Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2021 | Jul. 23, 2021 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-34177 | |
Entity Registrant Name | Discovery, Inc. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 35-2333914 | |
Entity Address, Address Line One | 230 Park Avenue South | |
Entity Address, City or Town | New York | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10003 | |
City Area Code | 240 | |
Local Phone Number | 662-2000 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Entity Central Index Key | 0001437107 | |
Current Fiscal Year End Date | --12-31 | |
Amendment Flag | false | |
Series A Common Stock, par value $0.01 per share | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Series A Common Stock | |
Trading Symbol | DISCA | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding (in shares) | 169,086,967 | |
Series B Common Stock, par value $0.01 per share | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Series B Common Stock | |
Trading Symbol | DISCB | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding (in shares) | 6,512,378 | |
Series C Common Stock, par value $0.01 per share | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Series C Common Stock | |
Trading Symbol | DISCK | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding (in shares) | 330,146,263 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Revenues: | ||||
Revenues | $ 3,062 | $ 2,541 | $ 5,854 | $ 5,224 |
Costs and expenses: | ||||
Costs of revenues, excluding depreciation and amortization | 1,055 | 810 | 2,024 | 1,728 |
Selling, general and administrative | 952 | 635 | 2,003 | 1,280 |
Depreciation and amortization | 341 | 334 | 702 | 660 |
Impairment of goodwill and other intangible assets | 0 | 38 | 0 | 38 |
Restructuring and other charges | 7 | 7 | 22 | 22 |
Gain on disposition | (72) | 0 | (72) | 0 |
Total costs and expenses | 2,283 | 1,824 | 4,679 | 3,728 |
Operating income | 779 | 717 | 1,175 | 1,496 |
Interest expense, net | (157) | (161) | (320) | (324) |
Loss on extinguishment of debt | (1) | (71) | (4) | (71) |
Loss from equity investees, net | (7) | (23) | (11) | (44) |
Other income (expense), net | 106 | (6) | 177 | (64) |
Income before income taxes | 720 | 456 | 1,017 | 993 |
Income tax expense | (2) | (156) | (108) | (286) |
Net income | 718 | 300 | 909 | 707 |
Net income attributable to noncontrolling interests | (38) | (25) | (84) | (53) |
Net income attributable to redeemable noncontrolling interests | (8) | (4) | (13) | (6) |
Net income available to Discovery, Inc. | $ 672 | $ 271 | $ 812 | $ 648 |
Series A, B and C Common Stock | ||||
Net income per share allocated to Discovery, Inc. Series A, B and C common stockholders: | ||||
Basic (in dollars per share) | $ 1.02 | $ 0.40 | $ 1.23 | $ 0.96 |
Diluted (in dollars per share) | $ 1.01 | $ 0.40 | $ 1.22 | $ 0.95 |
Weighted average shares outstanding: | ||||
Basic (in shares) | 506 | 508 | 501 | 513 |
Diluted (in shares) | 664 | 674 | 666 | 680 |
Advertising | ||||
Revenues: | ||||
Revenues | $ 1,637 | $ 1,273 | $ 3,052 | $ 2,675 |
Distribution | ||||
Revenues: | ||||
Revenues | 1,368 | 1,225 | 2,678 | 2,448 |
Other | ||||
Revenues: | ||||
Revenues | $ 57 | $ 43 | $ 124 | $ 101 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 718 | $ 300 | $ 909 | $ 707 |
Other comprehensive income (loss) adjustments, net of tax: | ||||
Currency translation | 108 | 116 | (59) | (25) |
Derivatives | (112) | (15) | 125 | (174) |
Comprehensive income | 714 | 401 | 975 | 508 |
Comprehensive income attributable to noncontrolling interests | (38) | (25) | (84) | (53) |
Comprehensive income attributable to redeemable noncontrolling interests | (8) | (4) | (13) | (6) |
Comprehensive income attributable to Discovery, Inc. | $ 668 | $ 372 | $ 878 | $ 449 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 2,834 | $ 2,091 |
Receivables, net | 2,657 | 2,537 |
Content rights and prepaid license fees, net | 653 | 532 |
Prepaid expenses and other current assets | 584 | 970 |
Total current assets | 6,728 | 6,130 |
Noncurrent content rights, net | 3,606 | 3,439 |
Property and equipment, net | 1,239 | 1,206 |
Goodwill | 13,013 | 13,070 |
Intangible assets, net | 7,075 | 7,640 |
Other noncurrent assets | 2,911 | 2,602 |
Total assets | 34,572 | 34,087 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 2,174 | 2,190 |
Deferred revenues | 806 | 557 |
Current portion of debt | 585 | 335 |
Total current liabilities | 3,565 | 3,082 |
Noncurrent portion of debt | 14,462 | 15,069 |
Deferred income taxes | 1,447 | 1,534 |
Other noncurrent liabilities | 1,790 | 2,019 |
Total liabilities | 21,264 | 21,704 |
Commitments and contingencies (See Note 16) | ||
Redeemable noncontrolling interests | 357 | 383 |
Discovery, Inc. stockholders’ equity: | ||
Additional paid-in capital | 11,000 | 10,809 |
Treasury stock, at cost: 230 shares | (8,244) | (8,244) |
Retained earnings | 9,360 | 8,543 |
Accumulated other comprehensive loss | (585) | (651) |
Total Discovery, Inc. stockholders' equity | 11,538 | 10,464 |
Noncontrolling interests | 1,413 | 1,536 |
Total equity | 12,951 | 12,000 |
Total liabilities and equity | 34,572 | 34,087 |
Series A-1 Convertible Preferred Stock | ||
Discovery, Inc. stockholders’ equity: | ||
Convertible preferred stock | 0 | 0 |
Series C-1 Convertible Preferred Stock | ||
Discovery, Inc. stockholders’ equity: | ||
Convertible preferred stock | 0 | 0 |
Series A Common Stock | ||
Discovery, Inc. stockholders’ equity: | ||
Common stock | 2 | 2 |
Series B Common Stock | ||
Discovery, Inc. stockholders’ equity: | ||
Common stock | 0 | 0 |
Series C Common Stock | ||
Discovery, Inc. stockholders’ equity: | ||
Common stock | $ 5 | $ 5 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Treasury stock (in shares) | 230 | 230 |
Series A-1 Convertible Preferred Stock | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock authorized (in shares) | 8 | 8 |
Preferred stock issued (in shares) | 8 | 8 |
Preferred stock outstanding (in shares) | 8 | 8 |
Series C-1 Convertible Preferred Stock | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock authorized (in shares) | 6 | 6 |
Preferred stock issued (in shares) | 4 | 4 |
Preferred stock outstanding (in shares) | 4 | 4 |
Series A Common Stock | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock authorized (in shares) | 1,700 | 1,700 |
Common stock issued (in shares) | 170 | 163 |
Common stock outstanding (in shares) | 169 | 162 |
Series B Common Stock | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock authorized (in shares) | 100 | 100 |
Common stock issued (in shares) | 7 | 7 |
Common stock outstanding (in shares) | 7 | 7 |
Series C Common Stock | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock authorized (in shares) | 2,000 | 2,000 |
Common stock issued (in shares) | 559 | 547 |
Common stock outstanding (in shares) | 330 | 318 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Operating Activities | ||
Net income | $ 909 | $ 707 |
Adjustments to reconcile net income to cash provided by operating activities: | ||
Content rights amortization and impairment | 1,516 | 1,355 |
Depreciation and amortization | 702 | 660 |
Deferred income taxes | (242) | (188) |
Share-based compensation expense | 95 | 30 |
Gain on sale of investments | (20) | 0 |
Equity in losses of equity method investee companies, including cash distributions | 38 | 71 |
Loss on extinguishment of debt | 4 | 71 |
Impairment of goodwill and other intangible assets | 0 | 38 |
Gain on disposition | (72) | 0 |
Other, net | (104) | 42 |
Changes in operating assets and liabilities, net of acquisitions and dispositions: | ||
Receivables, net | (141) | 122 |
Content rights and payables, net | (1,701) | (1,386) |
Accounts payable, accrued liabilities, deferred revenues and other noncurrent liabilities | 41 | (174) |
Foreign currency, prepaid expenses and other assets, net | 78 | (22) |
Cash provided by operating activities | 1,103 | 1,326 |
Investing Activities | ||
Purchases of property and equipment | (167) | (217) |
Proceeds from sales and maturities of investments | 348 | 65 |
Investments in and advances to equity investments | (105) | (81) |
Other investing activities, net | 120 | 79 |
Cash provided by (used in) investing activities | 196 | (154) |
Financing Activities | ||
Principal repayments of debt, including premiums to par value and discount payment | (339) | (2,164) |
Borrowings from debt, net of discount and issuance costs | 0 | 1,979 |
Distributions to noncontrolling interests and redeemable noncontrolling interests | (213) | (202) |
Repurchases of stock | 0 | (527) |
Purchase of redeemable noncontrolling interests | (31) | 0 |
Principal repayments of revolving credit facility | 0 | (500) |
Borrowings under revolving credit facility | 0 | 500 |
Other financing activities, net | 45 | (84) |
Cash used in financing activities | (538) | (998) |
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | (49) | 12 |
Net change in cash, cash equivalents, and restricted cash | 712 | 186 |
Cash, cash equivalents, and restricted cash, beginning of period | 2,122 | 1,552 |
Cash, cash equivalents, and restricted cash, end of period | $ 2,834 | $ 1,738 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Millions | Total | Cumulative effect of accounting change | Discovery, Inc. Stockholders’ Equity | Discovery, Inc. Stockholders’ EquityCumulative effect of accounting change | Preferred Stock | Common Stock | Additional Paid-In Capital | Treasury Stock | Retained Earnings | Retained EarningsCumulative effect of accounting change | Accumulated Other Comprehensive Loss | Noncontrolling Interests |
Beginning balance (in shares) at Dec. 31, 2019 | 13,000,000 | 715,000,000 | ||||||||||
Beginning balance at Dec. 31, 2019 | $ 11,524 | $ 2 | $ 9,891 | $ 2 | $ 0 | $ 7 | $ 10,747 | $ (7,374) | $ 7,333 | $ 2 | $ (822) | $ 1,633 |
Increase (Decrease) in Stockholders' Equity | ||||||||||||
Net income available to Discovery, Inc. and attributable to noncontrolling interests | 405 | 377 | 377 | 28 | ||||||||
Other comprehensive income (loss) | (300) | (300) | (300) | |||||||||
Share-based compensation | 21 | 21 | 21 | |||||||||
Repurchases of stock | (523) | (523) | (523) | |||||||||
Tax settlements associated with share-based plans | (30) | (30) | (30) | |||||||||
Dividends paid to noncontrolling interests | (170) | (170) | ||||||||||
Issuance of stock in connection with share-based plans (in shares) | 1,000,000 | |||||||||||
Issuance of stock in connection with share-based plans | 32 | 32 | 32 | |||||||||
Other adjustments to stockholders' equity | 1 | 1 | ||||||||||
Ending balance (in shares) at Mar. 31, 2020 | 13,000,000 | 716,000,000 | ||||||||||
Ending balance at Mar. 31, 2020 | 10,962 | (3) | 9,470 | (3) | $ 0 | $ 7 | 10,770 | (7,897) | 7,712 | (3) | (1,122) | 1,492 |
Beginning balance (in shares) at Dec. 31, 2019 | 13,000,000 | 715,000,000 | ||||||||||
Beginning balance at Dec. 31, 2019 | 11,524 | 2 | 9,891 | 2 | $ 0 | $ 7 | 10,747 | (7,374) | 7,333 | 2 | (822) | 1,633 |
Increase (Decrease) in Stockholders' Equity | ||||||||||||
Other comprehensive income (loss) | (199) | |||||||||||
Repurchases of stock (in shares) | (19,400,000) | |||||||||||
Ending balance (in shares) at Jun. 30, 2020 | 13,000,000 | 716,000,000 | ||||||||||
Ending balance at Jun. 30, 2020 | 11,358 | 9,867 | $ 0 | $ 7 | 10,798 | (7,897) | 7,980 | (1,021) | 1,491 | |||
Beginning balance (in shares) at Mar. 31, 2020 | 13,000,000 | 716,000,000 | ||||||||||
Beginning balance at Mar. 31, 2020 | 10,962 | $ (3) | 9,470 | $ (3) | $ 0 | $ 7 | 10,770 | (7,897) | 7,712 | $ (3) | (1,122) | 1,492 |
Increase (Decrease) in Stockholders' Equity | ||||||||||||
Net income available to Discovery, Inc. and attributable to noncontrolling interests | 296 | 271 | 271 | 25 | ||||||||
Other comprehensive income (loss) | 101 | 101 | 101 | |||||||||
Share-based compensation | $ 25 | 25 | 25 | |||||||||
Repurchases of stock (in shares) | 0 | |||||||||||
Tax settlements associated with share-based plans | $ (1) | (1) | (1) | |||||||||
Dividends paid to noncontrolling interests | (27) | (27) | ||||||||||
Issuance of stock in connection with share-based plans | 2 | 2 | 2 | |||||||||
Other adjustments to stockholders' equity | 3 | 2 | 2 | 1 | ||||||||
Ending balance (in shares) at Jun. 30, 2020 | 13,000,000 | 716,000,000 | ||||||||||
Ending balance at Jun. 30, 2020 | 11,358 | 9,867 | $ 0 | $ 7 | 10,798 | (7,897) | 7,980 | (1,021) | 1,491 | |||
Beginning balance (in shares) at Dec. 31, 2020 | 13,000,000 | 717,000,000 | ||||||||||
Beginning balance at Dec. 31, 2020 | 12,000 | 10,464 | $ 0 | $ 7 | 10,809 | (8,244) | 8,543 | (651) | 1,536 | |||
Increase (Decrease) in Stockholders' Equity | ||||||||||||
Net income available to Discovery, Inc. and attributable to noncontrolling interests | 186 | 140 | 140 | 46 | ||||||||
Other comprehensive income (loss) | 70 | 70 | 70 | |||||||||
Share-based compensation | 32 | 32 | 32 | |||||||||
Preferred stock conversion (in shares) | (1,000,000) | 11,000,000 | ||||||||||
Preferred stock conversion | 0 | |||||||||||
Tax settlements associated with share-based plans | (68) | (68) | (68) | |||||||||
Dividends paid to noncontrolling interests | (178) | (178) | ||||||||||
Issuance of stock in connection with share-based plans (in shares) | 8,000,000 | |||||||||||
Issuance of stock in connection with share-based plans | 186 | 186 | 186 | |||||||||
Redeemable noncontrolling interest adjustments to redemption value | (9) | (9) | (8) | (1) | ||||||||
Ending balance (in shares) at Mar. 31, 2021 | 12,000,000 | 736,000,000 | ||||||||||
Ending balance at Mar. 31, 2021 | 12,219 | 10,815 | $ 0 | $ 7 | 10,951 | (8,244) | 8,682 | (581) | 1,404 | |||
Beginning balance (in shares) at Dec. 31, 2020 | 13,000,000 | 717,000,000 | ||||||||||
Beginning balance at Dec. 31, 2020 | 12,000 | 10,464 | $ 0 | $ 7 | 10,809 | (8,244) | 8,543 | (651) | 1,536 | |||
Increase (Decrease) in Stockholders' Equity | ||||||||||||
Other comprehensive income (loss) | $ 66 | |||||||||||
Repurchases of stock (in shares) | 0 | |||||||||||
Ending balance (in shares) at Jun. 30, 2021 | 12,000,000 | 736,000,000 | ||||||||||
Ending balance at Jun. 30, 2021 | $ 12,951 | 11,538 | $ 0 | $ 7 | 11,000 | (8,244) | 9,360 | (585) | 1,413 | |||
Beginning balance (in shares) at Mar. 31, 2021 | 12,000,000 | 736,000,000 | ||||||||||
Beginning balance at Mar. 31, 2021 | 12,219 | 10,815 | $ 0 | $ 7 | 10,951 | (8,244) | 8,682 | (581) | 1,404 | |||
Increase (Decrease) in Stockholders' Equity | ||||||||||||
Net income available to Discovery, Inc. and attributable to noncontrolling interests | 710 | 672 | 672 | 38 | ||||||||
Other comprehensive income (loss) | (4) | (4) | (4) | |||||||||
Share-based compensation | $ 41 | 41 | 41 | |||||||||
Repurchases of stock (in shares) | 0 | |||||||||||
Tax settlements associated with share-based plans | $ (1) | (1) | (1) | |||||||||
Dividends paid to noncontrolling interests | (29) | (29) | ||||||||||
Issuance of stock in connection with share-based plans | 9 | 9 | 9 | |||||||||
Redeemable noncontrolling interest adjustments to redemption value | 6 | 6 | 6 | |||||||||
Ending balance (in shares) at Jun. 30, 2021 | 12,000,000 | 736,000,000 | ||||||||||
Ending balance at Jun. 30, 2021 | $ 12,951 | $ 11,538 | $ 0 | $ 7 | $ 11,000 | $ (8,244) | $ 9,360 | $ (585) | $ 1,413 |
Description of Business and Bas
Description of Business and Basis of Presentation | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Description of Business and Basis of Presentation | DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION Description of Business Discovery, Inc. (“Discovery”, the “Company”, "we", "us" or "our") is a global media company that provides content across multiple distribution platforms, including linear platforms such as pay-television ("pay-TV"), free-to-air and broadcast television, authenticated GO applications, digital distribution arrangements, content licensing arrangements and direct-to-consumer ("DTC") subscription products. During the fourth quarter of 2020, the Company announced the global launch of its aggregated DTC product, discovery+, and in January 2021, the Company launched discovery+ in the U.S. across several streaming platforms. The Company also operates production studios. The Company has organized its operations into two reportable segments: U.S. Networks, consisting principally of domestic television networks and digital content services, and International Networks, consisting primarily of international television networks and digital content services. Principles of Consolidation and Basis of Presentation The consolidated financial statements include the accounts of Discovery and its majority-owned subsidiaries in which a controlling interest is maintained, including variable interest entities ("VIE") for which the Company is the primary beneficiary. Intercompany accounts and transactions between consolidated entities have been eliminated. 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, 2020 (the “2020 Form 10-K”). Use of Estimates The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates, judgments and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results may differ from these estimates. Significant estimates and judgments inherent in the preparation of the consolidated financial statements include accounting for asset impairments, revenue recognition, estimated credit losses, content rights, leases, depreciation and amortization, business combinations, share-based compensation, income taxes, other financial instruments, contingencies, and the determination of whether the Company should consolidate certain entities. Impact of COVID-19 On March 11, 2020, the World Health Organization declared the coronavirus disease 2019 (“COVID-19”) outbreak to be a global pandemic. COVID-19 continues to spread throughout the world, and the duration and severity of its effects and associated economic disruption remain uncertain. The Company continues to closely monitor the impact of COVID-19 on all aspects of its business and geographies, including the impact on its customers, employees, suppliers, vendors, distribution and advertising partners, production facilities, and various other third parties. Beginning in the second quarter of 2020, demand for the Company’s advertising products and services decreased due to economic disruptions from limitations on social and commercial activity. These economic disruptions and the resulting effect on the Company eased during the second half of 2020. The Company currently does not expect the pandemic will have a significant impact on demand during fiscal year 2021. Many of the Company’s third-party production partners that were shut down during most of the second quarter of 2020 due to COVID-19 restrictions came back online in the third quarter of 2020 and, as a result, the Company has incurred additional costs to comply with various governmental regulations and implement certain safety measures for the Company's employees, talent, and partners. Additionally, certain sporting events that the Company has rights to were cancelled or postponed, thereby eliminating or deferring the related revenues and expenses, including the Tokyo 2020 Olympic Games, which were rescheduled to July and August 2021. The postponement of the Olympic Games deferred both Olympic-related revenues and significant expenses from fiscal year 2020 to fiscal year 2021. In response to the impact of the pandemic, the Company employed and continues to employ innovative production and programming strategies, including producing content filmed by its on-air talent and seeking viewer feedback on which content to air. The Company continues to pursue a number of cost savings initiatives, which began during the third quarter of 2020 through the implementation of travel, marketing, production and other operating cost reductions, including personnel reductions, restructurings and resource reallocations to align its expense structure to ongoing changes within the industry. The nature and full extent of COVID-19’s effects on the Company’s operations and results is not yet known and will depend on future developments, which are highly uncertain and cannot be predicted, including new information that may emerge concerning the severity and the extent of future surges of COVID-19, vaccine distribution and other actions to contain the virus or treat its impact, among others. The Company will continue to monitor COVID-19 and its impact on the Company’s business results and financial condition. These consolidated financial statements reflect management’s latest estimates and assumptions that affect the reported amounts of assets and liabilities and related disclosures as of the date of the consolidated financial statements and reported amounts of revenue and expenses during the reporting periods presented. Actual results may differ significantly from these estimates and assumptions. Accounting and Reporting Pronouncements Not Yet Adopted LIBOR In March 2020, the FASB issued guidance providing optional expedients and exceptions for applying U.S. GAAP to contract modifications, hedging relationships, and other transactions associated with the expected market transition away from the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates. The guidance is for March 12, 2020 through December 31, 2022 and may not be applied to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, with a few exceptions for certain hedging relationships existing as of December 31, 2022. The Company is currently assessing the impact this guidance would have on its consolidated financial statements and related disclosures, if elected. Convertible Instruments In August 2020, the FASB issued guidance simplifying the accounting for convertible instruments by reducing the number of accounting models available for convertible debt instruments and convertible preferred stock. This guidance amends the derivatives scope exception for contracts in an entity’s own equity to reduce form-over-substance-based accounting conclusions, requires the use of the if-converted method for calculating earnings per share for convertible instruments, and makes targeted improvements to the disclosures for convertible instruments and related earnings per share guidance. The guidance is effective for interim and annual periods beginning after December 15, 2021. The Company is currently assessing the impact this guidance will have on its consolidated financial statements and related disclosures. |
