COVER PAGE
COVER PAGE - shares | 6 Months Ended | |
Jun. 30, 2020 | Aug. 03, 2020 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2020 | |
Document Transition Report | false | |
Entity File Number | 001-09553 | |
Entity Registrant Name | ViacomCBS Inc. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 04-2949533 | |
Entity Address, Address Line One | 1515 Broadway | |
Entity Address, City or Town | New York, | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10036 | |
City Area Code | 212 | |
Local Phone Number | 258-6000 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Central Index Key | 0000813828 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2020 | |
Current Fiscal Year End Date | --12-31 | |
Amendment Flag | false | |
Common Class A [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Class A Common Stock, $0.001 par value | |
Trading Symbol | VIACA | |
Security Exchange Name | NASDAQ | |
Shares of common stock outstanding | 52,266,444 | |
Common Class B [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Class B Common Stock, $0.001 par value | |
Trading Symbol | VIAC | |
Security Exchange Name | NASDAQ | |
Shares of common stock outstanding | 563,771,436 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Income Statement [Abstract] | ||||
Revenues | $ 6,275 | $ 7,143 | $ 12,944 | $ 14,243 |
Costs and expenses: | ||||
Operating | 3,485 | 4,210 | 7,550 | 8,458 |
Selling, general and administrative | 1,222 | 1,371 | 2,563 | 2,684 |
Depreciation and amortization | 124 | 109 | 237 | 215 |
Restructuring and other corporate matters | 158 | 7 | 391 | 185 |
Total costs and expenses | 4,989 | 5,697 | 10,741 | 11,542 |
Gain on sale of assets | 0 | 0 | 0 | 549 |
Operating income | 1,286 | 1,446 | 2,203 | 3,250 |
Interest expense | (263) | (237) | (504) | (477) |
Interest income | 11 | 15 | 25 | 34 |
Loss on extinguishment of debt | (103) | 0 | (103) | 0 |
Other items, net | 6 | 15 | (27) | 25 |
Earnings from continuing operations before income taxes and equity in loss of investee companies | 937 | 1,239 | 1,594 | 2,832 |
(Provision) benefit for income taxes | (202) | (241) | (339) | 135 |
Equity in loss of investee companies, net of tax | (12) | (21) | (21) | (39) |
Net earnings from continuing operations | 723 | 977 | 1,234 | 2,928 |
Net earnings from discontinued operations, net of tax | 3 | 6 | 11 | 19 |
Net earnings (ViacomCBS and noncontrolling interests) | 726 | 983 | 1,245 | 2,947 |
Net earnings attributable to noncontrolling interests | (245) | (6) | (248) | (11) |
Net earnings attributable to ViacomCBS | 481 | 977 | 997 | 2,936 |
Net earnings from continuing operations | $ 478 | $ 971 | $ 986 | $ 2,917 |
Basic net earnings per common share attributable to ViacomCBS: | ||||
Net earnings from continuing operations (in dollars per share) | $ 0.78 | $ 1.58 | $ 1.60 | $ 4.74 |
Net earnings from discontinued operations (in dollars per share) | 0 | 0.01 | 0.02 | 0.03 |
Net earnings (in dollars per share) | 0.78 | 1.59 | 1.62 | 4.77 |
Diluted net earnings per common share attributable to ViacomCBS: | ||||
Net earnings from continuing operations (in dollars per share) | 0.77 | 1.57 | 1.60 | 4.73 |
Net earnings from discontinued operations (in dollars per share) | 0 | 0.01 | 0.02 | 0.03 |
Net earnings (in dollars per share) | $ 0.78 | $ 1.58 | $ 1.62 | $ 4.76 |
Weighted average number of common shares outstanding: | ||||
Basic (in shares) | 615 | 615 | 615 | 615 |
Diluted (in shares) | 617 | 617 | 617 | 617 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Statement of Comprehensive Income [Abstract] | ||||
Net earnings (ViacomCBS and noncontrolling interests) | $ 726 | $ 983 | $ 1,245 | $ 2,947 |
Other comprehensive income (loss), net of tax: | ||||
Cumulative translation adjustments | 37 | (8) | (67) | 8 |
Net actuarial loss and prior service costs | 18 | 15 | 35 | 29 |
Other comprehensive income (loss), net of tax (ViacomCBS and noncontrolling interests) | 55 | 7 | (32) | 37 |
Comprehensive income | 781 | 990 | 1,213 | 2,984 |
Less: Comprehensive income attributable to noncontrolling interests | 245 | 5 | 245 | 13 |
Comprehensive income attributable to ViacomCBS | $ 536 | $ 985 | $ 968 | $ 2,971 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Current Assets: | ||
Cash and cash equivalents | $ 2,288 | $ 632 |
Receivables, net | 7,139 | 7,206 |
Programming and other inventory | 1,837 | 2,876 |
Prepaid and other current assets | 1,175 | 1,188 |
Total current assets | 12,439 | 11,902 |
Property and equipment, net | 1,995 | 2,085 |
Programming and other inventory | 9,728 | 8,652 |
Goodwill | 17,077 | 16,980 |
Intangible assets, net | 2,948 | 2,993 |
Operating lease assets | 1,841 | 1,939 |
Deferred income tax assets, net | 919 | 939 |
Other assets | 4,212 | 4,006 |
Assets held for sale | 29 | 23 |
Total Assets | 51,188 | 49,519 |
Current Liabilities: | ||
Accounts payable | 422 | 667 |
Accrued expenses | 1,553 | 1,760 |
Participants’ share and royalties payable | 2,090 | 1,977 |
Accrued programming and production costs | 1,189 | 1,500 |
Deferred revenues | 695 | 739 |
Debt | 364 | 717 |
Other current liabilities | 1,672 | 1,688 |
Total current liabilities | 7,985 | 9,048 |
Long-term debt | 19,704 | 18,002 |
Participants’ share and royalties payable | 1,485 | 1,546 |
Pension and postretirement benefit obligations | 2,070 | 2,121 |
Deferred income tax liabilities, net | 708 | 500 |
Operating lease liabilities | 1,816 | 1,909 |
Program rights obligations | 252 | 356 |
Other liabilities | 2,344 | 2,494 |
Redeemable noncontrolling interest | 274 | 254 |
Commitments and contingencies | ||
ViacomCBS stockholders’ equity: | ||
Additional paid-in capital | 29,680 | 29,590 |
Treasury stock, at cost; 502 (2020) and 501 (2019) Class B shares | (22,958) | (22,908) |
Retained earnings | 9,150 | 8,494 |
Accumulated other comprehensive loss | (1,999) | (1,970) |
Total ViacomCBS stockholders’ equity | 13,874 | 13,207 |
Noncontrolling interests | 676 | 82 |
Total Equity | 14,550 | 13,289 |
Total Liabilities and Equity | 51,188 | 49,519 |
Common Class A [Member] | ||
ViacomCBS stockholders’ equity: | ||
Common stock | 0 | 0 |
Common Class B [Member] | ||
ViacomCBS stockholders’ equity: | ||
Common stock | $ 1 | $ 1 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2020 | Dec. 31, 2019 |
Common Class A [Member] | ||
Class of Stock [Line Items] | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 55,000,000 | 55,000,000 |
Common stock, shares issued (in shares) | 52,000,000 | 52,000,000 |
Common Class B [Member] | ||
Class of Stock [Line Items] | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 5,000,000,000 | 5,000,000,000 |
Common stock, shares issued (in shares) | 1,066,000,000 | 1,064,000,000 |
Treasury stock, at cost, Class B shares (in shares) | 502,000,000 | 501,000,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Operating Activities: | ||||
Net earnings (ViacomCBS and noncontrolling interests) | $ 726 | $ 983 | $ 1,245 | $ 2,947 |
Net earnings from discontinued operations, net of tax | 3 | 6 | 11 | 19 |
Net earnings from continuing operations | 723 | 977 | 1,234 | 2,928 |
Adjustments to reconcile net earnings from continuing operations to net cash flow provided by operating activities: | ||||
Depreciation and amortization | 124 | 109 | 237 | 215 |
Deferred tax provision (benefit) | 224 | (535) | ||
Stock-based compensation | 57 | 50 | 145 | 106 |
Gain on sale of assets | 0 | (549) | ||
Gains from investments | (32) | (77) | ||
Loss on extinguishment of debt | 103 | 0 | 103 | 0 |
Equity in loss of investee companies, net of tax and distributions | 22 | 41 | ||
Change in assets and liabilities | (782) | (940) | ||
Net cash flow provided by operating activities | 1,151 | 1,189 | ||
Investing Activities: | ||||
Investments | (60) | (132) | ||
Capital expenditures | (132) | (142) | ||
Acquisitions, net of cash acquired | (141) | (361) | ||
Proceeds from dispositions | 146 | 751 | ||
Other investing activities | 0 | 4 | ||
Net cash flow (used for) provided by investing activities | (187) | 120 | ||
Financing Activities: | ||||
Repayments of short-term debt borrowings, net | (698) | (674) | ||
Proceeds from issuance of senior notes | 4,370 | 493 | ||
Repayment of notes and debentures | (2,535) | (600) | ||
Dividends | (301) | (299) | ||
Purchase of Company common stock | (58) | (14) | ||
Payment of payroll taxes in lieu of issuing shares for stock-based compensation | (59) | (52) | ||
Other financing activities | (70) | (81) | ||
Net cash flow provided by (used for) financing activities | 649 | (1,227) | ||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (17) | 2 | ||
Net increase in cash, cash equivalents and restricted cash | 1,596 | 84 | ||
Cash, cash equivalents and restricted cash at beginning of period (includes $202 (2020) and $120 (2019) of restricted cash) | 834 | 976 | ||
Cash, cash equivalents and restricted cash at end of period (includes $142 (2020) and $122 (2019) of restricted cash) | $ 2,430 | $ 1,060 | $ 2,430 | $ 1,060 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Dec. 31, 2018 |
Statement of Cash Flows [Abstract] | ||||
Restricted cash | $ 142 | $ 202 | $ 121 | $ 120 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) shares in Millions, $ in Millions | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] | Total ViacomCBS Stockholders’ Equity [Member] | Noncontrolling Interest [Member] | |
Balance, beginning of year (shares) at Dec. 31, 2018 | 613 | ||||||||
Balance, beginning of year at Dec. 31, 2018 | $ 10,503 | $ 1 | $ 49,907 | $ (43,420) | $ 5,569 | $ (1,608) | $ 10,449 | $ 54 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Stock-based compensation activity (shares) | 2 | ||||||||
Stock-based compensation activity and other | 64 | 47 | 21 | (4) | 64 | ||||
Dividends | (299) | (299) | (299) | ||||||
Noncontrolling interests | (48) | (10) | (14) | (24) | (24) | ||||
Net earnings | 2,947 | 2,936 | 2,936 | 11 | |||||
Reclassification of income tax effect of the Tax Reform Act | (230) | 230 | (230) | ||||||
Other comprehensive income (loss) | 37 | 35 | 35 | 2 | |||||
Balance, end of year (shares) at Jun. 30, 2019 | 615 | ||||||||
Balance, end of year at Jun. 30, 2019 | 13,204 | $ 1 | 49,944 | (43,399) | 8,418 | (1,803) | 13,161 | 43 | |
Balance, beginning of year (shares) at Mar. 31, 2019 | 615 | ||||||||
Balance, beginning of year at Mar. 31, 2019 | 12,348 | $ 1 | 49,927 | (43,412) | 7,594 | (1,811) | 12,299 | 49 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Stock-based compensation activity (shares) | 0 | ||||||||
Stock-based compensation activity and other | 40 | 27 | 13 | 0 | 40 | ||||
Dividends | (149) | (149) | (149) | ||||||
Noncontrolling interests | (25) | (10) | (4) | (14) | (11) | ||||
Net earnings | 983 | 977 | 977 | 6 | |||||
Other comprehensive income (loss) | 7 | 8 | 8 | (1) | |||||
Balance, end of year (shares) at Jun. 30, 2019 | 615 | ||||||||
Balance, end of year at Jun. 30, 2019 | 13,204 | $ 1 | 49,944 | (43,399) | 8,418 | (1,803) | 13,161 | 43 | |
Balance, beginning of year (shares) at Dec. 31, 2019 | 615 | ||||||||
Balance, beginning of year at Dec. 31, 2019 | 13,289 | $ 1 | 29,590 | (22,908) | 8,494 | (1,970) | 13,207 | 82 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Stock-based compensation activity (shares) | 2 | ||||||||
Stock-based compensation activity and other | $ 90 | 90 | 0 | 90 | |||||
Class B Common Stock purchased (shares) | (1.3) | (1) | |||||||
Class B Common Stock purchased | $ (50) | (50) | (50) | ||||||
Dividends | (300) | (300) | (300) | ||||||
Noncontrolling interests | 308 | 0 | (41) | (41) | 349 | ||||
Net earnings | 1,245 | 997 | 997 | 248 | |||||
Other comprehensive income (loss) | (32) | (29) | (29) | (3) | |||||
Balance, end of year (shares) at Jun. 30, 2020 | 616 | ||||||||
Balance, end of year at Jun. 30, 2020 | 14,550 | $ 1 | 29,680 | (22,958) | 9,150 | (1,999) | 13,874 | 676 | |
Balance, beginning of year (shares) at Mar. 31, 2020 | 615 | ||||||||
Balance, beginning of year at Mar. 31, 2020 | 13,521 | $ 1 | 29,633 | (22,958) | 8,827 | (2,054) | 13,449 | 72 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Stock-based compensation activity (shares) | 1 | ||||||||
Stock-based compensation activity and other | 47 | 47 | 0 | 47 | |||||
Dividends | (150) | (150) | (150) | ||||||
Noncontrolling interests | 351 | 0 | (8) | (8) | 359 | [1] | |||
Net earnings | 726 | 481 | 481 | 245 | |||||
Other comprehensive income (loss) | 55 | 55 | 55 | 0 | |||||
Balance, end of year (shares) at Jun. 30, 2020 | 616 | ||||||||
Balance, end of year at Jun. 30, 2020 | $ 14,550 | $ 1 | $ 29,680 | $ (22,958) | $ 9,150 | $ (1,999) | $ 13,874 | $ 676 | |
[1] | Primarily reflects the acquisition of Miramax. (See Note 2.) |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | 1 ) BASIS OF PRESENTATION Description of Business- ViacomCBS Inc. is comprised of the following segments: TV Entertainment (CBS Television Network, CBS Television Studios, CBS Television Distribution, CBS Interactive, CBS Sports Network, CBS Television Stations and CBS-branded streaming services), Cable Networks (Showtime Networks, Nickelodeon, MTV, BET, Comedy Central, Paramount Network, Nick Jr., VH1, TV Land, CMT, Pop TV, Smithsonian Networks, ViacomCBS Networks International, Network 10, Channel 5, Telefe and Pluto TV), Filmed Entertainment (Paramount Pictures, Paramount Players, Paramount Animation, Paramount Television Studios and Miramax) and Publishing (Simon & Schuster). References to “ViacomCBS”, the “Company”, “we”, “us” and “our” refer to ViacomCBS Inc. and its consolidated subsidiaries, unless the context otherwise requires. Basis of Presentation -On December 4, 2019, Viacom Inc. (“Viacom”) merged with and into CBS Corporation (“CBS”), with CBS continuing as the surviving company (the “Merger”). At the effective time of the Merger, the combined company changed its name to ViacomCBS Inc. (“ViacomCBS”). The Merger has been accounted for as a transaction between entities under common control as National Amusements, Inc. (“NAI”) was the controlling stockholder of each of CBS and Viacom (and remains the controlling stockholder of ViacomCBS). Upon the closing of the Merger, the net assets of Viacom were combined with those of CBS at their historical carrying amounts and the companies have been presented on a combined basis for all periods presented. The accompanying unaudited consolidated financial statements have been prepared on a basis consistent with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and pursuant to the rules of the Securities and Exchange Commission (“SEC”). These financial statements should be read in conjunction with the more detailed financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2019 . In the opinion of management, the accompanying unaudited consolidated financial statements reflect all adjustments, consisting only of normal and recurring adjustments, necessary for a fair statement of our financial position, results of operations and cash flows for the periods presented. Certain previously reported amounts have been reclassified to conform to the current presentation. Use of Estimates -The preparation of our consolidated financial statements in conformity with GAAP requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the periods presented. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may vary from these estimates under different assumptions or conditions. The coronavirus disease (“COVID-19”) pandemic has negatively impacted, and is expected to continue to impact, the macroeconomic environment in the United States and globally, as well our business, financial condition and results of operations. Due to the evolving and uncertain nature of COVID-19, it is reasonably possible that it could materially impact our estimates, particularly those that require consideration of forecasted financial information, in the near to medium term. These estimates relate to certain accounts including, but not limited to, receivables, programming and other inventory, deferred income tax assets, finite and indefinite lived intangible assets, including goodwill and FCC licenses, and other long-lived assets. The magnitude of the impact will depend on numerous evolving factors that we may not be able to accurately predict, including the duration and extent of the pandemic, the impact of federal, state, local and foreign governmental actions, consumer behavior in response to the pandemic and such governmental actions, and the economic and operating conditions that we may face in the aftermath of COVID-19. Net Earnings per Common Share -Basic net earnings per share (“EPS”) is based upon net earnings divided by the weighted average number of common shares outstanding during the period. Diluted EPS reflects the effect of the assumed exercise of stock options and vesting of restricted stock units (“RSUs”) or performance stock units (“PSUs”) only in the periods in which such effect would have been dilutive. Excluded from the calculation of diluted EPS because their inclusion would have been anti-dilutive, were stock options and RSUs of 25 million and 26 million for the three and six months ended June 30, 2020 , respectively, and 17 million and 20 million for the three and six months ended June 30, 2019 , respectively. The table below presents a reconciliation of weighted average shares used in the calculation of basic and diluted EPS. Three Months Ended Six Months Ended June 30, June 30, (in millions) 2020 2019 2020 2019 Weighted average shares for basic EPS 615 615 615 615 Dilutive effect of shares issuable under stock-based compensation plans 2 2 2 2 Weighted average shares for diluted EPS 617 617 617 617 Recently Adopted Accounting Pronouncements Improvements to Accounting for Costs of Films and License Agreements for Program Materials On January 1, 2020, we adopted Financial Accounting Standards Board (“FASB”) guidance on the accounting for costs of films and episodic television series, which aligns the accounting for capitalizing production costs of episodic television series with the guidance for films. As a result of the adoption of this guidance, the capitalization of costs incurred to produce episodic television series is no longer limited to the amount of revenue contracted in the initial market until persuasive evidence of a secondary market exists. In addition, under this guidance our film and television programming is tested for impairment individually on a title-by-title basis, or together with other films and television programming as part of a group, based on the predominant monetization strategy of the film or television programming. Further, for programming monetized in a film group, this guidance requires any changes to the estimated use of the film or television series to be accounted for prospectively. This guidance also eliminates existing balance sheet classification guidance and adds new disclosure requirements relating to costs for acquired and internally-produced programming. As a result of this guidance, beginning in the first quarter of 2020, all of our programming inventory, other than prepayments for the rights to air sporting and other live events, is now classified as noncurrent on the Consolidated Balance Sheet. Therefore, $1.17 billion of programming inventory that was classified in current assets at December 31, 2019 was reclassified to noncurrent assets on January 1, 2020. This guidance did not have a material impact on the Consolidated Statement of Operations. See Note 3 for additional disclosures relating to the adoption of this guidance. Collaborative Arrangements: Clarifying the Interaction with the New Revenue Standard On January 1, 2020, we adopted FASB guidance on the accounting for collaborative arrangements, which clarifies that certain transactions between parties to collaborative arrangements should be accounted for in accordance with FASB revenue guidance when the counterparty is a customer. The adoption of this guidance did not have a material impact on our consolidated financial statements. Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract On January 1, 2020, we adopted FASB guidance on the accounting for implementation costs of a cloud computing arrangement that is considered to be a service contract. This guidance requires companies to follow the guidance for capitalizing costs associated with internal-use software to determine which costs to capitalize in a cloud computing arrangement that is a service contract. Under this guidance, such implementation costs will be capitalized in “Other assets” on the Consolidated Balance Sheet, with the related amortization presented in “Selling, general and administrative expenses” on the Consolidated Statement of Operations. This guidance was applied prospectively to implementation costs incurred after January 1, 2020. The adoption of this guidance did not have a material impact on our consolidated financial statements. Financial Instruments On January 1, 2020, we adopted FASB guidance on the accounting for credit losses on financial instruments. Among other provisions, this guidance introduces a new impairment model for most financial assets and certain other instruments. The guidance applies primarily to our trade and other receivables, and requires the use of a forward-looking “expected loss” model instead of the “incurred loss” model that was used under previous FASB guidance for determining an allowance for credit losses. The adoption of this guidance did not have a material impact on our consolidated financial statements. Accounting Pronouncements Not Yet Adopted Reference Rate Reform In March 2020, the FASB issued guidance providing optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by the discontinuation of the London Interbank Offered Rate (“LIBOR”) or by another reference rate expected to be discontinued. The guidance is effective for all entities as of March 12, 2020 through December 31, 2022. We are currently evaluating the impact of the changes in reference rates and the exemptions and exceptions in this guidance on our consolidated financial statements. Simplifying the Accounting for Income Taxes In December 2019, the FASB issued guidance on the accounting for income taxes that, among other provisions, eliminates certain exceptions to existing guidance related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. This guidance also requires an entity to reflect the effect of an enacted change in tax laws or rates in its effective income tax rate in the first interim period that includes the enactment date of the new legislation, aligning the timing of recognition of the effects from enacted tax law changes on the effective income tax rate with the effects on deferred income tax assets and liabilities. Under existing guidance, an entity recognizes the effects of the enacted tax law change on the effective income tax rate in the period that includes the effective date of the tax law. This guidance is effective for interim and annual periods beginning after December 15, 2020 with early adoption permitted. The adoption of this guidance is not expected to have a material impact on our consolidated financial statements. Changes to the Disclosure Requirements for Defined Benefit Plans |
Acquisition
Acquisition | 6 Months Ended |
Jun. 30, 2020 | |
Business Combinations [Abstract] | |
Acquisition | ACQUISITION On April 3, 2020, we acquired a 49% interest in Miramax, a global film and television studio, for $375 million , which included a cash payment at closing of approximately $150 million along with a commitment to invest $45 million annually over the next five years, or $225 million , to be used for new film and television productions and working capital. In conjunction with this acquisition, we entered into commercial agreements with Miramax under which we have exclusive, long-term distribution rights to Miramax’s catalog, adding more than 700 titles to our existing library. We also have certain rights to co-produce, co-finance and/or distribute new film and television projects. The investment is accounted for as a consolidated variable interest entity (“VIE”). We are the primary beneficiary of the VIE due to our power to direct the distribution of Miramax’s films and television series, which is considered the most significant activity of the VIE. The following table summarizes our estimated allocation of the purchase price as of the acquisition date. Assets Cash $ 32 Accounts receivable and other current assets 19 Programming inventory 536 Goodwill 99 Intangible assets 12 Other assets (noncurrent) 7 Assets acquired $ 705 Liabilities Accounts payable and accrued expenses $ 13 Participants’ share and royalties payable (current) 16 Deferred revenues 10 Participants’ share and royalties payable (noncurrent) 20 Debt 105 Other liabilities (noncurrent) 28 Liabilities assumed 192 Noncontrolling interests 363 Total purchase price $ 150 The goodwill, which is not deductible for tax purposes, reflects the expected Company-specific synergies arising from the acquisition and is included in the Filmed Entertainment segment. Intangible assets consist of a trade name with a useful life of 10 years . The operating results of Miramax from the date of acquisition through June 30, 2020 were not material. |
Programming and Other Inventory
Programming and Other Inventory | 6 Months Ended |
Jun. 30, 2020 | |
Inventory Disclosure [Abstract] | |
Programming and Other Inventory | 3 ) PROGRAMMING AND OTHER INVENTORY We acquire rights to programming and produce programming to exhibit on our broadcast and cable networks, on our broadcast television stations, direct to consumers through our digital streaming services, and in theaters. We also produce programming for third parties. Programming inventory costs for both acquired and internally-produced content are recorded within the noncurrent portion of “Programming and other inventory” on the Consolidated Balance Sheet. Prepayments for the rights to air sporting and other live events that are expected to be expensed over the next 12 months are classified within the current portion of “Programming and other inventory” on the Consolidated Balance Sheet. Internally-Produced Programming Costs incurred to produce television programs and feature films (which include direct production costs, production overhead, acquisition costs and development costs) are capitalized when incurred. For television programs that are predominantly monetized as part of a film group, capitalized production costs are amortized based on an estimate of the timing of our usage of and benefit from such programming. For television programs and feature films that are predominantly monetized on an individual basis, we use an individual-film-forecast computation method to amortize capitalized production costs and to accrue estimated liabilities for participations and residuals over the applicable title’s life cycle based upon the ratio of current period revenues to estimated remaining total gross revenues to be earned (“Ultimate Revenues”) for each title. Acquired Programming Rights Our acquired programming rights are predominantly monetized in film groups together with certain internally-produced programming and other acquired programming rights. Costs incurred in acquiring program rights, including advances, are capitalized when the license period has begun and the program is accepted and available for airing. These costs are amortized over the shorter of the license period or the period in which an economic benefit is expected to be derived based on the timing of our usage of and benefit from such programming. We test a film group or individual television program or feature film for impairment when events or circumstances indicate that its fair value may be less than its unamortized cost. An impairment charge will then be recorded for any difference between the carrying value and estimated fair value of the film group or individual television program or feature film. In addition, unamortized costs for internally-produced or acquired programming that have been substantively abandoned are written off. The following tables present our programming and other inventory by type at June 30, 2020 and December 31, 2019 . Programming inventory at June 30, 2020 has been grouped according to the predominant monetization strategy in accordance with new FASB guidance adopted in the first quarter of 2020 (see Note 1 ). At June 30, 2020 Film Group Monetization: Acquired television program rights, including prepaid sports rights $ 3,345 Internally produced television programming: Released 3,104 In process and other 832 Individual Monetization: Acquired libraries 501 Film inventory: Released 429 Completed, not yet released 81 In process and other 1,258 Internally produced television programming: Released 1,202 In process and other 718 Home entertainment and Publishing, primarily finished goods 95 Total programming and other inventory 11,565 Less current portion 1,837 Total noncurrent programming and other inventory $ 9,728 At December 31, 2019 Acquired television program rights, including prepaid sports rights $ 3,477 Acquired libraries 99 Internally produced television programming: Released 3,627 In process and other 2,626 Film inventory: Released 502 Completed, not yet released 55 In process and other 1,037 Home entertainment and Publishing, primarily finished goods 105 Total programming and other inventory 11,528 Less current portion 2,876 Total noncurrent programming and other inventory $ 8,652 The following table presents amortization of programming and production costs, which are included within “Operating expenses” in the Consolidated Statements of Operations. Three Months Ended Six Months Ended June 30, 2020 June 30, 2020 Programming costs, acquired programming $ 713 $ 1,686 Production costs, internally produced television and film programming: Individual monetization $ 753 $ 1,523 Film group monetization $ 731 $ 1,420 Included in the table above for the three and six months ended June 30, 2020 , are programming charges of $121 million primarily related to the abandonment of certain incomplete programs resulting from COVID-19 related production shutdowns. The programming charges are included within “Operating expenses” in the Consolidated Statement of Operations with $66 million , $50 million and $5 million included within the TV Entertainment, Cable Networks and Filmed Entertainment segments, respectively. |
Restructuring, Impairment, and
Restructuring, Impairment, and Other Corporate Matters | 6 Months Ended |
Jun. 30, 2020 | |
Restructuring Charges [Abstract] | |
Restructuring, Impairment, and Other Corporate Matters | 4 ) RESTRUCTURING, IMPAIRMENT AND OTHER CORPORATE MATTERS During the three and six months ended June 30, 2020 and 2019 , we recorded the following on the Consolidated Statements of Operations: Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 Severance $ 128 $ — $ 304 $ 98 Exit costs 6 — 32 30 Restructuring charges 134 — 336 128 Merger-related costs 10 — 41 — Other corporate matters 14 7 14 57 Restructuring and other corporate matters $ 158 $ 7 $ 391 $ 185 Impairment charges $ 25 $ — $ 25 $ — Depreciation of abandoned technology $ — $ — $ 12 $ — Restructuring Charges During the three and six months ended June 30, 2020 , we recorded restructuring charges of $134 million and $336 million , respectively, associated with cost-transformation initiatives in connection with the Merger in an effort to reduce redundancies across our businesses. These charges primarily include severance costs and the acceleration of stock-based compensation. During the six months ended June 30, 2019 , we recorded restructuring charges of $128 million primarily for severance costs associated with a restructuring plan initiated in the first quarter of 2019 under which severance payments were provided to certain eligible employees who voluntarily elected to participate. Restructuring charges for the three and six months ended June 30, 2020 and the six months ended June 30, 2019 also included exit costs resulting from the termination of contractual obligations. The following table presents a rollforward of our restructuring liability, which is recorded in “Other current liabilities” and “Other liabilities” on the Consolidated Balance Sheets. The remaining restructuring liability at June 30, 2020 , which primarily relates to severance payments, is expected to be substantially paid by the end of 2021. Balance at 2020 Activity Balance at December 31, 2019 Charges (a) Payments Other June 30, 2020 TV Entertainment $ 99 $ 75 $ (41 ) $ — $ 133 Cable Networks 137 135 (85 ) (6 ) 181 Filmed Entertainment 17 11 (5 ) 2 25 Publishing 4 2 (2 ) (1 ) 3 Corporate 143 67 (80 ) (9 ) 121 Total $ 400 $ 290 $ (213 ) $ (14 ) $ 463 (a) Excludes stock-based compensation expense of $46 million . Merger-related Costs and Other Corporate Matters During the three and six months ended June 30, 2020 , in addition to the above-mentioned restructuring charges, we incurred merger-related costs of $10 million and $41 million , respectively, consisting of transaction-related bonuses and professional fees mainly associated with integration activities. In addition, we recorded a charge of $14 million to write down property and equipment that has been classified as held for sale to its fair value less costs to sell at June 30, 2020 . During the three and six months ended June 30, 2019 , we incurred costs of $7 million and $57 million , respectively, consisting of costs associated with legal proceedings involving the Company and for the six-month period, the settlement of a commercial dispute. Impairment Charges We perform a fair value-based impairment test of goodwill and intangible assets with indefinite lives, comprised primarily of television FCC licenses, on an annual basis, and also between annual tests if an event occurs or if circumstances change that would more likely than not reduce the fair value of a reporting unit or an indefinite-lived intangible asset below its carrying value. During the second quarter of 2020, we assessed the relevant factors that could impact the fair value of our reporting units and indefinite-lived intangible assets, including the effects of COVID-19, and determined that an interim impairment test was necessary for three markets in which we hold FCC licenses. The impairment test indicated that the estimated fair values of FCC licenses in two markets were lower than their respective carrying values, which resulted from recent declines in industry projections in the markets where these FCC licenses are held, that were further accelerated by COVID-19. Accordingly, during the three and six months ended June 30, 2020 , we recorded an impairment charge of $25 million to write down the carrying values of these FCC licenses to their aggregate estimated fair value of $216 million . This charge is included within “Depreciation and amortization” in the Consolidated Statement of Operations and was recorded within the TV Entertainment segment. Additionally, the estimated fair value of the FCC license in the third market exceeded its carrying value of $53 million at June 30, 2020 by 7% . The impairment tests were performed using the Greenfield Discounted Cash Flow Method, which estimates the fair value of FCC licenses by valuing a hypothetical start-up station using industry projections in the relevant market and assuming the station builds up to average market share over a five-year period. Discounted cash flows for this period are added to a residual value, which is calculated using a long-term growth rate based on projected long-range inflation and industry projections. The estimated fair values of FCC licenses are highly dependent on the assumptions of future economic conditions in the individual geographic markets in which we own and operate television stations. A decline in revenue projections, or an increase in the cost of capital, could result in a downward revision to the fair values of our FCC licenses. Accelerated Depreciation Also, during the six months ended June 30, 2020 , we recorded accelerated depreciation expense of $12 million |
