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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2022
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ____________ to ____________
Commission File Number 001-09553
Paramount Global
(Exact name of registrant as specified in its charter)
Delaware04-2949533
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer Identification No.)
1515 BroadwayNew York,New York10036
(Address of principal executive offices)(Zip Code)
(212) 258-6000
(Registrant’s telephone number, including area code)
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolsName of each exchange on which registered
Class A Common Stock, $0.001 par valuePARAAThe Nasdaq Stock Market LLC
Class B Common Stock, $0.001 par valuePARAThe Nasdaq Stock Market LLC
5.75% Series A Mandatory Convertible Preferred Stock, $0.001 par valuePARAPThe Nasdaq Stock Market LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes     No 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes     No 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer 
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes     No 
Number of shares of common stock outstanding at April 28, 2022:
Class A Common Stock, par value $.001 per share— 40,705,676
Class B Common Stock, par value $.001 per share— 608,394,842



PARAMOUNT GLOBAL
INDEX TO FORM 10-Q
Page
PART I – FINANCIAL INFORMATION
Item 1.
Item 1A.



PART I – FINANCIAL INFORMATION
Item 1.Financial Statements.
PARAMOUNT GLOBAL AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited; in millions, except per share amounts)
Three Months Ended
March 31,
20222021
Revenues$7,328 $7,412 
Costs and expenses:
Operating4,796 4,363 
Selling, general and administrative1,619 1,422 
Depreciation and amortization96 99 
Restructuring and other corporate matters57  
Total costs and expenses6,568 5,884 
Gain on sales15  
Operating income775 1,528 
Interest expense(240)(259)
Interest income21 13 
Loss on extinguishment of debt (73)(128)
Other items, net(13)1 
Earnings from continuing operations before income taxes and equity in loss of
   investee companies
470 1,155 
Provision for income taxes(34)(226)
Equity in loss of investee companies, net of tax(37)(18)
Net earnings from continuing operations399 911 
Net earnings from discontinued operations, net of tax42 12 
Net earnings (Paramount and noncontrolling interests)441 923 
Net earnings attributable to noncontrolling interests(8)(12)
Net earnings attributable to Paramount$433 $911 
Amounts attributable to Paramount:
Net earnings from continuing operations$391 $899 
Net earnings from discontinued operations, net of tax42 12 
Net earnings attributable to Paramount$433 $911 
Basic net earnings per common share attributable to Paramount:
Net earnings from continuing operations$.58 $1.44 
Net earnings from discontinued operations$.06 $.02 
Net earnings$.65 $1.46 
Diluted net earnings per common share attributable to Paramount:
Net earnings from continuing operations$.58 $1.42 
Net earnings from discontinued operations$.06 $.02 
Net earnings$.64 $1.44 
Weighted average number of common shares outstanding:
Basic649 622 
Diluted651 631 
See notes to consolidated financial statements.
-3-


PARAMOUNT GLOBAL AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited; in millions)
Three Months Ended
March 31,
20222021
Net earnings (Paramount and noncontrolling interests)$441 $923 
Other comprehensive income (loss), net of tax:
Cumulative translation adjustments(40)(66)
Recognition of net actuarial loss and prior service costs16 13 
Other comprehensive loss from continuing operations,
net of tax (Paramount and noncontrolling interests)
(24)(53)
Other comprehensive income from discontinued operations2 2 
Comprehensive income419 872 
Less: Comprehensive income attributable to noncontrolling interests8 11 
Comprehensive income attributable to Paramount$411 $861 
See notes to consolidated financial statements.

-4-


PARAMOUNT GLOBAL AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited; in millions, except per share amounts)
AtAt
March 31, 2022December 31, 2021
ASSETS
Current Assets:
Cash and cash equivalents$5,302 $6,267 
Receivables, net7,263 6,984 
Programming and other inventory950 1,504 
Prepaid expenses and other current assets1,245 1,176 
Current assets of discontinued operations594 745 
Total current assets15,354 16,676 
Property and equipment, net1,706 1,736 
Programming and other inventory14,180 13,358 
Goodwill16,561 16,584 
Intangible assets, net2,760 2,772 
Operating lease assets1,614 1,630 
Deferred income tax assets, net1,280 1,206 
Other assets3,771 3,824 
Assets held for sale 19 
Assets of discontinued operations817 815 
Total Assets$58,043 $58,620 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Accounts payable$977 $800 
Accrued expenses1,960 2,323 
Participants’ share and royalties payable2,172 2,159 
Accrued programming and production costs1,687 1,342 
Deferred revenues1,055 1,091 
Debt15 11 
Other current liabilities1,374 1,182 
Current liabilities of discontinued operations483 571 
Total current liabilities9,723 9,479 
Long-term debt16,797 17,698 
Participants’ share and royalties payable1,310 1,244 
Pension and postretirement benefit obligations1,914 1,946 
Deferred income tax liabilities, net1,067 1,063 
Operating lease liabilities 1,579 1,598 
Program rights obligations429 404 
Other liabilities1,753 1,898 
Liabilities of discontinued operations209 213 
Redeemable noncontrolling interest105 107 
Commitments and contingencies (Note 14)
Paramount stockholders’ equity:
5.75% Series A Mandatory Convertible Preferred Stock, par value $.001 per share;
    25 shares authorized and 10 shares issued (2022 and 2021)
  