Acquisitions and Dispositions
Acquisitions and Dispositions | 6 Months Ended |
Jun. 30, 2021 | |
Business Combinations [Abstract] | |
Acquisitions And Dispositions | ACQUISITIONS AND DISPOSITIONS Acquisitions WarnerMedia In May 2021, the Company entered into an agreement with AT&T Inc. to combine WarnerMedia’s ("WarnerMedia") entertainment, sports and news assets with the Company's nonfiction and international entertainment and sports businesses to create a standalone, global entertainment company. The proposed combination transaction will be executed through a Reverse Morris Trust type transaction, under which WarnerMedia will be distributed to AT&T’s shareholders via a pro rata dividend or through an exchange offer or a combination of both and immediately thereafter, combined with the Company. In connection with the combination transaction, AT&T will receive $43 billion (subject to adjustment) in a combination of cash, debt securities and WarnerMedia’s retention of certain debt. The Company is in the process of establishing an interest rate derivative program to mitigate interest rate risk associated with the anticipated issuance of future fixed-rate debt. Upon closing, all shares of Series A, Series B, and Series C common stock and Series A-1 and Series C-1 convertible preferred stock will be reclassified and converted to one class of the Company's common stock. AT&T’s shareholders will receive stock representing 71% of the new company and the Company's shareholders will own 29% of the new company. The Boards of Directors of both AT&T and the Company have approved the transaction. The transaction is anticipated to close in mid-2022, subject to approval by the Company's shareholders and customary closing conditions, including receipt of regulatory approvals. Agreements are in place with Dr. John Malone and Advance/Newhouse Programming Partnership to vote in favor of the transaction. The transaction requires, among other things, the consent of Advance/Newhouse Programming Partnership under the Company's certificate of incorporation as the sole holder the Series A-1 Preferred Stock. In exchange for Advance/Newhouse Programming Partnership providing its consent to the proposed combination transaction, which will result in the forfeiture of its significant approval rights pursuant to the terms of the Series A-1 Preferred Stock and reclassification of the shares of Series A-1 Preferred Stock into common stock, it will receive a premium in the form of an increase to the number of shares of common stock of the Company into which the Series A-1 Preferred Stock would be converted. Upon the closing, such premium will be recorded as a transaction expense. No vote by AT&T shareholders is required. The merger agreement contains certain customary termination rights for Discovery and AT&T, including, without limitation, a rig ht for either party to terminate if the transaction is not completed on or before July 15, 2023. Termination under specified circumstances will require Discovery to pay AT&T a termination fee of $720 million or AT&T to pay Discovery a termination fee of $1.8 billion. In anticipation of this combination, in June 2021, Magallanes, Inc., a wholly owned subsidiary of AT&T Inc., entered into a $10 billion term loan that will be guaranteed by the Company and certain material subsidiaries of the Company upon closing of the transaction. Other During 2020 and 2021, we completed other immaterial acquisitions. Dispositions Great American Country |
Investments
Investments | 6 Months Ended |
Jun. 30, 2021 | |
Investments [Abstract] | |
Investments | INVESTMENTS The Company’s equity investments consisted of the following (in millions). Category Balance Sheet Location Ownership June 30, 2021 December 31, 2020 Equity method investments: nC+ Other noncurrent assets 32% $ 156 $ 164 Discovery Solar Ventures, LLC (a) Other noncurrent assets N/A 80 83 All3Media Other noncurrent assets 50% 83 76 Other Other noncurrent assets 240 184 Total equity method investments (b) 559 507 Investments with readily determinable fair values Prepaid expenses and other current assets 5 32 Investments with readily determinable fair values Other noncurrent assets 97 54 Equity investments without readily determinable fair values: Group Nine Media (c) Other noncurrent assets 25% 276 276 Sharecare Other noncurrent assets 2% 82 — Formula E (d) Other noncurrent assets 25% 65 65 Other Other noncurrent assets 209 200 Total equity investments without readily determinable fair values 632 541 Total investments $ 1,293 $ 1,134 (a) Discovery Solar Ventures, LLC invests in limited liability companies that sponsor renewable energy projects related to solar energy. These investments are considered variable interest entities ("VIEs") of the Company and are accounted for under the equity method of accounting using the Hypothetical Liquidation at Book Value methodology for allocating earnings. (b) Total equity method investments at June 30, 2021 presented above includes a $9 million investment recorded in other noncurrent liabilities. (c) Overall ownership percentage for Group Nine Media is calculated on an outstanding shares basis. The amount shown herein includes a $20 million note receivable balance within Prepaid expenses and other current assets on the Company's consolidated balance sheets. (d) Ownership percentage for Formula E includes holdings accounted for as an equity method investment and holdings accounted for as an equity investment without a readily determinable fair value. Equity Method Investments Investments in equity method investees are those for which the Company has the ability to exercise significant influence but does not control and is not the primary beneficiary. The Company had no impairment losses for the six months ended June 30, 2021 and 2020. With the exception of nC+, the carrying values of the Company’s equity method investments are consistent with its ownership in the underlying net assets of the investees. A portion of the Scripps Networks purchase price associated with the investment in nC+ was attributed to amortizable intangible assets. This basis difference is included in the carrying value of nC+ and is amortized over time as a reduction of earnings from nC+. Earnings from nC+ were reduced by the amortization of these intangibles of $5 million for each of the six months ended June 30, 2021 and 2020. Amortization that reduces the Company's equity in earnings of nC+ for future periods is expected to be $45 million. Certain of the Company's other equity method investments are VIEs, for which the Company is not the primary beneficiary. As of June 30, 2021, the Company’s maximum exposure for all its unconsolidated VIEs, including the investment carrying values and unfunded contractual commitments made on behalf of VIEs, was approximately $208 million. The Company's maximum estimated exposure excludes the non-contractual future funding of VIEs. The aggregate carrying values of these VIE investments were $111 million as of June 30, 2021 and $123 million as of December 31, 2020. The Company recognized its portion of VIE operating results with net losses of $7 million and $13 million for the three months ended June 30, 2021 and 2020, respectively, and net losses of $15 million and $22 million for the six months ended June 30, 2021 and 2020, respectively, in loss from equity investees, net on the consolidated statements of operations. Investments with Readily Determinable Fair Value Investments in entities or other securities in which the Company has no control or significant influence, is not the primary beneficiary, and have a readily determinable fair value are classified as equity investments with readily determinable fair value. The investments are measured at fair value based on a quoted market price per unit in active markets multiplied by the number of units held without consideration of transaction costs (Level 1). Gains and losses are recorded in other income (expense), net on the consolidated statements of operations. The gains and losses related to the Company's investments with readily determinable fair values for the three and six months ended June 30, 2021 and 2020 are summarized in the table below (in millions). Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Net gains (losses) recognized during the period on equity securities $ 29 $ 7 $ 62 $ (15) Less: Net gains recognized on equity securities sold — — 16 — Unrealized gains (losses) recognized during reporting period on equity securities still held at the reporting date $ 29 $ 7 $ 46 $ (15) Equity investments without readily determinable fair values assessed under the measurement alternative Equity investments without readily determinable fair value include ownership rights that either (i) do not meet the definition of in-substance common stock or (ii) do not provide the Company with control or significant influence and these investments do not have readily determinable fair values. During the six months ended June 30, 2021, the Company invested $10 million in various equity investments without readily determinable fair values and concluded that its other equity investments without readily determinable fair values had increased $81 million, net in fair value as a result of observable price changes in orderly transactions for the identical or a similar investment of the same issuer. This change was primarily related to the write-up of the Company's investment in Sharecare. As of June 30, 2021, the Company had recorded cumulative upward adjustments of $90 million and cumulative impairments of $1 million for its equity investments without readily determinable fair values. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2021 | |
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, 2021 Category Balance Sheet Location Level 1 Level 2 Level 3 Total Assets Cash equivalents: Time deposits Cash and cash equivalents $ — $ 29 $ — $ 29 Equity securities: Money market funds Cash and cash equivalents 40 — — 40 Time deposits Prepaid expenses and other current assets — 150 — 150 Mutual funds Prepaid expenses and other current assets 13 — — 13 Company-owned life insurance contracts Prepaid expenses and other current assets — 1 — 1 Mutual funds Other noncurrent assets 212 — — 212 Company-owned life insurance contracts Other noncurrent assets — 31 — 31 Total $ 265 $ 211 $ — $ 476 Liabilities Deferred compensation plan Accounts payable and accrued liabilities $ 24 $ — $ — $ 24 Deferred compensation plan Other noncurrent liabilities 235 — — 235 Total $ 259 $ — $ — $ 259 December 31, 2020 Category Balance Sheet Location Level 1 Level 2 Level 3 Total Assets Cash equivalents: Time deposits Cash and cash equivalents $ — $ 7 $ — $ 7 Treasury securities Cash and cash equivalents 500 — — 500 Equity securities: Money market funds Cash and cash equivalents — 150 — 150 Time deposits Prepaid expenses and other current assets — 250 — 250 Mutual funds Prepaid expenses and other current assets 14 — — 14 Company-owned life insurance contracts Prepaid expenses and other current assets — 4 — 4 Mutual funds Other noncurrent assets 200 — — 200 Company-owned life insurance contracts Other noncurrent assets — 48 — 48 Total $ 714 $ 459 $ — $ 1,173 Liabilities Deferred compensation plan Accounts payable and accrued liabilities $ 28 $ — $ — $ 28 Deferred compensation plan Other noncurrent liabilities 220 — — 220 Total $ 248 $ — $ — $ 248 Equity securities include money market funds, time deposits, investments in mutual funds held in separate trusts, which are owned as part of the Company's supplemental retirement plans, and company-owned life insurance contracts. The fair value of Level 1 equity securities was determined by reference to the quoted market price per share in active markets multiplied by the number of shares held without consideration of transaction costs. The fair value of the deferred compensation plan liability was determined based on the fair value of the related investments elected by employees. Changes in the fair value of the investments are offset by changes in the fair value of the deferred compensation obligation. Company-owned life insurance contracts are recorded at their cash surrender value, which approximates fair value (Level 2). In addition to the financial instruments listed in the tables above, the Company has other financial instruments, including cash deposits, accounts receivable, accounts payable, and senior notes. The carrying values for such financial instruments, other than the senior notes, each approximated their fair values as of June 30, 2021 and December 31, 2020. The estimated fair value of the Company’s outstanding senior notes using quoted prices from over-the-counter markets, considered Level 2 inputs, was $17.7 billion and $18.7 billion as of June 30, 2021 and December 31, 2020, respectively. |
Content Rights
Content Rights | 6 Months Ended |
Jun. 30, 2021 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
Content Rights | CONTENT RIGHTS The table below presents the components of content rights (in millions). June 30, 2021 December 31, 2020 Produced content rights: Completed $ 9,401 $ 8,576 In-production 674 731 Coproduced content rights: Completed 940 888 In-production 97 78 Licensed content rights: Acquired 1,198 1,312 Prepaid 683 556 Content rights, at cost 12,993 12,141 Accumulated amortization (8,734) (8,170) Total content rights, net 4,259 3,971 Current portion (653) (532) Noncurrent portion $ 3,606 $ 3,439 Content expense consisted of the following (in millions). Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Content amortization $ 772 $ 645 $ 1,515 $ 1,348 Other production charges 103 22 183 106 Content impairments 1 6 1 7 Total content expense $ 876 $ 673 $ 1,699 $ 1,461 As of June 30, 2021, the Company expects to amortize approximately 58%, 26% and 12% of its produced and co-produced content, excluding content in-production, and 50%, 22% and 10% of its licensed content rights in the next three twelve-month operating cycles ending June 30, 2022, 2023 and 2024, respectively. |
Goodwill
Goodwill | 6 Months Ended |
Jun. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | GOODWILL Goodwill The carrying value and changes in the carrying value of goodwill attributable to each reportable segment were as follows (in millions). U.S. International Total December 31, 2020 10,813 $ 2,257 $ 13,070 Dispositions — (3) (3) Foreign currency translation and other — (54) (54) June 30, 2021 $ 10,813 $ 2,200 $ 13,013 The carrying amount of goodwill at the U.S. Networks segment included accumulated impairments of $20 million as of June 30, 2021 and December 31, 2020. The carrying amount of goodwill at the International Networks segment included accumulated impairments of $1.6 billion as of June 30, 2021 and December 31, 2020. Impairment Analysis During the second quarter of 2020, the Company performed a quantitative goodwill impairment analysis for the Asia-Pacific reporting unit and determined that the estimated fair value did not exceed its carrying value, which resulted in a pre-tax impairment charge to write-off the remaining $36 million goodwill balance. During the third quarter of 2020, the Company realigned its International Networks management reporting structure. As a result, Australia and New Zealand, which were previously included in the Europe reporting unit, are now included in the Asia-Pacific reporting unit, including associated goodwill. During the fourth quarter of 2020, the Company performed its annual goodwill impairment assessment for all reporting units, and based on the quantitative impairment analysis for the Company’s Asia-Pacific reporting unit the estimated fair value did not exceed its carrying value, which resulted in a pre-tax impairment charge to write-off the remaining $85 million goodwill balance. The Europe reporting unit, which had headroom of approximately 20%, was the only reporting unit with fair value in excess of carrying value that was 20% or lower. During the six months ended June 30, 2021, management concluded there were no triggering events. Management will continue to monitor this reporting unit for changes in the business environment that could impact recoverability. |
Debt
