprehensive loss	Retained earnings
Beginning Balance at Dec. 31, 2020	$ 11,065,240	$ 3,447,698	$ 0	$ 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	0	4,137	9,279,859
Beginning Balance at Dec. 31, 2021	15,849,248	4,024,561	(824,190)	(40,495)	12,689,372
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of options		11,810
Stock-based compensation expense		119,209
Other comprehensive loss				(33,675)
Net income	1,597,447				1,597,447
Ending Balance at Mar. 31, 2022	$ 17,544,039	$ 4,155,580	$ (824,190)	$ (74,170)	$ 14,286,819

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2022
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, 2021 filed with the Securities and Exchange Commission (the “SEC”) on January 27, 2022. 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, 2021. 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, 2021. Recently adopted accounting pronouncements In October 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers , which requires an acquirer in a business combination to recognize and measure contract assets and contract liabilities in accordance with Accounting Standards Codification Topic 606, Revenue from Contracts with Customers . The Company adopted ASU 2021-08 in the first quarter of 2022 and the adoption had no material impact to the Company’s consolidated financial statements.

Revenue Recognition

Revenue Recognition	3 Months Ended
	Mar. 31, 2022
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, 2022 and 2021, respectively: United States and Canada (UCAN) As of/ Three Months Ended March 31, March 31, (in thousands) Revenues $ 3,350,424 $ 3,170,972 Paid net membership additions (losses) (636) 448 Paid memberships at end of period (1) 74,579 74,384 Europe, Middle East, and Africa (EMEA) As of/ Three Months Ended March 31, March 31, (in thousands) Revenues $ 2,561,831 $ 2,343,674 Paid net membership additions (losses) (303) 1,810 Paid memberships at end of period (1) 73,733 68,508 Latin America (LATAM) As of/ Three Months Ended March 31, March 31, (in thousands) Revenues $ 998,948 $ 836,647 Paid net membership additions (losses) (351) 357 Paid memberships at end of period (1) 39,610 37,894 Asia-Pacific (APAC) As of/ Three Months Ended March 31, March 31, (in thousands) Revenues $ 916,754 $ 762,414 Paid net membership additions 1,087 1,361 Paid memberships at end of period (1) 33,719 26,853 (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 $3.1 billion and $3.0 billion for the three months ended March 31, 2022 and 2021, respectively. DVD revenues were $40 million and $50 million for the three months ended March 31, 2022 and 2021, 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, 2022, total deferred revenue was $1,239 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 $30 million increase in deferred revenue as compared to the balance of $1,209 million as of December 31, 2021 is a result of the increase in average monthly revenue per paying member and acquisition-related deferred revenue.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2022
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 outstanding shares of common stock during the period. Potential shares of common stock 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 $ 1,597,447 $ 1,706,715 Shares used in computation: Weighted-average shares of common stock outstanding 444,146 443,224 Basic earnings per share $ 3.60 $ 3.85 Diluted earnings per share: Net income $ 1,597,447 $ 1,706,715 Shares used in computation: Weighted-average shares of common stock outstanding 444,146 443,224 Employee stock options 8,838 12,417 Weighted-average number of shares 452,984 455,641 Diluted earnings per share $ 3.53 $ 3.75 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 shares of common stock excluded from the diluted calculation: Three Months Ended March 31, March 31, (in thousands) Employee stock options 2,749 257

Cash, Cash Equivalents and Rest

Cash, Cash Equivalents and Restricted Cash	3 Months Ended
	Mar. 31, 2022
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, 2022 and December 31, 2021: As of March 31, 2022 Cash and cash equivalents Other Current Assets Non-current Assets Total (in thousands) Cash $ 4,568,719 $ 955 $ 24,454 $ 4,594,128 Level 1 securities: Money market funds 1,440,227 — 146 1,440,373 $ 6,008,946 $ 955 $ 24,600 $ 6,034,501 As of December 31, 2021 Cash and cash equivalents Other Current Assets Non-current Assets Total (in thousands) Cash $ 4,103,613 $ 3,189 $ 23,972 $ 4,130,774 Level 1 securities: Money market funds 1,924,191 — 146 1,924,337 $ 6,027,804 $ 3,189 $ 24,118 $ 6,055,111 Other current assets include restricted cash for deposits related to self insurance. Non-current assets include restricted cash related to letter of credit agreements.

