Netflix (NFLX) 10-Q 21 Jul 23 2023 Q2 Quarterly report Financial data

Cover Page

Cover Page	6 Months Ended
	Jun. 30, 2023 shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
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	121 Albright Way,
Entity Address, City or Town	Los Gatos,
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	95032
City Area Code	408
Local Phone Number	540-3700
Title of 12(b) Security	Common stock, par value $0.001 per share
Trading Symbol	NFLX
Security Exchange Name	NASDAQ
Entity 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	443,146,751
Entity Central Index Key	0001065280
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Revenues	$ 8,187,301	$ 7,970,141	$ 16,348,804	$ 15,837,908
Cost of revenues	4,673,470	4,690,755	9,477,095	8,975,460
Marketing	627,168	574,960	1,182,530	1,130,938
Technology and development	657,983	716,846	1,345,258	1,374,376
General and administrative	401,497	409,297	802,421	807,225
Operating income	1,827,183	1,578,283	3,541,500	3,549,909
Other income (expense):
Interest expense	(174,812)	(175,455)	(349,051)	(363,034)
Interest and other income (expense)	26,961	220,226	(44,243)	415,871
Income before income taxes	1,679,332	1,623,054	3,148,206	3,602,746
Provision for income taxes	(191,722)	(182,103)	(355,476)	(564,348)
Net income	$ 1,487,610	$ 1,440,951	$ 2,792,730	$ 3,038,398
Earnings per share:
Basic (in USD per share)	$ 3.35	$ 3.24	$ 6.28	$ 6.84
Diluted (in USD per share)	$ 3.29	$ 3.20	$ 6.18	$ 6.73
Weighted-average shares of common stock outstanding:
Basic (in shares)	443,881	444,557	444,559	444,352
Diluted (in shares)	451,572	450,169	451,990	451,578

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 1,487,610	$ 1,440,951	$ 2,792,730	$ 3,038,398
Other comprehensive income (loss):
Foreign currency translation adjustments	52,429	(70,306)	78,040	(103,981)
Comprehensive income	$ 1,540,039	$ 1,370,645	$ 2,870,770	$ 2,934,417

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities:
Net income	$ 1,487,610	$ 1,440,951	$ 2,792,730	$ 3,038,398
Adjustments to reconcile net income to net cash provided by operating activities:
Additions to content assets	(3,683,007)	(4,687,011)	(6,141,673)	(8,271,175)
Change in content liabilities	46,119	191,228	(308,672)	(155,921)
Amortization of content assets	3,410,021	3,261,348	6,870,005	6,427,713
Depreciation and amortization of property, equipment and intangibles	89,385	83,505	179,720	158,107
Stock-based compensation expense	78,030	150,392	177,129	269,601
Foreign currency remeasurement loss (gain) on debt	28,952	(304,513)	109,603	(466,334)
Other non-cash items	121,483	205,374	241,491	307,342
Deferred income taxes	(103,172)	(115,820)	(201,954)	(184,726)
Changes in operating assets and liabilities:
Other current assets	(183,049)	123,399	(271,571)	164,556
Accounts payable	38,332	(122,048)	(51,336)	(337,492)
Accrued expenses and other liabilities	177,831	(238,719)	363,130	112,044
Deferred revenue	49,647	(10,376)	47,257	6,367
Other non-current assets and liabilities	(117,950)	125,040	(186,887)	(42,891)
Net cash provided by operating activities	1,440,232	102,750	3,618,972	1,025,589
Cash flows from investing activities:
Purchases of property and equipment	(100,972)	(90,018)	(162,991)	(211,176)
Acquisitions	0	(68,876)	0	(193,397)
Purchases of short-term investments	(303,228)	0	(504,862)	0
Proceeds from maturities of short-term investments	501,937	0	501,937	0
Net cash provided by (used in) investing activities	97,737	(158,894)	(165,916)	(404,573)
Cash flows from financing activities:
Repayments of debt	0	0	0	(700,000)
Proceeds from issuance of common stock	34,717	11,250	60,745	24,928
Repurchases of common stock	(645,146)	0	(1,045,247)	0
Other financing activities	(38,920)	0	(38,920)	0
Net cash provided by (used in) financing activities	(649,349)	11,250	(1,023,422)	(675,072)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	39,626	(145,198)	66,049	(156,646)
Net increase (decrease) in cash, cash equivalents and restricted cash	928,246	(190,092)	2,495,683	(210,702)
Cash, cash equivalents and restricted cash at beginning of period	6,738,019	6,034,501	5,170,582	6,055,111
Cash, cash equivalents and restricted cash at end of period	$ 7,666,265	$ 5,844,409	$ 7,666,265	$ 5,844,409

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 7,662,788	$ 5,147,176
Short-term investments	914,201	911,276
Other current assets	2,929,347	3,208,021
Total current assets	11,506,336	9,266,473
Content assets, net	32,520,774	32,736,713
Property and equipment, net	1,471,968	1,398,257
Other non-current assets	5,318,395	5,193,325
Total assets	50,817,473	48,594,768
Current liabilities:
Current content liabilities	4,440,412	4,480,150
Accounts payable	615,374	671,513
Accrued expenses and other liabilities	1,908,714	1,514,650
Deferred revenue	1,311,918	1,264,661
Short-term debt	399,387	0
Total current liabilities	8,675,805	7,930,974
Non-current content liabilities	2,849,387	3,081,277
Long-term debt	14,070,151	14,353,076
Other non-current liabilities	2,389,915	2,452,040
Total liabilities	27,985,258	27,817,367
Commitments and contingencies (Note 7)
Stockholders’ equity:
Common stock, $0.001 par value; 4,990,000,000 shares authorized at June 30, 2023 and December 31, 2022; 443,146,751 and 445,346,776 issued and outstanding at June 30, 2023 and December 31, 2022, respectively	4,874,208	4,637,601
Treasury stock at cost (4,635,858 and 1,564,478 shares at June 30, 2023 and December 31, 2022, respectively)	(1,876,753)	(824,190)
Accumulated other comprehensive loss	(139,266)	(217,306)
Retained earnings	19,974,026	17,181,296
Total stockholders’ equity	22,832,215	20,777,401
Total liabilities and stockholders’ equity	$ 50,817,473	$ 48,594,768

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common stock, par value (in USD per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	4,990,000,000	4,990,000,000
Common stock, shares issued (in shares)	443,146,751	445,346,776
Common stock, shares outstanding (in shares)	443,146,751	445,346,776
Treasury stock (in shares)	4,635,858	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, 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		22,708
Stock-based compensation expense		269,601
Other comprehensive income (loss)				(103,981)
Net income	3,038,398				3,038,398
Ending Balance at Jun. 30, 2022	19,075,974	4,316,870	(824,190)	(144,476)	15,727,770
Beginning Balance at Mar. 31, 2022	17,544,039	4,155,580	(824,190)	(74,170)	14,286,819
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of options		10,898
Stock-based compensation expense		150,392
Other comprehensive income (loss)				(70,306)
Net income	1,440,951				1,440,951
Ending Balance at Jun. 30, 2022	19,075,974	4,316,870	(824,190)	(144,476)	15,727,770
Beginning Balance at Dec. 31, 2022	20,777,401	4,637,601	(824,190)	(217,306)	17,181,296
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of options		59,478
Stock-based compensation expense		177,129
Repurchases of common stock to be held as treasury stock	(1,045,000)		(1,052,563)
Other comprehensive income (loss)				78,040
Net income	2,792,730				2,792,730
Ending Balance at Jun. 30, 2023	22,832,215	4,874,208	(1,876,753)	(139,266)	19,974,026
Beginning Balance at Mar. 31, 2023	21,828,196	4,762,395	(1,228,920)	(191,695)	18,486,416
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of options		33,783
Stock-based compensation expense		78,030
Repurchases of common stock to be held as treasury stock	(645,000)		(647,833)
Other comprehensive income (loss)				52,429
Net income	1,487,610				1,487,610
Ending Balance at Jun. 30, 2023	$ 22,832,215	$ 4,874,208	$ (1,876,753)	$ (139,266)	$ 19,974,026

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2023
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, 2022 filed with the Securities and Exchange Commission (the “SEC”) on January 26, 2023. 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 amortization of content assets 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, 2022. 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, 2022.

