0000813828-21-000040 | 10-Q | XBRL Viewer

129

Class B Common Stock purchased (shares)

(1)

Class B Common Stock purchased

(50)

(450)

398

350

^[1]

1,872

1,612

260

Balance, end of year (shares) at Sep. 30, 2020

(3)

616

Balance, end of year at Sep. 30, 2020

15,245

14,556

$ 1

29,719

(22,958)

9,704

(1,910)

689

Balance, beginning of year (shares) at Jun. 30, 2020

616

Balance, beginning of year at Jun. 30, 2020

14,550

13,874

$ 1

29,680

(22,958)

9,150

(1,999)

676

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Stock-based compensation activity (shares)

(150)

627

615

Balance, end of year (shares) at Sep. 30, 2020

616

Balance, end of year at Sep. 30, 2020

15,245

14,556

$ 1

29,719

(22,958)

9,704

(1,910)

689

Balance, beginning of year (shares) at Dec. 31, 2020

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)

Stock issuance (in shares)

503

Stock issuances

2,655

(30)

(468)

(118)

(212)

2,523

2,485

Balance, end of year (shares) at Sep. 30, 2021

(52)

(51)

(1)

646

Balance, end of year at Sep. 30, 2021

21,069

20,559

$ 0

$ 1

32,943

(22,958)

12,456

(1,883)

510

Balance, beginning of year (shares) at Jun. 30, 2021

646

Balance, beginning of year at Jun. 30, 2021

20,656

20,098

$ 0

$ 1

32,901

(22,958)

12,007

(1,853)

558

Increase (Decrease) in Stockholders' Equity [Roll Forward]

(14)

(159)

(60)

551

538

Balance, end of year (shares) at Sep. 30, 2021

(31)

(30)

(1)

646

Balance, end of year at Sep. 30, 2021

$ 21,069

$ 20,559

$ 0

$ 1

$ 32,943

$ (22,958)

$ 12,456

$ (1,883)

$ 510

[1]	Primarily reflects the acquisition of Miramax.

Basis of Presentation

9 Months Ended

Sep. 30, 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, among others; 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 (“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 (“Penguin Random House”), 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).

Assets Held for Sale—During October 2021, we completed the sale of 51 West 52nd Street, an office tower that was formerly the headquarters of CBS Corporation (“CBS”). The assets sold were classified as held for sale on the Consolidated Balance Sheet at September 30, 2021, with the noncurrent portion of $207 million, which is principally comprised of property and equipment, presented in “Assets held for sale” and the current portion of $3 million presented within “Prepaid expenses and other current assets.” (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 dividends 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 preferred stock dividend adjustment to net earnings available to common stockholders.

Excluded from the calculation of diluted EPS because their inclusion would have been antidilutive, were stock options and RSUs of 6 million and 5 million for the three and nine months ended September 30, 2021, respectively, and stock options and RSUs of 21 million and 24 million for the three and nine months ended September 30, 2020, respectively. Also excluded from the calculation of diluted EPS for the three and nine months ended September 30, 2021, was the effect of the assumed conversion of 10 million shares of Mandatory Convertible Preferred Stock into shares of common stock because the impact would have been antidilutive. As a result, the preferred stock dividends recorded during the three and nine months ended September 30, 2021 were deducted from net earnings from continuing operations and net earnings in both our basic and diluted EPS calculations. The table below presents a reconciliation of net earnings from continuing operations and net earnings to the amounts used in the calculations of basic and diluted EPS.


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Amounts attributable to ViacomCBS:
Net earnings from continuing operations	$	465	$	568	$	2,359	$	1,522
Preferred stock dividends	(14)		—		(30)		—
Net earnings from continuing operations for basic and diluted EPS calculation	$	451	$	568	$	2,329	$	1,522

Amounts attributable to ViacomCBS:
Net earnings	$	538	$	615	$	2,485	$	1,612
Preferred stock dividends	(14)		—		(30)		—
Net earnings for basic and diluted EPS calculation	$	524	$	615	$	2,455	$	1,612

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


	Three Months Ended		Nine Months Ended
	September 30,		September 30,
(in millions)	2021	2020	2021	2020
Weighted average shares for basic EPS	646	616	638	615
Dilutive effect of shares issuable under stock-based compensation plans	5	2	6	2

Weighted average shares for diluted EPS	651	618	644	617

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.

Dispositions

9 Months Ended

Sep. 30, 2021

Discontinued Operations and Disposal Groups [Abstract]

Dispositions

2) DISPOSITIONS

During October 2021, we completed the sale of 51 West 52nd Street, an office tower that was formerly the headquarters of CBS, to Harbor Group International, LLC, for $760 million. At closing, we executed an agreement to lease back the space we occupy for terms ranging from two to three years. This transaction will result in an estimated pre-tax gain during the fourth quarter of 2021 of $523 million, which is net of estimated transaction costs. The assets sold, which are principally comprised of property and equipment, were classified as “Assets held for sale” on the Consolidated Balance Sheet at September 30, 2021.

During the nine months ended September 30, 2021, we recognized a net gain on sales of $116 million, principally relating to the sale of a noncore trademark licensing operation.

During the fourth quarter of 2020, we entered into an agreement to sell our publishing business, Simon & Schuster, for $2.175 billion in cash. Simon & Schuster has been presented as a discontinued operation in our consolidated financial statements for all periods presented. On November 2, 2021, the U.S. Department of Justice filed suit to

block the sale. The purchase agreement contains commitments on the part of the purchaser to take all necessary steps to obtain any required regulatory approvals and to defend any litigation that would delay or prevent consummation, and also provides for a termination fee payable to us in certain circumstances in the event the transaction does not close for regulatory reasons (see Note 15).

The following table sets forth details of net earnings from discontinued operations for the three and nine months ended September 30, 2021 and 2020, which primarily reflects the results of Simon & Schuster.


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Revenues	$	321	$	279	$	725	$	649
Costs and expenses:
Operating	182		167		429		386
Selling, general and administrative	38		50		114		132
Depreciation and amortization	—		1		—		4
Restructuring charges	1		—		1		2
Total costs and expenses (a)	221		218		544		524
Operating income	100		61		181		125
Other items, net	(6)		—		(8)		(5)
Earnings from discontinued operations	94		61		173		120
Income tax provision (b)	(21)		(14)		(47)		(30)
Net earnings from discontinued operations, net of tax	$	73	$	47	$	126	$	90

(a) Included in total costs and expenses are the release of indemnification obligations for leases relating to a previously disposed business of $7 million and $9 million for the three and nine months ended September 30, 2021, respectively, and $5 million and $19 million for the three and nine months ended September 30, 2020, respectively.

(b) The tax provision includes amounts relating to previously disposed businesses of $2 million and $9 million for the three and nine months ended September 30, 2021, respectively, and $2 million and $5 million for the three and nine months ended September 30, 2020, respectively.

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


	At			At
	September 30, 2021			December 31, 2020
Receivables, net		$	438		$	447
Other current assets		184			183
Goodwill		435			435
Property and equipment, net		45			42
Operating lease assets		193			191
Other assets		135			141
Total Assets		$	1,430		$	1,439
Royalties payable		$	123		$	131
Other current liabilities		362			349
Operating lease liabilities		187			194
Other liabilities		21			26
Total Liabilities		$	693		$	700

Programming and Other Inventory

9 Months Ended

Sep. 30, 2021

Inventory Disclosure [Abstract]

Programming and Other Inventory

3) PROGRAMMING AND OTHER INVENTORY

The following table presents our programming and other inventory at September 30, 2021 and December 31, 2020, grouped by type and predominant monetization strategy.


	At			At
	September 30, 2021			December 31, 2020
Film Group Monetization:
Acquired program rights, including prepaid sports rights		$	3,312		$	3,413
Film inventory:
In process and other		66			—
Internally-produced television programming:
Released		3,190			2,558
In process and other		2,653			1,682

Individual Monetization:
Acquired libraries		458			483
Film inventory:
Released		596			374
Completed, not yet released		339			543
In process and other		1,189			816
Internally-produced television programming:
Released		1,271			1,206
In process and other		1,021			1,013
Home entertainment		32			32
Total programming and other inventory		14,127			12,120
Less current portion		1,563			1,757
Total noncurrent programming and other inventory		$	12,564		$	10,363

The following table presents amortization of television and film programming and production costs, which is included within “Operating expenses” on the Consolidated Statements of Operations.


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Programming costs, acquired programming	$	1,025	$	839	$	3,625	$	2,525

Production costs, internally-produced television and film programming:
Individual monetization	$	735	$	606	$	2,245	$	2,129
Film group monetization	$	847	$	662	$	2,148	$	2,082

Included in the table above for the nine months ended September 30, 2020, are programming charges of $121 million primarily related to the abandonment of certain incomplete programs resulting from production shutdowns related to the coronavirus pandemic (“COVID-19”). Programming charges of $66 million, $50 million and $5 million are included within the TV Entertainment, Cable Networks and Filmed Entertainment segments, respectively.

Restructuring. Impairment, and Other Corporate Matters

9 Months Ended

Sep. 30, 2021

Restructuring and Related Activities [Abstract]

Restructuring. Impairment, and Other Corporate Matters

4) RESTRUCTURING, IMPAIRMENT AND OTHER CORPORATE MATTERS

During the three and nine months ended September 30, 2021 and 2020, we recorded the following costs associated with restructuring, impairment and other corporate matters.


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Severance	$	46	$	30	$	46	$	332
Exit costs	—		5		35		37
Restructuring charges	46		35		81		369
Merger-related costs	—		10		—		51
Other corporate matters	—		7		—		21
Restructuring and other corporate matters	$	46	$	52	$	81	$	441

Impairment charges	$	—	$	—	$	—	$	25

Depreciation of abandoned technology	$	—	$	—	$	—	$	12

Restructuring Charges

During the three and nine months ended September 30, 2021, we recorded restructuring charges of $46 million and $81 million, respectively. These charges include $46 million of severance costs, including the accelerated vesting of stock-based compensation, primarily associated with changes in management at certain of our businesses. The charges for the nine-month period also include $35 million for the impairment of lease assets that we determined we will not use and began actively marketing for sublease. This determination was made in connection with cost-transformation initiatives related to the merger of Viacom Inc. (“Viacom”) with and into CBS Corporation (the “Merger”). The impairment is the result of a decline in market conditions since inception of these leases and reflects the difference between the estimated fair values, which were determined based on the expected discounted future cash flows of the lease assets, and the carrying values.