Balance Sheet Components

Balance Sheet Components	3 Months Ended
	Mar. 31, 2022
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 $ 12,923,692 $ 13,799,221 Produced content, net Released, less amortization 7,111,245 6,877,743 In production 10,175,960 9,235,975 In development and pre-production 981,023 1,006,600 18,268,228 17,120,318 Content assets, net $ 31,191,920 $ 30,919,539 As of March 31, 2022, approximately $5,606 million, $2,963 million, and $1,815 million of the $12,924 million unamortized cost of the licensed content is expected to be amortized in each of the next three years. As of March 31, 2022, approximately $2,807 million, $1,933 million, and $1,182 million of the $7,111 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, 2022, the amount of accrued participations and residuals was not material. The following tables represent the amortization of content assets: Three Months Ended March 31, March 31, (in thousands) Licensed content $ 1,884,438 $ 1,829,246 Produced content 1,281,927 889,950 Total $ 3,166,365 $ 2,719,196 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 $ 82,381 $ 82,381 Buildings 48,625 48,123 30 years Leasehold improvements 983,209 863,342 Over life of lease Furniture and fixtures 147,059 139,809 3 years Information technology 448,608 380,452 3 years Corporate aircraft 110,978 110,978 8 years Machinery and equipment 32,613 32,426 3-5 years Capital work-in-progress 220,422 282,248 Property and equipment, gross 2,073,895 1,939,759 Less: Accumulated depreciation (690,132) (616,306) Property and equipment, net $ 1,383,763 $ 1,323,453 Leases The Company has entered into operating leases primarily for real estate. 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, March 31, (in thousands) Cash paid for operating lease liabilities $ 103,141 $ 82,439 Right-of-use assets obtained in exchange for new operating lease obligations 141,298 49,445 As of March 31, December 31, (in thousands) Operating lease right-of-use assets, net $ 2,483,778 $ 2,446,573 Current operating lease liabilities 330,936 315,189 Non-current operating lease liabilities 2,434,078 2,408,486 Total operating lease liabilities $ 2,765,014 $ 2,723,675 Other Current Assets Other current assets consisted of the following: As of March 31, December 31, (in thousands) Trade receivables $ 824,650 $ 804,320 Prepaid expenses 419,134 323,818 Other 845,285 913,883 Total other current assets $ 2,089,069 $ 2,042,021