Revenue Recognition

Revenue Recognition	6 Months Ended
	Jun. 30, 2023
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 Company also earns revenue from advertisements presented on its streaming service, consumer products and various other sources. Revenues earned from sources other than monthly membership fees were not material for the three and six months ended June 30, 2023 and June 30, 2022. The following tables summarize revenues, paid net membership additions (losses), and ending paid memberships by region for the three and six months ended June 30, 2023 and June 30, 2022, respectively: United States and Canada (UCAN) As of/ Three Months Ended As of/ Six Months Ended June 30, June 30, June 30, June 30, (in thousands) Revenues $ 3,599,448 $ 3,537,863 $ 7,208,093 $ 6,888,287 Paid net membership additions (losses) 1,173 (1,296) 1,275 (1,932) Paid memberships at end of period (1) 75,571 73,283 75,571 73,283 Europe, Middle East, and Africa (EMEA) As of/ Three Months Ended As of/ Six Months Ended June 30, June 30, June 30, June 30, (in thousands) Revenues $ 2,562,170 $ 2,457,235 $ 5,079,811 $ 5,019,066 Paid net membership additions (losses) 2,434 (767) 3,078 (1,070) Paid memberships at end of period (1) 79,807 72,966 79,807 72,966 Latin America (LATAM) As of/ Three Months Ended As of/ Six Months Ended June 30, June 30, June 30, June 30, (in thousands) Revenues $ 1,077,435 $ 1,030,234 $ 2,147,627 $ 2,029,182 Paid net membership additions (losses) 1,217 14 767 (337) Paid memberships at end of period (1) 42,466 39,624 42,466 39,624 Asia-Pacific (APAC) As of/ Three Months Ended As of/ Six Months Ended June 30, June 30, June 30, June 30, (in thousands) Revenues $ 919,273 $ 907,719 $ 1,852,796 $ 1,824,473 Paid net membership additions (losses) 1,068 1,080 2,523 2,167 Paid memberships at end of period (1) 40,546 34,799 40,546 34,799 (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. Certain members have the option to add extra member sub accounts. These extra member sub accounts are not included in paid memberships. 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 $3.3 billion and $6.6 billion, respectively, for the three and six months ended June 30, 2023 and $3.3 billion and $6.4 billion, respectively, for the three and six months ended June 30, 2022. DVD revenues were $29 million and $60 million, respectively, for the three and six months ended June 30, 2023 and $37 million and $77 million, respectively, for the three and six months ended June 30, 2022. Deferred revenue consists of membership fees billed that have not been recognized, as well as gift cards and other prepaid memberships that have not been fully redeemed. As of June 30, 2023, total deferred revenue was $1,312 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 $47 million increase in deferred revenue as compared to the balance of $1,265 million as of December 31, 2022 is a result of the increase in membership fees billed due to increased memberships.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2023
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 Six Months Ended June 30, June 30, June 30, June 30, (in thousands, except per share data) Basic earnings per share: Net income $ 1,487,610 $ 1,440,951 $ 2,792,730 $ 3,038,398 Shares used in computation: Weighted-average shares of common stock outstanding 443,881 444,557 444,559 444,352 Basic earnings per share $ 3.35 $ 3.24 $ 6.28 $ 6.84 Diluted earnings per share: Net income $ 1,487,610 $ 1,440,951 $ 2,792,730 $ 3,038,398 Shares used in computation: Weighted-average shares of common stock outstanding 443,881 444,557 444,559 444,352 Employee stock options 7,691 5,612 7,431 7,226 Weighted-average number of shares 451,572 450,169 451,990 451,578 Diluted earnings per share $ 3.29 $ 3.20 $ 6.18 $ 6.73 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 Six Months Ended June 30, June 30, June 30, June 30, (in thousands) Employee stock options 4,348 8,175 5,097 5,462

Cash, Cash Equivalents, Restric

Cash, Cash Equivalents, Restricted Cash, and Short-term Investments	6 Months Ended
	Jun. 30, 2023
Short-Term Investments And Fair Value Measurement [Abstract]
Cash, Cash Equivalents, Restricted Cash, and Short-term Investments	Cash, Cash Equivalents, Restricted Cash, and Short-term Investments The Company’s investment policy is consistent with the definition of available-for-sale securities. The Company does not buy and hold securities principally for the purpose of selling them in the near future. The Company’s policy is focused on the preservation of capital, liquidity and return. From time to time, the Company may sell certain securities but the objectives are generally not to generate profits on short-term differences in price. The following tables summarize the Company's cash, cash equivalents, restricted cash and short-term investments as of June 30, 2023 and December 31, 2022: As of June 30, 2023 Cash and cash equivalents Short-term investments Other Current Assets Non-current Assets Total (in thousands) Cash $ 4,662,668 $ — $ 1,763 $ 1,660 $ 4,666,091 Level 1 securities: Money market funds 2,628,351 — — 54 2,628,405 Level 2 securities: Time Deposits (1) 371,769 914,201 — — 1,285,970 $ 7,662,788 $ 914,201 $ 1,763 $ 1,714 $ 8,580,466 As of December 31, 2022 Cash and cash equivalents Short-term investments Other Current Assets Non-current Assets Total (in thousands) Cash $ 4,071,584 $ — $ 3,410 $ 19,874 $ 4,094,868 Level 1 securities: Money market funds 569,826 — — 122 569,948 Level 2 securities: Time Deposits (1) 505,766 911,276 — — 1,417,042 $ 5,147,176 $ 911,276 $ 3,410 $ 19,996 $ 6,081,858 (1) The majority of the Company's time deposits are domestic deposits, which mature within one year. Other current assets include restricted cash for deposits related to self insurance and letter of credit agreements. Non-current assets include restricted cash related to letter of credit agreements. The fair value of cash equivalents and short-term investments 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	6 Months Ended
	Jun. 30, 2023
Balance Sheet Components Disclosure [Abstract]
Balance Sheet Components	Balance Sheet Components Content Assets, Net Content assets consisted of the following: As of June 30, December 31, (in thousands) Licensed content, net $ 12,622,409 $ 12,732,549 Produced content, net Released, less amortization 9,286,399 9,110,518 In production 9,796,704 10,255,940 In development and pre-production 815,262 637,706 19,898,365 20,004,164 Content assets, net $ 32,520,774 $ 32,736,713 As of June 30, 2023, approximately $5,495 million, $2,844 million, and $1,971 million of the $12,622 million unamortized cost of the licensed content is expected to be amortized in each of the next three years. As of June 30, 2023, approximately $3,544 million, $2,420 million, and $1,710 million of the $9,286 million unamortized cost of the produced content that has been released is expected to be amortized in each of the next three years. As of June 30, 2023, the amount of accrued participations and residuals was not material. The following table represents the amortization of content assets: Three Months Ended June 30, June 30, (in thousands) Licensed content $ 1,779,321 $ 1,899,782 Produced content 1,630,700 1,361,566 Total $ 3,410,021 $ 3,261,348 Six Months Ended June 30, June 30, (in thousands) Licensed content $ 3,502,999 $ 3,784,220 Produced content 3,367,006 2,643,493 Total $ 6,870,005 $ 6,427,713 Property and Equipment, Net Property and equipment and accumulated depreciation consisted of the following: As of June 30, December 31, Estimated Useful Lives (in thousands) Land $ 86,662 $ 85,005 Buildings 60,720 52,106 30 years Leasehold improvements 1,068,757 1,040,570 Over life of lease Furniture and fixtures 155,401 153,682 3 years Information technology 461,590 442,681 3 years Corporate aircraft 133,998 115,578 8-10 years Machinery and equipment 27,384 26,821 3-5 years Capital work-in-progress 348,194 235,555 Property and equipment, gross 2,342,706 2,151,998 Less: Accumulated depreciation (870,738) (753,741) Property and equipment, net $ 1,471,968 $ 1,398,257 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. Information related to the Company's operating right-of-use assets and related operating lease liabilities were as follows: Three Months Ended June 30, June 30, (in thousands) Cash paid for operating lease liabilities $ 114,760 $ 99,758 Right-of-use assets obtained in exchange for new operating lease obligations 91,572 39,304 Six Months Ended June 30, June 30, (in thousands) Cash paid for operating lease liabilities $ 228,167 $ 202,899 Right-of-use assets obtained in exchange for new operating lease obligations 112,466 180,602 As of June 30, December 31, (in thousands) Operating lease right-of-use assets, net $ 2,187,732 $ 2,227,122 Current operating lease liabilities 376,847 355,985 Non-current operating lease liabilities 2,147,306 2,222,503 Total operating lease liabilities $ 2,524,153 $ 2,578,488 Other Current Assets Other current assets consisted of the following: As of June 30, December 31, (in thousands) Trade receivables $ 1,218,326 $ 988,898 Prepaid expenses 481,546 392,735 Other 1,229,475 1,826,388 Total other current assets $ 2,929,347 $ 3,208,021 The decrease in Other was primarily driven by receipt of amounts due under a modified content licensing arrangement.

