0000813828-21-000009 | 10-Q | XBRL Viewer

Print Document View Excel Document

COVER PAGE - shares	3 Months Ended
COVER PAGE - shares	Mar. 31, 2021	May 03, 2021
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
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 Year Focus	2021
Document Fiscal Period Focus	Q1
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		40,707,517
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		605,586,312
Series A Convertible Preferred Stock [Member]
Document Information [Line Items]
Title of 12(b) Security	5.75% Series A Mandatory Convertible Preferred Stock, $0.001 par value
Trading Symbol	VIACP
Security Exchange Name	NASDAQ

Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Statement [Abstract]
Revenues	$ 7,412	$ 6,499
Costs and expenses:
Operating	4,363	3,956
Selling, general and administrative	1,422	1,298
Depreciation and amortization	99	112
Restructuring and other corporate matters	0	231
Total costs and expenses	5,884	5,597
Operating income	1,528	902
Interest expense	(259)	(241)
Interest income	13	14
Loss on extinguishment of debt	(128)	0
Other items, net	1	(28)
Earnings from continuing operations before income taxes and equity in loss of investee companies	1,155	647
Provision for income taxes	(226)	(134)
Equity in loss of investee companies, net of tax	(18)	(9)
Net earnings from continuing operations	911	504
Net earnings from discontinued operations, net of tax	12	15
Net earnings (ViacomCBS and noncontrolling interests)	923	519
Net earnings attributable to noncontrolling interests	(12)	(3)
Net earnings attributable to ViacomCBS	911	516
Net earnings from continuing operations	$ 899	$ 501
Basic net earnings per common share attributable to ViacomCBS:
Net earnings from continuing operations (in dollars per share)	$ 1.44	$ 0.82
Net earnings from discontinued operations (in dollars per share)	0.02	0.02
Net earnings (in dollars per share)	1.46	0.84
Diluted net earnings per common share attributable to ViacomCBS:
Net earnings from continuing operations (in dollars per share)	1.42	0.81
Net earnings from discontinued operations (in dollars per share)	0.02	0.02
Net earnings (in dollars per share)	$ 1.44	$ 0.84
Weighted average number of common shares outstanding:
Basic (in shares)	622	614
Diluted (in shares)	631	616

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Comprehensive Income [Abstract]
Net earnings (ViacomCBS and noncontrolling interests)	$ 923	$ 519
Other comprehensive income (loss), net of tax:
Cumulative translation adjustments	(66)	(90)
Net actuarial loss and prior service costs	13	17
Other comprehensive loss from continuing operations, net of tax (ViacomCBS and noncontrolling interests)	(53)	(73)
Other comprehensive income (loss) from discontinued operations	2	(14)
Comprehensive income	872	432
Less: Comprehensive income attributable to noncontrolling interests	11	0
Comprehensive income attributable to ViacomCBS	$ 861	$ 432

Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Current Assets:
Cash and cash equivalents	$ 5,499	$ 2,984
Receivables, net	7,310	7,017
Programming and other inventory	1,137	1,757
Prepaid and other current assets	1,027	1,391
Current assets of discontinued operations	514	630
Total current assets	15,487	13,779
Property and equipment, net	1,994	1,994
Programming and other inventory	10,755	10,363
Goodwill	16,591	16,612
Intangible assets, net	2,815	2,826
Operating lease assets	1,527	1,602
Deferred income tax assets, net	981	993
Other assets	3,785	3,657
Assets held for sale	27	28
Assets of discontinued operations	811	809
Total Assets	54,773	52,663
Current Liabilities:
Accounts payable	612	571
Accrued expenses	1,663	1,714
Participants’ share and royalties payable	2,070	2,005
Accrued programming and production costs	1,392	1,141
Deferred revenues	1,010	978
Debt	19	16
Other current liabilities	1,512	1,391
Current liabilities of discontinued operations	423	480
Total current liabilities	8,701	8,296
Long-term debt	17,768	19,717
Participants’ share and royalties payable	1,351	1,317
Pension and postretirement benefit obligations	2,070	2,098
Deferred income tax liabilities, net	852	778
Operating lease liabilities	1,517	1,583
Program rights obligations	212	243
Other liabilities	2,058	2,158
Liabilities of discontinued operations	212	220
Redeemable noncontrolling interest	189	197
Commitments and contingencies
ViacomCBS stockholders’ equity:
5.75% Series A Mandatory Convertible Preferred Stock, par value $.001 per share; 25 shares authorized and 10 shares issued (2021)	0	0
Additional paid-in capital	32,866	29,785
Treasury stock, at cost; 503 (2021 and 2020) Class B shares	(22,958)	(22,958)
Retained earnings	11,144	10,375
Accumulated other comprehensive loss	(1,882)	(1,832)
Total ViacomCBS stockholders’ equity	19,171	15,371
Noncontrolling interests	672	685
Total Equity	19,843	16,056
Total Liabilities and Equity	54,773	52,663
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 (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Series A Convertible Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock, percentage	5.75%
Preferred stock, par value (in dollars per share)	$ 0.001
Preferred stock, shares authorized (in shares)	25,000,000
Preferred stock, shares issued (in shares)	10,000,000
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)	41,000,000	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)	1,108,000,000	1,068,000,000
Treasury stock, at cost, Class B shares (in shares)	503,000,000	503,000,000

Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Operating Activities:
Net earnings (ViacomCBS and noncontrolling interests)	$ 923	$ 519
Less: Net earnings from discontinued operations, net of tax	12	15
Net earnings from continuing operations	911	504
Adjustments to reconcile net earnings from continuing operations to net cash flow provided by operating activities:
Depreciation and amortization	99	112
Deferred tax provision	95	153
Stock-based compensation	52	87
Loss on extinguishment of debt	128	0
Equity in loss of investee companies, net of tax and distributions	18	9
Change in assets and liabilities	348	(508)
Net cash flow provided by operating activities from continuing operations	1,651	357
Net cash flow provided by (used for) operating activities from discontinued operations	72	(1)
Net cash flow provided by operating activities	1,723	356
Investing Activities:
Investments	(40)	(46)
Capital expenditures	(62)	(51)
Proceeds from sale of investments	213	146
Other investing activities	(25)	0
Net cash flow provided by investing activities	86	49
Financing Activities:
Repayments of short-term debt borrowings, net	0	(186)
Repayment of long-term debt	(2,117)	0
Dividends paid on common stock	(151)	(152)
Proceeds from issuance of preferred stock	983	0
Proceeds from issuance of common stock	1,672	0
Purchase of Company common stock	0	(58)
Payment of payroll taxes in lieu of issuing shares for stock-based compensation	(35)	(50)
Proceeds from exercise of stock options	408	5
Other financing activities	(37)	(38)
Net cash flow provided by (used for) financing activities	723	(479)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(19)	(29)
Net increase (decrease) in cash, cash equivalents and restricted cash	2,513	(103)
Cash, cash equivalents and restricted cash at beginning of period (includes $135 (2021) and $202 (2020) of restricted cash)	3,119	834
Cash, cash equivalents and restricted cash at end of period (includes $133 (2021) and $142 (2020) of restricted cash)	$ 5,632	$ 731

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Statement of Cash Flows [Abstract]
Restricted cash and cash equivalents	$ 133	$ 135	$ 142	$ 202

Consolidated Statements of Stockholders' Equity - USD ($) shares in Millions, $ in Millions	Total	Total ViacomCBS Stockholders’ Equity [Member]	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-In Capital [Member]	Treasury Stock [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Loss [Member]	Noncontrolling Interest [Member]
Balance, beginning of year (shares) at Dec. 31, 2019				615
Balance, beginning of year at Dec. 31, 2019	$ 13,289	$ 13,207		$ 1	$ 29,590	$ (22,908)	$ 8,494	$ (1,970)	$ 82
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation activity (shares)				1
Stock-based compensation activity	43	43			43
Common stock dividends	(150)	(150)					(150)
Class B Common Stock purchased (shares)				(1)
Class B Common Stock purchased	(50)	(50)				(50)
Noncontrolling interests	(43)	(33)					(33)		(10)
Net earnings	519	516					516		3
Other comprehensive income (loss)	(87)	(84)						(84)	(3)
Balance, end of year (shares) at Mar. 31, 2020				615
Balance, end of year at Mar. 31, 2020	13,521	13,449		$ 1	29,633	(22,958)	8,827	(2,054)	72
Balance, beginning of year (shares) at Dec. 31, 2020			0	617
Balance, beginning of year at Dec. 31, 2020	16,056	15,371	$ 0	$ 1	29,785	(22,958)	10,375	(1,832)	685
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation activity (shares)				9
Stock-based compensation activity	426	426			426
Stock issuance (shares)			10	20
Stock issuances	2,655	2,655			2,655
Preferred stock dividends	(1)	(1)					(1)
Common stock dividends	(152)	(152)					(152)
Noncontrolling interests	(13)	11					11		(24)
Net earnings	923	911					911		12
Other comprehensive income (loss)	(51)	(50)						(50)	(1)
Balance, end of year (shares) at Mar. 31, 2021			10	646
Balance, end of year at Mar. 31, 2021	$ 19,843	$ 19,171	$ 0	$ 1	$ 32,866	$ (22,958)	$ 11,144	$ (1,882)	$ 672

Basis of Presentation

3 Months Ended

Mar. 31, 2021

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 Studios; CBS Media Ventures; streaming services, including Paramount+ and CBSN; CBS Sports Network and CBS Television Stations), Cable Networks (premium and basic cable networks, including Showtime, BET, Nickelodeon, MTV, Comedy Central, Paramount Network, and Smithsonian channel; streaming services, including Pluto TV and Showtime Networks’ premium subscription streaming service (“Showtime OTT”); and ViacomCBS Networks International, including Channel 5, Telefe and Network 10) and Filmed Entertainment (Paramount Pictures, Paramount Players, Paramount Animation, Paramount Television Studios and Miramax). 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—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, 2020.

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.

Discontinued Operations—On November 25, 2020, we entered into an agreement to sell our publishing business, Simon & Schuster, which was previously reported as the Publishing segment, to Penguin Random House LLC, a wholly owned subsidiary of Bertelsmann SE & Co. KGaA, for $2.175 billion in cash. As a result, Simon & Schuster has been presented as a discontinued operation in our consolidated financial statements for all periods presented (see Note 2).

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—Basic net earnings per share (“EPS”) is based upon net earnings available to common stockholders divided by the weighted average number of common shares outstanding during the period. Net earnings available to common stockholders is calculated as net earnings from continuing operations or net earnings, as applicable, adjusted to include preferred stock dividends accumulated during the period. During the three months ended March 31, 2021, we accumulated dividends of $1 million on the 5.75% Series A Mandatory Convertible Preferred Stock (“Mandatory Convertible Preferred Stock”) that was issued during the first quarter of 2021 (see Note 9).