Debt

Debt	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Debt	Debt As of March 31, 2022, the Company had aggregate outstanding notes of $14,535 million, net of $88 million of issuance costs, with varying maturities (the "Notes"). As of December 31, 2021, the Company had aggregate outstanding notes of $15,393 million, net of $92 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 $162 million for the three months ended March 31, 2022). 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, 2022 and December 31, 2021: Principal Amount at Par Level 2 Fair Value as of March 31, December 31, Issuance Date Maturity March 31, December 31, (in millions) (in millions) 5.500% Senior Notes — 700 February 2015 February 2022 — 704 5.750% Senior Notes 400 400 February 2014 March 2024 419 437 5.875% Senior Notes 800 800 February 2015 February 2025 855 899 3.000% Senior Notes (1) 520 535 April 2020 June 2025 545 581 3.625% Senior Notes 500 500 April 2020 June 2025 502 529 4.375% Senior Notes 1,000 1,000 October 2016 November 2026 1,039 1,111 3.625% Senior Notes (1) 1,439 1,480 May 2017 May 2027 1,539 1,702 4.875% Senior Notes 1,600 1,600 October 2017 April 2028 1,671 1,829 5.875% Senior Notes 1,900 1,900 April 2018 November 2028 2,096 2,293 4.625% Senior Notes (1) 1,218 1,252 October 2018 May 2029 1,376 1,565 6.375% Senior Notes 800 800 October 2018 May 2029 907 999 3.875% Senior Notes (1) 1,328 1,366 April 2019 November 2029 1,444 1,651 5.375% Senior Notes 900 900 April 2019 November 2029 977 1,068 3.625% Senior Notes (1) 1,218 1,252 October 2019 June 2030 1,291 1,493 4.875% Senior Notes 1,000 1,000 October 2019 June 2030 1,068 1,169 $ 14,623 $ 15,485 $ 15,729 $ 18,030 (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 2022, the Company repaid upon maturity the $700 million aggregate principal amount of its 5.500% Senior Notes. 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, 2022 and December 31, 2021, the Company was in compliance with all related covenants. Revolving Credit Facility On June 17, 2021, the Company amended its unsecured revolving credit facility ("Revolving Credit Agreement") to, among other things, extend the maturity date from March 29, 2024 to June 17, 2026 and to increase the size of the facility from $750 million to $1 billion. Revolving loans may be borrowed, repaid and reborrowed until June 17, 2026, 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, 2022, 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 publication of the Adjusted LIBO Rate based upon U.S. Dollars is expected to cease on June 30, 2023. The Revolving Credit Agreement contains customary provisions for the replacement of the Adjusted LIBO Rate with an alternate benchmark rate, including a rate based on the secured overnight financing rate published by the Federal Reserve Bank of New York, as the Adjusted LIBO Rate is phased out in the lending market. The Company does not anticipate that the replacement of the Adjusted LIBO Rate with such alternative benchmark rate, as provided in the Revolving Credit Agreement, 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, 2022 and December 31, 2021, the Company was in compliance with all related covenants.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Content As of March 31, 2022, the Company had $22.4 billion of obligations comprised of $4.1 billion included in "Current content liabilities" and $2.9 billion of "Non-current content liabilities" on the Consolidated Balance Sheets and $15.4 billion of obligations that are not reflected on the Consolidated Balance Sheets as they did not yet meet the criteria for asset recognition. As of December 31, 2021, the Company had $23.2 billion of obligations comprised of $4.3 billion included in "Current content liabilities" and $3.1 billion of "Non-current content liabilities" on the Consolidated Balance Sheets and $15.8 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 March 31, December 31, (in thousands) Less than one year $ 9,861,979 $ 10,019,306 Due after one year and through three years 9,089,537 9,238,315 Due after three years and through five years 3,072,216 3,238,977 Due after five years 341,828 664,762 Total content obligations $ 22,365,560 $ 23,161,360 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, 2022
Stockholders' Equity Note [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, 2021 20,145,360 17,595,851 $ 219.83 Granted (523,787) 523,787 460.28 Exercised — (310,743) 38.00 Expired — (1,246) 16.11 Balances as of March 31, 2022 19,621,573 17,807,649 $ 230.09 The aggregate intrinsic value of the Company's outstanding stock options as of March 31, 2022 was $3,024 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 2022 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 2022. 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, 2022 included in the table above was 5.33 years. All options outstanding are vested and exercisable. 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 $ 114,762 $ 228,020 Cash received from options exercised 13,678 48,071 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 38 % 41 % Risk-free interest rate 1.71 % 1.08 % Suboptimal exercise factor 4.71 3.81 Weighted-average fair value (per share) $ 228 $ 268 Total stock-based compensation expense (in thousands) $ 119,209 $ 107,230 Total income tax impact on provision (in thousands) $ 26,413 $ 24,079 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, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Three Months Ended March 31, March 31, (in thousands, except percentages) Provision for income taxes $ 382,245 $ 327,787 Effective tax rate 19 % 16 % The effective tax rate for the three months ended March 31, 2022 differed from the Federal statutory rate primarily due to an increase in foreign taxes, offset by the impact of international provisions of the Tax Cuts and Jobs Act, and the recognition of excess tax benefits of stock-based compensation. 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 increase in the effective tax rate for the three months ended March 31, 2022, as compared to the same period in 2021 was primarily due to an increase in foreign taxes and a reduction to excess tax benefits of stock-based compensation. For the three months ended March 31, 2022, the Company recognized a discrete tax benefit related to the excess tax benefits from stock-based compensation of $25 million, compared to the three months ended March 31, 2021 of $47 million. Gross unrecognized tax benefits were $215 million and $203 million as of March 31, 2022 and December 31, 2021, respectively. The gross unrecognized tax benefits as of March 31, 2022, if recognized by the Company, will result in a reduction of approximately $143 million to the provision for income taxes thereby favorably impacting the Company’s effective tax rate. 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 through 2021. The foreign and state tax returns for years 2015 through 2021 are subject to examination by various states and foreign jurisdictions. 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.

