Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2017 | Jul. 28, 2017 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | Discovery Communications, Inc. | |
Entity Central Index Key | 1,437,107 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Series A Common Stock [Member] | ||
Entity Common Stock, Shares Outstanding | 153,933,105 | |
Series B Common Stock [Member] | ||
Entity Common Stock, Shares Outstanding | 6,512,379 | |
Series C Common Stock [Member] | ||
Entity Common Stock, Shares Outstanding | 218,521,945 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 206,000,000 | $ 300,000,000 |
Receivables, net | 1,758,000,000 | 1,495,000,000 |
Content rights, net | 390,000,000 | 310,000,000 |
Prepaid expenses and other current assets | 416,000,000 | 397,000,000 |
Total current assets | 2,770,000,000 | 2,502,000,000 |
Noncurrent content rights, net | 2,070,000,000 | 2,089,000,000 |
Property and equipment, net | 514,000,000 | 482,000,000 |
Goodwill | 8,123,000,000 | 8,040,000,000 |
Intangible Assets, Net (Excluding Goodwill) | 1,481,000,000 | 1,512,000,000 |
Equity method investments | 700,000,000 | 557,000,000 |
Other noncurrent assets | 491,000,000 | 490,000,000 |
Total assets | 16,149,000,000 | 15,672,000,000 |
Current liabilities: | ||
Accounts payable | 222,000,000 | 241,000,000 |
Accrued liabilities | 946,000,000 | 1,075,000,000 |
Deferred revenues | 193,000,000 | 163,000,000 |
Current portion of debt | 105,000,000 | 82,000,000 |
Total current liabilities | 1,466,000,000 | 1,561,000,000 |
Noncurrent portion of debt | 8,158,000,000 | 7,841,000,000 |
Deferred income taxes | 370,000,000 | 467,000,000 |
Other noncurrent liabilities | 392,000,000 | 393,000,000 |
Total liabilities | 10,386,000,000 | 10,262,000,000 |
Commitments and contingencies (Note 15) | ||
Redeemable noncontrolling interests | 237,000,000 | 243,000,000 |
Discovery Communications, Inc. stockholders' equity: | ||
Additional paid-in capital | 7,177,000,000 | 7,046,000,000 |
Treasury stock, at cost | (6,737,000,000) | (6,356,000,000) |
Retained earnings | 5,696,000,000 | 5,232,000,000 |
Accumulated other comprehensive loss | (617,000,000) | (762,000,000) |
Total equity | 5,526,000,000 | 5,167,000,000 |
Total liabilities and equity | 16,149,000,000 | 15,672,000,000 |
Series A Convertible Preferred Stock [Member] | ||
Discovery Communications, Inc. stockholders' equity: | ||
Convertible preferred stock | 1,000,000 | 1,000,000 |
Series C Convertible Preferred Stock [Member] | ||
Discovery Communications, Inc. stockholders' equity: | ||
Convertible preferred stock | 1,000,000 | 1,000,000 |
Additional paid-in capital | 0 | |
Series A Common Stock [Member] | ||
Discovery Communications, Inc. stockholders' equity: | ||
Common stock | 1,000,000 | 1,000,000 |
Treasury stock, at cost | (171,000,000) | |
Series B Common Stock [Member] | ||
Discovery Communications, Inc. stockholders' equity: | ||
Convertible common stock | 0 | 0 |
Series C Common Stock [Member] | ||
Discovery Communications, Inc. stockholders' equity: | ||
Common stock | 4,000,000 | $ 4,000,000 |
Treasury stock, at cost | $ (6,600,000,000) |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2017 | Dec. 31, 2016 |
Series A Convertible Preferred Stock [Member] | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock authorized (in shares) | 75,000,000 | 75,000,000 |
Preferred stock issued (in shares) | 71,000,000 | 71,000,000 |
Series C Convertible Preferred Stock [Member] | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock authorized (in shares) | 75,000,000 | 75,000,000 |
Preferred stock issued (in shares) | 25,000,000 | 28,000,000 |
Series A Common Stock [Member] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock authorized (in shares) | 1,700,000,000 | 1,700,000,000 |
Common stock issued (in shares) | 157,000,000 | 155,000,000 |
Series B Common Stock [Member] | ||
Stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Stock, authorized (in shares) | 100,000,000 | 100,000,000 |
Stock issued (in shares) | 7,000,000 | 7,000,000 |
Series C Common Stock [Member] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock authorized (in shares) | 2,000,000,000 | 2,000,000,000 |
Common stock issued (in shares) | 383,000,000 | 381,000,000 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Revenues: | ||||
Distribution | $ 857 | $ 813 | $ 1,712 | $ 1,614 |
Advertising | 805 | 813 | 1,492 | 1,500 |
Other | 83 | 82 | 154 | 155 |
Total revenues | 1,745 | 1,708 | 3,358 | 3,269 |
Costs and expenses: | ||||
Costs of revenues, excluding depreciation and amortization | 634 | 603 | 1,241 | 1,195 |
Selling, general and administrative | 389 | 400 | 804 | 808 |
Depreciation and amortization | 80 | 80 | 160 | 159 |
Restructuring and other charges | 8 | 39 | 32 | 45 |
Gain on disposition | 4 | 0 | 4 | (13) |
Total costs and expenses | 1,115 | 1,122 | 2,241 | 2,194 |
Operating income | 630 | 586 | 1,117 | 1,075 |
Interest expense | (91) | (91) | (182) | (176) |
Loss on extinguishment of debt | 0 | 0 | (54) | 0 |
Loss from equity investees, net | (42) | (23) | (95) | (31) |
Other (expense) income, net | (24) | 38 | (37) | 22 |
Income before income taxes | 473 | 510 | 749 | 890 |
Income tax expense | (93) | (95) | (148) | (206) |
Net income | 380 | 415 | 601 | 684 |
Net income attributable to noncontrolling interests | 0 | (1) | 0 | (1) |
Net income attributable to redeemable noncontrolling interests | (6) | (6) | (12) | (12) |
Net income available to Discovery Communications, Inc. | $ 374 | $ 408 | $ 589 | $ 671 |
Series A, B and C Common Stock [Member] | ||||
Basic earnings per share available to Discovery Communications, Inc. stockholders: | ||||
Net income per share (in dollars per share) | $ 0.65 | $ 0.66 | $ 1.02 | $ 1.08 |
Diluted earnings per share available to Discovery Communications, Inc. stockholders: | ||||
Net income per share (in dollars per share) | $ 0.64 | $ 0.66 | $ 1.01 | $ 1.08 |
Weighted average shares outstanding: | ||||
Basic (in shares) | 384 | 404 | 387 | 409 |
Diluted (in shares) | 578 | 616 | 583 | 623 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 380 | $ 415 | $ 601 | $ 684 |
Other comprehensive income (loss) adjustments, net of tax: | ||||
Currency translation adjustments | 91 | (65) | 159 | (7) |
Market value adjustments | 5 | (4) | 4 | (25) |
Derivative adjustments | (9) | 5 | (17) | (12) |
Comprehensive income | 467 | 351 | 747 | 640 |
Comprehensive income attributable to noncontrolling interests | 0 | (1) | 0 | (1) |
Comprehensive income attributable to redeemable noncontrolling interests | (6) | (8) | (13) | (15) |
Comprehensive income attributable to Discovery Communications, Inc. | $ 461 | $ 342 | $ 734 | $ 624 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Operating Activities | ||
Net income | $ 601 | $ 684 |
Adjustments to reconcile net income to cash provided by operating activities: | ||
Share-based compensation expense | 22 | 27 |
Depreciation and amortization | 160 | 159 |
Content amortization and impairment expense | 910 | 864 |
Loss (gain) on disposition | 4 | (13) |
Equity in losses of investee companies, including cash distributions | 100 | 34 |
Deferred income taxes | (88) | (105) |
Realized loss from derivative instruments | 0 | 3 |
Loss on extinguishment of debt | 54 | 0 |
Other, net | 16 | 26 |
Changes in operating assets and liabilities, net of business combinations: | ||
Receivables, net | (249) | (73) |
Content rights, net | (947) | (937) |
Accounts payable and accrued liabilities | (150) | (180) |
Share-based compensation liabilities | (1) | (5) |
Income taxes receivable and prepaid income taxes | 32 | 28 |
Foreign currency and other, net | (21) | (122) |
Cash provided by operating activities | 443 | 390 |
Investing Activities | ||
Payments for investments | (270) | (60) |
Distributions from equity method investees | 18 | 40 |
Purchases of property and equipment | (78) | (43) |
Proceeds from disposition, net of cash disposed | 29 | 19 |
Proceeds from (payments for) derivative instruments, net | 5 | (3) |
Other investing activities, net | 3 | (2) |
Cash used in investing activities | (293) | (49) |
Financing Activities | ||
Commercial paper borrowings, net | 25 | 13 |
Borrowings under revolving credit facility | 350 | 280 |
Principal repayments of revolving credit facility | (200) | (572) |
Borrowings from debt, net of discount and including premiums | 659 | 498 |
Principal repayments of debt, including discount payment and premiums to par value | (650) | 0 |
Principal repayments of capital lease obligations | (19) | (17) |
Repurchases of stock | (501) | (750) |
Cash settlement of common stock repurchase contracts | 58 | 0 |
Distributions to redeemable noncontrolling interests | (20) | (17) |
Share-based plan payments, net | 11 | 2 |
Other financing activities, net | (8) | (13) |
Cash used in financing activities | (295) | (576) |
Effect of exchange rate changes on cash and cash equivalents | 51 | 30 |
Net change in cash and cash equivalents | (94) | (205) |
Cash and cash equivalents, beginning of period | 300 | 390 |
Cash and cash equivalents, end of period | $ 206 | $ 185 |
Consolidated Statements Of Equi
Consolidated Statements Of Equity - 6 months ended Jun. 30, 2017 - USD ($) shares in Millions, $ in Millions | Total | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive (Loss)/Income [Member] |
Stock issued (in shares) at Dec. 31, 2016 | 99 | ||||||
Common stock issued (in shares) at Dec. 31, 2016 | 543 | ||||||
Beginning balance at Dec. 31, 2016 | $ 5,167 | $ 2 | $ 5 | $ 7,046 | $ (6,356) | $ 5,232 | $ (762) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Cumulative effect of accounting change - share-based payments | 0 | 0 | 0 | 4 | 0 | (4) | 0 |
Net income available to Discovery Communications, Inc. | 589 | 0 | 0 | 0 | 0 | 589 | 0 |
Other comprehensive loss | 145 | $ 0 | $ 0 | 0 | 0 | 0 | 145 |
Repurchases of stock (in shares) | (2) | 0 | |||||
Repurchases of stock | (501) | $ 0 | $ 0 | 0 | (381) | (120) | 0 |
Cash settlement of common stock repurchase contracts | 58 | 0 | 0 | 58 | 0 | 0 | 0 |
Share-based compensation | 23 | $ 0 | $ 0 | 23 | 0 | 0 | 0 |
Tax settlements associated with share-based compensation (in shares) | 0 | (1) | |||||
Tax settlements associated with equity-based plans | (30) | $ 0 | $ 0 | (30) | 0 | 0 | 0 |
Issuance of common stock in connection with equity-based plans (in shares) | 0 | 5 | |||||
Issuance of common stock in connection with equity-based plans | 76 | $ 0 | $ 0 | 76 | 0 | 0 | 0 |
Redeemable noncontrolling interest adjustments to redemption value | (1) | $ 0 | $ 0 | 0 | 0 | (1) | 0 |
Stock issued (in shares) at Jun. 30, 2017 | 97 | ||||||
Common stock issued (in shares) at Jun. 30, 2017 | 547 | ||||||
Ending balance at Jun. 30, 2017 | $ 5,526 | $ 2 | $ 5 | $ 7,177 | $ (6,737) | $ 5,696 | $ (617) |
Description Of Business And Bas
Description Of Business And Basis Of Presentation | 6 Months Ended |
Jun. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description Of Business And Basis Of Presentation | DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION Description of Business Discovery Communications, Inc. (“Discovery” or the “Company”) is a global media company that provides content across multiple distribution platforms, including pay-television ("pay-TV"), free-to-air ("FTA") and broadcast, various digital distribution platforms and content licensing agreements. The Company also operates a portfolio of websites, digital direct-to-consumer products, a production studio and curriculum-based education products and services. As further discussed in Note 2, on April 28, 2017 , the Company sold two of its production studios Raw and Betty to DLG Acquisitions Limited (“All3Media”). The Company presents its operations in two reportable segments: U.S. Networks, consisting principally of domestic television networks and digital content services, and International Networks, consisting principally of international television networks and digital content services. In addition, Education and Other consists principally of curriculum-based product and service offerings and the production studio. Financial information for Discovery’s reportable segments is discussed in Note 16. Basis of Presentation The consolidated financial statements include the accounts of Discovery and its majority-owned subsidiaries in which a controlling interest is maintained. For each non-wholly owned subsidiary, the Company evaluates its ownership and other interests to determine whether it should consolidate the entity. As part of its evaluation, the Company makes judgments in determining whether the entity is a variable interest entity ("VIE") and, if so, whether it is the primary beneficiary of the VIE and is thus required to consolidate the entity. (See Note 3.) Inter-company accounts and transactions between consolidated entities have been eliminated in consolidation. Unaudited Interim Financial Statements These consolidated financial statements are unaudited; however, in the opinion of management, they reflect all adjustments consisting only of normal recurring adjustments necessary to state fairly the financial position, results of operations and cash flows for the periods presented in conformity with U.S. generally accepted accounting principles (“GAAP”) applicable to interim periods. The results of operations for the interim periods presented are not necessarily indicative of results for the full year or future periods. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in Discovery’s Annual Report on Form 10-K for the year ended December 31, 2016 (the “ 2016 Form 10-K”). Use of Estimates The preparation of financial statements in accordance with GAAP requires management to make estimates, judgments and assumptions that affect the amounts and disclosures reported in the consolidated financial statements and accompanying notes. Management continually re-evaluates its estimates, judgments and assumptions, and management’s evaluation could change. These estimates are sometimes complex, sensitive to changes in assumptions and may require fair value determinations using Level 3 fair value measurements. Actual results may differ materially from those estimates. Estimates inherent in the preparation of the consolidated financial statements include accounting for asset impairments, revenue recognition, allowances for doubtful accounts, content rights, depreciation and amortization, business combinations, share-based compensation, income taxes, other financial instruments, contingencies and the determination of whether the Company is the primary beneficiary of entities in which it holds variable interests. Reclassifications The Company adopted new accounting guidance for share-based payments, deferred income taxes and statements of cash flows as of January 1, 2017. The adoption of the new guidance for deferred income taxes resulted in reclassifications of current deferred tax assets to noncurrent deferred tax assets and liabilities in the Company's balance sheet as of December 31, 2016 to conform to the current period presentation. The impact of these reclassifications is shown within the Balance Sheet Classification of Deferred Income Taxes section below. The new accounting pronouncements adopted for share-based payments resulted in the reclassification of net tax windfall adjustments of $1 million from financing activities to operating activities in the consolidated statement of cash flows for the six months ended June 30, 2016, to conform to the current period presentation. The impact of these reclassifications is shown within the Share-based Payments section below. The new accounting pronouncements adopted for cash flow statements did not impact the prior period amounts presented in these financial statements. The impact of the adoptions to other prior periods for the balance sheet and statement of operations that are not presented in these financial statements were disclosed in the 2016 Form 10-K. See further discussion of new accounting pronouncements adopted below. Accounting and Reporting Pronouncements Adopted Share-Based Payments On January 1, 2017 , the Company adopted new guidance that simplifies how share-based payments are accounted for and presented in the financial statements. The new guidance impacted the financial statements as follows: • Actual forfeitures are used in the calculations of share-based compensation expense instead of estimated forfeitures. Retained earnings was decreased by approximately $4 million to effect the modified retrospective method impact of the adoption as of January 1, 2017. • Net windfall tax benefits or deficiencies are recorded in income tax expense in the period in which they occur, whereas they were previously recorded in additional paid-in capital (“APIC”). This change has been applied prospectively. There were $1 million in net tax windfall adjustments for the three and six months ended June 30, 2016 . • Expected cash flows from net windfall tax benefits are no longer factored into the calculation of the number of shares for diluted earnings per share. This change has been applied prospectively. Net windfall tax benefits did not impact the presentation of diluted earnings per share for the three and six months ended June 30, 2016 . • Cash flows from net windfall tax benefits are classified as operating activities in the statement of cash flows presentation. Previously net windfall tax benefits were classified as financing activities. This change is applied retrospectively, resulting in the adjustment of prior period amounts. There were $1 million in net tax windfall adjustments for the six months ended June 30, 2016 reclassified from financing activities to operating activities. • The Company evaluated the accounting for awards that are liability-classified and marked-to-market each accounting period and concluded that there is no change to the accounting for those awards. Balance Sheet Classification of Deferred Income Taxes On January 1, 2017 , the Company adopted new guidance that removes the requirement to separate deferred tax assets and liabilities into current and noncurrent amounts, and instead requires all such amounts be classified as noncurrent on the Company's consolidated balance sheets. As a result, each tax jurisdiction will now only have one net noncurrent deferred tax asset or liability. The new guidance does not change the existing requirement that prohibits offsetting deferred tax liabilities from one jurisdiction against deferred tax assets of another jurisdiction. The Company retrospectively adopted the new guidance effective January 1, 2017. The following table summarizes the adjustments the Company made to conform prior period classifications to the new guidance: December 31, 2016 As reported As adjusted Current deferred income tax assets $ 97 $ — Noncurrent deferred income tax assets (included within other noncurrent assets) 9 20 Noncurrent deferred income tax liabilities (553 ) (467 ) Total $ (447 ) $ (447 ) Statement of Cash Flows On January 1, 2017 , the Company adopted new guidance that reduces diversity in practice in how certain cash receipts and cash payments are classified in the statement of cash flows. The topics relevant to the Company include: (1) debt prepayment or debt extinguishment costs, which prior to adoption were classified as operating activities, but are now classified as financing activities, (2) settlement and receipt of discounts and premiums associated with our senior notes, which prior to adoption were classified as operating activities, but are now classified as financing activities when the stated interest rate is deemed not insignificant to the effective interest rate of the borrowing, (3) contingent consideration payments not made soon after a business combination date, which must be classified as financing activities up to the contingent consideration liability amount with any excess payment classified as operating activities, and (4) the election to assess distributions received from equity method investees based on the nature of distribution approach, which results in the classification of such distributions based on the nature of the activity that generated the distribution as either a return on investment (classified as cash inflows from operating activities) or a return of investment (classified as cash inflows from investing activities). The Company early adopted this guidance retrospectively effective January 1, 2017 . There was no impact from the adoption of the new guidance on the prior period financial statements presented for the six months ended June 30, 2016 , as there were no transactions related to the first and second items listed above and no change in the Company's historical accounting policy was required for the third and fourth items listed above. Accounting and Reporting Pronouncements Not Yet Adopted Goodwill Under the current accounting guidance, the quantitative goodwill impairment test is performed using a two-step process. The first step of the process is to compare the fair value of a reporting unit with its carrying amount, including goodwill. If the fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is not impaired and the second step of the quantitative impairment test is not necessary. If the carrying amount of a reporting unit exceeds its fair value, the second step of the quantitative goodwill impairment test is required to be performed to measure the amount of impairment loss, if any. The second step of the quantitative goodwill impairment test compares the implied fair value of the reporting unit’s goodwill with the carrying amount of that goodwill. The implied fair value of goodwill is determined in the same manner as the amount of goodwill recognized in a business combination. In other words, the estimated fair value of the reporting unit’s identifiable net assets excluding goodwill is compared to the fair value of the reporting unit as if the reporting unit had been acquired in a business combination and the fair value of the reporting unit was the purchase price paid. If the carrying amount of the reporting unit’s goodwill exceeds the implied fair value of that goodwill, an impairment loss is recognized in an amount equal to that excess. In January 2017, the FASB issued guidance that simplifies the subsequent measurement of goodwill impairments. The new guidance eliminates Step 2 from the goodwill impairment test, and eliminates the requirements for any reporting unit with a zero or negative carrying amount to perform a qualitative assessment. Therefore, an entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017 . The amendments in this update should be adopted on a prospective basis for the annual or any interim goodwill impairment tests beginning after December 15, 2019 . The Company is currently evaluating the impact that the pronouncement will have on the consolidated financial statements. Income Taxes In October 2016 , the FASB issued guidance that simplifies the accounting for the income tax consequences of intra-entity transfers of assets other than inventory. The new guidance includes requirements to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs, and therefore eliminates the exception for an intra-entity transfer of an asset other than inventory. The new standard is effective for reporting periods beginning after December 15, 2017 , with any adjustments applied on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. The Company is currently evaluating the impact that the pronouncement will have on the consolidated financial statements. Leases In February 2016 , the FASB issued guidance on leases that will require lessees to recognize almost all of their leases on the balance sheet by recording a right-of-use asset and liability. The new standard will be effective for reporting periods beginning after December 15, 2018 , and requires application of the new accounting guidance at the beginning of the earliest comparative period presented in the year of adoption. The Company is currently evaluating the impact that the pronouncement will have on the consolidated financial statements however, it is expected that assets and liabilities will increase materially when operating leases are recorded under the new standard. Recognition and Measurement of Financial Instruments In January 2016 , the FASB issued guidance regarding the classification and measurement of financial instruments. The standard requires equity securities, including available-for-sale ("AFS") securities, to be measured at fair value with changes in the fair value recognized through net income, superseding the guidance permitting entities to record gains and losses on equity securities with readily determinable fair values in accumulated other comprehensive income. Investments accounted for under the equity method of accounting or that result in consolidation are not included within the scope of this update. The new standard will affect the Company's accounting for AFS securities for reporting periods prospectively beginning after December 15, 2017 . Revenue from Contracts with Customers In May 2014 , the FASB issued an accounting pronouncement related to revenue recognition, which applies a single, comprehensive revenue recognition model for all contracts with customers. The core principle of the new guidance is that the Company will recognize revenue from the transfer of promised goods or services to customers at an amount that reflects the consideration the Company expects to be entitled to receive in exchange for those goods or services. Subsequent to the issuance of the May 2014 guidance, several clarifications and updates have been issued by the FASB on this topic, the most recent of which was issued in December 2016. Many of these clarifications and updates to the guidance, as well as a number of interpretive issues, apply to companies in the media and entertainment industry. The new standard is effective for annual reporting periods beginning after December 15, 2017 . In addition, the guidance requires new or expanded disclosures related to the judgments made by companies when following the framework. The Company has made progress toward completing its assessment of the impact of adopting this new guidance, and the Company is finalizing its implementation plan. The Company currently does not anticipate that the adoption of the new guidance will have a material impact on the Company's financial statements, principally because the Company does not expect significant changes in the way it will record U.S. Networks' distribution or advertising revenues. The Company is still evaluating the impact of its international distribution and advertising revenue arrangements. The Company's evaluation of the expected impact of the new guidance on certain transactions could change if there are additional interpretations of the new revenue guidance that are different from the Company's preliminary conclusions. The Company will apply the new revenue standard beginning January 1, 2018 . The guidance permits two methods of adoption: retrospectively to each prior reporting period presented (full retrospective method), or retrospectively with the cumulative effect of initially applying the guidance recognized at the date of initial application (the cumulative catch-up transition method). When the Company has completed its evaluation, it will determine the method of transition that will be used in adopting the new standard. Concentrations Risk Customers The Company has long-term contracts with distributors around the world. For the U.S. Networks segment, more than 90% of distribution revenue comes from the Company's largest 10 distributors in the U.S. For the International Networks segment, approximately 43% of distribution revenue comes from the Company's largest 10 distributors outside of the U.S. Agreements in place with the major cable and satellite operators in the U.S. Networks and International Networks expire at various times from 2017 through 2021 . Although the Company seeks to renew its agreements with its distributors prior to expiration of a contract, a delay in securing a renewal that results in a service disruption, a failure to secure a renewal or a renewal on less favorable terms may have a material adverse effect on the Company’s financial condition and results of operations. Not only could the Company experience a reduction in distribution revenue, but it could also experience a reduction in advertising revenue, as viewership is impacted by affiliate subscriber levels. No individual customer accounted for more than 10% of total consolidated revenues for the three and six months ended June 30, 2017 or 2016 . As of June 30, 2017 and December 31, 2016 , the Company’s trade receivables did not represent a significant concentration of credit risk as the customers and markets in which the Company operates are varied and dispersed across many geographic areas. Financial Institutions Cash and cash equivalents are maintained with several financial institutions. The Company has deposits held with banks that exceed the amount of insurance provided on such deposits. Generally, these deposits may be redeemed upon demand and are maintained with financial institutions of reputable credit and, therefore, bear minimal credit risk. Additionally, the Company has cash and cash equivalents held by its foreign subsidiaries that would result in U.S. tax consequences should the Company decide it needs to repatriate these funds to the U.S. Lender Counterparties There is a risk that the counterparties associated with the Company’s revolving credit facility will not be available to fund as obligated under the terms of the facility and that the Company may, at the time of such unavailability to fund, have limited or no access to the commercial paper market. If funding under the revolving credit facility is unavailable, the Company may have to acquire a replacement credit facility from different counterparties at a higher cost or may be unable to find a suitable replacement. Typically, the Company seeks to manage such risks from its revolving credit facility by contracting with experienced large financial institutions and monitoring the credit quality of its lenders. As of June 30, 2017 , the Company did not anticipate nonperformance by any of its counterparties. Counterparty Credit Risk The Company is exposed to the risk that the counterparties to outstanding derivative financial instruments will default on their obligations. The Company manages these credit risks through evaluating and monitoring the creditworthiness of, and concentration of risk with, the respective counterparties. In this regard, credit risk associated with outstanding derivative financial instruments is spread across a relatively broad counterparty base of banks and financial institutions. In connection with the Company's hedge of certain investments classified as AFS securities, the Company has pledged shares as collateral to the derivative counterparty. (See Note 3.) The Company also has a limited number of arrangements where collateral is required to be posted in the instance that certain fair value thresholds are exceeded. As of June 30, 2017 , no collateral has been posted by either party under these arrangements. As of June 30, 2017 , our exposure to counterparty credit risk included derivative assets with an aggregate fair value of $48 million . (See Note 4.) |
Acquisitions And Dispositions
Acquisitions And Dispositions | 6 Months Ended |
Jun. 30, 2017 | |
Business Combinations [Abstract] | |
Acquisitions and Dispositions | DISPOSITIONS Acquisitions Scripps Networks Interactive, Inc. ("Scripps") On July 31, 2017 , Discovery announced that it has signed an agreement for Discovery to acquire Scripps in a cash-and-stock transaction valued at $14.6 billion , or $90.00 per share. The transaction is expected to close by early 2018. Scripps shareholders will receive $90.00 per share, comprised of $63.00 per share in cash and $27.00 per share in Discovery's Series C common stock based on Discovery’s July 21, 2017 closing price. The stock portion will be subject to a collar based on the volume weighted average price of Discovery's Series C common stock over the 15 trading days ending on the third trading day prior to closing (the “Average Discovery Price”). Scripps shareholders will receive 1.2096 shares of Discovery's Series C common stock if the Average Discovery Price is below $22.32 , and 0.9408 shares of Discovery's Series C common stock if the Average Discovery Price is above $28.70 . If the Average Discovery Price is greater than or equal to $22.32 but less than or equal to $28.70 , Scripps shareholders will receive a number of shares between 1.2096 and 0.9408 equal to $27.00 in value. If the Average Discovery Price is between $22.32 and $25.51 , Discovery has the option to pay additional cash instead of issuing more shares. Scripps shareholders will have the option to elect to receive their consideration in cash, stock or the mixture described above, subject to pro rata cut backs to the extent cash or stock is oversubscribed. Post-closing, Scripps’ shareholders will own approximately 20% of Discovery’s fully diluted common shares and Discovery’s shareholders will own approximately 80% . The cash portion of the purchase price will be financed with a combination of new debt and cash on hand. While Discovery expects to put in place financing for the transaction, Discovery also has secured fully committed financing from affiliates of Goldman Sachs & Co. LLC to fund the acquisition. The aggregate purchase price includes an assumption of Scripps’ net debt of approximately $2.7 billion . The transaction is subject to approval by Discovery and Scripps’ shareholders, regulatory approvals, and other customary closing conditions. John C. Malone, Advance/Newhouse Programming Partnership (“Advance/Newhouse”) and members of the Scripps family have entered into voting agreements to vote in favor of the transaction. In addition, Advance/Newhouse has provided its consent, in its capacity as the holder of Discovery’s outstanding shares of Series A preferred stock, for Discovery to enter into the merger agreement and consummate the merger. In connection with this consent, Discovery and Advance/Newhouse have entered into an exchange agreement pursuant to which Advance/Newhouse will exchange all of its shares of Series A and Series C preferred stock of Discovery for shares of newly designated Series A-1 and Series C-1 preferred stock of Discovery. The exchange transaction will not change the aggregate number of shares of Discovery’s Series A common stock and Series C common stock that are beneficially owned by Advance/Newhouse or change voting rights or liquidation preferences afforded to Advance/Newhouse. Dispositions Raw and Betty Studios, LLC. On April 28, 2017 , the Company sold Raw and Betty to All3Media. All3Media is a U.K. based television, film and digital production and distribution company. The Company owns 50% of All3Media and accounts for its investment in All3Media under the equity method of accounting. The Company recorded a loss of $4 million for the disposition of these businesses for the three and six months ended June 30, 2017 . The loss on disposition of Raw and Betty included $38 million in net assets, including $30 million of goodwill. The impact to the Company's income before income taxes for Raw and Betty through the date of sale were losses of $3 million and $4 million for the three and six months ended June 30, 2017 , respectively, and income of $1 million and $3 million for the three and six months ended June 30, 2016 , respectively. Raw and Betty were components of the studios operating segment reported with Education and Other. Group Nine Transaction On December 2, 2016 , the Company recorded a pre-tax gain of $50 million upon disposition of its digital network Seeker and production studio SourceFed, following its contribution of the businesses and $100 million in cash for the formation of a new joint venture, Group Nine Media, Inc. ("Group Nine Media"), on December 2, 2016 ("Group Nine Transaction"). Group Nine Media includes Thrillist Media Group, NowThis Media and TheDodo.com. As a result of the transaction, Discovery obtained a 39% ownership interest in the preferred stock of Group Nine Media, which is accounted for under the cost method of accounting. (See Note 3.) The gain on contribution of the digital networks business included the disposition of $32 million in net assets, including $22 million of goodwill allocated to the transaction based on the relative fair values of the digital networks business disposed of and the portion of the U.S. Networks reporting unit that was retained. Radio On June 30, 2015 , Discovery sold its radio business in the Nordics to Bauer Media Group ("Bauer") for total consideration, net of cash disposed, of €72 million ( $80 million ), which included €54 million ( $61 million ) in cash and €18 million ( $19 million ) of contingent consideration. The cumulative gain on the disposal is $1 million . Based on the final resolution and receipt of contingent consideration payable, Discovery recorded a pre-tax gain of $13 million for the three months ended March 31, 2016 . The Company had previously recorded a $12 million loss including estimated contingent consideration as disclosed for the quarter ended December 31, 2015 . The Company determined that the disposals noted above did not meet the definition of discontinued operations, because the dispositions do not represent strategic shifts that have a significant impact on the Company's operations and consolidated financial results. |