Weighted average shares for 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. Diluted EPS also reflects the effect of the assumed conversion of preferred stock, if dilutive, which includes the issuance of common shares in the weighted average number of shares and excludes the above-

mentioned accumulated preferred stock dividend adjustment to net earnings available to common stockholders. Excluded from the calculation of diluted EPS because their inclusion would have been anti-dilutive, were stock options of 3 million for the three months ended March 31, 2021 and stock options and RSUs of 26 million for the three months ended March 31, 2020.

The table below presents a reconciliation of weighted average shares used in the calculation of basic and diluted EPS.


	Three Months Ended
	March 31,
(in millions)		2021	2020
Weighted average shares for basic EPS		622	614
Dilutive effect of shares issuable under stock-based compensation plans		8	2
Dilutive effect of Mandatory Convertible Preferred Stock		1	—
Weighted average shares for diluted EPS		631	616

Recently Adopted Accounting Pronouncements

Simplifying the Accounting for Income Taxes

On January 1, 2021, we adopted Financial Accounting Standards Board (“FASB”) 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 interim period that includes the enactment date. 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 immediately upon issuance and an entity may elect to apply it to contract modifications or hedging relationships entered into on or before December 31, 2022, with a few exceptions for certain hedging relationships existing as of December 31, 2022. We intend to apply this guidance when modifications of contracts that include LIBOR occur, which is not expected to have a material impact on our consolidated financial statements.

Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity

On August 5, 2020, the FASB issued amended guidance to reduce complexity associated with the accounting for convertible instruments with characteristics of liabilities and equity. Under this guidance, embedded conversion features associated with convertible instruments no longer need to be separated from the host contracts unless they are required to be accounted for as derivatives or have been issued at a substantial premium. For contracts in an entity’s own equity, this guidance removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exceptions. This guidance also amends certain EPS guidance for convertible instruments and expands disclosure requirements. This guidance is effective for fiscal years beginning after

December 15, 2021, with early adoption permitted, and is not expected to have a material impact on our consolidated financial statements.

Discontinued Operations

3 Months Ended

Mar. 31, 2021

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

2) DISCONTINUED OPERATIONS

During the fourth quarter of 2020, we entered into an agreement to sell our publishing business, Simon & Schuster, for $2.175 billion in cash. The transaction is subject to customary closing conditions, including regulatory approvals, and is expected to close in 2021. Simon & Schuster has been presented as a discontinued operation in our consolidated financial statements for all periods presented.

The following table sets forth details of net earnings from discontinued operations for the three months ended March 31, 2021 and 2020, which primarily reflects the results of Simon & Schuster.


	Three Months Ended
	March 31,
	2021		2020
Revenues	$	185	$	170
Costs and expenses:
Operating	120		99
Selling, general and administrative	38		43
Depreciation and amortization	—		1
Restructuring charges	—		2
Total costs and expenses (a)	158		145
Operating income	27		25
Other items, net	(2)		(5)
Earnings from discontinued operations	25		20
Income tax provision (b)	(13)		(5)
Net earnings from discontinued operations, net of tax	$	12	$	15

(a) The three months ended March 31, 2020 includes $10 million for the release of indemnification obligations for leases relating to a previously disposed business.

(b) The three months ended March 31, 2021 and 2020 include tax provisions of $7 million and $2 million, respectively, related to previously disposed businesses.

The following table presents the major classes of assets and liabilities of our discontinued operations.


		At			At
	March 31, 2021			December 31, 2020
Receivables, net		$	322		$	447
Other current assets		192			183
Goodwill		435			435
Property and equipment, net		42			42
Operating lease assets		191			191
Other assets		143			141
Total Assets		$	1,325		$	1,439
Royalties payable		$	112		$	131
Other current liabilities		311			349
Operating lease liabilities		191			194
Other liabilities		21			26
Total Liabilities		$	635		$	700

Programming and Other Inventory

3 Months Ended

Mar. 31, 2021

Inventory Disclosure [Abstract]

Programming and Other Inventory

3) PROGRAMMING AND OTHER INVENTORY

The following table presents our programming and other inventory at March 31, 2021 and December 31, 2020, grouped by type and predominant monetization strategy.


	At			At
	March 31, 2021			December 31, 2020
Film Group Monetization:
Acquired program rights, including prepaid sports rights		$	2,688		$	3,413
Internally-produced television programming:
Released		2,526			2,558
In process and other		1,976			1,682

Individual Monetization:
Acquired libraries		475			483
Film inventory:
Released		417			374
Completed, not yet released		414			543
In process and other		991			816
Internally-produced television programming
Released		1,338			1,206
In process and other		1,033			1,013

Home entertainment		34			32
Total programming and other inventory		11,892			12,120
Less current portion		1,137			1,757
Total noncurrent programming and other inventory		$	10,755		$	10,363

The following table presents amortization of television and film programming and production costs.


	Three Months Ended
	March 31,
		2021		2020
Programming costs, acquired programming		$	1,502	$	973

Production costs, internally-produced television and film programming:
Individual monetization		$	760	$	770
Film group monetization		$	650	$	689

Restructuring and Other Corporate Matters

3 Months Ended

Mar. 31, 2021

Restructuring Charges [Abstract]

Restructuring and Other Corporate Matters

4) RESTRUCTURING AND OTHER CORPORATE MATTERS

Restructuring Charges

During the three months ended March 31, 2020, we recorded restructuring charges of $200 million associated with cost-transformation initiatives in connection with the merger of Viacom Inc. with and into CBS Corporation (the “Merger”) in an effort to reduce redundancies across our businesses. These charges consisted of $174 million of severance costs, including the accelerated vesting of stock-based compensation, and $26 million of 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 majority of the restructuring liability at March 31, 2021, which primarily relates to severance payments, is expected to be paid by the end of 2021.


	Balance at			2021 Activity					Balance at
	December 31, 2020			Payments			Other		March 31, 2021
TV Entertainment		$	112		$	(13)	$	(2)		$	97
Cable Networks		144			(33)		(2)			109
Filmed Entertainment		30			(5)		(4)			21
Corporate		86			(33)		(2)			51
Total		$	372		$	(84)	$	(10)		$	278

Merger-related Costs and Other Corporate Matters

During the three months ended March 31, 2020, in addition to the above-mentioned restructuring charges, we incurred $31 million of merger-related costs, consisting of transaction-related bonuses and professional fees mainly associated with integration activities.

In addition, during the three months ended March 31, 2020, we recorded accelerated depreciation expense of $12 million resulting from the abandonment of technology in connection with synergy plans related to the Merger, which is recorded in “Depreciation and amortization” in the Consolidated Statement of Operations.

Restructuring and Other Corporate Matters

4) RESTRUCTURING AND OTHER CORPORATE MATTERS

Restructuring Charges


	Balance at			2021 Activity					Balance at
	December 31, 2020			Payments			Other		March 31, 2021
TV Entertainment		$	112		$	(13)	$	(2)		$	97
Cable Networks		144			(33)		(2)			109
Filmed Entertainment		30			(5)		(4)			21
Corporate		86			(33)		(2)			51
Total		$	372		$	(84)	$	(10)		$	278

Merger-related Costs and Other Corporate Matters

Related Parties

3 Months Ended

Mar. 31, 2021

Related Parties

5) RELATED PARTIES

National Amusements, Inc.

National Amusements, Inc. (“NAI”) is the controlling stockholder of ViacomCBS. At March 31, 2021, NAI directly or indirectly owned approximately 77.4% of our voting Class A Common Stock and 9.7% of our Class A Common Stock and non-voting Class B Common Stock on a combined basis. NAI is controlled by the Sumner M. Redstone National Amusements Part B General Trust (the “General Trust”), which owns 80% of the voting interest of NAI and acts by majority vote of seven voting trustees (subject to certain exceptions), including with respect to the NAI shares held by the General Trust. The 80% voting interest of NAI held by the General Trust was previously held by it and another trust; each trust held 40% of the voting interest and shared the same seven voting trustees who were required to cause each of the two trusts to vote the NAI shares in the same manner. Shari E. Redstone, Chairperson, CEO and President of NAI and non-executive Chair of our Board of Directors, is one of the seven voting trustees for the General Trust and is one of two voting trustees who are beneficiaries of the General Trust. No member of our management or other member of our Board of Directors is a trustee of the General 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
	March 31,
		2021		2020
Revenues		$	65	$	52
Operating expenses		$	4	$	2


	At			At
	March 31, 2021			December 31, 2020

Accounts receivable		$	49		$	69

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

3 Months Ended

Mar. 31, 2021

Revenue from Contract with Customer [Abstract]

Revenues

6) REVENUES

The table below presents our revenues disaggregated into categories based on the nature of such revenues. Beginning in the first quarter of 2021, and for all comparable prior-year periods, these categories include streaming revenues, which aligns with management’s increased focus on this revenue stream. Streaming revenues are comprised of streaming advertising and streaming subscription revenues. Streaming advertising revenues are earned from advertisements on our pay and free streaming services, including Paramount+ and Pluto TV, and from digital video advertisements on our websites and in our video content on third-party platforms (“other digital video platforms”). Streaming subscription revenues include fees for our pay streaming services, including Paramount+, Showtime OTT, BET+ and Noggin, as well as premium subscriptions to access certain video content on our websites. Accordingly, our advertising and affiliate revenue categories exclude revenues earned by our streaming services and on other digital video platforms.


	Three Months Ended
	March 31,
		2021		2020
Revenues by Type:
Advertising (a)		$	2,681	$	2,219
Affiliate (b)		2,075		1,968
Streaming		816		494
Theatrical		1		167
Licensing and other		1,839		1,651
Total Revenues		$	7,412	$	6,499

(a) Excludes streaming advertising revenues.

(b) Excludes streaming subscription revenues.

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 $83 million and $85 million at March 31, 2021 and December 31, 2020, respectively.

Included in “Other assets” on the Consolidated Balance Sheets are noncurrent receivables of $1.97 billion and $2.02 billion at March 31, 2021 and December 31, 2020, 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.

Contract Liabilities

Contract liabilities are included within “Deferred revenues” and “Other liabilities” on the Consolidated Balance Sheets and were $1.17 billion and $1.12 billion at March 31, 2021 and December 31, 2020, respectively. For the three months ended March 31, 2021, we recognized revenues of $465 million that were included in deferred revenues at December 31, 2020. For the three months ended March 31, 2020, we recognized revenues of $276 million that were included in deferred revenues at December 31, 2019.

Unrecognized Revenues Under Contract

At March 31, 2021, unrecognized revenues attributable to unsatisfied performance obligations under our long-term contracts was $6.48 billion, of which $2.91 billion is expected to be recognized for the remainder of 2021, $2.39 billion in 2022, $778 million in 2023, and $399 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 contracts 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 variable consideration is determined based on the value of the programs delivered to the customer and our right to invoice corresponds with the value delivered.