Segment and Geographic Informat

Segment and Geographic Information	3 Months Ended
	Mar. 31, 2022
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 $3.1 billion and $3.0 billion for the three months ended March 31, 2022 and 2021, 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, 2022 and December 31, 2021, were located as follows: As of March 31, December 31, (in thousands) United States $ 2,885,860 $ 2,833,059 International 981,681 936,967

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
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 October 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers , which requires an acquirer in a business combination to recognize and measure contract assets and contract liabilities in accordance with Accounting Standards Codification Topic 606, Revenue from Contracts with Customers . The Company adopted ASU 2021-08 in the first quarter of 2022 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, 2022
Revenue from Contract with Customer [Abstract]
Summary of 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, 2022 and 2021, respectively: United States and Canada (UCAN) As of/ Three Months Ended March 31, March 31, (in thousands) Revenues $ 3,350,424 $ 3,170,972 Paid net membership additions (losses) (636) 448 Paid memberships at end of period (1) 74,579 74,384 Europe, Middle East, and Africa (EMEA) As of/ Three Months Ended March 31, March 31, (in thousands) Revenues $ 2,561,831 $ 2,343,674 Paid net membership additions (losses) (303) 1,810 Paid memberships at end of period (1) 73,733 68,508 Latin America (LATAM) As of/ Three Months Ended March 31, March 31, (in thousands) Revenues $ 998,948 $ 836,647 Paid net membership additions (losses) (351) 357 Paid memberships at end of period (1) 39,610 37,894 Asia-Pacific (APAC) As of/ Three Months Ended March 31, March 31, (in thousands) Revenues $ 916,754 $ 762,414 Paid net membership additions 1,087 1,361 Paid memberships at end of period (1) 33,719 26,853 (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, 2022
Earnings Per Share [Abstract]
Summary of 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 $ 1,597,447 $ 1,706,715 Shares used in computation: Weighted-average shares of common stock outstanding 444,146 443,224 Basic earnings per share $ 3.60 $ 3.85 Diluted earnings per share: Net income $ 1,597,447 $ 1,706,715 Shares used in computation: Weighted-average shares of common stock outstanding 444,146 443,224 Employee stock options 8,838 12,417 Weighted-average number of shares 452,984 455,641 Diluted earnings per share $ 3.53 $ 3.75
Summary of Potential Common Shares Excluded from the Diluted Calculation	The following table summarizes the potential shares of common stock excluded from the diluted calculation: Three Months Ended March 31, March 31, (in thousands) Employee stock options 2,749 257

Cash, Cash Equivalents and Re_2

Cash, Cash Equivalents and Restricted Cash (Tables)	3 Months Ended
	Mar. 31, 2022
Short-Term Investments And Fair Value Measurement [Abstract]
Summary 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, 2022 and December 31, 2021: As of March 31, 2022 Cash and cash equivalents Other Current Assets Non-current Assets Total (in thousands) Cash $ 4,568,719 $ 955 $ 24,454 $ 4,594,128 Level 1 securities: Money market funds 1,440,227 — 146 1,440,373 $ 6,008,946 $ 955 $ 24,600 $ 6,034,501 As of December 31, 2021 Cash and cash equivalents Other Current Assets Non-current Assets Total (in thousands) Cash $ 4,103,613 $ 3,189 $ 23,972 $ 4,130,774 Level 1 securities: Money market funds 1,924,191 — 146 1,924,337 $ 6,027,804 $ 3,189 $ 24,118 $ 6,055,111

Balance Sheet Components (Table

Balance Sheet Components (Tables)	3 Months Ended
	Mar. 31, 2022
Balance Sheet Components Disclosure [Abstract]
Summary of Content Assets	Content assets consisted of the following: As of March 31, December 31, (in thousands) Licensed content, net $ 12,923,692 $ 13,799,221 Produced content, net Released, less amortization 7,111,245 6,877,743 In production 10,175,960 9,235,975 In development and pre-production 981,023 1,006,600 18,268,228 17,120,318 Content assets, net $ 31,191,920 $ 30,919,539
Summary of Amortization of Streaming Content Assets	The following tables represent the amortization of content assets: Three Months Ended March 31, March 31, (in thousands) Licensed content $ 1,884,438 $ 1,829,246 Produced content 1,281,927 889,950 Total $ 3,166,365 $ 2,719,196
Summary of 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 $ 82,381 $ 82,381 Buildings 48,625 48,123 30 years Leasehold improvements 983,209 863,342 Over life of lease Furniture and fixtures 147,059 139,809 3 years Information technology 448,608 380,452 3 years Corporate aircraft 110,978 110,978 8 years Machinery and equipment 32,613 32,426 3-5 years Capital work-in-progress 220,422 282,248 Property and equipment, gross 2,073,895 1,939,759 Less: Accumulated depreciation (690,132) (616,306) Property and equipment, net $ 1,383,763 $ 1,323,453
Summary of 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, March 31, (in thousands) Cash paid for operating lease liabilities $ 103,141 $ 82,439 Right-of-use assets obtained in exchange for new operating lease obligations 141,298 49,445 As of March 31, December 31, (in thousands) Operating lease right-of-use assets, net $ 2,483,778 $ 2,446,573 Current operating lease liabilities 330,936 315,189 Non-current operating lease liabilities 2,434,078 2,408,486 Total operating lease liabilities $ 2,765,014 $ 2,723,675
Summary of Other Current Assets	Other current assets consisted of the following: As of March 31, December 31, (in thousands) Trade receivables $ 824,650 $ 804,320 Prepaid expenses 419,134 323,818 Other 845,285 913,883 Total other current assets $ 2,089,069 $ 2,042,021