Debt | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Debt | DEBT The table below presents the components of outstanding debt (in millions). June 30, 2021 December 31, 2020 4.375% Senior Notes, semi-annual interest, due June 2021 $ — $ 335 2.375% Senior Notes, euro denominated, annual interest, due March 2022 357 369 3.300% Senior Notes, semi-annual interest, due May 2022 168 168 3.500% Senior Notes, semi-annual interest, due June 2022 62 62 2.950% Senior Notes, semi-annual interest, due March 2023 796 796 3.250% Senior Notes, semi-annual interest, due April 2023 192 192 3.800% Senior Notes, semi-annual interest, due March 2024 450 450 2.500% Senior Notes, sterling denominated, annual interest, due September 2024 554 545 3.900% Senior Notes, semi-annual interest, due November 2024 497 497 3.450% Senior Notes, semi-annual interest, due March 2025 300 300 3.950% Senior Notes, semi-annual interest, due June 2025 500 500 4.900% Senior Notes, semi-annual interest, due March 2026 700 700 1.900% Senior Notes, euro denominated, annual interest, due March 2027 713 739 3.950% Senior Notes, semi-annual interest, due March 2028 1,700 1,700 4.125% Senior Notes, semi-annual interest, due May 2029 750 750 3.625% Senior Notes, semi-annual interest, due May 2030 1,000 1,000 5.000% Senior Notes, semi-annual interest, due September 2037 548 548 6.350% Senior Notes, semi-annual interest, due June 2040 664 664 4.950% Senior Notes, semi-annual interest, due May 2042 285 285 4.875% Senior Notes, semi-annual interest, due April 2043 516 516 5.200% Senior Notes, semi-annual interest, due September 2047 1,250 1,250 5.300% Senior Notes, semi-annual interest, due May 2049 750 750 4.650% Senior Notes, semi-annual interest, due May 2050 1,000 1,000 4.000% Senior Notes, semi-annual interest, due September 2055 1,732 1,732 Total debt 15,484 15,848 Unamortized discount, premium and debt issuance costs, net (a) (437) (444) Debt, net of unamortized discount, premium and debt issuance costs 15,047 15,404 Current portion of debt (585) (335) Noncurrent portion of debt $ 14,462 $ 15,069 (a) Current portion of unamortized discount, premium, and debt issuance costs, net is $1 million . Senior Notes In July 2021, Discovery Communications, LLC (“DCL”) and Scripps Networks Interactive, Inc. ("Scripps"), wholly owned subsidiaries of Discovery Inc., issued notices for the redemption in full of all $168 million aggregate principal amount outstanding of DCL's 3.300% Senior Notes due May 2022 and $62 million aggregate principal amount outstanding of DCL's and Scripps' 3.500% Senior Notes due June 2022 (collectively, the "2022 Notes"). The 2022 Notes were redeemed on July 31, 2021 (the “Redemption Date”), at a redemption price with respect to each Note equal to the greater of (i) 100% of the principal amount of the Notes being redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest thereon (exclusive of interest accrued to the Redemption Date) discounted to the Redemption Date on a semi-annual basis at a comparable treasury rate (determined in accordance with the applicable indenture) plus 25 basis points, plus accrued interest thereon to the Redemption Date. The 2022 Notes were redeemed for an aggregate redemption price of $235 million, plus accrued interest. The redemption included $5 million for premium over par on the 2022 Notes and resulted in a loss on extinguishment of debt of $6 million . In February 2021, DCL issued a notice for the redemption in full of all $335 million aggregate principal amount outstanding of its 4.375% Senior Notes due June 2021 (the “2021 Notes”) in accordance with the terms of the indenture governing the 2021 Notes. The 2021 Notes were redeemed in March 2021 for an aggregate redemption price of $339 million, plus accrued interest. The redemption included $3 million for premium over par and resulted in a loss on extinguishment of debt of $3 million. In the third quarter of 2020, Discovery, Inc. commenced five separate private offers to exchange (the “Exchange Offers”) any and all of DCL's outstanding 5.000% Senior Notes due 2037, 6.350% Senior Notes due 2040, 4.950% Senior Notes due 2042, 4.875% Senior Notes due 2043 and 5.200% Senior Notes due 2047 (collectively, the “Old Notes”) for one new series of DCL 4.000% Senior Notes, semi-annual interest, due September 2055 (the “New Notes”). Discovery, Inc. completed the Exchange Offers in September 2020, by exchanging $1.4 billion aggregate principal amount of the Old Notes for $1.7 billion aggregate principal amount of the New Notes (before debt discount of $318 million). The Exchange Offers were accounted for as a debt modification and, as a result, third-party issuance costs totaling $11 million were expensed as incurred. Also, in the third quarter of 2020, the Company completed offers to purchase for cash (the “Cash Offers”) the Old Notes. Approximately $22 million aggregate principal amount of the Old Notes were validly tendered and accepted for purchase by Discovery pursuant to the Cash Offers, for total cash consideration of $27 million, plus accrued interest. The Cash Offers resulted in a loss on extinguishment of debt of $5 million. In the second quarter of 2020, DCL issued $1.0 billion aggregate principal amount of Senior Notes due May 2030 and $1.0 billion aggregate principal amount of Senior Notes due May 2050. The proceeds received by DCL were net of a $1 million issuance discount and $20 million of debt issuance costs. DCL used the proceeds from the offering to repurchase $1.5 billion aggregate principal amount of DCL's and Scripps Networks' senior notes in a cash tender offer. The repurchase resulted in a loss on extinguishment of debt of $71 million. The loss included $62 million of net premiums to par value and $9 million of other charges. The Company used the remaining proceeds and cash on hand to fully repay the $500 million that was outstanding under its revolving credit facility. As of June 30, 2021, all senior notes are fully and unconditionally guaranteed by the Company and Scripps Networks, except for the remaining $32 million of un-exchanged Scripps Networks senior notes acquired in conjunction with the acquisition of Scripps Networks. Revolving Credit Facility and Commercial Paper Programs In June 2021, DCL entered into a multicurrency revolving credit agreement (the "Credit Agreement"), replacing the existing $2.5 billion credit agreement, dated February 4, 2016, as amended. DCL has the capacity to initially borrow up to $2.5 billion under the Credit Agreement. Upon the closing of the proposed combination transaction with WarnerMedia, the available commitments may be increased by $3.5 billion, to an aggregate amount not to exceed $6 billion. The Credit Agreement includes a $150 million sublimit for the issuance of standby letters of credit. DCL may also request additional commitments up to $1 billion from the lenders upon satisfaction of certain conditions. Obligations under the Credit Agreement are unsecured and are fully and unconditionally guaranteed by Discovery, Inc. and Scripps Networks Interactive, Inc., and will also be guaranteed by the holding company of the WarnerMedia business upon the closing of the proposed combination transactions. The Credit Agreement will be available on a revolving basis until June 2026, with an option for up to two additional 364-day renewal periods subject to the lenders' consent. The Credit Agreement contains customary representations and warranties as well as affirmative and negative covenants. As of June 30, 2021, DCL was in compliance with all covenants and there were no events of default under the Credit Facility. Additionally, the Company's commercial paper program is supported by the Credit Facility. Under the commercial paper program, the Company may issue up to $1.5 billion, including up to $500 million of euro-denominated borrowings. Borrowing capacity under the Credit Facility is reduced by any outstanding borrowings under the commercial paper program. As of June 30, 2021 and December 31, 2020, the Company had no outstanding borrowings under the Credit Facility or the commercial paper program. Credit Agreement Financial Covenants The Credit Agreement includes financial covenants that require the Company to maintain a minimum consolidated interest coverage ratio of 3.00 to 1.00 and a maximum adjusted consolidated leverage ratio of 4.50 to 1.00, which increases to 5.75 to 1.00 upon the closing of the proposed combination transaction with WarnerMedia, with step-downs to 5.00 to 1.00 and 4.50 to 1.00 on the first and second anniversaries of the closing, respectively. |
Derivative Financial Instrument
Derivative Financial Instruments | 6 Months Ended |
Jun. 30, 2021 | |
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 and interest rates. The Company does not enter into or hold derivative financial instruments for speculative trading purposes. 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, 2021 and December 31, 2020. The fair value of the Company's derivative financial instruments at June 30, 2021 and December 31, 2020 was determined using a market-based approach (Level 2). June 30, 2021 December 31, 2020 Fair Value Fair Value Notional Prepaid expenses and other current assets Other non- Accounts payable and accrued liabilities Other non- Notional Prepaid expenses and other current assets Other non- Accounts payable and accrued liabilities Other non- Cash flow hedges: Foreign exchange $ 1,200 $ 12 $ 13 $ 7 $ 11 $ 1,082 $ 2 $ 5 $ 14 $ 17 Interest rate swaps 2,000 55 — 8 — 2,000 — 11 — 89 Net investment hedges: (a) Cross-currency swaps 3,557 46 47 29 115 3,544 34 41 — 154 Foreign exchange 37 — — — — 44 2 — — — No hedging designation: Foreign exchange 941 — — 16 37 1,035 — — 2 26 Cross-currency swaps 139 3 — — 6 139 2 — — 13 Total $ 116 $ 60 $ 60 $ 169 $ 40 $ 57 $ 16 $ 299 (a) Excludes £400 million of sterling notes ($554 million equivalent at June 30, 2021) designated as a net investment hedge. (See Note 7.) 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, 2021 2020 2021 2020 Gains (losses) recognized in accumulated other comprehensive loss: Foreign exchange - derivative adjustments $ (7) $ (7) $ 30 $ 69 Interest rate - derivative adjustments (134) — 126 (272) Gains (losses) reclassified into income from accumulated other comprehensive loss: Foreign exchange - advertising revenue — — — 1 Foreign exchange - distribution revenue 2 12 (1) 20 Foreign exchange - costs of revenues — 1 — 2 Interest rate - interest expense, net (1) 1 (1) 1 If current fair valu es of designated cash flow hedges as of June 30, 2021 remained static over the next twelve months, the Company would reclassify $3 million of net deferred losses from accumulated other comprehensive loss into income in the next twelve months. The maximum length of time the Company is hedging exposure to the variability in future cash flows is 34 years. The following table presents the pretax impact of derivatives designated as net investment hedges on other comprehensive income (loss) (in millions). Other than amounts excluded from effectiveness testing, there were no other gains (losses) reclassified from accumulated other comprehensive loss to income during the three and six months ended June 30, 2021 and 2020. Three Months Ended June 30, Amount of gain (loss) recognized in AOCI Location of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing) Amount of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing) 2021 2020 2021 2020 Cross currency swaps $ (5) $ (33) Interest expense, net $ 11 $ 11 Foreign exchange contracts — (2) Other income (expense), net — — Sterling notes (foreign denominated debt) (3) 3 N/A — — Total $ (8) $ (32) $ 11 $ 11 Six Months Ended June 30, Amount of gain (loss) recognized in AOCI Location of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing) Amount of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing) 2021 2020 2021 2020 Cross currency swaps $ 47 $ 104 Interest expense, net $ 21 $ 23 Foreign exchange contracts — 4 Other income (expense), net — — Sterling notes (foreign denominated debt) (8) 33 N/A — — Total $ 39 $ 141 $ 21 $ 23 The following table presents the pretax gains (losses) on derivatives not designated as hedges and recognized in other income (expense), net in the consolidated statements of operations (in millions). Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Cross-currency swaps $ 1 (3) 6 7 Equity — — — 7 Foreign exchange derivatives (2) 7 (27) (37) Total in other income (expense), net $ (1) $ 4 $ (21) $ (23) |
Equity
Equity | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Equity | EQUITY Repurchase Programs In February 2020, the Company's Board of Directors authorized additional stock repurchases of up to $2 billion upon completion of its existing $1 billion repurchase authorization announced in May 2019. Under the stock repurchase authorization, management is authorized to purchase shares from time to time through open market purchases at prevailing prices or privately negotiated purchases subject to market conditions and other factors. 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. Over the life of the Company's repurchase programs and as of June 30, 2021, the Company had repurchased 3 million and 229 million shares of Series A and Series C common stock, respectively, for an aggregate purchase price of $171 million and $8.2 billion, respectively. There were no stock repurchases during the three and six months ended June 30, 2021 or during the three months ended June 30, 2020. During the six months ended June 30, 2020, the Company repurchased 19.4 million shares of its common stock for $523 million. Preferred Stock During the six months ended June 30, 2021, Advance Newhouse Programming Partnership converted 0.6 million of its Series C-1 convertible preferred stock into 11.0 million shares of Series C common stock. Other Comprehensive Income (Loss) Adjustments 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, 2021 Three Months Ended June 30, 2020 Pretax Tax benefit (expense) Net-of-tax Pretax Tax benefit (expense) Net-of-tax Currency translation adjustments: Unrealized gains (losses): Foreign currency $ 121 $ (2) $ 119 $ 145 $ 10 $ 155 Net investment hedges (13) 2 (11) (38) (1) (39) Total currency translation adjustments 108 — 108 107 9 116 Derivative adjustments: Unrealized gains (losses) (141) 29 (112) (7) 4 (3) Reclassifications from other comprehensive income to net income (1) 1 — (14) 2 (12) Total derivative adjustments (142) 30 (112) (21) 6 (15) Other comprehensive income (loss) adjustments $ (34) $ 30 $ (4) $ 86 $ 15 $ 101 Six Months Ended June 30, 2021 Six Months Ended June 30, 2020 Pretax Tax benefit (expense) Net-of-tax Pretax Tax benefit (expense) Net-of-tax Currency translation adjustments: Unrealized gains (losses): Foreign currency $ (109) $ 14 $ (95) $ (164) $ 57 $ (107) Net investment hedges 29 7 36 129 (47) 82 Total currency translation adjustments (80) 21 (59) (35) 10 (25) Derivative adjustments: Unrealized gains (losses) 156 (33) 123 (203) 49 (154) Reclassifications from other comprehensive income to net income 2 — 2 (24) 4 (20) Total derivative adjustments 158 (33) 125 (227) 53 (174) Other comprehensive income (loss) adjustments $ 78 $ (12) $ 66 $ (262) $ 63 $ (199) 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, 2021 Currency Translation Derivatives Pension Plan and SERP Liability Accumulated Beginning balance $ (722) $ 156 $ (15) $ (581) Other comprehensive income (loss) 108 (112) — (4) Ending balance $ (614) $ 44 $ (15) $ (585) Three Months Ended June 30, 2020 Currency Translation Derivatives Pension Plan and SERP Liability Accumulated Beginning balance $ (988) $ (127) $ (7) $ (1,122) Other comprehensive income (loss) before reclassifications 116 (3) — 113 Reclassifications from accumulated other comprehensive loss to net income — (12) — (12) Other comprehensive income (loss) 116 (15) — 101 Ending balance $ (872) $ (142) $ (7) $ (1,021) Six Months Ended June 30, 2021 Currency Translation Derivatives Pension Plan and SERP Liability Accumulated Other Comprehensive Loss Beginning balance $ (555) $ (81) $ (15) $ (651) Other comprehensive income (loss) before reclassifications (59) 123 — 64 Reclassifications from accumulated other comprehensive loss to net income — 2 — 2 Other comprehensive income (loss) (59) 125 — 66 Ending balance $ (614) $ 44 $ (15) $ (585) Six Months Ended June 30, 2020 Currency Translation Derivatives Pension Plan and SERP Liability Accumulated Other Comprehensive Loss Beginning balance $ (847) $ 32 $ (7) $ (822) Other comprehensive income (loss) before reclassifications (25) (154) — (179) Reclassifications from accumulated other comprehensive loss to net income — (20) — (20) Other comprehensive income (loss) (25) (174) — (199) Ending balance $ (872) $ (142) $ (7) $ (1,021) |
Revenues and Accounts Receivabl
Revenues and Accounts Receivable | 6 Months Ended |
Jun. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenues and Accounts Receivable | REVENUES AND ACCOUNTS RECEIVABLE Disaggregated Revenue The following table presents the Company’s revenues disaggregated by revenue source (in millions). Management uses these categories of revenue to evaluate the performance of its businesses and to assess its financial results and forecasts. Three Months Ended June 30, 2021 2020 U.S. Networks International Networks Corporate, inter-segment eliminations, and other Total U.S. Networks International Networks Corporate, inter-segment eliminations, and other Total Revenues: Advertising $ 1,119 $ 518 $ — $ 1,637 $ 997 $ 276 $ — $ 1,273 Distribution 828 540 — 1,368 739 486 — 1,225 Other 26 35 (4) 57 20 21 2 43 Total $ 1,973 $ 1,093 $ (4) $ 3,062 $ 1,756 $ 783 $ 2 $ 2,541 Six Months Ended June 30, 2021 2020 U.S. Networks International Networks Corporate, inter-segment eliminations, and other Total U.S. Networks International Networks Corporate, inter-segment eliminations, and other Total Revenues: Advertising $ 2,099 $ 953 $ — $ 3,052 $ 2,023 $ 652 $ — $ 2,675 Distribution 1,624 1,054 — 2,678 1,447 1,001 — 2,448 Other 56 73 (5) 124 42 53 6 101 Total $ 3,779 $ 2,080 $ (5) $ 5,854 $ 3,512 $ 1,706 $ 6 $ 5,224 Accounts Receivable and Credit Losses Receivables include amounts currently due from customers and are presented net of an estimate for lifetime expected credit losses. Allowance for credit losses is measured using historical loss rates for the respective risk categories and incorporating forward-looking estimates. To assess collectability, the Company analyzes market trends, economic conditions, the aging of receivables and customer specific risks, and records a provision for estimated credit losses expected over the lifetime of receivables. The corresponding expense for the expected credit losses is reflected in selling, general and administrative expenses. The Company does not require collateral with respect to trade receivables. The Company’s accounts receivable balances and the related credit losses arise primarily from distribution and advertising revenue. The Company monitors ongoing credit exposure through active review of customers’ financial conditions, aging of receivable balances, historical collection trends, and expectations about relevant future events that may significantly affect collectability. The allowance for credit losses increased from $59 million at December 31, 2020 to $63 million at June 30, 2021. The activity in the allowance for credit losses for the six months ended June 30, 2021 was not material. Contract Liability A contract liability, such as deferred revenue, is recorded when cash is received in advance of the Company's performance. Total deferred revenues, including both current and noncurrent, were $820 million and $649 million at June 30, 2021 and December 31, 2020, respectively. Noncurrent deferred revenue is a component of other noncurrent liabilities on the consolidated balance sheets. The change in deferred revenue for the six months ended June 30, 2021 was primarily due to cash payments received for which the performance obligation was not satisfied prior to the end of the period, partially offset by revenue recognized during the period, of which $162 million was included in the deferred revenue balance at December 31, 2020. Revenue recognized for the six months ended June 30, 2020 related to the deferred revenue balance at December 31, 2019 was $244 million. Transaction Price Allocated to Remaining Performance Obligations Most of the Company's distribution contracts are licenses of functional intellectual property where revenue is derived from royalty-based arrangements, for which the guidance allows the application of a practical expedient to record revenues as a function of royalties earned to date instead of estimating incremental royalty contract revenue. Accordingly, in these instances revenue is recognized based upon the royalties earned to date. However, there are certain other distribution arrangements that are fixed price or contain minimum guarantees that extend beyond one year. The Company recognizes revenue for fixed fee distribution contracts on a monthly basis based on minimum monthly fees or by calculating one twelfth of annual license fees specified in its distribution contracts. The transaction price allocated to remaining performance obligations within these fixed price or minimum guarantee distribution revenue contracts was $1.4 billion as of June 30, 2021 and is expected to be recognized over the next six years. The Company's content licensing contracts and sports sublicensing deals are licenses of functional intellectual property. Certain of these arrangements extend beyond one year. The transaction price allocated to remaining performance obligations on these long-term contracts was $962 million as of June 30, 2021 and is expected to be recognized over the next four years. The Company's brand licensing contracts are licenses of symbolic intellectual property. Certain of these arrangements extend beyond one year. The transaction price allocated to remaining performance obligations on these long-term contracts was $95 million as of June 30, 2021 and is expected to be recognized over the next twelve years. The value of unsatisfied performance obligations disclosed above does not include: (i) contracts involving variable consideration for which revenues are recognized in accordance with the usage-based royalty exception, and (ii) contracts with an original expected length of one year or less, such as advertising contracts. |
Share-based Compensation
Share-based Compensation | 6 Months Ended |