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 months ended March 31, 2021 and 2020, we recognized revenues of $80 million and $74 million, respectively, in our Filmed Entertainment segment for performance obligations satisfied, or partially satisfied, in a prior period.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

Debt

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Debt

7) DEBT

Our debt consists of the following:


	At			At
	March 31, 2021			December 31, 2020

2.250% Senior Notes due 2022		$	—		$	35
3.375% Senior Notes due 2022		—			415
3.125% Senior Notes due 2022		—			117
2.50% Senior Notes due 2023		—			196
3.25% Senior Notes due 2023		—			141
2.90% Senior Notes due 2023		—			242
4.25% Senior Notes due 2023		—			837
7.875% Debentures due 2023		139			139
7.125% Senior Notes due 2023		35			35
3.875% Senior Notes due 2024		490			490
3.70% Senior Notes due 2024		598			598
3.50% Senior Notes due 2025		597			596
4.75% Senior Notes due 2025		1,240			1,239
4.0% Senior Notes due 2026		791			791
3.45% Senior Notes due 2026		123			123
2.90% Senior Notes due 2027		691			691
3.375% Senior Notes due 2028		495			495
3.70% Senior Notes due 2028		492			492
4.20% Senior Notes due 2029		494			493
7.875% Senior Debentures due 2030		831			831
4.95% Senior Notes due 2031		1,221			1,220
4.20% Senior Notes due 2032		970			969
5.50% Senior Debentures due 2033		427			427
4.85% Senior Debentures due 2034		87			87
6.875% Senior Debentures due 2036		1,069			1,069
6.75% Senior Debentures due 2037		75			75
5.90% Senior Notes due 2040		298			298
4.50% Senior Debentures due 2042		45			45
4.85% Senior Notes due 2042		487			487
4.375% Senior Debentures due 2043		1,117			1,116
4.875% Senior Debentures due 2043		18			18
5.85% Senior Debentures due 2043		1,232			1,232
5.25% Senior Debentures due 2044		345			345
4.90% Senior Notes due 2044		540			540
4.60% Senior Notes due 2045		589			589
4.95% Senior Notes due 2050		943			942
5.875% Junior Subordinated Debentures due 2057		514			514
6.25% Junior Subordinated Debentures due 2057		643			643
Other bank borrowings		115			95
Obligations under finance leases		36			26
Total debt (a)		17,787			19,733

Less current portion of long-term debt		19			16
Total long-term debt, net of current portion		$	17,768		$	19,717

(a) At March 31, 2021 and December 31, 2020, the senior and junior subordinated debt balances included (i) a net unamortized discount of $481 million and $491 million, respectively, and (ii) unamortized deferred financing costs of $102 million and $107 million, respectively. The face value of our total debt was $18.37 billion and $20.33 billion at March 31, 2021 and December 31, 2020, respectively.

During the three months ended March 31, 2021, we redeemed senior notes totaling $1.99 billion, prior to maturity, for an aggregate redemption price of $2.11 billion resulting in a pre-tax loss on extinguishment of debt of $128 million.

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

At both March 31, 2021 and December 31, 2020, we had no outstanding commercial paper borrowings under our commercial paper program.

Credit Facility

At March 31, 2021, we had 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 borrowings, 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 March 31, 2021.

At March 31, 2021, 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 March 31, 2021 and December 31, 2020, we had bank borrowings under Miramax’s $300 million credit facility, which matures in April 2023, of $115 million and $95 million, respectively, with a weighted average interest rate of 3.50%.

Financial Instruments and Fair Value Measurements

3 Months Ended

Mar. 31, 2021

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. At March 31, 2021 and December 31, 2020, the carrying value of our notes and debentures was $17.64 billion and $19.61 billion, respectively, and the fair value, which is determined based on quoted prices in active markets (Level 1 in the fair value hierarchy) was $21.2 billion and $24.5 billion, respectively.

Investments

The fair value of our marketable securities was $20 million at March 31, 2021 which is included within “Other assets” on the Consolidated Balance Sheet.

The carrying value of our investments without a readily determinable fair value for which we have no significant influence was $65 million at both March 31, 2021 and December 31, 2020. These investments are included in “Other assets” on the Consolidated Balance Sheets.

Foreign Exchange Contracts

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 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. Additionally, we enter into non-designated forward contracts to hedge non-U.S. dollar denominated cash flows.

At March 31, 2021 and December 31, 2020, the notional amount of all foreign exchange contracts was $1.48 billion and $1.27 billion, respectively. At March 31, 2021, $948 million related to future production costs and $535 million related to our foreign currency balances and other expected foreign currency cash flows. At December 31, 2020, $740 million related to future production costs and $529 million related to our foreign currency balances and other expected foreign currency cash flows.

Gains recognized on derivative financial instruments were as follows:


	Three Months Ended
	March 31,
		2021		2020		Financial Statement Account
Non-designated foreign exchange contracts		$	1	$	29	Other items, net

The fair value of our derivative instruments was not material to the Consolidated Balance Sheets for any of the periods presented.

Fair Value Measurements

The following tables set forth our assets and liabilities measured at fair value on a recurring basis at March 31, 2021 and December 31, 2020. 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. We do not have any assets or liabilities that are measured at fair value on a recurring basis using level 3 inputs.


At March 31, 2021	Level 1		Level 2		Total
Assets:
Marketable securities	$	20	$	—	$	20
Foreign currency hedges	—		15		15
Total Assets	$	20	$	15	$	35
Liabilities:
Deferred compensation	$	—	$	413	$	413
Foreign currency hedges	—		25		25
Total Liabilities	$	—	$	438	$	438


At December 31, 2020	Level 1		Level 2		Total
Assets:
Foreign currency hedges	$	—	$	20	$	20
Total Assets	$	—	$	20	$	20
Liabilities:
Deferred compensation	$	—	$	529	$	529
Foreign currency hedges	—		39		39
Total Liabilities	$	—	$	568	$	568

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 March 31, 2021 was determined based on quoted market prices in active markets.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Stockholders' Equity

3 Months Ended

Mar. 31, 2021

Stockholders' Equity Note [Abstract]

Stockholders' Equity

9) STOCKHOLDERS’ EQUITY

Stock Offerings

On March 26, 2021, we completed offerings of 20 million shares of our Class B Common Stock at a price to the public of $85 per share and 10 million shares of 5.75% Series A Mandatory Convertible Preferred Stock at a price to the public and liquidation preference of $100 per share. The net proceeds from the Class B Common Stock offering and the Mandatory Convertible Preferred Stock offering were approximately $1.67 billion and $983 million, respectively, in each case after deducting underwriting discounts, commissions and estimated offering expenses. We intend to use these net proceeds for general corporate purposes, including investments in streaming.

Mandatory Convertible Preferred Stock

Unless earlier converted, each share of Mandatory Convertible Preferred Stock will automatically and mandatorily convert on the mandatory conversion date, expected to be April 1, 2024, into between 1.0013 and 1.1765 shares of our Class B Common Stock, subject to customary anti-dilution adjustments. The number of shares of Class B Common Stock issuable upon conversion will be determined based on the average of the volume-weighted average price per share of our Class B Common Stock over the 20 consecutive trading day period commencing on, and including, the 21st scheduled trading day immediately preceding April 1, 2024. Holders of the Mandatory Convertible Preferred Stock (“Holders”) have the right to convert all or any portion of their shares of Mandatory Convertible Preferred Stock at any time prior to April 1, 2024 at the minimum conversion rate of 1.0013 shares of our Class B Common Stock. In addition, the conversion rate applicable to such an early conversion may, in certain circumstances, be increased to compensate Holders for certain unpaid accumulated dividends. However, if a fundamental change (as defined in the Certificate of Designations governing the Mandatory Convertible Preferred Stock) occurs on or prior to April 1, 2024, then Holders will, in certain circumstances, be entitled to convert all or a portion of their shares of Mandatory Convertible Preferred Stock at an increased conversion rate for a specified period of time and receive an amount to compensate them for unpaid accumulated dividends and any remaining future scheduled dividend payments.

The Mandatory Convertible Preferred Stock is not redeemable. However, at our option, we may purchase or otherwise acquire (including in an exchange transaction) the Mandatory Convertible Preferred Stock from time to time in the open market, by tender or exchange offer or otherwise, without the consent of, or notice to, Holders. Holders have no voting rights, with certain exceptions.

Dividends on Mandatory Convertible Preferred Stock accumulate from the most recent dividend payment date, or if no dividends have been paid, the original issue date, and will be payable on a cumulative basis when, as and if declared by our Board of Directors, or an authorized committee thereof, at an annual rate of 5.75% of the liquidation preference of $100 per share, payable in cash or, subject to certain limitations, by delivery of shares of Class B Common Stock or through any combination of cash and shares of Class B Common Stock, at our election. If declared, dividends on the Mandatory Convertible Preferred Stock are payable quarterly commencing on July 1, 2021, and continuing to, and including, April 1, 2024. If we have not declared all or any portion of the accumulated and unpaid dividends by April 1, 2024, the conversion rate will be adjusted so that Holders receive an additional number of shares of our Class B Common Stock, with certain limitations. The dividend payable on the first dividend payment date is expected to be $1.5493 per share of Mandatory Convertible Preferred Stock, and each subsequent quarterly dividend is expected to be $1.4375 per share. We accumulated dividends on the Mandatory Convertible Preferred Stock of $1 million during the three months ended March 31, 2021.

Common Stock Dividends

We declared cash dividends of $.24 per share on our Class A and Class B Common Stock, during the three months ended March 31, 2021 and 2020, resulting in total dividends of $152 million and $150 million, respectively.

Accumulated Other Comprehensive Income (Loss)

The following tables summarize the changes in the components of accumulated other comprehensive loss.


	Continuing Operations							Discontinued Operations
	Cumulative Translation Adjustments			Net Actuarial Loss and Prior Service Cost				Other Comprehensive Income (Loss) (a)			Accumulated Other Comprehensive Loss
At December 31, 2020		$	(303)		$	(1,509)			$	(20)		$	(1,832)
Other comprehensive income (loss) before reclassifications		(65)			—				2			(63)
Reclassifications to net earnings		—			13		(b)		—			13
Other comprehensive income (loss)		(65)			13				2			(50)
At March 31, 2021		$	(368)		$	(1,496)			$	(18)		$	(1,882)


	Continuing Operations							Discontinued Operations
	Cumulative Translation Adjustments			Net Actuarial Loss and Prior Service Cost				Other Comprehensive Income (Loss) (a)			Accumulated Other Comprehensive Loss
At December 31, 2019		$	(438)		$	(1,507)			$	(25)		$	(1,970)
Other comprehensive loss before reclassifications		(87)			—				(14)			(101)
Reclassifications to net earnings		—			17		(b)		—			17
Other comprehensive income (loss)		(87)			17				(14)			(84)
At March 31, 2020		$	(525)		$	(1,490)			$	(39)		$	(2,054)

(a)Reflects cumulative translation adjustments.