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2022
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, 2022 and December 31, 2021: Principal Amount at Par Level 2 Fair Value as of March 31, December 31, Issuance Date Maturity March 31, December 31, (in millions) (in millions) 5.500% Senior Notes — 700 February 2015 February 2022 — 704 5.750% Senior Notes 400 400 February 2014 March 2024 419 437 5.875% Senior Notes 800 800 February 2015 February 2025 855 899 3.000% Senior Notes (1) 520 535 April 2020 June 2025 545 581 3.625% Senior Notes 500 500 April 2020 June 2025 502 529 4.375% Senior Notes 1,000 1,000 October 2016 November 2026 1,039 1,111 3.625% Senior Notes (1) 1,439 1,480 May 2017 May 2027 1,539 1,702 4.875% Senior Notes 1,600 1,600 October 2017 April 2028 1,671 1,829 5.875% Senior Notes 1,900 1,900 April 2018 November 2028 2,096 2,293 4.625% Senior Notes (1) 1,218 1,252 October 2018 May 2029 1,376 1,565 6.375% Senior Notes 800 800 October 2018 May 2029 907 999 3.875% Senior Notes (1) 1,328 1,366 April 2019 November 2029 1,444 1,651 5.375% Senior Notes 900 900 April 2019 November 2029 977 1,068 3.625% Senior Notes (1) 1,218 1,252 October 2019 June 2030 1,291 1,493 4.875% Senior Notes 1,000 1,000 October 2019 June 2030 1,068 1,169 $ 14,623 $ 15,485 $ 15,729 $ 18,030 (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.

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Summary of Expected Timing of Payments for Content Obligations	The expected timing of payments for these content obligations is as follows: As of March 31, December 31, (in thousands) Less than one year $ 9,861,979 $ 10,019,306 Due after one year and through three years 9,089,537 9,238,315 Due after three years and through five years 3,072,216 3,238,977 Due after five years 341,828 664,762 Total content obligations $ 22,365,560 $ 23,161,360

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2022
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: Options Outstanding Shares Number of Weighted- Balances as of December 31, 2021 20,145,360 17,595,851 $ 219.83 Granted (523,787) 523,787 460.28 Exercised — (310,743) 38.00 Expired — (1,246) 16.11 Balances as of March 31, 2022 19,621,573 17,807,649 $ 230.09
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 $ 114,762 $ 228,020 Cash received from options exercised 13,678 48,071
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 38 % 41 % Risk-free interest rate 1.71 % 1.08 % Suboptimal exercise factor 4.71 3.81 Weighted-average fair value (per share) $ 228 $ 268 Total stock-based compensation expense (in thousands) $ 119,209 $ 107,230 Total income tax impact on provision (in thousands) $ 26,413 $ 24,079

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Summary of Components of Income Tax Expense (Benefit)	Three Months Ended March 31, March 31, (in thousands, except percentages) Provision for income taxes $ 382,245 $ 327,787 Effective tax rate 19 % 16 %

Segment and Geographic Inform_2

Segment and Geographic Information (Tables)	3 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
Summary of 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, 2022 and December 31, 2021, were located as follows: As of March 31, December 31, (in thousands) United States $ 2,885,860 $ 2,833,059 International 981,681 936,967