During the three and nine months ended September 30, 2020, we recorded restructuring charges of $35 million and $369 million, respectively, associated with cost-transformation initiatives in connection with the Merger in an effort to reduce redundancies across our businesses. These charges consisted of severance costs, including the accelerated vesting of stock-based compensation, as well as costs resulting from the termination of contractual obligations and charges associated with the exit of leases.

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 September 30, 2021, which primarily relates to severance payments, is expected to be paid by the end of 2022.


	Balance at			2021 Activity							Balance at
	December 31, 2020			Charges (a)		Payments			Other		September 30, 2021
TV Entertainment		$	112	$	1		$	(48)	$	(7)		$	58
Cable Networks		144		3			(69)		(3)			75
Filmed Entertainment		30		19			(10)		(5)			34
Corporate		86		2			(46)		(4)			38
Total		$	372	$	25		$	(173)	$	(19)		$	205

(a) Excludes stock-based compensation expense of $21 million and lease asset impairments of $35 million.

Merger-related Costs and Other Corporate Matters

During the three and nine months ended September 30, 2020, in addition to the above-mentioned restructuring charges, we incurred merger-related costs of $10 million and $51 million, respectively, consisting of professional fees mainly associated with integration activities, as well as transaction-related bonuses for the nine-month period. In addition, during the three and nine months ended September 30, 2020, we incurred costs of $6 million in connection with planned dispositions, and for the nine months ended September 30, 2020, we recorded a charge of $15 million to write down property and equipment to its fair value less costs to sell.

Impairment Charges

During the nine months ended September 30, 2020, we recorded an impairment charge of $25 million, which is recorded within “Depreciation and amortization” on the Consolidated Statement of Operations, to write down the carrying values of FCC licenses in two markets to their aggregate estimated fair value. The impairment resulted from declines in industry projections in the markets where these FCC licenses are held, which were further accelerated by COVID-19, and was recorded within the TV Entertainment segment.

Accelerated Depreciation

During the nine months ended September 30, 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” on the Consolidated Statement of Operations.

Restructuring. Impairment, and Other Corporate Matters

4) RESTRUCTURING, IMPAIRMENT AND OTHER CORPORATE MATTERS

During the three and nine months ended September 30, 2021 and 2020, we recorded the following costs associated with restructuring, impairment and other corporate matters.


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Severance	$	46	$	30	$	46	$	332
Exit costs	—		5		35		37
Restructuring charges	46		35		81		369
Merger-related costs	—		10		—		51
Other corporate matters	—		7		—		21
Restructuring and other corporate matters	$	46	$	52	$	81	$	441

Impairment charges	$	—	$	—	$	—	$	25

Depreciation of abandoned technology	$	—	$	—	$	—	$	12

Restructuring Charges


	Balance at			2021 Activity							Balance at
	December 31, 2020			Charges (a)		Payments			Other		September 30, 2021
TV Entertainment		$	112	$	1		$	(48)	$	(7)		$	58
Cable Networks		144		3			(69)		(3)			75
Filmed Entertainment		30		19			(10)		(5)			34
Corporate		86		2			(46)		(4)			38
Total		$	372	$	25		$	(173)	$	(19)		$	205

(a) Excludes stock-based compensation expense of $21 million and lease asset impairments of $35 million.

Merger-related Costs and Other Corporate Matters

Impairment Charges

Accelerated Depreciation

Related Parties

9 Months Ended

Sep. 30, 2021

Related Parties

RELATED PARTIES

National Amusements, Inc.

National Amusements, Inc. (“NAI”) is the controlling stockholder of ViacomCBS. At September 30, 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. 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				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Revenues	$	37	$	13	$	175	$	89
Operating expenses	$	5	$	4	$	13	$	9


	At			At
	September 30, 2021			December 31, 2020

Accounts receivable		$	39		$	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

9 Months Ended

Sep. 30, 2021

Revenue from Contract with Customer [Abstract]

Revenues

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				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Revenues by Type:
Advertising (a)	$	1,855	$	1,828	$	6,633	$	5,733
Affiliate (b)	2,102		2,059		6,284		5,956
Streaming	1,079		666		2,878		1,673
Theatrical	67		6		202		176
Licensing and other	1,507		1,278		4,589		4,873
Total Revenues	$	6,610	$	5,837	$	20,586	$	18,411

(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 $84 million and $85 million at September 30, 2021 and December 31, 2020, respectively.

Included in “Other assets” on the Consolidated Balance Sheets are noncurrent receivables of $1.74 billion and $2.02 billion at September 30, 2021 and December 31, 2020, respectively. Noncurrent receivables primarily relate to revenues recognized under long-term content licensing arrangements. Revenues from the licensing of content 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 generally 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 $1.18 billion and $1.12 billion at September 30, 2021 and December 31, 2020, respectively. For the nine months ended September 30, 2021, we recognized revenues of $769 million that were included in deferred revenues at December 31, 2020. For the nine months ended September 30, 2020, we recognized revenues of $553 million that were included in deferred revenues at December 31, 2019.

Unrecognized Revenues Under Contract

At September 30, 2021, unrecognized revenues attributable to unsatisfied performance obligations under our long-term contracts were $6.1 billion, of which $1.4 billion is expected to be recognized for the remainder of 2021, $2.9 billion in 2022, $1.0 billion in 2023, and $0.8 billion 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. Revenues recognized in our Filmed Entertainment segment for performance obligations satisfied or partially satisfied in a prior period were $126 million and $77 million for the three months ended September 30, 2021 and 2020, respectively, and $233 million and $198 million for the nine months ended September 30, 2021 and 2020, respectively.

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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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=123351226&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=123351226&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=123351226&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Debt

9 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

Debt

7) DEBT

Our debt consists of the following:


	At			At
	September 30, 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		599			598
3.50% Senior Notes due 2025		597			596
4.75% Senior Notes due 2025		1,241			1,239
4.0% Senior Notes due 2026		792			791
3.45% Senior Notes due 2026		123			123
2.90% Senior Notes due 2027		692			691
3.375% Senior Notes due 2028		495			495
3.70% Senior Notes due 2028		493			492
4.20% Senior Notes due 2029		494			493
7.875% Senior Debentures due 2030		831			831
4.95% Senior Notes due 2031		1,222			1,220
4.20% Senior Notes due 2032		971			969
5.50% Senior Debentures due 2033		427			427
4.85% Senior Debentures due 2034		87			87
6.875% Senior Debentures due 2036		1,070			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		488			487
4.375% Senior Debentures due 2043		1,121			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		944			942
5.875% Junior Subordinated Debentures due 2057		514			514
6.25% Junior Subordinated Debentures due 2057		643			643
Other bank borrowings		35			95
Obligations under finance leases		26			26
Total debt (a)		17,711			19,733

Less current portion of long-term debt		15			16
Total long-term debt, net of current portion		$	17,696		$	19,717

(a) At September 30, 2021 and December 31, 2020, the senior and junior subordinated debt balances included (i) a net unamortized discount of $472 million and $491 million, respectively, and (ii) unamortized deferred financing costs of $97 million and $107 million, respectively. The face value of our total debt was $18.28 billion and $20.33 billion at September 30, 2021 and December 31, 2020, respectively.

During the nine months ended September 30, 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.

During the nine months ended September 30, 2020, we issued $4.50 billion of senior notes and used the net proceeds from these issuances for the redemption of long-term debt as well as for general corporate purposes. During the nine months ended September 30, 2020, we redeemed long-term debt totaling $2.77 billion, prior to maturity, for an aggregate redemption price of $2.88 billion, which included third quarter redemptions of $340 million for a redemption price of $357 million. As a result, we recognized a pre-tax loss on extinguishment of debt of $23 million and $126 million for the three and nine months ended September 30, 2020, respectively.

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 September 30, 2021 and December 31, 2020, we had no outstanding commercial paper borrowings under our commercial paper program.

Credit Facility

At September 30, 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 September 30, 2021.

At September 30, 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 September 30, 2021 and December 31, 2020, we had bank borrowings under Miramax’s $300 million credit facility, which matures in April 2023, of $35 million and $95 million, respectively, with a weighted average interest rate of 3.50%.

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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Financial Instruments and Fair Value Measurements

Financial Instruments and Fair Value Measurements

9 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

8) FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS

The carrying value of our financial instruments approximates fair value, except for notes and debentures. At September 30, 2021 and December 31, 2020, the carrying value of our notes and debentures was $17.65 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 $21.7 billion and $24.5 billion, respectively.

Investments

The carrying value of our investments without a readily determinable fair value for which we have no significant influence was $57 million and $65 million at September 30, 2021 and December 31, 2020, respectively. These investments are included in “Other assets” on the Consolidated Balance Sheets.

For the three and nine months ended September 30, 2021, we recorded a net loss of $5 million and a net gain of $47 million, respectively, within “Net gains (losses) from investments” on the Consolidated Statements of Operations. Included in these amounts were changes in the fair value of a marketable security, which was sold during the third quarter of 2021 for proceeds of $9 million. The nine-month period also included a gain of $37 million on the sale of an investment, for which we received proceeds of $43 million. During the nine months ended September 30, 2020, we recorded an unrealized gain of $32 million for a change in the fair value of an investment as indicated by the market price of a similar investment. Additionally, “Equity in loss of investee companies, net of tax” on the Consolidated Statements of Operations for the three and nine months ended September 30, 2020 includes an impairment charge of $9 million relating to an international television joint venture.

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 September 30, 2021 and December 31, 2020, the notional amount of all foreign exchange contracts was $1.99 billion and $1.27 billion, respectively. At September 30, 2021, $1.49 billion related to future production costs and $498 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 (losses) recognized on derivative financial instruments were as follows:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020		Financial Statement Account
Non-designated foreign exchange contracts	$	13	$	(12)	$	12	$	6	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 September 30, 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 1 or level 3 inputs.


At September 30, 2021	Level 2		Total
Assets:

Foreign currency hedges	$	27	$	27
Total Assets	$	27	$	27
Liabilities:
Deferred compensation	$	416	$	416
Foreign currency hedges	33		33
Total Liabilities	$	449	$	449


At December 31, 2020	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 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.

Stockholders' Equity Note [Abstract]

Stockholders' Equity

9 Months Ended

Sep. 30, 2021

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 have used and intend to continue to use the 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.

If declared, dividends on the Mandatory Convertible Preferred Stock are payable quarterly through April 1, 2024. Dividends on the Mandatory Convertible Preferred Stock accumulate from the most recent dividend payment 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 we have not declared 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.

Dividends

We declared cash dividends of $.24 per share on our Class A and Class B Common Stock during each of the three months ended September 30, 2021 and 2020, resulting in total dividends of $159 million and $150 million, respectively. We declared cash dividends of $.72 per share on our Class A and Class B Common Stock, during each of the nine months ended September 30, 2021 and 2020, resulting in total dividends of $468 million and $450 million, respectively.