Investments
Investments | 6 Months Ended |
Jun. 30, 2017 | |
Investments [Abstract] | |
Investments | INVESTMENTS The Company’s investments consisted of the following (in millions). Category Balance Sheet Location June 30, 2017 December 31, 2016 Trading securities: mutual funds Prepaid expenses and other current assets $ 178 $ 160 Equity method investments Equity method investments, including note receivable 700 557 AFS securities: Common stock Other noncurrent assets 68 64 Common stock - pledged Other noncurrent assets 68 64 Cost method investments Other noncurrent assets 260 245 Total investments $ 1,274 $ 1,090 Trading Securities Trading securities include investments in mutual funds held in a separate trust which are owned as part of the Company’s supplemental retirement plan. (See Note 4.) Equity Method Investments The Company makes investments that support its underlying business strategy and enable it to enter new markets and develop programming. Almost all equity method investees are privately owned. The carrying values of the Company’s equity method investments are consistent with its ownership in the underlying net assets of the investees, except for Oprah Winfrey Network ("OWN"), because the Company has recorded losses in excess of its ownership interest, and certain investments in renewable energy projects accounted for using the Hypothetical Liquidation at Book Value ("HLBV") methodology under the equity method of accounting. Certain of the Company's equity method investments are VIEs, for which the Company is not the primary beneficiary. As of June 30, 2017 , the Company’s maximum exposure for all its VIEs including the investment carrying values, unfunded contractual commitments, and guarantees made on behalf of VIEs was approximately $577 million . The Company's maximum estimated exposure excludes the non-contractual future funding of VIEs. The aggregate carrying values of these VIE investments were $544 million and $426 million as of June 30, 2017 and December 31, 2016 , respectively. The Company recognized its portion of net losses generated by VIEs of $35 million and $5 million for the three months ended June 30, 2017 and 2016 , respectively, and net losses and net income generated by VIEs of $78 million and $4 million for the six months ended June 30, 2017 and 2016 , respectively. OWN OWN is a pay-TV network and website that provides adult lifestyle content, which is focused on self-discovery, self-improvement and entertainment. Since the initial equity was not sufficient to fund OWN's activities without additional subordinated financial support in the form of a note receivable held by the Company, OWN is a VIE. While the Company and Harpo, Inc. ("Harpo") are partners who share equally in voting control, power is not shared because Harpo holds operational rights related to programming and marketing, as well as selection and retention of key management personnel, that significantly impact OWN’s economic performance. Accordingly, the Company has determined that it is not the primary beneficiary of OWN and accounts for its investment in OWN using the equity method. However, the Company provides OWN content licenses and services, such as distribution, sales and administrative support, for a fee and has provided OWN funding. (See Note 14.) The carrying value of the Company’s investment in OWN of $350 million and $320 million as of June 30, 2017 and December 31, 2016 , respectively, includes the Company's note receivable and accumulated investment balance. The Company's combined advances to and note receivable from OWN, including accrued interest, were $301 million and $311 million as of June 30, 2017 and December 31, 2016 , respectively. The interest on the note, compounded annually, is 5.0% . During the six months ended June 30, 2017 , the Company received net repayments of $17 million from OWN and accrued interest on the note receivable of $7 million . The note receivable is secured by the net assets of OWN. While the Company has no further funding commitments, the Company will provide additional funding to OWN, if necessary, and expects to recoup amounts funded. There can be no event of default on the borrowing until 2023. However, borrowings are scheduled for repayment four years after the borrowing date to the extent that OWN has excess cash to repay the borrowings then due. Following such repayment, OWN’s subsequent cash distributions will be shared equally between the Company and Harpo. The Company monitors the financial results of OWN along with other relevant business information to assess the recoverability of the OWN note receivable. There has been no impairment of the OWN note receivable. In accordance with the venture agreement, losses generated by OWN are generally allocated to both investors based on their proportionate ownership interests. However, the Company has recorded its portion of OWN’s losses based upon accounting rules for equity method investments. Prior to the contribution of the Discovery Health network to OWN at its launch, the Company had recognized $104 million , or 100% , of OWN’s net losses. During the three months ended March 31, 2012, accumulated operating losses at OWN exceeded the equity contributed to OWN, and Discovery began again to record 100% of OWN’s net losses. Although OWN has become profitable, the Company will record 100% of any net losses to the extent they result from OWN's operations as long as Discovery has provided all funding to OWN and OWN’s accumulated losses continue to exceed the equity contributed. All of OWN's net income has been and will continue to be recorded by the Company until the Company recovers losses absorbed in excess of the Company's equity ownership interest. Based on the joint venture agreement, as amended on April 1, 2016 , Harpo has the right to require the Company to purchase all or part of Harpo’s interest in OWN at fair market value up to a maximum put amount during 90-day windows beginning on April 1, 2017 and every two and a half years commencing July 1, 2018 through January 1, 2026. The maximum put amount ranges from $100 million on the first put exercise date up to a cumulative cap of $400 million on the fifth put exercise date. On June 16, 2017 , Harpo delivered its put notice for up to $100 million in value of its OWN membership interests to the Company. Harpo may withdraw its put exercise notice during the required 30 day valuation process, which has been extended until August 16, 2017. Harpo and Discovery are following a series of protocols specified in the joint venture agreement to determine an agreed upon fair value for the put. The number of common units subject to the put exercise represents the proportion of common units held by Harpo that equate to the fair value of the Harpo put purchase price. As of June 30, 2017 , the Company has not recorded a liability in connection with the exercise of Harpo's put as the valuation has not been finalized and Harpo may withdraw its put exercise notice. Renewable Energy Investments During three and six months ended June 30, 2017 , the Company invested $15 million and $196 million , respectively in limited liability companies that sponsor renewable energy projects related to solar energy. The Company expects these investments to result in tax benefits received, which reduce the Company's tax liability, and cash flows from the operation of the investee. These investments are considered VIEs of the Company. The Company does not consolidate the investments as the Company does not have the power to direct the activities that will most significantly impact their economic performance such as the investee's ability to obtain sufficient customers or control solar panel assets. As such, the Company accounts for these investments under the equity method of accounting as the Company possesses rights that allow the Company to exercise significant influence over the investments. Once a stipulated return on investment is garnered by the Company, the investment allocations to the Company are significantly reduced. Accordingly, the Company applies the HLBV method for recognizing the Company's proportionate share of the investments' net earnings or losses. During the three and six months ended June 30, 2017 , the Company recognized $43 million and $126 million , respectively of losses on these investments as part of loss from equity investees, net in the consolidated statements of operations. The Company recorded benefits of $56 million and $112 million associated with these investments during the three and six months ended June 30, 2017 , respectively, that were recorded as a component of income tax expense and operating cash flows. These benefits are comprised of $15 million from the entities' passive losses and $41 million from the investment tax credits for the three months ended June 30, 2017 , the latter of which is accounted for utilizing the flow through method. For the six months ended June 30, 2017 , the benefits are comprised of $46 million from the entities' passive losses and $66 million from investment tax credits. No investments in renewable energy projects were held by the Company for the three or six months ended June 30, 2016 . As of June 30, 2017 and December 31, 2016 , the Company's carrying value of renewable energy investments was $109 million and $39 million , respectively. The Company has $31 million of future funding commitments for these investments as of June 30, 2017 , which are cancelable under limited circumstances. Other Equity Method Investments At June 30, 2017 and December 31, 2016 , the Company's other equity method investments included All3Media, a Russian cable television business, Mega TV in Chile, and certain joint ventures in Canada. The Company acquired other equity method investments, largely to enhance the Company's digital distribution strategies, particularly for Eurosport Player, and made additional contributions to existing equity method investments totaling $59 million during the six months ended June 30, 2017 . AFS Securities On November 12, 2015 , the Company acquired 5 million shares, or approximately 3% , of Lions Gate Entertainment Corp. ("Lionsgate"), an entertainment company, for $195 million . Lionsgate operates in the motion picture production and distribution, television programming and syndication, home entertainment and digital distribution business. As the shares have a readily determinable fair value and the Company has the intent to retain the investment, the shares are classified as AFS securities. The accumulated amounts associated with the components of the Company's AFS securities, which are included in other non-current assets, are summarized in the table below (in millions). June 30, 2017 December 31, 2016 Cost $ 195 $ 195 Accumulated change in the value of: Hedged AFS recognized in other (expense) income, net (15 ) (19 ) Unhedged AFS recorded in other comprehensive income (loss) 18 14 Other-than-temporary impairment of AFS securities (62 ) (62 ) Carrying value $ 136 $ 128 The Company hedged 50% of the shares with an equity collar (the “Lionsgate Collar”) and pledged those shares as collateral to the derivative counter party. In the application of hedge accounting, when the share price of Lionsgate is within the boundaries of the collar and the hedge has no intrinsic value, the Company records the gains or losses on the Lionsgate AFS securities as a component of other comprehensive income (loss) . When the share price of the Lionsgate AFS is outside the boundaries of the collar and the hedge has intrinsic value, the Company records a gain or loss for the change in the fair value of the hedged portion of Lionsgate shares that correspond to the change in intrinsic value of the hedge as a component of other (expense) income, net . (See Note 7.) In 2016 , the Company determined that the decline in value of AFS securities related to its investment in Lionsgate was other-than-temporary in nature and, as such, the cost basis was adjusted to fair value. The impairment determination was based on the sustained decline in the stock price of Lionsgate in relation to the purchase price and the prolonged length of time the fair value of the investment had been less than the carrying value. Based on the other-than-temporary impairment determination, unrealized pre-tax losses of $62 million previously recorded as a component of other comprehensive income (loss) were recognized as an impairment charge that was included as a component of other (expense) income, net for the quarter ended September 30, 2016 . Since the impairment charge in 2016 , the changes in fair value as a result of changes in stock price have been recorded as a component of other comprehensive income (loss) . Cost Method Investments The Company's cost method investments as of June 30, 2017 primarily include its 39% minority interest in Group Nine Media valued at $182 million . (See Note 2.) Although Discovery has significant influence through its voting rights in the preferred stock of Group Nine Media, the Company applies the cost method for its ownership interest, which does not meet the definition of in-substance common stock. The Company also has investments in an educational website, an electric car racing series and certain investments to enhance the Company's digital distribution strategies. For the six months ended June 30, 2017 , the Company invested $15 million in various cost method investments. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | FAIR VALUE MEASUREMENTS Fair value is defined as the amount that would be received for selling an asset or paid to transfer a liability in an orderly transaction between market participants. Assets and liabilities carried at fair value are classified in the following three categories: Level 1 – Quoted prices for identical instruments in active markets. Level 2 – Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. Level 3 – Valuations derived from techniques in which one or more significant inputs are unobservable. The tables below present assets and liabilities measured at fair value on a recurring basis (in millions). June 30, 2017 Category Balance Sheet Location Level 1 Level 2 Level 3 Total Assets Trading securities - mutual funds Prepaid expenses and other current assets $ 178 $ — $ — $ 178 AFS securities: Common stock Other noncurrent assets 68 — — 68 Common stock - pledged Other noncurrent assets 68 — — 68 Derivatives: Cash flow hedges: Foreign exchange Prepaid expenses and other current assets — 8 — 8 Net investment hedges: Cross-currency swaps Other noncurrent assets — 18 — 18 Fair value hedges: Equity (Lionsgate Collar) Other noncurrent assets — 22 — 22 Total $ 314 $ 48 $ — $ 362 Liabilities Deferred compensation plan Accrued liabilities $ 178 $ — $ — $ 178 Derivatives: Cash flow hedges: Foreign exchange Accrued liabilities — 23 — 23 Foreign exchange Other noncurrent liabilities — 1 — 1 Net investment hedges: Cross-currency swaps Accrued liabilities — 7 — 7 Cross-currency swaps Other noncurrent liabilities — 58 — 58 No hedging designation: Cross-currency swaps Other noncurrent liabilities — 2 — 2 Total $ 178 $ 91 $ — $ 269 December 31, 2016 Category Balance Sheet Location Level 1 Level 2 Level 3 Total Assets Trading securities - mutual funds Prepaid expenses and other current assets $ 160 $ — $ — $ 160 AFS securities: Common stock Other noncurrent assets 64 — — 64 Common stock - pledged Other noncurrent assets 64 — — 64 Derivatives: Cash flow hedges: Foreign exchange Prepaid expenses and other current assets — 31 — 31 Net investment hedges: Cross-currency swaps Other noncurrent assets — 35 — 35 Fair value hedges: Equity (Lionsgate Collar) Other noncurrent assets — 25 — 25 No hedging designation: Cross-currency swaps Other noncurrent assets — 1 — 1 Total $ 288 $ 92 $ — $ 380 Liabilities Deferred compensation plan Accrued liabilities $ 160 $ — $ — $ 160 Derivatives: Cash flow hedges: Foreign exchange Accrued liabilities — 18 — 18 Net investment hedges: Cross-currency swaps Accrued liabilities — 3 — 3 Cross-currency swaps Other noncurrent liabilities — 31 — 31 Total $ 160 $ 52 $ — $ 212 The fair value of Level 1 trading securities was determined by reference to the quoted market price per unit in active markets multiplied by the number of units held without consideration of transaction costs. (See Note 3). The fair value of the deferred compensation plan liability was determined based on the fair value of the related investments elected by employees. AFS securities represent equity investments with readily determinable fair values. The fair value of Level 1 AFS securities was determined by reference to the quoted market price per unit in active markets multiplied by the number of units held without consideration of transaction costs. (See Note 3). Derivative financial instruments are comprised of foreign exchange, interest rate and equity contracts. (See Note 7). The fair value of Level 2 derivative financial instruments was determined using a market-based approach. In addition to the financial instruments listed in the tables above, the Company holds other financial instruments, including cash deposits, accounts receivable, accounts payable, commercial paper, borrowings under the revolving credit facility and senior notes. The carrying values for such financial instruments, other than the senior notes, each approximated their fair values as of June 30, 2017 and December 31, 2016 . The estimated fair value of the Company’s outstanding senior notes using quoted prices from over the counter markets, considered Level 2 inputs, was $7.6 billion and $7.4 billion as of June 30, 2017 and December 31, 2016 , respectively. |
Content Rights
Content Rights | 6 Months Ended |
Jun. 30, 2017 | |
Content Rights [Abstract] | |
Content Rights | CONTENT RIGHTS The table below presents the components of content rights (in millions). June 30, 2017 December 31, 2016 Produced content rights: Completed $ 4,034 $ 3,920 In-production 483 420 Coproduced content rights: Completed 647 632 In-production 26 57 Licensed content rights: Acquired 1,053 1,090 Prepaid (a) 168 129 Content rights, at cost 6,411 6,248 Accumulated amortization (3,951 ) (3,849 ) Total content rights, net 2,460 2,399 Current portion (390 ) (310 ) Noncurrent portion $ 2,070 $ 2,089 (a) Prepaid licensed content rights includes prepaid rights to the Olympic games of $61 million that are reflected as current content rights assets on the consolidated balance sheet as of June 30, 2017 . Content expense is included in costs of revenues on the consolidated statements of operations and consisted of the following (in millions). Three months ended June 30, Six months ended June 30, 2017 2016 2017 2016 Content amortization $ 446 $ 420 $ 901 $ 855 Other production charges 76 79 141 138 Content impairments 6 3 9 9 Total content expense $ 528 $ 502 $ 1,051 $ 1,002 |
Debt
Debt | 6 Months Ended |
Jun. 30, 2017 | |
Debt Disclosure [Abstract] | |
Debt | DEBT The table below presents the components of outstanding debt (in millions). June 30, 2017 December 31, 2016 5.625% Senior notes, semi-annual interest, due August 2019 $ 411 $ 500 5.05% Senior notes, semi-annual interest, due June 2020 789 1,300 4.375% Senior notes, semi-annual interest, due June 2021 650 650 2.375% Senior notes, euro denominated, annual interest, due March 2022 342 314 3.30% Senior notes, semi-annual interest, due May 2022 500 500 3.25% Senior notes, semi-annual interest, due April 2023 350 350 3.80% Senior notes, semi-annual interest, due March 2024 450 — 3.45% Senior notes, semi-annual interest, due March 2025 300 300 4.90% Senior notes, semi-annual interest, due March 2026 700 500 1.90% Senior notes, euro denominated, annual interest, due March 2027 684 627 6.35% Senior notes, semi-annual interest, due June 2040 850 850 4.95% Senior notes, semi-annual interest, due May 2042 500 500 4.875% Senior notes, semi-annual interest, due April 2043 850 850 Revolving credit facility 700 550 Commercial paper 73 48 Capital lease obligations 172 151 Total debt 8,321 7,990 Unamortized discount and debt issuance costs (58 ) (67 ) Debt, net 8,263 7,923 Current portion of debt (105 ) (82 ) Noncurrent portion of debt $ 8,158 $ 7,841 Senior Notes On March 13, 2017 , Discovery Communications, LLC ("DCL"), a wholly-owned subsidiary of the Company, issued $ 450 million principal amount of 3.80% senior notes due March 13, 2024 (the "2017 USD Notes") and an additional $200 million principal amount of its existing 4.90% senior notes due March 11, 2026 (the "2016 USD Notes"). Interest on the 2017 USD Notes is payable semi-annually on March 13 and September 13 of each year. Interest on the 2016 USD Notes is payable semi-annually on March 11 and September 11 of each year. The proceeds received by DCL from the 2017 USD Notes were net of a $1 million issuance discount and $4 million of debt issuance costs. The proceeds received by DCL from the 2016 USD Notes included a $10 million issuance premium and were net of $2 million of debt issuance costs. The issuances are fully and unconditionally guaranteed by the Company. DCL used the proceeds from the offerings to repurchase $600 million aggregate principal amount of DCL's 5.05% senior notes due 2020 and 5.625% senior notes due 2019 in a cash tender offer. The repurchase resulted in a pretax loss on extinguishment of debt of $54 million for the six months ended June 30, 2017 , which is presented as a separate line item on the Company's consolidated statements of operations and recognized as a component of financing cash outflows on the consolidated statements of cash flows. The loss included $50 million for premiums to par value, $2 million of non-cash write-offs of unamortized deferred financing costs, $1 million for the write-off of the original issue discount of these senior notes and $1 million accrued for other third-party fees. Revolving Credit Facility DCL's revolving credit facility allows DCL and certain designated foreign subsidiaries of DCL to borrow up to $2.0 billion , including a $100 million sublimit for the issuance of standby letters of credit and a $50 million sublimit for swingline loans. Borrowing capacity under this agreement is reduced by any outstanding borrowings under the commercial paper program discussed below. The revolving credit facility agreement provides for a maturity date of February 4, 2021 and the option for up to two additional 364-day renewal periods. As of June 30, 2017 , the Company had outstanding U.S. dollar-denominated borrowings under the revolving credit facility of $700 million at a weighted average interest rate of 2.52% . As of December 31, 2016 , the Company had outstanding U.S. dollar-denominated borrowings under the revolving credit facility of $550 million at a weighted average interest rate of 2.05% . The interest rate on borrowings under the revolving credit facility is variable based on DCL's then-current credit ratings for its publicly traded debt and changes in financial index rates. For U.S. dollar-denominated borrowings, the interest rate is based, at the Company's option, on either adjusted LIBOR plus a margin, or an alternate base rate plus a margin. The Company may also borrow in foreign currency under the credit facility, at an interest rate based on adjusted LIBOR, plus a margin. The current margins are 1.30% and 0.30% , respectively, per annum for adjusted LIBOR and alternate base rate borrowings. The Company had no borrowings under the credit facility in foreign currencies as of June 30, 2017 or December 31, 2016. A monthly facility fee is charged based on the total capacity of the facility, and interest is charged based on the amount borrowed on the facility. The current facility fee rate is 0.20% per annum and subject to change based on DCL's then-current credit ratings. All obligations of DCL and the other borrowers under the revolving credit facility are unsecured and are fully and unconditionally guaranteed by Discovery. The credit agreement governing the revolving credit facility contains customary representations, warranties and events of default, as well as affirmative and negative covenants. As of June 30, 2017 , the Company, DCL and the other borrowers were in compliance with all covenants, and there were no events of default under the revolving credit facility. Commercial Paper The Company's commercial paper program is supported by the revolving credit facility described above. Outstanding commercial paper borrowings were $73 million with a weighted average interest rate of approximately 1.60% as of June 30, 2017 and $48 million with a weighted average interest rate of approximately 1.20% as of December 31, 2016 . |
Derivative Financial Instrument
Derivative Financial Instruments | 6 Months Ended |
Jun. 30, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | DERIVATIVE FINANCIAL INSTRUMENTS The Company uses derivative financial instruments to modify its exposure to market risks from changes in foreign currency exchange rates, interest rates and the fair value of investments classified as AFS securities. At the inception of a derivative contract, the Company designates the derivative as one of four types based on the Company's intentions and belief as to its likely effectiveness as a hedge. These four types are: (1) a hedge of a forecasted transaction or the variability of cash flows to be received or paid related to a recognized asset or liability ("cash flow hedge"), (2) a hedge of net investments in foreign operations ("net investment hedge"), (3) a hedge of the fair value of a recognized asset or liability or of an unrecognized firm commitment ("fair value hedge"), or (4) an instrument with no hedging designation. The Company does not enter into or hold derivative financial instruments for speculative trading purposes. Unsettled derivative contracts are recorded at their gross fair values on the consolidated balance sheets. (See Note 4.) The portion of the fair value that represents cash flows occurring within one year are classified as current, and the portion related to cash flows occurring beyond one year are classified as noncurrent. Gains and losses on the effective portions of designated cash flow and net investment hedges are initially recognized as components of accumulated other comprehensive loss on the consolidated balance sheets and reclassified into the statements of operations in the same line item in which the hedged item is recorded and in the same period as the hedged item affects earnings. The ineffective portion of any previous gains and losses recorded in accumulated other comprehensive loss on the consolidated balance sheets are reclassified immediately to other (expense) income, net on the consolidated statements of operations. The Company records gains and losses from the Lionsgate Collar, designated as a fair value hedge, and instruments that receive no hedging designation, as a component of other (expense) income, net on the consolidated statements of operations. The cash flows from the effective portion of derivative instruments used as hedges are classified in the consolidated statements of cash flows in the same section as the cash flows from the hedged item. The following table summarizes the impact of derivative financial instruments on the Company's consolidated balance sheets (in millions). There were no amounts eligible to be offset under master netting agreements as of June 30, 2017 and December 31, 2016 . June 30, 2017 December 31, 2016 Fair Value Fair Value Notional Prepaid expenses and other current assets Other non- current assets Accrued liabilities Other non- current liabilities Notional Prepaid expenses and other current assets Other non- current assets Accrued liabilities Other non- current liabilities Cash flow hedges: Foreign exchange $ 625 $ 8 $ — $ 23 $ 1 $ 677 $ 31 $ — $ 18 $ — Net investment hedges: Cross-currency swaps 1,684 — 18 7 58 751 — 35 3 31 Foreign exchange 100 — — — — — — — — — Fair value hedges: Equity (Lionsgate collar) 97 — 22 — — 97 — 25 — — No hedging designation: Interest rate 25 — — — — 25 — — — — Cross-currency swaps 64 — — — 2 64 — 1 — — Total $ 8 $ 40 $ 30 $ 61 $ 31 $ 61 $ 21 $ 31 The following table presents the pretax impact of derivatives designated as cash flow hedges on income and other comprehensive income (loss) (in millions). Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 (Losses) gains recognized in accumulated other comprehensive loss: Foreign exchange - derivative adjustments $ (18 ) $ 3 $ (31 ) $ (18 ) (Losses) gains reclassified into income from accumulated other comprehensive loss (effective portion): Foreign exchange - distribution revenue (4 ) (5 ) (7 ) (4 ) Foreign exchange - advertising revenue (1 ) (1 ) (1 ) (1 ) Foreign exchange - costs of revenues — 3 4 7 Foreign exchange - other (expense) income, net — 1 — 2 Interest rate - interest expense — (1 ) (1 ) (2 ) Fair value excluded from effectiveness assessment: Foreign exchange - other (expense) income, net — (3 ) — (4 ) If current fair values of designated cash flow hedges as of June 30, 2017 remained static over the next twelve months, the Company would reclassify $16 million of net deferred losses from accumulated other comprehensive loss into income in the next twelve months. The following table presents the pretax impact of derivatives designated as net investment hedges on other comprehensive income (loss) (in millions). Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Currency translation adjustments: Cross-currency swaps - changes in fair value $ (39 ) $ (8 ) $ (48 ) $ (8 ) Cross-currency swaps - interest settlements — — 5 — Total other comprehensive loss $ (39 ) $ (8 ) $ (43 ) $ (8 ) The following table presents the pretax impact of derivatives designated as fair value hedges on income, including offsetting changes in fair value of the hedged items and amounts excluded from the assessment of effectiveness (in millions). There were no amounts of ineffectiveness recognized on fair value hedges for the three and six months ended June 30, 2017 . The Company recognized $2 million of ineffectiveness for the three and six months ended June 30, 2016 . Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Gains (losses) on changes in fair value of hedged AFS $ 4 $ (4 ) $ 4 $ (30 ) (Losses) gains on changes in the intrinsic value of equity contracts (4 ) 2 (4 ) 28 Fair value of equity contracts excluded from effectiveness assessment 3 1 1 (7 ) Total in other (expense) income, net $ 3 $ (1 ) $ 1 $ (9 ) The following table presents the pretax losses on derivatives not designated as hedges and recognized in other (expense) income, net in the consolidated statements of operations (in millions). Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Cross-currency swaps $ (2 ) $ — $ (3 ) $ — Foreign exchange $ — $ (2 ) $ — $ (2 ) |
Redeemable Noncontrolling Inter
Redeemable Noncontrolling Interests | 6 Months Ended |
Jun. 30, 2017 | |
Noncontrolling Interest [Abstract] | |
Redeemable Noncontrolling Interests | REDEEMABLE NONCONTROLLING INTERESTS The table below presents the reconciliation of changes in redeemable noncontrolling interests (in millions). Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Beginning balance $ 249 $ 248 $ 243 $ 241 Cash distributions to redeemable noncontrolling interests (17 ) (15 ) (20 ) (17 ) Comprehensive income adjustments: Net income attributable to redeemable noncontrolling interests 6 6 12 12 Other comprehensive income attributable to redeemable noncontrolling interests — 2 1 3 Currency translation on redemption values (1 ) 2 — 4 Retained earnings adjustments: Adjustments of redemption values to the floor — (2 ) 1 (2 ) Ending balance $ 237 $ 241 $ 237 $ 241 Redeemable noncontrolling interests consist of the following arrangements: In connection with its non-controlling interest in Discovery Family, Hasbro Inc. ("Hasbro") has the right to put the entirety of its remaining 40% non-controlling interest to the Company for one year after December 31, 2021 , or in the event a Discovery performance obligation related to Discovery Family is not met. Embedded in the redeemable noncontrolling interest is also a Discovery call right that is exercisable for one year after December 31, 2021 . Upon the exercise of the put or call options, the price to be paid for the redeemable noncontrolling interest is generally a function of the then-current fair market value of the redeemable noncontrolling interest, to which certain discounts and floor values may apply in specified situations depending upon the party exercising the put or call and the basis for the exercise of the put or call. As Hasbro's put right is outside the control of the Company, Hasbro's 40% noncontrolling interest is presented as redeemable noncontrolling interest outside of permanent equity on the Company's consolidated balance sheet. In connection with its non-controlling interest in Discovery Japan, Jupiter Telecommunications Co., Ltd ("J:COM") has the right to put all, but not less than all, of its 20% noncontrolling interest to Discovery at any time for cash. As amended, through January 10, 2018, the redemption value is the January 10, 2013 , fair value denominated in Japanese yen; thereafter, as chosen by J:COM, the redemption value is the then-current fair value or the January 10, 2013 , fair value denominated in Japanese yen. Redeemable noncontrolling interests reflected as of the balance sheet date are the greater of the noncontrolling interest balances adjusted for comprehensive income items and distributions or the redemption values remeasured at the period end foreign exchange rates (i.e., the "floor"). Adjustments to the carrying amount of redeemable noncontrolling interests to redemption value as a result of changes in exchange rates are reflected in currency translation adjustments, a component of other comprehensive income (loss) ; however, such currency translation adjustments to redemption value are allocated to Discovery stockholders only. Redeemable noncontrolling interest adjustments of redemption value to the floor are reflected in retained earnings. |
Equity
Equity | 6 Months Ended |
Jun. 30, 2017 | |
Equity [Abstract] | |