Debt

Debt	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Debt	Debt As of June 30, 2023, the Company had aggregate outstanding notes of $14,470 million, net of $72 million of issuance costs, with varying maturities (the "Notes"). Of the outstanding balance, $399 million, net of issuance costs, is classified as short-term debt on the Consolidated Balance Sheets. As of December 31, 2022, the Company had aggregate outstanding notes of $14,353 million, net of $79 million of issuance costs. Each of the Notes were issued at par and are senior unsecured obligations of the Company. Interest is payable semi-annually at fixed rates. A portion of the outstanding Notes is denominated in foreign currency (comprised of €5,170 million) and is remeasured into U.S. dollars at each balance sheet date (with remeasurement loss totaling $29 million and $110 million, respectively, for the three and six months ended June 30, 2023). The following table provides a summary of the Company's outstanding debt and the fair values based on quoted market prices in less active markets as of June 30, 2023 and December 31, 2022: Principal Amount at Par Level 2 Fair Value as of June 30, December 31, Issuance Date Maturity June 30, December 31, (in millions) (in millions) 5.750% Senior Notes $ 400 $ 400 February 2014 March 2024 $ 401 $ 404 5.875% Senior Notes 800 800 February 2015 February 2025 804 811 3.000% Senior Notes (1) 513 503 April 2020 June 2025 503 495 3.625% Senior Notes 500 500 April 2020 June 2025 483 479 4.375% Senior Notes 1,000 1,000 October 2016 November 2026 979 980 3.625% Senior Notes (1) 1,419 1,391 May 2017 May 2027 1,387 1,338 4.875% Senior Notes 1,600 1,600 October 2017 April 2028 1,584 1,557 5.875% Senior Notes 1,900 1,900 April 2018 November 2028 1,972 1,930 4.625% Senior Notes (1) 1,200 1,177 October 2018 May 2029 1,216 1,151 6.375% Senior Notes 800 800 October 2018 May 2029 848 830 3.875% Senior Notes (1) 1,310 1,284 April 2019 November 2029 1,279 1,201 5.375% Senior Notes 900 900 April 2019 November 2029 904 885 3.625% Senior Notes (1) 1,200 1,177 October 2019 June 2030 1,145 1,078 4.875% Senior Notes 1,000 1,000 October 2019 June 2030 986 944 $ 14,542 $ 14,432 $ 14,491 $ 14,083 (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. Each of the Notes are repayable in whole or in part upon the occurrence of a change of control, at the option of the holders, at a purchase price in cash equal to 101% of the principal plus accrued interest. The Company may redeem the Notes prior to maturity in whole or in part at an amount equal to the principal amount thereof plus accrued and unpaid interest and an applicable premium. The Notes include, among other terms and conditions, limitations on the Company's ability to create, incur or allow certain liens; enter into sale and lease-back transactions; create, assume, incur or guarantee additional indebtedness of certain of the Company's subsidiaries; and consolidate or merge with, or convey, transfer or lease all or substantially all of the Company's and its subsidiaries assets, to another person. As of June 30, 2023 and December 31, 2022, the Company was in compliance with all related covenants. Revolving Credit Facility On March 6, 2023, the Company amended its $1 billion unsecured revolving credit facility ("Revolving Credit Agreement") to replace the London interbank offered rate to a variable secured overnight financing rate (the “Term SOFR Rate”) as the rate to which interest payments are indexed, among other things. The Revolving Credit Agreement matures on June 17, 2026. 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 June 30, 2023, 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 the Term SOFR Rate (or the applicable benchmark replacement), 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 Term SOFR Rate for a one-month tenor, plus 1.00%. The Term SOFR Rate is the forward-looking secured overnight financing rate administered by the Federal Reserve Bank of New York or a successor administrator, for the relevant interest period, but in no event shall the Term SOFR Rate be less than 0.00% per annum. The Company is also obligated to pay a commitment fee on the undrawn amounts of the Revolving Credit Agreement at an annual rate of 0.10%. The Revolving Credit Agreement requires the Company to comply with certain covenants, including covenants that limit or restrict the ability of the Company’s subsidiaries to incur debt and limit or restrict the ability of the Company and its subsidiaries to grant liens and enter into sale and leaseback transactions; and, in the case of the Company or a guarantor, merge, consolidate, liquidate, dissolve or sell, transfer, lease or otherwise dispose of all or substantially all of the assets of the Company and its subsidiaries, taken as a whole. As of June 30, 2023 and December 31, 2022, the Company was in compliance with all related covenants.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Content As of June 30, 2023, the Company had $20.9 billion of obligations comprised of $4.4 billion included in "Current content liabilities" and $2.8 billion of "Non-current content liabilities" on the Consolidated Balance Sheets and $13.7 billion of obligations that are not reflected on the Consolidated Balance Sheets as they did not yet meet the criteria for recognition. As of December 31, 2022, the Company had $21.8 billion of obligations comprised of $4.5 billion included in "Current content liabilities" and $3.1 billion of "Non-current content liabilities" on the Consolidated Balance Sheets and $14.2 billion of obligations that are not reflected on the Consolidated Balance Sheets as they did not yet meet the criteria for recognition. The expected timing of payments for these content obligations is as follows: As of June 30, December 31, (in thousands) Less than one year $ 9,818,370 $ 10,038,483 Due after one year and through three years 9,131,131 9,425,551 Due after three years and through five years 1,662,733 2,124,307 Due after five years 288,054 243,606 Total content obligations $ 20,900,288 $ 21,831,947 Content obligations include amounts related to the acquisition, licensing and production of content. Obligations that are in non-U.S. dollar currencies are translated to the U.S. dollar at period end rates. An obligation for the production of content includes non-cancelable commitments under creative talent and employment agreements as well as other production related commitments. An obligation for the acquisition and licensing of content is incurred at the time the Company enters into an agreement to obtain future titles. Once a title becomes available, a content liability is recorded on the Consolidated Balance Sheets. Certain agreements include the obligation to license rights for unknown future titles, the ultimate quantity and/or fees for which are not yet determinable as of the reporting date. Traditional film output deals, or certain TV series license agreements where the number of seasons to be aired is unknown, are examples of such license agreements. The Company does not include any estimated obligation for these future titles beyond the known minimum amount. However, the unknown obligations are expected to be significant. Legal Proceedings From time to time, in the normal course of its operations, the Company is subject to litigation matters and claims, including claims relating to employee relations, business practices and patent infringement. Litigation can be expensive and disruptive to normal business operations. Moreover, the results of complex legal proceedings are difficult to predict and the Company's view of these matters may change in the future as the litigation and events related thereto unfold. The Company expenses legal fees as incurred. The Company records a provision for contingent losses when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. An unfavorable outcome to any legal matter, if material, could have an adverse effect on the Company's operations or its financial position, liquidity or results of operations. The Company is involved in litigation matters not listed herein but does not consider the matters to be material either individually or in the aggregate at this time. The Company's view of the matters not listed may change in the future as the litigation and events related thereto unfold. Indemnification In the ordinary course of business, the Company has entered into contractual arrangements under which it has agreed to provide indemnification of varying scope and terms to business partners and other parties with respect to certain matters, including, but not limited to, losses arising out of the Company’s breach of such agreements and out of intellectual property infringement claims made by third parties. In these circumstances, payment may be conditional on the other party making a claim pursuant to the procedures specified in the particular contract. The Company's obligations under these agreements may be limited in terms of time or amount, and in some instances, the Company may have recourse against third parties for certain payments. In addition, the Company has entered into indemnification agreements with its directors and certain of its officers that will require it, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors or officers. The terms of such obligations vary. It is not possible to make a reasonable estimate of the maximum potential amount of future payments under these or similar agreements due to the conditional nature of the Company’s obligations and the unique facts and circumstances involved in each particular agreement. No amount has been accrued in the accompanying consolidated financial statements with respect to these indemnification obligations.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2023
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 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- Weighted-Average Aggregate Intrinsic Value Balances as of December 31, 2022 16,454,103 19,896,861 $ 242.22 Granted (1,025,300) 1,025,300 333.49 Exercised — (871,355) 68.23 Expired — (574) 13.14 Balances as of June 30, 2023 15,428,803 20,050,232 $ 254.46 5.52 $ 3,982,709 Vested and expected to vest as of June 30, 2023 20,050,232 $ 254.46 5.52 $ 3,982,709 Exercisable as of June 30, 2023 19,918,808 $ 253.84 5.49 $ 3,970,659 The aggregate intrinsic value in the table above represents the total pretax intrinsic value (the difference between the Company’s closing stock price on the last trading day of the second quarter of 2023 and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their options on the last trading day of the second quarter of 2023. This amount changes based on the fair market value of the Company’s common stock. A summary of the amounts related to option exercises, is as follows: Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, (in thousands) Total intrinsic value of options exercised $ 137,791 $ 83,030 $ 254,101 $ 197,792 Cash received from options exercised 34,717 11,250 60,745 24,928 Stock-based Compensation Stock options are generally vested in full upon grant date and exercisable for the full ten year contractual term regardless of employment status. Stock options granted to certain named executive officers vest on the one-year anniversary of the grant date, subject to the employee’s continuous employment or service with the Company through the vesting date. The following table summarizes the assumptions used to value option grants using the lattice-binomial model and the valuation data: Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, Dividend yield — % — % — % — % Expected volatility 43 % 49 % 43% - 46% 38% - 49% Risk-free interest rate 3.57 % 2.57 % 3.57% - 3.63% 1.71% - 2.57% Suboptimal exercise factor 4.27 4.71 4.22 - 4.27 4.71 Weighted-average fair value (per share) $ 200 $ 138 $ 192 $ 167 Total stock-based compensation expense (in thousands) $ 78,030 $ 150,392 $ 177,129 $ 269,601 Total income tax impact on provision (in thousands) $ 17,148 $ 33,335 $ 38,859 $ 59,748 Stock Repurchases In March 2021, the Company’s Board of Directors authorized the repurchase of up to $5 billion of its common stock, with no expiration date. Stock repurchases may be effected through open market repurchases in compliance with Rule 10b-18 under the Exchange Act, including through the use of trading plans intended to qualify under Rule 10b5-1 under the Exchange Act, privately-negotiated transactions, accelerated stock repurchase plans, block purchases, or other similar purchase techniques and in such amounts as management deems appropriate. The Company is not obligated to repurchase any specific number of shares, and the timing and actual number of shares repurchased will depend on a variety of factors, including the Company’s stock price, general economic, business and market conditions, and alternative investment