During the third quarter of 2021 we declared a quarterly cash dividend of $1.4375 per share on our Mandatory Convertible Preferred Stock. During the second quarter of 2021 we declared a cash dividend of $1.5493 per share on our Mandatory Convertible Preferred Stock, representing a dividend period from March 26, 2021 through July 1, 2021. Accordingly, we recorded dividends on the Mandatory Convertible Preferred Stock of $14.4 million and $29.9 million during the three and nine months ended September 30, 2021, 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 Loss (a)			Accumulated Other Comprehensive Loss
At December 31, 2020		$	(303)		$	(1,509)			$	(20)		$	(1,832)
Other comprehensive income (loss) before reclassifications		(113)			11				—			(102)
Reclassifications to net earnings		—			51		(b)		—			51
Other comprehensive income (loss)		(113)			62				—			(51)
At September 30, 2021		$	(416)		$	(1,447)			$	(20)		$	(1,883)


	Continuing Operations							Discontinued Operations
	Cumulative Translation Adjustments			Net Actuarial Loss and Prior Service Cost				Other Comprehensive Loss (a)			Accumulated Other Comprehensive Loss
At December 31, 2019		$	(438)		$	(1,507)			$	(25)		$	(1,970)
Other comprehensive income (loss) before reclassifications		12			—				(4)			8
Reclassifications to net earnings		—			52		(b)		—			52
Other comprehensive income (loss)		12			52				(4)			60
At September 30, 2020		$	(426)		$	(1,455)			$	(29)		$	(1,910)

(a) Reflects cumulative translation adjustments.

(b) Reflects amortization of net actuarial losses, which for 2021 includes the accelerated recognition of a portion of the unamortized actuarial losses due to the volume of lump sum benefit payments in one of our pension plans (see Note 12).

The net actuarial loss and prior service cost related to pension and other postretirement benefit plans included in other comprehensive income (loss) is net of a tax benefit for the nine months ended September 30, 2021 and 2020 of $20 million and $16 million, respectively.

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

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Share-based Payment Arrangement [Abstract]

Stock-based Compensation

9 Months Ended

Sep. 30, 2021

Stock-based Compensation

10) STOCK-BASED COMPENSATION

The following table summarizes our stock-based compensation expense for the three and nine months ended September 30, 2021 and 2020.


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
RSUs and PSUs	$	31	$	36	$	126	$	122
Stock options	1		4		7		15
Compensation cost included in operating and SG&A expense	32		40		133		137
Compensation cost included in restructuring and other corporate matters (a)	21		5		21		51
Stock-based compensation expense, before income taxes	53		45		154		188
Related tax benefit	(13)		(10)		(34)		(36)
Stock-based compensation expense, net of tax benefit	$	40	$	35	$	120	$	152

(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 September 30, 2021 and 2020, and $3 million for each of the nine-month periods ended September 30, 2021 and 2020.

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 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 and nine months ended September 30, 2021, we recorded a provision for income taxes of $120 million and $312 million, reflecting effective income tax rates of 19.5% and 11.2%, respectively. Included in the provision for income taxes for the nine months ended September 30, 2021 are discrete tax benefits of $290 million primarily consisting of a benefit of $260 million to remeasure our UK net deferred income tax asset as a result of the enactment during the second quarter of an increase in the UK corporate income tax rate from 19% to 25% beginning April 1, 2023, as well as a net tax benefit in connection with the settlement of income tax audits. For the nine months ended September 30, 2021, these discrete tax benefits, together with a net tax benefit of $14 million on other items identified as affecting the comparability of our results during the period, which include a loss on extinguishment of debt, restructuring and pension settlement charges and net gains from sales and investments, decreased our effective income tax rate by 10.5 percentage points. For the three and nine months ended September 30, 2020, we recorded a provision for income taxes of $26 million and $352 million, reflecting effective income tax rates of 4.2% and 16.3%, respectively. Included in the provision for income taxes for the three and nine months ended September 30, 2020, are discrete tax benefits of $119 million and $122 million, respectively, primarily consisting of a benefit of $100 million to remeasure our UK net deferred income tax asset as a result of an increase in the UK corporate income tax rate from 17% to 19% enacted during the third quarter of 2020, as well as a benefit of $22 million realized in connection with the preparation of the fiscal 2019 tax return for Viacom. These items, together with a net tax benefit of $17 million and $152 million for the three and nine months ended September 30, 2020, respectively, which relate principally to restructuring and other corporate matters, losses on the extinguishment of debt and, in the nine-month period, programming charges, reduced our effective income tax rate by 19.3 percentage points and 5.6 percentage points, respectively. ViacomCBS and its subsidiaries file income tax returns with the Internal Revenue Service (“IRS”) and various state and local and foreign jurisdictions. For periods prior to the Merger, Viacom and CBS filed separate tax returns. For CBS, we are currently under examination by the IRS for the 2017 and 2018 tax years. For Viacom, the Company and the IRS settled the income tax audit for the 2014 and 2015 tax years during the second quarter of 2021. We anticipate that the IRS will commence its examination of Viacom’s 2016 through 2019 tax years in the fourth quarter of 2021. 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 do not believe that it is reasonably possible that the reserve for uncertain tax positions will significantly change within the next 12 months; however, it is difficult to predict the final outcome or timing of resolution of any particular tax matter and events could cause our current expectation to change in the future.

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.

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Pension and Other Postretirement Benefits

Pension and Other Postretirement Benefits

9 Months Ended

Sep. 30, 2021

Retirement Benefits [Abstract]

12) PENSION AND OTHER POSTRETIREMENT BENEFITS

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


	Pension Benefits				Postretirement Benefits
Three Months Ended September 30,	2021		2020		2021		2020
Components of net periodic cost (a):
Service cost	$	—	$	8	$	1	$	—
Interest cost	37		41		2		2
Expected return on plan assets	(47)		(48)		—		—
Amortization of actuarial loss (gain) (b)	23		26		(4)		(3)
Settlements (c)	10		—		—		—

Net periodic cost	$	23	$	27	$	(1)	$	(1)


	Pension Benefits				Postretirement Benefits
Nine Months Ended September 30,	2021		2020		2021		2020
Components of net periodic cost (a):
Service cost	$	—	$	23	$	1	$	1
Interest cost	109		123		6		8
Expected return on plan assets	(141)		(145)		—		—
Amortization of actuarial loss (gain) (b)	70		78		(11)		(11)
Settlements (c)	10		—		—		—

Net periodic cost	$	48	$	79	$	(4)	$	(2)

(a) Amounts reflect our domestic plans only.

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

(c) Reflects the accelerated recognition of a portion of the unamortized actuarial losses due to the volume of lump sum benefit payments in one of our pension plans.

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

The entire disclosure for retirement benefits.

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Redeemable Noncontrolling Interests

Redeemable Noncontrolling Interests

9 Months Ended

Sep. 30, 2021

Noncontrolling Interest [Abstract]

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 nine months ended September 30, 2021 and 2020 is presented below.


	Nine Months Ended
	September 30,
	2021		2020
Beginning balance	$	197	$	254
Net earnings	8		5
Distributions	(4)		(10)
Translation adjustment	(4)		(5)
Redemption value adjustment	(94)		(48)
Ending balance	$	103	$	196

Reportable Segments

9 Months Ended

Sep. 30, 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				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Revenues:
Advertising	$	943	$	966	$	3,838	$	3,134
Affiliate	698		674		2,082		1,926
Streaming	390		216		1,062		613
Licensing and other	893		498		2,262		1,915
TV Entertainment	2,924		2,354		9,244		7,588
Advertising	917		862		2,806		2,622
Affiliate	1,404		1,385		4,202		4,030
Streaming	689		450		1,816		1,060
Licensing and other	448		364		1,368		1,439
Cable Networks	3,458		3,061		10,192		9,151
Theatrical	67		6		202		176
Licensing and other	513		584		2,042		1,872
Filmed Entertainment	580		590		2,244		2,048
Corporate/Eliminations	(352)		(168)		(1,094)		(376)
Total Revenues	$	6,610	$	5,837	$	20,586	$	18,411

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 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				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Intercompany Revenues:
TV Entertainment	$	78	$	67	$	217	$	185
Cable Networks	135		57		366		75
Filmed Entertainment	139		44		511		116
Total Intercompany Revenues	$	352	$	168	$	1,094	$	376

We present operating income excluding depreciation and amortization, stock-based compensation, costs for restructuring and other corporate matters, programming charges and net gain on sales, 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				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Adjusted OIBDA:
TV Entertainment	$	271	$	343	$	936	$	1,308
Cable Networks	906		866		3,215		2,945
Filmed Entertainment	38		54		314		197
Corporate/Eliminations	(163)		(171)		(445)		(364)
Stock-based compensation	(32)		(40)		(133)		(137)
Depreciation and amortization	(95)		(97)		(289)		(331)
Restructuring and other corporate matters	(46)		(52)		(81)		(441)
Programming charges	—		—		—		(121)
Net gain on sales	—		—		116		—
Operating income	879		903		3,633		3,056
Interest expense	(243)		(259)		(745)		(763)
Interest income	11		14		37		39
Net gains (losses) from investments	(5)		—		47		32
Loss on extinguishment of debt	—		(23)		(128)		(126)
Other items, net	(26)		(20)		(55)		(74)
Earnings from continuing operations before income taxes and equity in loss of investee companies	616		615		2,789		2,164
Provision for income taxes	(120)		(26)		(312)		(352)
Equity in loss of investee companies, net of tax	(18)		(9)		(80)		(30)
Net earnings from continuing operations	478		580		2,397		1,782
Net earnings from discontinued operations, net of tax	73		47		126		90
Net earnings (ViacomCBS and noncontrolling interests)	551		627		2,523		1,872
Net earnings attributable to noncontrolling interests	(13)		(12)		(38)		(260)
Net earnings attributable to ViacomCBS	$	538	$	615	$	2,485	$	1,612


	At			At
	September 30, 2021			December 31, 2020
Assets:
TV Entertainment		$	19,871		$	19,443
Cable Networks		24,183			23,139
Filmed Entertainment		6,790			6,440
Corporate/Eliminations		3,638			2,202
Discontinued Operations		1,430			1,439
Total Assets		$	55,912		$	52,663

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.