Jun. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Share-based Compensation | SHARE-BASED COMPENSATION The Company has various incentive plans under which performance-based restricted stock units ("PRSUs"), service-based restricted stock units ("RSUs"), stock options, and stock appreciation rights ("SARs") have been issued. The table below presents the components of share-based compensation expense (in millions), which is recorded in selling, general and administrative expense in the consolidated statements of operations. Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 PRSUs $ (7) $ 5 $ 12 $ (12) RSUs 29 20 51 37 Stock options 16 7 26 16 SARs (7) 2 6 (11) Total share-based compensation expense $ 31 $ 34 $ 95 $ 30 Tax benefit recognized $ 7 $ 5 $ 15 $ 7 The Company recorded total liabilities for cash-settled and other liability-settled share-based compensation awards of $30 million and $55 million as of June 30, 2021 and December 31, 2020, respectively. The current portion of the liability for cash-settled and other liability-settled awards was $27 million and $37 million as of June 30, 2021 and December 31, 2020, respectively. During the six months ended June 30, 2021, 5.9 million stock options were exercised and the Company received proceeds of $159 million from these transactions. The table below presents awards granted (in millions, except weighted-average grant price). Six Months Ended June 30, 2021 Awards Weighted-Average Grant Price Awards granted: PRSUs 0.2 $ 58.18 RSUs 2.7 $ 55.83 Stock options 15.5 $ 40.25 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, 2021 (in millions, except years). Unrecognized Compensation Cost Weighted-Average Amortization Period PRSUs $ 4 0.5 RSUs 290 2.6 Stock options 258 2.9 SARs 1 0.5 Total unrecognized compensation cost $ 553 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES Income tax expense was $2 million and $108 million for the three and six months ended June 30, 2021, respectively, and $156 million and $286 million for the three and six months ended June 30, 2020, respectively. The decrease in income tax expense for the three and six months ended June 30, 2021 was primarily attributable to a deferred tax benefit of $162 million as a result of the UK Finance Act 2021 that was enacted in June 2021. Income tax expense for the three and six months ended June 30, 2021 reflects an effective income tax rate that differs from the federal statutory tax rate primarily attributable to a deferred tax benefit of $162 million as a result of the UK Finance Act 2021 that was enacted in June 2021, the effect of foreign operations, which included taxation and allocation of income and losses among multiple foreign jurisdictions, state and local income taxes, and favorable noncontrolling interest tax adjustments. The Company's reserves for uncertain tax positions as of June 30, 2021 and December 31, 2020 totaled $383 million and $348 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 $75 million within the next twelve months as a result of ongoing audits, lapses of statutes of limitations or regulatory developments. As of June 30, 2021 and December 31, 2020, the Company had accrued approximately $58 million and $53 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, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | EARNINGS PER SHARE The table below sets forth the Company's calculated earnings per share. Earnings per share amounts may not recalculate due to rounding. Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Numerator: Net income $ 718 $ 300 $ 909 $ 707 Less: Allocation of undistributed income to Series A-1 convertible preferred stock (72) (29) (87) (68) Net income attributable to noncontrolling interests (38) (25) (84) (53) Net income attributable to redeemable noncontrolling interests (8) (4) (13) (6) Redeemable noncontrolling interest adjustments of carrying value to redemption value (redemption value does not equal fair value) — 1 — 1 Net income allocated to Discovery, Inc. Series A, B and C common and Series C-1 convertible preferred stockholders for basic net income per share $ 600 $ 243 $ 725 $ 581 Allocation of net income: Series A, B and C common stockholders $ 515 $ 205 $ 618 $ 491 Series C-1 convertible preferred stockholders 85 38 107 90 Total 600 243 725 581 Add: Allocation of undistributed income to Series A-1 convertible preferred stockholders 72 29 87 68 Net income allocated to Discovery, Inc. Series A, B and C common stockholders for diluted net income per share $ 672 $ 272 $ 812 $ 649 Denominator — weighted average: Series A, B and C common shares outstanding — basic 506 508 501 513 Impact of assumed preferred stock conversion 154 165 157 165 Dilutive effect of share-based awards 4 1 8 2 Series A, B and C common shares outstanding — diluted 664 674 666 680 Series C-1 convertible preferred stock outstanding — basic and diluted 4 5 4 5 Basic net income per share allocated to: Series A, B and C common stockholders $ 1.02 $ 0.40 $ 1.23 $ 0.96 Series C-1 convertible preferred stockholders $ 19.71 $ 7.83 $ 23.90 $ 18.55 Diluted net income per share allocated to: Series A, B and C common stockholders $ 1.01 $ 0.40 $ 1.22 $ 0.95 Series C-1 convertible preferred stockholders $ 19.60 $ 7.81 $ 23.61 $ 18.49 The table below presents the details of 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, 2021 2020 2021 2020 Anti-dilutive share-based awards 16 27 6 24 |
Supplemental Disclosures
Supplemental Disclosures | 6 Months Ended |
Jun. 30, 2021 | |
Disclosure Text Block Supplement [Abstract] | |
Supplemental Disclosures | SUPPLEMENTAL DISCLOSURES The following tables present supplemental information related to the consolidated financial statements (in millions). Supplemental Cash Flow Information Six Months Ended June 30, 2021 2020 Cash paid for taxes, net $ 249 $ 183 Cash paid for interest, net 337 342 Non-cash investing and financing activities: Accrued purchases of property and equipment 32 38 Assets acquired under finance lease and other arrangements 50 67 Cash, Cash Equivalents, and Restricted Cash June 30, 2021 December 31, 2020 Cash, cash equivalents, and restricted cash: Cash and cash equivalents $ 2,834 $ 2,091 Restricted cash - other current assets — 31 Total cash, cash equivalents, and restricted cash $ 2,834 $ 2,122 |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | RELATED PARTY TRANSACTIONSIn 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 (collectively the “Liberty Group”). Discovery’s Board of Directors includes Dr. Malone, who is Chairman of the Board of Liberty Global and beneficially owns approximately 30% of the aggregate voting power with respect to the election of directors of Liberty Global. Dr. Malone is also Chairman of the Board of Liberty Broadband and beneficially owns approximately 47% 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, or minority partners of consolidated subsidiaries. The table below presents a summary of the transactions with related parties (in millions). Three Months Ended June 30, Six Months Ended June 30, 2021 2020 (a) 2021 2020 (a) Revenues and service charges: Liberty Group $ 165 $ 201 $ 340 $ 371 Equity method investees 68 43 124 109 Other 24 24 51 46 Total revenues and service charges $ 257 $ 268 $ 515 $ 526 Expenses $ (57) $ (16) $ (114) $ (90) Distributions to noncontrolling interests and redeemable noncontrolling interests $ (30) $ (29) $ (213) $ (202) The table below presents receivables due from and payables due to related parties (in millions). June 30, 2021 December 31, 2020 Receivables $ 180 $ 177 Payables $ 22 $ 43 (a) Amounts have been revised to adjust for classification between lines and excluded balances solely within this footnote disclosure. Revised amounts are not material to the previously issued financial statements. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES Put Rights The Company has granted put rights to certain consolidated subsidiaries, which may be exercised in 2021. Legal Matters |
Reportable Segments
Reportable Segments | 6 Months Ended |
Jun. 30, 2021 | |
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, 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 does not report assets by segment because this is not used to allocate resources or evaluate segment performance. The Company evaluates the operating performance of its operating segments based on financial measures such as revenues and Adjusted OIBDA. Adjusted OIBDA is defined as operating income excluding: (i) employee 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, (vi) certain inter-segment eliminations related to production studios, (vii) third-party transaction and integration costs, and (viii) other items impacting comparability. 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 employee share-based compensation, restructuring and other charges, certain impairment charges, gains and losses on business and asset dispositions, and acquisition and integration costs from the calculation of Adjusted OIBDA due to their impact on comparability between periods. The Company also excludes the 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 and inter-segment eliminations related to production studios are excluded from segment results to enable executive management to evaluate segment performance based upon the decisions of segment executives. 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 U.S. GAAP. The tables below present summarized financial information for each of the Company's reportable segments and corporate, inter-segment eliminations, and other (in millions). Revenues Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 U.S. Networks $ 1,973 $ 1,756 $ 3,779 $ 3,512 International Networks 1,093 783 2,080 1,706 Corporate, inter-segment eliminations and other (4) 2 (5) 6 Total revenues $ 3,062 $ 2,541 $ 5,854 $ 5,224 Adjusted OIBDA Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 U.S. Networks $ 1,050 $ 1,062 $ 1,873 $ 2,078 International Networks 215 193 366 400 Corporate, inter-segment eliminations and other (148) (128) (285) (238) Adjusted OIBDA $ 1,117 $ 1,127 $ 1,954 $ 2,240 Reconciliation of Net Income available to Discovery, Inc. to Adjusted OIBDA Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Net income available to Discovery, Inc. $ 672 $ 271 $ 812 $ 648 Net income attributable to redeemable noncontrolling interests 8 4 13 6 Net income attributable to noncontrolling interests 38 25 84 53 Income tax expense 2 156 108 286 Income before income taxes 720 456 1,017 993 Other (income) expense, net (106) 6 (177) 64 Loss from equity investees, net 7 23 11 44 Loss on extinguishment of debt 1 71 4 71 Interest expense, net 157 161 320 324 Operating income 779 717 1,175 1,496 Gain on disposition (72) — (72) — Restructuring and other charges 7 7 22 22 Impairment of goodwill and other intangible assets — 38 — 38 Depreciation and amortization 341 334 702 660 Employee share-based compensation 27 31 88 24 Transaction and integration costs 35 — 39 — Adjusted OIBDA $ 1,117 $ 1,127 $ 1,954 $ 2,240 |
Restructuring and Other Charges
Restructuring and Other Charges | 6 Months Ended |
Jun. 30, 2021 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Other Charges | RESTRUCTURING AND OTHER CHARGES Restructuring and other charges by reportable segments and corporate, inter-segment eliminations, and other were as follows (in millions). Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 U.S. Networks $ 1 $ — $ 1 $ 12 International Networks 5 3 20 4 Corporate, inter-segment eliminations, and other 1 4 1 6 Total restructuring and other charges $ 7 $ 7 $ 22 $ 22 Restructuring charges for the three and six months ended June 30, 2021 and 2020 primarily include charges related to employee relocation and termination costs. During 2020, the Company implemented various cost-savings initiatives including personnel reductions, restructurings and resource reallocations to align its expense structure to ongoing changes within the industry, including economic challenges resulting from the COVID-19 pandemic. These actions are intended to enable the Company to more efficiently operate in a leaner and more directed cost structure and are expected to continue in 2021; however, all such amounts cannot be reasonably estimated at this time as the restructuring plans have not been finalized. Changes in restructuring and other liabilities recorded in accrued liabilities by major category were as follows (in millions). U.S. Networks International Networks Corporate, inter-segment eliminations, and other Total December 31, 2020 $ 23 $ 20 $ 15 $ 58 Employee termination accruals, net 2 20 — 22 Cash paid (14) (22) (9) (45) June 30, 2021 $ 11 $ 18 $ 6 $ 35 |
Description of Business and B_2
Description of Business and Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation and Basis of Presentation The consolidated financial statements include the accounts of Discovery and its majority-owned subsidiaries in which a controlling interest is maintained, including variable interest entities ("VIE") for which the Company is the primary beneficiary. Intercompany accounts and transactions between consolidated entities have been eliminated. |
Basis of Presentation | 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, 2020 (the “2020 Form 10-K”). |
Use of Estimates | Use of Estimates The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates, judgments and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results may differ from these estimates. Significant estimates and judgments inherent in the preparation of the consolidated financial statements include accounting for asset impairments, revenue recognition, estimated credit losses, content rights, leases, depreciation and amortization, business combinations, share-based compensation, income taxes, other financial instruments, contingencies, and the determination of whether the Company should consolidate certain entities. |
Accounting and Reporting Pronouncements Not Yet Adopted | Accounting and Reporting Pronouncements Not Yet Adopted LIBOR In March 2020, the FASB issued guidance providing optional expedients and exceptions for applying U.S. GAAP to contract modifications, hedging relationships, and other transactions associated with the expected market transition away from the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates. The guidance is for March 12, 2020 through December 31, 2022 and may not be applied to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, with a few exceptions for certain hedging relationships existing as of December 31, 2022. The Company is currently assessing the impact this guidance would have on its consolidated financial statements and related disclosures, if elected. Convertible Instruments In August 2020, the FASB issued guidance simplifying the accounting for convertible instruments by reducing the number of accounting models available for convertible debt instruments and convertible preferred stock. This guidance amends the derivatives scope exception for contracts in an entity’s own equity to reduce form-over-substance-based accounting conclusions, requires the use of the if-converted method for calculating earnings per share for convertible instruments, and makes targeted improvements to the disclosures for convertible instruments and related earnings per share guidance. The guidance is effective for interim and annual periods beginning after December 15, 2021. The Company is currently assessing the impact this guidance will have on its consolidated financial statements and related disclosures. |
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. |
Derivatives | The Company uses derivative financial instruments to modify its exposure to market risks from changes in foreign currency exchange rates and interest rates. The Company does not enter into or hold derivative financial instruments for speculative trading purposes. |
Segment Reporting | 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 does not report assets by segment because this is not used to allocate resources or evaluate segment performance. |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Investments [Abstract] | |
Summary of Investment Holdings | The Company’s equity investments consisted of the following (in millions). Category Balance Sheet Location Ownership June 30, 2021 December 31, 2020 Equity method investments: nC+ Other noncurrent assets 32% $ 156 $ 164 Discovery Solar Ventures, LLC (a) Other noncurrent assets N/A 80 83 All3Media Other noncurrent assets 50% 83 76 Other Other noncurrent assets 240 184 Total equity method investments (b) 559 507 Investments with readily determinable fair values Prepaid expenses and other current assets 5 32 Investments with readily determinable fair values Other noncurrent assets 97 54 Equity investments without readily determinable fair values: Group Nine Media (c) Other noncurrent assets 25% 276 276 Sharecare Other noncurrent assets 2% 82 — Formula E (d) Other noncurrent assets 25% 65 65 Other Other noncurrent assets 209 200 Total equity investments without readily determinable fair values 632 541 Total investments $ 1,293 $ 1,134 (a) Discovery Solar Ventures, LLC invests in limited liability companies that sponsor renewable energy projects related to solar energy. These investments are considered variable interest entities ("VIEs") of the Company and are accounted for under the equity method of accounting using the Hypothetical Liquidation at Book Value methodology for allocating earnings. (b) Total equity method investments at June 30, 2021 presented above includes a $9 million investment recorded in other noncurrent liabilities. (c) Overall ownership percentage for Group Nine Media is calculated on an outstanding shares basis. The amount shown herein includes a $20 million note receivable balance within Prepaid expenses and other current assets on the Company's consolidated balance sheets. (d) Ownership percentage for Formula E includes holdings accounted for as an equity method investment and holdings accounted for as an equity investment without a readily determinable fair value. |
Schedule of Unrealized Gains and Losses Related To Common Stock Investments with Readily Determinable Fair Value | The gains and losses related to the Company's investments with readily determinable fair values for the three and six months ended June 30, 2021 and 2020 are summarized in the table below (in millions). Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Net gains (losses) recognized during the period on equity securities $ 29 $ 7 $ 62 $ (15) Less: Net gains recognized on equity securities sold — — 16 — Unrealized gains (losses) recognized during reporting period on equity securities still held at the reporting date $ 29 $ 7 $ 46 $ (15) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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, 2021 Category Balance Sheet Location Level 1 Level 2 Level 3 Total Assets Cash equivalents: Time deposits Cash and cash equivalents $ — $ 29 $ — $ 29 Equity securities: Money market funds Cash and cash equivalents 40 — — 40 Time deposits Prepaid expenses and other current assets — 150 — 150 Mutual funds Prepaid expenses and other current assets 13 — — 13 Company-owned life insurance contracts Prepaid expenses and other current assets — 1 — 1 Mutual funds Other noncurrent assets 212 — — 212 Company-owned life insurance contracts Other noncurrent assets — 31 — 31 Total $ 265 $ 211 $ — $ 476 Liabilities Deferred compensation plan Accounts payable and accrued liabilities $ 24 $ — $ — $ 24 Deferred compensation plan Other noncurrent liabilities 235 — — 235 Total $ 259 $ — $ — $ 259 December 31, 2020 Category Balance Sheet Location Level 1 Level 2 Level 3 Total Assets Cash equivalents: Time deposits Cash and cash equivalents $ — $ 7 $ — $ 7 Treasury securities Cash and cash equivalents 500 — — 500 Equity securities: Money market funds Cash and cash equivalents — 150 — 150 Time deposits Prepaid expenses and other current assets — 250 — 250 Mutual funds Prepaid expenses and other current assets 14 — — 14 Company-owned life insurance contracts Prepaid expenses and other current assets — 4 — 4 Mutual funds Other noncurrent assets 200 — — 200 Company-owned life insurance contracts Other noncurrent assets — 48 — 48 Total $ 714 $ 459 $ — $ 1,173 Liabilities Deferred compensation plan Accounts payable and accrued liabilities $ 28 $ — $ — $ 28 Deferred compensation plan Other noncurrent liabilities 220 — — 220 Total $ 248 $ — $ — $ 248 |
Content Rights (Tables)
Content Rights (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