Class A Common Stock, par value $.001 per share; 55 shares authorized;
41 shares issued (2022 and 2021)
  
Class B Common Stock, par value $.001 per share; 5,000 shares authorized;
1,111 (2022) and 1,110 (2021) shares issued
1 1 
Additional paid-in capital32,946 32,918 
Treasury stock, at cost; 503 (2022 and 2021) Class B shares
(22,958)(22,958)
Retained earnings14,599 14,343 
Accumulated other comprehensive loss (1,924)(1,902)
Total Paramount stockholders’ equity22,664 22,402 
Noncontrolling interests493 568 
Total Equity23,157 22,970 
Total Liabilities and Equity$58,043 $58,620 
See notes to consolidated financial statements.
-5-


PARAMOUNT GLOBAL AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited; in millions)
Three Months Ended
March 31,
20222021
Operating Activities:
Net earnings (Paramount and noncontrolling interests)$441 $923 
Less: Net earnings from discontinued operations, net of tax42 12 
Net earnings from continuing operations399 911 
Adjustments to reconcile net earnings from continuing operations to net cash flow provided
     by operating activities from continuing operations:
Depreciation and amortization96 99 
Deferred tax (benefit) provision(62)95 
Stock-based compensation36 52 
Gain on sales(15) 
Loss on extinguishment of debt73 128 
Equity in loss of investee companies, net of tax37 18 
Change in assets and liabilities(269)348 
Net cash flow provided by operating activities from continuing operations295 1,651 
Net cash flow provided by operating activities from discontinued operations102 72 
Net cash flow provided by operating activities397 1,723 
Investing Activities:
Investments (59)(40)
Capital expenditures(52)(62)
Proceeds from dispositions31 213 
Other investing activities (25)
Net cash flow (used for) provided by investing activities(80)86 
Financing Activities:
Proceeds from issuance of long-term debt1,028 25 
Repayment of long-term debt(2,009)(2,117)
Dividends paid on preferred stock(14) 
Dividends paid on common stock(158)(151)
Proceeds from issuance of preferred stock 983 
Proceeds from issuance of common stock  1,672 
Payment of payroll taxes in lieu of issuing shares for stock-based compensation(9)(35)
Proceeds from exercise of stock options 408 
Payments to noncontrolling interests(77)(27)
Other financing activities(32)(35)
Net cash flow (used for) provided by financing activities(1,271)723 
Effect of exchange rate changes on cash and cash equivalents(11)(19)
Net (decrease) increase in cash, cash equivalents and restricted cash(965)2,513 
Cash, cash equivalents and restricted cash at beginning of year
(includes $135 (2021) of restricted cash)
6,267 3,119 
Cash, cash equivalents and restricted cash at end of period
(includes $133 (2021) of restricted cash)
$5,302 $5,632 
See notes to consolidated financial statements.
-6-