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Additional Financial Information Disclosure [Abstract]

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 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 September 30, 2021, the outstanding letters of credit and surety bonds approximated $181 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 September 30, 2021 is a liability of $76 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 $58 million at September 30, 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. Other 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. 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. 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, 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. 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 have reached an agreement in principle with the plaintiffs to settle the lawsuit. The settlement, which will include no admission of liability or wrongdoing by the Company, will be subject to court approval. Litigation Related to Stock Offerings On August 13, 2021, Camelot Event Driven Fund filed a putative securities class action lawsuit in New York Supreme Court, County of New York. The complaint is purportedly on behalf of investors who purchased shares of the Company’s Class B Common Stock and 5.75% Series A Mandatory Convertible Preferred Stock pursuant to public securities offerings completed in March 2021, and was filed against the Company, certain current and former senior executives, members of the ViacomCBS Board of Directors, and the underwriters involved in the offerings. The complaint asserts violations of federal securities law and alleges that the offering documents contained material misstatements and omissions, including through an alleged failure to adequately disclose certain total return swap transactions involving Archegos Capital Management referenced to ViacomCBS securities and related alleged risks to the Company’s stock price. The complaint seeks unspecified compensatory damages, as well as other relief. We believe that the claims are without merit and intend to defend against them vigorously. Litigation Related to the Proposed Sale of Simon & Schuster On November 2, 2021, the U.S. Department of Justice (the “DOJ”) filed suit in the United States District Court for the District of Columbia to block our sale of the Simon & Schuster business to Penguin Random House (the “Transaction”) pursuant to a Share Purchase Agreement (“Purchase Agreement”), dated November 24, 2020, between ViacomCBS, certain of its subsidiaries, Penguin Random House and Bertelsmann SE & Co. KGaA. The DOJ asserts that the sale of Simon & Schuster would reduce competition for the acquisition of titles. The Purchase Agreement contains customary representations and warranties and covenants, including commitments on the part of Penguin Random House to take all necessary steps to obtain any required regulatory approvals and to defend any litigation that would delay or prevent consummation, and also provides for a termination fee payable to ViacomCBS in certain circumstances in the event the Transaction does not close for regulatory reasons. We and the other defendants believe the DOJ’s claims are without merit, and we intend to defend against them vigorously. 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 September 30, 2021, we had pending approximately 28,470 asbestos claims, as compared with approximately 30,710 as of December 31, 2020. During the third quarter of 2021, we received approximately 800 new claims and closed or moved to an inactive docket approximately 2,050 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

9 Months Ended

Sep. 30, 2021

Supplemental Financial Information

16) SUPPLEMENTAL FINANCIAL INFORMATION

Supplemental Cash Flow Information


	Nine Months Ended
	September 30,
	2021		2020
Cash paid for interest	$	783	$	765

Cash paid for income taxes:
Continuing operations	$	171	$	257
Discontinued operations	$	40	$	41

Noncash additions to operating lease assets	$	180	$	123

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
	September 30, 2021			December 31, 2020
Total assets		$	1,566		$	1,385

Total liabilities		$	196		$	197


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020 (a)
Revenues	$	179	$	50	$	342	$	606

Operating income (loss)	$	(6)	$	6	$	2	$	504

(a) The revenue and operating income include the licensing of the streaming rights to South Park by a consolidated 51%-owned VIE in the second quarter of 2020.

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 $42 million and $113 million for the three and nine months ended September 30, 2021, respectively, and $32 million and $84 million for the three and nine months ended September 30, 2020, respectively.

Basis of Presentation (Policies)	9 Months Ended
Basis of Presentation (Policies)	Sep. 30, 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 dividends 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 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)

9 Months Ended

Sep. 30, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of earnings per share, basic and diluted

The table below presents a reconciliation of net earnings from continuing operations and net earnings to the amounts used in the calculations of basic and diluted EPS.


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Amounts attributable to ViacomCBS:
Net earnings from continuing operations	$	465	$	568	$	2,359	$	1,522
Preferred stock dividends	(14)		—		(30)		—
Net earnings from continuing operations for basic and diluted EPS calculation	$	451	$	568	$	2,329	$	1,522

Amounts attributable to ViacomCBS:
Net earnings	$	538	$	615	$	2,485	$	1,612
Preferred stock dividends	(14)		—		(30)		—
Net earnings for basic and diluted EPS calculation	$	524	$	615	$	2,455	$	1,612

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		Nine Months Ended
	September 30,		September 30,
(in millions)	2021	2020	2021	2020
Weighted average shares for basic EPS	646	616	638	615
Dilutive effect of shares issuable under stock-based compensation plans	5	2	6	2

Weighted average shares for diluted EPS	651	618	644	617

Dispositions (Tables)

9 Months Ended

Sep. 30, 2021

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Discontinued Operations


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Revenues	$	321	$	279	$	725	$	649
Costs and expenses:
Operating	182		167		429		386
Selling, general and administrative	38		50		114		132
Depreciation and amortization	—		1		—		4
Restructuring charges	1		—		1		2
Total costs and expenses (a)	221		218		544		524
Operating income	100		61		181		125
Other items, net	(6)		—		(8)		(5)
Earnings from discontinued operations	94		61		173		120
Income tax provision (b)	(21)		(14)		(47)		(30)
Net earnings from discontinued operations, net of tax	$	73	$	47	$	126	$	90

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


	At			At
	September 30, 2021			December 31, 2020
Receivables, net		$	438		$	447
Other current assets		184			183
Goodwill		435			435
Property and equipment, net		45			42
Operating lease assets		193			191
Other assets		135			141
Total Assets		$	1,430		$	1,439
Royalties payable		$	123		$	131
Other current liabilities		362			349
Operating lease liabilities		187			194
Other liabilities		21			26
Total Liabilities		$	693		$	700

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.

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Current Programming and Other Inventory

Programming and Other Inventory (Tables)

9 Months Ended

Sep. 30, 2021

Inventory Disclosure [Abstract]

The following table presents our programming and other inventory at September 30, 2021 and December 31, 2020, grouped by type and predominant monetization strategy.


	At			At
	September 30, 2021			December 31, 2020
Film Group Monetization:
Acquired program rights, including prepaid sports rights		$	3,312		$	3,413
Film inventory:
In process and other		66			—
Internally-produced television programming:
Released		3,190			2,558
In process and other		2,653			1,682

Individual Monetization:
Acquired libraries		458			483
Film inventory:
Released		596			374
Completed, not yet released		339			543
In process and other		1,189			816
Internally-produced television programming:
Released		1,271			1,206
In process and other		1,021			1,013
Home entertainment		32			32
Total programming and other inventory		14,127			12,120
Less current portion		1,563			1,757
Total noncurrent programming and other inventory		$	12,564		$	10,363

Noncurrent Programming and Other Inventory

The following table presents our programming and other inventory at September 30, 2021 and December 31, 2020, grouped by type and predominant monetization strategy.


	At			At
	September 30, 2021			December 31, 2020
Film Group Monetization:
Acquired program rights, including prepaid sports rights		$	3,312		$	3,413
Film inventory:
In process and other		66			—
Internally-produced television programming:
Released		3,190			2,558
In process and other		2,653			1,682

Individual Monetization:
Acquired libraries		458			483
Film inventory:
Released		596			374
Completed, not yet released		339			543
In process and other		1,189			816
Internally-produced television programming:
Released		1,271			1,206
In process and other		1,021			1,013
Home entertainment		32			32
Total programming and other inventory		14,127			12,120
Less current portion		1,563			1,757
Total noncurrent programming and other inventory		$	12,564		$	10,363

Programming and Production Costs

The following table presents amortization of television and film programming and production costs, which is included within “Operating expenses” on the Consolidated Statements of Operations.


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Programming costs, acquired programming	$	1,025	$	839	$	3,625	$	2,525

Production costs, internally-produced television and film programming:
Individual monetization	$	735	$	606	$	2,245	$	2,129
Film group monetization	$	847	$	662	$	2,148	$	2,082

Restructuring. Impairment, and Other Corporate Matters (Tables)

9 Months Ended

Sep. 30, 2021

Restructuring and Related Activities [Abstract]

Restructuring Reserve Rollforward

During the three and nine months ended September 30, 2021 and 2020, we recorded the following costs associated with restructuring, impairment and other corporate matters.


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Severance	$	46	$	30	$	46	$	332
Exit costs	—		5		35		37
Restructuring charges	46		35		81		369
Merger-related costs	—		10		—		51
Other corporate matters	—		7		—		21
Restructuring and other corporate matters	$	46	$	52	$	81	$	441

Impairment charges	$	—	$	—	$	—	$	25

Depreciation of abandoned technology	$	—	$	—	$	—	$	12


	Balance at			2021 Activity							Balance at
	December 31, 2020			Charges (a)		Payments			Other		September 30, 2021
TV Entertainment		$	112	$	1		$	(48)	$	(7)		$	58
Cable Networks		144		3			(69)		(3)			75
Filmed Entertainment		30		19			(10)		(5)			34
Corporate		86		2			(46)		(4)			38
Total		$	372	$	25		$	(173)	$	(19)		$	205

(a) Excludes stock-based compensation expense of $21 million and lease asset impairments of $35 million.

Related Parties (Tables)

9 Months Ended

Sep. 30, 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				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Revenues	$	37	$	13	$	175	$	89
Operating expenses	$	5	$	4	$	13	$	9


	At			At
	September 30, 2021			December 31, 2020

Accounts receivable		$	39		$	69

Revenues (Tables)

9 Months Ended

Sep. 30, 2021

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Revenues by Type:
Advertising (a)	$	1,855	$	1,828	$	6,633	$	5,733
Affiliate (b)	2,102		2,059		6,284		5,956
Streaming	1,079		666		2,878		1,673
Theatrical	67		6		202		176
Licensing and other	1,507		1,278		4,589		4,873
Total Revenues	$	6,610	$	5,837	$	20,586	$	18,411

(a) Excludes streaming advertising revenues.

(b) Excludes streaming subscription revenues.