Revenue Recognition - Revenue a

Revenue Recognition - Revenue and Membership Information (Details) membership in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)membership	Mar. 31, 2021USD ($)membership
Disaggregation of Revenue [Line Items]
Revenues | $	$ 7,867,767	$ 7,163,282
Streaming | United States and Canada
Disaggregation of Revenue [Line Items]
Revenues | $	$ 3,350,424	$ 3,170,972
Paid net membership additions (losses) (in memberships)	(636)	448
Paid memberships at end of period (in memberships)	74,579	74,384
Streaming | Europe, Middle East, and Africa
Disaggregation of Revenue [Line Items]
Revenues | $	$ 2,561,831	$ 2,343,674
Paid net membership additions (losses) (in memberships)	(303)	1,810
Paid memberships at end of period (in memberships)	73,733	68,508
Streaming | Latin America
Disaggregation of Revenue [Line Items]
Revenues | $	$ 998,948	$ 836,647
Paid net membership additions (losses) (in memberships)	(351)	357
Paid memberships at end of period (in memberships)	39,610	37,894
Streaming | Asia-Pacific
Disaggregation of Revenue [Line Items]
Revenues | $	$ 916,754	$ 762,414
Paid net membership additions (losses) (in memberships)	1,087	1,361
Paid memberships at end of period (in memberships)	33,719	26,853

Revenue Recognition - Additiona

Revenue Recognition - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Revenues	$ 7,867,767	$ 7,163,282
Deferred revenue	1,239,048		$ 1,209,342
Increase in deferred revenue	30,000
DVD
Disaggregation of Revenue [Line Items]
Revenues	40,000	50,000
United States
Disaggregation of Revenue [Line Items]
Revenues	$ 3,100,000	$ 3,000,000

Earnings Per Share - Computatio

Earnings Per Share - Computation of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Basic earnings per share:
Net income	$ 1,597,447	$ 1,706,715
Weighted-average shares of common stock outstanding (in shares)	444,146	443,224
Basic earnings per share (dollars per share)	$ 3.60	$ 3.85
Diluted earnings per share:
Net income	$ 1,597,447	$ 1,706,715
Shares used in computation:
Weighted-average shares of common stock outstanding (in shares)	444,146	443,224
Employee stock options (in shares)	8,838	12,417
Weighted-average number of shares (in shares)	452,984	455,641
Diluted earnings per share (dollars per share)	$ 3.53	$ 3.75

Earnings Per Share - Antidiluti

Earnings Per Share - Antidilutive Shares (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Earnings Per Share [Abstract]
Antidilutive securities excluded from earnings per share calculations (in shares)	2,749	257

Cash, Cash Equivalents and Re_3

Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents, and restricted cash	$ 6,034,501	$ 6,055,111	$ 8,436,453	$ 8,238,870
Cash and cash equivalents
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents, and restricted cash	6,008,946	6,027,804
Other Current Assets
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents, and restricted cash	955	3,189
Non-current Assets
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents, and restricted cash	24,600	24,118
Cash
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents, and restricted cash	4,594,128	4,130,774
Cash | Cash and cash equivalents
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents, and restricted cash	4,568,719	4,103,613
Cash | Other Current Assets
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents, and restricted cash	955	3,189
Cash | Non-current Assets
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents, and restricted cash	24,454	23,972
Level 1 Securities | Money market funds
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents, and restricted cash	1,440,373	1,924,337
Level 1 Securities | Money market funds | Cash and cash equivalents
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents, and restricted cash	1,440,227	1,924,191
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	$ 146

Balance Sheet Components - Comp

Balance Sheet Components - Components of Content Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Content assets, net	$ 31,191,920		$ 30,919,539
Amortization of content assets	3,166,365	$ 2,719,196
Licensed content, net
Finite-Lived Intangible Assets [Line Items]
Net content	12,923,692		13,799,221
Unamortized cost in year one	5,606,000
Unamortized cost in year two	2,963,000
Unamortized cost in year three	1,815,000
Amortization of content assets	1,884,438	1,829,246
Produced content, net
Finite-Lived Intangible Assets [Line Items]
Net content	7,111,245		6,877,743
In production	10,175,960		9,235,975
In development and pre-production	981,023		1,006,600
Content assets, net	18,268,228		$ 17,120,318
Unamortized cost in year one	2,807,000
Unamortized cost in year two	1,933,000
Unamortized cost in year three	1,182,000
Amortization of content assets	$ 1,281,927	$ 889,950

Balance Sheet Components - Prop

Balance Sheet Components - Property And Equipment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 2,073,895	$ 1,939,759
Less: Accumulated depreciation	(690,132)	(616,306)
Property and equipment, net	1,383,763	1,323,453
Land
Property, Plant and Equipment [Line Items]
Property and equipment, gross	82,381	82,381
Buildings
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 48,625	48,123
Estimated Useful Lives	30 years
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 983,209	863,342
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 147,059	139,809
Estimated Useful Lives	3 years
Information technology
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 448,608	380,452
Estimated Useful Lives	3 years
Corporate aircraft
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 110,978	110,978
Estimated Useful Lives	8 years
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 32,613	32,426
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	$ 220,422	$ 282,248