Schedule of Content Rights | The table below presents the components of content rights (in millions). June 30, 2021 December 31, 2020 Produced content rights: Completed $ 9,401 $ 8,576 In-production 674 731 Coproduced content rights: Completed 940 888 In-production 97 78 Licensed content rights: Acquired 1,198 1,312 Prepaid 683 556 Content rights, at cost 12,993 12,141 Accumulated amortization (8,734) (8,170) Total content rights, net 4,259 3,971 Current portion (653) (532) Noncurrent portion $ 3,606 $ 3,439 |
Schedule of Content Rights Expense | Content expense consisted of the following (in millions). Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Content amortization $ 772 $ 645 $ 1,515 $ 1,348 Other production charges 103 22 183 106 Content impairments 1 6 1 7 Total content expense $ 876 $ 673 $ 1,699 $ 1,461 |
Goodwill (Tables)
Goodwill (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The carrying value and changes in the carrying value of goodwill attributable to each reportable segment were as follows (in millions). U.S. International Total December 31, 2020 10,813 $ 2,257 $ 13,070 Dispositions — (3) (3) Foreign currency translation and other — (54) (54) June 30, 2021 $ 10,813 $ 2,200 $ 13,013 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Outstanding Debt | The table below presents the components of outstanding debt (in millions). June 30, 2021 December 31, 2020 4.375% Senior Notes, semi-annual interest, due June 2021 $ — $ 335 2.375% Senior Notes, euro denominated, annual interest, due March 2022 357 369 3.300% Senior Notes, semi-annual interest, due May 2022 168 168 3.500% Senior Notes, semi-annual interest, due June 2022 62 62 2.950% Senior Notes, semi-annual interest, due March 2023 796 796 3.250% Senior Notes, semi-annual interest, due April 2023 192 192 3.800% Senior Notes, semi-annual interest, due March 2024 450 450 2.500% Senior Notes, sterling denominated, annual interest, due September 2024 554 545 3.900% Senior Notes, semi-annual interest, due November 2024 497 497 3.450% Senior Notes, semi-annual interest, due March 2025 300 300 3.950% Senior Notes, semi-annual interest, due June 2025 500 500 4.900% Senior Notes, semi-annual interest, due March 2026 700 700 1.900% Senior Notes, euro denominated, annual interest, due March 2027 713 739 3.950% Senior Notes, semi-annual interest, due March 2028 1,700 1,700 4.125% Senior Notes, semi-annual interest, due May 2029 750 750 3.625% Senior Notes, semi-annual interest, due May 2030 1,000 1,000 5.000% Senior Notes, semi-annual interest, due September 2037 548 548 6.350% Senior Notes, semi-annual interest, due June 2040 664 664 4.950% Senior Notes, semi-annual interest, due May 2042 285 285 4.875% Senior Notes, semi-annual interest, due April 2043 516 516 5.200% Senior Notes, semi-annual interest, due September 2047 1,250 1,250 5.300% Senior Notes, semi-annual interest, due May 2049 750 750 4.650% Senior Notes, semi-annual interest, due May 2050 1,000 1,000 4.000% Senior Notes, semi-annual interest, due September 2055 1,732 1,732 Total debt 15,484 15,848 Unamortized discount, premium and debt issuance costs, net (a) (437) (444) Debt, net of unamortized discount, premium and debt issuance costs 15,047 15,404 Current portion of debt (585) (335) Noncurrent portion of debt $ 14,462 $ 15,069 (a) Current portion of unamortized discount, premium, and debt issuance costs, net is $1 million . |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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, 2021 and December 31, 2020. The fair value of the Company's derivative financial instruments at June 30, 2021 and December 31, 2020 was determined using a market-based approach (Level 2). June 30, 2021 December 31, 2020 Fair Value Fair Value Notional Prepaid expenses and other current assets Other non- Accounts payable and accrued liabilities Other non- Notional Prepaid expenses and other current assets Other non- Accounts payable and accrued liabilities Other non- Cash flow hedges: Foreign exchange $ 1,200 $ 12 $ 13 $ 7 $ 11 $ 1,082 $ 2 $ 5 $ 14 $ 17 Interest rate swaps 2,000 55 — 8 — 2,000 — 11 — 89 Net investment hedges: (a) Cross-currency swaps 3,557 46 47 29 115 3,544 34 41 — 154 Foreign exchange 37 — — — — 44 2 — — — No hedging designation: Foreign exchange 941 — — 16 37 1,035 — — 2 26 Cross-currency swaps 139 3 — — 6 139 2 — — 13 Total $ 116 $ 60 $ 60 $ 169 $ 40 $ 57 $ 16 $ 299 |
Schedule of Derivative Instruments Designated as Cash Flow Hedges, Effect on Income and 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, 2021 2020 2021 2020 Gains (losses) recognized in accumulated other comprehensive loss: Foreign exchange - derivative adjustments $ (7) $ (7) $ 30 $ 69 Interest rate - derivative adjustments (134) — 126 (272) Gains (losses) reclassified into income from accumulated other comprehensive loss: Foreign exchange - advertising revenue — — — 1 Foreign exchange - distribution revenue 2 12 (1) 20 Foreign exchange - costs of revenues — 1 — 2 Interest rate - interest expense, net (1) 1 (1) 1 |
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). Other than amounts excluded from effectiveness testing, there were no other gains (losses) reclassified from accumulated other comprehensive loss to income during the three and six months ended June 30, 2021 and 2020. Three Months Ended June 30, Amount of gain (loss) recognized in AOCI Location of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing) Amount of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing) 2021 2020 2021 2020 Cross currency swaps $ (5) $ (33) Interest expense, net $ 11 $ 11 Foreign exchange contracts — (2) Other income (expense), net — — Sterling notes (foreign denominated debt) (3) 3 N/A — — Total $ (8) $ (32) $ 11 $ 11 Six Months Ended June 30, Amount of gain (loss) recognized in AOCI Location of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing) Amount of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing) 2021 2020 2021 2020 Cross currency swaps $ 47 $ 104 Interest expense, net $ 21 $ 23 Foreign exchange contracts — 4 Other income (expense), net — — Sterling notes (foreign denominated debt) (8) 33 N/A — — Total $ 39 $ 141 $ 21 $ 23 |
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location | The following table presents the pretax gains (losses) on derivatives not designated as hedges and recognized in other income (expense), net in the consolidated statements of operations (in millions). Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Cross-currency swaps $ 1 (3) 6 7 Equity — — — 7 Foreign exchange derivatives (2) 7 (27) (37) Total in other income (expense), net $ (1) $ 4 $ (21) $ (23) |
Equity (Tables)
Equity (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Components of 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, 2021 Three Months Ended June 30, 2020 Pretax Tax benefit (expense) Net-of-tax Pretax Tax benefit (expense) Net-of-tax Currency translation adjustments: Unrealized gains (losses): Foreign currency $ 121 $ (2) $ 119 $ 145 $ 10 $ 155 Net investment hedges (13) 2 (11) (38) (1) (39) Total currency translation adjustments 108 — 108 107 9 116 Derivative adjustments: Unrealized gains (losses) (141) 29 (112) (7) 4 (3) Reclassifications from other comprehensive income to net income (1) 1 — (14) 2 (12) Total derivative adjustments (142) 30 (112) (21) 6 (15) Other comprehensive income (loss) adjustments $ (34) $ 30 $ (4) $ 86 $ 15 $ 101 Six Months Ended June 30, 2021 Six Months Ended June 30, 2020 Pretax Tax benefit (expense) Net-of-tax Pretax Tax benefit (expense) Net-of-tax Currency translation adjustments: Unrealized gains (losses): Foreign currency $ (109) $ 14 $ (95) $ (164) $ 57 $ (107) Net investment hedges 29 7 36 129 (47) 82 Total currency translation adjustments (80) 21 (59) (35) 10 (25) Derivative adjustments: Unrealized gains (losses) 156 (33) 123 (203) 49 (154) Reclassifications from other comprehensive income to net income 2 — 2 (24) 4 (20) Total derivative adjustments 158 (33) 125 (227) 53 (174) Other comprehensive income (loss) adjustments $ 78 $ (12) $ 66 $ (262) $ 63 $ (199) |
Schedule of 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, 2021 Currency Translation Derivatives Pension Plan and SERP Liability Accumulated Beginning balance $ (722) $ 156 $ (15) $ (581) Other comprehensive income (loss) 108 (112) — (4) Ending balance $ (614) $ 44 $ (15) $ (585) Three Months Ended June 30, 2020 Currency Translation Derivatives Pension Plan and SERP Liability Accumulated Beginning balance $ (988) $ (127) $ (7) $ (1,122) Other comprehensive income (loss) before reclassifications 116 (3) — 113 Reclassifications from accumulated other comprehensive loss to net income — (12) — (12) Other comprehensive income (loss) 116 (15) — 101 Ending balance $ (872) $ (142) $ (7) $ (1,021) Six Months Ended June 30, 2021 Currency Translation Derivatives Pension Plan and SERP Liability Accumulated Other Comprehensive Loss Beginning balance $ (555) $ (81) $ (15) $ (651) Other comprehensive income (loss) before reclassifications (59) 123 — 64 Reclassifications from accumulated other comprehensive loss to net income — 2 — 2 Other comprehensive income (loss) (59) 125 — 66 Ending balance $ (614) $ 44 $ (15) $ (585) Six Months Ended June 30, 2020 Currency Translation Derivatives Pension Plan and SERP Liability Accumulated Other Comprehensive Loss Beginning balance $ (847) $ 32 $ (7) $ (822) Other comprehensive income (loss) before reclassifications (25) (154) — (179) Reclassifications from accumulated other comprehensive loss to net income — (20) — (20) Other comprehensive income (loss) (25) (174) — (199) Ending balance $ (872) $ (142) $ (7) $ (1,021) |
Revenues and Accounts Receiva_2
Revenues and Accounts Receivable (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregation of Revenue | The following table presents the Company’s revenues disaggregated by revenue source (in millions). Management uses these categories of revenue to evaluate the performance of its businesses and to assess its financial results and forecasts. Three Months Ended June 30, 2021 2020 U.S. Networks International Networks Corporate, inter-segment eliminations, and other Total U.S. Networks International Networks Corporate, inter-segment eliminations, and other Total Revenues: Advertising $ 1,119 $ 518 $ — $ 1,637 $ 997 $ 276 $ — $ 1,273 Distribution 828 540 — 1,368 739 486 — 1,225 Other 26 35 (4) 57 20 21 2 43 Total $ 1,973 $ 1,093 $ (4) $ 3,062 $ 1,756 $ 783 $ 2 $ 2,541 Six Months Ended June 30, 2021 2020 U.S. Networks International Networks Corporate, inter-segment eliminations, and other Total U.S. Networks International Networks Corporate, inter-segment eliminations, and other Total Revenues: Advertising $ 2,099 $ 953 $ — $ 3,052 $ 2,023 $ 652 $ — $ 2,675 Distribution 1,624 1,054 — 2,678 1,447 1,001 — 2,448 Other 56 73 (5) 124 42 53 6 101 Total $ 3,779 $ 2,080 $ (5) $ 5,854 $ 3,512 $ 1,706 $ 6 $ 5,224 |
Share-based Compensation (Table
Share-based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Equity-Based Compensation Expense | The table below presents the components of share-based compensation expense (in millions), which is recorded in selling, general and administrative expense in the consolidated statements of operations. Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 PRSUs $ (7) $ 5 $ 12 $ (12) RSUs 29 20 51 37 Stock options 16 7 26 16 SARs (7) 2 6 (11) Total share-based compensation expense $ 31 $ 34 $ 95 $ 30 Tax benefit recognized $ 7 $ 5 $ 15 $ 7 |
Schedule of Other Share-based Compensation, Activity | The table below presents awards granted (in millions, except weighted-average grant price). Six Months Ended June 30, 2021 Awards Weighted-Average Grant Price Awards granted: PRSUs 0.2 $ 58.18 RSUs 2.7 $ 55.83 Stock options 15.5 $ 40.25 |
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, 2021 (in millions, except years). Unrecognized Compensation Cost Weighted-Average Amortization Period PRSUs $ 4 0.5 RSUs 290 2.6 Stock options 258 2.9 SARs 1 0.5 Total unrecognized compensation cost $ 553 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Income Available to Discovery Stockholders | The table below sets forth the Company's calculated earnings per share. Earnings per share amounts may not recalculate due to rounding. Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Numerator: Net income $ 718 $ 300 $ 909 $ 707 Less: Allocation of undistributed income to Series A-1 convertible preferred stock (72) (29) (87) (68) Net income attributable to noncontrolling interests (38) (25) (84) (53) Net income attributable to redeemable noncontrolling interests (8) (4) (13) (6) Redeemable noncontrolling interest adjustments of carrying value to redemption value (redemption value does not equal fair value) — 1 — 1 Net income allocated to Discovery, Inc. Series A, B and C common and Series C-1 convertible preferred stockholders for basic net income per share $ 600 $ 243 $ 725 $ 581 Allocation of net income: Series A, B and C common stockholders $ 515 $ 205 $ 618 $ 491 Series C-1 convertible preferred stockholders 85 38 107 90 Total 600 243 725 581 Add: Allocation of undistributed income to Series A-1 convertible preferred stockholders 72 29 87 68 Net income allocated to Discovery, Inc. Series A, B and C common stockholders for diluted net income per share $ 672 $ 272 $ 812 $ 649 Denominator — weighted average: Series A, B and C common shares outstanding — basic 506 508 501 513 Impact of assumed preferred stock conversion 154 165 157 165 Dilutive effect of share-based awards 4 1 8 2 Series A, B and C common shares outstanding — diluted 664 674 666 680 Series C-1 convertible preferred stock outstanding — basic and diluted 4 5 4 5 Basic net income per share allocated to: Series A, B and C common stockholders $ 1.02 $ 0.40 $ 1.23 $ 0.96 Series C-1 convertible preferred stockholders $ 19.71 $ 7.83 $ 23.90 $ 18.55 Diluted net income per share allocated to: Series A, B and C common stockholders $ 1.01 $ 0.40 $ 1.22 $ 0.95 Series C-1 convertible preferred stockholders $ 19.60 $ 7.81 $ 23.61 $ 18.49 |
Schedule of Weighted Average Basic And Diluted Shares Outstanding | The table below sets forth the Company's calculated earnings per share. Earnings per share amounts may not recalculate due to rounding. Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Numerator: Net income $ 718 $ 300 $ 909 $ 707 Less: Allocation of undistributed income to Series A-1 convertible preferred stock (72) (29) (87) (68) Net income attributable to noncontrolling interests (38) (25) (84) (53) Net income attributable to redeemable noncontrolling interests (8) (4) (13) (6) Redeemable noncontrolling interest adjustments of carrying value to redemption value (redemption value does not equal fair value) — 1 — 1 Net income allocated to Discovery, Inc. Series A, B and C common and Series C-1 convertible preferred stockholders for basic net income per share $ 600 $ 243 $ 725 $ 581 Allocation of net income: Series A, B and C common stockholders $ 515 $ 205 $ 618 $ 491 Series C-1 convertible preferred stockholders 85 38 107 90 Total 600 243 725 581 Add: Allocation of undistributed income to Series A-1 convertible preferred stockholders 72 29 87 68 Net income allocated to Discovery, Inc. Series A, B and C common stockholders for diluted net income per share $ 672 $ 272 $ 812 $ 649 Denominator — weighted average: Series A, B and C common shares outstanding — basic 506 508 501 513 Impact of assumed preferred stock conversion 154 165 157 165 Dilutive effect of share-based awards 4 1 8 2 Series A, B and C common shares outstanding — diluted 664 674 666 680 Series C-1 convertible preferred stock outstanding — basic and diluted 4 5 4 5 Basic net income per share allocated to: Series A, B and C common stockholders $ 1.02 $ 0.40 $ 1.23 $ 0.96 Series C-1 convertible preferred stockholders $ 19.71 $ 7.83 $ 23.90 $ 18.55 Diluted net income per share allocated to: Series A, B and C common stockholders $ 1.01 $ 0.40 $ 1.22 $ 0.95 Series C-1 convertible preferred stockholders $ 19.60 $ 7.81 $ 23.61 $ 18.49 |
Schedule of Basic and Diluted Earnings per Share | The table below sets forth the Company's calculated earnings per share. Earnings per share amounts may not recalculate due to rounding. Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Numerator: Net income $ 718 $ 300 $ 909 $ 707 Less: Allocation of undistributed income to Series A-1 convertible preferred stock (72) (29) (87) (68) Net income attributable to noncontrolling interests (38) (25) (84) (53) Net income attributable to redeemable noncontrolling interests (8) (4) (13) (6) Redeemable noncontrolling interest adjustments of carrying value to redemption value (redemption value does not equal fair value) — 1 — 1 Net income allocated to Discovery, Inc. Series A, B and C common and Series C-1 convertible preferred stockholders for basic net income per share $ 600 $ 243 $ 725 $ 581 Allocation of net income: Series A, B and C common stockholders $ 515 $ 205 $ 618 $ 491 Series C-1 convertible preferred stockholders 85 38 107 90 Total 600 243 725 581 Add: Allocation of undistributed income to Series A-1 convertible preferred stockholders 72 29 87 68 Net income allocated to Discovery, Inc. Series A, B and C common stockholders for diluted net income per share $ 672 $ 272 $ 812 $ 649 Denominator — weighted average: Series A, B and C common shares outstanding — basic 506 508 501 513 Impact of assumed preferred stock conversion 154 165 157 165 Dilutive effect of share-based awards 4 1 8 2 Series A, B and C common shares outstanding — diluted 664 674 666 680 Series C-1 convertible preferred stock outstanding — basic and diluted 4 5 4 5 Basic net income per share allocated to: Series A, B and C common stockholders $ 1.02 $ 0.40 $ 1.23 $ 0.96 Series C-1 convertible preferred stockholders $ 19.71 $ 7.83 $ 23.90 $ 18.55 Diluted net income per share allocated to: Series A, B and C common stockholders $ 1.01 $ 0.40 $ 1.22 $ 0.95 Series C-1 convertible preferred stockholders $ 19.60 $ 7.81 $ 23.61 $ 18.49 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The table below presents the details of 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, 2021 2020 2021 2020 Anti-dilutive share-based awards 16 27 6 24 |
Supplemental Disclosures (Table
Supplemental Disclosures (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Disclosure Text Block Supplement [Abstract] | |
Schedule of Supplemental Cash Flow Information | Supplemental Cash Flow Information Six Months Ended June 30, 2021 2020 Cash paid for taxes, net $ 249 $ 183 Cash paid for interest, net 337 342 Non-cash investing and financing activities: Accrued purchases of property and equipment 32 38 Assets acquired under finance lease and other arrangements 50 67 |
Schedule of Cash, Cash Equivalents and Restricted Cash | Cash, Cash Equivalents, and Restricted Cash June 30, 2021 December 31, 2020 Cash, cash equivalents, and restricted cash: Cash and cash equivalents $ 2,834 $ 2,091 Restricted cash - other current assets — 31 Total cash, cash equivalents, and restricted cash $ 2,834 $ 2,122 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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, 2021 2020 (a) 2021 2020 (a) Revenues and service charges: Liberty Group $ 165 $ 201 $ 340 $ 371 Equity method investees 68 43 124 109 Other 24 24 51 46 Total revenues and service charges $ 257 $ 268 $ 515 $ 526 Expenses $ (57) $ (16) $ (114) $ (90) Distributions to noncontrolling interests and redeemable noncontrolling interests $ (30) $ (29) $ (213) $ (202) |
Schedule of Related Party Transactions Receivables | The table below presents receivables due from and payables due to related parties (in millions). June 30, 2021 December 31, 2020 Receivables $ 180 $ 177 Payables $ 22 $ 43 (a) Amounts have been revised to adjust for classification between lines and excluded balances solely within this footnote disclosure. Revised amounts are not material to the previously issued financial statements. |
Reportable Segments (Tables)
Reportable Segments (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Revenues by Segment | Revenues Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 U.S. Networks $ 1,973 $ 1,756 $ 3,779 $ 3,512 International Networks 1,093 783 2,080 1,706 Corporate, inter-segment eliminations and other (4) 2 (5) 6 Total revenues $ 3,062 $ 2,541 $ 5,854 $ 5,224 |
Schedule of Adjusted OIBDA by Segment | Adjusted OIBDA Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 U.S. Networks $ 1,050 $ 1,062 $ 1,873 $ 2,078 International Networks 215 193 366 400 Corporate, inter-segment eliminations and other (148) (128) (285) (238) Adjusted OIBDA $ 1,117 $ 1,127 $ 1,954 $ 2,240 |