Equity | EQUITY Common Stock Repurchase Program On August 3, 2010, the Company implemented a stock repurchase program. Under the Company's stock repurchase program, management is authorized to purchase shares of the Company's common stock from time to time through open market purchases, privately negotiated transactions at prevailing prices, pursuant to one or more accelerated stock repurchase agreements, or other derivative arrangements as permitted by securities laws and other legal requirements, and subject to stock price, business and market conditions and other factors. As of June 30, 2017 , the total amount authorized under the stock repurchase program was $7.5 billion , and the Company had $0.8 billion of remaining authorization for future repurchases under the existing stock repurchase program, which will expire on October 8, 2017 . All common stock repurchases, including prepaid common stock repurchase contracts, have been made through open market transactions and have been recorded as treasury stock on the consolidated balance sheet. As of June 30, 2017 , the Company had repurchased over the life of the program 3 million and 164 million shares of Series A and Series C common stock, respectively, for an aggregate purchase price of $171 million and $6.6 billion , respectively. The table below presents a summary of common stock repurchases (in millions). Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Series C Common Stock: Shares repurchased 9.1 10.4 14.3 18.8 Purchase price $ 241 $ 286 $ 381 $ 500 Preferred Stock Conversion and Repurchase Program Series C convertible preferred stock held by Advance/Newhouse is convertible, at the option of the holder, into two shares of Series C common stock. The Company has an agreement with Advance/Newhouse to repurchase, on a quarterly basis, a number of shares of Series C convertible preferred stock equal to 3/7 of the number of shares of Series C common stock purchased under the Company’s common stock repurchase program during the then most recently completed fiscal quarter. The price paid per preferred share is calculated as 99% of the average price paid for the Series C common shares repurchased by the Company during the applicable fiscal quarter multiplied by the Series C conversion rate. The Advance/Newhouse repurchases are made outside of the Company’s publicly announced common stock repurchase program. The repurchase transactions are recorded as a decrease in par value of preferred stock and retained earnings upon settlement as there is no remaining APIC for this class of stock and the shares are retired upon repurchase. The table below presents a summary of Series C convertible preferred stock repurchases (in millions). Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Series C Convertible Preferred Stock: Shares repurchased 1.1 1.8 2.3 4.7 Purchase price $ 60 $ 91 $ 120 $ 250 Based on the number of shares of Series C common stock repurchased during the three months ended June 30, 2017 , the Company expects to repurchase, convert and retire 2 million shares of its Series C convertible preferred shares under the preferred stock conversion and repurchase arrangement for an aggregate purchase price of $102 million on or about August 10, 2017 . The expected purchase of these shares has not been recognized as a liability on the Company's consolidated balance sheet as of June 30, 2017 , due to certain termination rights held by Discovery and Advance/Newhouse in the preferred stock conversion and repurchase arrangement. Stock Repurchases As of June 30, 2017 , total shares repurchased, on a split-adjusted and as-converted basis, under these programs represent 38% of the Company's outstanding shares since the repurchase programs were authorized. Total shares repurchased, on a split-adjusted and as-converted basis, under these programs were 33% of the Company's outstanding shares since the repurchase programs were authorized, including offsetting adjustments for the issuance of equity for share-based compensation. Common Stock Repurchase Contract On March 15, 2017 , the Company settled a December 15, 2016 common stock repurchase contract through the receipt of $58 million of cash. The Company had prepaid $57 million for the common stock repurchase contract in 2016 with the option to settle the contract in cash or Series C common stock in March 2017. The Company elected to receive a cash settlement inclusive of a $1 million premium, which is reflected as an adjustment to APIC. Other Comprehensive Income (Loss) The table below presents the tax effects related to each component of other comprehensive income (loss) and reclassifications made in the consolidated statements of operations (in millions). Three Months Ended June 30, 2017 Three Months Ended June 30, 2016 Pretax Tax Net-of-tax Pretax Tax Net-of-tax Currency translation adjustments: Unrealized gains (losses) Foreign currency $ 109 $ 9 $ 118 $ (74 ) $ 17 $ (57 ) Net investment hedges (39 ) — (39 ) (8 ) — (8 ) Reclassifications: Loss on disposition 12 — 12 — — — Total currency translation adjustments 82 9 91 (82 ) 17 (65 ) AFS adjustments: Unrealized gains (losses) 9 — 9 (8 ) — (8 ) Reclassifications to other (expense) income, net: Hedged portion of AFS securities (4 ) — (4 ) 4 — 4 Total AFS adjustments 5 — 5 (4 ) — (4 ) Derivative adjustments: Unrealized (losses) gains (18 ) 5 (13 ) 3 (1 ) 2 Reclassifications: Distribution revenue 4 (1 ) 3 5 (1 ) 4 Advertising revenue 1 — 1 1 — 1 Costs of revenues — — — (3 ) 1 (2 ) Interest expense — — — 1 (1 ) — Other (expense) income, net — — — (1 ) 1 — Total derivative adjustments (13 ) 4 (9 ) 6 (1 ) 5 Other comprehensive income (loss) $ 74 $ 13 $ 87 $ (80 ) $ 16 $ (64 ) Six Months Ended June 30, 2017 Six Months Ended June 30, 2016 Pretax Tax Benefit (Expense) Net-of-tax Pretax Tax Benefit (Expense) Net-of-tax Currency translation adjustments: Unrealized gains (losses) Foreign currency $ 180 $ 10 $ 190 $ (24 ) $ 25 $ 1 Net investment hedges (43 ) — (43 ) (8 ) — (8 ) Reclassifications: Loss on disposition 12 — 12 — — — Total currency translation adjustments 149 10 159 (32 ) 25 (7 ) AFS adjustments: Unrealized gains (losses) 8 — 8 (60 ) 10 (50 ) Reclassifications to other (expense) income, net: Hedged portion of AFS securities (4 ) — (4 ) 30 (5 ) 25 Total AFS adjustments 4 — 4 (30 ) 5 (25 ) Derivative adjustments: Unrealized losses (31 ) 10 (21 ) (18 ) 7 (11 ) Reclassifications: Distribution revenue 7 (2 ) 5 4 (1 ) 3 Advertising revenue 1 — 1 1 — 1 Costs of revenues (4 ) 1 (3 ) (7 ) 2 (5 ) Interest expense 1 — 1 2 (1 ) 1 Other (expense) income, net — — — (2 ) 1 (1 ) Total derivative adjustments (26 ) 9 (17 ) (20 ) 8 (12 ) Other comprehensive income (loss) $ 127 $ 19 $ 146 $ (82 ) $ 38 $ (44 ) Accumulated Other Comprehensive Loss The table below presents the changes in the components of accumulated other comprehensive loss , net of taxes (in millions). Three Months Ended June 30, 2017 Currency Translation AFS Derivatives Accumulated Other Comprehensive Loss Beginning balance $ (730 ) $ 10 $ 16 $ (704 ) Other comprehensive income (loss) before reclassifications 79 9 (13 ) 75 Reclassifications from accumulated other comprehensive loss to net income 12 (4 ) 4 12 Other comprehensive income (loss) 91 5 (9 ) 87 Ending balance $ (639 ) $ 15 $ 7 $ (617 ) Three Months Ended June 30, 2016 Currency Translation AFS Derivatives Accumulated Other Comprehensive Loss Beginning balance $ (549 ) $ (48 ) $ (17 ) $ (614 ) Other comprehensive (loss) income before reclassifications (65 ) (8 ) 2 (71 ) Reclassifications from accumulated other comprehensive loss to net income — 4 3 7 Other comprehensive (loss) income (65 ) (4 ) 5 (64 ) Other comprehensive income attributable to redeemable noncontrolling interests (2 ) — — (2 ) Ending balance $ (616 ) $ (52 ) $ (12 ) $ (680 ) Six Months Ended June 30, 2017 Currency Translation AFS Derivatives Accumulated Other Comprehensive Loss Beginning balance $ (797 ) $ 11 $ 24 $ (762 ) Other comprehensive income (loss) before reclassifications 147 8 (21 ) 134 Reclassifications from accumulated other comprehensive loss to net income 12 (4 ) 4 12 Other comprehensive income (loss) 159 4 (17 ) 146 Other comprehensive income attributable to redeemable noncontrolling interests (1 ) — — (1 ) Ending balance $ (639 ) $ 15 $ 7 $ (617 ) Six Months Ended June 30, 2016 Currency Translation AFS Derivatives Accumulated Other Comprehensive Loss Beginning balance $ (606 ) $ (27 ) $ — $ (633 ) Other comprehensive loss before reclassifications (7 ) (50 ) (11 ) (68 ) Reclassifications from accumulated other comprehensive loss to net income — 25 (1 ) 24 Other comprehensive loss (7 ) (25 ) (12 ) (44 ) Other comprehensive income attributable to redeemable noncontrolling interests (3 ) — — (3 ) Ending balance $ (616 ) $ (52 ) $ (12 ) $ (680 ) |
Share-based Payments
Share-based Payments | 6 Months Ended |
Jun. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Equity-Based Compensation | SHARE-BASED PAYMENTS The Company has various incentive plans under which stock options, time-based restricted stock units ("RSUs"), performance-based restricted stock units ("PRSUs") and stock appreciation rights ("SARs") have been issued. During the six months ended June 30, 2017 , the vesting and service requirements of share-based awards granted were consistent with the arrangements disclosed in the 2016 Form 10-K. The table below presents the components of share-based compensation expense (in millions). Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 PRSUs $ (2 ) $ — $ 7 $ 9 RSUs 5 4 11 10 Stock options 1 2 4 7 SARs (3 ) (3 ) — 1 Total share-based compensation expense $ 1 $ 3 $ 22 $ 27 Tax benefit recognized $ — $ 1 $ 8 $ 10 Compensation expense for all awards was recorded in selling, general and administrative expense on the consolidated statements of operations. Liability-classified share-based compensation awards include certain PRSUs and SARs. The Company records expense for the fair value of cash-settled and other liability-classified share-based compensation awards ratably over the graded vesting service period based on changes in fair value and the probability that performance targets will be met, if applicable. The table below presents current and non-current portions of liability-classified share-based compensation awards (in millions). June 30, 2017 December 31, 2016 Current portion of liability-classified awards: PRSUs $ 14 $ 29 SARs 2 2 Non-current portion of liability-classified awards: PRSUs 33 47 SARs 4 5 Total liability-classified share-based compensation award liability $ 53 $ 83 The table below presents award activity (in millions, except weighted-average grant price) for PRSUs, RSUs and SARs. Six Months Ended June 30, 2017 Awards Weighted-Average Grant Price Awards granted: PRSUs 0.7 $ 29.50 RSUs 1.5 $ 29.15 SARs 3.0 $ 27.40 Awards converted or settled: PRSUs 1.7 $ 34.55 RSUs 0.4 $ 35.92 SARs 0.6 $ 25.72 The table below presents stock option activity (in millions, except weighted-average exercise price). Stock Options Weighted-Average Outstanding as of December 31, 2016 13.7 $ 26.05 Granted 2.5 $ 29.14 Exercised (2.5 ) $ 17.45 Forfeited/cancelled (1.0 ) $ 34.52 Outstanding as of June 30, 2017 12.7 The table below presents unrecognized compensation cost related to non-vested share-based awards and the weighted-average amortization period over which these expenses will be recognized as of June 30, 2017 (in millions, except years). Unrecognized Compensation Cost Weighted-Average Amortization Period (years) RSUs $ 77 3.2 PRSUs 32 2.1 Stock options 40 2.5 SARs 12 1.4 Total unrecognized compensation cost $ 161 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES The Company's income tax expense was $93 million and $148 million , and the effective income tax rate was 20% for the three and six months ended June 30, 2017 . The Company's income tax expense was $95 million and $206 million , and the effective income tax rates were 19% and 23% , for the three and six months ended June 30, 2016 , respectively. The following table reconciles the Company's effective income tax rate to the U.S. federal statutory income tax rate of 35% . Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 U.S. federal statutory income tax rate 35 % 35 % 35 % 35 % State and local income taxes, net of federal tax benefit 2 % (11 )% 2 % (5 )% Effect of foreign operations (5 )% (2 )% (5 )% (3 )% Domestic production activity deductions (3 )% (4 )% (3 )% (4 )% Change in uncertain tax positions — % 2 % — % 1 % Renewable energy investments tax credits (9 )% — % (9 )% — % Other, net — % (1 )% — % (1 )% Effective income tax rate 20 % 19 % 20 % 23 % The Company and its subsidiaries file income tax returns in the U.S. and various state and foreign jurisdictions. The Internal Revenue Service recently completed audit procedures for its 2008 to 2011 tax years, the results of which should be finalized in the coming year. The Company is currently under audit by the Internal Revenue Service for its 2012 to 2014 consolidated federal income tax returns. It is difficult to predict the final outcome or timing of resolution of any particular tax matter. Accordingly, an estimate of any related impact to the reserve for uncertain tax positions cannot currently be determined. With few exceptions, the Company is no longer subject to audit by any jurisdiction for years prior to 2006. The Company's reserves for uncertain tax positions as of June 30, 2017 and December 31, 2016 totaled $126 million and $117 million , respectively. It is reasonably possible that the total amount of unrecognized tax benefits related to certain of the Company's uncertain tax positions could decrease by as much as $41 million within the next twelve months as a result of ongoing audits, lapses of statutes of limitations or regulatory developments. As of June 30, 2017 and December 31, 2016 , the Company had accrued approximately $16 million and $11 million , respectively, of total interest and penalties payable related to unrecognized tax benefits. The Company recognizes interest and penalties related to unrecognized tax benefits as a component of income tax expense. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | EARNINGS PER SHARE In calculating earnings per share, the Company follows the two-class method, which distinguishes between the classes of securities based on the proportionate participation rights of each security type in the Company's undistributed income. The Company's Series A, B and C common stock and the Series C convertible preferred stock are treated as one class for purposes of applying the two-class method, because they have substantially equal rights and share equally on an as-converted basis with respect to income available to Discovery Communications, Inc. The table below sets forth the computation for income available to Discovery Communications, Inc. stockholders (in millions). Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Numerator: Net income $ 380 $ 415 $ 601 $ 684 Less: Allocation of undistributed income to Series A convertible preferred stock (91 ) (94 ) (143 ) (153 ) Net income attributable to noncontrolling interests — (1 ) — (1 ) Net income attributable to redeemable noncontrolling interests (6 ) (6 ) (12 ) (12 ) Net income available to Discovery Communications, Inc. Series A, B and C common and Series C convertible preferred stockholders for basic net income per share $ 283 $ 314 $ 446 $ 518 Allocation of net income available to Discovery Communications Inc. Series A, B and C common stockholders and Series C convertible preferred stockholders for basic net income per share: Series A, B and C common stockholders 250 270 393 443 Series C convertible preferred stockholders 33 44 53 75 Total 283 314 446 518 Add: Allocation of undistributed income to Series A convertible preferred stockholders 91 94 143 153 Net income available to Discovery Communications, Inc. Series A, B and C common stockholders for diluted net income per share $ 374 $ 408 $ 589 $ 671 Net income available to Discovery Communications, Inc. Series C convertible preferred stockholders for diluted net income per share is included in net income available to Discovery Communications, Inc. Series A, B and C common stockholders for diluted net income per share. For the three months ended June 30, 2017 and 2016 , net income available to Discovery Communications, Inc. Series C convertible preferred stockholders for diluted net income per share was $32 million and $44 million , respectively. For the six months ended June 30, 2017 and 2016 , net income available to Discovery Communications, Inc. Series C convertible preferred stockholders for diluted net income per share was $52 million and $74 million , respectively. The table below sets forth the weighted average number of shares outstanding utilized in determining the denominator for basic and diluted earnings per share (in millions). Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Denominator — weighted average: Series A, B and C common shares outstanding — basic 384 404 387 409 Impact of assumed preferred stock conversion 192 208 193 211 Dilutive effect of share-based awards 2 4 3 3 Series A, B and C common shares outstanding — diluted 578 616 583 623 Series C convertible preferred stock outstanding — basic and diluted 25 33 26 35 The weighted average number of diluted shares outstanding adjusts the weighted average number of shares of Series A, B and C common stock outstanding for the potential dilution that would occur if common stock equivalents, including convertible preferred stock and share-based awards, were converted into common stock or exercised, calculated using the treasury stock method. Series A, B and C diluted common stock includes the impact of the conversion of Series A preferred stock, the impact of the conversion of Series C preferred stock, and the impact of share-based compensation. The table below sets forth the Company's calculated earnings per share. Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Basic net income per share available to Discovery Communications, Inc. Series A, B and C common and Series C convertible preferred stockholders: Series A, B and C common stockholders $ 0.65 $ 0.66 $ 1.02 $ 1.08 Series C convertible preferred stockholders $ 1.30 $ 1.33 $ 2.04 $ 2.16 Diluted net income per share available to Discovery Communications, Inc. Series A, B and C common and Series C convertible preferred stockholders: Series A, B and C common stockholders $ 0.64 $ 0.66 $ 1.01 $ 1.08 Series C convertible preferred stockholders $ 1.28 $ 1.33 $ 2.02 $ 2.16 Series C convertible preferred earnings per share amounts may not recalculate due to rounding. The computation of the diluted earnings per share of Series A, B and C common stockholders assumes the conversion of Series A and C convertible preferred stock, while the diluted earnings per share amounts of Series C convertible preferred stock does not assume conversion of those shares. The table below presents the details of the anticipated stock repurchases and share-based awards that were excluded from the calculation of diluted earnings per share (in millions). Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Anti-dilutive stock options and RSUs 11 9 10 8 PRSUs whose performance targets have not been achieved 1 3 1 3 Only outstanding PRSUs whose performance targets have been achieved as of the last day of the most recent period are included in the dilutive effect calculation. |
Supplemental Disclosures
Supplemental Disclosures | 6 Months Ended |
Jun. 30, 2017 | |
Disclosure Text Block Supplement [Abstract] | |
Supplemental Disclosures | SUPPLEMENTAL DISCLOSURES The following tables present supplemental information related to the consolidated financial statements (in millions). Accrued Liabilities June 30, 2017 December 31, 2016 Accrued payroll and related benefits $ 405 $ 486 Content rights payable 184 173 Accrued interest 62 67 Accrued income taxes 35 34 Current portion of share-based compensation liabilities 16 31 Other accrued liabilities 244 284 Total accrued liabilities $ 946 $ 1,075 Other (Expense) Income, net Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Foreign currency (losses) gains, net $ (26 ) $ 41 $ (35 ) $ 37 Gains (losses) on derivative instruments 1 (6 ) (2 ) (15 ) Other income, net 1 3 — — Total other (expense) income, net $ (24 ) $ 38 $ (37 ) $ 22 Share-Based Plan Payments, net Share-based plan payments, net in the statement of cash flows consisted of the following (in millions). (a) Six Months Ended June 30, 2017 2016 Tax settlements associated with share-based plans $ (30 ) $ (10 ) Proceeds from issuance of common stock in connection with share-based plans 41 12 Total share-based plan payments, net $ 11 $ 2 (a) Share-based plan payments, net includes the retrospective reclassification of windfall tax benefits or deficiencies from financing activities to operating activities in the statement of cash flows presentation pursuant to the adoption of the new guidance on share-based payments on January 1, 2017 . There were $1 million in net windfall tax adjustments for the six months ended June 30, 2016 , reclassified from financing activities to operating activities. (See Note 1). Supplemental Cash Flow Information Six Months Ended June 30, 2017 2016 Cash paid for taxes, net (a) $ 199 $ 314 Cash paid for interest, net 184 174 Noncash investing and financing activities: Accrued purchases of property and equipment 18 9 Assets acquired under capital lease arrangements 38 1 (a) The decrease in cash paid for taxes, net, for the six months ended June 30, 2017 is mostly due to the tax impact from the Company's investments in limited liability companies that sponsor renewable energy projects related to solar energy. (See Note 3). |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | RELATED PARTY TRANSACTIONS In the normal course of business, the Company enters into transactions with related parties. Related parties include entities that share common directorship, such as Liberty Global plc (“Liberty Global”), Liberty Broadband Corporation ("Liberty Broadband") and their subsidiaries and equity method investees (together the “Liberty Group”). Discovery’s Board of Directors includes Mr. Malone, who is Chairman of the Board of Liberty Global and beneficially owns approximately 26% of the aggregate voting power with respect to the election of directors of Liberty Global. Mr. Malone is also Chairman of the Board of Liberty Broadband and beneficially owns approximately 46% of the aggregate voting power with respect to the election of directors of Liberty Broadband. The majority of the revenue earned from the Liberty Group relates to multi-year network distribution arrangements. Related party transactions also include revenues and expenses for content and services provided to or acquired from equity method investees, such as OWN, All3Media and a Russian cable television business, or minority partners of consolidated subsidiaries, such as Hasbro. The table below presents a summary of the transactions with related parties (in millions). Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Revenues and service charges: Liberty Group (a) $ 128 $ 87 $ 254 $ 143 Equity method investees 38 30 72 57 Other 8 8 21 19 Total revenues and service charges $ 174 $ 125 $ 347 $ 219 Interest income (b) $ 3 $ 4 $ 7 $ 9 Expenses $ (40 ) $ (39 ) $ (70 ) $ (60 ) (a) The increase for the three and six months ended June 30, 2017 includes the May 2016 acquisition of Time Warner Cable, Inc. by Charter Communications, an equity method investee of the Liberty Group, and other changes in Liberty Group's businesses. (b) The Company records interest earnings from loans to equity method investees, such as OWN, as a component of loss from equity investees, net , in the consolidated statements of operations. (See Note 3.) The table below presents receivables due from related parties (in millions). June 30, 2017 December 31, 2016 Receivables $ 116 $ 109 Note receivable (See Note 3) 301 311 |
Commitments, Contingencies, And
Commitments, Contingencies, And Guarantees | 6 Months Ended |
Jun. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments, Contingencies, And Guarantees | COMMITMENTS, CONTINGENCIES, AND GUARANTEES Commitments In the normal course of business, the Company enters into various commitments, which primarily include programming and talent arrangements, operating and capital leases, employment contracts, arrangements to purchase various goods and services, future funding commitments to equity method investees, and the conditional obligation to issue or acquire additional shares of preferred stock. (See Note 9.) Contingencies Put Rights The Company has granted put rights related to an equity method investment and certain consolidated subsidiaries. Harpo has the right to require the Company to purchase all or part of its interest in OWN for fair value at various dates. On June 16, 2017 , Harpo delivered its put notice for up to $100 million in value of its OWN membership interests to the Company. No amounts have been recorded by the Company for the Harpo put right as of June 30, 2017 , as the valuation for the put has not been finalized and Harpo may withdraw its put exercise notice. (See Note 3.) Hasbro and J:COM have the right to require the Company to purchase their remaining noncontrolling interests in Discovery Family and Discovery Japan, respectively. The Company recorded the value of the put rights for Discovery Family and Discovery Japan as a component of redeemable equity in the amounts of $210 million and $27 million , respectively. (See Note 8.) Legal Matters The Company is party to various lawsuits and claims in the ordinary course of business, including claims related to employees, vendors, other business partners or patent issues. However, a determination as to the amount of the accrual required for such contingencies is highly subjective and requires judgment about future events. Although the outcome of these matters cannot be predicted with certainty and the impact of the final resolution of these matters on the Company's results of operations in a particular subsequent reporting period is not known, management does not believe that the resolution of these matters will have a material adverse effect on the Company's consolidated financial position, future results of operations or cash flows. Guarantees There were no guarantees recorded as of June 30, 2017 and December 31, 2016 . The Company may provide or receive indemnities intended to allocate business transaction risks. Similarly, the Company may remain contingently liable for certain obligations of a divested business in the event that a third party does not fulfill its obligations under an indemnification obligation. The Company records a liability for its indemnification obligations and other contingent liabilities when probable and estimable. There were no material amounts for indemnifications or other contingencies recorded as of June 30, 2017 and December 31, 2016 . |
Reportable Segments
Reportable Segments | 6 Months Ended |
Jun. 30, 2017 | |
Segment Reporting [Abstract] | |
Reportable Segments | REPORTABLE SEGMENTS The Company’s operating segments are determined based on (i) financial information reviewed by its chief operating decision maker ("CODM"), the Chief Executive Officer ("CEO"), (ii) internal management and related reporting structure, and (iii) the basis upon which the CEO makes resource allocation decisions. The accounting policies of the reportable segments are the same as the Company’s, except that certain inter-segment transactions that are eliminated for consolidation are not eliminated at the segment level. Inter-segment transactions primarily include advertising and content purchases. The Company evaluates the operating performance of its segments based on financial measures such as revenues and adjusted operating income before depreciation and amortization (“Adjusted OIBDA”). Adjusted OIBDA is defined as operating income excluding: (i) mark-to-market share-based compensation, (ii) depreciation and amortization, (iii) restructuring and other charges, (iv) certain impairment charges, (v) gains and losses on business and asset dispositions, and (vii) certain inter-segment eliminations related to production studios. The Company uses this measure to assess the operating results and performance of its segments, perform analytical comparisons, identify strategies to improve performance and allocate resources to each segment. The Company believes Adjusted OIBDA is relevant to investors because it allows them to analyze the operating performance of each segment using the same metric management uses. The Company excludes mark-to-market share-based compensation, restructuring and other charges, certain impairment charges, and gains and losses on business and asset dispositions from the calculation of Adjusted OIBDA due to their volatility. The Company also excludes depreciation of fixed assets, and amortization of intangible assets, as these amounts do not represent cash payments in the current reporting period. Certain corporate expenses are excluded from segment results to enable executive management to evaluate segment performance based upon the decisions of segment executives. As of January 1, 2017, the Company no longer excludes amortization of deferred launch incentives in calculating total Adjusted OIBDA as it is not material. For the three and six months ended June 30, 2016 , deferred launch incentives of $4 million and $7 million were not reflected as an adjustment to the calculation of total Adjusted OIBDA in order to conform to the current presentation. Total Adjusted OIBDA should be considered in addition to, but not a substitute for, operating income, net income and other measures of financial performance reported in accordance with GAAP. The tables below present summarized financial information for each of the Company’s reportable segments, other operating segments and corporate and inter-segment eliminations (in millions). Revenues Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 U.S. Networks $ 890 $ 873 $ 1,719 $ 1,680 International Networks 811 790 1,558 1,501 Education and Other 44 46 81 90 Corporate and inter-segment eliminations — (1 ) — (2 ) Total revenues $ 1,745 $ 1,708 $ 3,358 $ 3,269 Adjusted OIBDA Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 U.S. Networks $ 567 $ 544 $ 1,068 $ 1,017 International Networks 236 245 430 427 Education and Other 5 (3 ) (1 ) (4 ) Corporate and inter-segment eliminations (91 ) (84 ) (177 ) (164 ) Total Adjusted OIBDA $ 717 $ 702 $ 1,320 $ 1,276 Reconciliation of Net Income available to Discovery Communications, Inc. to total Adjusted OIBDA Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Net income available to Discovery Communications, Inc. $ 374 $ 408 $ 589 $ 671 Net income attributable to redeemable noncontrolling interests 6 6 12 12 Net income attributable to noncontrolling interests — 1 — 1 Income tax expense 93 95 148 206 Income before income taxes 473 510 749 890 Other expense (income), net 24 (38 ) 37 (22 ) Loss from equity investees, net 42 23 95 31 Loss on extinguishment of debt — — 54 — Interest expense 91 91 182 176 Operating income 630 586 1,117 1,075 Loss (gain) on disposition 4 — 4 (13 ) Restructuring and other charges 8 39 32 45 Depreciation and amortization 80 80 160 159 Mark-to-market share-based compensation (5 ) (3 ) 7 10 Total Adjusted OIBDA $ 717 $ 702 $ 1,320 $ 1,276 Total Assets June 30, 2017 December 31, 2016 U.S. Networks $ 3,598 $ 3,412 International Networks 5,205 4,922 Education and Other 376 399 Corporate and inter-segment eliminations 6,970 6,939 Total assets $ 16,149 $ 15,672 Total assets for corporate and inter-segment eliminations include goodwill that is allocated to the Company’s segments to account for goodwill. The presentation of segment assets in the table above is consistent with the financial reports that are reviewed by the Company’s CEO. |
Restructuring and Other Charges
Restructuring and Other Charges Restructuring and Other and Other Charges | 6 Months Ended |
Jun. 30, 2017 | |
Restructuring and Other [Abstract] | |
Restructuring and Other Charges | RESTRUCTURING AND OTHER CHARGES Restructuring and other charges, by segment were as follows (in millions). Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 U.S. Networks $ — $ 7 $ 4 $ 8 International Networks 4 15 21 20 Education and Other — 3 1 3 Corporate 4 14 6 14 Total restructuring and other charges $ 8 $ 39 $ 32 $ 45 Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Restructuring charges $ 4 $ 43 $ 28 $ 49 Other 4 (4 ) 4 (4 ) Total restructuring and other charges $ 8 $ 39 $ 32 $ 45 Restructuring charges include management changes and cost reduction efforts, including employee terminations, intended to enable the Company to more efficiently operate in a leaner and more directed cost structure and invest in growth initiatives, including digital services and content creation. Changes in restructuring and other liabilities recorded in accrued liabilities by major category were as follows (in millions). Contract Terminations Employee Terminations Total December 31, 2016 $ 3 $ 36 $ 39 Net Accruals — 28 28 Cash Paid — (32 ) (32 ) June 30, 2017 $ 3 $ 32 $ 35 |
Condensed Consolidating Financi
Condensed Consolidating Financial Statements | 6 Months Ended |