Debt (Tables)

9 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

Schedule of Debt

Our debt consists of the following:


	At			At
	September 30, 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		599			598
3.50% Senior Notes due 2025		597			596
4.75% Senior Notes due 2025		1,241			1,239
4.0% Senior Notes due 2026		792			791
3.45% Senior Notes due 2026		123			123
2.90% Senior Notes due 2027		692			691
3.375% Senior Notes due 2028		495			495
3.70% Senior Notes due 2028		493			492
4.20% Senior Notes due 2029		494			493
7.875% Senior Debentures due 2030		831			831
4.95% Senior Notes due 2031		1,222			1,220
4.20% Senior Notes due 2032		971			969
5.50% Senior Debentures due 2033		427			427
4.85% Senior Debentures due 2034		87			87
6.875% Senior Debentures due 2036		1,070			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		488			487
4.375% Senior Debentures due 2043		1,121			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		944			942
5.875% Junior Subordinated Debentures due 2057		514			514
6.25% Junior Subordinated Debentures due 2057		643			643
Other bank borrowings		35			95
Obligations under finance leases		26			26
Total debt (a)		17,711			19,733

Less current portion of long-term debt		15			16
Total long-term debt, net of current portion		$	17,696		$	19,717

Financial Instruments and Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

Financial Instruments

Gains (losses) recognized on derivative financial instruments were as follows:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020		Financial Statement Account
Non-designated foreign exchange contracts	$	13	$	(12)	$	12	$	6	Other items, net

Fair Value Measurements


At September 30, 2021	Level 2		Total
Assets:

Foreign currency hedges	$	27	$	27
Total Assets	$	27	$	27
Liabilities:
Deferred compensation	$	416	$	416
Foreign currency hedges	33		33
Total Liabilities	$	449	$	449


At December 31, 2020	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)

9 Months Ended

Sep. 30, 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 Loss (a)			Accumulated Other Comprehensive Loss
At December 31, 2020		$	(303)		$	(1,509)			$	(20)		$	(1,832)
Other comprehensive income (loss) before reclassifications		(113)			11				—			(102)
Reclassifications to net earnings		—			51		(b)		—			51
Other comprehensive income (loss)		(113)			62				—			(51)
At September 30, 2021		$	(416)		$	(1,447)			$	(20)		$	(1,883)


	Continuing Operations							Discontinued Operations
	Cumulative Translation Adjustments			Net Actuarial Loss and Prior Service Cost				Other Comprehensive Loss (a)			Accumulated Other Comprehensive Loss
At December 31, 2019		$	(438)		$	(1,507)			$	(25)		$	(1,970)
Other comprehensive income (loss) before reclassifications		12			—				(4)			8
Reclassifications to net earnings		—			52		(b)		—			52
Other comprehensive income (loss)		12			52				(4)			60
At September 30, 2020		$	(426)		$	(1,455)			$	(29)		$	(1,910)

(a) Reflects cumulative translation adjustments.

Stock-based Compensation (Tables)

9 Months Ended

Sep. 30, 2021

Share-based Payment Arrangement [Abstract]

Stock-based Compensation

The following table summarizes our stock-based compensation expense for the three and nine months ended September 30, 2021 and 2020.


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
RSUs and PSUs	$	31	$	36	$	126	$	122
Stock options	1		4		7		15
Compensation cost included in operating and SG&A expense	32		40		133		137
Compensation cost included in restructuring and other corporate matters (a)	21		5		21		51
Stock-based compensation expense, before income taxes	53		45		154		188
Related tax benefit	(13)		(10)		(34)		(36)
Stock-based compensation expense, net of tax benefit	$	40	$	35	$	120	$	152

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

Pension and Other Postretirement Benefits (Tables)

9 Months Ended

Sep. 30, 2021

Retirement Benefits [Abstract]

Pension and Other Postretirement Benefits

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


	Pension Benefits				Postretirement Benefits
Three Months Ended September 30,	2021		2020		2021		2020
Components of net periodic cost (a):
Service cost	$	—	$	8	$	1	$	—
Interest cost	37		41		2		2
Expected return on plan assets	(47)		(48)		—		—
Amortization of actuarial loss (gain) (b)	23		26		(4)		(3)
Settlements (c)	10		—		—		—

Net periodic cost	$	23	$	27	$	(1)	$	(1)


	Pension Benefits				Postretirement Benefits
Nine Months Ended September 30,	2021		2020		2021		2020
Components of net periodic cost (a):
Service cost	$	—	$	23	$	1	$	1
Interest cost	109		123		6		8
Expected return on plan assets	(141)		(145)		—		—
Amortization of actuarial loss (gain) (b)	70		78		(11)		(11)
Settlements (c)	10		—		—		—

Net periodic cost	$	48	$	79	$	(4)	$	(2)

(a) Amounts reflect our domestic plans only.

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

(c) Reflects the accelerated recognition of a portion of the unamortized actuarial losses due to the volume of lump sum benefit payments in one of our pension plans.

Redeemable Noncontrolling Interest (Tables)

9 Months Ended

Sep. 30, 2021

Noncontrolling Interest [Abstract]

Redeemable Noncontrolling Interests

The activity reflected within redeemable noncontrolling interest for the nine months ended September 30, 2021 and 2020 is presented below.


	Nine Months Ended
	September 30,
	2021		2020
Beginning balance	$	197	$	254
Net earnings	8		5
Distributions	(4)		(10)
Translation adjustment	(4)		(5)
Redemption value adjustment	(94)		(48)
Ending balance	$	103	$	196

Reportable Segments (Tables)

9 Months Ended

Sep. 30, 2021

Segment Reporting [Abstract]

Revenues by Segment


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Revenues:
Advertising	$	943	$	966	$	3,838	$	3,134
Affiliate	698		674		2,082		1,926
Streaming	390		216		1,062		613
Licensing and other	893		498		2,262		1,915
TV Entertainment	2,924		2,354		9,244		7,588
Advertising	917		862		2,806		2,622
Affiliate	1,404		1,385		4,202		4,030
Streaming	689		450		1,816		1,060
Licensing and other	448		364		1,368		1,439
Cable Networks	3,458		3,061		10,192		9,151
Theatrical	67		6		202		176
Licensing and other	513		584		2,042		1,872
Filmed Entertainment	580		590		2,244		2,048
Corporate/Eliminations	(352)		(168)		(1,094)		(376)
Total Revenues	$	6,610	$	5,837	$	20,586	$	18,411

Intercompany Revenues by Segment


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Intercompany Revenues:
TV Entertainment	$	78	$	67	$	217	$	185
Cable Networks	135		57		366		75
Filmed Entertainment	139		44		511		116
Total Intercompany Revenues	$	352	$	168	$	1,094	$	376

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


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Adjusted OIBDA:
TV Entertainment	$	271	$	343	$	936	$	1,308
Cable Networks	906		866		3,215		2,945
Filmed Entertainment	38		54		314		197
Corporate/Eliminations	(163)		(171)		(445)		(364)
Stock-based compensation	(32)		(40)		(133)		(137)
Depreciation and amortization	(95)		(97)		(289)		(331)
Restructuring and other corporate matters	(46)		(52)		(81)		(441)
Programming charges	—		—		—		(121)
Net gain on sales	—		—		116		—
Operating income	879		903		3,633		3,056
Interest expense	(243)		(259)		(745)		(763)
Interest income	11		14		37		39
Net gains (losses) from investments	(5)		—		47		32
Loss on extinguishment of debt	—		(23)		(128)		(126)
Other items, net	(26)		(20)		(55)		(74)
Earnings from continuing operations before income taxes and equity in loss of investee companies	616		615		2,789		2,164
Provision for income taxes	(120)		(26)		(312)		(352)
Equity in loss of investee companies, net of tax	(18)		(9)		(80)		(30)
Net earnings from continuing operations	478		580		2,397		1,782
Net earnings from discontinued operations, net of tax	73		47		126		90
Net earnings (ViacomCBS and noncontrolling interests)	551		627		2,523		1,872
Net earnings attributable to noncontrolling interests	(13)		(12)		(38)		(260)
Net earnings attributable to ViacomCBS	$	538	$	615	$	2,485	$	1,612

Assets by Segment


	At			At
	September 30, 2021			December 31, 2020
Assets:
TV Entertainment		$	19,871		$	19,443
Cable Networks		24,183			23,139
Filmed Entertainment		6,790			6,440
Corporate/Eliminations		3,638			2,202
Discontinued Operations		1,430			1,439
Total Assets		$	55,912		$	52,663

Supplemental Financial Information (Tables)

9 Months Ended

Sep. 30, 2021

Additional Financial Information Disclosure [Abstract]

Supplemental Cash Flow Information


	Nine Months Ended
	September 30,
	2021		2020
Cash paid for interest	$	783	$	765

Cash paid for income taxes:
Continuing operations	$	171	$	257
Discontinued operations	$	40	$	41

Noncash additions to operating lease assets	$	180	$	123

Schedule of Variable Interest Entities

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


		At			At
	September 30, 2021			December 31, 2020
Total assets		$	1,566		$	1,385

Total liabilities		$	196		$	197


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020 (a)
Revenues	$	179	$	50	$	342	$	606

Operating income (loss)	$	(6)	$	6	$	2	$	504

(a) The revenue and operating income include the licensing of the streaming rights to South Park by a consolidated 51%-owned VIE in the second quarter of 2020.

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.

Basis of Presentation - Narrative (Details) - USD ($) shares in Millions, $ in Millions		3 Months Ended		9 Months Ended
	Mar. 26, 2021	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Nov. 25, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Assets held for sale, noncurrent		$ 207		$ 207		$ 28
Assets held for sale, current		$ 3		$ 3
Dilutive effect of Mandatory Convertible Preferred Stock (in shares)		10		10
Stock Options and RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)		6	21	5	24
Series A Convertible Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Preferred stock, percentage	5.75%			5.75%
Simon And Schuster \| Discontinued Operations, Disposed of by Sale
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Sale of business, consideration							$ 2,175

Basis of Presentation - Schedule of earnings per share, basic and diluted (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Net earnings from continuing operations	$ 465	$ 568	$ 2,359	$ 1,522
Preferred stock dividends	(14)	0	(30)	0
Net earnings from continuing operations for basic EPS calculation	451	568	2,329	1,522
Net earnings from continuing operations for diluted EPS calculation	451	568	2,329	1,522
Net earnings	538	615	2,485	1,612
Preferred stock dividends	(14)	0	(30)	0
Net earnings for basic EPS calculation	524	615	2,455	1,612
Net earnings for diluted EPS calculation	$ 524	$ 615	$ 2,455	$ 1,612

Amount after tax of income (loss) from continuing operations attributable to the parent.