(b)Reflects amortization of net actuarial losses (see Note 12). Amounts for the three months ended March 31, 2021 and 2020 are each net of a tax benefit of $5 million.

Stock-based Compensation

3 Months Ended

Mar. 31, 2021

Share-based Payment Arrangement [Abstract]

Stock-based Compensation

10) STOCK-BASED COMPENSATION

The following table summarizes our stock-based compensation expense for the three months ended March 31, 2021 and 2020.


	Three Months Ended
	March 31,
		2021		2020
RSUs and PSUs		$	49	$	47
Stock options		3		6
Compensation cost included in operating and SG&A expense		52		53
Compensation cost included in restructuring and other corporate matters (a)		—		34
Stock-based compensation expense, before income taxes		52		87
Related tax benefit		(11)		(15)
Stock-based compensation expense, net of tax benefit		$	41	$	72

(a) Reflects accelerations as a result of restructuring activities.

Included in net earnings from discontinued operations was stock-based compensation expense of $1 million for each of the three-month periods ended March 31, 2021 and 2020.

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	11) INCOME TAXES The provision 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 months ended March 31, 2021, we recorded a provision for income taxes of $226 million, reflecting an effective income tax rate of 19.6%. Included in the provision for income taxes is a discrete tax benefit of $21 million, primarily consisting of tax benefits from the resolution of certain state income tax matters and excess tax benefits from the vesting or exercise of stock-based compensation awards. These items, together with a net tax benefit of $25 million for the tax impact of the loss on extinguishment of debt and gain on marketable securities, impacted the effective income tax rate by 1.9 percentage points for the three months ended March 31, 2021. For the three months ended March 31, 2020, we recorded a provision for income taxes of $134 million, reflecting an effective income tax rate of 20.7%. Included in the provision for income taxes is a net tax benefit of $54 million for the tax impact of restructuring and other corporate matters, depreciation on abandoned technology, and other discrete tax items, which had a minimal effect on the effective income tax rate for the three months ended March 31, 2020. 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 approximately $50 million within the next 12 months primarily related to potential resolutions of matters involving multiple tax periods and jurisdictions; however, as it is difficult to predict the final outcome or timing of resolution of any particular tax matter, events could cause our current expectation to change in the future.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Pension and Other Postretirement Benefits

3 Months Ended

Mar. 31, 2021

Retirement Benefits [Abstract]

Pension and Other Postretirement Benefits

12) PENSION AND OTHER POSTRETIREMENT BENEFITS

The following table presents the components of net periodic cost for our pension and postretirement benefit plans.


	Pension Benefits				Postretirement Benefits
Three Months Ended March 31,	2021		2020		2021		2020
Components of net periodic cost (a):
Service cost	$	—	$	7	$	—	$	1
Interest cost	36		41		2		3
Expected return on plan assets	(47)		(48)		—		—
Amortization of actuarial loss (gain) (b)	24		26		(3)		(4)

Net periodic cost	$	13	$	26	$	(1)	$	—

(a) Amounts reflect our domestic plans only.

(b) Reflects amounts reclassified from accumulated other comprehensive loss to net earnings.

The service cost component of net periodic cost is presented in the Consolidated Statements of Operations within operating income and all other components of net periodic cost are presented within “Other items, net.”

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 55
-Paragraph 17
-URI http://asc.fasb.org/extlink&oid=118257860&loc=d3e4179-114921

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section S99
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=21916913&loc=d3e273930-122802

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (o)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (p)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 70
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=49170846&loc=d3e28014-114942

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-URI http://asc.fasb.org/topic&trid=2235017

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 60
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=6414203&loc=d3e39689-114964

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (q)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (l)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

+ Details

Redeemable Noncontrolling Interest

3 Months Ended

Mar. 31, 2021

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 three months ended March 31, 2021 and 2020 is presented below.


	Three Months Ended
	March 31,
	2021		2020
Beginning balance	$	197	$	254
Net earnings	2		1
Distributions	(1)		(4)
Translation adjustment	2		(14)
Redemption value adjustment	(11)		33
Ending balance	$	189	$	270

Reportable Segments

3 Months Ended

Mar. 31, 2021

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.

In the first quarter of 2021, we began separately presenting streaming revenues in the categories we use to disaggregate our revenues (see Note 6).


	Three Months Ended
	March 31,
		2021		2020
Revenues:
Advertising		$	1,807	$	1,288
Affiliate		693		623
Streaming		322		204
Licensing and other		689		832
TV Entertainment		3,511		2,947
Advertising		878		945
Affiliate		1,382		1,345
Streaming		494		290
Licensing and other		505		278
Cable Networks		3,259		2,858
Theatrical		1		167
Licensing and other		996		644
Filmed Entertainment		997		811
Corporate/Eliminations		(355)		(117)
Total Revenues		$	7,412	$	6,499

Revenues generated between segments are principally from the licensing of Filmed Entertainment and Cable Networks content to Paramount+ and licensing of Filmed Entertainment and TV Entertainment content to our cable networks. These transactions are recorded at market value as if the sales were to third parties and are eliminated in consolidation. Revenues earned from the licensing of content within segments, including licensing to Paramount+ within the TV Entertainment segment, are eliminated within the segment. Intercompany revenues associated with the licensing of programming to Paramount+ after the initial exhibition on our broadcast or cable networks are recorded on a straight-line basis over the term of the agreement and eliminated in consolidation.


	Three Months Ended
	March 31,
		2021		2020
Intercompany Revenues:
TV Entertainment		$	72	$	75
Cable Networks		78		16
Filmed Entertainment		205		26
Total Intercompany Revenues		$	355	$	117

We present operating income (loss) excluding depreciation and amortization, stock-based compensation and costs for restructuring and other corporate matters, 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
	March 31,
		2021		2020
Adjusted OIBDA:
TV Entertainment		$	449	$	573
Cable Networks		1,184		794
Filmed Entertainment		204		27
Corporate/Eliminations		(158)		(96)
Stock-based compensation		(52)		(53)
Depreciation and amortization		(99)		(112)
Restructuring and other corporate matters		—		(231)


Operating income		1,528		902
Interest expense		(259)		(241)
Interest income		13		14
Loss on extinguishment of debt		(128)		—
Other items, net		1		(28)
Earnings from continuing operations before income taxes and equity in loss of investee companies		1,155		647
Provision for income taxes		(226)		(134)
Equity in loss of investee companies, net of tax		(18)		(9)
Net earnings from continuing operations		911		504
Net earnings from discontinued operations, net of tax		12		15
Net earnings (ViacomCBS and noncontrolling interests)		923		519
Net earnings attributable to noncontrolling interests		(12)		(3)
Net earnings attributable to ViacomCBS		$	911	$	516


	At			At
	March 31, 2021			December 31, 2020
Assets:
TV Entertainment		$	19,014		$	19,443
Cable Networks		23,149			23,139
Filmed Entertainment		6,298			6,440
Corporate/Eliminations		4,987			2,202
Discontinued Operations		1,325			1,439
Total Assets		$	54,773		$	52,663

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

+ Details

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2021
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 March 31, 2021, the outstanding letters of credit and surety bonds approximated $142 million and were not recorded on the Consolidated Balance Sheet. CBS Television City In connection with the sale of the CBS Television City property and sound stage operation (“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 March 31, 2021 is a liability of $75 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. These lease commitments were $67 million as of March 31, 2021 and are presented within “Other liabilities” on the Consolidated Balance Sheet. The amount of lease commitments varies over time depending on the 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. On January 27, 2021, the Court dismissed one disclosure claim, while allowing all other claims against the defendants to proceed. Discovery on the surviving claims is proceeding. 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. 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. On December 29, 2020, the Court dismissed the claims against Mr. Bakish, while allowing the claims against the remaining defendants to proceed. Discovery on the surviving claims is proceeding. 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. 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 or requests for information from the New York County District Attorney’s Office, the New York City Commission on Human Rights, the New York State Attorney General’s Office and the United States Securities and Exchange Commission regarding the subject matter of this investigation and related 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 lawsuits 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. Litigation Related to Television Station Owners On September 9, 2019, the Company was added as a defendant in a multi-district putative class action lawsuit filed in the United States District Court for the Northern District of Illinois. The lawsuit was filed by parties that claim to have purchased broadcast television spot advertising beginning on or about January 1, 2014 on television stations owned by one or more of the defendant television station owners and alleges the sharing of allegedly competitively sensitive information among such television stations in alleged violation of the Sherman Antitrust Act. The action, which names the Company among fourteen total defendants, seeks monetary damages, attorneys’ fees, costs and interest as well as injunctions against the allegedly unlawful conduct. On October 8, 2019, the Company and other defendants filed a motion to dismiss the matter, which was denied by the court on November 6, 2020. 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. 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 March 31, 2021, we had pending approximately 30,480 asbestos claims, as compared with approximately 30,710 as of December 31, 2020. During the first quarter of 2021, we received approximately 780 new claims and closed or moved to an inactive docket approximately 1,010 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 2020 and 2019 for settlement and defense of asbestos claims after insurance recoveries and net of tax were approximately $35 million and $58 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 sufficient 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 Information

3 Months Ended

Mar. 31, 2021

Additional Financial Information Disclosure [Abstract]

Supplemental Financial Information

16) SUPPLEMENTAL FINANCIAL INFORMATION

Supplemental Cash Flow Information


	Three Months Ended
	March 31,
	2021		2020
Cash paid for interest	$	316	$	322

Cash paid (received) for income taxes:
Continuing operations	$	(23)	$	54
Discontinued operations	$	—	$	1

Noncash additions to operating lease assets	$	5	$	55

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 variable interest entity (“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 following tables present the amounts recorded in our consolidated financial statements related to our consolidated VIEs.


		At			At
	March 31, 2021			December 31, 2020
Total assets		$	1,435		$	1,385

Total liabilities		$	233		$	197


	Three Months Ended
	March 31,
		2021		2020
Revenues		$	71	$	18

Operating income (loss)		$	5	$	(2)

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 $36 million and $34 million for the three months ended March 31, 2021 and 2020, respectively.