Jun. 30, 2017 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Consolidating Financial Statements | CONDENSED CONSOLIDATING FINANCIAL STATEMENTS Overview As of June 30, 2017 and December 31, 2016 , all of the outstanding senior notes have been issued by DCL, a wholly owned subsidiary of the Company, pursuant to one or more Registration Statements on Form S-3 filed with the U.S. Securities and Exchange Commission ("SEC"). (See Note 6.) The Company fully and unconditionally guarantees the senior notes on an unsecured basis. Each of the Company, DCL, and/or Discovery Communications Holding LLC (“DCH”) (collectively the “Issuers”) may issue additional debt securities under the Company's current Registration Statement on Form S-3 that are fully and unconditionally guaranteed by the other Issuers. Set forth below are condensed consolidating financial statements presenting the financial position, results of operations and comprehensive income and cash flows of (i) the Company, (ii) DCH, (iii) DCL, (iv) the non-guarantor subsidiaries of DCL on a combined basis, (v) the other non-guarantor subsidiaries of the Company on a combined basis, and (vi) reclassifications and eliminations necessary to arrive at the consolidated financial statement balances for the Company. DCL and the non-guarantor subsidiaries of DCL are the primary operating subsidiaries of the Company. DCL primarily includes the Discovery Channel and TLC networks in the U.S. The non-guarantor subsidiaries of DCL include substantially all of the Company’s other U.S. and international networks, education businesses, production companies, and most of the Company’s websites and digital distribution arrangements. The non-guarantor subsidiaries of DCL are wholly owned subsidiaries of DCL with the exception of certain equity method investments. DCL is a wholly owned subsidiary of DCH. The Company wholly owns DCH through a 33 1/3% direct ownership interest and a 66 2/3% indirect ownership interest through Discovery Holding Company (“DHC”), a wholly owned subsidiary of the Company. DHC is included in the other non-guarantor subsidiaries of the Company. Basis of Presentation Solely for purposes of presenting the condensed consolidating financial statements, investments in the Company’s subsidiaries have been accounted for by their respective parent company using the equity method. Accordingly, in the following condensed consolidating financial statements the equity method has been applied to (i) the Company’s interests in DCH and the other non-guarantor subsidiaries of the Company, (ii) DCH’s interest in DCL, and (iii) DCL’s interests in the non-guarantor subsidiaries of DCL. Inter-company accounts and transactions have been eliminated to arrive at the consolidated financial statement amounts for the Company. The Company’s accounting bases in all subsidiaries, including goodwill and recognized intangible assets, have been “pushed down” to the applicable subsidiaries. The operations of certain of the Company’s international subsidiaries are excluded from the Company’s consolidated U.S. income tax return. Tax expense related to permanent differences has been allocated to the entity that created the difference. Tax expense related to temporary differences has been allocated to the entity that created the difference, where identifiable. The remaining temporary differences are allocated to each entity included in the Company’s consolidated U.S. income tax return based on each entity’s relative pretax income. Deferred taxes have been allocated based upon the temporary differences between the carrying amounts of the respective assets and liabilities of the applicable entities. The condensed consolidating financial statements should be read in conjunction with the consolidated financial statements of the Company. Condensed Consolidating Balance Sheet June 30, 2017 (in millions) Discovery DCH DCL Non-Guarantor Other Non- Reclassifications Discovery and ASSETS Current assets: Cash and cash equivalents $ — $ — $ 8 $ 198 $ — $ — $ 206 Receivables, net — — 485 1,273 — — 1,758 Content rights, net — — 7 383 — — 390 Prepaid expenses and other current assets 23 40 219 134 — — 416 Inter-company trade receivables, net — — 174 — — (174 ) — Total current assets 23 40 893 1,988 — (174 ) 2,770 Investment in and advances to subsidiaries 5,505 5,466 7,955 — 3,684 (22,610 ) — Noncurrent content rights, net — — 712 1,358 — — 2,070 Goodwill, net — — 3,769 4,354 — — 8,123 Intangible assets, net — — 264 1,217 — — 1,481 Equity method investments, including note receivable — — 29 671 — — 700 Other noncurrent assets, including property and equipment, net — 20 334 671 — (20 ) 1,005 Total assets $ 5,528 $ 5,526 $ 13,956 $ 10,259 $ 3,684 $ (22,804 ) $ 16,149 LIABILITIES AND EQUITY Current liabilities: Current portion of debt $ — $ — $ 80 $ 25 $ — $ — $ 105 Other current liabilities — — 448 913 — — 1,361 Inter-company trade payables, net — — — 174 — (174 ) — Total current liabilities — — 528 1,112 — (174 ) 1,466 Noncurrent portion of debt — — 7,625 533 — — 8,158 Other noncurrent liabilities 2 — 337 422 21 (20 ) 762 Total liabilities 2 — 8,490 2,067 21 (194 ) 10,386 Redeemable noncontrolling interests — — — 237 — — 237 Total equity 5,526 5,526 5,466 7,955 3,663 (22,610 ) 5,526 Total liabilities and equity $ 5,528 $ 5,526 $ 13,956 $ 10,259 $ 3,684 $ (22,804 ) $ 16,149 Condensed Consolidating Balance Sheet December 31, 2016 (in millions) Discovery DCH DCL Non-Guarantor Other Non- Reclassifications Discovery and ASSETS Current assets: Cash and cash equivalents $ — $ — $ 20 $ 280 $ — $ — $ 300 Receivables, net — — 421 1,074 — — 1,495 Content rights, net — — 8 302 — — 310 Prepaid expenses and other current assets 62 36 180 119 — — 397 Inter-company trade receivables, net — — 195 — — (195 ) — Total current assets 62 36 824 1,775 — (195 ) 2,502 Investment in and advances to subsidiaries 5,106 5,070 7,450 — 3,417 (21,043 ) — Noncurrent content rights, net — — 663 1,426 — — 2,089 Goodwill, net — — 3,769 4,271 — — 8,040 Intangible assets, net — — 272 1,240 — — 1,512 Equity method investments, including note receivable — — 30 527 — — 557 Other noncurrent assets, including property and equipment, net — 20 306 666 — (20 ) 972 Total assets $ 5,168 $ 5,126 $ 13,314 $ 9,905 $ 3,417 $ (21,258 ) $ 15,672 LIABILITIES AND EQUITY Current liabilities: Current portion of debt $ — $ — $ 52 $ 30 $ — $ — $ 82 Other current liabilities — — 516 963 — — 1,479 Inter-company trade payables, net — — — 195 — (195 ) — Total current liabilities — — 568 1,188 — (195 ) 1,561 Noncurrent portion of debt — — 7,315 526 — — 7,841 Other noncurrent liabilities 1 — 361 498 20 (20 ) 860 Total liabilities 1 — 8,244 2,212 20 (215 ) 10,262 Redeemable noncontrolling interests — — — 243 — — 243 Total equity 5,167 5,126 5,070 7,450 3,397 (21,043 ) 5,167 Total liabilities and equity $ 5,168 $ 5,126 $ 13,314 $ 9,905 $ 3,417 $ (21,258 ) $ 15,672 Condensed Consolidating Statement of Operations Three Months Ended June 30, 2017 (in millions) Discovery DCH DCL Non-Guarantor Other Non- Reclassifications Discovery and Revenues $ — $ — $ 525 $ 1,224 $ — $ (4 ) $ 1,745 Costs of revenues, excluding depreciation and amortization — — 112 522 — — 634 Selling, general and administrative 5 — 56 332 — (4 ) 389 Depreciation and amortization — — 11 69 — — 80 Restructuring and other charges — — 3 5 — — 8 Loss on disposition — — — 4 — — 4 Total costs and expenses 5 — 182 932 — (4 ) 1,115 Operating (loss) income (5 ) — 343 292 — — 630 Equity in earnings of subsidiaries 376 376 245 — 251 (1,248 ) — Interest expense — — (83 ) (8 ) — — (91 ) Loss from equity investees, net — — — (42 ) — — (42 ) Other (expense) income, net — — (62 ) 38 — — (24 ) Income before income taxes 371 376 443 280 251 (1,248 ) 473 Income tax benefit (expense) 3 — (67 ) (29 ) — — (93 ) Net income 374 376 376 251 251 (1,248 ) 380 Net income attributable to redeemable noncontrolling interests — — — — — (6 ) (6 ) Net income available to Discovery Communications, Inc. $ 374 $ 376 $ 376 $ 251 $ 251 $ (1,254 ) $ 374 Condensed Consolidating Statement of Operations Three Months Ended June 30, 2016 (in millions) Discovery DCH DCL Non-Guarantor Other Non- Reclassifications Discovery and Revenues $ — $ — $ 521 $ 1,191 $ — $ (4 ) $ 1,708 Costs of revenues, excluding depreciation and amortization — — 116 488 — (1 ) 603 Selling, general and administrative 4 — 60 339 — (3 ) 400 Depreciation and amortization — — 9 71 — — 80 Restructuring and other charges — — 22 17 — — 39 Total costs and expenses 4 — 207 915 — (4 ) 1,122 Operating (loss) income (4 ) — 314 276 — — 586 Equity in earnings of subsidiaries 410 410 239 — 274 (1,333 ) — Interest expense — — (85 ) (6 ) — — (91 ) Loss from equity investees, net — — (5 ) (18 ) — — (23 ) Other income, net — — 18 20 — — 38 Income before income taxes 406 410 481 272 274 (1,333 ) 510 Income tax benefit (expense) 2 — (71 ) (26 ) — — (95 ) Net income 408 410 410 246 274 (1,333 ) 415 Net income attributable to noncontrolling interests — — — — — (1 ) (1 ) Net income attributable to redeemable noncontrolling interests — — — — — (6 ) (6 ) Net income available to Discovery Communications, Inc. $ 408 $ 410 $ 410 $ 246 $ 274 $ (1,340 ) $ 408 Condensed Consolidating Statement of Operations Six Months Ended June 30, 2017 (in millions) Discovery DCH DCL Non-Guarantor Other Non- Reclassifications Discovery and Revenues $ — $ — $ 1,016 $ 2,349 $ — $ (7 ) $ 3,358 Costs of revenues, excluding depreciation and amortization — — 220 1,021 — — 1,241 Selling, general and administrative 9 — 130 672 — (7 ) 804 Depreciation and amortization — — 23 137 — — 160 Restructuring and other charges — — 19 13 — — 32 Loss on disposition — — — 4 — — 4 Total costs and expenses 9 — 392 1,847 — (7 ) 2,241 Operating (loss) income (9 ) — 624 502 — — 1,117 Equity in earnings of subsidiaries 594 594 385 — 396 (1,969 ) — Interest expense — — (169 ) (13 ) — — (182 ) Loss on extinguishment of debt — — (54 ) — — — (54 ) Income (loss) from equity investees, net — — 1 (96 ) — — (95 ) Other (expense) income, net — — (89 ) 52 — — (37 ) Income before income taxes 585 594 698 445 396 (1,969 ) 749 Income tax benefit (expense) 4 — (104 ) (48 ) — — (148 ) Net income 589 594 594 397 396 (1,969 ) 601 Net income attributable to redeemable noncontrolling interests — — — — — (12 ) (12 ) Net income available to Discovery Communications, Inc. $ 589 $ 594 $ 594 $ 397 $ 396 $ (1,981 ) $ 589 Condensed Consolidating Statement of Operations Six Months Ended June 30, 2016 (in millions) Discovery DCH DCL Non-Guarantor Other Non- Reclassifications Discovery and Revenues $ — $ — $ 1,002 $ 2,274 $ — $ (7 ) $ 3,269 Costs of revenues, excluding depreciation and amortization — — 230 967 — (2 ) 1,195 Selling, general and administrative 8 — 129 676 — (5 ) 808 Depreciation and amortization — — 19 140 — — 159 Restructuring and other charges — — 23 22 — — 45 Gain on disposition — — — (13 ) — — (13 ) Total costs and expenses 8 — 401 1,792 — (7 ) 2,194 Operating (loss) income (8 ) — 601 482 — — 1,075 Equity in earnings of subsidiaries 676 676 390 — 451 (2,193 ) — Interest expense — — (165 ) (11 ) — — (176 ) Loss from equity investees, net — — (5 ) (26 ) — — (31 ) Other (expense) income, net — — (19 ) 41 — — 22 Income before income taxes 668 676 802 486 451 (2,193 ) 890 Income tax benefit (expense) 3 — (126 ) (83 ) — — (206 ) Net income 671 676 676 403 451 (2,193 ) 684 Net income attributable to noncontrolling interests — — — — — (1 ) (1 ) Net income attributable to redeemable noncontrolling interests — — — — — (12 ) (12 ) Net income available to Discovery Communications, Inc. $ 671 $ 676 $ 676 $ 403 $ 451 $ (2,206 ) $ 671 Condensed Consolidating Statement of Comprehensive Income Three Months Ended June 30, 2017 (in millions) Discovery DCH DCL Non-Guarantor Other Non- Reclassifications Discovery and Net income $ 374 $ 376 $ 376 $ 251 $ 251 $ (1,248 ) $ 380 Other comprehensive income (loss) adjustments, net of tax: Currency translation 91 91 91 91 61 (334 ) 91 Available-for-sale securities 5 5 5 5 4 (19 ) 5 Derivatives (9 ) (9 ) (9 ) (9 ) (6 ) 33 (9 ) Comprehensive income 461 463 463 338 310 (1,568 ) 467 Comprehensive income attributable to redeemable noncontrolling interests — — — — — (6 ) (6 ) Comprehensive income attributable to Discovery Communications, Inc. $ 461 $ 463 $ 463 $ 338 $ 310 $ (1,574 ) $ 461 Condensed Consolidating Statement of Comprehensive Income Three Months Ended June 30, 2016 (in millions) Discovery DCH DCL Non-Guarantor Other Non- Reclassifications Discovery and Net income $ 408 $ 410 $ 410 $ 246 $ 274 $ (1,333 ) $ 415 Other comprehensive (loss) income adjustments, net of tax: Currency translation (65 ) (65 ) (65 ) (65 ) (44 ) 239 (65 ) Available-for-sale securities (4 ) (4 ) (4 ) (4 ) (3 ) 15 (4 ) Derivatives 5 5 5 5 3 (18 ) 5 Comprehensive income 344 346 346 182 230 (1,097 ) 351 Comprehensive income attributable to noncontrolling interests — — — — — (1 ) (1 ) Comprehensive income attributable to redeemable noncontrolling interests (2 ) (2 ) (2 ) (2 ) (1 ) 1 (8 ) Comprehensive income attributable to Discovery Communications, Inc. $ 342 $ 344 $ 344 $ 180 $ 229 $ (1,097 ) $ 342 Condensed Consolidating Statement of Comprehensive Income (Loss) Six Months Ended June 30, 2017 (in millions) Discovery DCH DCL Non-Guarantor Other Non- Reclassifications Discovery and Net income $ 589 $ 594 $ 594 $ 397 $ 396 $ (1,969 ) $ 601 Other comprehensive income (loss) adjustments, net of tax: Currency translation 159 159 159 159 106 (583 ) 159 Available-for-sale securities 4 4 4 4 3 (15 ) 4 Derivatives (17 ) (17 ) (17 ) (18 ) (11 ) 63 (17 ) Comprehensive income 735 740 740 542 494 (2,504 ) 747 Comprehensive income attributable to redeemable noncontrolling interests (1 ) (1 ) (1 ) (1 ) (1 ) (8 ) (13 ) Comprehensive income attributable to Discovery Communications, Inc. $ 734 $ 739 $ 739 $ 541 $ 493 $ (2,512 ) $ 734 Condensed Consolidating Statement of Comprehensive Income (Loss) Six Months Ended June 30, 2016 (in millions) Discovery DCH DCL Non-Guarantor Other Non- Reclassifications Discovery and Net income $ 671 $ 676 $ 676 $ 403 $ 451 $ (2,193 ) $ 684 Other comprehensive loss adjustments, net of tax: Currency translation (7 ) (7 ) (7 ) (7 ) (5 ) 26 (7 ) Available-for-sale securities (25 ) (25 ) (25 ) (25 ) (17 ) 92 (25 ) Derivatives (12 ) (12 ) (12 ) (13 ) (8 ) 45 (12 ) Comprehensive income 627 632 632 358 421 (2,030 ) 640 Comprehensive income attributable to noncontrolling interests — — — — — (1 ) (1 ) Comprehensive income attributable to redeemable noncontrolling interests (3 ) (3 ) (3 ) (3 ) (2 ) (1 ) (15 ) Comprehensive income attributable to Discovery Communications, Inc. $ 624 $ 629 $ 629 $ 355 $ 419 $ (2,032 ) $ 624 Condensed Consolidating Statement of Cash Flows Six Months Ended June 30, 2017 (in millions) Discovery DCH DCL Non-Guarantor Other Non- Reclassifications Discovery and Operating Activities Cash provided by (used in) operating activities $ 37 $ (5 ) $ (22 ) $ 433 $ — $ — $ 443 Investing Activities Payments for investments — — (7 ) (263 ) — — (270 ) Distributions from equity method investees — — — 18 — — 18 Purchases of property and equipment — — (26 ) (52 ) — — (78 ) Proceeds from dispositions, net of cash disposed — — — 29 — — 29 Proceeds from derivative instruments, net — — — 5 — — 5 Other investing activities, net — — 27 3 — (27 ) 3 Cash used in investing activities — — (6 ) (260 ) — (27 ) (293 ) Financing Activities Commercial paper borrowings, net — — 25 — — — 25 Borrowings under revolving credit facility — — 350 — — — 350 Principal repayments of revolving credit facility — — (200 ) — — — (200 ) Borrowings from debt, net of discount and including premiums — — 659 — — — 659 Principal repayments of debt, including discount payment and premiums to par value — — (650 ) — — — (650 ) Principal repayments of capital lease obligations — — (3 ) (16 ) — — (19 ) Repurchases of stock (501 ) — — — — — (501 ) Cash settlement of common stock repurchase contracts 58 — — — — — 58 Distributions to redeemable noncontrolling interests — — — (20 ) — — (20 ) Share-based plan payments, net 11 — — — — — 11 Inter-company contributions and other financing activities, net 395 5 (165 ) (270 ) — 27 (8 ) Cash (used in) provided by financing activities (37 ) 5 16 (306 ) — 27 (295 ) Effect of exchange rate changes on cash and cash equivalents — — — 51 — — 51 Net change in cash and cash equivalents — — (12 ) (82 ) — — (94 ) Cash and cash equivalents, beginning of period — — 20 280 — — 300 Cash and cash equivalents, end of period $ — $ — $ 8 $ 198 $ — $ — $ 206 Condensed Consolidating Statement of Cash Flows Six Months Ended June 30, 2016 (in millions) Discovery DCH DCL Non-Guarantor Other Non- Reclassifications Discovery and Operating Activities Cash provided by (used in) operating activities $ 36 $ (13 ) $ (47 ) $ 414 $ — $ — $ 390 Investing Activities Payments for investments — — (4 ) (56 ) — — (60 ) Distributions from equity method investees — — — 40 — — 40 Purchases of property and equipment — — (11 ) (32 ) — — (43 ) Proceeds from dispositions, net of cash disposed — — — 19 — — 19 Payments for derivative instruments — — — (3 ) — — (3 ) Other investing activities, net — — 23 (2 ) — (23 ) (2 ) Cash provided by (used in) investing activities — — 8 (34 ) — (23 ) (49 ) Financing Activities Commercial paper repayments, net — — 13 — — — 13 Borrowings under revolving credit facility — — 100 180 — — 280 Principal repayments of revolving credit facility — — (100 ) (472 ) — — (572 ) Borrowings from debt, net of discount and including premiums — — 498 — — — 498 Principal repayments of capital lease obligations — — (3 ) (14 ) — — (17 ) Repurchases of stock (750 ) — — — — — (750 ) Distributions to redeemable noncontrolling interests — — — (17 ) — — (17 ) Share-based plan payments, net 2 — — — — — 2 Inter-company distributions — — — (23 ) — 23 — Inter-company contributions and other financing activities, net 712 13 (461 ) (277 ) — — (13 ) Cash (used in) provided by financing activities (36 ) 13 47 (623 ) — 23 (576 ) Effect of exchange rate changes on cash and cash equivalents — — — 30 — — 30 Net change in cash and cash equivalents — — 8 (213 ) — — (205 ) Cash and cash equivalents, beginning of period — — 3 387 — — 390 Cash and cash equivalents, end of period $ — $ — $ 11 $ 174 $ — $ — $ 185 |
Description Of Business And B26
Description Of Business And Basis Of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Use Of Estimates | Use of Estimates The preparation of financial statements in accordance with GAAP requires management to make estimates, judgments and assumptions that affect the amounts and disclosures reported in the consolidated financial statements and accompanying notes. Management continually re-evaluates its estimates, judgments and assumptions, and management’s evaluation could change. These estimates are sometimes complex, sensitive to changes in assumptions and may require fair value determinations using Level 3 fair value measurements. Actual results may differ materially from those estimates. Estimates inherent in the preparation of the consolidated financial statements include accounting for asset impairments, revenue recognition, allowances for doubtful accounts, content rights, depreciation and amortization, business combinations, share-based compensation, income taxes, other financial instruments, contingencies and the determination of whether the Company is the primary beneficiary of entities in which it holds variable interests. |
Description of New Accounting Pronouncements Adopted | Accounting and Reporting Pronouncements Adopted Share-Based Payments On January 1, 2017 , the Company adopted new guidance that simplifies how share-based payments are accounted for and presented in the financial statements. The new guidance impacted the financial statements as follows: • Actual forfeitures are used in the calculations of share-based compensation expense instead of estimated forfeitures. Retained earnings was decreased by approximately $4 million to effect the modified retrospective method impact of the adoption as of January 1, 2017. • Net windfall tax benefits or deficiencies are recorded in income tax expense in the period in which they occur, whereas they were previously recorded in additional paid-in capital (“APIC”). This change has been applied prospectively. There were $1 million in net tax windfall adjustments for the three and six months ended June 30, 2016 . • Expected cash flows from net windfall tax benefits are no longer factored into the calculation of the number of shares for diluted earnings per share. This change has been applied prospectively. Net windfall tax benefits did not impact the presentation of diluted earnings per share for the three and six months ended June 30, 2016 . • Cash flows from net windfall tax benefits are classified as operating activities in the statement of cash flows presentation. Previously net windfall tax benefits were classified as financing activities. This change is applied retrospectively, resulting in the adjustment of prior period amounts. There were $1 million in net tax windfall adjustments for the six months ended June 30, 2016 reclassified from financing activities to operating activities. • The Company evaluated the accounting for awards that are liability-classified and marked-to-market each accounting period and concluded that there is no change to the accounting for those awards. Balance Sheet Classification of Deferred Income Taxes On January 1, 2017 , the Company adopted new guidance that removes the requirement to separate deferred tax assets and liabilities into current and noncurrent amounts, and instead requires all such amounts be classified as noncurrent on the Company's consolidated balance sheets. As a result, each tax jurisdiction will now only have one net noncurrent deferred tax asset or liability. The new guidance does not change the existing requirement that prohibits offsetting deferred tax liabilities from one jurisdiction against deferred tax assets of another jurisdiction. The Company retrospectively adopted the new guidance effective January 1, 2017. The following table summarizes the adjustments the Company made to conform prior period classifications to the new guidance: December 31, 2016 As reported As adjusted Current deferred income tax assets $ 97 $ — Noncurrent deferred income tax assets (included within other noncurrent assets) 9 20 Noncurrent deferred income tax liabilities (553 ) (467 ) Total $ (447 ) $ (447 ) Statement of Cash Flows On January 1, 2017 , the Company adopted new guidance that reduces diversity in practice in how certain cash receipts and cash payments are classified in the statement of cash flows. The topics relevant to the Company include: (1) debt prepayment or debt extinguishment costs, which prior to adoption were classified as operating activities, but are now classified as financing activities, (2) settlement and receipt of discounts and premiums associated with our senior notes, which prior to adoption were classified as operating activities, but are now classified as financing activities when the stated interest rate is deemed not insignificant to the effective interest rate of the borrowing, (3) contingent consideration payments not made soon after a business combination date, which must be classified as financing activities up to the contingent consideration liability amount with any excess payment classified as operating activities, and (4) the election to assess distributions received from equity method investees based on the nature of distribution approach, which results in the classification of such distributions based on the nature of the activity that generated the distribution as either a return on investment (classified as cash inflows from operating activities) or a return of investment (classified as cash inflows from investing activities). The Company early adopted this guidance retrospectively effective January 1, 2017 . There was no impact from the adoption of the new guidance on the prior period financial statements presented for the six months ended June 30, 2016 , as there were no transactions related to the first and second items listed above and no change in the Company's historical accounting policy was required for the third and fourth items listed above. |
Accounting and Reporting Pronouncements Not Yet Adopted | Accounting and Reporting Pronouncements Not Yet Adopted Goodwill Under the current accounting guidance, the quantitative goodwill impairment test is performed using a two-step process. The first step of the process is to compare the fair value of a reporting unit with its carrying amount, including goodwill. If the fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is not impaired and the second step of the quantitative impairment test is not necessary. If the carrying amount of a reporting unit exceeds its fair value, the second step of the quantitative goodwill impairment test is required to be performed to measure the amount of impairment loss, if any. The second step of the quantitative goodwill impairment test compares the implied fair value of the reporting unit’s goodwill with the carrying amount of that goodwill. The implied fair value of goodwill is determined in the same manner as the amount of goodwill recognized in a business combination. In other words, the estimated fair value of the reporting unit’s identifiable net assets excluding goodwill is compared to the fair value of the reporting unit as if the reporting unit had been acquired in a business combination and the fair value of the reporting unit was the purchase price paid. If the carrying amount of the reporting unit’s goodwill exceeds the implied fair value of that goodwill, an impairment loss is recognized in an amount equal to that excess. In January 2017, the FASB issued guidance that simplifies the subsequent measurement of goodwill impairments. The new guidance eliminates Step 2 from the goodwill impairment test, and eliminates the requirements for any reporting unit with a zero or negative carrying amount to perform a qualitative assessment. Therefore, an entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017 . The amendments in this update should be adopted on a prospective basis for the annual or any interim goodwill impairment tests beginning after December 15, 2019 . The Company is currently evaluating the impact that the pronouncement will have on the consolidated financial statements. Income Taxes In October 2016 , the FASB issued guidance that simplifies the accounting for the income tax consequences of intra-entity transfers of assets other than inventory. The new guidance includes requirements to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs, and therefore eliminates the exception for an intra-entity transfer of an asset other than inventory. The new standard is effective for reporting periods beginning after December 15, 2017 , with any adjustments applied on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. The Company is currently evaluating the impact that the pronouncement will have on the consolidated financial statements. Leases In February 2016 , the FASB issued guidance on leases that will require lessees to recognize almost all of their leases on the balance sheet by recording a right-of-use asset and liability. The new standard will be effective for reporting periods beginning after December 15, 2018 , and requires application of the new accounting guidance at the beginning of the earliest comparative period presented in the year of adoption. The Company is currently evaluating the impact that the pronouncement will have on the consolidated financial statements however, it is expected that assets and liabilities will increase materially when operating leases are recorded under the new standard. Recognition and Measurement of Financial Instruments In January 2016 , the FASB issued guidance regarding the classification and measurement of financial instruments. The standard requires equity securities, including available-for-sale ("AFS") securities, to be measured at fair value with changes in the fair value recognized through net income, superseding the guidance permitting entities to record gains and losses on equity securities with readily determinable fair values in accumulated other comprehensive income. Investments accounted for under the equity method of accounting or that result in consolidation are not included within the scope of this update. The new standard will affect the Company's accounting for AFS securities for reporting periods prospectively beginning after December 15, 2017 . Revenue from Contracts with Customers In May 2014 , the FASB issued an accounting pronouncement related to revenue recognition, which applies a single, comprehensive revenue recognition model for all contracts with customers. The core principle of the new guidance is that the Company will recognize revenue from the transfer of promised goods or services to customers at an amount that reflects the consideration the Company expects to be entitled to receive in exchange for those goods or services. Subsequent to the issuance of the May 2014 guidance, several clarifications and updates have been issued by the FASB on this topic, the most recent of which was issued in December 2016. Many of these clarifications and updates to the guidance, as well as a number of interpretive issues, apply to companies in the media and entertainment industry. The new standard is effective for annual reporting periods beginning after December 15, 2017 . In addition, the guidance requires new or expanded disclosures related to the judgments made by companies when following the framework. The Company has made progress toward completing its assessment of the impact of adopting this new guidance, and the Company is finalizing its implementation plan. The Company currently does not anticipate that the adoption of the new guidance will have a material impact on the Company's financial statements, principally because the Company does not expect significant changes in the way it will record U.S. Networks' distribution or advertising revenues. The Company is still evaluating the impact of its international distribution and advertising revenue arrangements. The Company's evaluation of the expected impact of the new guidance on certain transactions could change if there are additional interpretations of the new revenue guidance that are different from the Company's preliminary conclusions. The Company will apply the new revenue standard beginning January 1, 2018 . The guidance permits two methods of adoption: retrospectively to each prior reporting period presented (full retrospective method), or retrospectively with the cumulative effect of initially applying the guidance recognized at the date of initial application (the cumulative catch-up transition method). When the Company has completed its evaluation, it will determine the method of transition that will be used in adopting the new standard. |
Concentrations Risk | Concentrations Risk Customers The Company has long-term contracts with distributors around the world. For the U.S. Networks segment, more than 90% of distribution revenue comes from the Company's largest 10 distributors in the U.S. For the International Networks segment, approximately 43% of distribution revenue comes from the Company's largest 10 distributors outside of the U.S. Agreements in place with the major cable and satellite operators in the U.S. Networks and International Networks expire at various times from 2017 through 2021 . Although the Company seeks to renew its agreements with its distributors prior to expiration of a contract, a delay in securing a renewal that results in a service disruption, a failure to secure a renewal or a renewal on less favorable terms may have a material adverse effect on the Company’s financial condition and results of operations. Not only could the Company experience a reduction in distribution revenue, but it could also experience a reduction in advertising revenue, as viewership is impacted by affiliate subscriber levels. No individual customer accounted for more than 10% of total consolidated revenues for the three and six months ended June 30, 2017 or 2016 . As of June 30, 2017 and December 31, 2016 , the Company’s trade receivables did not represent a significant concentration of credit risk as the customers and markets in which the Company operates are varied and dispersed across many geographic areas. Financial Institutions Cash and cash equivalents are maintained with several financial institutions. The Company has deposits held with banks that exceed the amount of insurance provided on such deposits. Generally, these deposits may be redeemed upon demand and are maintained with financial institutions of reputable credit and, therefore, bear minimal credit risk. Additionally, the Company has cash and cash equivalents held by its foreign subsidiaries that would result in U.S. tax consequences should the Company decide it needs to repatriate these funds to the U.S. Lender Counterparties There is a risk that the counterparties associated with the Company’s revolving credit facility will not be available to fund as obligated under the terms of the facility and that the Company may, at the time of such unavailability to fund, have limited or no access to the commercial paper market. If funding under the revolving credit facility is unavailable, the Company may have to acquire a replacement credit facility from different counterparties at a higher cost or may be unable to find a suitable replacement. Typically, the Company seeks to manage such risks from its revolving credit facility by contracting with experienced large financial institutions and monitoring the credit quality of its lenders. As of June 30, 2017 , the Company did not anticipate nonperformance by any of its counterparties. Counterparty Credit Risk The Company is exposed to the risk that the counterparties to outstanding derivative financial instruments will default on their obligations. The Company manages these credit risks through evaluating and monitoring the creditworthiness of, and concentration of risk with, the respective counterparties. In this regard, credit risk associated with outstanding derivative financial instruments is spread across a relatively broad counterparty base of banks and financial institutions. In connection with the Company's hedge of certain investments classified as AFS securities, the Company has pledged shares as collateral to the derivative counterparty. (See Note 3.) The Company also has a limited number of arrangements where collateral is required to be posted in the instance that certain fair value thresholds are exceeded. As of June 30, 2017 , no collateral has been posted by either party under these arrangements. As of June 30, 2017 , our exposure to counterparty credit risk included derivative assets with an aggregate fair value of $48 million . (See Note 4.) |
Derivatives, Policy | The Company uses derivative financial instruments to modify its exposure to market risks from changes in foreign currency exchange rates, interest rates and the fair value of investments classified as AFS securities. At the inception of a derivative contract, the Company designates the derivative as one of four types based on the Company's intentions and belief as to its likely effectiveness as a hedge. These four types are: (1) a hedge of a forecasted transaction or the variability of cash flows to be received or paid related to a recognized asset or liability ("cash flow hedge"), (2) a hedge of net investments in foreign operations ("net investment hedge"), (3) a hedge of the fair value of a recognized asset or liability or of an unrecognized firm commitment ("fair value hedge"), or (4) an instrument with no hedging designation. The Company does not enter into or hold derivative financial instruments for speculative trading purposes. |
Derivatives, Hedge Discontinuances, Anticipated Transactions | The ineffective portion of any previous gains and losses recorded in accumulated other comprehensive loss on the consolidated balance sheets are reclassified immediately to other (expense) income, net on the consolidated statements of operations. |
Redeemable noncontrolling interests | Redeemable noncontrolling interests reflected as of the balance sheet date are the greater of the noncontrolling interest balances adjusted for comprehensive income items and distributions or the redemption values remeasured at the period end foreign exchange rates (i.e., the "floor"). Adjustments to the carrying amount of redeemable noncontrolling interests to redemption value as a result of changes in exchange rates are reflected in currency translation adjustments, a component of other comprehensive income (loss) ; however, such currency translation adjustments to redemption value are allocated to Discovery stockholders only. Redeemable noncontrolling interest adjustments of redemption value to the floor are reflected in retained earnings. |
Earnings Per Share, Policy | In calculating earnings per share, the Company follows the two-class method, which distinguishes between the classes of securities based on the proportionate participation rights of each security type in the Company's undistributed income. The Company's Series A, B and C common stock and the Series C convertible preferred stock are treated as one class for purposes of applying the two-class method, because they have substantially equal rights and share equally on an as-converted basis with respect to income available to Discovery Communications, Inc. The weighted average number of diluted shares outstanding adjusts the weighted average number of shares of Series A, B and C common stock outstanding for the potential dilution that would occur if common stock equivalents, including convertible preferred stock and share-based awards, were converted into common stock or exercised, calculated using the treasury stock method. Series A, B and C diluted common stock includes the impact of the conversion of Series A preferred stock, the impact of the conversion of Series C preferred stock, and the impact of share-based compensation. The computation of the diluted earnings per share of Series A, B and C common stockholders assumes the conversion of Series A and C convertible preferred stock, while the diluted earnings per share amounts of Series C convertible preferred stock does not assume conversion of those shares. |
Segment Reporting, Policy | The accounting policies of the reportable segments are the same as the Company’s, except that certain inter-segment transactions that are eliminated for consolidation are not eliminated at the segment level. Inter-segment transactions primarily include advertising and content purchases. |
Adjusted OIBDA | The Company believes Adjusted OIBDA is relevant to investors because it allows them to analyze the operating performance of each segment using the same metric management uses. The Company excludes mark-to-market share-based compensation, restructuring and other charges, certain impairment charges, and gains and losses on business and asset dispositions from the calculation of Adjusted OIBDA due to their volatility. The Company also excludes depreciation of fixed assets, and amortization of intangible assets, as these amounts do not represent cash payments in the current reporting period. |
Description of Business and B27
Description of Business and Basis of Presentation (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Accounting Policies [Abstract] | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | The following table summarizes the adjustments the Company made to conform prior period classifications to the new guidance: December 31, 2016 As reported As adjusted Current deferred income tax assets $ 97 $ — Noncurrent deferred income tax assets (included within other noncurrent assets) 9 20 Noncurrent deferred income tax liabilities (553 ) (467 ) Total $ (447 ) $ (447 ) |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Investments [Abstract] | |
Summary Investment Holdings | The Company’s investments consisted of the following (in millions). Category Balance Sheet Location June 30, 2017 December 31, 2016 Trading securities: mutual funds Prepaid expenses and other current assets $ 178 $ 160 Equity method investments Equity method investments, including note receivable 700 557 AFS securities: Common stock Other noncurrent assets 68 64 Common stock - pledged Other noncurrent assets 68 64 Cost method investments Other noncurrent assets 260 245 Total investments $ 1,274 $ 1,090 |