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The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

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Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

Basis of Presentation - Reconciliation from Basic to Diluted Shares (Details) - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Weighted average shares for basic EPS (in shares)	646	616	638	615
Dilutive effect of shares issuable under stock-based compensation plans (in shares)	5	2	6	2
Weighted average shares for diluted EPS (in shares)	651	618	644	617

Dispositions - Narrative (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended	9 Months Ended
Dispositions - Narrative (Details) - USD ($) $ in Millions	Oct. 31, 2021	Dec. 31, 2021	Sep. 30, 2021	Nov. 25, 2020
Discontinued Operations [Line Items]
Net gain on sales			$ 116
Minimum \| Subsequent Event \| Fifty One West Fifty Second Street, Office Tower
Discontinued Operations [Line Items]
Lessee, lease term	2 years
Maximum \| Subsequent Event \| Fifty One West Fifty Second Street, Office Tower
Discontinued Operations [Line Items]
Lessee, lease term	3 years
Disposed of by Sale \| Fifty One West Fifty Second Street, Office Tower \| Forecast
Discontinued Operations [Line Items]
Net gain on sales		$ 523
Disposed of by Sale \| Fifty One West Fifty Second Street, Office Tower \| Subsequent Event
Discontinued Operations [Line Items]
Proceeds from dispositions	$ 760
Discontinued Operations, Disposed of by Sale \| Simon And Schuster
Discontinued Operations [Line Items]
Sale of business, consideration				$ 2,175

Dispositions - Schedule of Discontinued Operations, Net Earnings (Details) - Discontinued operations - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Discontinued Operations [Line Items]
Revenues	$ 321	$ 279	$ 725	$ 649
Costs and expenses:
Operating	182	167	429	386
Selling, general and administrative	38	50	114	132
Depreciation and amortization	0	1	0	4
Restructuring charges	1	0	1	2
Total costs and expenses	221	218	544	524
Operating income	100	61	181	125
Other items, net	(6)	0	(8)	(5)
Earnings from discontinued operations	94	61	173	120
Income tax provisions	(21)	(14)	(47)	(30)
Net earnings from discontinued operations, net of tax	73	47	126	90
Previous disposals, cost and expenses	7	5	9	19
Previous disposals, income tax prevision	$ 2	$ 2	$ 9	$ 5

Dispositions - Schedule of Discontinued Operations, Assets and Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Assets
Total Assets	$ 1,430	$ 1,439
Discontinued operations
Assets
Receivables, net	438	447
Other current assets	184	183
Goodwill	435	435
Property and equipment, net	45	42
Operating lease assets	193	191
Other assets	135	141
Total Assets	1,430	1,439
Liabilities
Royalties payable	123	131
Other current liabilities	362	349
Operating lease liabilities	187	194
Other liabilities	21	26
Total Liabilities	$ 693	$ 700

Programming and Other Inventory - Programming Inventory (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Film Group Monetization:
Acquired program rights, including prepaid sports rights	$ 3,312	$ 3,413
Individual Monetization:
Acquired libraries	458	483
Film inventory and Internally-produced television programming:
Home entertainment	32	32
Total programming and other inventory	14,127	12,120
Less current portion	1,563	1,757
Programming and other inventory	12,564	10,363
Film Inventory
Film inventory and internally produced television programming
In process and other	66	0
Film inventory and Internally-produced television programming:
Released	596	374
Completed, not yet released	339	543
In process and other	1,189	816
Internally Produced Television Programming
Film inventory and internally produced television programming
In process and other	2,653	1,682
Released	3,190	2,558
Film inventory and Internally-produced television programming:
Released	1,271	1,206
In process and other	$ 1,021	$ 1,013

Programming and Other Inventory - Programming and Production Costs (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Inventory Disclosure [Abstract]
Programming costs, acquired programming	$ 1,025	$ 839	$ 3,625	$ 2,525
Production costs, internally-produced television and film programming:
Individual monetization	735	606	2,245	2,129
Film group monetization	$ 847	$ 662	$ 2,148	$ 2,082

Programming and Other Inventory - Narrative (Details) $ in Millions	9 Months Ended
	Sep. 30, 2020 USD ($)
Segment Reporting Information [Line Items]
Programming charges	$ 121
TV Entertainment
Segment Reporting Information [Line Items]
Programming charges	66
Cable Networks
Segment Reporting Information [Line Items]
Programming charges	50
Filmed Entertainment
Segment Reporting Information [Line Items]
Programming charges	$ 5

Restructuring. Impairment, and Other Corporate Matters - Restructuring. Impairment, and Other Corporate Matters (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 46	$ 35	$ 81	$ 369
Merger-related costs	0	10	0	51
Other corporate matters	0	7	0	21
Restructuring and other corporate matters	46	52	81	441
Impairment charges	0	0	0	25
Depreciation of abandoned technology	0	0	0	12
Severance
Restructuring Cost and Reserve [Line Items]
Restructuring charges	46	30	46	332
Exit costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 0	$ 5	$ 35	$ 37

Restructuring. Impairment, and Other Corporate Matters - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 46	$ 35	$ 81	$ 369
Merger-related costs	0	10	0	51
Other corporate matters	0	7	0	21
Write down property and equipment				15
Impairment charges	0	0	0	25
Depreciation of abandoned technology	0	0	0	12
Disposal Group, Not Discontinued Operations
Restructuring Cost and Reserve [Line Items]
Other corporate matters		6		6
Severance
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 46	$ 30	46	$ 332
Lease Impairment Charges
Restructuring Cost and Reserve [Line Items]
Restructuring charges			$ 35

Restructuring. Impairment, and Other Corporate Matters - Rollforward (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance			$ 372
Charges	$ 46	$ 35	81	$ 369
Payments			(173)
Other			(19)
Restructuring reserve, ending balance	205		205
Restructuring Charges Excluding Stock-Based Compensation And Lease Impairment Charges
Restructuring Reserve [Roll Forward]
Charges			25
Share-Based Compensation Expense
Restructuring Reserve [Roll Forward]
Charges			21
Lease Impairment Charges
Restructuring Reserve [Roll Forward]
Charges			35
Operating Segments \| TV Entertainment
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance			112
Payments			(48)
Other			(7)
Restructuring reserve, ending balance	58		58
Operating Segments \| TV Entertainment \| Restructuring Charges Excluding Stock-Based Compensation And Lease Impairment Charges
Restructuring Reserve [Roll Forward]
Charges			1
Operating Segments \| Cable Networks
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance			144
Payments			(69)
Other			(3)
Restructuring reserve, ending balance	75		75
Operating Segments \| Cable Networks \| Restructuring Charges Excluding Stock-Based Compensation And Lease Impairment Charges
Restructuring Reserve [Roll Forward]
Charges			3
Operating Segments \| Filmed Entertainment
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance			30
Payments			(10)
Other			(5)
Restructuring reserve, ending balance	34		34
Operating Segments \| Filmed Entertainment \| Restructuring Charges Excluding Stock-Based Compensation And Lease Impairment Charges
Restructuring Reserve [Roll Forward]
Charges			19
Corporate
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance			86
Payments			(46)
Other			(4)
Restructuring reserve, ending balance	$ 38		38
Corporate \| Restructuring Charges Excluding Stock-Based Compensation And Lease Impairment Charges
Restructuring Reserve [Roll Forward]
Charges			$ 2

Related Parties - Narrative (Details)	Sep. 30, 2021 trustee
Related Party Transaction [Line Items]
SMR Trust ownership in NAI	80.00%
National Amusements, Inc.
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 beneficiary trustees	2

Related Parties - Schedule of Related Party Transactions (Details) - Other Related Parties - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Related Party Transaction [Line Items]
Revenues	$ 37	$ 13	$ 175	$ 89
Operating expenses	5	$ 4	13	$ 9
Accounts receivable	$ 39		$ 39		$ 69

For an unclassified balance sheet, amounts due from related parties including affiliates, employees, joint ventures, officers and stockholders, immediate families thereof, and pension funds.

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-Name Accounting Standards Codification
-Topic 220
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-Subparagraph (SX 210.5-03.1(e))
-URI http://asc.fasb.org/extlink&oid=123367319&loc=SL114868664-224227

Revenues - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Disaggregation of Revenue [Line Items]
Total Revenues	$ 6,610	$ 5,837	$ 20,586	$ 18,411
Advertising
Disaggregation of Revenue [Line Items]
Total Revenues	1,855	1,828	6,633	5,733
Affiliate
Disaggregation of Revenue [Line Items]
Total Revenues	2,102	2,059	6,284	5,956
Streaming
Disaggregation of Revenue [Line Items]
Total Revenues	1,079	666	2,878	1,673
Theatrical
Disaggregation of Revenue [Line Items]
Total Revenues	67	6	202	176
Licensing and other
Disaggregation of Revenue [Line Items]
Total Revenues	$ 1,507	$ 1,278	$ 4,589	$ 4,873

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Revenues - Receivables (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Allowance for credit loss	$ 84	$ 85
Other Assets
Disaggregation of Revenue [Line Items]
Noncurrent receivables	$ 1,740	$ 2,020

Revenues - Contract Liabilities (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Deferred revenue	$ 1,180		$ 1,120
Revenue recognized	$ 769	$ 553

Revenues - Unrecognized Revenues Under Contract (Details) $ in Billions	Sep. 30, 2021 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Unrecognized revenue	$ 6.1
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Unrecognized revenue	$ 1.4
Expected timing of satisfaction period	3 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Unrecognized revenue	$ 2.9
Expected timing of satisfaction period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Unrecognized revenue	$ 1.0
Expected timing of satisfaction period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Unrecognized revenue	$ 0.8
Expected timing of satisfaction period

Revenues - Performance Obligations Satisfied in Previous Periods (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Filmed Entertainment
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation satisfied	$ 126	$ 77	$ 233	$ 198