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, (in thousands, except percentages) Provision for income taxes $ 191,722 $ 182,103 $ 355,476 $ 564,348 Effective tax rate 11 % 11 % 11 % 16 % The effective tax rates for the three and six months ended June 30, 2023 differed from the Federal statutory rate primarily due to the impact of international provisions of the Tax Cuts and Jobs Act, research and development credits, and the recognition of excess tax benefits of stock-based compensation. The effective tax rates for the three and six months ended June 30, 2022 differed from the Federal statutory rate primarily due to the impact of foreign taxes, international provisions of the Tax Cuts and Jobs Act, research and development credits, and the recognition of excess tax benefits of stock-based compensation. The effective tax rate for the three months ended June 30, 2023 was consistent compared to the same period in 2022. The decrease in the effective tax rate for the six months ended June 30, 2023, as compared to the same period in 2022 was primarily due to a decrease in foreign taxes. For the three and six months ended June 30, 2023, the Company recognized a discrete tax benefit related to the excess tax benefits from stock-based compensation of $28 million and $52 million, compared to the three and six months ended June 30, 2022 of $18 million and $43 million. Gross unrecognized tax benefits were $240 million and $227 million as of June 30, 2023 and December 31, 2022, respectively. The gross unrecognized tax benefits, if recognized by the Company, will result in a reduction of approximately $164 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 the years 2016 through 2018 and is subject to examination for 2019 through 2022. The foreign and state tax returns for the years 2015 through 2022 are subject to examination by various states and foreign jurisdictions. While the Company is in various stages of inquiries and examinations by federal, state and foreign taxing authorities, we believe that our tax positions will more likely than not be sustained. Nonetheless, it is possible that future obligations related to these matters could arise. 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	6 Months Ended
	Jun. 30, 2023
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 $3.3 billion and $6.6 billion, respectively, for the three and six months ended June 30, 2023, and $3.3 billion and $6.4 billion, respectively, for the three and six months ended June 30, 2022. See Note 2 Revenue Recognition for additional information about streaming revenue by region. The Company's long-lived tangible assets, as well as the Company's operating lease right-of-use assets recognized on the Consolidated Balance Sheets as of June 30, 2023 and December 31, 2022, were located as follows: As of June 30, December 31, (in thousands) United States $ 2,795,979 $ 2,745,071 International 863,721 880,308

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ 1,487,610	$ 1,440,951	$ 2,792,730	$ 3,038,398

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	6 Months Ended
	Jun. 30, 2023 shares	Jun. 30, 2023 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		The adoption or termination of contracts, instructions or written plans for the purchase or sale of our securities by our Section 16 officers and directors for the three months ended June 30, 2023, each of which is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act (“Rule 10b5-1 Plan”), were as follows: Name Title Action Date Adopted Expiration Date Aggregate # of Securities to be Purchased/Sold Ann Mather (1) Director Adoption 5/4/2023 2/28/2025 6,385 Ted Sarandos (2) Co-CEO and Director Adoption 5/5/2023 8/2/2024 55,386 (1) Ann Mather, a member of the Board of Directors, entered into a Rule 10b5-1 Plan on May 4, 2023. Ms. Mather's plan provides for the potential exercise of vested stock options and the associated sale of up to 6,385 shares of the Company’s common stock. The plan expires on February 28, 2025, or upon the earlier completion of all authorized transactions under the plan. (2) Ted Sarandos, co-CEO and a member of the Board of Directors, entered into a Rule 10b5-1 Plan on May 5, 2023. Mr. Sarandos' plan provides for the potential exercise of vested stock options and the associated sale of up to 55,386 shares of the Company’s common stock. The plan expires on August 2, 2024, or upon the earlier completion of all authorized transactions under the plan. None of our directors or officers adopted or terminated a "non-Rule 10b5-1 trading arrangement" as defined in Item 408 of Regulation S-K.
Non-Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Terminated	false
Ann Mather [Member]
Trading Arrangements, by Individual
Name	Ann Mather (1)
Title	Director
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	5/4/2023
Aggregate Available	6,385	6,385
Ted Sarandos [Member]
Trading Arrangements, by Individual
Name	Ted Sarandos (2)
Title	Co-CEO and Director
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	5/5/2023
Aggregate Available	55,386	55,386
Officers and Directors Trading Arrangement [Member] | Ann Mather [Member]
Trading Arrangements, by Individual
Arrangement Duration	666 days
Officers and Directors Trading Arrangement [Member] | Ted Sarandos [Member]
Trading Arrangements, by Individual
Arrangement Duration	455 days