Balance Sheet Components - Leas

Balance Sheet Components - Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Leases [Abstract]
Cash paid for operating lease liabilities	$ 103,141	$ 82,439
Right-of-use assets obtained in exchange for new operating lease obligations	141,298	$ 49,445
Operating lease right-of-use assets, net	2,483,778		$ 2,446,573
Current operating lease liabilities	330,936		315,189
Non-current operating lease liabilities	2,434,078		2,408,486
Total operating lease liabilities	$ 2,765,014		$ 2,723,675
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other non-current assets		Other non-current assets
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued Liabilities, Current		Accrued Liabilities, Current
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other non-current liabilities		Other non-current liabilities

Balance Sheet Components - Othe

Balance Sheet Components - Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Balance Sheet Components Disclosure [Abstract]
Trade receivables	$ 824,650	$ 804,320
Prepaid expenses	419,134	323,818
Other	845,285	913,883
Total other current assets	$ 2,089,069	$ 2,042,021

Debt - Narrative (Details)

Debt - Narrative (Details) $ in Thousands	1 Months Ended	3 Months Ended
	Feb. 28, 2022USD ($)	Mar. 31, 2022USD ($)	Mar. 31, 2021USD ($)	Mar. 31, 2022EUR (€)	Dec. 31, 2021USD ($)
Debt Instrument [Line Items]
Aggregate outstanding notes		$ 14,535,000			$ 15,393,000
Debt issuance costs		88,000			92,000
Long-term notes denominated in foreign currency		14,623,000			15,485,000
Foreign currency transaction gain (loss)		161,821	$ 253,330
Repayments of debt		700,000	$ 500,000
Senior Notes
Debt Instrument [Line Items]
Long-term notes denominated in foreign currency | €				€ 5,170,000,000
Foreign currency transaction gain (loss)		$ 162,000
Redemption prices, percent of outstanding principal		101.00%
Senior Notes | 5.500% Senior Notes
Debt Instrument [Line Items]
Long-term notes denominated in foreign currency		$ 0			$ 700,000
Repayments of debt	$ 700,000
Interest rate	5.50%	5.50%		5.50%	5.50%

Debt - Summary of Long-term Deb

Debt - Summary of Long-term Debt (Details) $ in Millions	Mar. 31, 2022EUR (€)	Mar. 31, 2022USD ($)	Feb. 28, 2022	Dec. 31, 2021EUR (€)	Dec. 31, 2021USD ($)
Debt Instrument [Line Items]
Face amount		$ 14,623			$ 15,485
Long-term debt, fair value		15,729			18,030
Senior Notes
Debt Instrument [Line Items]
Face amount | €	€ 5,170,000,000
Senior Notes | 5.500% Senior Notes
Debt Instrument [Line Items]
Face amount		0			700
Long-term debt, fair value		$ 0			$ 704
Interest rate	5.50%	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		$ 419			$ 437
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		$ 855			$ 899
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	$ 520		€ 470,000,000	$ 535
Long-term debt, fair value		$ 545			$ 581
Interest rate	3.00%	3.00%		3.00%	3.00%
Senior Notes | 3.625% Senior Notes
Debt Instrument [Line Items]
Face amount		$ 500			$ 500
Long-term debt, fair value		$ 502			$ 529
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		$ 1,039			$ 1,111
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	$ 1,439		€ 1,300,000,000	$ 1,480
Long-term debt, fair value		$ 1,539			$ 1,702
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		$ 1,671			$ 1,829
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		$ 2,096			$ 2,293
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	$ 1,218		€ 1,100,000,000	$ 1,252
Long-term debt, fair value		$ 1,376			$ 1,565
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		$ 907			$ 999
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	$ 1,328		€ 1,200,000,000	$ 1,366
Long-term debt, fair value		$ 1,444			$ 1,651
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		$ 977			$ 1,068
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	$ 1,218		€ 1,100,000,000	$ 1,252
Long-term debt, fair value		$ 1,291			$ 1,493
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		$ 1,068			$ 1,169
Interest rate	4.875%	4.875%		4.875%	4.875%