Debt - Schedule of Debt (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Other bank borrowings	$ 35	$ 95
Obligations under finance leases	26	26
Total debt	17,711	19,733
Less current portion of long-term debt	15	16
Total long-term debt, net of current portion	17,696	19,717
Net unamortized discount on senior debt	472	491
Unamortized deferred financing costs	97	107
Face value of debt	18,280	$ 20,330
2.250% Senior Notes due 2022
Debt Instrument [Line Items]
Stated interest rate		2.25%
Carrying value of senior debt	0	$ 35
3.375% Senior Notes due 2022
Debt Instrument [Line Items]
Stated interest rate		3.375%
Carrying value of senior debt	0	$ 415
3.125% Senior Notes due 2022
Debt Instrument [Line Items]
Stated interest rate		3.125%
Carrying value of senior debt	0	$ 117
2.50% Senior Notes due 2023
Debt Instrument [Line Items]
Stated interest rate		2.50%
Carrying value of senior debt	0	$ 196
3.25% Senior Notes due 2023
Debt Instrument [Line Items]
Stated interest rate		3.25%
Carrying value of senior debt	0	$ 141
2.90% Senior Notes due 2023
Debt Instrument [Line Items]
Stated interest rate		2.90%
Carrying value of senior debt	0	$ 242
4.25% Senior Notes due 2023
Debt Instrument [Line Items]
Stated interest rate		4.25%
Carrying value of senior debt	$ 0	$ 837
7.875% Debentures due 2023
Debt Instrument [Line Items]
Stated interest rate	7.875%
Carrying value of senior debt	$ 139	139
7.125% Senior Notes due 2023
Debt Instrument [Line Items]
Stated interest rate	7.125%
Carrying value of senior debt	$ 35	35
3.875% Senior Notes due 2024
Debt Instrument [Line Items]
Stated interest rate	3.875%
Carrying value of senior debt	$ 490	490
3.70% Senior Notes due 2024
Debt Instrument [Line Items]
Stated interest rate	3.70%
Carrying value of senior debt	$ 599	598
3.50% Senior Notes due 2025
Debt Instrument [Line Items]
Stated interest rate	3.50%
Carrying value of senior debt	$ 597	596
4.75% Senior Notes due 2025
Debt Instrument [Line Items]
Stated interest rate	4.75%
Carrying value of senior debt	$ 1,241	1,239
4.0% Senior Notes due 2026
Debt Instrument [Line Items]
Stated interest rate	4.00%
Carrying value of senior debt	$ 792	791
3.45% Senior Notes due 2026
Debt Instrument [Line Items]
Stated interest rate	3.45%
Carrying value of senior debt	$ 123	123
2.90% Senior Notes due 2027
Debt Instrument [Line Items]
Stated interest rate	2.90%
Carrying value of senior debt	$ 692	691
3.375% Senior Notes due 2028
Debt Instrument [Line Items]
Stated interest rate	3.375%
Carrying value of senior debt	$ 495	495
3.70% Senior Notes due 2028
Debt Instrument [Line Items]
Stated interest rate	3.70%
Carrying value of senior debt	$ 493	492
4.20% Senior Notes due 2029
Debt Instrument [Line Items]
Stated interest rate	4.20%
Carrying value of senior debt	$ 494	493
7.875% Senior Debentures due 2030
Debt Instrument [Line Items]
Stated interest rate	7.875%
Carrying value of senior debt	$ 831	831
4.95% Senior Notes due 2031
Debt Instrument [Line Items]
Stated interest rate	4.95%
Carrying value of senior debt	$ 1,222	1,220
4.20% Senior Notes due 2032
Debt Instrument [Line Items]
Stated interest rate	4.20%
Carrying value of senior debt	$ 971	969
5.50% Senior Debentures due 2033
Debt Instrument [Line Items]
Stated interest rate	5.50%
Carrying value of senior debt	$ 427	427
4.85% Senior Debentures due 2034
Debt Instrument [Line Items]
Stated interest rate	4.85%
Carrying value of senior debt	$ 87	87
6.875% Senior Debentures due 2036
Debt Instrument [Line Items]
Stated interest rate	6.875%
Carrying value of senior debt	$ 1,070	1,069
6.75% Senior Debentures due 2037
Debt Instrument [Line Items]
Stated interest rate	6.75%
Carrying value of senior debt	$ 75	75
5.90% Senior Notes due 2040
Debt Instrument [Line Items]
Stated interest rate	5.90%
Carrying value of senior debt	$ 298	298
4.50% Senior Debentures due 2042
Debt Instrument [Line Items]
Stated interest rate	4.50%
Carrying value of senior debt	$ 45	45
4.85% Senior Notes due 2042
Debt Instrument [Line Items]
Stated interest rate	4.85%
Carrying value of senior debt	$ 488	487
4.375% Senior Debentures due 2043
Debt Instrument [Line Items]
Stated interest rate	4.375%
Carrying value of senior debt	$ 1,121	1,116
4.875% Senior Debentures due 2043
Debt Instrument [Line Items]
Stated interest rate	4.875%
Carrying value of senior debt	$ 18	18
5.85% Senior Debentures due 2043
Debt Instrument [Line Items]
Stated interest rate	5.85%
Carrying value of senior debt	$ 1,232	1,232
5.25% Senior Debentures due 2044
Debt Instrument [Line Items]
Stated interest rate	5.25%
Carrying value of senior debt	$ 345	345
4.90% Senior Notes due 2044
Debt Instrument [Line Items]
Stated interest rate	4.90%
Carrying value of senior debt	$ 540	540
4.60% Senior Notes due 2045
Debt Instrument [Line Items]
Stated interest rate	4.60%
Carrying value of senior debt	$ 589	589
4.95% Senior Notes due 2050
Debt Instrument [Line Items]
Stated interest rate	4.95%
Carrying value of senior debt	$ 944	942
5.875% Junior Subordinated Debentures due 2057
Debt Instrument [Line Items]
Stated interest rate	5.875%
Junior subordinated notes	$ 514	514
6.25% Junior Subordinated Debentures due 2057
Debt Instrument [Line Items]
Stated interest rate	6.25%
Junior subordinated notes	$ 643	$ 643

Debt - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Debt - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Line of Credit Facility [Line Items]
Debt redeemed		$ 2,770		$ 2,770
Payments for debt redemption		2,880		2,880
Loss on extinguishment of debt	$ 0	(23)	$ (128)	(126)
Face value of debt	$ 18,280		$ 18,280		$ 20,330
Senior Notes
Line of Credit Facility [Line Items]
Debt redeemed		340		340
Payments for debt redemption		357		357
Face value of debt		$ 4,500		$ 4,500
5.875% Junior Subordinated Debentures due 2057
Line of Credit Facility [Line Items]
Stated interest rate	5.875%		5.875%
5.875% Junior Subordinated Debentures due 2057 \| 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
Line of Credit Facility [Line Items]
Stated interest rate	6.25%		6.25%
6.25% Junior Subordinated Debentures due 2057 \| London Interbank Offered Rate (LIBOR) [Member]
Line of Credit Facility [Line Items]
Basis spread on variable rate			3.899%
Senior Notes
Line of Credit Facility [Line Items]
Debt redeemed	$ 1,990		$ 1,990
Payments for debt redemption	$ 2,110		$ 2,110

Debt - Commercial Paper Narrative (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Debt Disclosure [Abstract]
Commercial paper	$ 0	$ 0

Debt - Credit Facility Narrative (Details) - Revolving Credit Facility	9 Months Ended
	Sep. 30, 2021 USD ($)
Line of Credit Facility [Line Items]
Period for Consolidated EBITDA	12 months
Credit Facility
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

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.

Debt - Other Bank Borrowings Narrative (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Other bank borrowings	$ 35,000,000	$ 95,000,000
Credit Facility \| Miramax
Debt Instrument [Line Items]
Maximum borrowing capacity under credit facility	$ 300,000,000	$ 300,000,000
Other Bank Borrowings
Debt Instrument [Line Items]
Weighted average interest rate	3.50%	3.50%

Financial Instruments and Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Derivative [Line Items]
Carrying value of notes and debentures	$ 17,650		$ 17,650		$ 19,610
Fair value of debt	21,700		21,700		24,500
Investments without readily determinable fair value	57		57		65
Recognized gain (loss) from equity investments	(5)		47
Proceeds from sale of equity investments	9		43
Gain (loss) on sale of equity investments			$ 37
Unrecognized gain from equity investments		$ 32
Equity investment impairment charges		$ 9		$ 9
Cash Flow Hedging \| Foreign exchange contract
Derivative [Line Items]
Maximum derivative contract term			24 months
Notional amount of derivative	1,990		$ 1,990		1,270
Cash Flow Hedging \| Foreign exchange contract \| Future Production Costs
Derivative [Line Items]
Notional amount of derivative	1,490		1,490		740
Cash Flow Hedging \| Foreign exchange contract \| Other Foreign Currency
Derivative [Line Items]
Notional amount of derivative	$ 498		$ 498		$ 529

Financial Instruments and Fair Value Measurements - Gain (Losses) Recognized on Derivative Financial Instruments (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Foreign exchange contract
Derivatives [Line Items]
Non-designated foreign exchange contracts	$ 13	$ (12)	$ 12	$ 6

Financial Instruments and Fair Value Measurements - Fair Value of Assets and Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Assets:
Foreign currency hedges	$ 27	$ 20
Total Assets	27	20
Liabilities:
Deferred compensation	416	529
Foreign currency hedges	33	39
Total Liabilities	449	568
Level 2
Assets:
Foreign currency hedges	27	20
Total Assets	27	20
Liabilities:
Deferred compensation	416	529
Foreign currency hedges	33	39
Total Liabilities	$ 449	$ 568

Stockholders' Equity - Stock Offerings (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions		9 Months Ended
	Mar. 26, 2021	Sep. 30, 2021	Sep. 30, 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
Class of Stock [Line Items]
Stock issuance (in shares)	20
Shares issued (in dollars per share)	$ 85
Series A Convertible Preferred Stock
Class of Stock [Line Items]
Stock issuance (in shares)	10
Preferred stock, percentage	5.75%	5.75%
Liquidation preference (in dollars per share)	$ 100

Stockholders' Equity - Mandatory Convertible Preferred Stock (Details) - Series A Convertible Preferred Stock			9 Months Ended
	Apr. 01, 2024	Mar. 26, 2021 $ / shares	Sep. 30, 2021
Class of Stock [Line Items]
Preferred stock, percentage		5.75%	5.75%
Liquidation preference (in dollars per share)		$ 100
Forecast
Class of Stock [Line Items]
Consecutive trading days	20 days
Trading days	21 days
Forecast \| Minimum
Class of Stock [Line Items]
Convertible rate	1.0013
Forecast \| Maximum
Class of Stock [Line Items]
Convertible rate	1.1765

Stockholders' Equity - Dividends (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Class of Stock [Line Items]
Dividends per common share (in dollars per share)	$ 0.24		$ 0.24	$ 0.72	$ 0.72
Dividends recorded on common stock	$ 159.0		$ 150.0	$ 468.0	$ 450.0
Dividends	$ 14.0		$ 0.0	$ 30.0	$ 0.0
Series A Convertible Preferred Stock
Class of Stock [Line Items]
Quarterly dividends payable over remaining term (in dollars per share)	$ 1.4375			$ 1.4375
Accumulated dividends (in dollars per share)		$ 1.5493
Dividends	$ 14.4			$ 29.9

Stockholders' Equity - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2021	Sep. 30, 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	(102)	8
Reclassifications to net earnings	51	52
Other comprehensive income (loss)	(51)	60
Accumulated other comprehensive income (loss) ending balance	(1,883)	(1,910)
Tax provision on net actuarial gain (loss) and prior service costs related to pension and other postretirement benefit plans	20	16
Cumulative Translation Adjustments
AOCI Attributable to Parent, Net of Tax
Accumulated other comprehensive income (loss) beginning balance	(303)	(438)
Other comprehensive income (loss) before reclassifications	(113)	12
Reclassifications to net earnings	0	0
Other comprehensive income (loss)	(113)	12
Accumulated other comprehensive income (loss) ending balance	(416)	(426)
Net Actuarial Loss and Prior Service Cost
AOCI Attributable to Parent, Net of Tax
Accumulated other comprehensive income (loss) beginning balance	(1,509)	(1,507)
Other comprehensive income (loss) before reclassifications	11	0
Reclassifications to net earnings	51	52
Other comprehensive income (loss)	62	52
Accumulated other comprehensive income (loss) ending balance	(1,447)	(1,455)
Other Comprehensive Loss
AOCI Attributable to Parent, Net of Tax
Accumulated other comprehensive income (loss) beginning balance	(20)	(25)
Other comprehensive income (loss) before reclassifications	0	(4)
Reclassifications to net earnings	0	0
Other comprehensive income (loss)	0	(4)
Accumulated other comprehensive income (loss) ending balance	$ (20)	$ (29)

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.