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2023
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 amortization of content assets 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.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	6 Months Ended
	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Summary of Streaming Revenue, Paid Net Membership Additions (Losses), and Ending Paid Memberships by Region	The following tables summarize revenues, paid net membership additions (losses), and ending paid memberships by region for the three and six months ended June 30, 2023 and June 30, 2022, respectively: United States and Canada (UCAN) As of/ Three Months Ended As of/ Six Months Ended June 30, June 30, June 30, June 30, (in thousands) Revenues $ 3,599,448 $ 3,537,863 $ 7,208,093 $ 6,888,287 Paid net membership additions (losses) 1,173 (1,296) 1,275 (1,932) Paid memberships at end of period (1) 75,571 73,283 75,571 73,283 Europe, Middle East, and Africa (EMEA) As of/ Three Months Ended As of/ Six Months Ended June 30, June 30, June 30, June 30, (in thousands) Revenues $ 2,562,170 $ 2,457,235 $ 5,079,811 $ 5,019,066 Paid net membership additions (losses) 2,434 (767) 3,078 (1,070) Paid memberships at end of period (1) 79,807 72,966 79,807 72,966 Latin America (LATAM) As of/ Three Months Ended As of/ Six Months Ended June 30, June 30, June 30, June 30, (in thousands) Revenues $ 1,077,435 $ 1,030,234 $ 2,147,627 $ 2,029,182 Paid net membership additions (losses) 1,217 14 767 (337) Paid memberships at end of period (1) 42,466 39,624 42,466 39,624 Asia-Pacific (APAC) As of/ Three Months Ended As of/ Six Months Ended June 30, June 30, June 30, June 30, (in thousands) Revenues $ 919,273 $ 907,719 $ 1,852,796 $ 1,824,473 Paid net membership additions (losses) 1,068 1,080 2,523 2,167 Paid memberships at end of period (1) 40,546 34,799 40,546 34,799 (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. Certain members have the option to add extra member sub accounts. These extra member sub accounts are not included in paid memberships. 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)	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Summary of Computation of Earnings Per Share	The computation of earnings per share is as follows: Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, (in thousands, except per share data) Basic earnings per share: Net income $ 1,487,610 $ 1,440,951 $ 2,792,730 $ 3,038,398 Shares used in computation: Weighted-average shares of common stock outstanding 443,881 444,557 444,559 444,352 Basic earnings per share $ 3.35 $ 3.24 $ 6.28 $ 6.84 Diluted earnings per share: Net income $ 1,487,610 $ 1,440,951 $ 2,792,730 $ 3,038,398 Shares used in computation: Weighted-average shares of common stock outstanding 443,881 444,557 444,559 444,352 Employee stock options 7,691 5,612 7,431 7,226 Weighted-average number of shares 451,572 450,169 451,990 451,578 Diluted earnings per share $ 3.29 $ 3.20 $ 6.18 $ 6.73
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 Six Months Ended June 30, June 30, June 30, June 30, (in thousands) Employee stock options 4,348 8,175 5,097 5,462

Cash, Cash Equivalents, Restr_2

Cash, Cash Equivalents, Restricted Cash, and Short-term Investments (Tables)	6 Months Ended
	Jun. 30, 2023
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, restricted cash and short-term investments as of June 30, 2023 and December 31, 2022: As of June 30, 2023 Cash and cash equivalents Short-term investments Other Current Assets Non-current Assets Total (in thousands) Cash $ 4,662,668 $ — $ 1,763 $ 1,660 $ 4,666,091 Level 1 securities: Money market funds 2,628,351 — — 54 2,628,405 Level 2 securities: Time Deposits (1) 371,769 914,201 — — 1,285,970 $ 7,662,788 $ 914,201 $ 1,763 $ 1,714 $ 8,580,466 As of December 31, 2022 Cash and cash equivalents Short-term investments Other Current Assets Non-current Assets Total (in thousands) Cash $ 4,071,584 $ — $ 3,410 $ 19,874 $ 4,094,868 Level 1 securities: Money market funds 569,826 — — 122 569,948 Level 2 securities: Time Deposits (1) 505,766 911,276 — — 1,417,042 $ 5,147,176 $ 911,276 $ 3,410 $ 19,996 $ 6,081,858

Balance Sheet Components (Table

Balance Sheet Components (Tables)	6 Months Ended
	Jun. 30, 2023
Balance Sheet Components Disclosure [Abstract]
Summary of Content Assets	Content assets consisted of the following: As of June 30, December 31, (in thousands) Licensed content, net $ 12,622,409 $ 12,732,549 Produced content, net Released, less amortization 9,286,399 9,110,518 In production 9,796,704 10,255,940 In development and pre-production 815,262 637,706 19,898,365 20,004,164 Content assets, net $ 32,520,774 $ 32,736,713
Summary of Amortization of Streaming Content Assets	The following table represents the amortization of content assets: Three Months Ended June 30, June 30, (in thousands) Licensed content $ 1,779,321 $ 1,899,782 Produced content 1,630,700 1,361,566 Total $ 3,410,021 $ 3,261,348 Six Months Ended June 30, June 30, (in thousands) Licensed content $ 3,502,999 $ 3,784,220 Produced content 3,367,006 2,643,493 Total $ 6,870,005 $ 6,427,713
Summary of Property and Equipment, Net	Property and equipment and accumulated depreciation consisted of the following: As of June 30, December 31, Estimated Useful Lives (in thousands) Land $ 86,662 $ 85,005 Buildings 60,720 52,106 30 years Leasehold improvements 1,068,757 1,040,570 Over life of lease Furniture and fixtures 155,401 153,682 3 years Information technology 461,590 442,681 3 years Corporate aircraft 133,998 115,578 8-10 years Machinery and equipment 27,384 26,821 3-5 years Capital work-in-progress 348,194 235,555 Property and equipment, gross 2,342,706 2,151,998 Less: Accumulated depreciation (870,738) (753,741) Property and equipment, net $ 1,471,968 $ 1,398,257
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 June 30, June 30, (in thousands) Cash paid for operating lease liabilities $ 114,760 $ 99,758 Right-of-use assets obtained in exchange for new operating lease obligations 91,572 39,304 Six Months Ended June 30, June 30, (in thousands) Cash paid for operating lease liabilities $ 228,167 $ 202,899 Right-of-use assets obtained in exchange for new operating lease obligations 112,466 180,602 As of June 30, December 31, (in thousands) Operating lease right-of-use assets, net $ 2,187,732 $ 2,227,122 Current operating lease liabilities 376,847 355,985 Non-current operating lease liabilities 2,147,306 2,222,503 Total operating lease liabilities $ 2,524,153 $ 2,578,488
Schedule of Other Current Assets	Other current assets consisted of the following: As of June 30, December 31, (in thousands) Trade receivables $ 1,218,326 $ 988,898 Prepaid expenses 481,546 392,735 Other 1,229,475 1,826,388 Total other current assets $ 2,929,347 $ 3,208,021