Schedule of Reconciliation of Net Income available to Discovery, Inc. to total Adjusted OIBDA | Reconciliation of Net Income available to Discovery, Inc. to Adjusted OIBDA Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Net income available to Discovery, Inc. $ 672 $ 271 $ 812 $ 648 Net income attributable to redeemable noncontrolling interests 8 4 13 6 Net income attributable to noncontrolling interests 38 25 84 53 Income tax expense 2 156 108 286 Income before income taxes 720 456 1,017 993 Other (income) expense, net (106) 6 (177) 64 Loss from equity investees, net 7 23 11 44 Loss on extinguishment of debt 1 71 4 71 Interest expense, net 157 161 320 324 Operating income 779 717 1,175 1,496 Gain on disposition (72) — (72) — Restructuring and other charges 7 7 22 22 Impairment of goodwill and other intangible assets — 38 — 38 Depreciation and amortization 341 334 702 660 Employee share-based compensation 27 31 88 24 Transaction and integration costs 35 — 39 — Adjusted OIBDA $ 1,117 $ 1,127 $ 1,954 $ 2,240 |
Restructuring and Other Charg_2
Restructuring and Other Charges (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring and Related Costs by Reportable Segment | Restructuring and other charges by reportable segments and corporate, inter-segment eliminations, and other were as follows (in millions). Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 U.S. Networks $ 1 $ — $ 1 $ 12 International Networks 5 3 20 4 Corporate, inter-segment eliminations, and other 1 4 1 6 Total restructuring and other charges $ 7 $ 7 $ 22 $ 22 |
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). U.S. Networks International Networks Corporate, inter-segment eliminations, and other Total December 31, 2020 $ 23 $ 20 $ 15 $ 58 Employee termination accruals, net 2 20 — 22 Cash paid (14) (22) (9) (45) June 30, 2021 $ 11 $ 18 $ 6 $ 35 |
Description of Business and B_3
Description of Business and Basis of Presentation (Details) | 6 Months Ended |
Jun. 30, 2021segment | |
Accounting Policies [Abstract] | |
Number of reportable segments | 2 |
Acquisitions and Dispositions -
Acquisitions and Dispositions - Acquisitions (Details) - WarnerMedia - USD ($) | Jun. 30, 2021 | May 31, 2021 |
AT&T | ||
Business Acquisition [Line Items] | ||
Consideration to be transferred | $ 43,000,000,000 | |
AT&T | WarnerMedia | ||
Business Acquisition [Line Items] | ||
Equity method investment, ownership percentage | 71.00% | |
Contract early termination fee | $ 720,000,000 | |
Concentration early termination fee receivable | $ 1,800,000,000 | |
AT&T | WarnerMedia | Parent Company | ||
Business Acquisition [Line Items] | ||
Equity method investment, ownership percentage | 29.00% | |
Magallanes, Inc. | Term Loan | ||
Business Acquisition [Line Items] | ||
Face amount | $ 10,000,000,000 |
Acquisitions and Dispositions_2
Acquisitions and Dispositions - Dispositions (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Gain on disposition | $ 72 | $ 0 | $ 72 | $ 0 | |
Hicks Equity Partners | Great American Country Network | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Sale price | $ 90 | ||||
Gain on disposition | 76 | ||||
Net assets disposed | $ 14 | $ 14 | $ 14 |
Investments (Schedule of Invest
Investments (Schedule of Investments) (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Schedule of Equity Method Investments [Line Items] | ||
Equity investments without readily determinable fair values: | $ 632 | $ 541 |
Total Investments | 1,293 | 1,134 |
Other noncurrent assets | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investments | 559 | 507 |
Other noncurrent assets | nC+ | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investments | $ 156 | 164 |
Equity method investment, ownership percentage | 32.00% | |
Other noncurrent assets | Discovery Solar Ventures, LLC | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investments | $ 80 | 83 |
Other noncurrent assets | All3Media | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investments | $ 83 | 76 |
Equity method investment, ownership percentage | 50.00% | |
Other noncurrent assets | Other | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investments | $ 240 | 184 |
Other noncurrent assets | Group Nine Media | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity investments without readily determinable fair values: | 276 | 276 |
Note receivable | $ 20 | |
Other noncurrent assets | Group Nine Media | Group Nine Media | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership percentage by noncontrolling owners | 25.00% | |
Other noncurrent assets | Sharecare | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity investments without readily determinable fair values: | $ 82 | 0 |
Other noncurrent assets | Sharecare | Sharecare | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership percentage by noncontrolling owners | 2.00% | |
Other noncurrent assets | Formula E | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity investments without readily determinable fair values: | $ 65 | 65 |
Other noncurrent assets | Formula E | Formula E | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership percentage by noncontrolling owners | 25.00% | |
Other noncurrent assets | Other | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity investments without readily determinable fair values: | $ 209 | 200 |
Other noncurrent assets | Common Stock | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments with readily determinable fair values | 97 | 54 |
Prepaid expenses and other current assets | Common Stock | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments with readily determinable fair values | 5 | $ 32 |
Other noncurrent liabilities | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investments | $ 9 |
Investments (Equity Method Inve
Investments (Equity Method Investments) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Schedule of Equity Method Investments [Line Items] | |||||
Impairment losses | $ 0 | $ 0 | |||
Variable Interest Entity, Not Primary Beneficiary | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Variable interest, maximum exposure to loss | $ 208,000,000 | 208,000,000 | |||
Equity method investments | 111,000,000 | 111,000,000 | $ 123,000,000 | ||
Variable interest entity losses | 7,000,000 | $ 13,000,000 | 15,000,000 | 22,000,000 | |
Various equity method investments, aggregated | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Amortization of intangible assets | 5,000,000 | $ 5,000,000 | |||
Expected future amortization of intangible assets | $ 45,000,000 | $ 45,000,000 |
Investments (Common Stock Inves
Investments (Common Stock Investments with Readily Determinable Fair Value ) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Investments [Abstract] | ||||
Net gains (losses) recognized during the period on equity securities | $ 29 | $ 7 | $ 62 | $ (15) |
Less: Net gains recognized on equity securities sold | 0 | 0 | 16 | 0 |
Unrealized gains (losses) recognized during reporting period on equity securities still held at the reporting date | $ 29 | $ 7 | $ 46 | $ (15) |
Investments (Equity Investments
Investments (Equity Investments Without Readily Determinable Fair Values Assessed Under the Measurement Alternative) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | |
Other Investment Not Readily Marketable [Line Items] | ||
Equity investments without readily determinable fair values: | $ 632 | $ 541 |
Various Equity Investments Without Readily Determinable Fair Values | ||
Other Investment Not Readily Marketable [Line Items] | ||
Equity investments without readily determinable fair values: | 10 | |
Equity securities without readily determinable fair value, increase (decrease) | 81 | |
Equity securities without readily determinable fair value, cumulative upward adjustment | 90 | |
Equity securities without readily determinable fair value, cumulative impairments | $ 1 |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule Of Assets And Liabilities Measured On Recurring Basis) (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets | $ 476 | $ 1,173 |
Liabilities | 259 | 248 |
Cash Equivalents | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Time deposits | 29 | 7 |
Treasury securities | 500 | |
Equity securities | 40 | 150 |
Prepaid expenses and other current assets | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Time deposits | 150 | 250 |
Equity securities | 13 | 14 |
Company-owned life insurance contracts | 1 | 4 |
Other noncurrent assets | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Equity securities | 212 | 200 |
Company-owned life insurance contracts | 31 | 48 |
Accounts payable and accrued liabilities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Deferred compensation plan | 24 | 28 |
Other noncurrent liabilities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Deferred compensation plan | 235 | 220 |
Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets | 265 | 714 |
Liabilities | 259 | 248 |
Level 1 | Cash Equivalents | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Time deposits | 0 | 0 |
Treasury securities | 500 | |
Equity securities | 40 | 0 |
Level 1 | Prepaid expenses and other current assets | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Time deposits | 0 | 0 |
Equity securities | 13 | 14 |
Company-owned life insurance contracts | 0 | 0 |
Level 1 | Other noncurrent assets | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Equity securities | 212 | 200 |
Company-owned life insurance contracts | 0 | 0 |
Level 1 | Accounts payable and accrued liabilities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Deferred compensation plan | 24 | 28 |
Level 1 | Other noncurrent liabilities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Deferred compensation plan | 235 | 220 |
Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets | 211 | 459 |
Liabilities | 0 | 0 |
Level 2 | Cash Equivalents | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Time deposits | 29 | 7 |
Treasury securities | 0 | |
Equity securities | 0 | 150 |
Level 2 | Prepaid expenses and other current assets | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Time deposits | 150 | 250 |
Equity securities | 0 | 0 |
Company-owned life insurance contracts | 1 | 4 |
Level 2 | Other noncurrent assets | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Equity securities | 0 | 0 |
Company-owned life insurance contracts | 31 | 48 |
Level 2 | Accounts payable and accrued liabilities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Deferred compensation plan | 0 | 0 |
Level 2 | Other noncurrent liabilities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Deferred compensation plan | 0 | 0 |
Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets | 0 | 0 |
Liabilities | 0 | 0 |
Level 3 | Cash Equivalents | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Time deposits | 0 | 0 |
Treasury securities | 0 | |
Equity securities | 0 | 0 |
Level 3 | Prepaid expenses and other current assets | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Time deposits | 0 | 0 |
Equity securities | 0 | 0 |
Company-owned life insurance contracts | 0 | 0 |
Level 3 | Other noncurrent assets | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Equity securities | 0 | 0 |
Company-owned life insurance contracts | 0 | 0 |
Level 3 | Accounts payable and accrued liabilities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Deferred compensation plan | 0 | 0 |
Level 3 | Other noncurrent liabilities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Deferred compensation plan | $ 0 | $ 0 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) $ in Billions | Jun. 30, 2021 | Dec. 31, 2020 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Senior notes, fair value | $ 17.7 | $ 18.7 |
Content Rights (Schedule Of Con
Content Rights (Schedule Of Content Rights) (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Licensed content rights: | ||
Accumulated amortization | $ (8,734) | $ (8,170) |
Total content rights, net | 4,259 | 3,971 |
Current portion | (653) | (532) |
Noncurrent portion | 3,606 | 3,439 |
Content rights | ||
Produced content rights: | ||
Completed | 9,401 | 8,576 |
In-production | 674 | 731 |
Coproduced content rights: | ||
Completed | 940 | 888 |
In-production | 97 | 78 |
Licensed content rights: | ||
Acquired | 1,198 | 1,312 |
Prepaid | 683 | 556 |
Content rights, at cost | $ 12,993 | $ 12,141 |
Content rights | Operating Cycle Ended March 31, 2022 | ||
Licensed content rights: | ||
Produced and co-produced content rights, expected amortization, percent | 58.00% | |
Licensed content rights, expected amortization, percent | 50.00% | |
Content rights | Operating Cycle Ended March 31, 2023 | ||
Licensed content rights: | ||
Produced and co-produced content rights, expected amortization, percent | 26.00% | |
Licensed content rights, expected amortization, percent | 22.00% | |
Content rights | Operating Cycle Ended March 31, 2024 | ||
Licensed content rights: | ||
Produced and co-produced content rights, expected amortization, percent | 12.00% | |
Licensed content rights, expected amortization, percent | 10.00% |
Content Rights (Schedule Of C_2
Content Rights (Schedule Of Content Expense) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||||
Content amortization | $ 772 | $ 645 | $ 1,515 | $ 1,348 |
Other production charges | 1 | 22 | 1 | 106 |
Content impairments | 103 | 6 | 183 | 7 |
Total content expense | $ 876 | $ 673 | $ 1,699 | $ 1,461 |
Goodwill - Goodwill Activity (D
Goodwill - Goodwill Activity (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | |
Goodwill [Roll Forward] | ||
Beginning balance | $ 13,070 | |
Dispositions | (3) | |
Foreign currency translation and other | (54) | |
Ending balance | 13,013 | |
U.S. Networks | ||
Goodwill [Roll Forward] | ||
Beginning balance | 10,813 | |
Dispositions | 0 | |
Foreign currency translation and other | 0 | |
Ending balance | 10,813 | |
Goodwill, accumulated impairments | 20 | $ 20 |
International Networks | ||
Goodwill [Roll Forward] | ||
Beginning balance | 2,257 | |
Dispositions | (3) | |
Foreign currency translation and other | (54) | |
Ending balance | 2,200 | |
Goodwill, accumulated impairments | $ 1,600 | $ 1,600 |
Goodwill - Goodwill Impairments
Goodwill - Goodwill Impairments (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2020 | Sep. 30, 2020 | |
Asia Pacific | ||
Goodwill [Line Items] | ||
Impairment of goodwill | $ 85 | $ 36 |
Europe | ||
Goodwill [Line Items] | ||
Goodwill, headroom threshold, percent | 20.00% |
Debt (Outstanding Debt) (Detail
Debt (Outstanding Debt) (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Total debt | $ 15,484 | $ 15,848 |
Unamortized discount, premium and debt issuance costs, net (a) | (437) | (444) |
Debt, net of unamortized discount, premium and debt issuance costs | 15,047 | 15,404 |
Current portion of debt | (585) | (335) |
Noncurrent portion of debt | 14,462 | 15,069 |
Unamortized discount, premium and debt issuance costs, current | $ 1 | 1 |
4.375% Senior Notes, semi-annual interest, due June 2021 | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 4.375% | |
Total debt | $ 0 | 335 |
2.375% Senior Notes, euro denominated, annual interest, due March 2022 | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 2.375% | |
Total debt | $ 357 | 369 |
3.300% Senior Notes, semi-annual interest, due May 2022 | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 3.30% | |
Total debt | $ 168 | 168 |
3.500% Senior Notes, semi-annual interest, due June 2022 | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 3.50% | |
Total debt | $ 62 | 62 |
2.950% Senior Notes, semi-annual interest, due March 2023 | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 2.95% | |
Total debt | $ 796 | 796 |
3.250% Senior Notes, semi-annual interest, due April 2023 | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 3.25% | |
Total debt | $ 192 | 192 |
3.800% Senior Notes, semi-annual interest, due March 2024 | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 3.80% | |
Total debt | $ 450 | 450 |
2.500% Senior Notes, sterling denominated, annual interest, due September 2024 | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 2.50% | |
Total debt | $ 554 | 545 |
3.900% Senior Notes, semi-annual interest, due November 2024 | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 3.90% | |
Total debt | $ 497 | 497 |
3.450% Senior Notes, semi-annual interest, due March 2025 | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 3.45% | |
Total debt | $ 300 | 300 |
3.950% Senior Notes, semi-annual interest, due June 2025 | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 3.95% | |
Total debt | $ 500 | 500 |
4.900% Senior Notes, semi-annual interest, due March 2026 | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 4.90% | |
Total debt | $ 700 | 700 |
1.900% Senior Notes, euro denominated, annual interest, due March 2027 | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 1.90% | |
Total debt | $ 713 | 739 |
3.950% Senior Notes, semi-annual interest, due March 2028 | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 3.95% | |
Total debt | $ 1,700 | 1,700 |
4.125% Senior Notes, semi-annual interest, due May 2029 | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 4.125% | |
Total debt | $ 750 | 750 |
3.625% Senior Notes, semi-annual interest, due May 2030 | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 3.625% | |
Total debt | $ 1,000 | $ 1,000 |
5.000% Senior Notes, semi-annual interest, due September 2037 | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 5.00% | 5.00% |
Total debt | $ 548 | $ 548 |
6.350% Senior Notes, semi-annual interest, due June 2040 | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 6.35% | 6.35% |
Total debt | $ 664 | $ 664 |
4.950% Senior Notes, semi-annual interest, due May 2042 | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 4.95% | 4.95% |
Total debt | $ 285 | $ 285 |
4.875% Senior Notes, semi-annual interest, due April 2043 | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 4.875% | 4.875% |
Total debt | $ 516 | $ 516 |
5.200% Senior Notes, semi-annual interest, due September 2047 | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 5.20% | 5.20% |
Total debt | $ 1,250 | $ 1,250 |
5.300% Senior Notes, semi-annual interest, due May 2049 | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 5.30% | |
Total debt | $ 750 | 750 |
4.650% Senior Notes, semi-annual interest, due May 2050 | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 4.65% | |
Total debt | $ 1,000 | $ 1,000 |
4.000% Senior Notes, semi-annual interest, due September 2055 | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 4.00% | 4.00% |
Total debt | $ 1,732 | $ 1,732 |
Debt (Senior Notes) (Details)
Debt (Senior Notes) (Details) | Jul. 31, 2021USD ($) | Mar. 21, 2021USD ($) | Mar. 31, 2021USD ($) | Jun. 30, 2021USD ($) | Dec. 31, 2020USD ($)offer | Sep. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Feb. 28, 2021USD ($) | Feb. 19, 2021 |
Debt Instrument [Line Items] | |||||||||||
Long-term debt, gross | $ 15,484,000,000 | $ 15,848,000,000 | $ 15,484,000,000 | ||||||||
Loss on extinguishment of debt | 1,000,000 | $ 71,000,000 | 4,000,000 | $ 71,000,000 | |||||||
Number of private exchange offers | offer | 5 | ||||||||||
Repayments of revolving credit facility | 0 | $ 500,000,000 | |||||||||
Exchange Offer | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt issuance costs | $ 11,000,000 | ||||||||||
3.300% Senior Notes, semi-annual interest, due May 2022 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term debt, gross | $ 168,000,000 | 168,000,000 | $ 168,000,000 | ||||||||
Debt instrument interest rate | 3.30% | 3.30% | |||||||||
3.500% Senior Notes, semi-annual interest, due June 2022 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term debt, gross | $ 62,000,000 | 62,000,000 | $ 62,000,000 | ||||||||
Debt instrument interest rate | 3.50% | 3.50% | |||||||||
4.375% Senior Notes, semi-annual interest, due June 2021 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term debt, gross | $ 0 | 335,000,000 | $ 0 | ||||||||
Debt instrument interest rate | 4.375% | 4.375% | |||||||||
4.375% Senior Notes, semi-annual interest, due June 2021 | Debt Instrument, Redemption, Period One | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term debt, gross | $ 335,000,000 | ||||||||||
Debt instrument interest rate | 4.375% | ||||||||||
Extinguishment of debt, amount | $ 339,000,000 | ||||||||||
Premium over par | $ 3,000,000 | ||||||||||
Loss on extinguishment of debt | $ 3,000,000 | ||||||||||