PARAMOUNT GLOBAL AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Unaudited; in millions)
Three Months Ended March 31, 2022
Preferred StockClass A and B Common Stock Additional Paid-In CapitalTreasury
Stock
Retained EarningsAccumulated Other Comprehensive LossTotal Paramount Stockholders’ EquityNoncontrolling InterestsTotal Equity
(Shares)(Shares)
December 31, 202110 $ 648 $1 $32,918 $(22,958)$14,343 $(1,902)$22,402 $568 $22,970 
Stock-based
compensation
activity
— — 1 — 28 — — — 28 — 28 
Preferred stock
dividends
— — — — — — (14)— (14)— (14)
Common stock
dividends
— — — — — — (159)— (159)— (159)
Noncontrolling
interests
— — — — — — (4)— (4)(83)(87)
Net earnings— — — — — — 433 — 433 8 441 
Other comprehensive
loss
— — — — — — — (22)(22)— (22)
March 31, 202210 $ 649 $1 $32,946 $(22,958)$14,599 $(1,924)$22,664 $493 $23,157 
Three Months Ended March 31, 2021
Preferred StockClass A and B Common Stock Additional Paid-In CapitalTreasury
Stock
Retained EarningsAccumulated Other Comprehensive LossTotal Paramount Stockholders’ EquityNoncontrolling InterestsTotal Equity
(Shares)(Shares)
December 31, 2020 $ 617 $1 $29,785 $(22,958)$10,375 $(1,832)$15,371 $685 $16,056 
Stock-based
compensation
activity
— — 9 — 426 — — — 426 — 426 
Stock issuances10 — 20 — 2,655 — — — 2,655 — 2,655 
Preferred stock
dividends
— — — — — — (1)— (1)— (1)
Common stock
dividends
— — — — — — (152)— (152)— (152)
Noncontrolling
interests
— — — — — — 11 — 11 (24)(13)
Net earnings— — — — — — 911 — 911 12 923 
Other comprehensive
loss
— — — — — — — (50)(50)(1)(51)
March 31, 202110 $ 646 $1 $32,866 $(22,958)$11,144 $(1,882)$19,171 $672 $19,843 
See notes to consolidated financial statements.

-7-



PARAMOUNT GLOBAL AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Tabular dollars in millions, except per share amounts)

1) BASIS OF PRESENTATION
Description of Business—Effective February 16, 2022, we changed our name from ViacomCBS Inc. to Paramount Global, and effective at the open of market trading on February 17, 2022, our Class A Common Stock, Class B Common Stock and 5.75% Series A Mandatory Convertible Preferred Stock (“Mandatory Convertible Preferred Stock”) ceased trading under the ticker symbols “VIACA,” “VIAC” and “VIACP” and began trading under the ticker symbols “PARAA,” “PARA” and “PARAP,” respectively, on The Nasdaq Stock Market LLC. References to “Paramount,” the “Company,” “we,” “us” and “our” refer to Paramount Global and its consolidated subsidiaries, unless the context otherwise requires.

Beginning in 2022, primarily as a result of our increased strategic focus on our direct-to-consumer businesses, we made certain changes to how we manage our businesses and allocate resources that resulted in a change to our operating segments. Our management structure has been reorganized to focus on managing our business as the combination of three parts: a traditional media business, a portfolio of global direct-to-consumer streaming services, and a film studio. Accordingly, beginning in the first quarter of 2022 and for all periods presented we are reporting results based on the following segments:
TV Media—Our TV Media segment consists of our domestic and international broadcast networks, including the CBS Television Network, Network 10, Channel 5, Telefe, and Chilevisión; our premium and basic cable networks, including Showtime, BET, Nickelodeon, MTV, Comedy Central, Paramount Network, Smithsonian Channel, international extensions of these brands, and CBS Sports Network; our television production operations, including CBS Studios, Paramount Television Studios and CBS Media Ventures, which primarily produces or distributes first-run syndicated programming; and our owned broadcast television stations, CBS Stations.

Direct-to-ConsumerOur Direct-to-Consumer segment consists of our portfolio of pay, free and premium global direct-to-consumer streaming services (“DTC services”), including Paramount+, Pluto TV, Showtime Networks’ premium subscription streaming service (Showtime OTT), BET+ and Noggin.

Filmed EntertainmentOur Filmed Entertainment segment consists of Paramount Pictures, Paramount Players, Paramount Animation, Nickelodeon Studio, and Miramax.

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, 2021.

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).

-8-



PARAMOUNT GLOBAL AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Tabular dollars in millions, except per share amounts)
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 as of 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 our Mandatory Convertible Preferred Stock.