Stock-based Compensation (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Stock-based Compensation (Details) - USD ($) $ in Millions	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense, before income taxes	$ 53	$ 45	$ 154	$ 188
Related tax benefit	(13)	(10)	(34)	(36)
Stock-based compensation expense, net of tax benefit	40	35	120	152
Stock-based compensation expense, discontinued operations	1	1	3	3
RSUs and PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense, before income taxes	31	36	126	122
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense, before income taxes	1	4	7	15
Operating and SG&A Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense, before income taxes	32	40	133	137
Restructuring and Other Corporate Matters
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense, before income taxes	$ 21	$ 5	$ 21	$ 51

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Sep. 30, 2021	Jun. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Benefit (provision) for income taxes	$ (120)		$ (26)	$ (312)	$ (352)
Effective income tax rate	19.50%		4.20%	11.20%	16.30%
Discrete tax benefit			$ 119	$ 290	$ 122
Income tax benefit, adjustments of deferred tax asset		$ 260	$ 100		$ 100
Benefit from loss on extinguishment of debt, loss on marketable securities and other discrete tax items				$ 14
Percentage point decrease in effective tax rate			19.30%	10.50%	5.60%
Income benefit, preparation of tax return			$ 22		$ 22
Benefit from restructuring and other corporate matters, depreciation on abandoned technology and other discrete tax items			$ 17		$ 152

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

Pension and Other Postretirement Benefits (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 0	$ 8	$ 0	$ 23
Interest cost	37	41	109	123
Expected return on plan assets	(47)	(48)	(141)	(145)
Amortization of actuarial loss (gain)	23	26	70	78
Settlements	10	0	10	0
Net periodic cost	23	27	48	79
Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	1	0	1	1
Interest cost	2	2	6	8
Expected return on plan assets	0	0	0	0
Amortization of actuarial loss (gain)	(4)	(3)	(11)	(11)
Settlements	0	0	0	0
Net periodic cost	$ (1)	$ (1)	$ (4)	$ (2)

Redeemable Noncontrolling Interests (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Redeemable Noncontrolling Interest
Beginning balance	$ 197	$ 254
Net earnings	8	5
Distributions	(4)	(10)
Translation adjustment	(4)	(5)
Redemption value adjustment	(94)	(48)
Ending balance	$ 103	$ 196

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.

Reportable Segments - Revenues (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 6,610	$ 5,837	$ 20,586	$ 18,411
Operating Segments \| TV Entertainment
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	2,924	2,354	9,244	7,588
Operating Segments \| Cable Networks
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	3,458	3,061	10,192	9,151
Operating Segments \| Filmed Entertainment
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	580	590	2,244	2,048
Corporate/Eliminations
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	(352)	(168)	(1,094)	(376)
Intersegment Eliminations
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	(352)	(168)	(1,094)	(376)
Intersegment Eliminations \| TV Entertainment
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	(78)	(67)	(217)	(185)
Intersegment Eliminations \| Cable Networks
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	(135)	(57)	(366)	(75)
Intersegment Eliminations \| Filmed Entertainment
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	(139)	(44)	(511)	(116)
Advertising
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	1,855	1,828	6,633	5,733
Advertising \| Operating Segments \| TV Entertainment
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	943	966	3,838	3,134
Advertising \| Operating Segments \| Cable Networks
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	917	862	2,806	2,622
Affiliate
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	2,102	2,059	6,284	5,956
Affiliate \| Operating Segments \| TV Entertainment
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	698	674	2,082	1,926
Affiliate \| Operating Segments \| Cable Networks
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	1,404	1,385	4,202	4,030
Streaming
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	1,079	666	2,878	1,673
Streaming \| Operating Segments \| TV Entertainment
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	390	216	1,062	613
Streaming \| Operating Segments \| Cable Networks
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	689	450	1,816	1,060
Licensing and other
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	1,507	1,278	4,589	4,873
Licensing and other \| Operating Segments \| TV Entertainment
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	893	498	2,262	1,915
Licensing and other \| Operating Segments \| Cable Networks
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	448	364	1,368	1,439
Licensing and other \| Operating Segments \| Filmed Entertainment
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	513	584	2,042	1,872
Theatrical
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	67	6	202	176
Theatrical \| Operating Segments \| Filmed Entertainment
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 67	$ 6	$ 202	$ 176

Reportable Segments - Operating Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Segment Reporting Information [Line Items]
Stock-based compensation	$ (53)	$ (45)	$ (154)	$ (188)
Depreciation and amortization	(95)	(97)	(289)	(331)
Restructuring and other corporate matters	(46)	(52)	(81)	(441)
Programming charges				(121)
Net gain on sales	0	0	116	0
Operating income	879	903	3,633	3,056
Interest expense	(243)	(259)	(745)	(763)
Interest income	11	14	37	39
Net gains (losses) from investments	(5)	0	47	32
Loss on extinguishment of debt	0	(23)	(128)	(126)
Other items, net	(26)	(20)	(55)	(74)
Earnings from continuing operations before income taxes and equity in loss of investee companies	616	615	2,789	2,164
Provision for income taxes	(120)	(26)	(312)	(352)
Equity in loss of investee companies, net of tax	(18)	(9)	(80)	(30)
Net earnings from continuing operations	478	580	2,397	1,782
Net earnings from discontinued operations, net of tax	73	47	126	90
Net earnings (ViacomCBS and noncontrolling interests)	551	627	2,523	1,872
Net earnings attributable to noncontrolling interests	(13)	(12)	(38)	(260)
Net earnings attributable to ViacomCBS	538	615	2,485	1,612
TV Entertainment
Segment Reporting Information [Line Items]
Programming charges				(66)
Cable Networks
Segment Reporting Information [Line Items]
Programming charges				(50)
Filmed Entertainment
Segment Reporting Information [Line Items]
Programming charges				(5)
Operating Segments \| TV Entertainment
Segment Reporting Information [Line Items]
Adjusted OIBDA	271	343	936	1,308
Operating Segments \| Cable Networks
Segment Reporting Information [Line Items]
Adjusted OIBDA	906	866	3,215	2,945
Operating Segments \| Filmed Entertainment
Segment Reporting Information [Line Items]
Adjusted OIBDA	38	54	314	197
Corporate/Eliminations
Segment Reporting Information [Line Items]
Adjusted OIBDA	(163)	(171)	(445)	(364)
Segment Reconciling Items
Segment Reporting Information [Line Items]
Stock-based compensation	(32)	(40)	(133)	(137)
Depreciation and amortization	(95)	(97)	(289)	(331)
Restructuring and other corporate matters	(46)	(52)	(81)	(441)
Programming charges	0	0	0	(121)
Net gain on sales	$ 0	$ 0	$ 116	$ 0

Reportable Segments - Assets (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Total Assets	$ 55,912	$ 52,663
Discontinued Operations	1,430	1,439
Operating Segments \| TV Entertainment
Segment Reporting Information [Line Items]
Total Assets	19,871	19,443
Operating Segments \| Cable Networks
Segment Reporting Information [Line Items]
Total Assets	24,183	23,139
Operating Segments \| Filmed Entertainment
Segment Reporting Information [Line Items]
Total Assets	6,790	6,440
Corporate/Eliminations
Segment Reporting Information [Line Items]
Total Assets	$ 3,638	$ 2,202

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.

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Commitments and Contingencies (Details) $ in Millions				3 Months Ended	9 Months Ended	12 Months Ended
Commitments and Contingencies (Details) $ in Millions	Mar. 26, 2021	Jan. 27, 2021 claim	Sep. 09, 2019 defendant	Sep. 30, 2021 USD ($) claim	Sep. 30, 2021 USD ($) claim	Dec. 31, 2020 USD ($) claim	Dec. 31, 2019 USD ($)	Mar. 31, 2020 lawsuit	Jan. 23, 2020 claim	Aug. 01, 2018 lawsuit
Loss Contingencies [Line Items]
Outstanding letters of credit and surety bonds \| $				$ 181	$ 181
Lawsuits consolidated \| lawsuit								3
Number of claims dismissed		1
Number of consolidated class action lawsuits									4
Number of law firms retained \| lawsuit										2
Number of defendants \| defendant			14
Costs for settlement and defense of asbestos claims, net of insurance recoveries and taxes \| $						$ 35	$ 58
Series A Convertible Preferred Stock
Loss Contingencies [Line Items]
Preferred stock, percentage	5.75%				5.75%
Asbestos Claims
Loss Contingencies [Line Items]
Number of pending asbestos claims				28,470	28,470	30,710
Number of new asbestos claims				800
Number of asbestos claims closed or moved to inactive docket				2,050
CBS Television City
Loss Contingencies [Line Items]
Guaranteed cash flow period							5 years
Estimated liability \| $				$ 76	$ 76
Famous Players
Loss Contingencies [Line Items]
Estimated liability \| $				$ 58	$ 58

Supplemental Financial Information - Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash and Cash Equivalents [Line Items]
Cash paid for interest	$ 783	$ 765
Noncash additions to operating lease assets	180	123
Continuing operations
Cash and Cash Equivalents [Line Items]
Cash paid (received) for income taxes	171	257
Discontinued operations
Cash and Cash Equivalents [Line Items]
Cash paid (received) for income taxes	$ 40	$ 41

Supplemental Financial Information - Variable Interest Entities (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Variable Interest Entity [Line Items]
Total assets	$ 55,912		$ 55,912		$ 52,663
Revenues	6,610	$ 5,837	20,586	$ 18,411
Operating income (loss)	879	903	3,633	3,056
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Total assets	1,566		1,566		1,385
Total liabilities	196		196		$ 197
Revenues	179	50	342	606
Operating income (loss)	$ (6)	$ 6	$ 2	$ 504
Variable Interest Entity, Primary Beneficiary \| South Park
Variable Interest Entity [Line Items]
Variable interest entity, ownership percentage		51.00%		51.00%

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.