5.000% Senior Notes, semi-annual interest, due September 2037 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term debt, gross | $ 548,000,000 | $ 548,000,000 | $ 548,000,000 | ||||||||
Debt instrument interest rate | 5.00% | 5.00% | 5.00% | ||||||||
6.350% Senior Notes, semi-annual interest, due June 2040 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term debt, gross | $ 664,000,000 | $ 664,000,000 | $ 664,000,000 | ||||||||
Debt instrument interest rate | 6.35% | 6.35% | 6.35% | ||||||||
4.950% Senior Notes, semi-annual interest, due May 2042 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term debt, gross | $ 285,000,000 | $ 285,000,000 | $ 285,000,000 | ||||||||
Debt instrument interest rate | 4.95% | 4.95% | 4.95% | ||||||||
4.875% Senior Notes, semi-annual interest, due April 2043 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term debt, gross | $ 516,000,000 | $ 516,000,000 | $ 516,000,000 | ||||||||
Debt instrument interest rate | 4.875% | 4.875% | 4.875% | ||||||||
5.200% Senior Notes, semi-annual interest, due September 2047 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term debt, gross | $ 1,250,000,000 | $ 1,250,000,000 | $ 1,250,000,000 | ||||||||
Debt instrument interest rate | 5.20% | 5.20% | 5.20% | ||||||||
4.000% Senior Notes, semi-annual interest, due September 2055 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term debt, gross | $ 1,732,000,000 | $ 1,732,000,000 | $ 1,732,000,000 | ||||||||
Debt instrument interest rate | 4.00% | 4.00% | 4.00% | ||||||||
4.000% Senior Notes, semi-annual interest, due September 2055 | Exchange Offer | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Face amount | $ 1,700,000,000 | ||||||||||
Unamortized discount | 318,000,000 | ||||||||||
Old Notes | Exchange Offer | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Face amount exchanged | 1,400,000,000 | ||||||||||
Old Notes | Cash Offers | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Loss on extinguishment of debt | 5,000,000 | ||||||||||
Repurchased face amount | 22,000,000 | ||||||||||
Repayments of notes payable | 27,000,000 | ||||||||||
3.625% Senior Notes, semi-annual interest, due May 2030 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term debt, gross | $ 1,000,000,000 | 1,000,000,000 | $ 1,000,000,000 | ||||||||
Debt instrument interest rate | 3.625% | 3.625% | |||||||||
4.650% Senior Notes, semi-annual interest, due May 2050 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term debt, gross | $ 1,000,000,000 | $ 1,000,000,000 | $ 1,000,000,000 | ||||||||
Debt instrument interest rate | 4.65% | 4.65% | |||||||||
Senior Notes | 3.300% Senior Notes, semi-annual interest, due May 2022 | Debt Instrument, Redemption, Period One | Subsequent Event | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term debt, gross | $ 168,000,000 | ||||||||||
Debt instrument interest rate | 3.30% | ||||||||||
Senior Notes | 3.500% Senior Notes, semi-annual interest, due June 2022 | Debt Instrument, Redemption, Period One | Subsequent Event | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term debt, gross | $ 62,000,000 | ||||||||||
Debt instrument interest rate | 3.50% | ||||||||||
Senior Notes | 3.300% Senior Notes Due May 2022 and 3.500% Senior Notes Due June 2022 | Debt Instrument, Redemption, Period One | Subsequent Event | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Percentage of principal amount of notes being redeemed | 100.00% | ||||||||||
Basis spread on variable rate | 0.25% | ||||||||||
Extinguishment of debt, amount | $ 235,000,000 | ||||||||||
Premium over par | 5,000,000 | ||||||||||
Loss on extinguishment of debt | $ 6,000,000 | ||||||||||
Senior Notes | 3.625% Senior Notes, semi-annual interest, due May 2030 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Face amount | $ 1,000,000,000 | ||||||||||
Senior Notes | 4.650% Senior Notes, semi-annual interest, due May 2050 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Face amount | 1,000,000,000 | ||||||||||
Senior Notes | Senior Notes Due May 2030 And May 2050 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Unamortized discount | 1,000,000 | ||||||||||
Debt issuance costs, gross | 20,000,000 | ||||||||||
Senior Notes | Senior Notes Due 2021 Through 2023 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Loss on extinguishment of debt | 71,000,000 | ||||||||||
Repurchased face amount | 1,500,000,000 | ||||||||||
Loss on extinguishment of debt, net premiums to par value | 62,000,000 | ||||||||||
Loss on extinguishment of debt, other non cash charges | 9,000,000 | ||||||||||
Line of Credit | Revolving Credit Facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Repayments of revolving credit facility | $ 500,000,000 | ||||||||||
Scripps Networks | Senior Notes | Un-exchanged Scripps Senior Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Principal amount of liabilities assumed | $ 32,000,000 | $ 32,000,000 |
Debt (Revolving Credit Facility
Debt (Revolving Credit Facility) (Details) | 6 Months Ended | ||
Jun. 30, 2021USD ($)segment | Dec. 31, 2020USD ($) | Feb. 04, 2016USD ($) | |
Line of Credit Facility [Line Items] | |||
Total debt | $ 15,484,000,000 | $ 15,848,000,000 | |
Commercial paper | |||
Line of Credit Facility [Line Items] | |||
Revolving line of credit, maximum borrowing capacity | 1,500,000,000 | ||
Total debt | $ 0 | $ 0 | |
Revolving Credit Facility | |||
Line of Credit Facility [Line Items] | |||
Maximum consolidated leverage ratio | 4.50 | ||
Minimum consolidated interest coverage ratio | 3 | ||
Revolving Credit Facility | Closing Of Transaction With WarnerMedia | |||
Line of Credit Facility [Line Items] | |||
Maximum consolidated leverage ratio | 5.75 | ||
Revolving Credit Facility | First Anniversary Of Closing | |||
Line of Credit Facility [Line Items] | |||
Maximum consolidated leverage ratio | 5 | ||
Revolving Credit Facility | Second Anniversary Of Closing | |||
Line of Credit Facility [Line Items] | |||
Maximum consolidated leverage ratio | 4.50 | ||
Revolving Credit Facility | Line of Credit | |||
Line of Credit Facility [Line Items] | |||
Revolving line of credit, maximum borrowing capacity | $ 2,500,000,000 | $ 2,500,000,000 | |
Number of renewal periods | segment | 2 | ||
Term of renewal period | 364 days | ||
Revolving Credit Facility | Line of Credit | WarnerMedia | AT&T | |||
Line of Credit Facility [Line Items] | |||
Revolving line of credit, maximum borrowing capacity | $ 6,000,000,000 | ||
Increase in borrowing capacity | 3,500,000,000 | ||
Revolving Credit Facility | Commercial paper | Euro Denominated Borrowings | |||
Line of Credit Facility [Line Items] | |||
Revolving line of credit, maximum borrowing capacity | 500,000,000 | ||
Revolver Sublimit For Standby Letters Of Credit | Line of Credit | |||
Line of Credit Facility [Line Items] | |||
Revolving line of credit, maximum borrowing capacity | 150,000,000 | ||
Additional Commitments Upon Satisfaction Of Certain Conditions | Line of Credit | |||
Line of Credit Facility [Line Items] | |||
Revolving line of credit, maximum borrowing capacity | $ 1,000,000,000 |
Derivative Financial Instrume_3
Derivative Financial Instruments (Narrative) (Details) - Designated as Hedging Instrument - Cash Flow Hedging $ in Millions | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Derivative [Line Items] | |
Net deferred losses on derivative instruments expected to be reclassified from AOCI to income in the next 12 months | $ 3 |
Maximum length of time hedged in cash flow hedge | 34 years |
Derivative Financial Instrume_4
Derivative Financial Instruments (Schedule of Derivative Instruments, Fair Value) (Details) £ in Millions | Jun. 30, 2021USD ($) | Jun. 30, 2021GBP (£) | Dec. 31, 2020USD ($) |
Derivatives, Fair Value [Line Items] | |||
Amounts eligible to be offset under master netting agreements | $ 0 | $ 0 | |
Long-term debt, gross | 15,484,000,000 | 15,848,000,000 | |
Prepaid expenses and other current assets | |||
Derivatives, Fair Value [Line Items] | |||
Derivative assets | 116,000,000 | 40,000,000 | |
Other noncurrent assets | |||
Derivatives, Fair Value [Line Items] | |||
Derivative assets | 60,000,000 | 57,000,000 | |
Accounts payable and accrued liabilities | |||
Derivatives, Fair Value [Line Items] | |||
Derivative liability | 60,000,000 | 16,000,000 | |
Other noncurrent liabilities | |||
Derivatives, Fair Value [Line Items] | |||
Derivative liability | 169,000,000 | 299,000,000 | |
Not Designated as Hedging Instrument | Foreign exchange | |||
Derivatives, Fair Value [Line Items] | |||
Notional | 941,000,000 | 1,035,000,000 | |
Not Designated as Hedging Instrument | Foreign exchange | Prepaid expenses and other current assets | |||
Derivatives, Fair Value [Line Items] | |||
Derivative assets, Fair Value | 0 | 0 | |
Not Designated as Hedging Instrument | Foreign exchange | Other noncurrent assets | |||
Derivatives, Fair Value [Line Items] | |||
Derivative assets, Fair Value | 0 | 0 | |
Not Designated as Hedging Instrument | Foreign exchange | Accounts payable and accrued liabilities | |||
Derivatives, Fair Value [Line Items] | |||
Derivative liability, Fair Value | 16,000,000 | 2,000,000 | |
Not Designated as Hedging Instrument | Foreign exchange | Other noncurrent liabilities | |||
Derivatives, Fair Value [Line Items] | |||
Derivative liability, Fair Value | 37,000,000 | 26,000,000 | |
Not Designated as Hedging Instrument | Cross-currency swaps | |||
Derivatives, Fair Value [Line Items] | |||
Notional | 139,000,000 | 139,000,000 | |
Not Designated as Hedging Instrument | Cross-currency swaps | Prepaid expenses and other current assets | |||
Derivatives, Fair Value [Line Items] | |||
Derivative assets, Fair Value | 3,000,000 | 2,000,000 | |
Not Designated as Hedging Instrument | Cross-currency swaps | Other noncurrent assets | |||
Derivatives, Fair Value [Line Items] | |||
Derivative assets, Fair Value | 0 | 0 | |
Not Designated as Hedging Instrument | Cross-currency swaps | Accounts payable and accrued liabilities | |||
Derivatives, Fair Value [Line Items] | |||
Derivative liability, Fair Value | 0 | 0 | |
Not Designated as Hedging Instrument | Cross-currency swaps | Other noncurrent liabilities | |||
Derivatives, Fair Value [Line Items] | |||
Derivative liability, Fair Value | 6,000,000 | 13,000,000 | |
Cash Flow Hedging | Designated as Hedging Instrument | Foreign exchange | |||
Derivatives, Fair Value [Line Items] | |||
Notional | 1,200,000,000 | 1,082,000,000 | |
Cash Flow Hedging | Designated as Hedging Instrument | Foreign exchange | Prepaid expenses and other current assets | |||
Derivatives, Fair Value [Line Items] | |||
Derivative assets, Fair Value | 12,000,000 | 2,000,000 | |
Cash Flow Hedging | Designated as Hedging Instrument | Foreign exchange | Other noncurrent assets | |||
Derivatives, Fair Value [Line Items] | |||
Derivative assets, Fair Value | 13,000,000 | 5,000,000 | |
Cash Flow Hedging | Designated as Hedging Instrument | Foreign exchange | Accounts payable and accrued liabilities | |||
Derivatives, Fair Value [Line Items] | |||
Derivative liability, Fair Value | 7,000,000 | 14,000,000 | |
Cash Flow Hedging | Designated as Hedging Instrument | Foreign exchange | Other noncurrent liabilities | |||
Derivatives, Fair Value [Line Items] | |||
Derivative liability, Fair Value | 11,000,000 | 17,000,000 | |
Cash Flow Hedging | Designated as Hedging Instrument | Interest rate swaps | |||
Derivatives, Fair Value [Line Items] | |||
Notional | 2,000,000,000 | 2,000,000,000 | |
Cash Flow Hedging | Designated as Hedging Instrument | Interest rate swaps | Prepaid expenses and other current assets | |||
Derivatives, Fair Value [Line Items] | |||
Derivative assets, Fair Value | 55,000,000 | 0 | |
Cash Flow Hedging | Designated as Hedging Instrument | Interest rate swaps | Other noncurrent assets | |||
Derivatives, Fair Value [Line Items] | |||
Derivative assets, Fair Value | 0 | 11,000,000 | |
Cash Flow Hedging | Designated as Hedging Instrument | Interest rate swaps | Accounts payable and accrued liabilities | |||
Derivatives, Fair Value [Line Items] | |||
Derivative liability, Fair Value | 8,000,000 | 0 | |
Cash Flow Hedging | Designated as Hedging Instrument | Interest rate swaps | Other noncurrent liabilities | |||
Derivatives, Fair Value [Line Items] | |||
Derivative liability, Fair Value | 0 | 89,000,000 | |
Net investment hedges | Designated as Hedging Instrument | Sterling Notes | |||
Derivatives, Fair Value [Line Items] | |||
Long-term debt, gross | 554,000,000 | £ 400 | |
Net investment hedges | Designated as Hedging Instrument | Foreign exchange | |||
Derivatives, Fair Value [Line Items] | |||
Notional | 37,000,000 | 44,000,000 | |
Net investment hedges | Designated as Hedging Instrument | Foreign exchange | Prepaid expenses and other current assets | |||
Derivatives, Fair Value [Line Items] | |||
Derivative assets, Fair Value | 0 | 2,000,000 | |
Net investment hedges | Designated as Hedging Instrument | Foreign exchange | Other noncurrent assets | |||
Derivatives, Fair Value [Line Items] | |||
Derivative assets, Fair Value | 0 | 0 | |
Net investment hedges | Designated as Hedging Instrument | Foreign exchange | Accounts payable and accrued liabilities | |||
Derivatives, Fair Value [Line Items] | |||
Derivative liability, Fair Value | 0 | 0 | |
Net investment hedges | Designated as Hedging Instrument | Foreign exchange | Other noncurrent liabilities | |||
Derivatives, Fair Value [Line Items] | |||
Derivative liability, Fair Value | 0 | 0 | |
Net investment hedges | Designated as Hedging Instrument | Cross-currency swaps | |||
Derivatives, Fair Value [Line Items] | |||
Notional | 3,557,000,000 | 3,544,000,000 | |
Net investment hedges | Designated as Hedging Instrument | Cross-currency swaps | Prepaid expenses and other current assets | |||
Derivatives, Fair Value [Line Items] | |||
Derivative assets, Fair Value | 46,000,000 | 34,000,000 | |
Net investment hedges | Designated as Hedging Instrument | Cross-currency swaps | Other noncurrent assets | |||
Derivatives, Fair Value [Line Items] | |||
Derivative assets, Fair Value | 47,000,000 | 41,000,000 | |
Net investment hedges | Designated as Hedging Instrument | Cross-currency swaps | Accounts payable and accrued liabilities | |||
Derivatives, Fair Value [Line Items] | |||
Derivative liability, Fair Value | 29,000,000 | 0 | |
Net investment hedges | Designated as Hedging Instrument | Cross-currency swaps | Other noncurrent liabilities | |||
Derivatives, Fair Value [Line Items] | |||
Derivative liability, Fair Value | $ 115,000,000 | $ 154,000,000 |
Derivative Financial Instrume_5
Derivative Financial Instruments (Schedule of Income and Comprehensive Income (Loss) Impact of Items Designated as Cash Flow Hedges) (Details) - Cash Flow Hedging - Designated as Hedging Instrument - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Foreign exchange | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) recognized in accumulated other comprehensive loss | $ (7) | $ (7) | $ 30 | $ 69 |
Foreign exchange | Advertising | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) reclassified into income from accumulated other comprehensive loss | 0 | 0 | 0 | 1 |
Foreign exchange | Distribution | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) reclassified into income from accumulated other comprehensive loss | 2 | 12 | (1) | 20 |
Foreign exchange | Cost of Revenues | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) reclassified into income from accumulated other comprehensive loss | 0 | 1 | 0 | 2 |
Interest rate swaps | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) recognized in accumulated other comprehensive loss | (134) | 0 | 126 | (272) |
Interest rate swaps | Other income (expense), net | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) reclassified into income from accumulated other comprehensive loss | $ (1) | $ 1 | $ (1) | $ 1 |
Derivative Financial Instrume_6
Derivative Financial Instruments (Schedule of Comprehensive Income (Loss) Impact of Items Designated as Net Investment Hedges) (Details) - Designated as Hedging Instrument - Net investment hedges - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Derivative [Line Items] | ||||
Amount of gain (loss) recognized in AOCI | $ (8) | $ (32) | $ 39 | $ 141 |
Amount of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing) | 11 | 11 | 21 | 23 |
Sterling Notes | ||||
Derivative [Line Items] | ||||
Amount of gain (loss) recognized in AOCI | (3) | 3 | (8) | 33 |
Amount of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing) | 0 | 0 | 0 | 0 |
Cross-currency swaps | Interest expense, net | ||||
Derivative [Line Items] | ||||
Amount of gain (loss) recognized in AOCI | (5) | (33) | 47 | 104 |
Amount of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing) | 11 | 11 | 21 | 23 |
Foreign exchange | ||||
Derivative [Line Items] | ||||
Amount of gain (loss) recognized in AOCI | 0 | |||
Amount of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing) | 0 | $ 0 | 0 | |
Foreign exchange | Other income (expense), net | ||||
Derivative [Line Items] | ||||
Amount of gain (loss) recognized in AOCI | $ 0 | (2) | $ 4 | |
Amount of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing) | $ 0 |
Derivative Financial Instrume_7
Derivative Financial Instruments (Schedule of Pre-Tax Impact of Items not Designated as Hedges) (Details) - Not Designated as Hedging Instrument - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Other expense, net | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total in other income (expense), net | $ (1) | $ 4 | $ (21) | $ (23) |
Cross-currency swaps | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total in other income (expense), net | 1 | (3) | 6 | 7 |
Equity | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total in other income (expense), net | 0 | 0 | 0 | 7 |
Foreign exchange | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total in other income (expense), net | $ (2) | $ 7 | $ (27) | $ (37) |
Equity (Repurchase Programs) (D
Equity (Repurchase Programs) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 26 Months Ended | |||||
Jun. 30, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Feb. 29, 2020 | May 31, 2019 | |
Class of Stock [Line Items] | ||||||||
Shares repurchased (in shares) | 0 | 0 | 0 | |||||
Repurchases of stock | $ 523,000,000 | |||||||
Common Stock | ||||||||
Class of Stock [Line Items] | ||||||||
Shares repurchased (in shares) | 19,400,000 | |||||||
Shares repurchased, value | $ 523,000,000 | |||||||
Series A Common Stock | Common Stock | ||||||||
Class of Stock [Line Items] | ||||||||
Shares repurchased (in shares) | 3,000,000 | |||||||
Shares repurchased, value | $ 171,000,000 | |||||||
Series C Common Stock | Common Stock | ||||||||
Class of Stock [Line Items] | ||||||||
Shares repurchased (in shares) | 229,000,000 | |||||||
Shares repurchased, value | $ 8,200,000,000 | |||||||
February 2020 Repurchase Program | Common Stock | ||||||||
Class of Stock [Line Items] | ||||||||
Stock repurchase program, authorized amount | $ 2,000,000,000 | |||||||
April 2019 Repurchase Program | Common Stock | ||||||||
Class of Stock [Line Items] | ||||||||
Stock repurchase program, authorized amount | $ 1,000,000,000 |
Equity - Convertible Preferred
Equity - Convertible Preferred Stock (Details) | 6 Months Ended |
Jun. 30, 2021shares | |
Series C-1 Convertible Preferred Stock | |
Class of Stock [Line Items] | |
Conversion of stock, shares converted (in shares) | 600,000 |
Series C Common Stock, par value $0.01 per share | |
Class of Stock [Line Items] | |
Conversion of stock, shares issued (in shares) | 11,000,000 |
Equity - Other Comprehensive In
Equity - Other Comprehensive Income (Loss) Adjustments (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Derivative [Line Items] | ||||||
Unrealized (losses) gains, Net-of-tax | $ 113 | $ 64 | $ (179) | |||
Reclassifications, Net-of-tax | (12) | 2 | (20) | |||
Other comprehensive income (loss) | $ (4) | $ 70 | 101 | $ (300) | 66 | (199) |
AOCI Including Portion Attributable to Noncontrolling Interest | ||||||
Derivative [Line Items] | ||||||
Other comprehensive (loss) income, Pretax | (34) | 86 | 78 | (262) | ||
Other comprehensive (loss) income, Tax Benefit (Expense) | 30 | 15 | (12) | 63 | ||
Other comprehensive income (loss) | (4) | 101 | 66 | (199) | ||
Currency Translation | ||||||
Derivative [Line Items] | ||||||
Unrealized (losses) gains, Net-of-tax | 116 | (59) | (25) | |||
Reclassifications, Net-of-tax | 0 | 0 | 0 | |||
Other comprehensive (loss) income, Pretax | 108 | 107 | (80) | (35) | ||