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 for the three months ended March 31, 2022 and stock options of 3 million for the three months ended March 31, 2021. Also excluded from the calculation of diluted EPS for the three months ended March 31, 2022 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. The table below presents a reconciliation of weighted average shares used in the calculation of basic and diluted EPS.
Three Months Ended
March 31,
(in millions)20222021
Weighted average shares for basic EPS649 622 
Dilutive effect of shares issuable under stock-based
compensation plans
2 8 
Assumed conversion of Mandatory Convertible
    Preferred Stock
 1 
Weighted average shares for diluted EPS651 631 
-9-



PARAMOUNT GLOBAL AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Tabular dollars in millions, except per share amounts)
Additionally, because the impact of the assumed conversion of the Mandatory Convertible Preferred Stock would have been antidilutive, net earnings from continuing operations and net earnings used in our diluted EPS calculations for the three months ended March 31, 2022 were adjusted to include the preferred stock dividends recorded during the period. 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
March 31, 2022
Amounts attributable to Paramount:
Net earnings from continuing operations$391 
Preferred stock dividends(14)
Net earnings from continuing operations for basic and diluted
    EPS calculation
$377 
Amounts attributable to Paramount:
Net earnings $433 
Preferred stock dividends(14)
Net earnings for basic and diluted EPS calculation$419 
Recently Adopted Accounting Pronouncements
Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity
On January 1, 2022, we adopted Financial Accounting Standards Board (“FASB”) 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. The adoption of this guidance did not have a material impact on our consolidated financial statements.
2) DISPOSITIONS
During the first quarter of 2022, we recorded gains on sales totaling $15 million, comprised of a gain from the sale of international intangible assets and a working capital adjustment to the gain from the fourth quarter 2021 sale of CBS Studio Center.
During the fourth quarter of 2020, we entered into an agreement to sell our publishing business, Simon & Schuster, to Penguin Random House for $2.175 billion in cash. Simon & Schuster is 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 $200 million termination fee payable to us in certain circumstances in the event the transaction does not close for regulatory reasons (see Note 14).

-10-



PARAMOUNT GLOBAL AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Tabular dollars in millions, except per share amounts)
The following table sets forth details of net earnings from discontinued operations for the three months ended March 31, 2022 and 2021, which primarily reflects the results of Simon & Schuster.
Three Months Ended
March 31,
20222021
Revenues$217 $185 
Costs and expenses:
Operating124 120 
Selling, general and administrative 38 38 
Total costs and expenses (a)
162 158 
Operating income55 27 
Other items, net(1)(2)
Earnings from discontinued operations54 25 
Income tax provision (b)
(12)(13)
Net earnings from discontinued operations, net of tax $42 $12 
(a) Included in total costs and expenses for the three months ended March 31, 2022 is $5 million for the release of indemnification obligations for leases relating to a previously disposed business.
(b) The tax provision includes amounts relating to previously disposed businesses of $1 million and $7 million for the three months ended March 31, 2022 and 2021, respectively.
The following table presents the major classes of assets and liabilities of our discontinued operations.
AtAt
March 31, 2022December 31, 2021
Receivables, net$381 $536 
Other current assets213 209 
Goodwill 435 435 
Property and equipment, net46 46 
Operating lease assets203 203 
Other assets133 131 
Total Assets$1,411 $1,560 
Royalties payable$126 $155 
Other current liabilities357 416 
Operating lease liabilities191 194 
Other liabilities18 19 
Total Liabilities$692 $784 
-11-



PARAMOUNT GLOBAL AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Tabular dollars in millions, except per share amounts)
3) PROGRAMMING AND OTHER INVENTORY
The following table presents our programming and other inventory at March 31, 2022 and December 31, 2021, grouped by type and predominant monetization strategy. During the first quarter of 2022, in connection with our increased strategic focus on our direct-to-consumer businesses, we reassessed our predominant monetization strategy for certain of our internally-produced content, and determined that it had shifted from individual to film group as a result of expected increased monetization of the content on our DTC services.
AtAt
March 31, 2022December 31, 2021
Film Group Monetization:
Acquired program rights, including prepaid sports rights$3,054 $3,432 
Internally-produced television and film programming:
Released5,132 3,808 
In process and other2,807 2,609 
Individual Monetization:
Acquired libraries427 441 
Film inventory:
Released691 606 
Completed, not yet released322 253 
In process and other1,212 1,303 
Internally-produced television programming:
Released786 1,604 
In process and other663 769 
Home entertainment36 37 
Total programming and other inventory15,130 14,862 
Less current portion950 1,504 
Total noncurrent programming and other inventory$14,180 $13,358 
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
March 31,
20222021
Programming costs, acquired programming$1,496 $1,502 
Production costs, internally-produced television and film programming:
Individual monetization$491 $760 
Film group monetization$1,147 $650 
4) RELATED PARTIES
National Amusements, Inc.
National Amusements, Inc. (“NAI”) is the controlling stockholder of the Company. At March 31, 2022, NAI directly or indirectly owned approximately 77.4% of our voting Class A Common Stock and approximately 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
-12-



PARAMOUNT GLOBAL AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Tabular dollars in millions, except per share amounts)
President of NAI and non-executive Chair of our Board of Directors, is one of the seven voting trustees for the General Trust and is one of two voting trustees who are beneficiaries of the General Trust. No member of our management or other member of our Board of Directors is a trustee of the General Trust.