Basis of Presentation (Policies)	3 Months Ended
Basis of Presentation (Policies)	Mar. 31, 2021
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—Basic net earnings per share (“EPS”) is based upon net earnings available to common stockholders divided by the weighted average number of common shares outstanding during the period. Net earnings available to common stockholders is calculated as net earnings from continuing operations or net earnings, as applicable, adjusted to include preferred stock dividends accumulated during the period. During the three months ended March 31, 2021, we accumulated dividends of $1 million on the 5.75% Series A Mandatory Convertible Preferred Stock (“Mandatory Convertible Preferred Stock”) that was issued during the first quarter of 2021 (see Note 9). Weighted average shares for 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. Diluted EPS also reflects the effect of the assumed conversion of preferred stock, if dilutive, which includes the issuance of common shares in the weighted average number of shares and excludes the above- mentioned accumulated preferred stock dividend adjustment to net earnings available to common stockholders.
Recently Adopted Accounting Pronouncements and Accounting Pronouncements Not Yet Adopted	Recently Adopted Accounting Pronouncements Simplifying the Accounting for Income Taxes On January 1, 2021, we adopted Financial Accounting Standards Board (“FASB”) 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 interim period that includes the enactment date. 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 immediately upon issuance and an entity may elect to apply it to contract modifications or hedging relationships entered into on or before December 31, 2022, with a few exceptions for certain hedging relationships existing as of December 31, 2022. We intend to apply this guidance when modifications of contracts that include LIBOR occur, which is not expected to have a material impact on our consolidated financial statements. Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity On August 5, 2020, the FASB issued amended guidance to reduce complexity associated with the accounting for convertible instruments with characteristics of liabilities and equity. Under this guidance, embedded conversion features associated with convertible instruments no longer need to be separated from the host contracts unless they are required to be accounted for as derivatives or have been issued at a substantial premium. For contracts in an entity’s own equity, this guidance removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exceptions. This guidance also amends certain EPS guidance for convertible instruments and expands disclosure requirements. This guidance is effective for fiscal years beginning after December 15, 2021, with early adoption permitted, and is not expected to have a material impact on our consolidated financial statements.

Basis of Presentation (Tables)

3 Months Ended

Mar. 31, 2021

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
	March 31,
(in millions)		2021	2020
Weighted average shares for basic EPS		622	614
Dilutive effect of shares issuable under stock-based compensation plans		8	2
Dilutive effect of Mandatory Convertible Preferred Stock		1	—
Weighted average shares for diluted EPS		631	616

Discontinued Operations (Tables)

3 Months Ended

Mar. 31, 2021

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Discontinued Operations

The following table sets forth details of net earnings from discontinued operations for the three months ended March 31, 2021 and 2020, which primarily reflects the results of Simon & Schuster.


	Three Months Ended
	March 31,
	2021		2020
Revenues	$	185	$	170
Costs and expenses:
Operating	120		99
Selling, general and administrative	38		43
Depreciation and amortization	—		1
Restructuring charges	—		2
Total costs and expenses (a)	158		145
Operating income	27		25
Other items, net	(2)		(5)
Earnings from discontinued operations	25		20
Income tax provision (b)	(13)		(5)
Net earnings from discontinued operations, net of tax	$	12	$	15

(a) The three months ended March 31, 2020 includes $10 million for the release of indemnification obligations for leases relating to a previously disposed business.

(b) The three months ended March 31, 2021 and 2020 include tax provisions of $7 million and $2 million, respectively, related to previously disposed businesses.

The following table presents the major classes of assets and liabilities of our discontinued operations.


		At			At
	March 31, 2021			December 31, 2020
Receivables, net		$	322		$	447
Other current assets		192			183
Goodwill		435			435
Property and equipment, net		42			42
Operating lease assets		191			191
Other assets		143			141
Total Assets		$	1,325		$	1,439
Royalties payable		$	112		$	131
Other current liabilities		311			349
Operating lease liabilities		191			194
Other liabilities		21			26
Total Liabilities		$	635		$	700

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3A
-URI http://asc.fasb.org/extlink&oid=109226691&loc=SL51724579-110230

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109222650&loc=d3e1474-107760

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5D
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721677-107760

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=109222160&loc=SL51721533-107759

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3A
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721659-107760

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721665-107760

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109226691&loc=d3e2941-110230

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5C
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721675-107760

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=109222650&loc=d3e1361-107760

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5A
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721671-107760

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5B
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721673-107760

Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 4A
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721663-107760

+ Details

Programming and Other Inventory (Tables)

3 Months Ended

Mar. 31, 2021

Inventory Disclosure [Abstract]

Current Programming and Other Inventory

The following table presents our programming and other inventory at March 31, 2021 and December 31, 2020, grouped by type and predominant monetization strategy.


	At			At
	March 31, 2021			December 31, 2020
Film Group Monetization:
Acquired program rights, including prepaid sports rights		$	2,688		$	3,413
Internally-produced television programming:
Released		2,526			2,558
In process and other		1,976			1,682

Individual Monetization:
Acquired libraries		475			483
Film inventory:
Released		417			374
Completed, not yet released		414			543
In process and other		991			816
Internally-produced television programming
Released		1,338			1,206
In process and other		1,033			1,013

Home entertainment		34			32
Total programming and other inventory		11,892			12,120
Less current portion		1,137			1,757
Total noncurrent programming and other inventory		$	10,755		$	10,363

Noncurrent Programming and Other Inventory

The following table presents our programming and other inventory at March 31, 2021 and December 31, 2020, grouped by type and predominant monetization strategy.


	At			At
	March 31, 2021			December 31, 2020
Film Group Monetization:
Acquired program rights, including prepaid sports rights		$	2,688		$	3,413
Internally-produced television programming:
Released		2,526			2,558
In process and other		1,976			1,682

Individual Monetization:
Acquired libraries		475			483
Film inventory:
Released		417			374
Completed, not yet released		414			543
In process and other		991			816
Internally-produced television programming
Released		1,338			1,206
In process and other		1,033			1,013

Home entertainment		34			32
Total programming and other inventory		11,892			12,120
Less current portion		1,137			1,757
Total noncurrent programming and other inventory		$	10,755		$	10,363

Programming and Production Costs

The following table presents amortization of television and film programming and production costs.


	Three Months Ended
	March 31,
		2021		2020
Programming costs, acquired programming		$	1,502	$	973

Production costs, internally-produced television and film programming:
Individual monetization		$	760	$	770
Film group monetization		$	650	$	689

Restructuring and Other Corporate Matters (Tables)

3 Months Ended

Mar. 31, 2021

Restructuring Charges [Abstract]

Restructuring Reserve Rollforward


	Balance at			2021 Activity					Balance at
	December 31, 2020			Payments			Other		March 31, 2021
TV Entertainment		$	112		$	(13)	$	(2)		$	97
Cable Networks		144			(33)		(2)			109
Filmed Entertainment		30			(5)		(4)			21
Corporate		86			(33)		(2)			51
Total		$	372		$	(84)	$	(10)		$	278

Related Parties (Tables)

3 Months Ended

Mar. 31, 2021

Schedule of Related Party Transactions

The following tables present the amounts recorded in our consolidated financial statements related to these transactions.


	Three Months Ended
	March 31,
		2021		2020
Revenues		$	65	$	52
Operating expenses		$	4	$	2


	At			At
	March 31, 2021			December 31, 2020

Accounts receivable		$	49		$	69

Revenues (Tables)

3 Months Ended

Mar. 31, 2021

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue


	Three Months Ended
	March 31,
		2021		2020
Revenues by Type:
Advertising (a)		$	2,681	$	2,219
Affiliate (b)		2,075		1,968
Streaming		816		494
Theatrical		1		167
Licensing and other		1,839		1,651
Total Revenues		$	7,412	$	6,499

(a) Excludes streaming advertising revenues.

(b) Excludes streaming subscription revenues.

Debt (Tables)

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Schedule of Debt

Our debt consists of the following:


	At			At
	March 31, 2021			December 31, 2020

2.250% Senior Notes due 2022		$	—		$	35
3.375% Senior Notes due 2022		—			415
3.125% Senior Notes due 2022		—			117
2.50% Senior Notes due 2023		—			196
3.25% Senior Notes due 2023		—			141
2.90% Senior Notes due 2023		—			242
4.25% Senior Notes due 2023		—			837
7.875% Debentures due 2023		139			139
7.125% Senior Notes due 2023		35			35
3.875% Senior Notes due 2024		490			490
3.70% Senior Notes due 2024		598			598
3.50% Senior Notes due 2025		597			596
4.75% Senior Notes due 2025		1,240			1,239
4.0% Senior Notes due 2026		791			791
3.45% Senior Notes due 2026		123			123
2.90% Senior Notes due 2027		691			691
3.375% Senior Notes due 2028		495			495
3.70% Senior Notes due 2028		492			492
4.20% Senior Notes due 2029		494			493
7.875% Senior Debentures due 2030		831			831
4.95% Senior Notes due 2031		1,221			1,220
4.20% Senior Notes due 2032		970			969
5.50% Senior Debentures due 2033		427			427
4.85% Senior Debentures due 2034		87			87
6.875% Senior Debentures due 2036		1,069			1,069
6.75% Senior Debentures due 2037		75			75
5.90% Senior Notes due 2040		298			298
4.50% Senior Debentures due 2042		45			45
4.85% Senior Notes due 2042		487			487
4.375% Senior Debentures due 2043		1,117			1,116
4.875% Senior Debentures due 2043		18			18
5.85% Senior Debentures due 2043		1,232			1,232
5.25% Senior Debentures due 2044		345			345
4.90% Senior Notes due 2044		540			540
4.60% Senior Notes due 2045		589			589
4.95% Senior Notes due 2050		943			942
5.875% Junior Subordinated Debentures due 2057		514			514
6.25% Junior Subordinated Debentures due 2057		643			643
Other bank borrowings		115			95
Obligations under finance leases		36			26
Total debt (a)		17,787			19,733

Less current portion of long-term debt		19			16
Total long-term debt, net of current portion		$	17,768		$	19,717

Financial Instruments and Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Financial Instruments

Gains recognized on derivative financial instruments were as follows:


	Three Months Ended
	March 31,
		2021		2020		Financial Statement Account
Non-designated foreign exchange contracts		$	1	$	29	Other items, net

Fair Value Measurements


At March 31, 2021	Level 1		Level 2		Total
Assets:
Marketable securities	$	20	$	—	$	20
Foreign currency hedges	—		15		15
Total Assets	$	20	$	15	$	35
Liabilities:
Deferred compensation	$	—	$	413	$	413
Foreign currency hedges	—		25		25
Total Liabilities	$	—	$	438	$	438


At December 31, 2020	Level 1		Level 2		Total
Assets:
Foreign currency hedges	$	—	$	20	$	20
Total Assets	$	—	$	20	$	20
Liabilities:
Deferred compensation	$	—	$	529	$	529
Foreign currency hedges	—		39		39
Total Liabilities	$	—	$	568	$	568

Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2021

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.


	Continuing Operations							Discontinued Operations
	Cumulative Translation Adjustments			Net Actuarial Loss and Prior Service Cost				Other Comprehensive Income (Loss) (a)			Accumulated Other Comprehensive Loss
At December 31, 2020		$	(303)		$	(1,509)			$	(20)		$	(1,832)
Other comprehensive income (loss) before reclassifications		(65)			—				2			(63)
Reclassifications to net earnings		—			13		(b)		—			13
Other comprehensive income (loss)		(65)			13				2			(50)
At March 31, 2021		$	(368)		$	(1,496)			$	(18)		$	(1,882)


	Continuing Operations							Discontinued Operations
	Cumulative Translation Adjustments			Net Actuarial Loss and Prior Service Cost				Other Comprehensive Income (Loss) (a)			Accumulated Other Comprehensive Loss
At December 31, 2019		$	(438)		$	(1,507)			$	(25)		$	(1,970)
Other comprehensive loss before reclassifications		(87)			—				(14)			(101)
Reclassifications to net earnings		—			17		(b)		—			17
Other comprehensive income (loss)		(87)			17				(14)			(84)
At March 31, 2020		$	(525)		$	(1,490)			$	(39)		$	(2,054)

(a)Reflects cumulative translation adjustments.