Schedule of Available-for-sale Securities Reconciliation | The accumulated amounts associated with the components of the Company's AFS securities, which are included in other non-current assets, are summarized in the table below (in millions). June 30, 2017 December 31, 2016 Cost $ 195 $ 195 Accumulated change in the value of: Hedged AFS recognized in other (expense) income, net (15 ) (19 ) Unhedged AFS recorded in other comprehensive income (loss) 18 14 Other-than-temporary impairment of AFS securities (62 ) (62 ) Carrying value $ 136 $ 128 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Schedule Of Assets And Liabilities Measured On Recurring Basis | The tables below present assets and liabilities measured at fair value on a recurring basis (in millions). June 30, 2017 Category Balance Sheet Location Level 1 Level 2 Level 3 Total Assets Trading securities - mutual funds Prepaid expenses and other current assets $ 178 $ — $ — $ 178 AFS securities: Common stock Other noncurrent assets 68 — — 68 Common stock - pledged Other noncurrent assets 68 — — 68 Derivatives: Cash flow hedges: Foreign exchange Prepaid expenses and other current assets — 8 — 8 Net investment hedges: Cross-currency swaps Other noncurrent assets — 18 — 18 Fair value hedges: Equity (Lionsgate Collar) Other noncurrent assets — 22 — 22 Total $ 314 $ 48 $ — $ 362 Liabilities Deferred compensation plan Accrued liabilities $ 178 $ — $ — $ 178 Derivatives: Cash flow hedges: Foreign exchange Accrued liabilities — 23 — 23 Foreign exchange Other noncurrent liabilities — 1 — 1 Net investment hedges: Cross-currency swaps Accrued liabilities — 7 — 7 Cross-currency swaps Other noncurrent liabilities — 58 — 58 No hedging designation: Cross-currency swaps Other noncurrent liabilities — 2 — 2 Total $ 178 $ 91 $ — $ 269 December 31, 2016 Category Balance Sheet Location Level 1 Level 2 Level 3 Total Assets Trading securities - mutual funds Prepaid expenses and other current assets $ 160 $ — $ — $ 160 AFS securities: Common stock Other noncurrent assets 64 — — 64 Common stock - pledged Other noncurrent assets 64 — — 64 Derivatives: Cash flow hedges: Foreign exchange Prepaid expenses and other current assets — 31 — 31 Net investment hedges: Cross-currency swaps Other noncurrent assets — 35 — 35 Fair value hedges: Equity (Lionsgate Collar) Other noncurrent assets — 25 — 25 No hedging designation: Cross-currency swaps Other noncurrent assets — 1 — 1 Total $ 288 $ 92 $ — $ 380 Liabilities Deferred compensation plan Accrued liabilities $ 160 $ — $ — $ 160 Derivatives: Cash flow hedges: Foreign exchange Accrued liabilities — 18 — 18 Net investment hedges: Cross-currency swaps Accrued liabilities — 3 — 3 Cross-currency swaps Other noncurrent liabilities — 31 — 31 Total $ 160 $ 52 $ — $ 212 |
Content Rights (Tables)
Content Rights (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Content Rights [Abstract] | |
Schedule Of Content Rights | The table below presents the components of content rights (in millions). June 30, 2017 December 31, 2016 Produced content rights: Completed $ 4,034 $ 3,920 In-production 483 420 Coproduced content rights: Completed 647 632 In-production 26 57 Licensed content rights: Acquired 1,053 1,090 Prepaid (a) 168 129 Content rights, at cost 6,411 6,248 Accumulated amortization (3,951 ) (3,849 ) Total content rights, net 2,460 2,399 Current portion (390 ) (310 ) Noncurrent portion $ 2,070 $ 2,089 |
Schedule Of Content Expense | Content expense is included in costs of revenues on the consolidated statements of operations and consisted of the following (in millions). Three months ended June 30, Six months ended June 30, 2017 2016 2017 2016 Content amortization $ 446 $ 420 $ 901 $ 855 Other production charges 76 79 141 138 Content impairments 6 3 9 9 Total content expense $ 528 $ 502 $ 1,051 $ 1,002 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Debt Disclosure [Abstract] | |
Outstanding Debt | The table below presents the components of outstanding debt (in millions). June 30, 2017 December 31, 2016 5.625% Senior notes, semi-annual interest, due August 2019 $ 411 $ 500 5.05% Senior notes, semi-annual interest, due June 2020 789 1,300 4.375% Senior notes, semi-annual interest, due June 2021 650 650 2.375% Senior notes, euro denominated, annual interest, due March 2022 342 314 3.30% Senior notes, semi-annual interest, due May 2022 500 500 3.25% Senior notes, semi-annual interest, due April 2023 350 350 3.80% Senior notes, semi-annual interest, due March 2024 450 — 3.45% Senior notes, semi-annual interest, due March 2025 300 300 4.90% Senior notes, semi-annual interest, due March 2026 700 500 1.90% Senior notes, euro denominated, annual interest, due March 2027 684 627 6.35% Senior notes, semi-annual interest, due June 2040 850 850 4.95% Senior notes, semi-annual interest, due May 2042 500 500 4.875% Senior notes, semi-annual interest, due April 2043 850 850 Revolving credit facility 700 550 Commercial paper 73 48 Capital lease obligations 172 151 Total debt 8,321 7,990 Unamortized discount and debt issuance costs (58 ) (67 ) Debt, net 8,263 7,923 Current portion of debt (105 ) (82 ) Noncurrent portion of debt $ 8,158 $ 7,841 |
Derivative Financial Instrume32
Derivative Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The following table summarizes the impact of derivative financial instruments on the Company's consolidated balance sheets (in millions). There were no amounts eligible to be offset under master netting agreements as of June 30, 2017 and December 31, 2016 . June 30, 2017 December 31, 2016 Fair Value Fair Value Notional Prepaid expenses and other current assets Other non- current assets Accrued liabilities Other non- current liabilities Notional Prepaid expenses and other current assets Other non- current assets Accrued liabilities Other non- current liabilities Cash flow hedges: Foreign exchange $ 625 $ 8 $ — $ 23 $ 1 $ 677 $ 31 $ — $ 18 $ — Net investment hedges: Cross-currency swaps 1,684 — 18 7 58 751 — 35 3 31 Foreign exchange 100 — — — — — — — — — Fair value hedges: Equity (Lionsgate collar) 97 — 22 — — 97 — 25 — — No hedging designation: Interest rate 25 — — — — 25 — — — — Cross-currency swaps 64 — — — 2 64 — 1 — — Total $ 8 $ 40 $ 30 $ 61 $ 31 $ 61 $ 21 $ 31 |
Schedule of Derivative Instruments Designated as Cash Flow Hedges, Effect on Other Comprehensive Income (Loss) | The following table presents the pretax impact of derivatives designated as cash flow hedges on income and other comprehensive income (loss) (in millions). Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 (Losses) gains recognized in accumulated other comprehensive loss: Foreign exchange - derivative adjustments $ (18 ) $ 3 $ (31 ) $ (18 ) (Losses) gains reclassified into income from accumulated other comprehensive loss (effective portion): Foreign exchange - distribution revenue (4 ) (5 ) (7 ) (4 ) Foreign exchange - advertising revenue (1 ) (1 ) (1 ) (1 ) Foreign exchange - costs of revenues — 3 4 7 Foreign exchange - other (expense) income, net — 1 — 2 Interest rate - interest expense — (1 ) (1 ) (2 ) Fair value excluded from effectiveness assessment: Foreign exchange - other (expense) income, net — (3 ) — (4 ) |
Schedule of Net Investment Hedges in Accumulated Other Comprehensive Income (Loss) | The following table presents the pretax impact of derivatives designated as net investment hedges on other comprehensive income (loss) (in millions). Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Currency translation adjustments: Cross-currency swaps - changes in fair value $ (39 ) $ (8 ) $ (48 ) $ (8 ) Cross-currency swaps - interest settlements — — 5 — Total other comprehensive loss $ (39 ) $ (8 ) $ (43 ) $ (8 ) |
Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location | The following table presents the pretax impact of derivatives designated as fair value hedges on income, including offsetting changes in fair value of the hedged items and amounts excluded from the assessment of effectiveness (in millions). There were no amounts of ineffectiveness recognized on fair value hedges for the three and six months ended June 30, 2017 . The Company recognized $2 million of ineffectiveness for the three and six months ended June 30, 2016 . Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Gains (losses) on changes in fair value of hedged AFS $ 4 $ (4 ) $ 4 $ (30 ) (Losses) gains on changes in the intrinsic value of equity contracts (4 ) 2 (4 ) 28 Fair value of equity contracts excluded from effectiveness assessment 3 1 1 (7 ) Total in other (expense) income, net $ 3 $ (1 ) $ 1 $ (9 ) |
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location | The following table presents the pretax losses on derivatives not designated as hedges and recognized in other (expense) income, net in the consolidated statements of operations (in millions). Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Cross-currency swaps $ (2 ) $ — $ (3 ) $ — Foreign exchange $ — $ (2 ) $ — $ (2 ) |
Redeemable Noncontrolling Int33
Redeemable Noncontrolling Interests (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Noncontrolling Interest [Abstract] | |
Redeemable Noncontrolling Interests | The table below presents the reconciliation of changes in redeemable noncontrolling interests (in millions). Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Beginning balance $ 249 $ 248 $ 243 $ 241 Cash distributions to redeemable noncontrolling interests (17 ) (15 ) (20 ) (17 ) Comprehensive income adjustments: Net income attributable to redeemable noncontrolling interests 6 6 12 12 Other comprehensive income attributable to redeemable noncontrolling interests — 2 1 3 Currency translation on redemption values (1 ) 2 — 4 Retained earnings adjustments: Adjustments of redemption values to the floor — (2 ) 1 (2 ) Ending balance $ 237 $ 241 $ 237 $ 241 |
Equity (Tables)
Equity (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Equity [Abstract] | |
Schedule of Treasury Stock by Class | he table below presents a summary of common stock repurchases (in millions). Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Series C Common Stock: Shares repurchased 9.1 10.4 14.3 18.8 Purchase price $ 241 $ 286 $ 381 $ 500 |
Schedule of Series C Convertible Preferred Stock Repurchase | The table below presents a summary of Series C convertible preferred stock repurchases (in millions). Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Series C Convertible Preferred Stock: Shares repurchased 1.1 1.8 2.3 4.7 Purchase price $ 60 $ 91 $ 120 $ 250 |
Components of Other Comprehensive (Loss) Income | The table below presents the tax effects related to each component of other comprehensive income (loss) and reclassifications made in the consolidated statements of operations (in millions). Three Months Ended June 30, 2017 Three Months Ended June 30, 2016 Pretax Tax Net-of-tax Pretax Tax Net-of-tax Currency translation adjustments: Unrealized gains (losses) Foreign currency $ 109 $ 9 $ 118 $ (74 ) $ 17 $ (57 ) Net investment hedges (39 ) — (39 ) (8 ) — (8 ) Reclassifications: Loss on disposition 12 — 12 — — — Total currency translation adjustments 82 9 91 (82 ) 17 (65 ) AFS adjustments: Unrealized gains (losses) 9 — 9 (8 ) — (8 ) Reclassifications to other (expense) income, net: Hedged portion of AFS securities (4 ) — (4 ) 4 — 4 Total AFS adjustments 5 — 5 (4 ) — (4 ) Derivative adjustments: Unrealized (losses) gains (18 ) 5 (13 ) 3 (1 ) 2 Reclassifications: Distribution revenue 4 (1 ) 3 5 (1 ) 4 Advertising revenue 1 — 1 1 — 1 Costs of revenues — — — (3 ) 1 (2 ) Interest expense — — — 1 (1 ) — Other (expense) income, net — — — (1 ) 1 — Total derivative adjustments (13 ) 4 (9 ) 6 (1 ) 5 Other comprehensive income (loss) $ 74 $ 13 $ 87 $ (80 ) $ 16 $ (64 ) Six Months Ended June 30, 2017 Six Months Ended June 30, 2016 Pretax Tax Benefit (Expense) Net-of-tax Pretax Tax Benefit (Expense) Net-of-tax Currency translation adjustments: Unrealized gains (losses) Foreign currency $ 180 $ 10 $ 190 $ (24 ) $ 25 $ 1 Net investment hedges (43 ) — (43 ) (8 ) — (8 ) Reclassifications: Loss on disposition 12 — 12 — — — Total currency translation adjustments 149 10 159 (32 ) 25 (7 ) AFS adjustments: Unrealized gains (losses) 8 — 8 (60 ) 10 (50 ) Reclassifications to other (expense) income, net: Hedged portion of AFS securities (4 ) — (4 ) 30 (5 ) 25 Total AFS adjustments 4 — 4 (30 ) 5 (25 ) Derivative adjustments: Unrealized losses (31 ) 10 (21 ) (18 ) 7 (11 ) Reclassifications: Distribution revenue 7 (2 ) 5 4 (1 ) 3 Advertising revenue 1 — 1 1 — 1 Costs of revenues (4 ) 1 (3 ) (7 ) 2 (5 ) Interest expense 1 — 1 2 (1 ) 1 Other (expense) income, net — — — (2 ) 1 (1 ) Total derivative adjustments (26 ) 9 (17 ) (20 ) 8 (12 ) Other comprehensive income (loss) $ 127 $ 19 $ 146 $ (82 ) $ 38 $ (44 ) |
Accumulated Other Comprehensive (Loss) Income, Net Of Taxes | The table below presents the changes in the components of accumulated other comprehensive loss , net of taxes (in millions). Three Months Ended June 30, 2017 Currency Translation AFS Derivatives Accumulated Other Comprehensive Loss Beginning balance $ (730 ) $ 10 $ 16 $ (704 ) Other comprehensive income (loss) before reclassifications 79 9 (13 ) 75 Reclassifications from accumulated other comprehensive loss to net income 12 (4 ) 4 12 Other comprehensive income (loss) 91 5 (9 ) 87 Ending balance $ (639 ) $ 15 $ 7 $ (617 ) Three Months Ended June 30, 2016 Currency Translation AFS Derivatives Accumulated Other Comprehensive Loss Beginning balance $ (549 ) $ (48 ) $ (17 ) $ (614 ) Other comprehensive (loss) income before reclassifications (65 ) (8 ) 2 (71 ) Reclassifications from accumulated other comprehensive loss to net income — 4 3 7 Other comprehensive (loss) income (65 ) (4 ) 5 (64 ) Other comprehensive income attributable to redeemable noncontrolling interests (2 ) — — (2 ) Ending balance $ (616 ) $ (52 ) $ (12 ) $ (680 ) Six Months Ended June 30, 2017 Currency Translation AFS Derivatives Accumulated Other Comprehensive Loss Beginning balance $ (797 ) $ 11 $ 24 $ (762 ) Other comprehensive income (loss) before reclassifications 147 8 (21 ) 134 Reclassifications from accumulated other comprehensive loss to net income 12 (4 ) 4 12 Other comprehensive income (loss) 159 4 (17 ) 146 Other comprehensive income attributable to redeemable noncontrolling interests (1 ) — — (1 ) Ending balance $ (639 ) $ 15 $ 7 $ (617 ) Six Months Ended June 30, 2016 Currency Translation AFS Derivatives Accumulated Other Comprehensive Loss Beginning balance $ (606 ) $ (27 ) $ — $ (633 ) Other comprehensive loss before reclassifications (7 ) (50 ) (11 ) (68 ) Reclassifications from accumulated other comprehensive loss to net income — 25 (1 ) 24 Other comprehensive loss (7 ) (25 ) (12 ) (44 ) Other comprehensive income attributable to redeemable noncontrolling interests (3 ) — — (3 ) Ending balance $ (616 ) $ (52 ) $ (12 ) $ (680 ) |
Share-based Paymentsn (Tables)
Share-based Paymentsn (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Equity-Based Compensation Expense | The table below presents the components of share-based compensation expense (in millions). Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 PRSUs $ (2 ) $ — $ 7 $ 9 RSUs 5 4 11 10 Stock options 1 2 4 7 SARs (3 ) (3 ) — 1 Total share-based compensation expense $ 1 $ 3 $ 22 $ 27 Tax benefit recognized $ — $ 1 $ 8 $ 10 |
Schedule of liability classified equity awards | The table below presents current and non-current portions of liability-classified share-based compensation awards (in millions). June 30, 2017 December 31, 2016 Current portion of liability-classified awards: PRSUs $ 14 $ 29 SARs 2 2 Non-current portion of liability-classified awards: PRSUs 33 47 SARs 4 5 Total liability-classified share-based compensation award liability $ 53 $ 83 |
Schedule of Other Share-based Compensation, Activity | The table below presents award activity (in millions, except weighted-average grant price) for PRSUs, RSUs and SARs. Six Months Ended June 30, 2017 Awards Weighted-Average Grant Price Awards granted: PRSUs 0.7 $ 29.50 RSUs 1.5 $ 29.15 SARs 3.0 $ 27.40 Awards converted or settled: PRSUs 1.7 $ 34.55 RSUs 0.4 $ 35.92 SARs 0.6 $ 25.72 |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award | The table below presents stock option activity (in millions, except weighted-average exercise price). Stock Options Weighted-Average Outstanding as of December 31, 2016 13.7 $ 26.05 Granted 2.5 $ 29.14 Exercised (2.5 ) $ 17.45 Forfeited/cancelled (1.0 ) $ 34.52 Outstanding as of June 30, 2017 12.7 |
Schedule of Unrecognized Compensation Cost, Nonvested Awards | The table below presents unrecognized compensation cost related to non-vested share-based awards and the weighted-average amortization period over which these expenses will be recognized as of June 30, 2017 (in millions, except years). Unrecognized Compensation Cost Weighted-Average Amortization Period (years) RSUs $ 77 3.2 PRSUs 32 2.1 Stock options 40 2.5 SARs 12 1.4 Total unrecognized compensation cost $ 161 |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Schedule of Effective Income Tax Rate Reconciliation | following table reconciles the Company's effective income tax rate to the U.S. federal statutory income tax rate of 35% . Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 U.S. federal statutory income tax rate 35 % 35 % 35 % 35 % State and local income taxes, net of federal tax benefit 2 % (11 )% 2 % (5 )% Effect of foreign operations (5 )% (2 )% (5 )% (3 )% Domestic production activity deductions (3 )% (4 )% (3 )% (4 )% Change in uncertain tax positions — % 2 % — % 1 % Renewable energy investments tax credits (9 )% — % (9 )% — % Other, net — % (1 )% — % (1 )% Effective income tax rate 20 % 19 % 20 % 23 % The |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of Income Available to Discovery Stockholders | The table below sets forth the computation for income available to Discovery Communications, Inc. stockholders (in millions). Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Numerator: Net income $ 380 $ 415 $ 601 $ 684 Less: Allocation of undistributed income to Series A convertible preferred stock (91 ) (94 ) (143 ) (153 ) Net income attributable to noncontrolling interests — (1 ) — (1 ) Net income attributable to redeemable noncontrolling interests (6 ) (6 ) (12 ) (12 ) Net income available to Discovery Communications, Inc. Series A, B and C common and Series C convertible preferred stockholders for basic net income per share $ 283 $ 314 $ 446 $ 518 Allocation of net income available to Discovery Communications Inc. Series A, B and C common stockholders and Series C convertible preferred stockholders for basic net income per share: Series A, B and C common stockholders 250 270 393 443 Series C convertible preferred stockholders 33 44 53 75 Total 283 314 446 518 Add: Allocation of undistributed income to Series A convertible preferred stockholders 91 94 143 153 Net income available to Discovery Communications, Inc. Series A, B and C common stockholders for diluted net income per share $ 374 $ 408 $ 589 $ 671 |
Schedule Of Weighted Average Basic And Diluted Shares Outstanding | The table below sets forth the weighted average number of shares outstanding utilized in determining the denominator for basic and diluted earnings per share (in millions). Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Denominator — weighted average: Series A, B and C common shares outstanding — basic 384 404 387 409 Impact of assumed preferred stock conversion 192 208 193 211 Dilutive effect of share-based awards 2 4 3 3 Series A, B and C common shares outstanding — diluted 578 616 583 623 Series C convertible preferred stock outstanding — basic and diluted 25 33 26 35 |
Schedule of Basic and Diluted Earnings per Share | The table below sets forth the Company's calculated earnings per share. Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Basic net income per share available to Discovery Communications, Inc. Series A, B and C common and Series C convertible preferred stockholders: Series A, B and C common stockholders $ 0.65 $ 0.66 $ 1.02 $ 1.08 Series C convertible preferred stockholders $ 1.30 $ 1.33 $ 2.04 $ 2.16 Diluted net income per share available to Discovery Communications, Inc. Series A, B and C common and Series C convertible preferred stockholders: Series A, B and C common stockholders $ 0.64 $ 0.66 $ 1.01 $ 1.08 Series C convertible preferred stockholders $ 1.28 $ 1.33 $ 2.02 $ 2.16 Series C convertible preferred earnings per share amounts may not recalculate due to rounding. |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The table below presents the details of the anticipated stock repurchases and share-based awards that were excluded from the calculation of diluted earnings per share (in millions). Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Anti-dilutive stock options and RSUs 11 9 10 8 PRSUs whose performance targets have not been achieved 1 3 1 3 |
Supplemental Disclosures (Table
Supplemental Disclosures (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Disclosure Text Block Supplement [Abstract] | |
Schedule Of Accrued Liabilities | June 30, 2017 December 31, 2016 Accrued payroll and related benefits $ 405 $ 486 Content rights payable 184 173 Accrued interest 62 67 Accrued income taxes 35 34 Current portion of share-based compensation liabilities 16 31 Other accrued liabilities 244 284 Total accrued liabilities $ 946 $ 1,075 |
Schedule Of Other Income, Net | Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Foreign currency (losses) gains, net $ (26 ) $ 41 $ (35 ) $ 37 Gains (losses) on derivative instruments 1 (6 ) (2 ) (15 ) Other income, net 1 3 — — Total other (expense) income, net $ (24 ) $ 38 $ (37 ) $ 22 |
Schedule of Cash Proceeds Received from Share-based Payment Awards | Six Months Ended June 30, 2017 2016 Tax settlements associated with share-based plans $ (30 ) $ (10 ) Proceeds from issuance of common stock in connection with share-based plans 41 12 Total share-based plan payments, net $ 11 $ 2 (a) Share-based plan payments, net includes the retrospective reclassification of windfall tax benefits or deficiencies from financing activities to operating activities in the statement of cash flows presentation pursuant to the adoption of the new guidance on share-based payments on January 1, 2017 . There were $1 million in net windfall tax adjustments for the six months ended June 30, 2016 , reclassified from financing activities to operating activities. (See Note 1). |
Schedule of Supplemental Cash Flow Information | Six Months Ended June 30, 2017 2016 Cash paid for taxes, net (a) $ 199 $ 314 Cash paid for interest, net 184 174 Noncash investing and financing activities: Accrued purchases of property and equipment 18 9 Assets acquired under capital lease arrangements 38 1 (a) The decrease in cash paid for taxes, net, for the six months ended June 30, 2017 is mostly due to the tax impact from the Company's investments in limited liability companies that sponsor renewable energy projects related to solar energy. (See Note 3 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Related Party Transactions [Abstract] | |
Schedule Of Related Party Transactions, Revenues and Expenses | The table below presents a summary of the transactions with related parties (in millions). Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Revenues and service charges: Liberty Group (a) $ 128 $ 87 $ 254 $ 143 Equity method investees 38 30 72 57 Other 8 8 21 19 Total revenues and service charges $ 174 $ 125 $ 347 $ 219 Interest income (b) $ 3 $ 4 $ 7 $ 9 Expenses $ (40 ) $ (39 ) $ (70 ) $ (60 ) (a) The increase for the three and six months ended June 30, 2017 includes the May 2016 acquisition of Time Warner Cable, Inc. by Charter Communications, an equity method investee of the Liberty Group, and other changes in Liberty Group's businesses. (b) The Company records interest earnings from loans to equity method investees, such as OWN, as a component of loss from equity investees, net , in the consolidated statements of operations. (See Note 3.) |
Schedules Of Related Party Transactions Receivables | The table below presents receivables due from related parties (in millions). June 30, 2017 December 31, 2016 Receivables $ 116 $ 109 Note receivable (See Note 3) 301 311 |
Reportable Segments (Tables)
Reportable Segments (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Segment Reporting [Abstract] | |
Schedule Of Revenues By Segment | Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 U.S. Networks $ 890 $ 873 $ 1,719 $ 1,680 International Networks 811 790 1,558 1,501 Education and Other 44 46 81 90 Corporate and inter-segment eliminations — (1 ) — (2 ) Total revenues $ 1,745 $ 1,708 $ 3,358 $ 3,269 |
Schedule Of Adjusted OIBDA By Segment | Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 U.S. Networks $ 567 $ 544 $ 1,068 $ 1,017 International Networks 236 245 430 427 Education and Other 5 (3 ) (1 ) (4 ) Corporate and inter-segment eliminations (91 ) (84 ) (177 ) (164 ) Total Adjusted OIBDA $ 717 $ 702 $ 1,320 $ 1,276 |
Schedule Of Reconciliation Of Adjusted OIBDA To Operating Income | Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Net income available to Discovery Communications, Inc. $ 374 $ 408 $ 589 $ 671 Net income attributable to redeemable noncontrolling interests 6 6 12 12 Net income attributable to noncontrolling interests — 1 — 1 Income tax expense 93 95 148 206 Income before income taxes 473 510 749 890 Other expense (income), net 24 (38 ) 37 (22 ) Loss from equity investees, net 42 23 95 31 Loss on extinguishment of debt — — 54 — Interest expense 91 91 182 176 Operating income 630 586 1,117 1,075 Loss (gain) on disposition 4 — 4 (13 ) Restructuring and other charges 8 39 32 45 Depreciation and amortization 80 80 160 159 Mark-to-market share-based compensation (5 ) (3 ) 7 10 Total Adjusted OIBDA $ 717 $ 702 $ 1,320 $ 1,276 |
Schedule Of Total Assets By Segment | June 30, 2017 December 31, 2016 U.S. Networks $ 3,598 $ 3,412 International Networks 5,205 4,922 Education and Other 376 399 Corporate and inter-segment eliminations 6,970 6,939 Total assets $ 16,149 $ 15,672 |
Restructuring and Other Charg41
Restructuring and Other Charges Restructuring and Other Charges (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring and Related Costs by Reportable Segment | Restructuring and other charges, by segment were as follows (in millions). Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 U.S. Networks $ — $ 7 $ 4 $ 8 International Networks 4 15 21 20 Education and Other — 3 1 3 Corporate 4 14 6 14 Total restructuring and other charges $ 8 $ 39 $ 32 $ 45 |
Restructuring and Related Costs | Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Restructuring charges $ 4 $ 43 $ 28 $ 49 Other 4 (4 ) 4 (4 ) Total restructuring and other charges $ 8 $ 39 $ 32 $ 45 |
Schedule of Restructuring and Related Costs Changes in Exit Liabilities | Changes in restructuring and other liabilities recorded in accrued liabilities by major category were as follows (in millions). Contract Terminations Employee Terminations Total December 31, 2016 $ 3 $ 36 $ 39 Net Accruals — 28 28 Cash Paid — (32 ) (32 ) June 30, 2017 $ 3 $ 32 $ 35 |
Condensed Consolidating Finan42
Condensed Consolidating Financial Statements (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Consolidating Balance Sheet | Condensed Consolidating Balance Sheet June 30, 2017 (in millions) Discovery DCH DCL Non-Guarantor Other Non- Reclassifications Discovery and ASSETS Current assets: Cash and cash equivalents $ — $ — $ 8 $ 198 $ — $ — $ 206 Receivables, net — — 485 1,273 — — 1,758 Content rights, net — — 7 383 — — 390 Prepaid expenses and other current assets 23 40 219 134 — — 416 Inter-company trade receivables, net — — 174 — — (174 ) — Total current assets 23 40 893 1,988 — (174 ) 2,770 Investment in and advances to subsidiaries 5,505 5,466 7,955 — 3,684 (22,610 ) — Noncurrent content rights, net — — 712 1,358 — — 2,070 Goodwill, net — — 3,769 4,354 — — 8,123 Intangible assets, net — — 264 1,217 — — 1,481 Equity method investments, including note receivable — — 29 671 — — 700 Other noncurrent assets, including property and equipment, net — 20 334 671 — (20 ) 1,005 Total assets $ 5,528 $ 5,526 $ 13,956 $ 10,259 $ 3,684 $ (22,804 ) $ 16,149 LIABILITIES AND EQUITY Current liabilities: Current portion of debt $ — $ — $ 80 $ 25 $ — $ — $ 105 Other current liabilities — — 448 913 — — 1,361 Inter-company trade payables, net — — — 174 — (174 ) — Total current liabilities — — 528 1,112 — (174 ) 1,466 Noncurrent portion of debt — — 7,625 533 — — 8,158 Other noncurrent liabilities 2 — 337 422 21 (20 ) 762 Total liabilities 2 — 8,490 2,067 21 (194 ) 10,386 Redeemable noncontrolling interests — — — 237 — — 237 Total equity 5,526 5,526 5,466 7,955 3,663 (22,610 ) 5,526 Total liabilities and equity $ 5,528 $ 5,526 $ 13,956 $ 10,259 $ 3,684 $ (22,804 ) $ 16,149 Condensed Consolidating Balance Sheet December 31, 2016 (in millions) Discovery DCH DCL Non-Guarantor Other Non- Reclassifications Discovery and ASSETS Current assets: Cash and cash equivalents $ — $ — $ 20 $ 280 $ — $ — $ 300 Receivables, net — — 421 1,074 — — 1,495 Content rights, net — — 8 302 — — 310 Prepaid expenses and other current assets 62 36 180 119 — — 397 Inter-company trade receivables, net — — 195 — — (195 ) — Total current assets 62 36 824 1,775 — (195 ) 2,502 Investment in and advances to subsidiaries 5,106 5,070 7,450 — 3,417 (21,043 ) — Noncurrent content rights, net — — 663 1,426 — — 2,089 Goodwill, net — — 3,769 4,271 — — 8,040 Intangible assets, net — — 272 1,240 — — 1,512 Equity method investments, including note receivable — — 30 527 — — 557 Other noncurrent assets, including property and equipment, net — 20 306 666 — (20 ) 972 Total assets $ 5,168 $ 5,126 $ 13,314 $ 9,905 $ 3,417 $ (21,258 ) $ 15,672 LIABILITIES AND EQUITY Current liabilities: Current portion of debt $ — $ — $ 52 $ 30 $ — $ — $ 82 Other current liabilities — — 516 963 — — 1,479 Inter-company trade payables, net — — — 195 — (195 ) — Total current liabilities — — 568 1,188 — (195 ) 1,561 Noncurrent portion of debt — — 7,315 526 — — 7,841 Other noncurrent liabilities 1 — 361 498 20 (20 ) 860 Total liabilities 1 — 8,244 2,212 20 (215 ) 10,262 Redeemable noncontrolling interests — — — 243 — — 243 Total equity 5,167 5,126 5,070 7,450 3,397 (21,043 ) 5,167 Total liabilities and equity $ 5,168 $ 5,126 $ 13,314 $ 9,905 $ 3,417 $ (21,258 ) $ 15,672 |
Condensed Consolidating Statement Of Operations | Condensed Consolidating Statement of Operations Three Months Ended June 30, 2017 (in millions) Discovery DCH DCL Non-Guarantor Other Non- Reclassifications Discovery and Revenues $ — $ — $ 525 $ 1,224 $ — $ (4 ) $ 1,745 Costs of revenues, excluding depreciation and amortization — — 112 522 — — 634 Selling, general and administrative 5 — 56 332 — (4 ) 389 Depreciation and amortization — — 11 69 — — 80 Restructuring and other charges — — 3 5 — — 8 Loss on disposition — — — 4 — — 4 Total costs and expenses 5 — 182 932 — (4 ) 1,115 Operating (loss) income (5 ) — 343 292 — — 630 Equity in earnings of subsidiaries 376 376 245 — 251 (1,248 ) — Interest expense — — (83 ) (8 ) — — (91 ) Loss from equity investees, net — — — (42 ) — — (42 ) Other (expense) income, net — — (62 ) 38 — — (24 ) Income before income taxes 371 376 443 280 251 (1,248 ) 473 Income tax benefit (expense) 3 — (67 ) (29 ) — — (93 ) Net income 374 376 376 251 251 (1,248 ) 380 Net income attributable to redeemable noncontrolling interests — — — — — (6 ) (6 ) Net income available to Discovery Communications, Inc. $ 374 $ 376 $ 376 $ 251 $ 251 $ (1,254 ) $ 374 Condensed Consolidating Statement of Operations Three Months Ended June 30, 2016 (in millions) Discovery DCH DCL Non-Guarantor Other Non- Reclassifications Discovery and Revenues $ — $ — $ 521 $ 1,191 $ — $ (4 ) $ 1,708 Costs of revenues, excluding depreciation and amortization — — 116 488 — (1 ) 603 Selling, general and administrative 4 — 60 339 — (3 ) 400 Depreciation and amortization — — 9 71 — — 80 Restructuring and other charges — — 22 17 — — 39 Total costs and expenses 4 — 207 915 — (4 ) 1,122 Operating (loss) income (4 ) — 314 276 — — 586 Equity in earnings of subsidiaries 410 410 239 — 274 (1,333 ) — Interest expense — — (85 ) (6 ) — — (91 ) Loss from equity investees, net — — (5 ) (18 ) — — (23 ) Other income, net — — 18 20 — — 38 Income before income taxes 406 410 481 272 274 (1,333 ) 510 Income tax benefit (expense) 2 — (71 ) (26 ) — — (95 ) Net income 408 410 410 246 274 (1,333 ) 415 Net income attributable to noncontrolling interests — — — — — (1 ) (1 ) Net income attributable to redeemable noncontrolling interests — — — — — (6 ) (6 ) Net income available to Discovery Communications, Inc. $ 408 $ 410 $ 410 $ 246 $ 274 $ (1,340 ) $ 408 Condensed Consolidating Statement of Operations Six Months Ended June 30, 2017 (in millions) Discovery DCH DCL Non-Guarantor Other Non- Reclassifications Discovery and Revenues $ — $ — $ 1,016 $ 2,349 $ — $ (7 ) $ 3,358 Costs of revenues, excluding depreciation and amortization — — 220 1,021 — — 1,241 Selling, general and administrative 9 — 130 672 — (7 ) 804 Depreciation and amortization — — 23 137 — — 160 Restructuring and other charges — — 19 13 — — 32 Loss on disposition — — — 4 — — 4 Total costs and expenses 9 — 392 1,847 — (7 ) 2,241 Operating (loss) income (9 ) — 624 502 — — 1,117 Equity in earnings of subsidiaries 594 594 385 — 396 (1,969 ) — Interest expense — — (169 ) (13 ) — — (182 ) Loss on extinguishment of debt — — (54 ) — — — (54 ) Income (loss) from equity investees, net — — 1 (96 ) — — (95 ) Other (expense) income, net — — (89 ) 52 — — (37 ) Income before income taxes 585 594 698 445 396 (1,969 ) 749 Income tax benefit (expense) 4 — (104 ) (48 ) — — (148 ) Net income 589 594 594 397 396 (1,969 ) 601 Net income attributable to redeemable noncontrolling interests — — — — — (12 ) (12 ) Net income available to Discovery Communications, Inc. $ 589 $ 594 $ 594 $ 397 $ 396 $ (1,981 ) $ 589 Condensed Consolidating Statement of Operations Six Months Ended June 30, 2016 (in millions) Discovery DCH DCL Non-Guarantor Other Non- Reclassifications Discovery and Revenues $ — $ — $ 1,002 $ 2,274 $ — $ (7 ) $ 3,269 Costs of revenues, excluding depreciation and amortization — — 230 967 — (2 ) 1,195 Selling, general and administrative 8 — 129 676 — (5 ) 808 Depreciation and amortization — — 19 140 — — 159 Restructuring and other charges — — 23 22 — — 45 Gain on disposition — — — (13 ) — — (13 ) Total costs and expenses 8 — 401 1,792 — (7 ) 2,194 Operating (loss) income (8 ) — 601 482 — — 1,075 Equity in earnings of subsidiaries 676 676 390 — 451 (2,193 ) — Interest expense — — (165 ) (11 ) — — (176 ) Loss from equity investees, net — — (5 ) (26 ) — — (31 ) Other (expense) income, net — — (19 ) 41 — — 22 Income before income taxes 668 676 802 486 451 (2,193 ) 890 Income tax benefit (expense) 3 — (126 ) (83 ) — — (206 ) Net income 671 676 676 403 451 (2,193 ) 684 Net income attributable to noncontrolling interests — — — — — (1 ) (1 ) Net income attributable to redeemable noncontrolling interests — — — — — (12 ) (12 ) Net income available to Discovery Communications, Inc. $ 671 $ 676 $ 676 $ 403 $ 451 $ (2,206 ) $ 671 |
Condensed Consolidating Statement Of Comprehensive Income | Condensed Consolidating Statement of Comprehensive Income Three Months Ended June 30, 2017 (in millions) Discovery DCH DCL Non-Guarantor Other Non- Reclassifications Discovery and Net income $ 374 $ 376 $ 376 $ 251 $ 251 $ (1,248 ) $ 380 Other comprehensive income (loss) adjustments, net of tax: Currency translation 91 91 91 91 61 (334 ) 91 Available-for-sale securities 5 5 5 5 4 (19 ) 5 Derivatives (9 ) (9 ) (9 ) (9 ) (6 ) 33 (9 ) Comprehensive income 461 463 463 338 310 (1,568 ) 467 Comprehensive income attributable to redeemable noncontrolling interests — — — — — (6 ) (6 ) Comprehensive income attributable to Discovery Communications, Inc. $ 461 $ 463 $ 463 $ 338 $ 310 $ (1,574 ) $ 461 Condensed Consolidating Statement of Comprehensive Income Three Months Ended June 30, 2016 (in millions) Discovery DCH DCL Non-Guarantor Other Non- Reclassifications Discovery and Net income $ 408 $ 410 $ 410 $ 246 $ 274 $ (1,333 ) $ 415 Other comprehensive (loss) income adjustments, net of tax: Currency translation (65 ) (65 ) (65 ) (65 ) (44 ) 239 (65 ) Available-for-sale securities (4 ) (4 ) (4 ) (4 ) (3 ) 15 (4 ) Derivatives 5 5 5 5 3 (18 ) 5 Comprehensive income 344 346 346 182 230 (1,097 ) 351 Comprehensive income attributable to noncontrolling interests — — — — — (1 ) (1 ) Comprehensive income attributable to redeemable noncontrolling interests (2 ) (2 ) (2 ) (2 ) (1 ) 1 (8 ) Comprehensive income attributable to Discovery Communications, Inc. $ 342 $ 344 $ 344 $ 180 $ 229 $ (1,097 ) $ 342 Condensed Consolidating Statement of Comprehensive Income (Loss) Six Months Ended June 30, 2017 (in millions) Discovery DCH DCL Non-Guarantor Other Non- Reclassifications Discovery and Net income $ 589 $ 594 $ 594 $ 397 $ 396 $ (1,969 ) $ 601 Other comprehensive income (loss) adjustments, net of tax: Currency translation 159 159 159 159 106 (583 ) 159 Available-for-sale securities 4 4 4 4 3 (15 ) 4 Derivatives (17 ) (17 ) (17 ) (18 ) (11 ) 63 (17 ) Comprehensive income 735 740 740 542 494 (2,504 ) 747 Comprehensive income attributable to redeemable noncontrolling interests (1 ) (1 ) (1 ) (1 ) (1 ) (8 ) (13 ) Comprehensive income attributable to Discovery Communications, Inc. $ 734 $ 739 $ 739 $ 541 $ 493 $ (2,512 ) $ 734 Condensed Consolidating Statement of Comprehensive Income (Loss) Six Months Ended June 30, 2016 (in millions) Discovery DCH DCL Non-Guarantor Other Non- Reclassifications Discovery and Net income $ 671 $ 676 $ 676 $ 403 $ 451 $ (2,193 ) $ 684 Other comprehensive loss adjustments, net of tax: Currency translation (7 ) (7 ) (7 ) (7 ) (5 ) 26 (7 ) Available-for-sale securities (25 ) (25 ) (25 ) (25 ) (17 ) 92 (25 ) Derivatives (12 ) (12 ) (12 ) (13 ) (8 ) 45 (12 ) Comprehensive income 627 632 632 358 421 (2,030 ) 640 Comprehensive income attributable to noncontrolling interests — — — — — (1 ) (1 ) Comprehensive income attributable to redeemable noncontrolling interests (3 ) (3 ) (3 ) (3 ) (2 ) (1 ) (15 ) Comprehensive income attributable to Discovery Communications, Inc. $ 624 $ 629 $ 629 $ 355 $ 419 $ (2,032 ) $ 624 |