Restructuring, Impairment, and Other Corporate Matters | 4 ) RESTRUCTURING, IMPAIRMENT AND OTHER CORPORATE MATTERS During the three and six months ended June 30, 2020 and 2019 , we recorded the following on the Consolidated Statements of Operations: Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 Severance $ 128 $ — $ 304 $ 98 Exit costs 6 — 32 30 Restructuring charges 134 — 336 128 Merger-related costs 10 — 41 — Other corporate matters 14 7 14 57 Restructuring and other corporate matters $ 158 $ 7 $ 391 $ 185 Impairment charges $ 25 $ — $ 25 $ — Depreciation of abandoned technology $ — $ — $ 12 $ — Restructuring Charges During the three and six months ended June 30, 2020 , we recorded restructuring charges of $134 million and $336 million , respectively, associated with cost-transformation initiatives in connection with the Merger in an effort to reduce redundancies across our businesses. These charges primarily include severance costs and the acceleration of stock-based compensation. During the six months ended June 30, 2019 , we recorded restructuring charges of $128 million primarily for severance costs associated with a restructuring plan initiated in the first quarter of 2019 under which severance payments were provided to certain eligible employees who voluntarily elected to participate. Restructuring charges for the three and six months ended June 30, 2020 and the six months ended June 30, 2019 also included exit costs resulting from the termination of contractual obligations. The following table presents a rollforward of our restructuring liability, which is recorded in “Other current liabilities” and “Other liabilities” on the Consolidated Balance Sheets. The remaining restructuring liability at June 30, 2020 , which primarily relates to severance payments, is expected to be substantially paid by the end of 2021. Balance at 2020 Activity Balance at December 31, 2019 Charges (a) Payments Other June 30, 2020 TV Entertainment $ 99 $ 75 $ (41 ) $ — $ 133 Cable Networks 137 135 (85 ) (6 ) 181 Filmed Entertainment 17 11 (5 ) 2 25 Publishing 4 2 (2 ) (1 ) 3 Corporate 143 67 (80 ) (9 ) 121 Total $ 400 $ 290 $ (213 ) $ (14 ) $ 463 (a) Excludes stock-based compensation expense of $46 million . Merger-related Costs and Other Corporate Matters During the three and six months ended June 30, 2020 , in addition to the above-mentioned restructuring charges, we incurred merger-related costs of $10 million and $41 million , respectively, consisting of transaction-related bonuses and professional fees mainly associated with integration activities. In addition, we recorded a charge of $14 million to write down property and equipment that has been classified as held for sale to its fair value less costs to sell at June 30, 2020 . During the three and six months ended June 30, 2019 , we incurred costs of $7 million and $57 million , respectively, consisting of costs associated with legal proceedings involving the Company and for the six-month period, the settlement of a commercial dispute. Impairment Charges We perform a fair value-based impairment test of goodwill and intangible assets with indefinite lives, comprised primarily of television FCC licenses, on an annual basis, and also between annual tests if an event occurs or if circumstances change that would more likely than not reduce the fair value of a reporting unit or an indefinite-lived intangible asset below its carrying value. During the second quarter of 2020, we assessed the relevant factors that could impact the fair value of our reporting units and indefinite-lived intangible assets, including the effects of COVID-19, and determined that an interim impairment test was necessary for three markets in which we hold FCC licenses. The impairment test indicated that the estimated fair values of FCC licenses in two markets were lower than their respective carrying values, which resulted from recent declines in industry projections in the markets where these FCC licenses are held, that were further accelerated by COVID-19. Accordingly, during the three and six months ended June 30, 2020 , we recorded an impairment charge of $25 million to write down the carrying values of these FCC licenses to their aggregate estimated fair value of $216 million . This charge is included within “Depreciation and amortization” in the Consolidated Statement of Operations and was recorded within the TV Entertainment segment. Additionally, the estimated fair value of the FCC license in the third market exceeded its carrying value of $53 million at June 30, 2020 by 7% . The impairment tests were performed using the Greenfield Discounted Cash Flow Method, which estimates the fair value of FCC licenses by valuing a hypothetical start-up station using industry projections in the relevant market and assuming the station builds up to average market share over a five-year period. Discounted cash flows for this period are added to a residual value, which is calculated using a long-term growth rate based on projected long-range inflation and industry projections. The estimated fair values of FCC licenses are highly dependent on the assumptions of future economic conditions in the individual geographic markets in which we own and operate television stations. A decline in revenue projections, or an increase in the cost of capital, could result in a downward revision to the fair values of our FCC licenses. Accelerated Depreciation Also, during the six months ended June 30, 2020 , we recorded accelerated depreciation expense of $12 million |
Related Parties
Related Parties | 6 Months Ended |
Jun. 30, 2020 | |
Related Party Transactions [Abstract] | |
Related Parties | 5 ) RELATED PARTIES National Amusements, Inc. NAI is the controlling stockholder of ViacomCBS. Sumner M. Redstone is the controlling stockholder, Chairman of the Board of Directors and Chief Executive Officer of NAI. Shari E. Redstone, Mr. Redstone’s daughter, is the President and a director of NAI and the non-executive Chair of our Board of Directors. At June 30, 2020 , NAI directly or indirectly owned approximately 79.4% of our voting Class A Common Stock and 10.2% of our Class A Common Stock and non-voting Class B Common Stock on a combined basis. NAI is controlled by Mr. Redstone through the Sumner M. Redstone National Amusements Trust (the “SMR Trust”), which owns 80% of the voting interest of NAI, and such voting interest of NAI held by the SMR Trust is voted solely by Mr. Redstone until his incapacity or death. The SMR Trust provides that in the event of Mr. Redstone’s death or incapacity, voting control of the NAI voting interest held by the SMR Trust will pass to seven trustees, who will include Ms. Redstone. No member of our management is a trustee of the SMR Trust. Other Related Parties. In the ordinary course of business, we are involved in transactions with our equity-method investees, primarily for the licensing of television and film programming. The following tables present the amounts recorded in our consolidated financial statements related to these transactions. Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 Revenues $ 24 $ 54 $ 76 $ 109 Operating expenses $ 3 $ 3 $ 5 $ 4 At At June 30, 2020 December 31, 2019 Amounts due to/from other related parties Accounts receivable $ 33 $ 45 Accounts payable $ 2 $ 3 Through the normal course of business, we are involved in transactions with other related parties that have not been material in any of the periods presented. |
Revenues
Revenues | 6 Months Ended |
Jun. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenues | 6 ) REVENUES The following table presents our revenues disaggregated into categories based on the nature of such revenues. Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 Revenues by Type: Advertising $ 1,934 $ 2,645 $ 4,418 $ 5,711 Affiliate 2,194 2,155 4,391 4,320 Content licensing 1,902 1,909 3,496 3,374 Theatrical 3 152 170 324 Publishing 200 218 370 382 Other 42 64 99 132 Total Revenues $ 6,275 $ 7,143 $ 12,944 $ 14,243 Receivables Reserves for accounts receivable reflect our expected credit losses based on historical experience as well as current and expected economic conditions. Our allowance for credit losses was $88 million and $86 million at June 30, 2020 and December 31, 2019 , respectively. Included in “Other assets” on the Consolidated Balance Sheets are noncurrent receivables of $2.33 billion and $2.15 billion at June 30, 2020 and December 31, 2019 , respectively. Noncurrent receivables primarily relate to revenues recognized under long-term television licensing arrangements. Television license fee revenues are recognized at the beginning of the license period in which programs are made available to the licensee for exhibition, while the related cash is collected over the term of the license period. The year of origination for these receivables at June 30, 2020 was $889 million in 2020 , $855 million in 2019 , $413 million in 2018 , $138 million in 2017 , $18 million in 2016 and $19 million prior to 2016 . Contract Liabilities Contract liabilities are included within “Deferred revenues” and “Other liabilities” on the Consolidated Balance Sheets and were $885 million and $910 million at June 30, 2020 and December 31, 2019 , respectively. The change in contract liabilities for the six months ended June 30, 2020 primarily reflects $407 million of revenues recognized that were included in deferred revenues at December 31, 2019 offset by cash payments received during the period for which the performance obligation was not satisfied prior to the end of the period. For the six months ended June 30, 2019 , we recognized revenues of $411 million that were included in deferred revenues at December 31, 2018 . Unrecognized Revenues Under Contract As of June 30, 2020 , unrecognized revenues attributable to unsatisfied performance obligations under our long-term contracts was $6.79 billion , of which $1.95 billion is expected to be recognized for the remainder of 2020 , $2.55 billion in 2021 , $1.63 billion in 2022 , and $661 million thereafter. These amounts only include contracts subject to a guaranteed fixed amount or the guaranteed minimum under variable contracts, primarily consisting of television and film licensing contracts and affiliate agreements that are subject to a fixed or guaranteed minimum fee. Such amounts change on a regular basis as we renew existing agreements or enter into new agreements. Unrecognized revenues under contract disclosed above do not include (i) contracts with an original expected term of one year or less, mainly consisting of advertising contracts (ii) contracts for which variable consideration is determined based on the customer’s subsequent sale or usage, mainly consisting of affiliate agreements and (iii) long-term licensing agreements for multiple programs for which our right to invoice corresponds with the value of the programs provided to the customer. Performance Obligations Satisfied in Previous Periods Under certain licensing arrangements, the amount and timing of our revenue recognition is determined based on our licensees’ subsequent sale to its end customers. As a result, under such arrangements, which primarily include licensing of our content to distributors of transactional video-on-demand and electronic sell-through services, we often satisfy our performance obligation of delivery of our content in advance of revenue recognition. During the three and six months ended June 30, 2020 , we recognized revenues of $119 million and $141 million , respectively, in our Filmed Entertainment segment for performance obligations satisfied, or partially satisfied, in a prior period. During the three and six months ended June 30, 2019 , we recognized revenues of $65 million and $155 million , respectively, in our Filmed Entertainment |
Debt
Debt | 6 Months Ended |
Jun. 30, 2020 | |
Debt Disclosure [Abstract] | |
Debt | 7 ) DEBT Our debt consists of the following: At At June 30, 2020 December 31, 2019 Commercial paper $ — $ 699 4.30% Senior Notes due 2021 — 300 4.50% Senior Notes due 2021 — 499 3.875% Senior Notes due 2021 339 597 2.250% Senior Notes due 2022 35 49 3.375% Senior Notes due 2022 415 698 3.125% Senior Notes due 2022 117 194 2.50% Senior Notes due 2023 196 398 3.25% Senior Notes due 2023 141 181 2.90% Senior Notes due 2023 242 396 4.25% Senior Notes due 2023 836 1,242 7.875% Debentures due 2023 139 187 7.125% Senior Notes due 2023 35 46 3.875% Senior Notes due 2024 490 489 3.70% Senior Notes due 2024 598 598 3.50% Senior Notes due 2025 593 592 4.75% Senior Notes due 2025 1,238 — 4.00% Senior Notes due 2026 790 789 3.45% Senior Notes due 2026 123 123 2.90% Senior Notes due 2027 689 688 3.375% Senior Notes due 2028 494 494 3.70% Senior Notes due 2028 491 491 4.20% Senior Notes due 2029 493 493 7.875% Senior Debentures due 2030 831 831 4.95% Senior Notes due 2031 1,218 — 4.20% Senior Notes due 2032 968 — 5.50% Senior Debentures due 2033 426 426 4.85% Senior Debentures due 2034 87 87 6.875% Senior Debentures due 2036 1,069 1,068 6.75% Senior Debentures due 2037 75 75 5.90% Senior Notes due 2040 298 297 4.50% Senior Debentures due 2042 45 45 4.85% Senior Notes due 2042 487 486 4.375% Senior Debentures due 2043 1,112 1,109 4.875% Senior Debentures due 2043 18 18 5.850% Senior Debentures due 2043 1,231 1,231 5.25% Senior Debentures due 2044 345 345 4.90% Senior Notes due 2044 539 539 4.60% Senior Notes due 2045 589 589 4.95% Senior Notes due 2050 941 — 5.875% Junior Subordinated Debentures due 2057 514 643 6.25% Junior Subordinated Debentures due 2057 643 643 Other bank borrowings 101 — Obligations under finance leases 37 44 Total debt (a) 20,068 18,719 Less commercial paper and other short-term borrowings 6 699 Less current portion of long-term debt 358 18 Total long-term debt, net of current portion $ 19,704 $ 18,002 (a) At June 30, 2020 and December 31, 2019 , the long-term debt balances included (i) a net unamortized discount of $503 million and $412 million , respectively, (ii) unamortized deferred financing costs of $112 million and $92 million , respectively, and (iii) a decrease in the carrying value of the debt relating to previously settled fair value hedges of $5 million and $6 million , respectively. The face value of our total debt was $20.69 billion and $19.23 billion at June 30, 2020 and December 31, 2019 , respectively. During the second quarter of 2020 , we issued $4.50 billion of senior notes with interest rates ranging from 4.20% to 4.95% and due dates from 2025 to 2050 . The net proceeds from these issuances are being used for the redemption of our long-term debt as well as for general corporate purposes. During the second quarter of 2020 , we redeemed senior notes, debentures, and junior subordinated debentures of $2.43 billion , prior to maturity, for a redemption price of $2.52 billion . As a result, we recognized a pre-tax loss on extinguishment of debt of $103 million , net of $15 million of unamortized debt issuance costs and fees. On July 10, 2020 , we fully redeemed the remaining $340 million of our outstanding 3.875% senior notes due December 2021 . Our 5.875% junior subordinated debentures due February 2057 and 6.25% junior subordinated debentures due February 2057 accrue interest at the stated fixed rates until February 28, 2022 and February 28, 2027 , respectively, on which dates the rates will switch to floating rates based on three-month LIBOR plus 3.895% and 3.899% , respectively, reset quarterly. These debentures can be called by us at any time after the expiration of the fixed-rate period. Commercial Paper In January 2020, our commercial paper program was increased to $3.50 billion from $2.50 billion in conjunction with the new $3.50 billion revolving credit facility described below. At June 30, 2020 , we had no outstanding commercial paper borrowings under our commercial paper program. At December 31, 2019 , we had $699 million of outstanding commercial paper borrowings with maturities of less than 90 days and a weighted average interest rate of 2.07% . Credit Facility In January 2020, the $2.50 billion revolving credit facility held by CBS prior to the Merger (the “CBS Credit Facility”), with a maturity in June 2021, was terminated and the $2.50 billion revolving credit facility held by Viacom prior to the Merger (the “Viacom Credit Facility”), with a maturity in February 2024, was amended and restated to a $3.50 billion revolving credit facility with a maturity in January 2025 (the “Credit Facility”). The Credit Facility is used for general corporate purposes and to support commercial paper outstanding, if any. We may, at our option, also borrow in certain foreign currencies up to specified limits under the Credit Facility. Borrowing rates under the Credit Facility are determined at the time of each borrowing and are generally based on either the prime rate in the U.S. or LIBOR plus a margin based on our senior unsecured debt rating, depending on the type and tenor of the loans entered. The Credit Facility has one principal financial covenant that requires our Consolidated Total Leverage Ratio to be less than 4.5x (which we may elect to increase to 5.0x for up to four consecutive quarters following a qualified acquisition) at the end of each quarter. The Consolidated Total Leverage Ratio reflects the ratio of our Consolidated Indebtedness at the end of a quarter, to our Consolidated EBITDA (each as defined in the amended credit agreement) for the trailing twelve-month period. We met the covenant as of June 30, 2020 . At June 30, 2020 , we had no borrowings outstanding under the Credit Facility and the remaining availability under the Credit Facility, net of outstanding letters of credit, was $3.50 billion . Other Bank Borrowings At June 30, 2020 , we had $101 million of bank borrowings with a weighted average interest rate of 3.59% . These borrowings consisted primarily of amounts outstanding under Miramax’s $300 million credit facility, which matures in April 2023. |
Financial Instruments and Fair
Financial Instruments and Fair Value Measurements | 6 Months Ended |
Jun. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments and Fair Value Measurements | 8 ) FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS The carrying value of our financial instruments approximates fair value, except for notes and debentures, which are not recorded at fair value. The carrying value of our notes and debentures was $19.93 billion and $17.98 billion at June 30, 2020 and December 31, 2019 , respectively, and the fair value, which is determined based on quoted prices in active markets (Level 1 in the fair value hierarchy) was $23.2 billion and $20.6 billion at June 30, 2020 and December 31, 2019 , respectively. The carrying value of our investments without a readily determinable fair value for which we have no significant influence was $104 million and $113 million at June 30, 2020 and December 31, 2019 , respectively. These investments are included in “Other assets” on the Consolidated Balance Sheets. During the three and six months ended June 30, 2020 , in connection with the merger of an investee company with a publicly traded company, we recorded an unrealized gain of $32 million based on the market price of the company’s publicly traded equity instruments, which are deemed similar to our investment. The gain is reflected in “Other items, net” in the Consolidated Statement of Operations. We use derivative financial instruments primarily to modify our exposure to market risks from fluctuations in foreign currency exchange rates. We do not use derivative instruments unless there is an underlying exposure and, therefore, we do not hold or enter into derivative financial instruments for speculative trading purposes. Foreign Exchange Contracts Foreign exchange forward contracts have principally been used to hedge projected cash flows, in currencies such as the British Pound, the Euro, the Canadian Dollar and the Australian Dollar, generally for periods up to 24 months. We designate foreign exchange forward contracts used to hedge committed and forecasted foreign currency transactions as cash flow hedges. Gains or losses on the effective portion of designated cash flow hedges are initially recorded in other comprehensive income (loss) and reclassified to the statement of operations when the hedged item is recognized. Additionally, we enter into non-designated forward contracts to hedge non-U.S. dollar denominated cash flows. At June 30, 2020 and December 31, 2019 , the notional amount of all foreign exchange contracts was $881 million and $1.44 billion , respectively. At June 30, 2020 , $421 million related to future production costs and $460 million related to our foreign currency balances and other expected foreign currency cash flows. At December 31, 2019 , $833 million related to future production costs and $606 million related to our foreign currency balances and other expected foreign currency cash flows. Gains (losses) recognized on derivative financial instruments were as follows: Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 Financial Statement Account Non-designated foreign exchange contracts $ (11 ) $ 3 $ 18 $ — Other items, net The fair value of our derivative instruments was not material to the Consolidated Balance Sheets for any of the periods presented. The following tables set forth our assets and liabilities measured at fair value on a recurring basis at June 30, 2020 and December 31, 2019 . These assets and liabilities have been categorized according to the three-level fair value hierarchy established by the FASB, which prioritizes the inputs used in measuring fair value. Level 1 is based on publicly quoted prices for the asset or liability in active markets. Level 2 is based on inputs that are observable other than quoted market prices in active markets, such as quoted prices for the asset or liability in inactive markets or quoted prices for similar assets or liabilities. Level 3 is based on unobservable inputs