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Summary of Long-term Debt Instruments	The following table provides a summary of the Company's outstanding debt and the fair values based on quoted market prices in less active markets as of June 30, 2023 and December 31, 2022: Principal Amount at Par Level 2 Fair Value as of June 30, December 31, Issuance Date Maturity June 30, December 31, (in millions) (in millions) 5.750% Senior Notes $ 400 $ 400 February 2014 March 2024 $ 401 $ 404 5.875% Senior Notes 800 800 February 2015 February 2025 804 811 3.000% Senior Notes (1) 513 503 April 2020 June 2025 503 495 3.625% Senior Notes 500 500 April 2020 June 2025 483 479 4.375% Senior Notes 1,000 1,000 October 2016 November 2026 979 980 3.625% Senior Notes (1) 1,419 1,391 May 2017 May 2027 1,387 1,338 4.875% Senior Notes 1,600 1,600 October 2017 April 2028 1,584 1,557 5.875% Senior Notes 1,900 1,900 April 2018 November 2028 1,972 1,930 4.625% Senior Notes (1) 1,200 1,177 October 2018 May 2029 1,216 1,151 6.375% Senior Notes 800 800 October 2018 May 2029 848 830 3.875% Senior Notes (1) 1,310 1,284 April 2019 November 2029 1,279 1,201 5.375% Senior Notes 900 900 April 2019 November 2029 904 885 3.625% Senior Notes (1) 1,200 1,177 October 2019 June 2030 1,145 1,078 4.875% Senior Notes 1,000 1,000 October 2019 June 2030 986 944 $ 14,542 $ 14,432 $ 14,491 $ 14,083 (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)	6 Months Ended
	Jun. 30, 2023
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 June 30, December 31, (in thousands) Less than one year $ 9,818,370 $ 10,038,483 Due after one year and through three years 9,131,131 9,425,551 Due after three years and through five years 1,662,733 2,124,307 Due after five years 288,054 243,606 Total content obligations $ 20,900,288 $ 21,831,947

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2023
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- Weighted-Average Aggregate Intrinsic Value Balances as of December 31, 2022 16,454,103 19,896,861 $ 242.22 Granted (1,025,300) 1,025,300 333.49 Exercised — (871,355) 68.23 Expired — (574) 13.14 Balances as of June 30, 2023 15,428,803 20,050,232 $ 254.46 5.52 $ 3,982,709 Vested and expected to vest as of June 30, 2023 20,050,232 $ 254.46 5.52 $ 3,982,709 Exercisable as of June 30, 2023 19,918,808 $ 253.84 5.49 $ 3,970,659
Summary of Amounts Related to Option Exercises	A summary of the amounts related to option exercises, is as follows: Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, (in thousands) Total intrinsic value of options exercised $ 137,791 $ 83,030 $ 254,101 $ 197,792 Cash received from options exercised 34,717 11,250 60,745 24,928
Summary of Assumptions Used to Value Stock Option Grants Using Lattice-Binomial Model	The following table summarizes the assumptions used to value option grants using the lattice-binomial model and the valuation data: Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, Dividend yield — % — % — % — % Expected volatility 43 % 49 % 43% - 46% 38% - 49% Risk-free interest rate 3.57 % 2.57 % 3.57% - 3.63% 1.71% - 2.57% Suboptimal exercise factor 4.27 4.71 4.22 - 4.27 4.71 Weighted-average fair value (per share) $ 200 $ 138 $ 192 $ 167 Total stock-based compensation expense (in thousands) $ 78,030 $ 150,392 $ 177,129 $ 269,601 Total income tax impact on provision (in thousands) $ 17,148 $ 33,335 $ 38,859 $ 59,748

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Summary of Components of Income Tax Expense	Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, (in thousands, except percentages) Provision for income taxes $ 191,722 $ 182,103 $ 355,476 $ 564,348 Effective tax rate 11 % 11 % 11 % 16 %

Segment and Geographic Inform_2

Segment and Geographic Information (Tables)	6 Months Ended
	Jun. 30, 2023
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 June 30, 2023 and December 31, 2022, were located as follows: As of June 30, December 31, (in thousands) United States $ 2,795,979 $ 2,745,071 International 863,721 880,308

Revenue Recognition - Revenue a

Revenue Recognition - Revenue and Membership Information (Details) membership in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($) membership	Jun. 30, 2022 USD ($) membership	Jun. 30, 2023 USD ($) membership	Jun. 30, 2022 USD ($) membership
Disaggregation of Revenue [Line Items]
Revenues | $	$ 8,187,301	$ 7,970,141	$ 16,348,804	$ 15,837,908
Streaming | United States and Canada
Disaggregation of Revenue [Line Items]
Revenues | $	$ 3,599,448	$ 3,537,863	$ 7,208,093	$ 6,888,287
Paid net membership additions (losses) (in memberships)	1,173	(1,296)	1,275	(1,932)
Paid memberships at end of period (in memberships)	75,571	73,283	75,571	73,283
Streaming | Europe, Middle East, and Africa
Disaggregation of Revenue [Line Items]
Revenues | $	$ 2,562,170	$ 2,457,235	$ 5,079,811	$ 5,019,066
Paid net membership additions (losses) (in memberships)	2,434	(767)	3,078	(1,070)
Paid memberships at end of period (in memberships)	79,807	72,966	79,807	72,966
Streaming | Latin America
Disaggregation of Revenue [Line Items]
Revenues | $	$ 1,077,435	$ 1,030,234	$ 2,147,627	$ 2,029,182
Paid net membership additions (losses) (in memberships)	1,217	14	767	(337)
Paid memberships at end of period (in memberships)	42,466	39,624	42,466	39,624
Streaming | Asia-Pacific
Disaggregation of Revenue [Line Items]
Revenues | $	$ 919,273	$ 907,719	$ 1,852,796	$ 1,824,473
Paid net membership additions (losses) (in memberships)	1,068	1,080	2,523	2,167
Paid memberships at end of period (in memberships)	40,546	34,799	40,546	34,799

Revenue Recognition - Additiona

Revenue Recognition - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Revenues	$ 8,187,301	$ 7,970,141	$ 16,348,804	$ 15,837,908
Deferred revenue	1,311,918		1,311,918		$ 1,264,661
Increase in deferred revenue					$ 47,000
DVD
Disaggregation of Revenue [Line Items]
Revenues	29,000	37,000	60,000	77,000
United States
Disaggregation of Revenue [Line Items]
Revenues	$ 3,300,000	$ 3,300,000	$ 6,600,000	$ 6,400,000

Earnings Per Share - Calculatio

Earnings Per Share - Calculation of EPS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Basic earnings per share:
Net income	$ 1,487,610	$ 1,440,951	$ 2,792,730	$ 3,038,398
Weighted-average shares of common stock outstanding (in shares)	443,881	444,557	444,559	444,352
Basic earnings per share (in USD per share)	$ 3.35	$ 3.24	$ 6.28	$ 6.84
Diluted earnings per share:
Net income	$ 1,487,610	$ 1,440,951	$ 2,792,730	$ 3,038,398
Shares used in computation:
Weighted-average shares of common stock outstanding (in shares)	443,881	444,557	444,559	444,352
Employee stock options (in shares)	7,691	5,612	7,431	7,226
Weighted-average number of shares (in shares)	451,572	450,169	451,990	451,578
Diluted earnings per share (in USD per share)	$ 3.29	$ 3.20	$ 6.18	$ 6.73

Earnings Per Share - Antidiluti

Earnings Per Share - Antidilutive Shares (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share [Abstract]
Antidilutive securities excluded from earnings per share calculations (in shares)	4,348	8,175	5,097	5,462