Debt - Revolving Line of Credit

Debt - Revolving Line of Credit (Details) - Revolving Credit Facility - USD ($)	3 Months Ended
	Mar. 31, 2022	Jun. 17, 2021	Jun. 16, 2021
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity		$ 1,000,000,000	$ 750,000,000
Amount borrowed	$ 0
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, 2022	Dec. 31, 2021
Contractual Obligation [Line Items]
Total streaming content obligations	$ 22,365,560	$ 23,161,360
Current content liabilities	4,066,289	4,292,967
Non-current content liabilities	2,945,221	3,094,213
Unrecorded streaming obligations	15,400,000	15,800,000
Current content liabilities
Contractual Obligation [Line Items]
Current content liabilities	4,100,000	4,300,000
Non-current content liabilities
Contractual Obligation [Line Items]
Non-current content liabilities	$ 2,900,000	$ 3,100,000

Commitments and Contingencies_2

Commitments and Contingencies - Expected Timing of Payments for Content Obligations (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Less than one year	$ 9,861,979	$ 10,019,306
Due after one year and through three years	9,089,537	9,238,315
Due after three years and through five years	3,072,216	3,238,977
Due after five years	341,828	664,762
Total content obligations	$ 22,365,560	$ 23,161,360

Commitments and Contingencies_3

Commitments and Contingencies - Indemnification (Details)	Mar. 31, 2022USD ($)
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, 2022$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Shares available for grant, beginning balance (in shares)	20,145,360
Options outstanding, number of shares, beginning balance (in shares)	17,595,851
Options outstanding, number of shares granted (in shares)	523,787
Options outstanding, number of shares, exercised (in shares)	(310,743)
Options outstanding, number of shares, expired (in shares)	(1,246)
Shares available for grant, ending balance (in shares)	19,621,573
Options outstanding, number of shares, ending balance (in shares)	17,807,649
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	$ 219.83
Options outstanding, weighted-average exercise price, granted (dollars per share) | $ / shares	460.28
Options outstanding, weighted-average exercise price, exercised (dollars per share) | $ / shares	38
Options expired, weighted-average exercise price (dollars per share) | $ / shares	16.11
Options outstanding, weighted-average exercise price, ending balance (dollars per share) | $ / shares	$ 230.09

Stockholders' Equity - Stock Op

Stockholders' Equity - Stock Option Plan Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)
Stockholders' Equity Note [Abstract]
Aggregate intrinsic value	$ 3,024
Weighted-average remaining contractual term (in years)	5 years 3 months 29 days
Share-based payment award, expiration period (in years)	10 years

Stockholders' Equity - Amounts

Stockholders' Equity - Amounts Related to Option Exercises (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Stockholders' Equity Note [Abstract]
Total intrinsic value of options exercised	$ 114,762	$ 228,020
Cash received from options exercised	$ 13,678	$ 48,071

Stockholders' Equity - Assumpti

Stockholders' Equity - Assumptions Used to Value Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Stockholders' Equity Note [Abstract]
Dividend yield	0.00%	0.00%
Expected volatility	38.00%	41.00%
Risk-free interest rate	1.71%	1.08%
Suboptimal exercise factor	4.71	3.81
Weighted-average fair value (dollars per share)	$ 228	$ 268
Total stock-based compensation expense	$ 119,209	$ 107,230
Total income tax impact on provision	$ 26,413	$ 24,079

Stockholders' Equity - Stock Re

Stockholders' Equity - Stock Repurchases (Details) - USD ($) $ in Billions	Mar. 31, 2022	Mar. 31, 2021
Stockholders' Equity Note [Abstract]
Common stock authorized to be repurchased		$ 5
Remaining authorized repurchase amount	$ 4.4

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 382,245	$ 327,787
Effective tax rate	19.00%	16.00%
Tax benefit from share based compensation	$ 25,000	$ 47,000
Unrecognized tax benefits	215,000		$ 203,000
Reduction in provision for income taxes due to impact of effective tax rate	$ 143,000

Segment and Geographic Inform_3

Segment and Geographic Information - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)segment	Mar. 31, 2021USD ($)
Segment Reporting Information [Line Items]
Number of operating segments | segment	1
Revenues	$ 7,867,767	$ 7,163,282
United States
Segment Reporting Information [Line Items]
Revenues	$ 3,100,000	$ 3,000,000

Segment and Geographic Inform_4

Segment and Geographic Information - Long-lived Assets by Geographical Areas (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived tangible assets	$ 2,885,860	$ 2,833,059
International
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived tangible assets	$ 981,681	$ 936,967