(b)Reflects amortization of net actuarial losses (see Note 12). Amounts for the three months ended March 31, 2021 and 2020 are each net of a tax benefit of $5 million.

Stock-based Compensation (Tables)

3 Months Ended

Mar. 31, 2021

Share-based Payment Arrangement [Abstract]

Stock-based Compensation

The following table summarizes our stock-based compensation expense for the three months ended March 31, 2021 and 2020.


	Three Months Ended
	March 31,
		2021		2020
RSUs and PSUs		$	49	$	47
Stock options		3		6
Compensation cost included in operating and SG&A expense		52		53
Compensation cost included in restructuring and other corporate matters (a)		—		34
Stock-based compensation expense, before income taxes		52		87
Related tax benefit		(11)		(15)
Stock-based compensation expense, net of tax benefit		$	41	$	72

(a) Reflects accelerations as a result of restructuring activities.

Pension and Other Postretirement Benefits (Tables)

3 Months Ended

Mar. 31, 2021

Retirement Benefits [Abstract]

Pension and Other Postretirement Benefits

The following table presents the components of net periodic cost for our pension and postretirement benefit plans.


	Pension Benefits				Postretirement Benefits
Three Months Ended March 31,	2021		2020		2021		2020
Components of net periodic cost (a):
Service cost	$	—	$	7	$	—	$	1
Interest cost	36		41		2		3
Expected return on plan assets	(47)		(48)		—		—
Amortization of actuarial loss (gain) (b)	24		26		(3)		(4)

Net periodic cost	$	13	$	26	$	(1)	$	—

(a) Amounts reflect our domestic plans only.

(b) Reflects amounts reclassified from accumulated other comprehensive loss to net earnings.

Redeemable Noncontrolling Interest (Tables)

3 Months Ended

Mar. 31, 2021

Noncontrolling Interest [Abstract]

Redeemable Noncontrolling Interest

The activity reflected within redeemable noncontrolling interest for the three months ended March 31, 2021 and 2020 is presented below.


	Three Months Ended
	March 31,
	2021		2020
Beginning balance	$	197	$	254
Net earnings	2		1
Distributions	(1)		(4)
Translation adjustment	2		(14)
Redemption value adjustment	(11)		33
Ending balance	$	189	$	270

Reportable Segments (Tables)

3 Months Ended

Mar. 31, 2021

Segment Reporting [Abstract]

Revenues by Segment


	Three Months Ended
	March 31,
		2021		2020
Revenues:
Advertising		$	1,807	$	1,288
Affiliate		693		623
Streaming		322		204
Licensing and other		689		832
TV Entertainment		3,511		2,947
Advertising		878		945
Affiliate		1,382		1,345
Streaming		494		290
Licensing and other		505		278
Cable Networks		3,259		2,858
Theatrical		1		167
Licensing and other		996		644
Filmed Entertainment		997		811
Corporate/Eliminations		(355)		(117)
Total Revenues		$	7,412	$	6,499

Intercompany Revenues by Segment


	Three Months Ended
	March 31,
		2021		2020
Intercompany Revenues:
TV Entertainment		$	72	$	75
Cable Networks		78		16
Filmed Entertainment		205		26
Total Intercompany Revenues		$	355	$	117

Adjusted OIBDA by Segment and Reconciliation to Net Earnings (Loss)


	Three Months Ended
	March 31,
		2021		2020
Adjusted OIBDA:
TV Entertainment		$	449	$	573
Cable Networks		1,184		794
Filmed Entertainment		204		27
Corporate/Eliminations		(158)		(96)
Stock-based compensation		(52)		(53)
Depreciation and amortization		(99)		(112)
Restructuring and other corporate matters		—		(231)


Operating income		1,528		902
Interest expense		(259)		(241)
Interest income		13		14
Loss on extinguishment of debt		(128)		—
Other items, net		1		(28)
Earnings from continuing operations before income taxes and equity in loss of investee companies		1,155		647
Provision for income taxes		(226)		(134)
Equity in loss of investee companies, net of tax		(18)		(9)
Net earnings from continuing operations		911		504
Net earnings from discontinued operations, net of tax		12		15
Net earnings (ViacomCBS and noncontrolling interests)		923		519
Net earnings attributable to noncontrolling interests		(12)		(3)
Net earnings attributable to ViacomCBS		$	911	$	516

Assets by Segment


	At			At
	March 31, 2021			December 31, 2020
Assets:
TV Entertainment		$	19,014		$	19,443
Cable Networks		23,149			23,139
Filmed Entertainment		6,298			6,440
Corporate/Eliminations		4,987			2,202
Discontinued Operations		1,325			1,439
Total Assets		$	54,773		$	52,663

Supplemental Financial Information (Tables)

3 Months Ended

Mar. 31, 2021

Additional Financial Information Disclosure [Abstract]

Supplemental Cash Flow Information


	Three Months Ended
	March 31,
	2021		2020
Cash paid for interest	$	316	$	322

Cash paid (received) for income taxes:
Continuing operations	$	(23)	$	54
Discontinued operations	$	—	$	1

Noncash additions to operating lease assets	$	5	$	55

Schedule of Variable Interest Entities

The following tables present the amounts recorded in our consolidated financial statements related to our consolidated VIEs.


		At			At
	March 31, 2021			December 31, 2020
Total assets		$	1,435		$	1,385

Total liabilities		$	233		$	197


	Three Months Ended
	March 31,
		2021		2020
Revenues		$	71	$	18

Operating income (loss)		$	5	$	(2)

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Basis of Presentation (Narrative) (Details) - USD ($) shares in Millions, $ in Millions		3 Months Ended		12 Months Ended
	Mar. 26, 2021	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dividends		$ 1
Stock Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)		3
Stock Options and RSUs [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)			26
Series A Convertible Preferred Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dividends		$ 1
Preferred stock, percentage	5.75%	5.75%
Simon And Schuster [Member] \| Forecast [Member] \| Discontinued Operations, Disposed of by Sale [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Cash consideration				$ 2,175

Basis of Presentation (Earnings per Share) (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Weighted average shares for basic EPS	622	614
Dilutive effect of shares issuable under stock-based compensation plans	8	2
Dilutive effect of Mandatory Convertible Preferred Stock	1	0
Weighted average shares for diluted EPS	631	616

Discontinued Operations (Narrative) (Details) $ in Millions	12 Months Ended
Discontinued Operations (Narrative) (Details) $ in Millions	Dec. 31, 2021 USD ($)
Simon And Schuster [Member] \| Discontinued Operations, Disposed of by Sale [Member] \| Forecast [Member]
Long Lived Assets Held-for-sale [Line Items]
Cash consideration	$ 2,175

Discontinued Operations (Schedule of Discontinued Operations, Net Earnings) (Details) - Discontinued Operations [Member] - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Discontinued Operations [Line Items]
Revenues	$ 185	$ 170
Costs and expenses:
Operating	120	99
Selling, general and administrative	38	43
Depreciation and amortization	0	1
Restructuring charges	0	2
Total costs and expenses (a)	158	145
Operating income	27	25
Other items, net	(2)	(5)
Earnings from discontinued operations	25	20
Income tax provision (b)	(13)	(5)
Net earnings from discontinued operations, net of tax	12	15
Previous disposals, cost and expenses	10
Previous disposals, income tax prevision	$ 7	$ 2

Discontinued Operations (Schedule of Discontinued Operations, Assets and Liabilities) (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Assets
Total Assets	$ 1,325	$ 1,439
Liabilities
Other current liabilities	423	480
Total Liabilities	212	220
Discontinued Operations [Member]
Assets
Receivables, net	322	447
Other current assets	192	183
Goodwill	435	435
Property and equipment, net	42	42
Operating lease assets	191	191
Other assets	143	141
Total Assets	1,325	1,439
Liabilities
Royalties payable	112	131
Other current liabilities	311	349
Operating lease liabilities	191	194
Other liabilities	21	26
Total Liabilities	$ 635	$ 700

Programming and Other Inventory (Programming Inventory) (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Inventory [Line Items]
Acquired program rights, including prepaid sports rights	$ 2,688	$ 3,413
Internally-produced television programming:
Released	2,526	2,558
In process and other	1,976	1,682
Individual Monetization:
Acquired libraries	475	483
Film inventory and Internally produced television programming:
Home entertainment	34	32
Total programming and other inventory	11,892	12,120
Less current portion	1,137	1,757
Programming and other inventory	10,755	10,363
Film Inventory [Member]
Film inventory and Internally produced television programming:
Released	417	374
Completed, not yet released	414	543
In process and other	991	816
Internally Produced Television Programming [Member]
Film inventory and Internally produced television programming:
Released	1,338	1,206
In process and other	$ 1,033	$ 1,013

Programming and Other Inventory (Programming and Production Costs) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Inventory Disclosure [Abstract]
Programming costs, acquired programming	$ 1,502	$ 973
Production costs, internally-produced television and film programming:
Individual monetization	760	770
Film group monetization	$ 650	$ 689

Restructuring and Other Corporate Matters (Narrative) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2020 USD ($)
Indefinite-lived Intangible Assets [Line Items]
Restructuring charges	$ 200
Merger related costs	31
Accelerated depreciation expense	12
Employee Severance [Member]
Indefinite-lived Intangible Assets [Line Items]
Restructuring charges	174
Exit costs [Member]
Indefinite-lived Intangible Assets [Line Items]
Restructuring charges	$ 26

Restructuring and Other Corporate Matters (Rollforward) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021 USD ($)
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	$ 372
Payments	(84)
Other	(10)
Restructuring reserve, ending balance	278
Operating Segments [Member] \| TV Entertainment [Member]
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	112
Payments	(13)
Other	(2)
Restructuring reserve, ending balance	97
Operating Segments [Member] \| Cable Networks [Member]
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	144
Payments	(33)
Other	(2)
Restructuring reserve, ending balance	109
Operating Segments [Member] \| Filmed Entertainment [Member]
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	30
Payments	(5)
Other	(4)
Restructuring reserve, ending balance	21
Corporate [Member]
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	86
Payments	(33)
Other	(2)
Restructuring reserve, ending balance	$ 51

Related Parties (Details)	Mar. 31, 2021 trustee numberOfTrusts
Related Party Transaction [Line Items]
SMR Trust ownership in NAI	80.00%
Continuing trusts, voting stock ownership for each	40.00%
National Amusements, Inc. [Member]
Related Party Transaction [Line Items]
NAI ownership of ViacomCBS common stock Class A common stock (percentage)	77.40%
NAI ownership of ViacomCBS Class A and Class B common stock on a combined basis (percentage)	9.70%
Number of trustees	7
Number of continuing trusts \| numberOfTrusts	2
Number of trustees	2