Cash, Cash Equivalents, Restr_3

Cash, Cash Equivalents, Restricted Cash, and Short-term Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents, and short-term investments	$ 8,580,466	$ 6,081,858
Cash and cash equivalents
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents, and short-term investments	7,662,788	5,147,176
Short-term investments
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents, and short-term investments	914,201	911,276
Other Current Assets
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents, and short-term investments	1,763	3,410
Non-current Assets
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents, and short-term investments	1,714	19,996
Cash
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents, and short-term investments	4,666,091	4,094,868
Cash | Cash and cash equivalents
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents, and short-term investments	4,662,668	4,071,584
Cash | Short-term investments
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents, and short-term investments	0	0
Cash | Other Current Assets
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents, and short-term investments	1,763	3,410
Cash | Non-current Assets
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents, and short-term investments	1,660	19,874
Level 1 Securities | Money market funds
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents, and short-term investments	2,628,405	569,948
Level 1 Securities | Money market funds | Cash and cash equivalents
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents, and short-term investments	2,628,351	569,826
Level 1 Securities | Money market funds | Short-term investments
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents, and short-term investments	0	0
Level 1 Securities | Money market funds | Other Current Assets
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents, and short-term investments	0	0
Level 1 Securities | Money market funds | Non-current Assets
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents, and short-term investments	54	122
Level 2 Securities | Time Deposits
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents, and short-term investments	1,285,970	1,417,042
Level 2 Securities | Time Deposits | Cash and cash equivalents
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents, and short-term investments	371,769	505,766
Level 2 Securities | Time Deposits | Short-term investments
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents, and short-term investments	914,201	911,276
Level 2 Securities | Time Deposits | Other Current Assets
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents, and short-term investments	0	0
Level 2 Securities | Time Deposits | Non-current Assets
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents, and short-term investments	$ 0	$ 0

Balance Sheet Components - Comp

Balance Sheet Components - Components of Content Assets (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Content assets, net	$ 32,520,774		$ 32,520,774		$ 32,736,713
Amortization of content assets	3,410,021	$ 3,261,348	6,870,005	$ 6,427,713
Licensed content, net
Finite-Lived Intangible Assets [Line Items]
Net content	12,622,409		12,622,409		12,732,549
Unamortized cost in year one	5,495,000		5,495,000
Unamortized cost in year two	2,844,000		2,844,000
Unamortized cost in year three	1,971,000		1,971,000
Amortization of content assets	1,779,321	1,899,782	3,502,999	3,784,220
Produced content, net
Finite-Lived Intangible Assets [Line Items]
Net content	9,286,399		9,286,399		9,110,518
In production	9,796,704		9,796,704		10,255,940
In development and pre-production	815,262		815,262		637,706
Content assets, net	19,898,365		19,898,365		$ 20,004,164
Unamortized cost in year one	3,544,000		3,544,000
Unamortized cost in year two	2,420,000		2,420,000
Unamortized cost in year three	1,710,000		1,710,000
Amortization of content assets	$ 1,630,700	$ 1,361,566	$ 3,367,006	$ 2,643,493

Balance Sheet Components - Prop

Balance Sheet Components - Property And Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 2,342,706	$ 2,151,998
Less: Accumulated depreciation	(870,738)	(753,741)
Property and equipment, net	1,471,968	1,398,257
Land
Property, Plant and Equipment [Line Items]
Property and equipment, gross	86,662	85,005
Buildings
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 60,720	52,106
Estimated Useful Lives	30 years
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 1,068,757	1,040,570
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 155,401	153,682
Estimated Useful Lives	3 years
Information technology
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 461,590	442,681
Estimated Useful Lives	3 years
Corporate aircraft
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 133,998	115,578
Corporate aircraft | Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	8 years
Corporate aircraft | Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	10 years
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 27,384	26,821
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	$ 348,194	$ 235,555

Balance Sheet Components - Leas

Balance Sheet Components - Leases (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Leases [Abstract]
Cash paid for operating lease liabilities	$ 114,760	$ 99,758	$ 228,167	$ 202,899
Right-of-use assets obtained in exchange for new operating lease obligations	91,572	$ 39,304	112,466	$ 180,602
Operating lease right-of-use assets, net	2,187,732		2,187,732		$ 2,227,122
Current operating lease liabilities	376,847		376,847		355,985
Non-current operating lease liabilities	2,147,306		2,147,306		2,222,503
Total operating lease liabilities	$ 2,524,153		$ 2,524,153		$ 2,578,488
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other non-current assets		Other non-current assets		Other non-current assets
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued Liabilities, Current		Accrued Liabilities, Current		Accrued Liabilities, Current
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other non-current liabilities		Other non-current liabilities		Other non-current liabilities

Balance Sheet Components - Othe

Balance Sheet Components - Other Current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Balance Sheet Components Disclosure [Abstract]
Trade receivables	$ 1,218,326	$ 988,898
Prepaid expenses	481,546	392,735
Other	1,229,475	1,826,388
Total other current assets	$ 2,929,347	$ 3,208,021

Debt - Narrative (Details)

Debt - Narrative (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 EUR (€)	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Aggregate outstanding notes	$ 14,470,000		$ 14,470,000			$ 14,353,000
Debt issuance costs	72,000		72,000			79,000
Short-term debt	399,387		399,387			0
Long-term notes denominated in foreign currency	14,542,000		14,542,000			$ 14,432,000
Foreign currency remeasurement loss	(28,952)	$ 304,513	(109,603)	$ 466,334
Senior Notes
Debt Instrument [Line Items]
Long-term notes denominated in foreign currency | €					€ 5,170,000,000
Foreign currency remeasurement loss	$ (29,000)		$ (110,000)
Redemption prices, percent of outstanding principal			101%

Debt - Summary of Long-term Deb

Debt - Summary of Long-term Debt (Details) $ in Millions	Jun. 30, 2023 EUR (€)	Jun. 30, 2023 USD ($)	Dec. 31, 2022 EUR (€)	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Face amount		$ 14,542		$ 14,432
Long-term debt, fair value		$ 14,491		$ 14,083
Senior Notes
Debt Instrument [Line Items]
Face amount | €	€ 5,170,000,000
Senior Notes | 5.750% Senior Notes
Debt Instrument [Line Items]
Interest rate	5.75%	5.75%	5.75%	5.75%
Face amount		$ 400		$ 400
Long-term debt, fair value		$ 401		$ 404
Senior Notes | 5.875% Senior Notes
Debt Instrument [Line Items]
Interest rate	5.875%	5.875%	5.875%	5.875%
Face amount		$ 800		$ 800
Long-term debt, fair value		$ 804		$ 811
Senior Notes | 3.000% Senior Notes
Debt Instrument [Line Items]
Interest rate	3%	3%	3%	3%
Face amount	€ 470,000,000	$ 513	€ 470,000,000	$ 503
Long-term debt, fair value		$ 503		$ 495
Senior Notes | 3.625% Senior Notes
Debt Instrument [Line Items]
Interest rate	3.625%	3.625%	3.625%	3.625%
Face amount		$ 500		$ 500
Long-term debt, fair value		$ 483		$ 479
Senior Notes | 4.375% Senior Notes
Debt Instrument [Line Items]
Interest rate	4.375%	4.375%	4.375%	4.375%
Face amount		$ 1,000		$ 1,000
Long-term debt, fair value		$ 979		$ 980
Senior Notes | 3.625% Senior Notes
Debt Instrument [Line Items]
Interest rate	3.625%	3.625%	3.625%	3.625%
Face amount	€ 1,300,000,000	$ 1,419	€ 1,300,000,000	$ 1,391
Long-term debt, fair value		$ 1,387		$ 1,338
Senior Notes | 4.875% Senior Notes
Debt Instrument [Line Items]
Interest rate	4.875%	4.875%	4.875%	4.875%
Face amount		$ 1,600		$ 1,600
Long-term debt, fair value		$ 1,584		$ 1,557
Senior Notes | 5.875% Senior Notes
Debt Instrument [Line Items]
Interest rate	5.875%	5.875%	5.875%	5.875%
Face amount		$ 1,900		$ 1,900
Long-term debt, fair value		$ 1,972		$ 1,930
Senior Notes | 4.625% Senior Notes
Debt Instrument [Line Items]
Interest rate	4.625%	4.625%	4.625%	4.625%
Face amount	€ 1,100,000,000	$ 1,200	€ 1,100,000,000	$ 1,177
Long-term debt, fair value		$ 1,216		$ 1,151
Senior Notes | 6.375% Senior Notes
Debt Instrument [Line Items]
Interest rate	6.375%	6.375%	6.375%	6.375%
Face amount		$ 800		$ 800
Long-term debt, fair value		$ 848		$ 830
Senior Notes | 3.875% Senior Notes
Debt Instrument [Line Items]
Interest rate	3.875%	3.875%	3.875%	3.875%
Face amount	€ 1,200,000,000	$ 1,310	€ 1,200,000,000	$ 1,284
Long-term debt, fair value		$ 1,279		$ 1,201
Senior Notes | 5.375% Senior Notes
Debt Instrument [Line Items]
Interest rate	5.375%	5.375%	5.375%	5.375%
Face amount		$ 900		$ 900
Long-term debt, fair value		$ 904		$ 885
Senior Notes | 3.625% Senior Notes
Debt Instrument [Line Items]
Interest rate	3.625%	3.625%	3.625%	3.625%
Face amount	€ 1,100,000,000	$ 1,200	€ 1,100,000,000	$ 1,177
Long-term debt, fair value		$ 1,145		$ 1,078
Senior Notes | 4.875% Senior Notes
Debt Instrument [Line Items]
Interest rate	4.875%	4.875%	4.875%	4.875%
Face amount		$ 1,000		$ 1,000
Long-term debt, fair value		$ 986		$ 944