Condensed Consolidating Statement Of Cash Flows | Condensed Consolidating Statement of Cash Flows Six Months Ended June 30, 2017 (in millions) Discovery DCH DCL Non-Guarantor Other Non- Reclassifications Discovery and Operating Activities Cash provided by (used in) operating activities $ 37 $ (5 ) $ (22 ) $ 433 $ — $ — $ 443 Investing Activities Payments for investments — — (7 ) (263 ) — — (270 ) Distributions from equity method investees — — — 18 — — 18 Purchases of property and equipment — — (26 ) (52 ) — — (78 ) Proceeds from dispositions, net of cash disposed — — — 29 — — 29 Proceeds from derivative instruments, net — — — 5 — — 5 Other investing activities, net — — 27 3 — (27 ) 3 Cash used in investing activities — — (6 ) (260 ) — (27 ) (293 ) Financing Activities Commercial paper borrowings, net — — 25 — — — 25 Borrowings under revolving credit facility — — 350 — — — 350 Principal repayments of revolving credit facility — — (200 ) — — — (200 ) Borrowings from debt, net of discount and including premiums — — 659 — — — 659 Principal repayments of debt, including discount payment and premiums to par value — — (650 ) — — — (650 ) Principal repayments of capital lease obligations — — (3 ) (16 ) — — (19 ) Repurchases of stock (501 ) — — — — — (501 ) Cash settlement of common stock repurchase contracts 58 — — — — — 58 Distributions to redeemable noncontrolling interests — — — (20 ) — — (20 ) Share-based plan payments, net 11 — — — — — 11 Inter-company contributions and other financing activities, net 395 5 (165 ) (270 ) — 27 (8 ) Cash (used in) provided by financing activities (37 ) 5 16 (306 ) — 27 (295 ) Effect of exchange rate changes on cash and cash equivalents — — — 51 — — 51 Net change in cash and cash equivalents — — (12 ) (82 ) — — (94 ) Cash and cash equivalents, beginning of period — — 20 280 — — 300 Cash and cash equivalents, end of period $ — $ — $ 8 $ 198 $ — $ — $ 206 Condensed Consolidating Statement of Cash Flows Six Months Ended June 30, 2016 (in millions) Discovery DCH DCL Non-Guarantor Other Non- Reclassifications Discovery and Operating Activities Cash provided by (used in) operating activities $ 36 $ (13 ) $ (47 ) $ 414 $ — $ — $ 390 Investing Activities Payments for investments — — (4 ) (56 ) — — (60 ) Distributions from equity method investees — — — 40 — — 40 Purchases of property and equipment — — (11 ) (32 ) — — (43 ) Proceeds from dispositions, net of cash disposed — — — 19 — — 19 Payments for derivative instruments — — — (3 ) — — (3 ) Other investing activities, net — — 23 (2 ) — (23 ) (2 ) Cash provided by (used in) investing activities — — 8 (34 ) — (23 ) (49 ) Financing Activities Commercial paper repayments, net — — 13 — — — 13 Borrowings under revolving credit facility — — 100 180 — — 280 Principal repayments of revolving credit facility — — (100 ) (472 ) — — (572 ) Borrowings from debt, net of discount and including premiums — — 498 — — — 498 Principal repayments of capital lease obligations — — (3 ) (14 ) — — (17 ) Repurchases of stock (750 ) — — — — — (750 ) Distributions to redeemable noncontrolling interests — — — (17 ) — — (17 ) Share-based plan payments, net 2 — — — — — 2 Inter-company distributions — — — (23 ) — 23 — Inter-company contributions and other financing activities, net 712 13 (461 ) (277 ) — — (13 ) Cash (used in) provided by financing activities (36 ) 13 47 (623 ) — 23 (576 ) Effect of exchange rate changes on cash and cash equivalents — — — 30 — — 30 Net change in cash and cash equivalents — — 8 (213 ) — — (205 ) Cash and cash equivalents, beginning of period — — 3 387 — — 390 Cash and cash equivalents, end of period $ — $ — $ 11 $ 174 $ — $ — $ 185 |
Description of Business and B43
Description of Business and Basis of Presentation - Balance Sheet Classification of Deferred Taxes (Details) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
New Accounting Pronouncement, Early Adoption [Line Items] | ||
Current deferred income tax assets | $ 0 | |
Nonecurrent deferred income tax assets (included within other noncurrent assets) | 20 | |
Noncurrent deferred income tax liabilities | $ (370) | (467) |
Deferred Tax Liabilities, Net | (447) | |
Adjustments for New Accounting Pronouncement [Member] | ||
New Accounting Pronouncement, Early Adoption [Line Items] | ||
Current deferred income tax assets | 97 | |
Nonecurrent deferred income tax assets (included within other noncurrent assets) | 9 | |
Noncurrent deferred income tax liabilities | (553) | |
Deferred Tax Liabilities, Net | $ (447) |
Description Of Business And B44
Description Of Business And Basis Of Presentation Description of Business - Statement of Cash Flow Reclassifications (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Accounting Policies [Abstract] | ||
Excess Tax Benefit from Share-based Compensation, Financing Activities | $ (1) | |
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | 443 | $ 390 |
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | (293) | (49) |
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | $ (295) | $ (576) |
Description Of Business And B45
Description Of Business And Basis Of Presentation (Details) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016Customers | Jun. 30, 2017USD ($)Customersdistributorssegment | Jun. 30, 2016USD ($)Customers | Dec. 31, 2016USD ($) | |
Narrative [Line Items] | ||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ 0 | |||
Excess Tax Benefit from Share-based Compensation, Financing Activities | (1) | |||
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | $ 443 | $ 390 | ||
Number Of Reportable Segments | segment | 2 | |||
Concentration Risk, number of customers | Customers | 0 | 0 | 0 | |
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | $ (293) | $ (49) | ||
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | $ (295) | $ (576) | ||
Sales [Member] | ||||
Narrative [Line Items] | ||||
Concentration Risk, Percentage | 10.00% | 10.00% | ||
U.S. Networks [Member] | ||||
Narrative [Line Items] | ||||
Number Of Cable And Satellite Operators United States | distributors | 10 | |||
U.S. Networks [Member] | Distribution revenue [Member] | ||||
Narrative [Line Items] | ||||
Concentration Risk, Percentage | 90.00% | |||
International Networks [Member] | ||||
Narrative [Line Items] | ||||
Number Of Cable And Satellite Operators Non United States | distributors | 10 | |||
International Networks [Member] | Distribution revenue [Member] | ||||
Narrative [Line Items] | ||||
Concentration Risk, Percentage | 43.00% | |||
Fair Value, Measurements, Recurring [Member] | ||||
Narrative [Line Items] | ||||
Assets, Fair Value Disclosure | $ 362 | $ 380 | ||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Narrative [Line Items] | ||||
Assets, Fair Value Disclosure | 48 | $ 92 | ||
Credit Risk [Member] | ||||
Narrative [Line Items] | ||||
Derivative Asset | 48 | |||
Retained Earnings [Member] | ||||
Narrative [Line Items] | ||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ 4 |
Acquisitions and Dispositions (
Acquisitions and Dispositions (Narrative) (Details) $ / shares in Units, € in Millions, $ in Millions | Apr. 28, 2017USD ($) | Dec. 02, 2016USD ($) | Jun. 30, 2015EUR (€) | Jun. 30, 2015USD ($) | Mar. 31, 2018USD ($)$ / sharesshares | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Dec. 31, 2016USD ($) | Apr. 01, 2016EUR (€) | Apr. 01, 2016USD ($) | Jun. 30, 2015USD ($) |
Business Acquisition [Line Items] | |||||||||||||||
Proceeds from disposition, net of cash disposed | $ 29 | $ 19 | |||||||||||||
Gain (loss) on disposition | $ (4) | $ 0 | (4) | 13 | |||||||||||
Income before income taxes | (473) | (510) | (749) | (890) | |||||||||||
Net assets, adjusted | 16,149 | 16,149 | $ 15,672 | ||||||||||||
Liabilities | $ 10,386 | $ 10,386 | $ 10,262 | ||||||||||||
SBS Radio [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Proceeds from disposition, net of cash disposed | € 54 | $ 61 | |||||||||||||
Business disposal, contingent consideration, asset | € 18 | $ 19 | |||||||||||||
Gain (loss) on disposition | $ 1 | $ 13 | $ (12) | ||||||||||||
Disposal Group, Including Discontinued Operation, Consideration | € 72 | $ 80 | |||||||||||||
All3Media [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 50.00% | 50.00% | |||||||||||||
GroupNineMediaJV [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Business Combination, Consideration Transferred | $ 100 | ||||||||||||||
Gain (loss) on disposition | 50 | ||||||||||||||
Goodwill, Written off Related to Sale of Business Unit | $ 22 | ||||||||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 39.00% | ||||||||||||||
Business Combination, Consideration Transferred, Other | $ 32 | ||||||||||||||
Raw Betty [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Gain (loss) on disposition | $ 4 | ||||||||||||||
Goodwill, Written off Related to Sale of Business Unit | $ 30 | ||||||||||||||
Income before income taxes | $ 3 | $ (1) | $ 4 | $ (3) | |||||||||||
Business Combination, Consideration Transferred, Other | $ 38 | ||||||||||||||
Scripps Networks Interactive [Member] | Subsequent Event [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Business Combination, Consideration Transferred | $ 14,600 | ||||||||||||||
Business Acquisition, Share Price | $ / shares | $ 90 | ||||||||||||||
Business Acquisition, Share Price Portion Paid in Cash | $ / shares | 63 | ||||||||||||||
Business Acquisition, Share Price Portion Paid in Common Stock | $ / shares | $ 27 | ||||||||||||||
Noncash or Part Noncash Acquisition, Debt Assumed | $ 2,700 | ||||||||||||||
Business combination, Post-acquisition ownership percentage of the Acquiree in the Combined Entity | 20.00% | ||||||||||||||
Business combination, Post-acquisition ownership percentage of the Acquiror in the Combined Entity | 80.00% | ||||||||||||||
Scripps Networks Interactive [Member] | Subsequent Event [Member] | Forecast [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares | 25.5100 | ||||||||||||||
Maximum [Member] | Scripps Networks Interactive [Member] | Subsequent Event [Member] | Forecast [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares | 1.2096 | ||||||||||||||
Business Acquisition, Acquiror Share Price, Low End of Range | $ / shares | $ 22.32 | ||||||||||||||
Minimum [Member] | Scripps Networks Interactive [Member] | Subsequent Event [Member] | Forecast [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares | 0.9408 | ||||||||||||||
Business Acquisition, Share Price High End of Range | $ / shares | $ 28.70 |
Acquisitions and Dispositions47
Acquisitions and Dispositions (Schedule of Purchase Price Allocation) (Details) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Business Acquisition [Line Items] | ||
Goodwill | $ 8,123 | $ 8,040 |
Redeemable noncontrolling interest | $ (237) | $ (243) |
Acquisitions and Dispositions48
Acquisitions and Dispositions (Schedule of Consolidation of Business Combinations) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Distribution | $ 857 | $ 813 | $ 1,712 | $ 1,614 |
Advertising | 805 | 813 | 1,492 | 1,500 |
Other | 83 | 82 | 154 | 155 |
Total revenues | 1,745 | 1,708 | 3,358 | 3,269 |
Operating income | 630 | 586 | 1,117 | 1,075 |
Net income | $ 380 | $ 415 | $ 601 | $ 684 |
Investments (Narrative) (Detail
Investments (Narrative) (Details) - USD ($) shares in Millions | Nov. 12, 2015 | Jan. 02, 2011 | Jun. 30, 2017 | Jun. 30, 2016 | Mar. 31, 2012 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | Jun. 30, 2017 | Jan. 01, 2026 | Jul. 01, 2018 | Jun. 16, 2017 | Dec. 02, 2016 |
Investments [Line Items] | |||||||||||||
Variable interest, maximum exposure to loss | $ 577,000,000 | $ 577,000,000 | $ 577,000,000 | ||||||||||
Carrying value of investments in VIE's accounted for using the equity method | 544,000,000 | 544,000,000 | $ 426,000,000 | 544,000,000 | |||||||||
Variable interest entity gains (losses) | 35,000,000 | $ 5,000,000 | 78,000,000 | $ (4,000,000) | |||||||||
Advances to and note receivable from OWN | 301,000,000 | 301,000,000 | 311,000,000 | 301,000,000 | |||||||||
Put Right Obligations | 0 | 0 | 0 | 0 | |||||||||
Income Tax Expense (Benefit) | 93,000,000 | $ 95,000,000 | $ 148,000,000 | $ 206,000,000 | |||||||||
Terms of put arrangement | 1 year | ||||||||||||
Cost method investments | 260,000,000 | $ 260,000,000 | 245,000,000 | 260,000,000 | |||||||||
Payments to Acquire Other Investments | 15,000,000 | ||||||||||||
OWN [Member] | |||||||||||||
Investments [Line Items] | |||||||||||||
Carrying value of investments in VIE's accounted for using the equity method | 350,000,000 | 350,000,000 | 320,000,000 | 350,000,000 | |||||||||
Advances to and note receivable from OWN | $ 301,000,000 | $ 301,000,000 | 311,000,000 | $ 301,000,000 | |||||||||
Debt instrument interest rate | 5.00% | 5.00% | 5.00% | ||||||||||
Variable interest entity net repayment | $ 17,000,000 | ||||||||||||
Interest and Other Income | $ 7,000,000 | ||||||||||||
Borrowings schedule repayment period, in years | 4 years | ||||||||||||
OWN losses recognized at 100% | $ 104,000,000 | ||||||||||||
Equity Method Investment, Other than Temporary Impairment | $ 0 | ||||||||||||
Proportion of OWN's net loss allocated to Discovery Communications Inc | 100.00% | 100.00% | |||||||||||
Put Right Amount Paid | $ 100,000,000 | ||||||||||||
Put Right Obligations | $ 0 | 0 | $ 0 | ||||||||||
Funding obligation to OWN | 0 | 0 | 0 | ||||||||||
Solar Ventures [Member] | |||||||||||||
Investments [Line Items] | |||||||||||||
Variable interest, maximum exposure to loss | 31,000,000 | 31,000,000 | 31,000,000 | ||||||||||
Carrying value of investments in VIE's accounted for using the equity method | 109,000,000 | 109,000,000 | 39,000,000 | 109,000,000 | |||||||||
Variable interest entity gains (losses) | 43,000,000 | 126,000,000 | |||||||||||
Payments to Acquire Equity Method Investments | 15,000,000 | 196,000,000 | |||||||||||
Income Tax Expense (Benefit) | 56,000,000 | 112,000,000 | |||||||||||
Income (Loss) from Subsidiaries, Tax Expense (Benefit) | 15,000,000 | 46,000,000 | |||||||||||
Income Tax Credits and Adjustments | 41,000,000 | 66,000,000 | |||||||||||
Forecast [Member] | OWN [Member] | |||||||||||||
Investments [Line Items] | |||||||||||||
Cumulative cap of put amount for purchase of Harpo's interest in OWN, fourth put exercise date | $ 400,000,000 | $ 100,000,000 | |||||||||||
Terms of put arrangement | 2 years 6 months | ||||||||||||
various equity method investments, aggregated [Member] | |||||||||||||
Investments [Line Items] | |||||||||||||
Payments to Acquire Equity Method Investments | 59,000,000 | ||||||||||||
Lionsgate [Member] | |||||||||||||
Investments [Line Items] | |||||||||||||
Purchase of Available for Sale Securities (in shares) | 5 | ||||||||||||
Purchase of stock, Percentage ownership after transaction | 3.00% | ||||||||||||
Other-than-temporary impairment of AFS securities | (62,000,000) | (62,000,000) | |||||||||||
Carrying value | $ 136,000,000 | $ 136,000,000 | 128,000,000 | 136,000,000 | |||||||||
Unrealized gain (loss) on investments | $ (14,000,000) | $ (18,000,000) | |||||||||||
Cost | $ 195,000,000 | ||||||||||||
GroupNineMediaJV [Member] | |||||||||||||
Investments [Line Items] | |||||||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 39.00% | ||||||||||||
Other Investments and Securities, at Cost | $ 182,000,000 |
Investments (Schedule of Invest
Investments (Schedule of Investments) (Details) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Investments [Abstract] | ||
Trading securities - mutual funds | $ 178 | $ 160 |
Equity method investments | 700 | 557 |
Common stock | 68 | 64 |
Common stock - pledged | 68 | 64 |
Cost method investments | 260 | 245 |
Total Investments | $ 1,274 | $ 1,090 |
Investments Investments (Schedu
Investments Investments (Schedule of Available for Sale Investments) (Details) - Lionsgate [Member] - USD ($) $ in Millions | 14 Months Ended | 20 Months Ended | |
Dec. 31, 2016 | Jun. 30, 2017 | Nov. 12, 2015 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Cost | $ 195 | ||
Hedged AFS recognized in other (expense) income, net | $ (19) | $ (15) | |
Unhedged AFS recorded in other comprehensive income (loss) | 14 | 18 | |
Other-than-temporary impairment of AFS securities | (62) | (62) | |
Carrying value | $ 128 | $ 136 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) $ in Billions | Jun. 30, 2017 | Dec. 31, 2016 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Senior notes, Fair Value | $ 7.6 | $ 7.4 |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule Of Assets And Liabilities Measured On Recurring Basis) (Details) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities - mutual funds | $ 178 | $ 160 |
Available-for-sale Securities | 68 | 64 |
Common stock - pledged | 68 | 64 |
Other Noncurrent Assets [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative Asset | 40 | 61 |
Accrued Liabilities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative Liability | 30 | 21 |
Other Noncurrent Liabilities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative Liability | 61 | 31 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets, Fair Value Disclosure | 362 | 380 |
Liabilities, Fair Value Disclosure | 269 | 212 |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets, Fair Value Disclosure | 314 | 288 |
Liabilities, Fair Value Disclosure | 178 | 160 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets, Fair Value Disclosure | 48 | 92 |
Liabilities, Fair Value Disclosure | 91 | 52 |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets, Fair Value Disclosure | 0 | 0 |
Liabilities, Fair Value Disclosure | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Prepaid expenses and other current assets [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities - mutual funds | 178 | 160 |
Fair Value, Measurements, Recurring [Member] | Prepaid expenses and other current assets [Member] | Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities - mutual funds | 178 | 160 |
Fair Value, Measurements, Recurring [Member] | Prepaid expenses and other current assets [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities - mutual funds | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Prepaid expenses and other current assets [Member] | Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities - mutual funds | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Other Noncurrent Assets [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale Securities | 68 | 64 |
Common stock - pledged | 68 | 64 |
Fair Value, Measurements, Recurring [Member] | Other Noncurrent Assets [Member] | Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale Securities | 68 | 64 |
Common stock - pledged | 68 | 64 |
Fair Value, Measurements, Recurring [Member] | Other Noncurrent Assets [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale Securities | 0 | 0 |
Common stock - pledged | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Other Noncurrent Assets [Member] | Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale Securities | 0 | 0 |
Common stock - pledged | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Other Noncurrent Assets [Member] | Currency Swap [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative Asset | 1 | |
Fair Value, Measurements, Recurring [Member] | Other Noncurrent Assets [Member] | Currency Swap [Member] | Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative Asset | 0 | |
Fair Value, Measurements, Recurring [Member] | Other Noncurrent Assets [Member] | Currency Swap [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative Asset | 1 | |
Fair Value, Measurements, Recurring [Member] | Other Noncurrent Assets [Member] | Currency Swap [Member] | Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative Asset | 0 | |
Fair Value, Measurements, Recurring [Member] | Accrued Liabilities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Deferred compensation plan | 178 | 160 |
Fair Value, Measurements, Recurring [Member] | Accrued Liabilities [Member] | Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Deferred compensation plan | 178 | 160 |
Fair Value, Measurements, Recurring [Member] | Accrued Liabilities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Deferred compensation plan | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Accrued Liabilities [Member] | Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Deferred compensation plan | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Other Noncurrent Liabilities [Member] | Currency Swap [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative Liability | 2 | |
Fair Value, Measurements, Recurring [Member] | Other Noncurrent Liabilities [Member] | Currency Swap [Member] | Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative Liability | 0 | |
Fair Value, Measurements, Recurring [Member] | Other Noncurrent Liabilities [Member] | Currency Swap [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative Liability | 2 | |
Fair Value, Measurements, Recurring [Member] | Other Noncurrent Liabilities [Member] | Currency Swap [Member] | Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative Liability | 0 | |
Fair Value, Measurements, Recurring [Member] | Designated as Hedging Instrument [Member] | Prepaid expenses and other current assets [Member] | Foreign Exchange Contract [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative Asset | 8 | 31 |
Fair Value, Measurements, Recurring [Member] | Designated as Hedging Instrument [Member] | Prepaid expenses and other current assets [Member] | Foreign Exchange Contract [Member] | Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative Asset | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Designated as Hedging Instrument [Member] | Prepaid expenses and other current assets [Member] | Foreign Exchange Contract [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative Asset | 8 | 31 |
Fair Value, Measurements, Recurring [Member] | Designated as Hedging Instrument [Member] | Prepaid expenses and other current assets [Member] | Foreign Exchange Contract [Member] | Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative Asset | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Designated as Hedging Instrument [Member] | Other Noncurrent Assets [Member] | Currency Swap [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative Asset | 18 | 35 |
Fair Value, Measurements, Recurring [Member] | Designated as Hedging Instrument [Member] | Other Noncurrent Assets [Member] | Currency Swap [Member] | Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative Asset | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Designated as Hedging Instrument [Member] | Other Noncurrent Assets [Member] | Currency Swap [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative Asset | 18 | 35 |
Fair Value, Measurements, Recurring [Member] | Designated as Hedging Instrument [Member] | Other Noncurrent Assets [Member] | Currency Swap [Member] | Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative Asset | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Designated as Hedging Instrument [Member] | Other Noncurrent Assets [Member] | Lionsgate [Member] | Equity Contract [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative Asset | 22 | 25 |
Fair Value, Measurements, Recurring [Member] | Designated as Hedging Instrument [Member] | Other Noncurrent Assets [Member] | Lionsgate [Member] | Equity Contract [Member] | Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative Asset | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Designated as Hedging Instrument [Member] | Other Noncurrent Assets [Member] | Lionsgate [Member] | Equity Contract [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative Asset | 22 | 25 |
Fair Value, Measurements, Recurring [Member] | Designated as Hedging Instrument [Member] | Other Noncurrent Assets [Member] | Lionsgate [Member] | Equity Contract [Member] | Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative Asset | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Designated as Hedging Instrument [Member] | Accrued Liabilities [Member] | Foreign Exchange Contract [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 23 | 18 |
Fair Value, Measurements, Recurring [Member] | Designated as Hedging Instrument [Member] | Accrued Liabilities [Member] | Foreign Exchange Contract [Member] | Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Designated as Hedging Instrument [Member] | Accrued Liabilities [Member] | Foreign Exchange Contract [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 23 | 18 |
Fair Value, Measurements, Recurring [Member] | Designated as Hedging Instrument [Member] | Accrued Liabilities [Member] | Foreign Exchange Contract [Member] | Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Designated as Hedging Instrument [Member] | Accrued Liabilities [Member] | Currency Swap [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 7 | 3 |
Fair Value, Measurements, Recurring [Member] | Designated as Hedging Instrument [Member] | Accrued Liabilities [Member] | Currency Swap [Member] | Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Designated as Hedging Instrument [Member] | Accrued Liabilities [Member] | Currency Swap [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 7 | 3 |
Fair Value, Measurements, Recurring [Member] | Designated as Hedging Instrument [Member] | Accrued Liabilities [Member] | Currency Swap [Member] | Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Designated as Hedging Instrument [Member] | Other Noncurrent Liabilities [Member] | Foreign Exchange Contract [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 1 | |
Fair Value, Measurements, Recurring [Member] | Designated as Hedging Instrument [Member] | Other Noncurrent Liabilities [Member] | Foreign Exchange Contract [Member] | Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 0 | |
Fair Value, Measurements, Recurring [Member] | Designated as Hedging Instrument [Member] | Other Noncurrent Liabilities [Member] | Foreign Exchange Contract [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 1 | |
Fair Value, Measurements, Recurring [Member] | Designated as Hedging Instrument [Member] | Other Noncurrent Liabilities [Member] | Foreign Exchange Contract [Member] | Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 0 | |
Fair Value, Measurements, Recurring [Member] | Designated as Hedging Instrument [Member] | Other Noncurrent Liabilities [Member] | Currency Swap [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 58 | 31 |
Fair Value, Measurements, Recurring [Member] | Designated as Hedging Instrument [Member] | Other Noncurrent Liabilities [Member] | Currency Swap [Member] | Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Designated as Hedging Instrument [Member] | Other Noncurrent Liabilities [Member] | Currency Swap [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 58 | 31 |
Fair Value, Measurements, Recurring [Member] | Designated as Hedging Instrument [Member] | Other Noncurrent Liabilities [Member] | Currency Swap [Member] | Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | $ 0 | $ 0 |
Content Rights (Schedule Of Con
Content Rights (Schedule Of Content Rights) (Details) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Licensed content rights: | ||
Accumulated amortization | $ (3,951) | $ (3,849) |
Total content rights, net | 2,460 | 2,399 |
Current portion | (390) | (310) |
Noncurrent portion | 2,070 | 2,089 |
Media Content [Member] | ||
Produced content rights: | ||
Completed | 4,034 | 3,920 |
In-production | 483 | 420 |
Coproduced content rights: | ||
Completed | 647 | 632 |
In-production | 26 | 57 |
Licensed content rights: | ||
Acquired | 1,053 | 1,090 |
Prepaid | 168 | 129 |
Content rights, at cost | 6,411 | $ 6,248 |
Media Content [Member] | ||
Licensed content rights: | ||
Prepaid | $ 61 |
Content Rights (Schedule Of C55
Content Rights (Schedule Of Content Expense) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Content Rights [Abstract] | ||||
Content amortization | $ 446 | $ 420 | $ 901 | $ 855 |
Other production charges | 76 | 79 | 141 | 138 |
Content Impairments | 6 | 3 | 9 | 9 |
Total content expense | $ 528 | $ 502 | $ 1,051 | $ 1,002 |
Debt (Outstanding Debt) (Detail
Debt (Outstanding Debt) (Details) - USD ($) $ in Millions | Jun. 30, 2017 | Mar. 13, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | $ 8,321 | $ 7,990 | |
Revolving credit facility | 700 | 550 | |
Commercial paper | 73 | 48 | |
Capital lease obligations | 172 | 151 | |
Unamortized discount and debt issuance costs | (58) | (67) | |
Long-term debt, net | 8,263 | 7,923 | |
Current portion of debt | (105) | (82) | |
Noncurrent portion of debt | 8,158 | 7,841 | |
5.625% Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | 411 | 500 | |
5.05% Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | 789 | $ 600 | 1,300 |
4.375% Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | 650 | 650 | |
2.375% Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | 342 | 314 | |
3.30% Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | 500 | 500 | |
3.25% Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | 350 | 350 | |
3.8% Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | 450 | 450 | 0 |
3.45% Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | 300 | 300 | |
4.90 Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | 700 | $ 200 | 500 |
1.90% Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | 684 | 627 | |
6.35% Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | 850 | 850 | |
4.95% Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | 500 | 500 | |
4.875% Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | $ 850 | $ 850 |
Debt (Outstanding Debt, Additio
Debt (Outstanding Debt, Additional Information) (Details) | 6 Months Ended | |
Jun. 30, 2017 | Mar. 13, 2017 | |
5.625% Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.625% | |
Long-term debt, frequency of periodic payments | semi-annual | |
Debt Instrument, Maturity Date | Aug. 15, 2019 | |
5.05% Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.05% | |
Long-term debt, frequency of periodic payments | semi-annual | |
Debt Instrument, Maturity Date | Jun. 1, 2020 | |
4.375% Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.375% | |
Long-term debt, frequency of periodic payments | semi-annual | |
Debt Instrument, Maturity Date | Jun. 15, 2021 | |
2.375% Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 2.375% | |
Long-term debt, frequency of periodic payments | annual | |
Debt Instrument, Maturity Date | Mar. 7, 2022 | |
3.30% Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.30% | |
Long-term debt, frequency of periodic payments | semi-annual | |
Debt Instrument, Maturity Date | May 15, 2022 | |
3.25% Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.25% | |
Long-term debt, frequency of periodic payments | semi-annual | |
Debt Instrument, Maturity Date | Apr. 1, 2023 | |
3.8% Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.80% | 3.80% |
Long-term debt, frequency of periodic payments | semi-annual | |
Debt Instrument, Maturity Date | Mar. 1, 2024 | |
3.45% Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.45% | |
Long-term debt, frequency of periodic payments | semi-annual | |
Debt Instrument, Maturity Date | Mar. 15, 2025 | |
4.90 Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.90% | 4.90% |
Long-term debt, frequency of periodic payments | semi-annual | |
Debt Instrument, Maturity Date | Mar. 11, 2026 | |
1.90% Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 1.90% | |
Long-term debt, frequency of periodic payments | annual | |
Debt Instrument, Maturity Date | Mar. 19, 2027 | |
6.35% Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.35% | |
Long-term debt, frequency of periodic payments | semi-annual | |
Debt Instrument, Maturity Date | Jun. 1, 2040 | |
4.95% Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.95% | |
Long-term debt, frequency of periodic payments | semi-annual | |
Debt Instrument, Maturity Date | May 15, 2042 | |
4.875% Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.875% | |
Long-term debt, frequency of periodic payments | semi-annual | |
Debt Instrument, Maturity Date | Apr. 1, 2043 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) - USD ($) $ in Millions | Mar. 13, 2017 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | $ 8,321 | $ 8,321 | $ 7,990 | |||
Revolving credit facility | 700 | 700 | 550 | |||
Commercial paper | 73 | 73 | 48 | |||
Loss on extinguishment of debt | 0 | $ 0 | 54 | $ 0 | ||
Payment for Debt Extinguishment or Debt Prepayment Cost | 50 | |||||
Write off of Deferred Debt Issuance Cost | 2 | |||||
Repayments of Debt | 1 | |||||
Debt issuance cost | $ 1 | |||||
Line of Credit Facility, Expiration Date | Feb. 4, 2021 | |||||
Line of Credit Facility, Collateral Fees | 0.20% | |||||
4.90 Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | $ 200 | $ 700 | $ 700 | 500 | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.90% | 4.90% | 4.90% | |||
Debt issuance cost | $ 2 | |||||
Debt Instrument, Unamortized Premium | 10 | |||||
3.8% Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | $ 450 | $ 450 | $ 450 | 0 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.80% | 3.80% | 3.80% | |||
Debt Instrument, Unamortized Discount | $ 1 | |||||
Debt issuance cost | 4 | |||||
1.90% Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | $ 684 | $ 684 | 627 | |||
Debt Instrument, Interest Rate, Stated Percentage | 1.90% | 1.90% | ||||
3.45% Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | $ 300 | $ 300 | 300 | |||
Debt Instrument, Interest Rate, Stated Percentage | 3.45% | 3.45% | ||||
5.05% Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | $ 600 | $ 789 | $ 789 | 1,300 | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.05% | 5.05% | ||||
5.625% Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | $ 411 | $ 411 | $ 500 | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.625% | 5.625% | ||||
Revolving Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Revolving line of credit, maximum borrowing capacity | $ 2,000 | $ 2,000 | ||||
Debt, Weighted Average Interest Rate | 2.52% | 2.52% | 2.05% | |||
Revolver sublimit for standby letters of credit [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Revolving line of credit, maximum borrowing capacity | $ 100 | $ 100 | ||||
Revolver sublimit for swing line loans [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Revolving line of credit, maximum borrowing capacity | $ 50 | $ 50 | ||||
Commercial Paper [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt, Weighted Average Interest Rate | 1.60% | 1.60% | 1.20% | |||
London Interbank Offered Rate (LIBOR) [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate | 1.30% | 1.30% | ||||
Base Rate [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate | 0.30% | 0.30% |
Derivative Financial Instrume59
Derivative Financial Instruments (Narrative) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Derivative [Line Items] | |||||
Amounts eligible to be offset under master netting agreements | $ 0 | $ 0 | $ 0 | ||
Net deferred losses on derivative instruments expected to be reclassified from AOCI to income in the next 12 months | 16,000,000 | ||||
Gain (Loss) on Fair Value Hedge Ineffectiveness, Net | 0 | $ 2,000,000 | 0 | $ (2,000,000) | |
Long-term Debt, Gross | 8,321,000,000 | 8,321,000,000 | 7,990,000,000 | ||
Currency Swap [Member] | |||||
Derivative [Line Items] | |||||
Derivatives used in Net Investment Hedge, Increase (Decrease), Gross of Tax | (39,000,000) | (8,000,000) | (43,000,000) | (8,000,000) | |
Not Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | |||||
Derivative [Line Items] | |||||
Derivative, Notional Amount | 25,000,000 | 25,000,000 | 25,000,000 | ||
Not Designated as Hedging Instrument [Member] | Currency Swap [Member] | |||||
Derivative [Line Items] | |||||
Derivative, Notional Amount | 64,000,000 | 64,000,000 | 64,000,000 | ||
Prepaid Expenses and Other Current Assets [Member] | Not Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | |||||
Derivative [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | 0 | ||
Prepaid Expenses and Other Current Assets [Member] | Not Designated as Hedging Instrument [Member] | Currency Swap [Member] | |||||
Derivative [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | 0 | ||
Interest Expense [Member] | Interest Rate Contract [Member] | |||||