Related Parties (Schedule of Related Party Transactions) (Details) - Other Related Parties [Member] - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Related Party Transaction [Line Items]
Revenues	$ 65	$ 52
Operating expenses	4	$ 2
Accounts receivable	$ 49		$ 69

Revenues (Disaggregation of Revenue) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Disaggregation of Revenue [Line Items]
Revenues	$ 7,412	$ 6,499
Advertising [Member]
Disaggregation of Revenue [Line Items]
Revenues	2,681	2,219
Affiliate [Member]
Disaggregation of Revenue [Line Items]
Revenues	2,075	1,968
Streaming [Member]
Disaggregation of Revenue [Line Items]
Revenues	816	494
Theatrical [Member]
Disaggregation of Revenue [Line Items]
Revenues	1	167
Licensing and Other [Member]
Disaggregation of Revenue [Line Items]
Revenues	$ 1,839	$ 1,651

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Revenues (Receivables) (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Allowance for credit loss	$ 83	$ 85
Other Assets [Member]
Disaggregation of Revenue [Line Items]
Noncurrent receivables	$ 1,970	$ 2,020

Revenues (Contract Liabilities) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Deferred revenue	$ 1,170		$ 1,120
Revenue recognized	$ 465	$ 276

Revenues (Unrecognized Revenues Under Contract) (Details) $ in Millions	Mar. 31, 2021 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Unrecognized revenue	$ 6,480
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Unrecognized revenue	$ 2,910
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected timing of satisfaction period	9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Unrecognized revenue	$ 2,390
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	$ 778
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]: 2024-01-01
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Unrecognized revenue	$ 399
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected timing of satisfaction period

Revenues (Performance Obligations Satisfied in Previous Periods) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenue from Contract with Customer [Abstract]
Performance obligation satisfied	$ 80	$ 74

Debt (Schedule of Debt) (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Other bank borrowings	$ 115	$ 95
Obligations under finance leases	36	26
Total debt	17,787	19,733
Less current portion of long-term debt	19	16
Total long-term debt, net of current portion	17,768	19,717
Net unamortized discount on senior debt	481	491
Unamortized deferred financing costs	102	107
Face value of debt	18,370	20,330
2.250% Senior Notes due 2022 [Member]
Debt Instrument [Line Items]
Carrying value of senior debt	$ 0	35
Stated interest rate	2.25%
3.375% Senior Notes due 2022 [Member]
Debt Instrument [Line Items]
Carrying value of senior debt	$ 0	415
Stated interest rate	3.375%
3.125% Senior Notes due 2022 [Member]
Debt Instrument [Line Items]
Carrying value of senior debt	$ 0	117
Stated interest rate	3.125%
2.50% Senior Notes due 2023 [Member]
Debt Instrument [Line Items]
Carrying value of senior debt	$ 0	196
Stated interest rate	2.50%
3.25% Senior Notes due 2023 [Member]
Debt Instrument [Line Items]
Carrying value of senior debt	$ 0	141
Stated interest rate	3.25%
2.90% Senior Notes due 2023 [Member]
Debt Instrument [Line Items]
Carrying value of senior debt	$ 0	242
Stated interest rate	2.90%
4.25% Senior Notes due 2023 [Member]
Debt Instrument [Line Items]
Carrying value of senior debt	$ 0	837
Stated interest rate	4.25%
7.875% Debentures due 2023 [Member]
Debt Instrument [Line Items]
Carrying value of senior debt	$ 139	139
Stated interest rate	7.875%
7.125% Senior Notes due 2023 [Member]
Debt Instrument [Line Items]
Carrying value of senior debt	$ 35	35
Stated interest rate	7.125%
3.875% Senior Notes due 2024 [Member]
Debt Instrument [Line Items]
Carrying value of senior debt	$ 490	490
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	$ 597	596
Stated interest rate	3.50%
4.75% Senior Notes due 2025 [Member]
Debt Instrument [Line Items]
Carrying value of senior debt	$ 1,240	1,239
Stated interest rate	4.75%
4.0% Senior Notes due 2026 [Member]
Debt Instrument [Line Items]
Carrying value of senior debt	$ 791	791
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	$ 691	691
Stated interest rate	2.90%
3.375% Senior Notes due 2028 [Member]
Debt Instrument [Line Items]
Carrying value of senior debt	$ 495	495
Stated interest rate	3.375%
3.70% Senior Notes due 2028 [Member]
Debt Instrument [Line Items]
Carrying value of senior debt	$ 492	492
Stated interest rate	3.70%
4.20% Senior Notes due 2029 [Member]
Debt Instrument [Line Items]
Carrying value of senior debt	$ 494	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	$ 1,221	1,220
Stated interest rate	4.95%
4.20% Senior Notes due 2032 [Member]
Debt Instrument [Line Items]
Carrying value of senior debt	$ 970	969
Stated interest rate	4.20%
5.50% Senior Debentures due 2033 [Member]
Debt Instrument [Line Items]
Carrying value of senior debt	$ 427	427
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	1,069
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	298
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	487
Stated interest rate	4.85%
4.375% Senior Debentures due 2043 [Member]
Debt Instrument [Line Items]
Carrying value of senior debt	$ 1,117	1,116
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%
5.85% Senior Debentures due 2043 [Member]
Debt Instrument [Line Items]
Carrying value of senior debt	$ 1,232	1,232
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	$ 540	540
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	$ 943	942
Stated interest rate	4.95%
5.875% Junior Subordinated Debentures due 2057 [Member]
Debt Instrument [Line Items]
Junior Subordinated Notes	$ 514	514
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) - USD ($) $ in Millions	3 Months Ended
Debt (Narrative) (Details) - USD ($) $ in Millions	Mar. 31, 2021	Mar. 31, 2020
Line of Credit Facility [Line Items]
Loss on extinguishment of debt	$ 128	$ 0
5.875% Junior Subordinated Debentures due 2057 [Member]
Line of Credit Facility [Line Items]
Stated interest rate	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% 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]
Debt redeemed	$ 1,990
Payments for debt redemption	$ 2,110

Debt (Commercial Paper Narrative) (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Debt Disclosure [Abstract]
Commercial paper	$ 0	$ 0

Debt (Credit Facility Narrative) (Details) - Revolving Credit Facility [Member]	3 Months Ended
	Mar. 31, 2021 USD ($)
Line of Credit Facility [Line Items]
Period for Consolidated EBITDA	12 months
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	5.0
Amount borrowed under credit facility	$ 0
Availability under credit facility	$ 3,500,000,000

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

Debt (Other Bank Borrowings Narrative) (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Other bank borrowings	$ 115,000,000	$ 95,000,000
Credit Facility [Member] \| Miramax [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity under credit facility	$ 300,000,000	$ 300,000,000
Other Bank Borrowings [Member]
Debt Instrument [Line Items]
Weighted average interest rate	3.50%

Financial Instruments and Fair Value Measurements (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Derivative [Line Items]
Carrying value of notes and debentures	$ 17,640	$ 19,610
Fair value of debt	21,200	24,500
Marketable securities	20
Investments without readily determinable fair value	$ 65	65
Cash Flow Hedging [Member] \| Foreign exchange contract [Member]
Derivative [Line Items]
Maximum derivative contract term	24 months
Notional amount of derivative	$ 1,480	1,270
Cash Flow Hedging [Member] \| Foreign exchange contract [Member] \| Future Production Costs [Member]
Derivative [Line Items]
Notional amount of derivative	948	740
Cash Flow Hedging [Member] \| Foreign exchange contract [Member] \| Other Foreign Currency [Member]
Derivative [Line Items]
Notional amount of derivative	$ 535	$ 529

Financial Instruments and Fair Value Measurements (Gain (Losses) Recognized on Derivative Financial Instruments) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Foreign exchange contract [Member]
Derivatives [Line Items]
Non-designated foreign exchange contracts	$ 1	$ 29

Financial Instruments and Fair Value Measurements (Fair Value of Assets and Liabilities) (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Assets:
Marketable securities	$ 20
Foreign currency hedges	15	$ 20
Total Assets	35	20
Liabilities:
Deferred compensation	413	529
Foreign currency hedges	25	39
Total Liabilities	438	568
Level 1 [Member]
Assets:
Marketable securities	20
Foreign currency hedges	0	0
Total Assets	20	0
Liabilities:
Deferred compensation	0	0
Foreign currency hedges	0	0
Total Liabilities	0	0
Level 2 [Member]
Assets:
Marketable securities	0
Foreign currency hedges	15	20
Total Assets	15	20
Liabilities:
Deferred compensation	413	529
Foreign currency hedges	25	39
Total Liabilities	$ 438	$ 568

Stockholders' Equity (Stock Offerings) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions		3 Months Ended
	Mar. 26, 2021	Mar. 31, 2021	Mar. 31, 2020
Class of Stock [Line Items]
Proceeds from issuance of common stock	$ 1,670	$ 1,672	$ 0
Proceeds from issuance of preferred stock	$ 983	$ 983	$ 0
Common Class B [Member]
Class of Stock [Line Items]
Stock issuance (shares)	20
Shares issued (USD per share)	$ 85
Series A Convertible Preferred Stock [Member]
Class of Stock [Line Items]
Stock issuance (shares)	10
Preferred stock, percentage	5.75%	5.75%
Liquidation preference (in dollars per share)	$ 100

Stockholders' Equity (Mandatory Convertible Preferred Stock) (Details) - USD ($) $ / shares in Units, $ in Millions			3 Months Ended
	Apr. 01, 2024	Mar. 26, 2021	Mar. 31, 2021	Jul. 01, 2021
Class of Stock [Line Items]
Dividends			$ 1
Series A Convertible Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock, percentage		5.75%	5.75%
Liquidation preference (in dollars per share)		$ 100
Dividends			$ 1
Series A Convertible Preferred Stock [Member] \| Forecast [Member]
Class of Stock [Line Items]
Consecutive trading days	20 days
Trading days	21 days
Accumulated dividends (in dollars per share)				$ 1.5493
Quarterly dividends payable over remaining term (in dollars per share)	$ 1.4375
Series A Convertible Preferred Stock [Member] \| Forecast [Member] \| Minimum [Member]
Class of Stock [Line Items]
Convertible rate (in shares)	1.0013
Series A Convertible Preferred Stock [Member] \| Forecast [Member] \| Maximum [Member]
Class of Stock [Line Items]
Convertible rate (in shares)	1.1765

Stockholders' Equity (Common Stock Dividends) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Stockholders' Equity Note [Abstract]
Dividends per common share (in dollars per share)	$ 0.24	$ 0.24
Dividends recorded on common stock	$ 152	$ 150