reflecting our own assumptions about the assumptions that market participants would use in pricing the asset or liability. At June 30, 2020 Level 1 Level 2 Level 3 Total Assets: Equity securities $ — $ 32 $ — $ 32 Foreign currency hedges — 13 — 13 Total Assets $ — $ 45 $ — $ 45 Liabilities: Deferred compensation $ — $ 452 $ — $ 452 Foreign currency hedges — 18 — 18 Total Liabilities $ — $ 470 $ — $ 470 At December 31, 2019 Level 1 Level 2 Level 3 Total Assets: Marketable securities $ 146 $ — $ — $ 146 Foreign currency hedges — 13 — 13 Total Assets $ 146 $ 13 $ — $ 159 Liabilities: Deferred compensation $ — $ 490 $ — $ 490 Foreign currency hedges — 14 — 14 Total Liabilities $ — $ 504 $ — $ 504 The fair value of foreign currency hedges is determined based on the present value of future cash flows using observable inputs including foreign currency exchange rates. The fair value of deferred compensation liabilities is determined based on the fair value of the investments elected by employees. The fair value of marketable securities at December 31, 2019 was determined based on quoted market prices in active markets. During the six months ended June 30, 2020 , we sold marketable securities for proceeds of $146 million . During the three and six months ended June 30, 2019 , we recorded an unrealized gain of $28 million and $66 million , respectively, resulting from changes in the fair value of our marketable securities. During the three and six months ended June 30, 2020 , we recorded an impairment charge of $25 million to write down the carrying values of FCC licenses in two markets to their fair values, which were determined based on the Greenfield Discounted Cash Flow Method (Level 3). See Note 4. |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2020 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | 9 ) STOCKHOLDERS’ EQUITY During the second quarter of 2020 , we declared a quarterly cash dividend of $.24 per share on our Class A and Class B Common Stock, resulting in total dividends of $150 million , which were paid on July 1, 2020 . During the six months ended June 30, 2020 , we repurchased 1.3 million shares of ViacomCBS Class B Common Stock under our share repurchase program for $50 million , at an average cost of $38.63 per share. At June 30, 2020 , $2.36 billion of authorization remained under the share repurchase program. Accumulated Other Comprehensive Income (Loss) The following tables summarize the changes in the components of accumulated other comprehensive loss. Cumulative Translation Adjustments Net Actuarial Loss and Prior Service Cost Accumulated Other Comprehensive Loss At December 31, 2019 $ (463 ) $ (1,507 ) $ (1,970 ) Other comprehensive loss before reclassifications (64 ) — (64 ) Reclassifications to net earnings — 35 (a) 35 Other comprehensive income (loss) (64 ) 35 (29 ) At June 30, 2020 $ (527 ) $ (1,472 ) $ (1,999 ) Cumulative Translation Adjustments Net Actuarial Loss and Prior Service Cost Accumulated Other Comprehensive Loss At December 31, 2018 $ (476 ) $ (1,132 ) $ (1,608 ) Other comprehensive income before reclassifications 6 — 6 Reclassifications to net earnings — 29 (a) 29 Other comprehensive income 6 29 35 Tax effects reclassified to retained earnings — (230 ) (b) (230 ) At June 30, 2019 $ (470 ) $ (1,333 ) $ (1,803 ) (a) Reflects amortization of net actuarial losses (see Note 12 ). Amounts are net of tax benefits of $11 million and $10 million for the six months ended June 30, 2020 and 2019 , respectively. (b) Reflects the reclassification of certain income tax effects of the federal tax legislation enacted in December 2017 on items within accumulated other comprehensive loss to retained earnings upon the adoption of FASB guidance. |
Stock-based Compensation
Stock-based Compensation | 6 Months Ended |
Jun. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Stock-based Compensation | 10 ) STOCK-BASED COMPENSATION The following table summarizes our stock-based compensation expense for the three and six months ended June 30, 2020 and 2019 . Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 RSUs and PSUs $ 40 $ 42 $ 88 $ 85 Stock options 5 8 11 16 Compensation cost included in operating and SG&A expense 45 50 99 101 Compensation cost included in restructuring and other corporate matters (a) 12 — 46 5 Stock-based compensation expense, before income taxes 57 50 145 106 Related tax benefit (11 ) (12 ) (27 ) (24 ) Stock-based compensation expense, net of tax benefit $ 46 $ 38 $ 118 $ 82 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 11 ) INCOME TAXES The (provision) benefit for income taxes represents federal, state and local, and foreign taxes on earnings from continuing operations before income taxes and equity in loss of investee companies. For the three and six months ended June 30, 2020 , we recorded a provision for income taxes of $202 million and $339 million , reflecting effective income tax rates of 21.6% and 21.3% , respectively. For the three and six months ended June 30, 2019 , we recorded a provision for income taxes of $241 million and a benefit of $135 million , reflecting effective income tax rates of 19.5% and (4.8)% , respectively. Included in the provision for income taxes for the second quarter of 2019 is a net tax benefit of $32 million principally related to the bankruptcy of an investee. This item, taken together with a provision of $5 million for restructuring and other corporate matters and gain on equity securities, reduced our effective income tax rate by 2.7 percentage points. The tax benefit for the six months ended June 30, 2019 included a deferred tax benefit of $768 million resulting from the transfer of intangible assets between our subsidiaries in connection with a reorganization of our international operations, the aforementioned tax benefit of $32 million principally related to the bankruptcy of an investee, and a tax provision of $163 million on the gain from the sale of the CBS Television City property and sound stage operation (“CBS Television City”). These items, taken together with a net tax benefit of $29 million for restructuring and other corporate matters and gain on equity securities, reduced the effective income tax rate by 27.0 percentage points for the six months ended June 30, 2019 . In March 2020, the U.S. government enacted tax legislation containing provisions to support businesses during the COVID-19 pandemic (the “CARES Act”), including deferment of the employer portion of certain payroll taxes, refundable payroll tax credits, and technical amendments to tax depreciation methods for qualified improvement property. The CARES Act did not have a material impact on our consolidated financial statements for the three and six months ended June 30, 2020 . We do not expect the future impact of the CARES Act provisions to be material. In March 2020, the UK government passed a resolution increasing the UK corporate income tax rate from 17% to 19% beginning April 1, 2020 . The resolution received Royal Assent on July 22, 2020. Accordingly, the impact of the rate increase will be recorded in our consolidated financial statements in the third quarter of 2020. We currently estimate the impact of the rate increase to result in a net tax benefit of approximately $100 million , primarily attributable to the adjustment of our UK deferred income tax balances. ViacomCBS and its subsidiaries file income tax returns with the Internal Revenue Service (“IRS”) and various state and international jurisdictions. For periods prior to the Merger, Viacom and CBS filed separate tax returns. For CBS, the IRS commenced its examination of the 2017 tax year during the fourth quarter of 2019 and commenced its examination of the 2018 tax year in February 2020. For Viacom, the IRS began its examination of the 2014 and 2015 tax years in April 2017. Various tax years are also currently under examination by state and local and foreign tax authorities. With respect to open tax years in all jurisdictions, we currently believe that it is reasonably possible that the reserve for uncertain tax positions may decrease by $125 million |
Pension and Other Postretiremen
Pension and Other Postretirement Benefits | 6 Months Ended |
Jun. 30, 2020 | |
Retirement Benefits [Abstract] | |
Pension and Other Postretirement Benefits | 12 ) PENSION AND OTHER POSTRETIREMENT BENEFITS The following tables present the components of net periodic cost for our pension and postretirement benefit plans. Pension Benefits Postretirement Benefits Three Months Ended June 30, 2020 2019 2020 2019 Components of net periodic cost (a) : Service cost $ 8 $ 7 $ — $ 1 Interest cost 41 48 3 4 Expected return on plan assets (49 ) (46 ) — — Amortization of actuarial loss (gain) (b) 26 24 (4 ) (5 ) Net periodic cost $ 26 $ 33 $ (1 ) $ — Pension Benefits Postretirement Benefits Six Months Ended June 30, 2020 2019 2020 2019 Components of net periodic cost (a) : Service cost $ 15 $ 14 $ 1 $ 1 Interest cost 82 96 6 8 Expected return on plan assets (97 ) (92 ) — — Amortization of actuarial loss (gain) (b) 52 48 (8 ) (9 ) Net periodic cost $ 52 $ 66 $ (1 ) $ — (a) Amounts reflect our domestic plans only. (b) Reflects amounts reclassified from accumulated other comprehensive loss to net earnings. |
Redeemable Noncontrolling Inter
Redeemable Noncontrolling Interest | 6 Months Ended |
Jun. 30, 2020 | |
Noncontrolling Interest [Abstract] | |
Redeemable Noncontrolling Interest | 13 ) REDEEMABLE NONCONTROLLING INTERESTS We are subject to a redeemable put option, payable in a foreign currency, with respect to an international subsidiary. The put option expires in December 2022 and is classified as “Redeemable noncontrolling interest” on the Consolidated Balance Sheets. The activity reflected within redeemable noncontrolling interest for the six months ended June 30, 2020 and 2019 is presented below. Six Months Ended June 30, 2020 2019 Beginning balance $ 254 $ 239 Net earnings 3 5 Distributions (7 ) (8 ) Translation adjustment (17 ) — Redemption value adjustment 41 14 Ending balance $ 274 $ 250 |
Reportable Segments
Reportable Segments | 6 Months Ended |
Jun. 30, 2020 | |
Segment Reporting [Abstract] | |
Reportable Segments | 14 ) REPORTABLE SEGMENTS The following tables set forth our financial information by reportable segment. Our operating segments, which are the same as our reportable segments, have been determined in accordance with our internal management structure, which is organized based upon products and services. Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 Revenues: Advertising $ 951 $ 1,309 $ 2,332 $ 3,276 Affiliate 751 616 1,485 1,227 Content licensing 544 966 1,341 1,747 Other 41 47 76 94 TV Entertainment 2,287 2,938 5,234 6,344 Advertising 992 1,347 2,109 2,462 Affiliate 1,443 1,539 2,906 3,093 Content licensing 797 290 1,075 523 Cable Networks 3,232 3,176 6,090 6,078 Theatrical 3 152 170 324 Home entertainment 209 161 383 315 Licensing 434 540 876 915 Other 1 24 29 53 Filmed Entertainment 647 877 1,458 1,607 Publishing 200 218 370 382 Corporate/Eliminations (91 ) (66 ) (208 ) (168 ) Total Revenues $ 6,275 $ 7,143 $ 12,944 $ 14,243 Revenues generated between segments primarily reflect advertising and content licensing revenues. These transactions are recorded at market value as if the sales were to third parties and are eliminated in consolidation. Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 Intercompany Revenues: TV Entertainment $ 43 $ 38 $ 118 $ 94 Cable Networks 2 9 18 27 Filmed Entertainment 46 26 72 61 Total Intercompany Revenues $ 91 $ 73 $ 208 $ 182 We present operating income (loss) excluding depreciation and amortization, stock-based compensation, costs for restructuring and other corporate matters, programming charges and gain (loss) on sale of assets, each where applicable (“Adjusted OIBDA”), as the primary measure of profit and loss for our operating segments in accordance with FASB guidance for segment reporting since it is the primary method used by our management. Stock-based compensation is excluded from our segment measure of profit and loss because it is set and approved by our Board of Directors in consultation with corporate executive management. Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 Adjusted OIBDA: TV Entertainment $ 392 $ 613 $ 965 $ 1,355 Cable Networks 1,285 989 2,079 1,882 Filmed Entertainment 116 95 143 133 Publishing 38 35 57 54 Corporate/Eliminations (97 ) (120 ) (193 ) (222 ) Stock-based compensation (45 ) (50 ) (99 ) (101 ) Depreciation and amortization (124 ) (109 ) (237 ) (215 ) Restructuring and other corporate matters (158 ) (7 ) (391 ) (185 ) Programming charges (121 ) — (121 ) — Gain on sale of assets — — — 549 Operating income 1,286 1,446 2,203 3,250 Interest expense (263 ) (237 ) (504 ) (477 ) Interest income 11 15 25 34 Loss on extinguishment of debt (103 ) — (103 ) — Other items, net 6 15 (27 ) 25 Earnings from continuing operations before income taxes and equity in loss of investee companies 937 1,239 1,594 2,832 (Provision) benefit for income taxes (202 ) (241 ) (339 ) 135 Equity in loss of investee companies, net of tax (12 ) (21 ) (21 ) (39 ) Net earnings from continuing operations 723 977 1,234 2,928 Net earnings from discontinued operations, net of tax 3 6 11 19 Net earnings (ViacomCBS and noncontrolling interests) 726 983 1,245 2,947 Net earnings attributable to noncontrolling interests (245 ) (6 ) (248 ) (11 ) Net earnings attributable to ViacomCBS $ 481 $ 977 $ 997 $ 2,936 At At June 30, 2020 December 31, 2019 Assets: TV Entertainment $ 19,289 $ 19,689 Cable Networks 22,539 22,109 Filmed Entertainment 6,454 5,477 Publishing 1,246 1,262 Corporate/Eliminations 1,649 967 Discontinued Operations 11 15 Total Assets $ 51,188 $ 49,519 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 15 ) COMMITMENTS AND CONTINGENCIES Guarantees Letters of Credit and Surety Bonds. We have indemnification obligations with respect to letters of credit and surety bonds primarily used as security against non-performance in the normal course of business. At June 30, 2020 , the outstanding letters of credit and surety bonds approximated $135 million and were not recorded on the Consolidated Balance Sheet. CBS Television City. In connection with the sale of CBS Television City in 2019, we guaranteed a specified level of cash flows to be generated by the business during the first five years following the completion of the sale. Included in “Other current liabilities” and “Other liabilities” on the Consolidated Balance Sheet at June 30, 2020 is a liability of $99 million , reflecting the present value of the estimated amount payable under the guarantee obligation. Lease Guarantees . We have certain indemnification obligations with respect to leases primarily associated with the previously discontinued operations of Famous Players Inc. (“Famous Players”). These lease commitments amount to $72 million as of June 30, 2020 and are presented on the Consolidated Balance Sheet within “Other liabilities.” The amount of lease commitments varies over time depending on expiration or termination of individual underlying leases, or the related indemnification obligation, and foreign exchange rates, among other things. We may also have exposure for certain other expenses related to the leases, such as property taxes and common area maintenance. We believe our accrual is sufficient to meet any future obligations based on our consideration of available financial information, the lessees’ historical performance in meeting their lease obligations and the underlying economic factors impacting the lessees’ business models. In the course of our business, we both provide and receive indemnities which are intended to allocate certain risks associated with business transactions. Similarly, we may remain contingently liable for various obligations of a business that has been divested in the event that a third party does not live up to its obligations under an indemnification obligation. We record a liability for our indemnification obligations and other contingent liabilities when probable and reasonably estimable. Legal Matters General On an ongoing basis, we vigorously defend ourselves in numerous lawsuits and proceedings and respond to various investigations and inquiries from federal, state, local and international authorities (collectively, “litigation’’). Litigation may be brought against us without merit, is inherently uncertain and always difficult to predict. However, based on our understanding and evaluation of the relevant facts and circumstances, we believe that the following matters are not likely, in the aggregate, to result in a material adverse effect on our business, financial condition and results of operations. Litigation Relating to the Merger Beginning on February 20, 2020, three purported CBS stockholders filed separate derivative and/or putative class action lawsuits in the Court of Chancery of the State of Delaware. On March 31, 2020, the Court consolidated the three lawsuits and appointed Bucks County Employees’ Retirement Fund and International Union of Operating Engineers of Eastern Pennsylvania and Delaware as co-lead plaintiffs for the consolidated action. On April 14, 2020, the lead plaintiffs filed a Verified Consolidated Class Action and Derivative Complaint (as used in this paragraph, the “Complaint”) against Shari E. Redstone, NAI, Sumner M. Redstone National Amusements Trust, members of the CBS Board of Directors (comprised of Candace K. Beinecke, Barbara M. Byrne, Gary L. Countryman, Brian Goldner, Linda M. Griego, Robert N. Klieger, Martha L. Minow, Susan Schuman, Frederick O. Terrell and Strauss Zelnick), former CBS President and Acting Chief Executive Officer Joseph Ianniello and nominal defendant ViacomCBS Inc. The Complaint alleges breaches of fiduciary duties to CBS stockholders in connection with the negotiation and approval of the Agreement and Plan of Merger dated as of August 13, 2019, as amended on October 16, 2019 (the “Merger Agreement”). The Complaint also alleges waste and unjust enrichment in connection with Mr. Ianniello’s compensation. The Complaint seeks unspecified damages, costs and expenses, as well as other relief. On June 5, 2020, the defendants filed motions to dismiss. We believe that the claims are without merit and we intend to defend against them vigorously. We are currently unable to determine a range of potential liability, if any. Accordingly, no accrual for this matter has been made in our consolidated financial statements. Beginning on November 25, 2019, four purported Viacom stockholders filed separate putative class action lawsuits in the Court of Chancery of the State of Delaware. On January 23, 2020, the Court consolidated the four lawsuits. On February 6, 2020, the Court appointed California Public Employees’ Retirement System (“CalPERS”) as lead plaintiff for the consolidated action. On February 28, 2020, CalPERS, together with Park Employees’ and Retirement Board Employees’ Annuity and Benefit Fund of Chicago and Louis M. Wilen, filed a First Amended Verified Class Action Complaint (as used in this paragraph, the “Complaint”) against NAI, NAI Entertainment Holdings LLC, Shari E. Redstone, the members of the Viacom special transaction committee of the Viacom Board of Directors (comprised of Thomas J. May, Judith A. McHale, Ronald L. Nelson and Nicole Seligman) and our President