Derivative [Line Items] | |||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | $ 1,000,000 | 1,000,000 | $ 2,000,000 | |
3.45% Senior Notes [Member] | |||||
Derivative [Line Items] | |||||
Long-term Debt, Gross | $ 300,000,000 | $ 300,000,000 | $ 300,000,000 |
Derivative Financial Instrume60
Derivative Financial Instruments (Schedule of Derivative Instruments, Fair Value) (Details) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Prepaid Expenses and Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | $ 8 | $ 31 |
Other Noncurrent Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | 40 | 61 |
Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability | 30 | 21 |
Other Noncurrent Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability | 61 | 31 |
Not Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 25 | 25 |
Not Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Not Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | Other Noncurrent Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Not Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Not Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | Other Noncurrent Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Not Designated as Hedging Instrument [Member] | Currency Swap [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 64 | 64 |
Not Designated as Hedging Instrument [Member] | Currency Swap [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Not Designated as Hedging Instrument [Member] | Currency Swap [Member] | Other Noncurrent Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 1 |
Not Designated as Hedging Instrument [Member] | Currency Swap [Member] | Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Not Designated as Hedging Instrument [Member] | Currency Swap [Member] | Other Noncurrent Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 2 | 0 |
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 625 | 677 |
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 8 | 31 |
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Other Noncurrent Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 23 | 18 |
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Other Noncurrent Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 1 | 0 |
Net Investment Hedging [Member] | Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 100 | 0 |
Net Investment Hedging [Member] | Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Net Investment Hedging [Member] | Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Other Noncurrent Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Net Investment Hedging [Member] | Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Net Investment Hedging [Member] | Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Other Noncurrent Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Net Investment Hedging [Member] | Designated as Hedging Instrument [Member] | Currency Swap [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 1,684 | 751 |
Net Investment Hedging [Member] | Designated as Hedging Instrument [Member] | Currency Swap [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Net Investment Hedging [Member] | Designated as Hedging Instrument [Member] | Currency Swap [Member] | Other Noncurrent Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 18 | 35 |
Net Investment Hedging [Member] | Designated as Hedging Instrument [Member] | Currency Swap [Member] | Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 7 | 3 |
Net Investment Hedging [Member] | Designated as Hedging Instrument [Member] | Currency Swap [Member] | Other Noncurrent Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 58 | 31 |
Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | Equity Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 97 | 97 |
Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | Equity Contract [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | Equity Contract [Member] | Other Noncurrent Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 22 | 25 |
Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | Equity Contract [Member] | Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | Equity Contract [Member] | Other Noncurrent Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | $ 0 | $ 0 |
Derivative Financial Instrume61
Derivative Financial Instruments (Schedule of Comprehensive Income Impact of Items Designated as Cash Flow Hedges) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Foreign Exchange Contract [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | $ (18) | $ 3 | $ (31) | $ (18) |
Foreign Exchange Contract [Member] | Distribution revenue [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (4) | (5) | (7) | (4) |
Foreign Exchange Contract [Member] | Advertising Revenue [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (1) | (1) | (1) | (1) |
Foreign Exchange Contract [Member] | Cost of Sales [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 3 | 4 | 7 |
Foreign Exchange Contract [Member] | Other income (expense), net [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 1 | 0 | 2 |
Gain (Loss) from Components Excluded from Assessment of Cash Flow Hedge Effectiveness, Net | 0 | (3) | 0 | (4) |
Interest Rate Contract [Member] | Interest Expense [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ 0 | $ (1) | $ (1) | $ (2) |
Derivative Financial Instrume62
Derivative Financial Instruments Derivative Financial Instruments (Schedule of Comprehensive Income Impact of Items Designated as Net Investment Hedges) (Details) - Currency Swap [Member] - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Derivative [Line Items] | ||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | $ (39) | $ (8) | $ (48) | $ (8) |
Proceeds from Interest Received | 0 | 0 | (5) | 0 |
Derivatives used in Net Investment Hedge, Increase (Decrease), Gross of Tax | $ (39) | $ (8) | $ (43) | $ (8) |
Derivative Financial Instrume63
Derivative Financial Instruments (Schedule of Pre-Tax Gain (Losses) of Items Designated as Fair Value Hedges) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Derivative [Line Items] | ||||
Gain (Loss) on Fair Value Hedge Ineffectiveness, Net | $ 0 | $ (2,000,000) | $ 0 | $ 2,000,000 |
Equity Contract [Member] | ||||
Derivative [Line Items] | ||||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 4,000,000 | (4,000,000) | 4,000,000 | (30,000,000) |
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments | (4,000,000) | 2,000,000 | (4,000,000) | 28,000,000 |
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Net | 3,000,000 | 1,000,000 | 1,000,000 | (7,000,000) |
Equity Contract [Member] | Other income (expense), net [Member] | ||||
Derivative [Line Items] | ||||
Gain (Loss) on Fair Value Hedge Ineffectiveness, Net | $ 3,000,000 | $ (1,000,000) | $ 1,000,000 | $ (9,000,000) |
Derivative Financial Instrume64
Derivative Financial Instruments Derivative Financial Instruments (Schedule of Pre-Tax Gain (losses) of Items not Designated as Hedges) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Cross Currency Interest Rate Contract [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ (2) | $ 0 | $ (3) | $ 0 |
Foreign Exchange Contract [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ 0 | $ (2) | $ 0 | $ (2) |
Redeemable Noncontrolling Int65
Redeemable Noncontrolling Interests (Schedule of Redeemable Noncontrolling Interest) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||
Beginning balance | $ 249 | $ 248 | $ 243 | $ 241 |
Cash distributions to redeemable noncontrolling interests | (17) | (15) | (20) | (17) |
Comprehensive income adjustments: | ||||
Net income attributable to redeemable noncontrolling interests | 6 | 6 | 12 | 12 |
Other comprehensive loss attributable to redeemable noncontrolling interests | 0 | 2 | 1 | 3 |
Currency translation on redemption values | (1) | 2 | 0 | 4 |
Retained earnings adjustments: | ||||
Adjustments of redemption values to the floor | 0 | (2) | 1 | (2) |
Ending balance | $ 237 | $ 241 | $ 237 | $ 241 |
Redeemable Noncontrolling Int66
Redeemable Noncontrolling Interests (Narrative) (Details) | 6 Months Ended |
Jun. 30, 2017 | |
Redeemable Noncontrolling Interest [Line Items] | |
Terms of put arrangement | 1 year |
Discovery Family [Member] | |
Redeemable Noncontrolling Interest [Line Items] | |
Ownership percentage by noncontrolling owners | 40.00% |
Discovery Japan [Member] | |
Redeemable Noncontrolling Interest [Line Items] | |
Ownership percentage by noncontrolling owners | 20.00% |
Equity (Narrative) (Details)
Equity (Narrative) (Details) - USD ($) | Mar. 15, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | Dec. 15, 2016 |
Number of Series C convertible preferred stock repurchase per Series C common share repurchased (in shares) | 0.429 | 0.429 | ||||||
Stock Repurchase Program, Authorized Amount | $ 7,500,000,000 | $ 7,500,000,000 | ||||||
Treasury Stock, Value | 6,737,000,000 | 6,737,000,000 | $ 6,356,000,000 | |||||
Additional Paid in Capital | $ 7,177,000,000 | 7,177,000,000 | $ 7,046,000,000 | |||||
Repurchases of preferred stock | $ 501,000,000 | $ 750,000,000 | ||||||
historical stock repurchases, gross, as a percent of shares outstanding at inception of stock repurchase program | 38.00% | 38.00% | ||||||
historical stock repurchases, net of new issuances, as a percentage of shares outstanding at inception of stock repurchase program | 33.00% | 33.00% | ||||||
Series A Common Stock [Member] | ||||||||
Treasury stock (in shares) | 3,000,000 | 3,000,000 | ||||||
Treasury Stock, Value | $ 171,000,000 | $ 171,000,000 | ||||||
Series C Common Stock [Member] | ||||||||
Treasury stock (in shares) | 164,000,000 | 164,000,000 | ||||||
Treasury Stock, Value | $ 6,600,000,000 | $ 6,600,000,000 | ||||||
Series C Convertible Preferred Stock [Member] | ||||||||
Additional Paid in Capital | $ 0 | $ 0 | ||||||
Series C Convertible Preferred Stock [Member] | Advance Programming Holdings, LLC [Member] | ||||||||
Repurchases of preferred stock (in shares) | 1,100,000 | 1,800,000 | 2,300,000 | 4,700,000 | ||||
Repurchases of preferred stock | $ 60,000,000 | $ 91,000,000 | $ 120,000,000 | $ 250,000,000 | ||||
Series C Convertible Preferred Stock [Member] | Forecast [Member] | Advance Programming Holdings, LLC [Member] | ||||||||
Repurchases of preferred stock (in shares) | 2,000,000 | |||||||
Repurchases of preferred stock | $ 102,000,000 | |||||||
Expiration of repurchase program1 [Member] | ||||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 800,000,000 | $ 800,000,000 | ||||||
prepaid stock repurchase contract [Member] | ||||||||
CashSettlementAmountCommonStockRepurchaseContract | $ 58,000,000 | |||||||
Prepaidrepurchaseofcommonstock | $ 57,000,000 | |||||||
cashpremiumreceivedcommonstockrepurchasecontract | $ 1,000,000 |
Equity (Common Stock Repurchase
Equity (Common Stock Repurchase Program) (Details) - Series C Common Stock [Member] - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Class of Stock [Line Items] | ||||
Shares repurchased (in shares) | 9.1 | 10.4 | 14.3 | 18.8 |
Purchase price | $ 241 | $ 286 | $ 381 | $ 500 |
Equity (Preferred Stock Repurch
Equity (Preferred Stock Repurchase Program) (Details) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Repurchases of stock | $ 501 | $ 750 | ||
Series C Convertible Preferred Stock [Member] | Advance Programming Holdings, LLC [Member] | ||||
Repurchases of preferred stock (in shares) | 1.1 | 1.8 | 2.3 | 4.7 |
Repurchases of stock | $ 60 | $ 91 | $ 120 | $ 250 |
Equity (Components of Other Com
Equity (Components of Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss), before Reclassification and Tax | $ 109 | $ (74) | $ 180 | $ (24) |
Derivatives and market value adjustments, before tax amount | 9 | (8) | 8 | (60) |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | (18) | 3 | (31) | (18) |
Other comprehensive income, before tax amount | 74 | (80) | 127 | (82) |
Other Comprehensive Income (Loss), Foreign Currency Translation Gain (Loss) Arising During Period, Tax | 9 | 17 | 10 | 25 |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Tax | 0 | 0 | 0 | 10 |
Derivatives and market value adjustments, tax expense | 5 | (1) | 10 | 7 |
Other comprehensive income, tax expense | 13 | 16 | 19 | 38 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax | 118 | (57) | 190 | 1 |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax | 9 | (8) | 8 | (50) |
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax | 5 | (4) | 4 | (25) |
Derivatives and market value adjustments, Net-of-tax Amount | (13) | 2 | (21) | (11) |
OtherComprehensiveIncomeLossNetOfTaxIncludingPortionAttributableToRedeemable | 87 | (64) | 146 | (44) |
Currency Translation Adjustments [Member] | ||||
Other comprehensive income, before tax amount | 82 | (82) | 149 | (32) |
Other comprehensive income, tax expense | 9 | 17 | 10 | 25 |
OtherComprehensiveIncomeLossNetOfTaxIncludingPortionAttributableToRedeemable | 91 | (65) | 159 | (7) |
Market Value Adjustments [Member] | ||||
Other comprehensive income, before tax amount | 5 | (4) | 4 | (30) |
Other comprehensive income, tax expense | 0 | 0 | 0 | 5 |
OtherComprehensiveIncomeLossNetOfTaxIncludingPortionAttributableToRedeemable | 5 | (4) | 4 | (25) |
Derivative Adjustments [Member] | ||||
Other comprehensive income, before tax amount | (13) | 6 | (26) | (20) |
Other comprehensive income, tax expense | 4 | (1) | 9 | 8 |
OtherComprehensiveIncomeLossNetOfTaxIncludingPortionAttributableToRedeemable | (9) | 5 | (17) | (12) |
Gain on Disposition [Member] | ||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, before Tax | 12 | 0 | 12 | 0 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Tax | 0 | 0 | 0 | 0 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Net of Tax | 12 | 0 | 12 | 0 |
Distribution revenue [Member] | ||||
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives and Market Value Adjustments Included in Net Income, before Tax | 4 | 5 | 7 | 4 |
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives and Market Value Adjustments Included in Net Income, Tax | (1) | (1) | (2) | (1) |
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives and Market Value Adjustments Included in Net Income, Net of Tax | 3 | 4 | 5 | 3 |
Advertising Revenue [Member] | ||||
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives and Market Value Adjustments Included in Net Income, before Tax | 1 | 1 | 1 | 1 |
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives and Market Value Adjustments Included in Net Income, Tax | 0 | 0 | 0 | 0 |
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives and Market Value Adjustments Included in Net Income, Net of Tax | 1 | 1 | 1 | 1 |
Cost of Sales [Member] | ||||
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives and Market Value Adjustments Included in Net Income, before Tax | 0 | (3) | (4) | (7) |
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives and Market Value Adjustments Included in Net Income, Tax | 0 | 1 | 1 | 2 |
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives and Market Value Adjustments Included in Net Income, Net of Tax | 0 | (2) | (3) | (5) |
Interest Expense [Member] | ||||
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives and Market Value Adjustments Included in Net Income, before Tax | 0 | 1 | 1 | 2 |
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives and Market Value Adjustments Included in Net Income, Tax | 0 | (1) | 0 | (1) |
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives and Market Value Adjustments Included in Net Income, Net of Tax | 0 | 0 | 1 | 1 |
Other income (expense), net [Member] | ||||
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, before Tax | (4) | 4 | (4) | 30 |
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives and Market Value Adjustments Included in Net Income, before Tax | 0 | (1) | 0 | (2) |
Other Comprehensive Income (Loss), Available-for-sale Securities, Tax | 0 | 0 | 0 | (5) |
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives and Market Value Adjustments Included in Net Income, Tax | 0 | 1 | 0 | 1 |
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax | (4) | 4 | (4) | 25 |
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives and Market Value Adjustments Included in Net Income, Net of Tax | 0 | 0 | 0 | (1) |
Net Investment Hedging [Member] | ||||
Derivatives and market value adjustments, tax expense | 0 | 0 | 0 | 0 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax | (39) | (8) | (43) | (8) |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | $ (39) | $ (8) | $ (43) | $ (8) |
Equity (Accumulated Other Compr
Equity (Accumulated Other Comprehensive Income, Net Of Taxes) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Beginning balance | $ (704) | $ (614) | $ (762) | $ (633) |
Other comprehensive (loss) income before reclassifications | 75 | (71) | 134 | (68) |
Reclassifications from accumulated other comprehensive income to net income | 12 | 7 | 12 | 24 |
OtherComprehensiveIncomeLossNetOfTaxIncludingPortionAttributableToRedeemable | 87 | (64) | 146 | (44) |
Other comprehensive (income) loss attributable to redeemable noncontrolling interests | (2) | (1) | (3) | |
Ending balance | (617) | (680) | (617) | (680) |
Currency Translation Adjustments [Member] | ||||
Beginning balance | (730) | (549) | (797) | (606) |
Other comprehensive (loss) income before reclassifications | 79 | (65) | 147 | (7) |
Reclassifications from accumulated other comprehensive income to net income | 12 | 0 | 12 | 0 |
OtherComprehensiveIncomeLossNetOfTaxIncludingPortionAttributableToRedeemable | 91 | (65) | 159 | (7) |
Other comprehensive (income) loss attributable to redeemable noncontrolling interests | (2) | (1) | (3) | |
Ending balance | (639) | (616) | (639) | (616) |
Market Value Adjustments [Member] | ||||
Beginning balance | 10 | (48) | 11 | (27) |
Other comprehensive (loss) income before reclassifications | 9 | (8) | 8 | (50) |
Reclassifications from accumulated other comprehensive income to net income | (4) | 4 | (4) | 25 |
OtherComprehensiveIncomeLossNetOfTaxIncludingPortionAttributableToRedeemable | 5 | (4) | 4 | (25) |
Other comprehensive (income) loss attributable to redeemable noncontrolling interests | 0 | 0 | 0 | |
Ending balance | 15 | (52) | 15 | (52) |
Derivative Adjustments [Member] | ||||
Beginning balance | 16 | (17) | 24 | 0 |
Other comprehensive (loss) income before reclassifications | (13) | 2 | (21) | (11) |
Reclassifications from accumulated other comprehensive income to net income | 4 | 3 | 4 | (1) |
OtherComprehensiveIncomeLossNetOfTaxIncludingPortionAttributableToRedeemable | (9) | 5 | (17) | (12) |
Other comprehensive (income) loss attributable to redeemable noncontrolling interests | 0 | 0 | 0 | |
Ending balance | $ 7 | $ (12) | $ 7 | $ (12) |
Share-based Payments (Narrative
Share-based Payments (Narrative) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 6 Months Ended | |
Jun. 30, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Current portion of equity-based compensation liabilities | $ 16 | $ 31 |
Total liability for cash-settled awards, Current and Noncurrent | 53 | 83 |
PRSUs [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Current portion of equity-based compensation liabilities | $ 14 | 29 |
Number of awards granted in period (in shares) | 0.7 | |
Awards granted (in dollars per share) | $ 29.50 | |
Awards converted or settled (in dollars per share) | $ 34.55 | |
RSUs [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of awards granted in period (in shares) | 1.5 | |
Awards granted (in dollars per share) | $ 29.15 | |
Awards converted or settled (in dollars per share) | $ 35.92 | |
Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of awards granted in period (in shares) | 2.5 | |
Weighted average exercise price of options granted (in dollars per share) | $ 29.14 | |
Options exercised (in shares) | 2.5 | |
Weighted average exercise price of options exercised (in dollars per share) | $ 17.45 | |
SARs [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Current portion of equity-based compensation liabilities | $ 2 | $ 2 |
Number of awards granted in period (in shares) | 3 | |
Awards granted (in dollars per share) | $ 27.40 | |
Awards converted or settled (in dollars per share) | $ 25.72 |
Share-based Payments (Equity-Ba
Share-based Payments (Equity-Based Compensation Expense) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total equity-based compensation expense | $ 1 | $ 3 | $ 22 | $ 27 |
Tax benefit recognized | 0 | 1 | 8 | 10 |
PRSUs [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total equity-based compensation expense | (2) | 0 | 7 | 9 |
RSUs [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total equity-based compensation expense | 5 | 4 | 11 | 10 |
Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total equity-based compensation expense | 1 | 2 | 4 | 7 |
SARs [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total equity-based compensation expense | $ (3) | $ (3) | $ 0 | $ 1 |
Share-based Payments (Liability
Share-based Payments (Liability Classified) (Details) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Current portion of equity-based compensation liabilities | $ 16 | $ 31 |
Total liability for cash-settled awards, Current and Noncurrent | 53 | 83 |
PRSUs [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Current portion of equity-based compensation liabilities | 14 | 29 |
Deferred Compensation Share-based Arrangements, Liability, Classified, Noncurrent | 33 | 47 |
SARs [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Current portion of equity-based compensation liabilities | 2 | 2 |
Deferred Compensation Share-based Arrangements, Liability, Classified, Noncurrent | $ 4 | $ 5 |
Share-based Payments (Awards Gr
Share-based Payments (Awards Granted and Converted During Period) (Details) shares in Millions | 6 Months Ended |
Jun. 30, 2017$ / sharesshares | |
PRSUs [Member] | |
Awards granted (in shares) | shares | 0.7 |
Awards converted or settled (in shares) | shares | 1.7 |
Awards granted (in dollars per share) | $ / shares | $ 29.50 |
Awards converted or settled (in dollars per share) | $ / shares | $ 34.55 |
RSUs [Member] | |
Awards granted (in shares) | shares | 1.5 |
Awards converted or settled (in shares) | shares | 0.4 |
Awards granted (in dollars per share) | $ / shares | $ 29.15 |
Awards converted or settled (in dollars per share) | $ / shares | $ 35.92 |
SARs [Member] | |
Awards granted (in shares) | shares | 3 |
Awards converted or settled (in shares) | shares | 0.6 |
Awards granted (in dollars per share) | $ / shares | $ 27.40 |
Awards converted or settled (in dollars per share) | $ / shares | $ 25.72 |
Share-based Payments (Stock Opt
Share-based Payments (Stock Options Rollforward) (Details) - Stock Options [Member] - $ / shares shares in Millions | 6 Months Ended | |
Jun. 30, 2017 | Dec. 31, 2016 | |
Stock Options | ||
Options outstanding as of the beginning of the period (in shares) | 13.7 | |
Granted (in shares) | 2.5 | |
Options exercised (in shares) | (2.5) | |
Forfeited/cancelled (in shares) | (1) | |
Options outstanding as of the end of the period (in shares) | 12.7 | |
Weighted-Average Exercise Price | ||
Outstanding as of beginning of the period (in dollars per share) | $ 26.05 | |
Granted (in dollars per share) | $ 29.14 | |
Exercised (in dollars per share) | 17.45 | |
Outstanding as of end of the period (in dollars per share) | $ 34.52 |
Share-based Payments (Unrecogni
Share-based Payments (Unrecognized Compensation Cost) (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2017USD ($) | |
Unrecognized compensation cost | $ 161 |
RSUs [Member] | |
Unrecognized compensation cost | $ 77 |
Weighted average period of time, in years, compensation expense related to units is expected to be recognized | 3 years 65 days |
PRSUs [Member] | |
Unrecognized compensation cost | $ 32 |
Weighted average period of time, in years, compensation expense related to units is expected to be recognized | 2 years 29 days |
Stock Options [Member] | |
Unrecognized compensation cost | $ 40 |
Weighted average period of time, in years, compensation expense related to units is expected to be recognized | 2 years 175 days |
SARs [Member] | |
Unrecognized compensation cost | $ 12 |
Weighted average period of time, in years, compensation expense related to units is expected to be recognized | 1 year 135 days |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2018 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | ||||||
Income tax expense | $ 93 | $ 95 | $ 148 | $ 206 | ||
Effective income tax rate | 20.00% | 19.00% | 20.00% | 23.00% | ||
Federal statutory income tax rate | 35.00% | 35.00% | 35.00% | 35.00% | ||
Unrecognized Tax Benefits | $ 126 | $ 126 | $ 117 | |||
Income Tax Contingency [Line Items] | ||||||
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | $ 16 | $ 16 | $ 11 | |||
Forecast [Member] | ||||||
Income Tax Contingency [Line Items] | ||||||
Unrecognized Tax Benefits, Decreases Resulting from Current Period Tax Positions | $ 41 |
Income Taxes (Schedule Of Incom
Income Taxes (Schedule Of Income Tax Reconciliation) (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Income Tax Disclosure [Abstract] | ||||
U.S. federal statutory income tax rate | 35.00% | 35.00% | 35.00% | 35.00% |
State and local income taxes, net of federal tax benefit | 2.00% | (11.00%) | 2.00% | (5.00%) |
Effect of foreign operations | (5.00%) | (2.00%) | (5.00%) | (3.00%) |
Domestic production activity deductions | (3.00%) | (4.00%) | (3.00%) | (4.00%) |
Change in uncertain tax positions | 0.00% | 2.00% | 0.00% | 1.00% |
Renewable energy investments tax credits | (9.00%) | 0.00% | (9.00%) | 0.00% |
Other, net | 0.00% | (1.00%) | 0.00% | (1.00%) |
Effective income tax rate | 20.00% | 19.00% | 20.00% | 23.00% |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 15, 2016 | |
Series C Convertible Preferred Stock [Member] | |||||
Weighted Average Number of Shares Outstanding, Diluted (in shares) | 26 | 35 | |||
Net income available to Discovery Communications, Inc. stockholders, Diluted | $ 32 | $ 44 | $ 52 | $ 74 | |
prepaid stock repurchase contract [Member] | |||||
Prepaidrepurchaseofcommonstock | $ 57 |
Earnings Per Share (Reconciliat
Earnings Per Share (Reconciliation Of Income) (Details) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Net income available to Discovery Communications, Inc. stockholders | $ 283 | $ 314 | $ 446 | $ 518 |
Net income | 380 | 415 | 601 | 684 |
Undistributed Earnings (Loss) Allocated to Participating Securities, Basic | (91) | (94) | (143) | (153) |
Net income attributable to noncontrolling interests | 0 | (1) | 0 | (1) |
Net income attributable to redeemable noncontrolling interests | (6) | (6) | (12) | (12) |
Allocation of undistributed income to Series A convertible preferred stockholders | $ 91 | $ 94 | $ 143 | $ 153 |
Series A, B and C Common Stock [Member] | ||||
Weighted Average Number of Shares Outstanding, Diluted (in shares) | 578 | 616 | 583 | 623 |
Net income available to Discovery Communications, Inc. stockholders | $ 250 | $ 270 | $ 393 | $ 443 |
Net income available to Discovery Communications, Inc. stockholders, Diluted | 374 | 408 | $ 589 | $ 671 |
Series C Convertible Preferred Stock [Member] | ||||
Weighted Average Number of Shares Outstanding, Diluted (in shares) | 26 | 35 | ||
Net income available to Discovery Communications, Inc. stockholders | 33 | 44 | $ 53 | $ 75 |
Net income available to Discovery Communications, Inc. stockholders, Diluted | $ 32 | $ 44 | $ 52 | $ 74 |
Earnings Per Share (Schedule of
Earnings Per Share (Schedule of Weighted-Average Number of Shares Outstanding) (Details) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Series A, B and C Common Stock [Member] | ||||
Weighted average number of shares outstanding, basic (in shares) | 384 | 404 | 387 | 409 |
Weighted average dilutive effect of assumed preferred stock conversion (in shares) | 192 | 208 | 193 | 211 |
Dilutive effect of share-based awards (in shares) | 2 | 4 | 3 | 3 |
Weighted Average Number of Shares Outstanding, Diluted (in shares) | 578 | 616 | 583 | 623 |
Net income available to Discovery Communications, Inc. stockholders, Diluted | $ 374 | $ 408 | $ 589 | $ 671 |
Series C Convertible Preferred Stock [Member] | ||||
Weighted average number of shares outstanding, basic (in shares) | 25 | 33 | 26 | 35 |
Weighted Average Number of Shares Outstanding, Diluted (in shares) | 26 | 35 | ||
Net income available to Discovery Communications, Inc. stockholders, Diluted | $ 32 | $ 44 | $ 52 | $ 74 |
Earnings Per Share (Schedule 83
Earnings Per Share (Schedule of Basic and Dilutive Earnings per Share) (Details) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Series A, B and C Common Stock [Member] | ||||
Net income per share (in dollars per share) | $ 0.65 | $ 0.66 | $ 1.02 | $ 1.08 |
Net income per share (in dollars per share) | 0.64 | 0.66 | 1.01 | 1.08 |
Series C Convertible Preferred Stock [Member] | ||||
Net income per share (in dollars per share) | 1.30 | 1.33 | 2.04 | 2.16 |
Net income per share (in dollars per share) | $ 1.28 | $ 1.33 | $ 2.02 | $ 2.16 |
Earnings Per Share (Schedule 84
Earnings Per Share (Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share) (Details) - shares shares in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Anti-Dilutive Stock Options and RSU [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Securities excluded from computation of earnings per share (in shares) | 11 | 9 | 10 | 8 |
PRSUs whose performance targets have not been achieved [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Securities excluded from computation of earnings per share (in shares) | 1 | 3 | 1 | 3 |
Supplemental Disclosures (Sched
Supplemental Disclosures (Schedule Of Accrued Expenses And Other Current Liabilities) (Details) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Disclosure Text Block Supplement [Abstract] | ||
Accrued payroll and related benefits | $ 405 | $ 486 |
Program Rights Obligations | 184 | 173 |
Accrued interest | 62 | 67 |
Accrued Income Taxes | 35 | 34 |
Current portion of equity-based compensation liabilities | 16 | 31 |
Accrued other | 244 | 284 |
Total accrued liabilities | $ 946 | $ 1,075 |
Supplemental Disclosures (Sch86
Supplemental Disclosures (Schedule Of Other (Expense) Income, Net) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Disclosure Text Block Supplement [Abstract] | ||||
Foreign currency losses, net | $ (26) | $ 41 | $ (35) | $ 37 |
Other expense, net | 1 | 3 | 0 | 0 |
Total other (expense) income, net | (24) | 38 | (37) | 22 |
Derivative [Line Items] | ||||
Gains (losses) on derivative instruments | 0 | 3 | ||
Other income (expense), net [Member] | ||||
Derivative [Line Items] | ||||
Gains (losses) on derivative instruments | $ 1 | $ (6) | $ (2) | $ (15) |
Supplemental Disclosures (Sch87
Supplemental Disclosures (Schedule of Cash proceeds from equity-based plans, net) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Supplemental Cash Flow Elements [Abstract] | ||
Tax settlements associated with equity-based plans | $ (30) | $ (10) |
Proceeds from Issuance or Sale of Equity | 41 | 12 |
Total cash payments for equity-based plans, net | $ 11 | 2 |
Excess Tax Benefit from Share-based Compensation, Financing Activities | $ (1) |
Supplemental Disclosures (Sch88
Supplemental Disclosures (Schedule of Supplemental Cash Flow Information) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Supplemental Cash Flow Elements [Abstract] | ||
Cash paid for taxes, net (a) | $ 199 | $ 314 |
Cash paid for interest, net | 184 | 174 |
Accrued purchases of property and equipment | 18 | 9 |
Capital Lease Obligations Incurred | $ 38 | $ 1 |
Related Party Transactions (Nar
Related Party Transactions (Narrative) (Details) - Board of Directors Chairman [Member] | Jun. 30, 2017 |
Liberty Global [Member] | |
Related Party Transaction [Line Items] | |
Aggregate Voting Power Percentage Of A Related Party | 26.00% |
Liberty Broadband [Member] | |
Related Party Transaction [Line Items] | |
Aggregate Voting Power Percentage Of A Related Party | 46.00% |
Related Party Transactions (Sch
Related Party Transactions (Schedule of Related Party Transactions, Revenues and Expenses) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Related Party Transaction [Line Items] | ||||
Revenue and service charges | $ 174 | $ 125 | $ 347 | $ 219 |
Expenses | (40) | (39) | (70) | (60) |
Liberty Group [Member] | ||||
Related Party Transaction [Line Items] | ||||
Revenue and service charges | 128 | 87 | 254 | 143 |
Equity Method Investments [Member] | ||||
Related Party Transaction [Line Items] | ||||
Revenue and service charges | 38 | 30 | 72 | 57 |
Interest and Other Income | 3 | 4 | 7 | 9 |
OtherRelatedParties [Member] | ||||
Related Party Transaction [Line Items] | ||||
Revenue and service charges | $ 8 | $ 8 | $ 21 | $ 19 |
Related Party Transactions (S91
Related Party Transactions (Schedule of Related Party Transactions, Receivables) (Details) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Related Party Transactions [Abstract] | ||
Receivables | $ 116 | $ 109 |
Note receivable (see Note 3) | $ 301 | $ 311 |
Commitments, Contingencies, A92
Commitments, Contingencies, And Guarantees (Details) - USD ($) | Jun. 30, 2017 | Jun. 16, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Put Right Obligations | $ 0 | $ 0 | |||||
Redeemable noncontrolling interest balance | 237,000,000 | $ 249,000,000 | 243,000,000 | $ 241,000,000 | $ 248,000,000 | $ 241,000,000 | |
Guarantor Obligations, Current Carrying Value | 0 | 0 | |||||
Material amounts for indemnifications or other contingencies | 0 | $ 0 | |||||
Discovery Family [Member] | |||||||
Redeemable noncontrolling interest balance | $ 210,000,000 | ||||||
Ownership percentage by noncontrolling owners | 40.00% | ||||||
Discovery Japan [Member] | |||||||
Redeemable noncontrolling interest balance | $ 27,000,000 | ||||||
Ownership percentage by noncontrolling owners | 20.00% | ||||||
OWN [Member] | |||||||
Put Right Amount Paid | $ 100,000,000 | ||||||
Put Right Obligations | $ 0 |
Reportable Segments Reportable
Reportable Segments Reportable Segments (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2016 | Jun. 30, 2016 | |
Segment Reporting [Abstract] | ||
Amortization Of Deferred Launch | $ 4 | $ 7 |
Reportable Segments (Schedule O
Reportable Segments (Schedule Of Revenues By Segment) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Segment Reporting Information [Line Items] | ||||
Revenues by segment | $ 1,745 | $ 1,708 | $ 3,358 | $ 3,269 |
U.S. Networks [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues by segment | 890 | 873 | 1,719 | 1,680 |
International Networks [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues by segment | 811 | 790 | 1,558 | 1,501 |
Education And Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues by segment | 44 | 46 | 81 | 90 |
Corporate And Inter-Segment Eliminations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues by segment | $ 0 | $ (1) | $ 0 | $ (2) |
Reportable Segments (Schedule95
Reportable Segments (Schedule Of Adjusted OIBDA By Segment) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Segment Reporting Information [Line Items] | ||||
Total Adjusted OIBDA | $ 717 | $ 702 | $ 1,320 | $ 1,276 |
U.S. Networks [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Adjusted OIBDA | 567 | 544 | 1,068 | 1,017 |
International Networks [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Adjusted OIBDA | 236 | 245 | 430 | 427 |
Education And Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Adjusted OIBDA | 5 | (3) | (1) | (4) |
Corporate And Inter-Segment Eliminations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Adjusted OIBDA | $ (91) | $ (84) | $ (177) | $ (164) |
Reportable Segments (Schedule96
Reportable Segments (Schedule Of Reconciliation Of Adjusted OIBDA To Net Income) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Segment Reporting [Abstract] | ||||
Net income available to Discovery Communications, Inc. | $ 374 | $ 408 | $ 589 | $ 671 |
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest | 6 | 6 | 12 | 12 |
Net Income (Loss) Attributable to Nonredeemable Noncontrolling Interest | 0 | 1 | 0 | 1 |
Income Tax Expense (Benefit) | 93 | 95 | 148 | 206 |
Income before income taxes | 473 | 510 | 749 | 890 |
Other expense, net | 24 | (38) | 37 | (22) |
Income (loss) from equity investees, net | 42 | 23 | 95 | 31 |
Gain (Loss) on Extinguishment of Debt | 0 | 0 | 54 | 0 |
Interest expense | 91 | 91 | 182 | 176 |
Operating income | 630 | 586 | 1,117 | 1,075 |
Gain on disposition | 4 | 0 | 4 | (13) |
Restructuring charges | 8 | 39 | 32 | 45 |
Depreciation and amortization | 80 | 80 | 160 | 159 |
Mark-to-market equity-based compensation | (5) | (3) | 7 | 10 |