Debt - Revolving Line of Credit

Debt - Revolving Line of Credit (Details) - Revolving Credit Facility - USD ($)	6 Months Ended
	Jun. 30, 2023	Mar. 06, 2023
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity		$ 1,000,000,000
Proceeds from lines of credit	$ 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%
One-month LIBOR | Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate	0%

Commitments and Contingencies -

Commitments and Contingencies - Streaming Content (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Contractual Obligation [Line Items]
Total streaming content obligations	$ 20,900,288	$ 21,831,947
Current content liabilities	4,440,412	4,480,150
Non-current content liabilities	2,849,387	3,081,277
Unrecorded streaming obligations	13,700,000	14,200,000
Current content liabilities
Contractual Obligation [Line Items]
Current content liabilities	4,400,000	4,500,000
Non-current content liabilities
Contractual Obligation [Line Items]
Non-current content liabilities	$ 2,800,000	$ 3,100,000

Commitments and Contingencies_2

Commitments and Contingencies - Expected Timing of Payments (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Less than one year	$ 9,818,370	$ 10,038,483
Due after one year and through three years	9,131,131	9,425,551
Due after three years and through five years	1,662,733	2,124,307
Due after five years	288,054	243,606
Total content obligations	$ 20,900,288	$ 21,831,947

Commitments and Contingencies_3

Commitments and Contingencies - Indemnification (Details)	Jun. 30, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Indemnification obligations	$ 0

Stockholders' Equity - Summary

Stockholders' Equity - Summary of Activity Related to Stock Option Plans (Details) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($) $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Shares available for grant, beginning balance (in shares)	16,454,103
Options outstanding, number of shares, beginning balance (in shares)	19,896,861
Options outstanding, number of shares granted (in shares)	1,025,300
Options outstanding, number of shares, exercised (in shares)	(871,355)
Options outstanding, number of shares expired (in shares)	(574)
Shares available for grant, ending balance (in shares)	15,428,803
Options outstanding, number of shares, ending balance (in shares)	20,050,232
Options outstanding, number of shares, vested and expected to vest (in shares)	20,050,232
Options outstanding, number of shares, exercisable (in shares)	19,918,808
Weighted- Average Exercise Price (per share)
Options outstanding, weighted-average exercise price, beginning balance (dollars per share) | $ / shares	$ 242.22
Options outstanding, weighted-average exercise price, granted (dollars per share) | $ / shares	333.49
Options outstanding, weighted-average exercise price, exercised (dollars per share) | $ / shares	68.23
Options expired, weighted-average exercise price (dollars per share) | $ / shares	13.14
Options outstanding, weighted-average exercise price, ending balance (dollars per share) | $ / shares	254.46
Options outstanding, weighted-average exercise price, vested and expected to vest (in dollars per share) | $ / shares	254.46
Options outstanding, weighted-average exercise price, vested and exercisable (in dollars per share) | $ / shares	$ 253.84
Weighted-Average Remaining Contractual Term (in years)
Weighted-average remaining contractual term, outstanding	5 years 6 months 7 days
Weighted-average exercise price, vested and exercisable, vested and expected to vest	5 years 6 months 7 days
Weighted-average remaining contractual term, exercisable	5 years 5 months 26 days
Aggregate Intrinsic Value (in thousands)
Aggregate intrinsic value | $	$ 3,982,709
Aggregate intrinsic value, vested and expected to vest | $	3,982,709
Aggregate intrinsic value, exercisable | $	$ 3,970,659

Stockholders' Equity - Amounts

Stockholders' Equity - Amounts Related to Option Exercises (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Stockholders' Equity Note [Abstract]
Total intrinsic value of options exercised	$ 137,791	$ 83,030	$ 254,101	$ 197,792
Cash received from options exercised	$ 34,717	$ 11,250	$ 60,745	$ 24,928

Stockholders' Equity - Stock Op

Stockholders' Equity - Stock Option Plan Narrative (Details)	6 Months Ended
	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment award, expiration period	10 years
Executive officers
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	1 year

Stockholders' Equity - Assumpti

Stockholders' Equity - Assumptions Used to Value Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend yield	0%	0%	0%	0%
Expected volatility	43%	49%
Expected volatility, minimum			43%	38%
Expected volatility, maximum			46%	49%
Risk-free interest rate	3.57%	2.57%
Risk-free interest rate, minimum			3.57%	1.71%
Risk-free interest rate, maximum			3.63%	2.57%
Suboptimal exercise factor	4.27	4.71		4.71
Weighted-average fair value (in USD per share)	$ 200	$ 138	$ 192	$ 167
Stock-based compensation expense	$ 78,030	$ 150,392	$ 177,129	$ 269,601
Total income tax impact on provision	$ 17,148	$ 33,335	$ 38,859	$ 59,748
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Suboptimal exercise factor			4.22
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Suboptimal exercise factor			4.27

Stockholders' Equity - Stock Re

Stockholders' Equity - Stock Repurchases (Details) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023	Mar. 31, 2021
Stockholders' Equity Note [Abstract]
Common stock authorized to be repurchased			$ 5,000,000,000
Stock repurchased (in shares)	1,849,324	3,071,380
Repurchases of common stock to be held as treasury stock	$ 645,000,000	$ 1,045,000,000
Remaining authorized repurchase amount	$ 3,400,000,000	$ 3,400,000,000

Income Taxes - Components of In

Income Taxes - Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 191,722	$ 182,103	$ 355,476	$ 564,348
Effective tax rate	11%	11%	11%	16%

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Tax benefit from share based compensation	$ 28	$ 18	$ 52	$ 43
Unrecognized tax benefits	240		240		$ 227
Reduction in provision for income taxes due to impact of effective tax rate	$ 164		$ 164

Segment and Geographic Inform_3

Segment and Geographic Information - Narrative (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) segment	Jun. 30, 2022 USD ($)
Segment Reporting Information [Line Items]
Number of operating segments | segment			1
Revenues	$ 8,187,301	$ 7,970,141	$ 16,348,804	$ 15,837,908
United States
Segment Reporting Information [Line Items]
Revenues	$ 3,300,000	$ 3,300,000	$ 6,600,000	$ 6,400,000

Segment and Geographic Inform_4

Segment and Geographic Information - Long-lived Assets by Geographical Areas (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived tangible assets	$ 2,795,979	$ 2,745,071
International
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived tangible assets	$ 863,721	$ 880,308