and Chief Executive Officer and director, Robert M. Bakish. The Complaint alleges breaches of fiduciary duties to Viacom stockholders in connection with the negotiation and approval of the Merger Agreement. The Complaint seeks unspecified damages, costs and expenses, as well as other relief. On May 22, 2020, the defendants filed motions to dismiss. We believe that the claims are without merit and we intend to defend against them vigorously. We are currently unable to determine a range of potential liability, if any. Accordingly, no accrual for this matter has been made in our consolidated financial statements. Investigation-Related Matters As announced on August 1, 2018, the CBS Board of Directors retained two law firms to conduct a full investigation of the allegations in press reports about CBS’ former Chairman of the Board, President and Chief Executive Officer, Leslie Moonves, CBS News and cultural issues at CBS. On December 17, 2018, the CBS Board of Directors announced the completion of its investigation, certain findings of the investigation and the CBS Board of Directors’ determination, discussed below, with respect to the termination of Mr. Moonves’ employment. We have received subpoenas from the New York County District Attorney’s Office and the New York City Commission on Human Rights regarding the subject matter of this investigation and related matters. The New York State Attorney General’s Office and the United States Securities and Exchange Commission have also requested information about these matters, including with respect to CBS’ related public disclosures. We may continue to receive additional related regulatory and investigative inquiries from these and other entities in the future. We are cooperating with these inquiries. On August 27, 2018 and on October 1, 2018, Gene Samit and John Lantz, respectively, filed putative class action suits in the United States District Court for the Southern District of New York, individually and on behalf of others similarly situated, for claims that are similar to those alleged in the amended complaint described below. On November 6, 2018, the Court entered an order consolidating the two actions. On November 30, 2018, the Court appointed Construction Laborers Pension Trust for Southern California as the lead plaintiff of the consolidated action. On February 11, 2019, the lead plaintiff filed a consolidated amended putative class action complaint against CBS, certain current and former senior executives and members of the CBS Board of Directors. The consolidated action is stated to be on behalf of purchasers of CBS Class A Common Stock and Class B Common Stock between September 26, 2016 and December 4, 2018. This action seeks to recover damages arising during this time period allegedly caused by the defendants’ purported violations of the federal securities laws, including by allegedly making materially false and misleading statements or failing to disclose material information, and seeks costs and expenses as well as remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. On April 12, 2019, the defendants filed motions to dismiss this action, which the Court granted in part and denied in part on January 15, 2020. With the exception of one statement made by Mr. Moonves at an industry event in November 2017, in which he allegedly was acting as the agent of CBS, all claims as to all other allegedly false and misleading statements were dismissed. We believe that the remaining claims are without merit and we intend to defend against them vigorously. We are currently unable to determine a range of potential liability, if any. Accordingly, no accrual for this matter has been made in our consolidated financial statements. Separation Agreement On September 9, 2018, CBS entered into a separation and settlement agreement and releases (the “Separation Agreement”) with Mr. Moonves, pursuant to which Mr. Moonves resigned as a director and as Chairman of the Board, President and Chief Executive Officer of CBS. In October 2018, we contributed $120 million to a grantor trust pursuant to the Separation Agreement. On December 17, 2018, the CBS Board of Directors announced that, following its consideration of the findings of the investigation referred to above, it had determined that there were grounds to terminate Mr. Moonves’ employment for cause under his employment agreement with CBS. Any dispute related to the CBS Board of Directors’ determination is subject to binding arbitration as set forth in the Separation Agreement. On January 16, 2019, Mr. Moonves commenced a binding arbitration proceeding with respect to this matter and the related CBS Board of Directors investigation, which proceeding is ongoing. The assets of the grantor trust will remain in the trust until a final determination in the arbitration. We are currently unable to determine the outcome of the arbitration and the amount, if any, that may be awarded thereunder. Accordingly, no accrual for this matter has been made in our consolidated financial statements. Claims Related to Former Businesses: Asbestos We are a defendant in lawsuits claiming various personal injuries related to asbestos and other materials, which allegedly occurred as a result of exposure caused by various products manufactured by Westinghouse, a predecessor, generally prior to the early 1970s. Westinghouse was neither a producer nor a manufacturer of asbestos. We are typically named as one of a large number of defendants in both state and federal cases. In the majority of asbestos lawsuits, the plaintiffs have not identified which of our products is the basis of a claim. Claims against us in which a product has been identified most commonly relate to allegations of exposure to asbestos-containing insulating material used in conjunction with turbines and electrical equipment. Claims are frequently filed and/or settled in groups, which may make the amount and timing of settlements, and the number of pending claims, subject to significant fluctuation from period to period. We do not report as pending those claims on inactive, stayed, deferred or similar dockets that some jurisdictions have established for claimants who allege minimal or no impairment. As of June 30, 2020 , we had pending approximately 31,190 asbestos claims, as compared with approximately 30,950 as of December 31, 2019 . During the second quarter of 2020 , we received approximately 590 new claims and closed or moved to an inactive docket approximately 480 claims. We report claims as closed when we become aware that a dismissal order has been entered by a court or when we have reached agreement with the claimants on the material terms of a settlement. Settlement costs depend on the seriousness of the injuries that form the basis of the claims, the quality of evidence supporting the claims and other factors. Our total costs for the years 2019 and 2018 for settlement and defense of asbestos claims after insurance recoveries and net of tax were approximately $58 million and $45 million , respectively. Our costs for settlement and defense of asbestos claims may vary year to year and insurance proceeds are not always recovered in the same period as the insured portion of the expenses. Filings include claims for individuals suffering from mesothelioma, a rare cancer, the risk of which is allegedly increased by exposure to asbestos; lung cancer, a cancer which may be caused by various factors, one of which is alleged to be asbestos exposure; other cancers, and conditions that are substantially less serious, including claims brought on behalf of individuals who are asymptomatic as to an allegedly asbestos-related disease. The predominant number of pending claims against us are non-cancer claims. It is difficult to predict future asbestos liabilities, as events and circumstances may impact the estimate of our asbestos liabilities, including, among others, the number and types of claims and average cost to resolve such claims. We record an accrual for a loss contingency when it is both probable that a liability has been incurred and when the amount of the loss can be reasonably estimated. We believe that our accrual and insurance are adequate to cover our asbestos liabilities. Our liability estimate is based upon many factors, including the number of outstanding claims, estimated average cost per claim, the breakdown of claims by disease type, historic claim filings, costs per claim of resolution and the filing of new claims, as well as consultation with a third party firm on trends that may impact our future asbestos liability. Other From time to time we receive claims from federal and state environmental regulatory agencies and other entities asserting that we are or may be liable for environmental cleanup costs and related damages principally relating to our historical and predecessor operations. In addition, from time to time we receive personal injury claims including toxic tort and product liability claims (other than asbestos) arising from our historical operations and predecessors. |
Supplemental Financial Informat
Supplemental Financial Information | 6 Months Ended |
Jun. 30, 2020 | |
Additional Financial Information Disclosure [Abstract] | |
Supplemental Financial Information | 16 ) SUPPLEMENTAL FINANCIAL INFORMATION Supplemental Cash Flow Information Six Months Ended June 30, 2020 2019 Cash paid for interest $ 470 $ 463 Cash paid for income taxes $ 100 $ 498 Noncash additions to operating lease assets $ 89 $ 213 Variable Interest Entities In the normal course of business, we enter into joint ventures or make investments with business partners that support our underlying business strategy and provide us the ability to enter new markets to expand the reach of our brands, develop new programming and/or distribute our existing content. In certain instances, an entity in which we make an investment may qualify as a VIE. In determining whether we are the primary beneficiary of a VIE, we assess whether we have the power to direct matters that most significantly impact the activities of the VIE and have the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. The Consolidated Balance Sheets include assets and liabilities related to consolidated VIEs totaling $1.31 billion and $219 million , respectively, at June 30, 2020 , and $141 million and $22 million , respectively, at December 31, 2019 . Revenues and operating income from our consolidated VIEs were $538 million and $500 million , respectively, for the three months ended June 30, 2020 , and $556 million and $498 million , respectively, for the six months ended June 30, 2020 . Revenues and operating income from our consolidated VIEs were not significant for the three and six months ended June 30, 2019 . The increase in amounts related to our consolidated VIEs reflects the acquisition of Miramax (see Note 2) and the licensing of the streaming rights to South Park by a consolidated 51% -owned VIE in the second quarter of 2020. Gain on Sale of Assets During the first quarter of 2019, we completed the sale of CBS Television City for $750 million . We guaranteed a specified level of cash flows to be generated by the business during the first five years following the completion of the sale. This transaction resulted in a gain of $549 million ( $386 million , net of tax), which included a reduction for the estimated amount payable under the guarantee obligation. Lease Income We enter into operating leases for the use of our owned production facilities and office buildings. Lease payments received under these agreements consist of fixed payments for the rental of space and certain building operating costs, as well as variable payments based on usage of production facilities and services, and escalating costs of building operations. We recorded total lease income, including both fixed and variable amounts, of $19 million and $53 million for three and six months ended June 30, 2020 , respectively, and $38 million and $78 million for three and six months ended June 30, 2019 |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Use of Estimates | Use of Estimates -The preparation of our consolidated financial statements in conformity with GAAP requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the periods presented. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may vary from these estimates under different assumptions or conditions. |
Net Earnings per Common Share | Net Earnings per Common Share |
Recently Adopted Accounting Pronouncements and Accounting Pronouncements Not Yet Adopted | Recently Adopted Accounting Pronouncements Improvements to Accounting for Costs of Films and License Agreements for Program Materials On January 1, 2020, we adopted Financial Accounting Standards Board (“FASB”) guidance on the accounting for costs of films and episodic television series, which aligns the accounting for capitalizing production costs of episodic television series with the guidance for films. As a result of the adoption of this guidance, the capitalization of costs incurred to produce episodic television series is no longer limited to the amount of revenue contracted in the initial market until persuasive evidence of a secondary market exists. In addition, under this guidance our film and television programming is tested for impairment individually on a title-by-title basis, or together with other films and television programming as part of a group, based on the predominant monetization strategy of the film or television programming. Further, for programming monetized in a film group, this guidance requires any changes to the estimated use of the film or television series to be accounted for prospectively. This guidance also eliminates existing balance sheet classification guidance and adds new disclosure requirements relating to costs for acquired and internally-produced programming. As a result of this guidance, beginning in the first quarter of 2020, all of our programming inventory, other than prepayments for the rights to air sporting and other live events, is now classified as noncurrent on the Consolidated Balance Sheet. Therefore, $1.17 billion of programming inventory that was classified in current assets at December 31, 2019 was reclassified to noncurrent assets on January 1, 2020. This guidance did not have a material impact on the Consolidated Statement of Operations. See Note 3 for additional disclosures relating to the adoption of this guidance. Collaborative Arrangements: Clarifying the Interaction with the New Revenue Standard On January 1, 2020, we adopted FASB guidance on the accounting for collaborative arrangements, which clarifies that certain transactions between parties to collaborative arrangements should be accounted for in accordance with FASB revenue guidance when the counterparty is a customer. The adoption of this guidance did not have a material impact on our consolidated financial statements. Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract On January 1, 2020, we adopted FASB guidance on the accounting for implementation costs of a cloud computing arrangement that is considered to be a service contract. This guidance requires companies to follow the guidance for capitalizing costs associated with internal-use software to determine which costs to capitalize in a cloud computing arrangement that is a service contract. Under this guidance, such implementation costs will be capitalized in “Other assets” on the Consolidated Balance Sheet, with the related amortization presented in “Selling, general and administrative expenses” on the Consolidated Statement of Operations. This guidance was applied prospectively to implementation costs incurred after January 1, 2020. The adoption of this guidance did not have a material impact on our consolidated financial statements. Financial Instruments On January 1, 2020, we adopted FASB guidance on the accounting for credit losses on financial instruments. Among other provisions, this guidance introduces a new impairment model for most financial assets and certain other instruments. The guidance applies primarily to our trade and other receivables, and requires the use of a forward-looking “expected loss” model instead of the “incurred loss” model that was used under previous FASB guidance for determining an allowance for credit losses. The adoption of this guidance did not have a material impact on our consolidated financial statements. Accounting Pronouncements Not Yet Adopted Reference Rate Reform In March 2020, the FASB issued guidance providing optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by the discontinuation of the London Interbank Offered Rate (“LIBOR”) or by another reference rate expected to be discontinued. The guidance is effective for all entities as of March 12, 2020 through December 31, 2022. We are currently evaluating the impact of the changes in reference rates and the exemptions and exceptions in this guidance on our consolidated financial statements. Simplifying the Accounting for Income Taxes In December 2019, the FASB issued guidance on the accounting for income taxes that, among other provisions, eliminates certain exceptions to existing guidance related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. This guidance also requires an entity to reflect the effect of an enacted change in tax laws or rates in its effective income tax rate in the first interim period that includes the enactment date of the new legislation, aligning the timing of recognition of the effects from enacted tax law changes on the effective income tax rate with the effects on deferred income tax assets and liabilities. Under existing guidance, an entity recognizes the effects of the enacted tax law change on the effective income tax rate in the period that includes the effective date of the tax law. This guidance is effective for interim and annual periods beginning after December 15, 2020 with early adoption permitted. The adoption of this guidance is not expected to have a material impact on our consolidated financial statements. Changes to the Disclosure Requirements for Defined Benefit Plans |
Basis of Presentation (Tables)
Basis of Presentation (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Reconciliation from Basic to Diluted Shares | The table below presents a reconciliation of weighted average shares used in the calculation of basic and diluted EPS. Three Months Ended Six Months Ended June 30, June 30, (in millions) 2020 2019 2020 2019 Weighted average shares for basic EPS 615 615 615 615 Dilutive effect of shares issuable under stock-based compensation plans 2 2 2 2 Weighted average shares for diluted EPS 617 617 617 617 |
Acquisition (Tables)
Acquisition (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Business Combinations [Abstract] | |
Schedule of Allocation of Purchase Price | The following table summarizes our estimated allocation of the purchase price as of the acquisition date. Assets Cash $ 32 Accounts receivable and other current assets 19 Programming inventory 536 Goodwill 99 Intangible assets 12 Other assets (noncurrent) 7 Assets acquired $ 705 Liabilities Accounts payable and accrued expenses $ 13 Participants’ share and royalties payable (current) 16 Deferred revenues 10 Participants’ share and royalties payable (noncurrent) 20 Debt 105 Other liabilities (noncurrent) 28 Liabilities assumed 192 Noncontrolling interests 363 Total purchase price $ 150 |