Stockholders' Equity (Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
AOCI Attributable to Parent, Net of Tax
Accumulated other comprehensive income (loss) beginning balance	$ (1,832)	$ (1,970)
Other comprehensive income (loss) before reclassifications	(63)	(101)
Reclassifications to net earnings	13	17
Other comprehensive income (loss)	(50)	(84)
Accumulated other comprehensive income (loss) ending balance	(1,882)	(2,054)
Tax provision on net actuarial gain (loss) and prior service costs related to pension and other postretirement benefit plans	5	5
Cumulative Translation Adjustments [Member]
AOCI Attributable to Parent, Net of Tax
Accumulated other comprehensive income (loss) beginning balance	(303)	(438)
Other comprehensive income (loss) before reclassifications	(65)	(87)
Reclassifications to net earnings	0	0
Other comprehensive income (loss)	(65)	(87)
Accumulated other comprehensive income (loss) ending balance	(368)	(525)
Net Actuarial Loss and Prior Service Cost [Member]
AOCI Attributable to Parent, Net of Tax
Accumulated other comprehensive income (loss) beginning balance	(1,509)	(1,507)
Other comprehensive income (loss) before reclassifications	0	0
Reclassifications to net earnings	13	17
Other comprehensive income (loss)	13	17
Accumulated other comprehensive income (loss) ending balance	(1,496)	(1,490)
Other Comprehensive Income, Discontinued Operations [Member]
AOCI Attributable to Parent, Net of Tax
Accumulated other comprehensive income (loss) beginning balance	(20)	(25)
Other comprehensive income (loss) before reclassifications	2	(14)
Reclassifications to net earnings	0	0
Other comprehensive income (loss)	2	(14)
Accumulated other comprehensive income (loss) ending balance	$ (18)	$ (39)

- Definition

Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.

+ References + Details

Stock-based Compensation (Details) - USD ($) $ in Millions	3 Months Ended
Stock-based Compensation (Details) - USD ($) $ in Millions	Mar. 31, 2021	Mar. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSUs and PSUs	$ 49	$ 47
Stock options	3	6
Stock-based compensation	52	87
Related tax benefit	(11)	(15)
Stock-based compensation expense, net of tax benefit	41	72
Stock-based compensation expense, discontinued operations	1	1
Operating and SG&A Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	52	53
Restructuring and Other Corporate Matters [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	$ 0	$ 34

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Mar. 31, 2021	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Expense (provision) for income taxes	$ (226)	$ (134)
Effective income tax rate	19.60%	20.70%
Discrete tax expense (benefit)	$ (21)
Benefit from loss on extinguishment of debt, loss on marketable securities and other discrete tax items	$ 25
Benefit from restructuring and other corporate matters, depreciation on abandoned technology and other discrete tax items		$ 54
Percentage point decrease in effective tax rate	1.90%
Decrease in uncertain tax positions	$ 50

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Pension and Other Postretirement Benefits (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Pension Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 0	$ 7
Interest cost	36	41
Expected return on plan assets	(47)	(48)
Amortization of actuarial loss (gain)	24	26
Net periodic cost	13	26
Postretirement Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	0	1
Interest cost	2	3
Expected return on plan assets	0	0
Amortization of actuarial loss (gain)	(3)	(4)
Net periodic cost	$ (1)	$ 0

Redeemable Noncontrolling Interest (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Redeemable Noncontrolling Interest
Beginning balance	$ 197	$ 254
Net earnings	2	1
Distributions	(1)	(4)
Translation adjustment	2	(14)
Redemption value adjustment	(11)	33
Ending balance	$ 189	$ 270

- Definition

Carrying amount, attributable to parent and noncontrolling interests, of an entity's issued and outstanding stock which is not included within permanent equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. Includes stock with a put option held by an ESOP and stock redeemable by a holder only in the event of a change in control of the issuer.

+ References + Details

Reportable Segments (Revenues) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 7,412	$ 6,499
Operating Segments [Member] \| TV Entertainment [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	3,511	2,947
Operating Segments [Member] \| Cable Networks [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	3,259	2,858
Operating Segments [Member] \| Filmed Entertainment [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	997	811
Corporate and Eliminations [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	(355)	(117)
Intersegment Eliminations [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	(355)	(117)
Intersegment Eliminations [Member] \| TV Entertainment [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	(72)	(75)
Intersegment Eliminations [Member] \| Cable Networks [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	(78)	(16)
Intersegment Eliminations [Member] \| Filmed Entertainment [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	(205)	(26)
Advertising [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	2,681	2,219
Advertising [Member] \| Operating Segments [Member] \| TV Entertainment [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	1,807	1,288
Advertising [Member] \| Operating Segments [Member] \| Cable Networks [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	878	945
Affiliate [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	2,075	1,968
Affiliate [Member] \| Operating Segments [Member] \| TV Entertainment [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	693	623
Affiliate [Member] \| Operating Segments [Member] \| Cable Networks [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	1,382	1,345
Streaming [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	816	494
Streaming [Member] \| Operating Segments [Member] \| TV Entertainment [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	322	204
Streaming [Member] \| Operating Segments [Member] \| Cable Networks [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	494	290
Licensing and Other [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	1,839	1,651
Licensing and Other [Member] \| Operating Segments [Member] \| TV Entertainment [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	689	832
Licensing and Other [Member] \| Operating Segments [Member] \| Cable Networks [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	505	278
Licensing and Other [Member] \| Operating Segments [Member] \| Filmed Entertainment [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	996	644
Theatrical [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	1	167
Theatrical [Member] \| Operating Segments [Member] \| Filmed Entertainment [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 1	$ 167

Reportable Segments (Operating Income (Loss)) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Segment Reporting Information [Line Items]
Stock-based compensation	$ (52)	$ (87)
Depreciation and amortization	(99)	(112)
Restructuring and other corporate matters	0	(231)
Operating income	1,528	902
Interest expense	(259)	(241)
Interest income	13	14
Loss on extinguishment of debt	(128)	0
Other items, net	1	(28)
Earnings from continuing operations before income taxes and equity in loss of investee companies	1,155	647
Provision for income taxes	(226)	(134)
Equity in loss of investee companies, net of tax	(18)	(9)
Net earnings from continuing operations	911	504
Net earnings from discontinued operations, net of tax	12	15
Net earnings (ViacomCBS and noncontrolling interests)	923	519
Net earnings attributable to noncontrolling interests	(12)	(3)
Net earnings attributable to ViacomCBS	911	516
Operating Segments [Member] \| TV Entertainment [Member]
Segment Reporting Information [Line Items]
Adjusted OIBDA	449	573
Operating Segments [Member] \| Cable Networks [Member]
Segment Reporting Information [Line Items]
Adjusted OIBDA	1,184	794
Operating Segments [Member] \| Filmed Entertainment [Member]
Segment Reporting Information [Line Items]
Adjusted OIBDA	204	27
Corporate [Member]
Segment Reporting Information [Line Items]
Adjusted OIBDA	(158)	(96)
Segment Reconciling Items [Member]
Segment Reporting Information [Line Items]
Stock-based compensation	(52)	(53)
Depreciation and amortization	(99)	(112)
Restructuring and other corporate matters	$ 0	$ (231)

Reportable Segments (Assets) (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Assets	$ 54,773	$ 52,663
Discontinued Operations	1,325	1,439
Operating Segments [Member] \| TV Entertainment [Member]
Segment Reporting Information [Line Items]
Assets	19,014	19,443
Operating Segments [Member] \| Cable Networks [Member]
Segment Reporting Information [Line Items]
Assets	23,149	23,139
Operating Segments [Member] \| Filmed Entertainment [Member]
Segment Reporting Information [Line Items]
Assets	6,298	6,440
Corporate and Eliminations [Member]
Segment Reporting Information [Line Items]
Assets	$ 4,987	$ 2,202

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(11))
-URI http://asc.fasb.org/extlink&oid=120398452&loc=d3e534808-122878

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=75031198&loc=d3e14064-108612

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (bb)
-URI http://asc.fasb.org/extlink&oid=121559654&loc=d3e5710-111685

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 25
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=116870748&loc=SL6758485-165988

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(12))
-URI http://asc.fasb.org/extlink&oid=120400017&loc=d3e572229-122910

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

+ Details

Commitments and Contingencies (Details) $ in Millions			1 Months Ended	3 Months Ended	12 Months Ended
Commitments and Contingencies (Details) $ in Millions	Jan. 27, 2021 claim	Sep. 09, 2019 defendant	Oct. 31, 2018 USD ($)	Mar. 31, 2021 USD ($) claim	Dec. 31, 2020 USD ($) claim	Dec. 31, 2019 USD ($)	Mar. 31, 2020 lawsuit	Jan. 23, 2020 claim	Aug. 01, 2018 lawsuit
Commitments and Contingencies Disclosure [Abstract]
Outstanding letters of credit and surety bonds \| $				$ 142
Loss Contingencies [Line Items]
Lawsuits consolidated \| lawsuit							3
Number of claims dismissed \| claim	1
Number of consolidated class action lawsuits \| claim								4
Number of law firms retained \| lawsuit									2
Contributions to grantor trust \| $			$ 120
Number of defendants \| defendant		14
Costs for settlement and defense of asbestos claims, net of insurance recoveries and taxes \| $					$ 35	$ 58
Asbestos Claims [Member]
Loss Contingencies [Line Items]
Number of pending asbestos claims \| claim				30,480	30,710
Number of new asbestos claims \| claim				780
Number of asbestos claims closed or moved to inactive docket \| claim				1,010
CBS Television City [Member]
Loss Contingencies [Line Items]
Guaranteed cash flow period						5 years
Estimated liability \| $				$ 75
Famous Players [Member]
Loss Contingencies [Line Items]
Estimated liability \| $				$ 67

Supplemental Financial Information (Supplemental Cash Flow Information) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash and Cash Equivalents [Line Items]
Cash paid for interest	$ 316	$ 322
Noncash additions to operating lease assets	5	55
Continuing Operations [Member]
Cash and Cash Equivalents [Line Items]
Cash paid (refunded) for income taxes	(23)	54
Discontinued Operations [Member]
Cash and Cash Equivalents [Line Items]
Cash paid (refunded) for income taxes	$ 0	$ 1

Supplemental Financial Information (Variable Interest Entities) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Variable Interest Entity [Line Items]
Total assets	$ 54,773		$ 52,663
Revenues	7,412	$ 6,499
Operating income (loss)	1,528	902
Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Total assets	1,435		1,385
Total liabilities	233		$ 197
Revenues	71	18
Operating income (loss)	$ 5	$ (2)

Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 25
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=116870748&loc=SL6758485-165988

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=75031198&loc=d3e14064-108612

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (bb)
-URI http://asc.fasb.org/extlink&oid=121559654&loc=d3e5710-111685

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.19-26)
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121559654&loc=d3e5710-111685

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Supplemental Financial Information (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Additional Financial Information Disclosure [Abstract]
Lease income	$ 36	$ 34