Other comprehensive (loss) income, Tax Benefit (Expense) | 0 | 9 | 21 | 10 | ||
Other comprehensive income (loss) | 108 | 116 | (59) | (25) | ||
Currency Translation | Foreign currency | ||||||
Derivative [Line Items] | ||||||
Unrealized (losses) gains, Pretax | 121 | 145 | (109) | (164) | ||
Unrealized (losses) gains, Tax Benefit (Expense) | (2) | 10 | 14 | 57 | ||
Unrealized (losses) gains, Net-of-tax | 119 | 155 | (95) | (107) | ||
Currency Translation | Net investment hedges | ||||||
Derivative [Line Items] | ||||||
Unrealized (losses) gains, Pretax | (13) | (38) | 29 | 129 | ||
Unrealized (losses) gains, Tax Benefit (Expense) | 2 | (1) | 7 | (47) | ||
Unrealized (losses) gains, Net-of-tax | (11) | (39) | 36 | 82 | ||
Derivatives | ||||||
Derivative [Line Items] | ||||||
Unrealized (losses) gains, Pretax | (141) | (7) | 156 | (203) | ||
Unrealized (losses) gains, Tax Benefit (Expense) | 29 | 4 | (33) | 49 | ||
Unrealized (losses) gains, Net-of-tax | (112) | (3) | 123 | (154) | ||
Reclassifications, Net-of-tax | (12) | 2 | (20) | |||
Other comprehensive (loss) income, Pretax | (142) | (21) | 158 | (227) | ||
Other comprehensive (loss) income, Tax Benefit (Expense) | 30 | 6 | (33) | 53 | ||
Other comprehensive income (loss) | (112) | (15) | 125 | (174) | ||
Derivatives | Income Statement Items | ||||||
Derivative [Line Items] | ||||||
Reclassifications, Pretax | (1) | (14) | 2 | (24) | ||
Reclassifications, Tax Benefit (Expense) | 1 | 2 | 0 | 4 | ||
Reclassifications, Net-of-tax | $ 0 | $ (12) | $ 2 | $ (20) |
Equity - Accumulated Other Comp
Equity - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax | ||||||
Beginning balance | $ 12,219 | $ 12,000 | $ 10,962 | $ 11,524 | $ 12,000 | $ 11,524 |
Other comprehensive income (loss) before reclassifications | 113 | 64 | (179) | |||
Reclassifications from accumulated other comprehensive loss to net income | (12) | 2 | (20) | |||
Other comprehensive income (loss) | (4) | 70 | 101 | (300) | 66 | (199) |
Ending balance | 12,951 | 12,219 | 11,358 | 10,962 | 12,951 | 11,358 |
AOCI Including Portion Attributable to Noncontrolling Interest | ||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax | ||||||
Beginning balance | (581) | (651) | (1,122) | (822) | (651) | (822) |
Other comprehensive income (loss) | (4) | 101 | 66 | (199) | ||
Ending balance | (585) | (581) | (1,021) | (1,122) | (585) | (1,021) |
Currency Translation | ||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax | ||||||
Beginning balance | (722) | (555) | (988) | (847) | (555) | (847) |
Other comprehensive income (loss) before reclassifications | 116 | (59) | (25) | |||
Reclassifications from accumulated other comprehensive loss to net income | 0 | 0 | 0 | |||
Other comprehensive income (loss) | 108 | 116 | (59) | (25) | ||
Ending balance | (614) | (722) | (872) | (988) | (614) | (872) |
Derivatives | ||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax | ||||||
Beginning balance | 156 | (81) | (127) | 32 | (81) | 32 |
Other comprehensive income (loss) before reclassifications | (112) | (3) | 123 | (154) | ||
Reclassifications from accumulated other comprehensive loss to net income | (12) | 2 | (20) | |||
Other comprehensive income (loss) | (112) | (15) | 125 | (174) | ||
Ending balance | 44 | 156 | (142) | (127) | 44 | (142) |
Pension Plan and SERP Liability | ||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax | ||||||
Beginning balance | (15) | (15) | (7) | (7) | (15) | (7) |
Other comprehensive income (loss) before reclassifications | 0 | 0 | 0 | |||
Reclassifications from accumulated other comprehensive loss to net income | 0 | 0 | 0 | |||
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | ||
Ending balance | $ (15) | $ (15) | $ (7) | $ (7) | $ (15) | $ (7) |
Revenues and Accounts Receiva_3
Revenues and Accounts Receivable - Revenue Recognition (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 3,062 | $ 2,541 | $ 5,854 | $ 5,224 |
Advertising | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 1,637 | 1,273 | 3,052 | 2,675 |
Distribution | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 1,368 | 1,225 | 2,678 | 2,448 |
Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 57 | 43 | 124 | 101 |
Operating Segments | U.S. Networks | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 1,973 | 1,756 | 3,779 | 3,512 |
Operating Segments | U.S. Networks | Advertising | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 1,119 | 997 | 2,099 | 2,023 |
Operating Segments | U.S. Networks | Distribution | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 828 | 739 | 1,624 | 1,447 |
Operating Segments | U.S. Networks | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 26 | 20 | 56 | 42 |
Operating Segments | International Networks | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 1,093 | 783 | 2,080 | 1,706 |
Operating Segments | International Networks | Advertising | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 518 | 276 | 953 | 652 |
Operating Segments | International Networks | Distribution | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 540 | 486 | 1,054 | 1,001 |
Operating Segments | International Networks | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 35 | 21 | 73 | 53 |
Operating Segments | Corporate, inter-segment eliminations and other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | (4) | 2 | (5) | 6 |
Operating Segments | Corporate, inter-segment eliminations and other | Advertising | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Operating Segments | Corporate, inter-segment eliminations and other | Distribution | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Operating Segments | Corporate, inter-segment eliminations and other | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ (4) | $ 2 | $ (5) | $ 6 |
Revenues and Accounts Receiva_4
Revenues and Accounts Receivable - Allowance for Credit Loss (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Distribution And Advertising Customers | ||
Revenue from External Customer [Line Items] | ||
Allowance for credit losses | $ 63 | $ 59 |
Revenues and Accounts Receiva_5
Revenues and Accounts Receivable - Contract Balances (Details) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |||
Deferred revenue | $ 820 | $ 649 | |
Revenue recognized related to the contract liability (deferred revenues) | $ 162 | $ 244 |
Revenues and Accounts Receiva_6
Revenues and Accounts Receivable - Transaction Price Allocated to Remaining Performance Obligations (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-07-01 $ in Millions | Jun. 30, 2021USD ($) |
Distribution | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligations | $ 1,400 |
Remaining performance obligations, expected timing of satisfaction, period | 6 years |
Content Licensing Contracts | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligations | $ 962 |
Remaining performance obligations, expected timing of satisfaction, period | 4 years |
Brand Licensing Contracts | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligations | $ 95 |
Remaining performance obligations, expected timing of satisfaction, period | 12 years |
Share-based Compensation (Equit
Share-based Compensation (Equity-Based Compensation Expense) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total share-based compensation expense | $ 31 | $ 34 | $ 95 | $ 30 |
Tax benefit recognized | 7 | 5 | 15 | 7 |
PRSUs | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total share-based compensation expense | (7) | 5 | 12 | (12) |
RSUs | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total share-based compensation expense | 29 | 20 | 51 | 37 |
Stock options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total share-based compensation expense | 16 | 7 | 26 | 16 |
SARs | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total share-based compensation expense | $ (7) | $ 2 | $ 6 | $ (11) |
Share-based Compensation (Liabi
Share-based Compensation (Liability Classified) (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Share-based Payment Arrangement [Abstract] | ||
Liability-classified share-based compensation award liability | $ 30 | $ 55 |
Current portion of liability-classified awards | $ 27 | $ 37 |
Share-based Compensation (Stock
Share-based Compensation (Stock Options Exercised) (Details) - Stock options shares in Millions, $ in Millions | 6 Months Ended |
Jun. 30, 2021USD ($)shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options exercised (in shares) | shares | 5.9 |
Proceeds from exercise of stock options | $ | $ 159 |
Share-based Compensation (Award
Share-based Compensation (Awards Granted and Converted During Period) (Details) shares in Millions | 6 Months Ended |
Jun. 30, 2021$ / sharesshares | |
PRSUs | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Awards granted, Awards (in shares) | shares | 0.2 |
Awards granted, weighted-average grant price (in dollars per share) | $ / shares | $ 58.18 |
RSUs | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Awards granted, Awards (in shares) | shares | 2.7 |
Awards granted, weighted-average grant price (in dollars per share) | $ / shares | $ 55.83 |
Stock options | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock options, granted (in shares) | shares | 15.5 |
Stock options, weighted-average grant price (in dollars per share) | $ / shares | $ 40.25 |
Share-based Compensation (Unrec
Share-based Compensation (Unrecognized Compensation Cost) (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized Compensation Cost | $ 553 |
PRSUs | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized Compensation Cost | $ 4 |
Weighted-Average Amortization Period (years) | 6 months |
RSUs | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized Compensation Cost | $ 290 |
Weighted-Average Amortization Period (years) | 2 years 7 months 6 days |
RSUs | Cash Settlement | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized Compensation Cost | $ 53 |
Weighted-Average Amortization Period (years) | 2 years 8 months 12 days |
RSUs | Stock Settlement | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Weighted-Average Amortization Period (years) | 1 year 4 months 24 days |
Stock options | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized Compensation Cost | $ 258 |
Weighted-Average Amortization Period (years) | 2 years 10 months 24 days |
SARs | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized Compensation Cost | $ 1 |
Weighted-Average Amortization Period (years) | 6 months |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||||
Income tax expense | $ 2 | $ 156 | $ 108 | $ 286 | |
Non-cash deferred Income tax benefit | 162 | ||||
Unrecognized tax benefits | 383 | 383 | $ 348 | ||
Decrease in unrecognized tax benefits reasonably possible | 75 | 75 | |||
Unrecognized tax benefits, income tax penalties and interest accrued | $ 58 | $ 58 | $ 53 |
Earnings Per Share (Calculated
Earnings Per Share (Calculated Earnings (Loss) Per Share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Numerator: | ||||
Net income | $ 718 | $ 300 | $ 909 | $ 707 |
Less: | ||||
Net income attributable to noncontrolling interests | (38) | (25) | (84) | (53) |
Net income attributable to redeemable noncontrolling interests | (8) | (4) | (13) | (6) |
Redeemable noncontrolling interest adjustments of carrying value to redemption value (redemption value does not equal fair value) | 0 | 1 | 0 | 1 |
Net income allocated to Discovery, Inc. Series A, B and C common and Series C-1 convertible preferred stockholders for basic net income per share | 600 | 243 | 725 | 581 |
Allocation of net income: | ||||
Total | 600 | 243 | 725 | 581 |
Series A-1 Convertible Preferred Stock | ||||
Less: | ||||
Allocation of undistributed income to Series A-1 convertible preferred stock | (72) | (29) | (87) | (68) |
Add: | ||||
Allocation of undistributed income to Series A-1 convertible preferred stockholders | 72 | 29 | 87 | 68 |
Series A, B and C Common Stock and C1 Preferred Stock | ||||
Less: | ||||
Net income allocated to Discovery, Inc. Series A, B and C common and Series C-1 convertible preferred stockholders for basic net income per share | 600 | 243 | 725 | 581 |
Allocation of net income: | ||||
Total | 600 | 243 | 725 | 581 |
Series A, B and C Common Stock | ||||
Less: | ||||
Net income allocated to Discovery, Inc. Series A, B and C common and Series C-1 convertible preferred stockholders for basic net income per share | 515 | 205 | 618 | 491 |
Allocation of net income: | ||||
Total | 515 | 205 | 618 | 491 |
Add: | ||||
Net income allocated to Discovery, Inc. Series A, B and C common stockholders for diluted net income per share | $ 672 | $ 272 | $ 812 | $ 649 |
Denominator — weighted average: | ||||
Series A, B and C common shares outstanding — basic (in shares) | 506 | 508 | 501 | 513 |
Impact of assumed preferred stock conversion (in shares) | 154 | 165 | 157 | 165 |
Dilutive effect of share-based awards (in shares) | 4 | 1 | 8 | 2 |
Series A, B and C common shares outstanding — diluted (in shares) | 664 | 674 | 666 | 680 |
Basic net income per share allocated to: | ||||
Basic net income (loss) per share (in dollars per share) | $ 1.02 | $ 0.40 | $ 1.23 | $ 0.96 |
Diluted net income per share allocated to: | ||||
Diluted net income (loss) per share (in dollars per share) | $ 1.01 | $ 0.40 | $ 1.22 | $ 0.95 |
Series C-1 Convertible Preferred Stock | ||||
Less: | ||||
Net income allocated to Discovery, Inc. Series A, B and C common and Series C-1 convertible preferred stockholders for basic net income per share | $ 85 | $ 38 | $ 107 | $ 90 |
Allocation of net income: | ||||
Total | $ 85 | $ 38 | $ 107 | $ 90 |
Denominator — weighted average: | ||||
Series C-1 convertible preferred stock outstanding — basic and diluted (in shares) | 4 | 5 | 4 | 5 |
Basic net income per share allocated to: | ||||
Basic net income (loss) per share (in dollars per share) | $ 19.71 | $ 7.83 | $ 23.90 | $ 18.55 |
Diluted net income per share allocated to: | ||||
Diluted net income (loss) per share (in dollars per share) | $ 19.60 | $ 7.81 | $ 23.61 | $ 18.49 |
Earnings Per Share (Schedule of
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, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Anti-dilutive share-based awards | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Securities excluded from computation of earnings per share (in shares) | 16 | 27 | 6 | 24 |
Supplemental Disclosures (Sched
Supplemental Disclosures (Schedule of Supplemental Cash Flow Information) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Disclosure Text Block Supplement [Abstract] | ||
Cash paid for taxes, net | $ 249 | $ 183 |
Cash paid for interest, net | 337 | 342 |
Non-cash investing and financing activities: | ||
Accrued purchases of property and equipment | 32 | 38 |
Assets acquired under finance lease and other arrangements | $ 50 | $ 67 |
Supplemental Disclosures (Sch_2
Supplemental Disclosures (Schedule of Cash, Cash Equivalents, and Restricted Cash) (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2019 |
Cash, cash equivalents, and restricted cash: | ||||
Cash and cash equivalents | $ 2,834 | $ 2,091 | ||
Restricted cash - other current assets | 0 | 31 | ||
Total cash, cash equivalents, and restricted cash | $ 2,834 | $ 2,122 | $ 1,738 | $ 1,552 |
Related Party Transactions (Nar
Related Party Transactions (Narrative) (Details) - Board of Directors Chairman | Jun. 30, 2021 |
Liberty Global | |
Related Party Transaction [Line Items] | |
Aggregate voting power percentage of a related party | 30.00% |
Liberty Broadband | |
Related Party Transaction [Line Items] | |
Aggregate voting power percentage of a related party | 47.00% |
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, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Related Party Transaction [Line Items] | ||||
Total revenues and service charges | $ 257 | $ 268 | $ 515 | $ 526 |
Expenses | (57) | (16) | (114) | (90) |
Dividends paid to noncontrolling interests | (30) | (29) | (202) | |
Liberty Group | ||||
Related Party Transaction [Line Items] | ||||
Total revenues and service charges | 165 | 201 | 340 | 371 |
Equity method investees | ||||
Related Party Transaction [Line Items] | ||||
Total revenues and service charges | 68 | 43 | 124 | 109 |
Other | ||||
Related Party Transaction [Line Items] | ||||
Total revenues and service charges | $ 24 | $ 24 | $ 51 | $ 46 |
Related Party Transactions (S_2
Related Party Transactions (Schedule of Related Party Transactions, Receivables) (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Related Party Transactions [Abstract] | ||
Receivables | $ 180 | $ 177 |
Payables | $ 22 | $ 43 |
Reportable Segments (Schedule o
Reportable Segments (Schedule of Revenues by Segment) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Segment Reporting Information [Line Items] | ||||
Total revenues | $ 3,062 | $ 2,541 | $ 5,854 | $ 5,224 |
Operating Segments | U.S. Networks | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 1,973 | 1,756 | 3,779 | 3,512 |
Operating Segments | International Networks | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 1,093 | 783 | 2,080 | 1,706 |
Operating Segments | Corporate, inter-segment eliminations and other | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | $ (4) | $ 2 | $ (5) | $ 6 |
Reportable Segments (Schedule_2
Reportable Segments (Schedule of Adjusted OIBDA by Segment) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Segment Reporting Information [Line Items] | ||||
Adjusted OIBDA | $ 1,117 | $ 1,127 | $ 1,954 | $ 2,240 |
Operating Segments | U.S. Networks | ||||
Segment Reporting Information [Line Items] | ||||
Adjusted OIBDA | 1,050 | 1,062 | 1,873 | 2,078 |
Operating Segments | International Networks | ||||
Segment Reporting Information [Line Items] | ||||
Adjusted OIBDA | 215 | 193 | 366 | 400 |
Operating Segments | Corporate, inter-segment eliminations and other | ||||
Segment Reporting Information [Line Items] | ||||
Adjusted OIBDA | $ (148) | $ (128) | $ (285) | $ (238) |
Reportable Segments (Schedule_3
Reportable Segments (Schedule of Reconciliation of Adjusted OIBDA to Net Income) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Segment Reporting [Abstract] | ||||
Net income available to Discovery, Inc. | $ 672 | $ 271 | $ 812 | $ 648 |
Net income attributable to redeemable noncontrolling interests | 8 | 4 | 13 | 6 |
Net income attributable to noncontrolling interests | 38 | 25 | 84 | 53 |
Income tax expense | 2 | 156 | 108 | 286 |
Income before income taxes | 720 | 456 | 1,017 | 993 |
Other (income) expense, net | (106) | 6 | (177) | 64 |
Loss from equity investees, net | 7 | 23 | 11 | 44 |
Interest expense, net | 157 | 161 | 320 | 324 |
Operating income | 779 | 717 | 1,175 | 1,496 |
Restructuring and other charges | 7 | 7 | 22 | 22 |
Depreciation and amortization | 341 | 334 | 702 | 660 |
Employee share-based compensation | 27 | 31 | 88 | 24 |
Transaction and integration costs | 35 | 0 | 39 | 0 |
Adjusted OIBDA | $ 1,117 | $ 1,127 | $ 1,954 | $ 2,240 |
Restructuring and Other Charg_3
Restructuring and Other Charges (By Reporting Segment) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Segment Reporting Information [Line Items] | ||||
Restructuring and other charges | $ 7 | $ 7 | $ 22 | $ 22 |
Operating Segments | U.S. Networks | ||||
Segment Reporting Information [Line Items] | ||||
Restructuring and other charges | 1 | 0 | 1 | 12 |
Operating Segments | International Networks | ||||
Segment Reporting Information [Line Items] | ||||
Restructuring and other charges | 5 | 3 | 20 | 4 |
Corporate, inter-segment eliminations, and other | Corporate, inter-segment eliminations, and other | ||||
Segment Reporting Information [Line Items] | ||||
Restructuring and other charges | $ 1 | $ 4 | $ 1 | $ 6 |
Restructuring and Other Charg_4
Restructuring and Other Charges (Liabilities) (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Restructuring Reserve | |
Beginning balance | $ 58 |
Employee termination accruals, net | 22 |
Cash paid | (45) |
Ending balance | 35 |
Corporate, inter-segment eliminations, and other | |
Restructuring Reserve | |
Beginning balance | 15 |
Employee termination accruals, net | 0 |
Cash paid | (9) |
Ending balance | 6 |
U.S. Networks | Operating Segments | |
Restructuring Reserve | |
Beginning balance | 23 |
Employee termination accruals, net | 2 |
Cash paid | (14) |
Ending balance | 11 |
International Networks | Operating Segments | |
Restructuring Reserve | |
Beginning balance | 20 |
Employee termination accruals, net | 20 |
Cash paid | (22) |
Ending balance | $ 18 |