Programming and Other Invento_2
Programming and Other Inventory (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Inventory Disclosure [Abstract] | |
Current Programming and Other Inventory | The following tables present our programming and other inventory by type at June 30, 2020 and December 31, 2019 . Programming inventory at June 30, 2020 has been grouped according to the predominant monetization strategy in accordance with new FASB guidance adopted in the first quarter of 2020 (see Note 1 ). At June 30, 2020 Film Group Monetization: Acquired television program rights, including prepaid sports rights $ 3,345 Internally produced television programming: Released 3,104 In process and other 832 Individual Monetization: Acquired libraries 501 Film inventory: Released 429 Completed, not yet released 81 In process and other 1,258 Internally produced television programming: Released 1,202 In process and other 718 Home entertainment and Publishing, primarily finished goods 95 Total programming and other inventory 11,565 Less current portion 1,837 Total noncurrent programming and other inventory $ 9,728 At December 31, 2019 Acquired television program rights, including prepaid sports rights $ 3,477 Acquired libraries 99 Internally produced television programming: Released 3,627 In process and other 2,626 Film inventory: Released 502 Completed, not yet released 55 In process and other 1,037 Home entertainment and Publishing, primarily finished goods 105 Total programming and other inventory 11,528 Less current portion 2,876 Total noncurrent programming and other inventory $ 8,652 |
Noncurrent Programming and Other Inventory | The following tables present our programming and other inventory by type at June 30, 2020 and December 31, 2019 . Programming inventory at June 30, 2020 has been grouped according to the predominant monetization strategy in accordance with new FASB guidance adopted in the first quarter of 2020 (see Note 1 ). At June 30, 2020 Film Group Monetization: Acquired television program rights, including prepaid sports rights $ 3,345 Internally produced television programming: Released 3,104 In process and other 832 Individual Monetization: Acquired libraries 501 Film inventory: Released 429 Completed, not yet released 81 In process and other 1,258 Internally produced television programming: Released 1,202 In process and other 718 Home entertainment and Publishing, primarily finished goods 95 Total programming and other inventory 11,565 Less current portion 1,837 Total noncurrent programming and other inventory $ 9,728 At December 31, 2019 Acquired television program rights, including prepaid sports rights $ 3,477 Acquired libraries 99 Internally produced television programming: Released 3,627 In process and other 2,626 Film inventory: Released 502 Completed, not yet released 55 In process and other 1,037 Home entertainment and Publishing, primarily finished goods 105 Total programming and other inventory 11,528 Less current portion 2,876 Total noncurrent programming and other inventory $ 8,652 |
Programming and Production Costs | The following table presents amortization of programming and production costs, which are included within “Operating expenses” in the Consolidated Statements of Operations. Three Months Ended Six Months Ended June 30, 2020 June 30, 2020 Programming costs, acquired programming $ 713 $ 1,686 Production costs, internally produced television and film programming: Individual monetization $ 753 $ 1,523 Film group monetization $ 731 $ 1,420 |
Restructuring, Impairment, an_2
Restructuring, Impairment, and Other Corporate Matters (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Restructuring Charges [Abstract] | |
Restructuring Reserve Rollforward | During the three and six months ended June 30, 2020 and 2019 , we recorded the following on the Consolidated Statements of Operations: Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 Severance $ 128 $ — $ 304 $ 98 Exit costs 6 — 32 30 Restructuring charges 134 — 336 128 Merger-related costs 10 — 41 — Other corporate matters 14 7 14 57 Restructuring and other corporate matters $ 158 $ 7 $ 391 $ 185 Impairment charges $ 25 $ — $ 25 $ — Depreciation of abandoned technology $ — $ — $ 12 $ — Balance at 2020 Activity Balance at December 31, 2019 Charges (a) Payments Other June 30, 2020 TV Entertainment $ 99 $ 75 $ (41 ) $ — $ 133 Cable Networks 137 135 (85 ) (6 ) 181 Filmed Entertainment 17 11 (5 ) 2 25 Publishing 4 2 (2 ) (1 ) 3 Corporate 143 67 (80 ) (9 ) 121 Total $ 400 $ 290 $ (213 ) $ (14 ) $ 463 (a) Excludes stock-based compensation expense of $46 million . |
Related Parties (Tables)
Related Parties (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | The following tables present the amounts recorded in our consolidated financial statements related to these transactions. Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 Revenues $ 24 $ 54 $ 76 $ 109 Operating expenses $ 3 $ 3 $ 5 $ 4 At At June 30, 2020 December 31, 2019 Amounts due to/from other related parties Accounts receivable $ 33 $ 45 Accounts payable $ 2 $ 3 |
Revenues (Tables)
Revenues (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following table presents our revenues disaggregated into categories based on the nature of such revenues. Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 Revenues by Type: Advertising $ 1,934 $ 2,645 $ 4,418 $ 5,711 Affiliate 2,194 2,155 4,391 4,320 Content licensing 1,902 1,909 3,496 3,374 Theatrical 3 152 170 324 Publishing 200 218 370 382 Other 42 64 99 132 Total Revenues $ 6,275 $ 7,143 $ 12,944 $ 14,243 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | Our debt consists of the following: At At June 30, 2020 December 31, 2019 Commercial paper $ — $ 699 4.30% Senior Notes due 2021 — 300 4.50% Senior Notes due 2021 — 499 3.875% Senior Notes due 2021 339 597 2.250% Senior Notes due 2022 35 49 3.375% Senior Notes due 2022 415 698 3.125% Senior Notes due 2022 117 194 2.50% Senior Notes due 2023 196 398 3.25% Senior Notes due 2023 141 181 2.90% Senior Notes due 2023 242 396 4.25% Senior Notes due 2023 836 1,242 7.875% Debentures due 2023 139 187 7.125% Senior Notes due 2023 35 46 3.875% Senior Notes due 2024 490 489 3.70% Senior Notes due 2024 598 598 3.50% Senior Notes due 2025 593 592 4.75% Senior Notes due 2025 1,238 — 4.00% Senior Notes due 2026 790 789 3.45% Senior Notes due 2026 123 123 2.90% Senior Notes due 2027 689 688 3.375% Senior Notes due 2028 494 494 3.70% Senior Notes due 2028 491 491 4.20% Senior Notes due 2029 493 493 7.875% Senior Debentures due 2030 831 831 4.95% Senior Notes due 2031 1,218 — 4.20% Senior Notes due 2032 968 — 5.50% Senior Debentures due 2033 426 426 4.85% Senior Debentures due 2034 87 87 6.875% Senior Debentures due 2036 1,069 1,068 6.75% Senior Debentures due 2037 75 75 5.90% Senior Notes due 2040 298 297 4.50% Senior Debentures due 2042 45 45 4.85% Senior Notes due 2042 487 486 4.375% Senior Debentures due 2043 1,112 1,109 4.875% Senior Debentures due 2043 18 18 5.850% Senior Debentures due 2043 1,231 1,231 5.25% Senior Debentures due 2044 345 345 4.90% Senior Notes due 2044 539 539 4.60% Senior Notes due 2045 589 589 4.95% Senior Notes due 2050 941 — 5.875% Junior Subordinated Debentures due 2057 514 643 6.25% Junior Subordinated Debentures due 2057 643 643 Other bank borrowings 101 — Obligations under finance leases 37 44 Total debt (a) 20,068 18,719 Less commercial paper and other short-term borrowings 6 699 Less current portion of long-term debt 358 18 Total long-term debt, net of current portion $ 19,704 $ 18,002 (a) At June 30, 2020 and December 31, 2019 , the long-term debt balances included (i) a net unamortized discount of $503 million and $412 million , respectively, (ii) unamortized deferred financing costs of $112 million and $92 million , respectively, and (iii) a decrease in the carrying value of the debt relating to previously settled fair value hedges of $5 million and $6 million , respectively. The face value of our total debt was $20.69 billion and $19.23 billion at June 30, 2020 and December 31, 2019 , respectively. |
Financial Instruments and Fai_2
Financial Instruments and Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments | Gains (losses) recognized on derivative financial instruments were as follows: Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 Financial Statement Account Non-designated foreign exchange contracts $ (11 ) $ 3 $ 18 $ — Other items, net |
Fair Value Measurements | The following tables set forth our assets and liabilities measured at fair value on a recurring basis at June 30, 2020 and December 31, 2019 . These assets and liabilities have been categorized according to the three-level fair value hierarchy established by the FASB, which prioritizes the inputs used in measuring fair value. Level 1 is based on publicly quoted prices for the asset or liability in active markets. Level 2 is based on inputs that are observable other than quoted market prices in active markets, such as quoted prices for the asset or liability in inactive markets or quoted prices for similar assets or liabilities. Level 3 is based on unobservable inputs reflecting our own assumptions about the assumptions that market participants would use in pricing the asset or liability. At June 30, 2020 Level 1 Level 2 Level 3 Total Assets: Equity securities $ — $ 32 $ — $ 32 Foreign currency hedges — 13 — 13 Total Assets $ — $ 45 $ — $ 45 Liabilities: Deferred compensation $ — $ 452 $ — $ 452 Foreign currency hedges — 18 — 18 Total Liabilities $ — $ 470 $ — $ 470 At December 31, 2019 Level 1 Level 2 Level 3 Total Assets: Marketable securities $ 146 $ — $ — $ 146 Foreign currency hedges — 13 — 13 Total Assets $ 146 $ 13 $ — $ 159 Liabilities: Deferred compensation $ — $ 490 $ — $ 490 Foreign currency hedges — 14 — 14 Total Liabilities $ — $ 504 $ — $ 504 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Stockholders' Equity Note [Abstract] | |
Changes in Components of Accumulated Other Comprehensive Income (Loss) | The following tables summarize the changes in the components of accumulated other comprehensive loss. Cumulative Translation Adjustments Net Actuarial Loss and Prior Service Cost Accumulated Other Comprehensive Loss At December 31, 2019 $ (463 ) $ (1,507 ) $ (1,970 ) Other comprehensive loss before reclassifications (64 ) — (64 ) Reclassifications to net earnings — 35 (a) 35 Other comprehensive income (loss) (64 ) 35 (29 ) At June 30, 2020 $ (527 ) $ (1,472 ) $ (1,999 ) Cumulative Translation Adjustments Net Actuarial Loss and Prior Service Cost Accumulated Other Comprehensive Loss At December 31, 2018 $ (476 ) $ (1,132 ) $ (1,608 ) Other comprehensive income before reclassifications 6 — 6 Reclassifications to net earnings — 29 (a) 29 Other comprehensive income 6 29 35 Tax effects reclassified to retained earnings — (230 ) (b) (230 ) At June 30, 2019 $ (470 ) $ (1,333 ) $ (1,803 ) (a) Reflects amortization of net actuarial losses (see Note 12 ). Amounts are net of tax benefits of $11 million and $10 million for the six months ended June 30, 2020 and 2019 , respectively. (b) |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Stock-based Compensation | The following table summarizes our stock-based compensation expense for the three and six months ended June 30, 2020 and 2019 . Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 RSUs and PSUs $ 40 $ 42 $ 88 $ 85 Stock options 5 8 11 16 Compensation cost included in operating and SG&A expense 45 50 99 101 Compensation cost included in restructuring and other corporate matters (a) 12 — 46 5 Stock-based compensation expense, before income taxes 57 50 145 106 Related tax benefit (11 ) (12 ) (27 ) (24 ) Stock-based compensation expense, net of tax benefit $ 46 $ 38 $ 118 $ 82 |
Pension and Other Postretirem_2
Pension and Other Postretirement Benefits (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Retirement Benefits [Abstract] | |
Pension and Other Postretirement Benefits | The following tables present the components of net periodic cost for our pension and postretirement benefit plans. Pension Benefits Postretirement Benefits Three Months Ended June 30, 2020 2019 2020 2019 Components of net periodic cost (a) : Service cost $ 8 $ 7 $ — $ 1 Interest cost 41 48 3 4 Expected return on plan assets (49 ) (46 ) — — Amortization of actuarial loss (gain) (b) 26 24 (4 ) (5 ) Net periodic cost $ 26 $ 33 $ (1 ) $ — Pension Benefits Postretirement Benefits Six Months Ended June 30, 2020 2019 2020 2019 Components of net periodic cost (a) : Service cost $ 15 $ 14 $ 1 $ 1 Interest cost 82 96 6 8 Expected return on plan assets (97 ) (92 ) — — Amortization of actuarial loss (gain) (b) 52 48 (8 ) (9 ) Net periodic cost $ 52 $ 66 $ (1 ) $ — (a) Amounts reflect our domestic plans only. (b) Reflects amounts reclassified from accumulated other comprehensive loss to net earnings. |
Redeemable Noncontrolling Int_2
Redeemable Noncontrolling Interest (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Noncontrolling Interest [Abstract] | |
Redeemable Noncontrolling Interest | The activity reflected within redeemable noncontrolling interest for the six months ended June 30, 2020 and 2019 is presented below. Six Months Ended June 30, 2020 2019 Beginning balance $ 254 $ 239 Net earnings 3 5 Distributions (7 ) (8 ) Translation adjustment (17 ) — Redemption value adjustment 41 14 Ending balance $ 274 $ 250 |
Reportable Segments (Tables)
Reportable Segments (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Segment Reporting [Abstract] | |
Revenues by Segment | Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 Revenues: Advertising $ 951 $ 1,309 $ 2,332 $ 3,276 Affiliate 751 616 1,485 1,227 Content licensing 544 966 1,341 1,747 Other 41 47 76 94 TV Entertainment 2,287 2,938 5,234 6,344 Advertising 992 1,347 2,109 2,462 Affiliate 1,443 1,539 2,906 3,093 Content licensing 797 290 1,075 523 Cable Networks 3,232 3,176 6,090 6,078 Theatrical 3 152 170 324 Home entertainment 209 161 383 315 Licensing 434 540 876 915 Other 1 24 29 53 Filmed Entertainment 647 877 1,458 1,607 Publishing 200 218 370 382 Corporate/Eliminations (91 ) (66 ) (208 ) (168 ) Total Revenues $ 6,275 $ 7,143 $ 12,944 $ 14,243 |
Intercompany Revenues by Segment | Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 Intercompany Revenues: TV Entertainment $ 43 $ 38 $ 118 $ 94 Cable Networks 2 9 18 27 Filmed Entertainment 46 26 72 61 Total Intercompany Revenues $ 91 $ 73 $ 208 $ 182 |
Segment Operating Income (Loss) and Reconciliation to Net Earnings (Loss) | Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 Adjusted OIBDA: TV Entertainment $ 392 $ 613 $ 965 $ 1,355 Cable Networks 1,285 989 2,079 1,882 Filmed Entertainment 116 95 143 133 Publishing 38 35 57 54 Corporate/Eliminations (97 ) (120 ) (193 ) (222 ) Stock-based compensation (45 ) (50 ) (99 ) (101 ) Depreciation and amortization (124 ) (109 ) (237 ) (215 ) Restructuring and other corporate matters (158 ) (7 ) (391 ) (185 ) Programming charges (121 ) — (121 ) — Gain on sale of assets — — — 549 Operating income 1,286 1,446 2,203 3,250 Interest expense (263 ) (237 ) (504 ) (477 ) Interest income 11 15 25 34 Loss on extinguishment of debt (103 ) — (103 ) — Other items, net 6 15 (27 ) 25 Earnings from continuing operations before income taxes and equity in loss of investee companies 937 1,239 1,594 2,832 (Provision) benefit for income taxes (202 ) (241 ) (339 ) 135 Equity in loss of investee companies, net of tax (12 ) (21 ) (21 ) (39 ) Net earnings from continuing operations 723 977 1,234 2,928 Net earnings from discontinued operations, net of tax 3 6 11 19 Net earnings (ViacomCBS and noncontrolling interests) 726 983 1,245 2,947 Net earnings attributable to noncontrolling interests (245 ) (6 ) (248 ) (11 ) Net earnings attributable to ViacomCBS $ 481 $ 977 $ 997 $ 2,936 |
Assets by Segment | At At June 30, 2020 December 31, 2019 Assets: TV Entertainment $ 19,289 $ 19,689 Cable Networks 22,539 22,109 Filmed Entertainment 6,454 5,477 Publishing 1,246 1,262 Corporate/Eliminations 1,649 967 Discontinued Operations 11 15 Total Assets $ 51,188 $ 49,519 |
Supplemental Financial Inform_2
Supplemental Financial Information (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Additional Financial Information Disclosure [Abstract] | |
Supplemental Cash Flow Information | Supplemental Cash Flow Information Six Months Ended June 30, 2020 2019 Cash paid for interest $ 470 $ 463 Cash paid for income taxes $ 100 $ 498 Noncash additions to operating lease assets $ 89 $ 213 |
Basis of Presentation (Narrativ
Basis of Presentation (Narrative) (Details) - shares shares in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Stock Options and RSUs [Member] | ||||
Net Earnings (Loss) per Common Share | ||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 25 | 17 | 26 | 20 |
Basis of Presentation (Earnings
Basis of Presentation (Earnings per Share) (Details) - shares shares in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Weighted average shares for basic EPS | 615 | 615 | 615 | 615 |
Dilutive effect of shares issuable under stock-based compensation plans | 2 | 2 | 2 | 2 |
Weighted average shares for diluted EPS | 617 | 617 | 617 | 617 |
Basis of Presentation (Recently
Basis of Presentation (Recently Adopted Accounting Pronouncements Narrative) (Details) - USD ($) $ in Millions | Jun. 30, 2020 | Jan. 01, 2020 | Dec. 31, 2019 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Programming and other inventory | $ 9,728 | $ 8,652 | |
Noncurrent Asset [Member] | Improvements to Accounting for Costs of Films and License Agreements for Program Materials | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Programming and other inventory | $ 1,170 |
Acquisition (Narrative) (Detail
Acquisition (Narrative) (Details) - Miramax [Member] $ in Millions | Apr. 03, 2020USD ($)title |
Business Acquisition [Line Items] | |
Percentage of interest acquired | 49.00% |
Consideration transferred | $ 375 |
Upfront cash payment | 150 |
Commitment to invest, annual amount | 45 |
Commitment to invest over next five years | $ 225 |
Titles added to existing library | title | 700 |
Trade Name [Member] | |
Business Acquisition [Line Items] | |
Weighted average useful life | 10 years |
Acquisition (Allocation of Purc
Acquisition (Allocation of Purchase Price) (Details) - USD ($) $ in Millions | Jun. 30, 2020 | Apr. 03, 2020 | Dec. 31, 2019 |
Assets | |||
Goodwill | $ 17,077 | $ 16,980 | |
Miramax [Member] | |||
Assets | |||
Cash | $ 32 | ||
Accounts receivable and other current assets | 19 | ||
Programming inventory | 536 | ||
Goodwill | 99 | ||
Intangible assets | 12 | ||
Other assets (noncurrent) | 7 | ||
Assets acquired | 705 | ||
Liabilities | |||
Accounts payable and accrued expenses | 13 | ||
Participants’ share and royalties payable (current) | 16 | ||
Deferred revenues | 10 | ||
Participants’ share and royalties payable (noncurrent) | 20 | ||
Debt | 105 | ||
Other liabilities (noncurrent) | 28 | ||
Liabilities assumed | 192 | ||
Noncontrolling interests | 363 | ||
Total purchase price | $ 150 |
Programming and Other Invento_3
Programming and Other Inventory (Programming Inventory) (Details) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Inventory [Line Items] | ||
Acquired television program rights, including prepaid sports rights | $ 3,345 | |