Total Adjusted OIBDA | $ 717 | $ 702 | $ 1,320 | $ 1,276 |
Reportable Segments (Schedule97
Reportable Segments (Schedule Of Total Assets By Segment) (Details) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Segment Reporting Information [Line Items] | ||
Total assets | $ 16,149 | $ 15,672 |
U.S. Networks [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | 3,598 | 3,412 |
International Networks [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | 5,205 | 4,922 |
Education And Other [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | 376 | 399 |
Corporate And Inter-Segment Eliminations [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | $ 6,970 | $ 6,939 |
Restructuring and Other Charg98
Restructuring and Other Charges Restructuring and Other Charges, by Reporting Segment) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Schedule of Restructuring and Related Costs by Reportable Segment [Line Items] | ||||
Restructuring Charges | $ 4 | $ 43 | $ 28 | $ 49 |
Restructuring and other charges | 8 | 39 | 32 | 45 |
U.S. Networks [Member] | ||||
Schedule of Restructuring and Related Costs by Reportable Segment [Line Items] | ||||
Restructuring Charges | 0 | 7 | 4 | 8 |
International Networks [Member] | ||||
Schedule of Restructuring and Related Costs by Reportable Segment [Line Items] | ||||
Restructuring Charges | 4 | 15 | 21 | 20 |
Education And Other [Member] | ||||
Schedule of Restructuring and Related Costs by Reportable Segment [Line Items] | ||||
Restructuring Charges | 0 | 3 | 1 | 3 |
Corporate And Inter-Segment Eliminations [Member] | ||||
Schedule of Restructuring and Related Costs by Reportable Segment [Line Items] | ||||
Restructuring Charges | $ 4 | $ 14 | $ 6 | $ 14 |
Restructuring and Other Charg99
Restructuring and Other Charges Total Restructuring And Other Charges (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Restructuring and Related Activities [Abstract] | ||||
Restructuring Charges | $ 4 | $ 43 | $ 28 | $ 49 |
ContentImpairmentsInRestructuringAndOtherCharges | 4 | (4) | 4 | (4) |
Restructuring and other charges | $ 8 | $ 39 | $ 32 | $ 45 |
Restructuring and Other Char100
Restructuring and Other Charges Restructuring and Other Liabilities (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Restructuring Reserve [Roll Forward] | ||||
December 31, 2016 | $ 39 | |||
Restructuring Charges | $ 4 | $ 43 | 28 | $ 49 |
Payments for Restructuring | (32) | |||
June 30, 2017 | 35 | 35 | ||
Contract Termination [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
December 31, 2016 | 3 | |||
Restructuring Charges | 0 | |||
Payments for Restructuring | 0 | |||
June 30, 2017 | 3 | 3 | ||
Employee Relocation [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
December 31, 2016 | 36 | |||
Restructuring Charges | 28 | |||
Payments for Restructuring | (32) | |||
June 30, 2017 | $ 32 | $ 32 |
Condensed Consolidating Fina101
Condensed Consolidating Financial Statements (Narrative) (Details) | Jun. 30, 2017 |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Direct ownership percentage in Discovery Communications Holding, LLC | 33.30% |
Indirect ownership percentage in Discovery Communications Holding, LLC | 66.70% |
Condensed Consolidating Fina102
Condensed Consolidating Financial Statements (Condensed Consolidating Balance Sheet) (Details) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | Dec. 31, 2015 |
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | $ 206 | $ 300 | $ 185 | $ 390 |
Receivables, net | 1,758 | 1,495 | ||
Content rights, net | 390 | 310 | ||
Current deferred income tax assets | 0 | |||
Prepaid expenses and other current assets | 416 | 397 | ||
Total current assets | 2,770 | 2,502 | ||
Noncurrent content rights, net | 2,070 | 2,089 | ||
Goodwill | 8,123 | 8,040 | ||
Intangible assets, net | 1,481 | 1,512 | ||
Equity method investments | 700 | 557 | ||
Other noncurrent assets | 491 | 490 | ||
Total assets | 16,149 | 15,672 | ||
Current portion of debt | 105 | 82 | ||
Total current liabilities | 1,466 | 1,561 | ||
Noncurrent portion of debt | 8,158 | 7,841 | ||
Other noncurrent liabilities | 392 | 393 | ||
Total liabilities | 10,386 | 10,262 | ||
Redeemable noncontrolling interests | 237 | 243 | ||
Total equity | 5,526 | 5,167 | ||
Total liabilities and equity | 16,149 | 15,672 | ||
Reclassifications And Eliminations [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Receivables, net | 0 | 0 | ||
Content rights, net | 0 | 0 | ||
Prepaid expenses and other current assets | 0 | 0 | ||
Intercompany trade receivables, net | (174) | (195) | ||
Total current assets | (174) | (195) | ||
Investment in and advances to subsidiaries | (22,610) | (21,043) | ||
Noncurrent content rights, net | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Intangible assets, net | 0 | 0 | ||
Equity method investments | 0 | 0 | ||
Other noncurrent assets | (20) | (20) | ||
Total assets | (22,804) | (21,258) | ||
Current portion of debt | 0 | 0 | ||
Other current liabilities | 0 | 0 | ||
Intercompany Trade Payables, Net | (174) | (195) | ||
Total current liabilities | (174) | (195) | ||
Noncurrent portion of debt | 0 | 0 | ||
Other noncurrent liabilities | (20) | (20) | ||
Total liabilities | (194) | (215) | ||
Redeemable noncontrolling interests | 0 | 0 | ||
Total equity | (22,610) | (21,043) | ||
Total liabilities and equity | (22,804) | (21,258) | ||
Discovery [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Receivables, net | 0 | 0 | ||
Content rights, net | 0 | 0 | ||
Prepaid expenses and other current assets | 23 | 62 | ||
Intercompany trade receivables, net | 0 | 0 | ||
Total current assets | 23 | 62 | ||
Investment in and advances to subsidiaries | 5,505 | 5,106 | ||
Noncurrent content rights, net | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Intangible assets, net | 0 | 0 | ||
Equity method investments | 0 | 0 | ||
Other noncurrent assets | 0 | 0 | ||
Total assets | 5,528 | 5,168 | ||
Current portion of debt | 0 | 0 | ||
Other current liabilities | 0 | 0 | ||
Intercompany Trade Payables, Net | 0 | 0 | ||
Total current liabilities | 0 | 0 | ||
Noncurrent portion of debt | 0 | 0 | ||
Other noncurrent liabilities | 2 | 1 | ||
Total liabilities | 2 | 1 | ||
Redeemable noncontrolling interests | 0 | 0 | ||
Total equity | 5,526 | 5,167 | ||
Total liabilities and equity | 5,528 | 5,168 | ||
DCH [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Receivables, net | 0 | 0 | ||
Content rights, net | 0 | 0 | ||
Prepaid expenses and other current assets | 40 | 36 | ||
Intercompany trade receivables, net | 0 | 0 | ||
Total current assets | 40 | 36 | ||
Investment in and advances to subsidiaries | 5,466 | 5,070 | ||
Noncurrent content rights, net | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Intangible assets, net | 0 | 0 | ||
Equity method investments | 0 | 0 | ||
Other noncurrent assets | 20 | 20 | ||
Total assets | 5,526 | 5,126 | ||
Current portion of debt | 0 | 0 | ||
Other current liabilities | 0 | 0 | ||
Intercompany Trade Payables, Net | 0 | 0 | ||
Total current liabilities | 0 | 0 | ||
Noncurrent portion of debt | 0 | 0 | ||
Other noncurrent liabilities | 0 | 0 | ||
Total liabilities | 0 | 0 | ||
Redeemable noncontrolling interests | 0 | 0 | ||
Total equity | 5,526 | 5,126 | ||
Total liabilities and equity | 5,526 | 5,126 | ||
DCL [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 8 | 20 | 11 | 3 |
Receivables, net | 485 | 421 | ||
Content rights, net | 7 | 8 | ||
Prepaid expenses and other current assets | 219 | 180 | ||
Intercompany trade receivables, net | 174 | 195 | ||
Total current assets | 893 | 824 | ||
Investment in and advances to subsidiaries | 7,955 | 7,450 | ||
Noncurrent content rights, net | 712 | 663 | ||
Goodwill | 3,769 | 3,769 | ||
Intangible assets, net | 264 | 272 | ||
Equity method investments | 29 | 30 | ||
Other noncurrent assets | 334 | 306 | ||
Total assets | 13,956 | 13,314 | ||
Current portion of debt | 80 | 52 | ||
Other current liabilities | 448 | 516 | ||
Intercompany Trade Payables, Net | 0 | 0 | ||
Total current liabilities | 528 | 568 | ||
Noncurrent portion of debt | 7,625 | 7,315 | ||
Other noncurrent liabilities | 337 | 361 | ||
Total liabilities | 8,490 | 8,244 | ||
Redeemable noncontrolling interests | 0 | 0 | ||
Total equity | 5,466 | 5,070 | ||
Total liabilities and equity | 13,956 | 13,314 | ||
Non-Guarantor Subsidiaries Of DCL [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 198 | 280 | 174 | 387 |
Receivables, net | 1,273 | 1,074 | ||
Content rights, net | 383 | 302 | ||
Prepaid expenses and other current assets | 134 | 119 | ||
Intercompany trade receivables, net | 0 | 0 | ||
Total current assets | 1,988 | 1,775 | ||
Investment in and advances to subsidiaries | 0 | 0 | ||
Noncurrent content rights, net | 1,358 | 1,426 | ||
Goodwill | 4,354 | 4,271 | ||
Intangible assets, net | 1,217 | 1,240 | ||
Equity method investments | 671 | 527 | ||
Other noncurrent assets | 671 | 666 | ||
Total assets | 10,259 | 9,905 | ||
Current portion of debt | 25 | 30 | ||
Other current liabilities | 913 | 963 | ||
Intercompany Trade Payables, Net | 174 | 195 | ||
Total current liabilities | 1,112 | 1,188 | ||
Noncurrent portion of debt | 533 | 526 | ||
Other noncurrent liabilities | 422 | 498 | ||
Total liabilities | 2,067 | 2,212 | ||
Redeemable noncontrolling interests | 237 | 243 | ||
Total equity | 7,955 | 7,450 | ||
Total liabilities and equity | 10,259 | 9,905 | ||
Other Non-Guarantor Subsidiaries of Discovery [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Receivables, net | 0 | 0 | ||
Content rights, net | 0 | 0 | ||
Prepaid expenses and other current assets | 0 | 0 | ||
Intercompany trade receivables, net | 0 | 0 | ||
Total current assets | 0 | 0 | ||
Investment in and advances to subsidiaries | 3,684 | 3,417 | ||
Noncurrent content rights, net | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Intangible assets, net | 0 | 0 | ||
Equity method investments | 0 | 0 | ||
Other noncurrent assets | 0 | 0 | ||
Total assets | 3,684 | 3,417 | ||
Current portion of debt | 0 | 0 | ||
Other current liabilities | 0 | 0 | ||
Intercompany Trade Payables, Net | 0 | 0 | ||
Total current liabilities | 0 | 0 | ||
Noncurrent portion of debt | 0 | 0 | ||
Other noncurrent liabilities | 21 | 20 | ||
Total liabilities | 21 | 20 | ||
Redeemable noncontrolling interests | 0 | 0 | ||
Total equity | 3,663 | 3,397 | ||
Total liabilities and equity | 3,684 | 3,417 | ||
Discovery and Subsidiaries [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 206 | 300 | $ 185 | $ 390 |
Receivables, net | 1,758 | 1,495 | ||
Content rights, net | 390 | 310 | ||
Prepaid expenses and other current assets | 416 | 397 | ||
Intercompany trade receivables, net | 0 | 0 | ||
Total current assets | 2,770 | 2,502 | ||
Investment in and advances to subsidiaries | 0 | 0 | ||
Noncurrent content rights, net | 2,070 | 2,089 | ||
Goodwill | 8,123 | 8,040 | ||
Intangible assets, net | 1,481 | 1,512 | ||
Equity method investments | 700 | 557 | ||
Other noncurrent assets | 1,005 | 972 | ||
Total assets | 16,149 | 15,672 | ||
Current portion of debt | 105 | 82 | ||
Other current liabilities | 1,361 | 1,479 | ||
Intercompany Trade Payables, Net | 0 | 0 | ||
Total current liabilities | 1,466 | 1,561 | ||
Noncurrent portion of debt | 8,158 | 7,841 | ||
Other noncurrent liabilities | 762 | 860 | ||
Total liabilities | 10,386 | 10,262 | ||
Redeemable noncontrolling interests | 237 | 243 | ||
Total equity | 5,526 | 5,167 | ||
Total liabilities and equity | $ 16,149 | $ 15,672 |
Condensed Consolidating Fina103
Condensed Consolidating Financial Statements (Condensed Consolidating Statement Of Operations) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Condensed Income Statements, Captions [Line Items] | ||||
Revenues | $ 1,745 | $ 1,708 | $ 3,358 | $ 3,269 |
Costs of revenues, excluding depreciation and amortization | 634 | 603 | 1,241 | 1,195 |
Selling, general and administrative | 389 | 400 | 804 | 808 |
Depreciation and amortization | 80 | 80 | 160 | 159 |
Restructuring and other charges | 8 | 39 | 32 | 45 |
Gain on disposition | 4 | 0 | 4 | (13) |
Total costs and expenses | 1,115 | 1,122 | 2,241 | 2,194 |
Operating income | 630 | 586 | 1,117 | 1,075 |
Interest expense | (91) | (91) | (182) | (176) |
Gain (Loss) on Extinguishment of Debt | 0 | 0 | (54) | 0 |
Income (loss) from equity investees, net | (42) | (23) | (95) | (31) |
Other (expense) income, net | (24) | 38 | (37) | 22 |
Income before income taxes | 473 | 510 | 749 | 890 |
Income Tax Expense (Benefit) | (93) | (95) | (148) | (206) |
Net income | 380 | 415 | 601 | 684 |
Net income attributable to redeemable noncontrolling interests | (6) | (6) | (12) | (12) |
Net income available to Discovery Communications, Inc. | 374 | 408 | 589 | 671 |
Net income attributable to noncontrolling interests | 0 | (1) | 0 | (1) |
Reclassifications And Eliminations [Member] | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Revenues | (4) | (4) | (7) | (7) |
Costs of revenues, excluding depreciation and amortization | 0 | (1) | 0 | (2) |
Selling, general and administrative | (4) | (3) | (7) | (5) |
Depreciation and amortization | 0 | 0 | 0 | 0 |
Restructuring and other charges | 0 | 0 | 0 | 0 |
Gain on disposition | 0 | 0 | 0 | |
Total costs and expenses | (4) | (4) | (7) | (7) |
Operating income | 0 | 0 | 0 | 0 |
Equity in earnings of subsidiaries | (1,248) | (1,333) | (1,969) | (2,193) |
Interest expense | 0 | 0 | 0 | 0 |
Gain (Loss) on Extinguishment of Debt | 0 | |||
Income (loss) from equity investees, net | 0 | 0 | 0 | 0 |
Other (expense) income, net | 0 | 0 | 0 | 0 |
Income before income taxes | (1,248) | (1,333) | (1,969) | (2,193) |
Income Tax Expense (Benefit) | 0 | 0 | 0 | 0 |
Net income | (1,248) | (1,333) | (1,969) | (2,193) |
Net income attributable to redeemable noncontrolling interests | (6) | (6) | (12) | (12) |
Net income available to Discovery Communications, Inc. | (1,254) | (1,340) | (1,981) | (2,206) |
Net income attributable to noncontrolling interests | (1) | (1) | ||
Discovery [Member] | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Costs of revenues, excluding depreciation and amortization | 0 | 0 | 0 | 0 |
Selling, general and administrative | 5 | 4 | 9 | 8 |
Depreciation and amortization | 0 | 0 | 0 | 0 |
Restructuring and other charges | 0 | 0 | 0 | 0 |
Gain on disposition | 0 | 0 | 0 | |
Total costs and expenses | 5 | 4 | 9 | 8 |
Operating income | (5) | (4) | (9) | (8) |
Equity in earnings of subsidiaries | 376 | 410 | 594 | 676 |
Interest expense | 0 | 0 | 0 | 0 |
Gain (Loss) on Extinguishment of Debt | 0 | |||
Income (loss) from equity investees, net | 0 | 0 | 0 | 0 |
Other (expense) income, net | 0 | 0 | 0 | 0 |
Income before income taxes | 371 | 406 | 585 | 668 |
Income Tax Expense (Benefit) | 3 | 2 | 4 | 3 |
Net income | 374 | 408 | 589 | 671 |
Net income attributable to redeemable noncontrolling interests | 0 | 0 | 0 | 0 |
Net income available to Discovery Communications, Inc. | 374 | 408 | 589 | 671 |
Net income attributable to noncontrolling interests | 0 | 0 | ||
DCH [Member] | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Costs of revenues, excluding depreciation and amortization | 0 | 0 | 0 | 0 |
Selling, general and administrative | 0 | 0 | 0 | 0 |
Depreciation and amortization | 0 | 0 | 0 | 0 |
Restructuring and other charges | 0 | 0 | 0 | 0 |
Gain on disposition | 0 | 0 | 0 | |
Total costs and expenses | 0 | 0 | 0 | 0 |
Operating income | 0 | 0 | 0 | 0 |
Equity in earnings of subsidiaries | 376 | 410 | 594 | 676 |
Interest expense | 0 | 0 | 0 | 0 |
Gain (Loss) on Extinguishment of Debt | 0 | |||
Income (loss) from equity investees, net | 0 | 0 | 0 | 0 |
Other (expense) income, net | 0 | 0 | 0 | 0 |
Income before income taxes | 376 | 410 | 594 | 676 |
Income Tax Expense (Benefit) | 0 | 0 | 0 | 0 |
Net income | 376 | 410 | 594 | 676 |
Net income attributable to redeemable noncontrolling interests | 0 | 0 | 0 | 0 |
Net income available to Discovery Communications, Inc. | 376 | 410 | 594 | 676 |
Net income attributable to noncontrolling interests | 0 | 0 | ||
DCL [Member] | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Revenues | 525 | 521 | 1,016 | 1,002 |
Costs of revenues, excluding depreciation and amortization | 112 | 116 | 220 | 230 |
Selling, general and administrative | 56 | 60 | 130 | 129 |
Depreciation and amortization | 11 | 9 | 23 | 19 |
Restructuring and other charges | 3 | 22 | 19 | 23 |
Gain on disposition | 0 | 0 | 0 | |
Total costs and expenses | 182 | 207 | 392 | 401 |
Operating income | 343 | 314 | 624 | 601 |
Equity in earnings of subsidiaries | 245 | 239 | 385 | 390 |
Interest expense | (83) | (85) | (169) | (165) |
Gain (Loss) on Extinguishment of Debt | (54) | |||
Income (loss) from equity investees, net | 0 | (5) | 1 | (5) |
Other (expense) income, net | (62) | 18 | (89) | (19) |
Income before income taxes | 443 | 481 | 698 | 802 |
Income Tax Expense (Benefit) | (67) | (71) | (104) | (126) |
Net income | 376 | 410 | 594 | 676 |
Net income attributable to redeemable noncontrolling interests | 0 | 0 | 0 | 0 |
Net income available to Discovery Communications, Inc. | 376 | 410 | 594 | 676 |
Net income attributable to noncontrolling interests | 0 | 0 | ||
Non-Guarantor Subsidiaries Of DCL [Member] | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Revenues | 1,224 | 1,191 | 2,349 | 2,274 |
Costs of revenues, excluding depreciation and amortization | 522 | 488 | 1,021 | 967 |
Selling, general and administrative | 332 | 339 | 672 | 676 |
Depreciation and amortization | 69 | 71 | 137 | 140 |
Restructuring and other charges | 5 | 17 | 13 | 22 |
Gain on disposition | (4) | 4 | (13) | |
Total costs and expenses | 932 | 915 | 1,847 | 1,792 |
Operating income | 292 | 276 | 502 | 482 |
Equity in earnings of subsidiaries | 0 | 0 | 0 | 0 |
Interest expense | (8) | (6) | (13) | (11) |
Gain (Loss) on Extinguishment of Debt | 0 | |||
Income (loss) from equity investees, net | (42) | (18) | (96) | (26) |
Other (expense) income, net | 38 | 20 | 52 | 41 |
Income before income taxes | 280 | 272 | 445 | 486 |
Income Tax Expense (Benefit) | (29) | (26) | (48) | (83) |
Net income | 251 | 246 | 397 | 403 |
Net income attributable to redeemable noncontrolling interests | 0 | 0 | 0 | 0 |
Net income available to Discovery Communications, Inc. | 251 | 246 | 397 | 403 |
Net income attributable to noncontrolling interests | 0 | 0 | ||
Other Non-Guarantor Subsidiaries of Discovery [Member] | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Costs of revenues, excluding depreciation and amortization | 0 | 0 | 0 | 0 |
Selling, general and administrative | 0 | 0 | 0 | 0 |
Depreciation and amortization | 0 | 0 | 0 | 0 |
Restructuring and other charges | 0 | 0 | 0 | 0 |
Gain on disposition | 0 | 0 | 0 | |
Total costs and expenses | 0 | 0 | 0 | 0 |
Operating income | 0 | 0 | 0 | 0 |
Equity in earnings of subsidiaries | 251 | 274 | 396 | 451 |
Interest expense | 0 | 0 | 0 | 0 |
Gain (Loss) on Extinguishment of Debt | 0 | |||
Income (loss) from equity investees, net | 0 | 0 | 0 | 0 |
Other (expense) income, net | 0 | 0 | 0 | 0 |
Income before income taxes | 251 | 274 | 396 | 451 |
Income Tax Expense (Benefit) | 0 | 0 | 0 | 0 |
Net income | 251 | 274 | 396 | 451 |
Net income attributable to redeemable noncontrolling interests | 0 | 0 | 0 | 0 |
Net income available to Discovery Communications, Inc. | 251 | 274 | 396 | 451 |
Net income attributable to noncontrolling interests | 0 | 0 | ||
Discovery and Subsidiaries [Member] | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Revenues | 1,745 | 1,708 | 3,358 | 3,269 |
Costs of revenues, excluding depreciation and amortization | 634 | 603 | 1,241 | 1,195 |
Selling, general and administrative | 389 | 400 | 804 | 808 |
Depreciation and amortization | 80 | 80 | 160 | 159 |
Restructuring and other charges | 8 | 39 | 32 | 45 |
Gain on disposition | (4) | 4 | (13) | |
Total costs and expenses | 1,115 | 1,122 | 2,241 | 2,194 |
Operating income | 630 | 586 | 1,117 | 1,075 |
Equity in earnings of subsidiaries | 0 | 0 | 0 | 0 |
Interest expense | (91) | (91) | (182) | (176) |
Gain (Loss) on Extinguishment of Debt | (54) | |||
Income (loss) from equity investees, net | (42) | (23) | (95) | (31) |
Other (expense) income, net | (24) | 38 | (37) | 22 |
Income before income taxes | 473 | 510 | 749 | 890 |
Income Tax Expense (Benefit) | (93) | (95) | (148) | (206) |
Net income | 380 | 415 | 601 | 684 |
Net income attributable to redeemable noncontrolling interests | (6) | (6) | (12) | (12) |
Net income available to Discovery Communications, Inc. | $ 374 | 408 | $ 589 | 671 |
Net income attributable to noncontrolling interests | $ (1) | $ (1) |
Condensed Consolidating Fina104
Condensed Consolidating Financial Statements (Condensed Consolidating Statement Of Comprehensive Income) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Net income | $ 380 | $ 415 | $ 601 | $ 684 |
Currency translation adjustments | 91 | (65) | 159 | (7) |
Market value adjustments | 5 | (4) | 4 | (25) |
Derivative adjustments | (9) | 5 | (17) | (12) |
Comprehensive income | 467 | 351 | 747 | 640 |
Comprehensive income attributable to noncontrolling interests | 0 | (1) | 0 | (1) |
Comprehensive income attributable to redeemable noncontrolling interests | (6) | (8) | (13) | (15) |
Comprehensive income attributable to Discovery Communications, Inc. | 461 | 342 | 734 | 624 |
Reclassifications And Eliminations [Member] | ||||
Net income | (1,248) | (1,333) | (1,969) | (2,193) |
Currency translation adjustments | (334) | 239 | (583) | 26 |
Market value adjustments | (19) | 15 | (15) | 92 |
Derivative adjustments | 33 | (18) | 63 | 45 |
Comprehensive income | (1,568) | (1,097) | (2,504) | (2,030) |
Comprehensive income attributable to noncontrolling interests | (1) | (1) | ||
Comprehensive income attributable to redeemable noncontrolling interests | (6) | 1 | (8) | (1) |
Comprehensive income attributable to Discovery Communications, Inc. | (1,574) | (1,097) | (2,512) | (2,032) |
Discovery [Member] | ||||
Net income | 374 | 408 | 589 | 671 |
Currency translation adjustments | 91 | (65) | 159 | (7) |
Market value adjustments | 5 | (4) | 4 | (25) |
Derivative adjustments | (9) | 5 | (17) | (12) |
Comprehensive income | 461 | 344 | 735 | 627 |
Comprehensive income attributable to noncontrolling interests | 0 | 0 | ||
Comprehensive income attributable to redeemable noncontrolling interests | 0 | (2) | (1) | (3) |
Comprehensive income attributable to Discovery Communications, Inc. | 461 | 342 | 734 | 624 |
DCH [Member] | ||||
Net income | 376 | 410 | 594 | 676 |
Currency translation adjustments | 91 | (65) | 159 | (7) |
Market value adjustments | 5 | (4) | 4 | (25) |
Derivative adjustments | (9) | 5 | (17) | (12) |
Comprehensive income | 463 | 346 | 740 | 632 |
Comprehensive income attributable to noncontrolling interests | 0 | 0 | ||
Comprehensive income attributable to redeemable noncontrolling interests | 0 | (2) | (1) | (3) |
Comprehensive income attributable to Discovery Communications, Inc. | 463 | 344 | 739 | 629 |
DCL [Member] | ||||
Net income | 376 | 410 | 594 | 676 |
Currency translation adjustments | 91 | (65) | 159 | (7) |
Market value adjustments | 5 | (4) | 4 | (25) |
Derivative adjustments | (9) | 5 | (17) | (12) |
Comprehensive income | 463 | 346 | 740 | 632 |
Comprehensive income attributable to noncontrolling interests | 0 | 0 | ||
Comprehensive income attributable to redeemable noncontrolling interests | 0 | (2) | (1) | (3) |
Comprehensive income attributable to Discovery Communications, Inc. | 463 | 344 | 739 | 629 |
Non-Guarantor Subsidiaries Of DCL [Member] | ||||
Net income | 251 | 246 | 397 | 403 |
Currency translation adjustments | 91 | (65) | 159 | (7) |
Market value adjustments | 5 | (4) | 4 | (25) |
Derivative adjustments | (9) | 5 | (18) | (13) |
Comprehensive income | 338 | 182 | 542 | 358 |
Comprehensive income attributable to noncontrolling interests | 0 | 0 | ||
Comprehensive income attributable to redeemable noncontrolling interests | 0 | (2) | (1) | (3) |
Comprehensive income attributable to Discovery Communications, Inc. | 338 | 180 | 541 | 355 |
Other Non-Guarantor Subsidiaries of Discovery [Member] | ||||
Net income | 251 | 274 | 396 | 451 |
Currency translation adjustments | 61 | (44) | 106 | (5) |
Market value adjustments | 4 | (3) | 3 | (17) |
Derivative adjustments | (6) | 3 | (11) | (8) |
Comprehensive income | 310 | 230 | 494 | 421 |
Comprehensive income attributable to noncontrolling interests | 0 | 0 | ||
Comprehensive income attributable to redeemable noncontrolling interests | 0 | (1) | (1) | (2) |
Comprehensive income attributable to Discovery Communications, Inc. | 310 | 229 | 493 | 419 |
Discovery and Subsidiaries [Member] | ||||
Net income | 380 | 415 | 601 | 684 |
Currency translation adjustments | 91 | (65) | 159 | (7) |
Market value adjustments | 5 | (4) | 4 | (25) |
Derivative adjustments | (9) | 5 | (17) | (12) |
Comprehensive income | 467 | 351 | 747 | 640 |
Comprehensive income attributable to noncontrolling interests | (1) | (1) | ||
Comprehensive income attributable to redeemable noncontrolling interests | (6) | (8) | (13) | (15) |
Comprehensive income attributable to Discovery Communications, Inc. | $ 461 | $ 342 | $ 734 | $ 624 |
Condensed Consolidating Fina105
Condensed Consolidating Financial Statements (Condensed Consolidating Statement Of Cash Flows) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Cash provided by operating activities | $ 443 | $ 390 |
Payments for (Proceeds from) Investments | (270) | (60) |
Distributions from equity method investees | 18 | 40 |
Purchases of property and equipment | (78) | (43) |
Proceeds from (payments for) derivative instruments, net | 5 | (3) |
Proceeds from disposition, net of cash disposed | 29 | 19 |
Payments to Acquire Other Investments | 15 | |
Other investing activities, net | 3 | (2) |
Cash used in investing activities | (293) | (49) |
Commercial paper borrowings, net | 25 | 13 |
Borrowings under revolving credit facility | 350 | 280 |
Repayments of Lines of Credit | (200) | (572) |
Borrowings from debt, net of discount and including premiums | 659 | 498 |
Principal repayments of debt, including discount payment and premiums to par value | (650) | 0 |
Principal repayments of capital lease obligations | (19) | (17) |
Repurchases of stock | (501) | (750) |
Cash settlement of common stock repurchase contracts | 58 | 0 |
Distributions to redeemable noncontrolling interests | (20) | (17) |
Share-based plan payments, net | 11 | 2 |
Inter-company contributions and other financing activities, net | (8) | (13) |
Cash used in financing activities | (295) | (576) |
Effect of exchange rate changes on cash and cash equivalents | 51 | 30 |
Net change in cash and cash equivalents | (94) | (205) |
Cash and cash equivalents, end of period | 206 | 185 |
Cash and cash equivalents, beginning of period | 300 | 390 |
Reclassifications And Eliminations [Member] | ||
Cash provided by operating activities | 0 | 0 |
Payments for (Proceeds from) Investments | 0 | 0 |
Distributions from equity method investees | 0 | 0 |
Purchases of property and equipment | 0 | 0 |
Proceeds from (payments for) derivative instruments, net | 0 | 0 |
Proceeds from disposition, net of cash disposed | 0 | 0 |
Other investing activities, net | (27) | (23) |
Cash used in investing activities | (27) | (23) |
Commercial paper borrowings, net | 0 | 0 |
Borrowings under revolving credit facility | 0 | 0 |
Repayments of Lines of Credit | 0 | 0 |
Borrowings from debt, net of discount and including premiums | 0 | 0 |
Principal repayments of debt, including discount payment and premiums to par value | 0 | |
Principal repayments of capital lease obligations | 0 | 0 |
Repurchases of stock | 0 | 0 |
Cash settlement of common stock repurchase contracts | 0 | |
Distributions to redeemable noncontrolling interests | 0 | 0 |
Share-based plan payments, net | 0 | 0 |
Inter-company distributions, financing activities | 23 | |
Inter-company contributions and other financing activities, net | 27 | 0 |
Cash used in financing activities | 27 | 23 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Net change in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents, end of period | 0 | 0 |
Cash and cash equivalents, beginning of period | 0 | 0 |
Discovery [Member] | ||
Cash provided by operating activities | 37 | 36 |
Payments for (Proceeds from) Investments | 0 | 0 |
Distributions from equity method investees | 0 | 0 |
Purchases of property and equipment | 0 | 0 |
Proceeds from (payments for) derivative instruments, net | 0 | 0 |
Proceeds from disposition, net of cash disposed | 0 | 0 |
Other investing activities, net | 0 | 0 |
Cash used in investing activities | 0 | 0 |
Commercial paper borrowings, net | 0 | 0 |
Borrowings under revolving credit facility | 0 | 0 |
Repayments of Lines of Credit | 0 | 0 |
Borrowings from debt, net of discount and including premiums | 0 | 0 |
Principal repayments of debt, including discount payment and premiums to par value | 0 | |
Principal repayments of capital lease obligations | 0 | 0 |
Repurchases of stock | (501) | (750) |
Cash settlement of common stock repurchase contracts | 58 | |
Distributions to redeemable noncontrolling interests | 0 | 0 |
Share-based plan payments, net | 11 | 2 |
Inter-company distributions, financing activities | 0 | |
Inter-company contributions and other financing activities, net | 395 | (712) |
Cash used in financing activities | (37) | (36) |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Net change in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents, end of period | 0 | 0 |
Cash and cash equivalents, beginning of period | 0 | 0 |
DCH [Member] | ||
Cash provided by operating activities | (5) | (13) |
Payments for (Proceeds from) Investments | 0 | 0 |
Distributions from equity method investees | 0 | 0 |
Purchases of property and equipment | 0 | 0 |
Proceeds from (payments for) derivative instruments, net | 0 | 0 |
Proceeds from disposition, net of cash disposed | 0 | 0 |
Other investing activities, net | 0 | 0 |
Cash used in investing activities | 0 | 0 |
Commercial paper borrowings, net | 0 | 0 |
Borrowings under revolving credit facility | 0 | 0 |
Repayments of Lines of Credit | 0 | 0 |
Borrowings from debt, net of discount and including premiums | 0 | 0 |
Principal repayments of debt, including discount payment and premiums to par value | 0 | |
Principal repayments of capital lease obligations | 0 | 0 |
Repurchases of stock | 0 | 0 |
Cash settlement of common stock repurchase contracts | 0 | |
Distributions to redeemable noncontrolling interests | 0 | 0 |
Share-based plan payments, net | 0 | 0 |
Inter-company distributions, financing activities | 0 | |
Inter-company contributions and other financing activities, net | 5 | (13) |
Cash used in financing activities | 5 | 13 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Net change in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents, end of period | 0 | 0 |
Cash and cash equivalents, beginning of period | 0 | 0 |
DCL [Member] | ||
Cash provided by operating activities | (22) | (47) |
Payments for (Proceeds from) Investments | (7) | (4) |
Distributions from equity method investees | 0 | 0 |
Purchases of property and equipment | (26) | (11) |
Proceeds from (payments for) derivative instruments, net | 0 | 0 |
Proceeds from disposition, net of cash disposed | 0 | 0 |
Other investing activities, net | 27 | 23 |
Cash used in investing activities | (6) | 8 |
Commercial paper borrowings, net | 25 | 13 |
Borrowings under revolving credit facility | 350 | 100 |
Repayments of Lines of Credit | (200) | (100) |
Borrowings from debt, net of discount and including premiums | 659 | 498 |
Principal repayments of debt, including discount payment and premiums to par value | (650) | |
Principal repayments of capital lease obligations | (3) | (3) |
Repurchases of stock | 0 | 0 |
Cash settlement of common stock repurchase contracts | 0 | |
Distributions to redeemable noncontrolling interests | 0 | 0 |
Share-based plan payments, net | 0 | 0 |
Inter-company distributions, financing activities | 0 | |
Inter-company contributions and other financing activities, net | (165) | 461 |
Cash used in financing activities | 16 | 47 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Net change in cash and cash equivalents | (12) | 8 |
Cash and cash equivalents, end of period | 8 | 11 |
Cash and cash equivalents, beginning of period | 20 | 3 |
Non-Guarantor Subsidiaries Of DCL [Member] | ||
Cash provided by operating activities | 433 | 414 |
Payments for (Proceeds from) Investments | (263) | (56) |
Distributions from equity method investees | 18 | 40 |
Purchases of property and equipment | (52) | (32) |
Proceeds from (payments for) derivative instruments, net | 5 | (3) |
Proceeds from disposition, net of cash disposed | 29 | 19 |
Other investing activities, net | 3 | (2) |
Cash used in investing activities | (260) | (34) |
Commercial paper borrowings, net | 0 | 0 |
Borrowings under revolving credit facility | 0 | 180 |
Repayments of Lines of Credit | 0 | (472) |
Borrowings from debt, net of discount and including premiums | 0 | 0 |
Principal repayments of debt, including discount payment and premiums to par value | 0 | |
Principal repayments of capital lease obligations | (16) | (14) |
Repurchases of stock | 0 | 0 |
Cash settlement of common stock repurchase contracts | 0 | |
Distributions to redeemable noncontrolling interests | (20) | (17) |
Share-based plan payments, net | 0 | 0 |
Inter-company distributions, financing activities | (23) | |
Inter-company contributions and other financing activities, net | (270) | 277 |
Cash used in financing activities | (306) | (623) |
Effect of exchange rate changes on cash and cash equivalents | 51 | 30 |
Net change in cash and cash equivalents | (82) | (213) |
Cash and cash equivalents, end of period | 198 | 174 |
Cash and cash equivalents, beginning of period | 280 | 387 |
Other Non-Guarantor Subsidiaries of Discovery [Member] | ||
Cash provided by operating activities | 0 | 0 |
Payments for (Proceeds from) Investments | 0 | 0 |
Distributions from equity method investees | 0 | 0 |
Purchases of property and equipment | 0 | 0 |
Proceeds from (payments for) derivative instruments, net | 0 | 0 |
Proceeds from disposition, net of cash disposed | 0 | 0 |
Other investing activities, net | 0 | 0 |
Cash used in investing activities | 0 | 0 |
Commercial paper borrowings, net | 0 | 0 |
Borrowings under revolving credit facility | 0 | 0 |
Repayments of Lines of Credit | 0 | 0 |
Borrowings from debt, net of discount and including premiums | 0 | 0 |
Principal repayments of debt, including discount payment and premiums to par value | 0 | |
Principal repayments of capital lease obligations | 0 | 0 |
Repurchases of stock | 0 | 0 |
Cash settlement of common stock repurchase contracts | 0 | |
Distributions to redeemable noncontrolling interests | 0 | 0 |
Share-based plan payments, net | 0 | 0 |
Inter-company distributions, financing activities | 0 | |
Inter-company contributions and other financing activities, net | 0 | 0 |
Cash used in financing activities | 0 | 0 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Net change in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents, end of period | 0 | 0 |
Cash and cash equivalents, beginning of period | 0 | 0 |
Discovery and Subsidiaries [Member] | ||
Cash provided by operating activities | 443 | 390 |
Payments for (Proceeds from) Investments | (270) | (60) |
Distributions from equity method investees | 18 | 40 |
Purchases of property and equipment | (78) | (43) |
Proceeds from (payments for) derivative instruments, net | 5 | (3) |
Proceeds from disposition, net of cash disposed | 29 | 19 |
Other investing activities, net | 3 | (2) |
Cash used in investing activities | (293) | (49) |
Commercial paper borrowings, net | 25 | 13 |
Borrowings under revolving credit facility | 350 | 280 |
Repayments of Lines of Credit | (200) | (572) |
Borrowings from debt, net of discount and including premiums | 659 | 498 |
Principal repayments of debt, including discount payment and premiums to par value | (650) | |
Principal repayments of capital lease obligations | (19) | (17) |
Repurchases of stock | (501) | (750) |
Cash settlement of common stock repurchase contracts | 58 | |
Distributions to redeemable noncontrolling interests | (20) | (17) |
Share-based plan payments, net | 11 | 2 |
Inter-company distributions, financing activities | 0 | |
Inter-company contributions and other financing activities, net | (8) | 13 |
Cash used in financing activities | (295) | (576) |
Effect of exchange rate changes on cash and cash equivalents | 51 | 30 |
Net change in cash and cash equivalents | (94) | (205) |
Cash and cash equivalents, end of period | 206 | 185 |
Cash and cash equivalents, beginning of period | $ 300 | $ 390 |