Internally produced television programming: | ||
Released | 3,104 | |
In process and other | 832 | |
Individual Monetization: | ||
Acquired libraries | 501 | |
Film inventory and Internally produced television programming: | ||
Home entertainment and Publishing, primarily finished goods | 95 | $ 105 |
Total programming and other inventory | 11,565 | 11,528 |
Less current portion | 1,837 | 2,876 |
Total noncurrent programming and other inventory | 9,728 | $ 8,652 |
Film Inventory [Member] | ||
Film inventory and Internally produced television programming: | ||
Released | 429 | |
Completed, not yet released | 81 | |
In process and other | 1,258 | |
Internally Produced Television Programming [Member] | ||
Film inventory and Internally produced television programming: | ||
Released | 1,202 | |
In process and other | $ 718 |
Programming and Other Invento_4
Programming and Other Inventory (Programming Inventory, Prior to Adoption) (Details) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Inventory Disclosure [Abstract] | ||
Acquired television program rights, including prepaid sports rights | $ 3,477 | |
Acquired libraries | 99 | |
Internally produced television programming: | ||
Released | 3,627 | |
In process and other | 2,626 | |
Film inventory: | ||
Released | 502 | |
Completed, not yet released | 55 | |
In process and other | 1,037 | |
Home entertainment and Publishing, primarily finished goods | $ 95 | 105 |
Total programming and other inventory | 11,565 | 11,528 |
Less current portion | 1,837 | 2,876 |
Total noncurrent programming and other inventory | $ 9,728 | $ 8,652 |
Programming and Other Invento_5
Programming and Other Inventory (Programming and Production Costs) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2020 | Jun. 30, 2020 | |
Inventory Disclosure [Abstract] | ||
Programming costs, acquired programming | $ 713 | $ 1,686 |
Production costs, internally produced television and film programming: | ||
Individual monetization | 753 | 1,523 |
Film group monetization | $ 731 | $ 1,420 |
Programming and Other Invento_6
Programming and Other Inventory (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2020 | Jun. 30, 2020 | |
TV Entertainment Segment [Member] | Operating Segments [Member] | Operating Expense [Member] | ||
Segment Reporting Information [Line Items] | ||
Programming charges | $ 66 | $ 66 |
Cable Networks [Member] | Operating Segments [Member] | Operating Expense [Member] | ||
Segment Reporting Information [Line Items] | ||
Programming charges | 50 | 50 |
Filmed Entertainment [Member] | Operating Segments [Member] | Operating Expense [Member] | ||
Segment Reporting Information [Line Items] | ||
Programming charges | 5 | 5 |
COVID-19 [Member] | ||
Segment Reporting Information [Line Items] | ||
Programming charges | $ 121 | $ 121 |
Restructuring, Impairment, an_3
Restructuring, Impairment, and Other Corporate Matters (Restructuring and Other Corporate Matters) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | $ 134 | $ 0 | $ 336 | $ 128 |
Merger-related costs | 10 | 0 | 41 | 0 |
Other corporate matters | 14 | 7 | 14 | 57 |
Restructuring and other corporate matters | 158 | 7 | 391 | 185 |
Impairment charges | 25 | 0 | 0 | |
Depreciation of abandoned technology | 0 | 0 | 12 | 0 |
Severance [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 128 | 0 | 304 | 98 |
Exit costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | $ 6 | $ 0 | $ 32 | $ 30 |
Restructuring, Impairment, an_4
Restructuring, Impairment, and Other Corporate Matters (Narrative) (Details) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020USD ($)market | Jun. 30, 2019USD ($) | Jun. 30, 2020USD ($)market | Jun. 30, 2019USD ($) | |
Indefinite-lived Intangible Assets [Line Items] | ||||
Restructuring charges | $ 134 | $ 0 | $ 336 | $ 128 |
Merger-related costs | 10 | 0 | 41 | 0 |
Other corporate matters | $ 14 | 7 | 14 | 57 |
Number of television markets, quantitative impairment test | market | 3 | |||
Impairment charges | $ 25 | 0 | 0 | |
Depreciation of abandoned technology | $ 0 | $ 0 | $ 12 | $ 0 |
FCC License Impairment Test [Member] | ||||
Indefinite-lived Intangible Assets [Line Items] | ||||
Number of markets lower than carrying value | market | 2 | 2 | ||
Intangible assets, written down to fair value | $ 216 | $ 216 | ||
Carrying amount | $ 53 | $ 53 | ||
Percentage of fair value in excess of carrying amount | 7.00% | 7.00% | ||
Average market share period | 5 years | |||
TV Entertainment Segment [Member] | Depreciation and Amortization [Member] | ||||
Indefinite-lived Intangible Assets [Line Items] | ||||
Impairment charges | $ 25 | $ 25 |
Restructuring, Impairment, an_5
Restructuring, Impairment, and Other Corporate Matters (Rollforward) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Restructuring Reserve [Roll Forward] | ||||
Restructuring reserve, beginning balance | $ 400 | |||
Charges | $ 134 | $ 0 | 336 | $ 128 |
Payments | (213) | |||
Other | (14) | |||
Restructuring reserve, ending balance | 463 | 463 | ||
Restructuring Charges Excluding Stock-Based Compensation [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Charges | 290 | |||
Stock-Based Compensation Expense [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Charges | 46 | |||
Operating Segments [Member] | TV Entertainment [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring reserve, beginning balance | 99 | |||
Payments | (41) | |||
Other | 0 | |||
Restructuring reserve, ending balance | 133 | 133 | ||
Operating Segments [Member] | TV Entertainment [Member] | Restructuring Charges Excluding Stock-Based Compensation [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Charges | 75 | |||
Operating Segments [Member] | Cable Networks [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring reserve, beginning balance | 137 | |||
Payments | (85) | |||
Other | (6) | |||
Restructuring reserve, ending balance | 181 | 181 | ||
Operating Segments [Member] | Cable Networks [Member] | Restructuring Charges Excluding Stock-Based Compensation [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Charges | 135 | |||
Operating Segments [Member] | Filmed Entertainment [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring reserve, beginning balance | 17 | |||
Payments | (5) | |||
Other | 2 | |||
Restructuring reserve, ending balance | 25 | 25 | ||
Operating Segments [Member] | Filmed Entertainment [Member] | Restructuring Charges Excluding Stock-Based Compensation [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Charges | 11 | |||
Operating Segments [Member] | Publishing [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring reserve, beginning balance | 4 | |||
Payments | (2) | |||
Other | (1) | |||
Restructuring reserve, ending balance | 3 | 3 | ||
Operating Segments [Member] | Publishing [Member] | Restructuring Charges Excluding Stock-Based Compensation [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Charges | 2 | |||
Corporate [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring reserve, beginning balance | 143 | |||
Payments | (80) | |||
Other | (9) | |||
Restructuring reserve, ending balance | $ 121 | 121 | ||
Corporate [Member] | Restructuring Charges Excluding Stock-Based Compensation [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Charges | $ 67 |
Related Parties (Details)
Related Parties (Details) | Jun. 30, 2020trustee |
Related Party Transaction [Line Items] | |
SMR Trust ownership in NAI | 80.00% |
National Amusements, Inc. [Member] | |
Related Party Transaction [Line Items] | |
NAI ownership of CBS Corp. Class A Common Stock (percentage) | 79.40% |
NAI ownership of CBS Corp. Class A and Class B Common Stock on a combined basis (percentage) | 10.20% |
Number of trustees | 7 |
Related Parties (Schedule of Re
Related Parties (Schedule of Related Party Transactions) (Details) - Other Related Parties [Member] - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Related Party Transaction [Line Items] | |||||
Revenues | $ 24 | $ 54 | $ 76 | $ 109 | |
Operating expenses | 3 | $ 3 | 5 | $ 4 | |
Accounts receivable | 33 | 33 | $ 45 | ||
Accounts payable | $ 2 | $ 2 | $ 3 |
Revenues (Disaggregation of Rev
Revenues (Disaggregation of Revenue) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 6,275 | $ 7,143 | $ 12,944 | $ 14,243 |
Advertising [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 1,934 | 2,645 | 4,418 | 5,711 |
Affiliate [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 2,194 | 2,155 | 4,391 | 4,320 |
Content Licensing [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 1,902 | 1,909 | 3,496 | 3,374 |
Theatrical [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 3 | 152 | 170 | 324 |
Publishing [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 200 | 218 | 370 | 382 |
Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 42 | $ 64 | $ 99 | $ 132 |
Revenues (Receivables) (Details
Revenues (Receivables) (Details) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Disaggregation of Revenue [Line Items] | ||
Allowance for credit loss | $ 88 | $ 86 |
Noncurrent receivables origination in 2020 | 889 | |
Noncurrent receivables origination in 2019 | 855 | |
Noncurrent receivables origination in 2018 | 413 | |
Noncurrent receivables origination in 2017 | 138 | |
Noncurrent receivables origination in 2016 | 18 | |
Noncurrent receivables origination prior to 2016 | 19 | |
Other Assets [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Noncurrent receivables | $ 2,330 | $ 2,150 |
Revenues (Contract Liabilities)
Revenues (Contract Liabilities) (Details) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |||
Deferred revenue | $ 885 | $ 910 | |
Revenue recognized | $ 407 | $ 411 |
Revenues (Unrecognized Revenues
Revenues (Unrecognized Revenues Under Contract) (Details) $ in Millions | Jun. 30, 2020USD ($) |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Unrecognized revenue | $ 6,790 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-07-01 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Unrecognized revenue | $ 1,950 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Expected timing of satisfaction period | 6 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Unrecognized revenue | $ 2,550 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Expected timing of satisfaction period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Unrecognized revenue | $ 1,630 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Expected timing of satisfaction period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Unrecognized revenue | $ 661 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Expected timing of satisfaction period |
Revenues (Performance Obligatio
Revenues (Performance Obligations Satisfied in Previous Periods) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | ||||
Performance obligation satisfied | $ 119 | $ 65 | $ 141 | $ 155 |
Debt (Schedule of Debt) (Detail
Debt (Schedule of Debt) (Details) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
Commercial paper | $ 0 | $ 699 |
Other bank borrowings | 101 | 0 |
Obligations under finance leases | 37 | 44 |
Total debt | 20,068 | 18,719 |
Less commercial paper and other short-term borrowings | 6 | 699 |
Less current portion of long-term debt | 358 | 18 |
Total long-term debt, net of current portion | 19,704 | 18,002 |
Net unamortized discount on senior debt | 503 | 412 |
Unamortized deferred financing costs | 112 | 92 |
Decrease (increase) in the carrying value of debt relating to previously settled fair value hedges | 5 | 6 |
Face value of debt | 20,690 | 19,230 |
4.30% Senior Notes due 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value of senior debt | $ 0 | 300 |
Stated interest rate | 4.30% | |
4.50% Senior Notes due 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value of senior debt | $ 0 | 499 |
Stated interest rate | 4.50% | |
3.875% Senior Notes due 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value of senior debt | $ 339 | 597 |
Stated interest rate | 3.875% | |
2.250% Senior Notes due 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value of senior debt | $ 35 | 49 |
Stated interest rate | 2.25% | |
3.375% Senior Notes due 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value of senior debt | $ 415 | 698 |
Stated interest rate | 3.375% | |
3.125% Senior Notes due 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value of senior debt | $ 117 | 194 |
Stated interest rate | 3.125% | |
2.50% Senior Notes due 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value of senior debt | $ 196 | 398 |
Stated interest rate | 2.50% | |
3.25% Senior Notes due 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value of senior debt | $ 141 | 181 |
Stated interest rate | 3.25% | |
2.90% Senior Notes due 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value of senior debt | $ 242 | 396 |
Stated interest rate | 2.90% | |
4.25% Senior Notes due 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value of senior debt | $ 836 | 1,242 |
Stated interest rate | 4.25% | |
7.875% Debentures due 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value of senior debt | $ 139 | 187 |
Stated interest rate | 7.875% | |
7.125% Senior Notes due 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value of senior debt | $ 35 | 46 |
Stated interest rate | 7.125% | |
3.875% Senior Notes due 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value of senior debt | $ 490 | 489 |
Stated interest rate | 3.875% | |
3.70% Senior Notes due 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value of senior debt | $ 598 | 598 |
Stated interest rate | 3.70% | |
3.50% Senior Notes due 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value of senior debt | $ 593 | 592 |
Stated interest rate | 3.50% | |
4.75% Senior Notes due 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value of senior debt | $ 1,238 | 0 |
Stated interest rate | 4.75% | |
4.00% Senior Notes due 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value of senior debt | $ 790 | 789 |
Stated interest rate | 4.00% | |
3.45% Senior Notes due 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value of senior debt | $ 123 | 123 |
Stated interest rate | 3.45% | |
2.90% Senior Notes due 2027 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value of senior debt | $ 689 | 688 |
Stated interest rate | 2.90% | |
3.375% Senior Notes due 2028 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value of senior debt | $ 494 | 494 |
Stated interest rate | 3.375% | |
3.70% Senior Notes due 2028 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value of senior debt | $ 491 | 491 |
Stated interest rate | 3.70% | |
4.20% Senior Notes due 2029 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value of senior debt | $ 493 | 493 |
Stated interest rate | 4.20% | |
7.875% Senior Debentures due 2030 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value of senior debt | $ 831 | 831 |
Stated interest rate | 7.875% | |
4.95% Senior Notes due 2031 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value of senior debt | $ 1,218 | 0 |
Stated interest rate | 4.95% | |
4.20% Senior Notes due 2032 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value of senior debt | $ 968 | 0 |
Stated interest rate | 4.20% | |
5.50% Senior Debentures due 2033 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value of senior debt | $ 426 | 426 |
Stated interest rate | 5.50% | |
4.85% Senior Debentures due 2034 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value of senior debt | $ 87 | 87 |
Stated interest rate | 4.85% | |
6.875% Senior Debentures due 2036 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value of senior debt | $ 1,069 | 1,068 |
Stated interest rate | 6.875% | |
6.75% Senior Debentures due 2037 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value of senior debt | $ 75 | 75 |
Stated interest rate | 6.75% | |
5.90% Senior Notes due 2040 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value of senior debt | $ 298 | 297 |
Stated interest rate | 5.90% | |
4.50% Senior Debentures due 2042 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value of senior debt | $ 45 | 45 |
Stated interest rate | 4.50% | |
4.85% Senior Notes due 2042 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value of senior debt | $ 487 | 486 |
Stated interest rate | 4.85% | |
4.375% Senior Debentures due 2043 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value of senior debt | $ 1,112 | 1,109 |
Stated interest rate | 4.375% | |
4.875% Senior Debentures due 2043 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value of senior debt | $ 18 | 18 |
Stated interest rate | 4.875% | |
5.850% Senior Debentures due 2043 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value of senior debt | $ 1,231 | 1,231 |
Stated interest rate | 5.85% | |
5.25% Senior Debentures due 2044 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value of senior debt | $ 345 | 345 |
Stated interest rate | 5.25% | |
4.90% Senior Notes due 2044 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value of senior debt | $ 539 | 539 |
Stated interest rate | 4.90% | |
4.60% Senior Notes due 2045 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value of senior debt | $ 589 | 589 |
Stated interest rate | 4.60% | |
4.95% Senior Notes due 2050 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value of senior debt | $ 941 | 0 |
Stated interest rate | 4.95% | |
5.875% Junior Subordinated Debentures due 2057 [Member] | ||
Debt Instrument [Line Items] | ||
Junior Subordinated Notes | $ 514 | 643 |
Stated interest rate | 5.875% | |
6.25% Junior Subordinated Debentures due 2057 [Member] | ||
Debt Instrument [Line Items] | ||
Junior Subordinated Notes | $ 643 | $ 643 |
Stated interest rate | 6.25% |
Debt (Narrative) (Details)
Debt (Narrative) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Jul. 10, 2020 | Dec. 31, 2019 | |
Line of Credit Facility [Line Items] | ||||||
Face value of debt | $ 20,690,000,000 | $ 20,690,000,000 | $ 19,230,000,000 | |||
Loss on extinguishment of debt | $ 103,000,000 | $ 0 | $ 103,000,000 | $ 0 | ||
3.875% Senior Notes due 2021 [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Stated interest rate | 3.875% | 3.875% | ||||
5.875% Junior Subordinated Debentures due 2057 [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Stated interest rate | 5.875% | 5.875% | ||||
5.875% Junior Subordinated Debentures due 2057 [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Basis spread on variable rate | 3.895% | |||||
6.25% Junior Subordinated Debentures due 2057 [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Stated interest rate | 6.25% | 6.25% | ||||
6.25% Junior Subordinated Debentures due 2057 [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Basis spread on variable rate | 3.899% | |||||
Senior Notes [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Face value of debt | $ 4,500,000,000 | $ 4,500,000,000 | ||||
Senior Notes [Member] | Minimum [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Stated interest rate | 4.20% | 4.20% | ||||
Senior Notes [Member] | Maximum [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Stated interest rate | 4.95% | 4.95% | ||||
Senior Notes [Member] | 3.875% Senior Notes due 2021 [Member] | Subsequent Event [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Stated interest rate | 3.875% | |||||
Debt redeemed | $ 340,000,000 | |||||
Senior Notes and Junior Subordinated Debentures [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt redeemed | $ 2,430,000,000 | $ 2,430,000,000 | ||||
Payments for debt redemption | 2,520,000,000 | |||||
Unamortized debt issuance costs and fees | $ 15,000,000 | $ 15,000,000 |
Debt (Commercial Paper Narrativ
Debt (Commercial Paper Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Jun. 30, 2020 | Jan. 31, 2020 | |
Line of Credit Facility [Line Items] | |||
Commercial paper | $ 699,000,000 | $ 0 | |
Commercial Paper [Member] | |||
Line of Credit Facility [Line Items] | |||
Maximum borrowing capacity under credit facility | $ 2,500,000,000 | $ 3,500,000,000 | |
Debt maturity, less than | 90 days | ||
Weighted average interest rate | 2.07% | ||
ViacomCBS Credit Facility [Member] | Revolving Credit Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Maximum borrowing capacity under credit facility | $ 3,500,000,000 |
Debt (Credit Facility Narrative
Debt (Credit Facility Narrative) (Details) - Revolving Credit Facility [Member] | 1 Months Ended | 6 Months Ended |
Jan. 31, 2020USD ($) | Jun. 30, 2020USD ($) | |
Line of Credit Facility [Line Items] | ||
Period for Consolidated EBITDA | 12 months | |
CBS Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Maximum borrowing capacity under credit facility | $ 2,500,000,000 | |
Viacom Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Maximum borrowing capacity under credit facility | 2,500,000,000 | |
ViacomCBS Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Maximum borrowing capacity under credit facility | $ 3,500,000,000 | |
Maximum consolidated leverage ratio | 4.5 | |
Maximum Consolidated Leverage Ratio, potential increase | 5 | |
Amount borrowed under credit facility | $ 0 | |
Availability under credit facility | $ 3,500,000,000 |
Debt (Other Bank Borrowings Nar
Debt (Other Bank Borrowings Narrative) (Details) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
Other bank borrowings | $ 101,000,000 | $ 0 |
Credit Facility [Member] | Miramax [Member] | ||
Debt Instrument [Line Items] | ||
Maximum borrowing capacity under credit facility | $ 300,000,000 | |
Other Bank Borrowings [Member] | ||
Debt Instrument [Line Items] | ||
Weighted average interest rate | 3.59% |
Financial Instruments and Fai_3
Financial Instruments and Fair Value Measurements (Narrative) (Details) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020USD ($)market | Jun. 30, 2019USD ($) | Jun. 30, 2020USD ($)market | Jun. 30, 2019USD ($) | Dec. 31, 2019USD ($) | |
Derivative [Line Items] | |||||
Carrying value of notes and debentures | $ 19,930 | $ 19,930 | $ 17,980 | ||
Fair value of debt | 23,200 | 23,200 | 20,600 | ||
Investments without readily determinable fair value | 104 | 104 | 113 | ||
Unrealized gain | 32 | 32 | |||
Proceeds from sale of marketable securities | 146 | ||||
Gain on marketable securities | $ 28 | $ 66 | |||
Impairment charges | 25 | $ 0 | $ 0 | ||
TV Entertainment Segment [Member] | Depreciation and Amortization [Member] | |||||
Derivative [Line Items] | |||||
Impairment charges | $ 25 | $ 25 | |||
FCC License Impairment Test [Member] | |||||
Derivative [Line Items] | |||||
Number of markets lower than carrying value | market | 2 | 2 | |||
Cash Flow Hedging [Member] | Foreign exchange contract [Member] | |||||
Derivative [Line Items] | |||||
Maximum derivative contract term | 24 months | ||||
Notional amount of derivative | $ 881 | $ 881 | 1,440 | ||
Cash Flow Hedging [Member] | Foreign exchange contract [Member] | Future Production Costs [Member] | |||||
Derivative [Line Items] | |||||
Notional amount of derivative | 421 | 421 | 833 | ||
Cash Flow Hedging [Member] | Foreign exchange contract [Member] | Other Foreign Currency [Member] | |||||
Derivative [Line Items] | |||||
Notional amount of derivative | $ 460 | $ 460 | $ 606 |
Financial Instruments and Fai_4
Financial Instruments and Fair Value Measurements (Gain (Losses) Recognized on Derivative Financial Instruments) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Foreign exchange contract [Member] | ||||
Derivatives [Line Items] | ||||
Non-designated foreign exchange contracts | $ (11) | $ 3 | $ 18 | $ 0 |
Financial Instruments and Fai_5
Financial Instruments and Fair Value Measurements (Fair Value of Assets and Liabilities) (Details) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Assets: | ||
Equity securities | $ 32 | |
Marketable securities | $ 146 | |
Foreign currency hedges | 13 | 13 |
Total Assets | 45 | 159 |
Liabilities: | ||
Deferred compensation | 452 | 490 |
Foreign currency hedges | 18 | 14 |
Total Liabilities | 470 | 504 |
Level 1 [Member] | ||
Assets: | ||
Equity securities | 0 | |
Marketable securities | 146 | |
Foreign currency hedges | 0 | 0 |
Total Assets | 0 | 146 |
Liabilities: | ||
Deferred compensation | 0 | 0 |
Foreign currency hedges | 0 | 0 |
Total Liabilities | 0 | 0 |
Level 2 [Member] | ||
Assets: | ||
Equity securities | 32 | |
Marketable securities | 0 | |
Foreign currency hedges | 13 | 13 |
Total Assets | 45 | 13 |
Liabilities: | ||
Deferred compensation | 452 | 490 |
Foreign currency hedges | 18 | 14 |
Total Liabilities | 470 | 504 |
Level 3 [Member] | ||
Assets: | ||
Equity securities | 0 | |
Marketable securities | 0 | |
Foreign currency hedges | 0 | 0 |
Total Assets | 0 | 0 |
Liabilities: | ||
Deferred compensation | 0 | 0 |
Foreign currency hedges | 0 | 0 |
Total Liabilities | $ 0 | $ 0 |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | Jul. 01, 2020 | Jun. 30, 2020 | Jun. 30, 2020 |
Stockholders' Equity Note [Abstract] | |||
Dividends per common share (in dollars per share) | $ 0.24 | ||
Dividends recorded on common stock | $ 150 | ||
Class of Stock [Line Items] | |||
Class B Common Stock purchased (shares) | 1.3 | ||
Class B Common Stock purchased | $ 50 | ||
Average price per share repurchased (in dollars per share) | $ 38.63 | ||
Remaining authorization under repurchase program | $ 2,360 | $ 2,360 | |
Subsequent Event [Member] | |||
Class of Stock [Line Items] | |||
Dividends paid per common share (in dollars per share) | $ 0.24 |
Stockholders' Equity (Accumulat
Stockholders' Equity (Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
AOCI Attributable to Parent, Net of Tax | ||
Accumulated other comprehensive income (loss) beginning balance | $ (1,970) | $ (1,608) |
Other comprehensive loss before reclassifications | (64) | 6 |
Reclassifications to net earnings | 35 | 29 |
Other comprehensive income | (29) | 35 |
Tax effects reclassified to retained earnings | (230) | |
Accumulated other comprehensive income (loss) ending balance | (1,999) | (1,803) |
Tax provision on net actuarial gain (loss) and prior service costs related to pension and other postretirement benefit plans | 11 | 10 |
Cumulative Translation Adjustments [Member] | ||
AOCI Attributable to Parent, Net of Tax | ||
Accumulated other comprehensive income (loss) beginning balance | (463) | (476) |
Other comprehensive loss before reclassifications | (64) | 6 |
Reclassifications to net earnings | 0 | 0 |
Other comprehensive income | (64) | 6 |
Tax effects reclassified to retained earnings | 0 | |
Accumulated other comprehensive income (loss) ending balance | (527) | (470) |
Net Actuarial Loss and Prior Service Cost [Member] | ||
AOCI Attributable to Parent, Net of Tax | ||
Accumulated other comprehensive income (loss) beginning balance | (1,507) | (1,132) |
Other comprehensive loss before reclassifications | 0 | 0 |
Reclassifications to net earnings | 35 | 29 |
Other comprehensive income | 35 | 29 |
Tax effects reclassified to retained earnings | (230) | |
Accumulated other comprehensive income (loss) ending balance | $ (1,472) | $ (1,333) |
Stock-based Compensation (Detai
Stock-based Compensation (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
RSUs and PSUs | $ 40 | $ 42 | $ 88 | $ 85 |
Stock options | 5 | 8 | 11 | 16 |
Stock-based compensation expense, before income taxes | 57 | 50 | 145 | 106 |
Related tax benefit | (11) | (12) | (27) | (24) |
Stock-based compensation expense, net of tax benefit | 46 | 38 | 118 | 82 |
SG&A Expenses [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense, before income taxes | 45 | 50 | 99 | 101 |
Restructuring and Other Corporate Matters [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense, before income taxes | $ 12 | $ 0 | $ 46 | $ 5 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2020 | |
Income Tax Contingency [Line Items] | |||||
(Provision) benefit for income taxes | $ (202) | $ (241) | $ (339) | $ 135 | |
Effective income tax rate | 21.60% | 19.50% | 21.30% | (4.80%) | |
Impact (benefit) from restructuring and other corporate matters, depreciation on abandoned technology and other discrete tax items | $ 5 | $ (29) | |||
Transfer of intangible assets | 768 | ||||
Benefit from bankruptcy of investee | $ 32 | 32 | |||
Provision for gain on sale of assets | $ 163 | ||||
Percentage point decrease in effective tax rate | 2.70% | 27.00% | |||
Decrease in uncertain tax positions | $ 125 | $ 125 | |||
Forecast [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Tax expense (benefit) from changes in UK tax rate | $ (100) |
Pension and Other Postretirem_3
Pension and Other Postretirement Benefits (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 8 | $ 7 | $ 15 | $ 14 |
Interest cost | 41 | 48 | 82 | 96 |
Expected return on plan assets | (49) | (46) | (97) | (92) |
Amortization of actuarial loss (gain) | 26 | 24 | 52 | 48 |
Net periodic cost | 26 | 33 | 52 | 66 |
Postretirement Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 0 | 1 | 1 | 1 |
Interest cost | 3 | 4 | 6 | 8 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Amortization of actuarial loss (gain) | (4) | (5) | (8) | (9) |
Net periodic cost | $ (1) | $ 0 | $ (1) | $ 0 |
Redeemable Noncontrolling Int_3
Redeemable Noncontrolling Interest (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Redeemable Noncontrolling Interest | ||
Beginning balance | $ 254 | $ 239 |
Net earnings | 3 | 5 |
Distributions | (7) | (8) |
Translation adjustment | (17) | 0 |
Redemption value adjustment | 41 | 14 |
Ending balance | $ 274 | $ 250 |
Reportable Segments (Revenues)
Reportable Segments (Revenues) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | $ 6,275 | $ 7,143 | $ 12,944 | $ 14,243 |
Operating Segments [Member] | TV Entertainment [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | 2,287 | 2,938 | 5,234 | 6,344 |
Operating Segments [Member] | Cable Networks [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | 3,232 | 3,176 | 6,090 | 6,078 |
Operating Segments [Member] | Filmed Entertainment [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | 647 | 877 | 1,458 | 1,607 |
Operating Segments [Member] | Publishing [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | 200 | 218 | 370 | 382 |
Corporate and Eliminations [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | (91) | (66) | (208) | (168) |
Intersegment Eliminations [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | (91) | (73) | (208) | (182) |
Intersegment Eliminations [Member] | TV Entertainment [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | (43) | (38) | (118) | (94) |
Intersegment Eliminations [Member] | Cable Networks [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | (2) | (9) | (18) | (27) |
Intersegment Eliminations [Member] | Filmed Entertainment [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | (46) | (26) | (72) | (61) |
Advertising [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | 1,934 | 2,645 | 4,418 | 5,711 |
Advertising [Member] | Operating Segments [Member] | TV Entertainment [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | 951 | 1,309 | 2,332 | 3,276 |
Advertising [Member] | Operating Segments [Member] | Cable Networks [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | 992 | 1,347 | 2,109 | 2,462 |
Affiliate [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | 2,194 | 2,155 | 4,391 | 4,320 |
Affiliate [Member] | Operating Segments [Member] | TV Entertainment [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | 751 | 616 | 1,485 | 1,227 |
Affiliate [Member] | Operating Segments [Member] | Cable Networks [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | 1,443 | 1,539 | 2,906 | 3,093 |
Content Licensing [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | 1,902 | 1,909 | 3,496 | 3,374 |
Content Licensing [Member] | Operating Segments [Member] | TV Entertainment [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | 544 | 966 | 1,341 | 1,747 |
Content Licensing [Member] | Operating Segments [Member] | Cable Networks [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | 797 | 290 | 1,075 | 523 |
Other [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | 42 | 64 | 99 | 132 |
Other [Member] | Operating Segments [Member] | TV Entertainment [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | 41 | 47 | 76 | 94 |
Other [Member] | Operating Segments [Member] | Filmed Entertainment [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | 1 | 24 | 29 | 53 |
Theatrical [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | 3 | 152 | 170 | 324 |
Theatrical [Member] | Operating Segments [Member] | Filmed Entertainment [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | 3 | 152 | 170 | 324 |
Home Entertainment [Member] | Operating Segments [Member] | Filmed Entertainment [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | 209 | 161 | 383 | 315 |
Licensing [Member] | Operating Segments [Member] | Filmed Entertainment [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | $ 434 | $ 540 | $ 876 | $ 915 |
Reportable Segments (Operating
Reportable Segments (Operating Income (Loss)) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Segment Reporting Information [Line Items] | ||||
Stock-based compensation | $ (57) | $ (50) | $ (145) | $ (106) |
Depreciation and amortization | (124) | (109) | (237) | (215) |
Restructuring and other corporate matters | (158) | (7) | (391) | (185) |
Gain on sale of assets | 0 | 0 | 0 | 549 |
Operating income | 1,286 | 1,446 | 2,203 | 3,250 |
Interest expense | (263) | (237) | (504) | (477) |
Interest income | 11 | 15 | 25 | 34 |
Loss on extinguishment of debt | (103) | 0 | (103) | 0 |
Other items, net | 6 | 15 | (27) | 25 |
Earnings from continuing operations before income taxes and equity in loss of investee companies | 937 | 1,239 | 1,594 | 2,832 |
(Provision) benefit for income taxes | (202) | (241) | (339) | 135 |
Equity in loss of investee companies, net of tax | (12) | (21) | (21) | (39) |
Net earnings from continuing operations | 723 | 977 | 1,234 | 2,928 |
Net earnings from discontinued operations, net of tax | 3 | 6 | 11 | 19 |
Net earnings (ViacomCBS and noncontrolling interests) | 726 | 983 | 1,245 | 2,947 |
Net earnings attributable to noncontrolling interests | (245) | (6) | (248) | (11) |
Net earnings attributable to ViacomCBS | 481 | 977 | 997 | 2,936 |
Operating Segments [Member] | TV Entertainment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Adjusted OIBDA | 392 | 613 | 965 | 1,355 |
Operating Segments [Member] | Cable Networks [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Adjusted OIBDA | 1,285 | 989 | 2,079 | 1,882 |
Operating Segments [Member] | Filmed Entertainment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Adjusted OIBDA | 116 | 95 | 143 | 133 |
Operating Segments [Member] | Publishing [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Adjusted OIBDA | 38 | 35 | 57 | 54 |
Corporate [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Adjusted OIBDA | (97) | (120) | (193) | (222) |
Segment Reconciling Items [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Stock-based compensation | (45) | (50) | (99) | (101) |
Depreciation and amortization | (124) | (109) | (237) | (215) |
Restructuring and other corporate matters | (158) | (7) | (391) | (185) |
Programming charges | $ (121) | $ 0 | $ (121) | $ 0 |
Reportable Segments (Assets) (D
Reportable Segments (Assets) (Details) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Segment Reporting Information [Line Items] | ||
Assets | $ 51,188 | $ 49,519 |
Assets of discontinued operations | 11 | 15 |
Operating Segments [Member] | TV Entertainment [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 19,289 | 19,689 |
Operating Segments [Member] | Cable Networks [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 22,539 | 22,109 |
Operating Segments [Member] | Filmed Entertainment [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 6,454 | 5,477 |
Operating Segments [Member] | Publishing [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 1,246 | 1,262 |
Corporate and Eliminations [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | $ 1,649 | $ 967 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Oct. 31, 2018USD ($) | Jun. 30, 2020USD ($)claim | Mar. 31, 2019 | Dec. 31, 2019USD ($)claim | Dec. 31, 2018USD ($) | Mar. 31, 2020lawsuit | Jan. 23, 2020claim | |
Commitments and Contingencies Disclosure [Abstract] | |||||||
Outstanding letters of credit and surety bonds | $ 135 | ||||||
Loss Contingencies [Line Items] | |||||||
Lawsuits consolidated | lawsuit | 3 | ||||||
Number of consolidated class action lawsuits | claim | 4 | ||||||
Contributions to grantor trust | $ 120 | ||||||
Costs for settlement and defense of asbestos claims, net of insurance recoveries and taxes | $ 58 | $ 45 | |||||
Asbestos Claims [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Number of pending asbestos claims | claim | 31,190 | 30,950 | |||||
Number of new asbestos claims | claim | 590 | ||||||
Number of asbestos claims closed or moved to inactive docket | claim | 480 | ||||||
CBS Television City [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Guaranteed cash flow period | 5 years | ||||||
Estimated liability | $ 99 | ||||||
Famous Players [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Estimated liability | $ 72 |
Supplemental Financial Inform_3
Supplemental Financial Information (Supplemental Cash Flow Information) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Additional Financial Information Disclosure [Abstract] | ||
Cash paid for interest | $ 470 | $ 463 |
Cash paid for income taxes | 100 | 498 |
Noncash additions to operating lease assets | $ 89 | $ 213 |
Supplemental Financial Inform_4
Supplemental Financial Information (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2020 | Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Variable Interest Entities | ||||||
Assets | $ 51,188 | $ 51,188 | $ 49,519 | |||
Revenues | 6,275 | $ 7,143 | 12,944 | $ 14,243 | ||
Operating income | 1,286 | 1,446 | 2,203 | 3,250 | ||
Gain on Sale of Assets | ||||||
Sale of property and sound stage | 146 | 751 | ||||
Gain on sale of assets | 0 | 0 | 0 | 549 | ||
Lease Income | ||||||
Lease income | $ 19 | $ 38 | $ 53 | 78 | ||
CBS Television City [Member] | ||||||
Gain on Sale of Assets | ||||||
Sale of property and sound stage | $ 750 | |||||
Guaranteed cash flow period | 5 years | |||||
Gain on sale of property and sound stage operation, net | $ 386 | |||||
ConsolidatedVIE [Member] | ||||||
Variable Interest Entities | ||||||
Ownership of consolidated VIE | 51.00% | 51.00% | ||||
Variable Interest Entity, Primary Beneficiary [Member] | ||||||
Variable Interest Entities | ||||||
Assets | $ 1,310 | $ 1,310 | 141 | |||
Liabilities | 219 | 219 | $ 22 | |||
Revenues | 538 | 556 | ||||
Operating income | $ 500 | $ 498 |