Other Related Parties
In the ordinary course of business, we are involved in transactions with our equity-method investees, primarily for the licensing of television and film programming. The following tables present the amounts recorded in our consolidated financial statements related to these transactions.
Three Months Ended
March 31,
20222021
Revenues$54 $65 
Operating expenses$5 $4 
AtAt
March 31, 2022December 31, 2021
Accounts receivable$62 $50 
    
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.
5) REVENUES
The table below presents our revenues disaggregated into categories based on the nature of such revenues. See Note 13 for revenues by segment disaggregated into these categories.
Three Months Ended
March 31,
20222021
Revenues by Type:
Advertising $2,864 $3,109 
Affiliate and subscription2,840 2,463 
Theatrical131 1 
Licensing and other1,493 1,839 
Total Revenues$7,328 $7,412 
Receivables
Reserves for accounts receivable reflect our expected credit losses based on historical experience as well as current and expected economic conditions. During the first quarter of 2022, following Russia’s invasion of Ukraine, we recorded a charge of $39 million, principally to reserve against amounts due from counterparties in Russia, Belarus and Ukraine. The charge was recorded within “Restructuring and other corporate matters” on the Consolidated Statement of Operations. At March 31, 2022 and December 31, 2021, our allowance for credit losses was $113 million and $80 million, respectively.

Included in “Other assets” on the Consolidated Balance Sheets are noncurrent receivables of $1.67 billion and $1.84 billion at March 31, 2022 and December 31, 2021, 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.
-13-



PARAMOUNT GLOBAL AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Tabular dollars in millions, except per share amounts)
Contract Liabilities
Contract liabilities are included within “Deferred revenues” and “Other liabilities” on the Consolidated Balance Sheets and totaled $1.15 billion and $1.20 billion at March 31, 2022 and December 31, 2021, respectively. For the three months ended March 31, 2022, we recognized revenues of $446 million that were included in deferred revenues at December 31, 2021. For the three months ended March 31, 2021, we recognized revenues of $465 million that were included in deferred revenues at December 31, 2020.

Unrecognized Revenues Under Contract
At March 31, 2022, unrecognized revenues attributable to unsatisfied performance obligations under our long-term contracts were $6.8 billion, of which $3.0 billion is expected to be recognized for the remainder of 2022, $2.1 billion in 2023, $0.9 billion in 2024, 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 we often satisfy our performance obligation of delivery of our content in advance of revenue recognition. For the three months ended March 31, 2022 and 2021, we recognized revenues of $151 million and $150 million, respectively, for licensing to distributors of transactional video-on-demand and electronic sell-through services and other arrangements for licensing of our content for which our performance obligation was satisfied in a prior period.
-14-



PARAMOUNT GLOBAL AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Tabular dollars in millions, except per share amounts)
6) DEBT
Our debt consists of the following:
AtAt
March 31, 2022December 31, 2021
7.875% Debentures due 2023
$139 $139 
7.125% Senior Notes due 2023
35 35 
3.875% Senior Notes due 2024
 490 
3.70% Senior Notes due 2024
 599 
3.50% Senior Notes due 2025
274 597 
4.75% Senior Notes due 2025
1,242 1,242 
4.0% Senior Notes due 2026
793 793 
3.45% Senior Notes due 2026
123 123 
2.90% Senior Notes due 2027
693 692 
3.375% Senior Notes due 2028
496 496 
3.70% Senior Notes due 2028
493 493 
4.20% Senior Notes due 2029
494 494 
7.875% Senior Debentures due 2030
830 830 
4.95% Senior Notes due 2031
1,224 1,223 
4.20% Senior Notes due 2032
973 972 
5.50% Senior Debentures due 2033
427 427 
4.85% Senior Debentures due 2034
87 87 
6.875% Senior Debentures due 2036
1,070 1,070 
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
488 488 
4.375% Senior Debentures due 2043
1,125 1,123 
4.875% Senior Debentures due 2043
18 18 
5.85% Senior Debentures due 2043
1,233 1,233 
5.25% Senior Debentures due 2044
345 345 
4.90% Senior Notes due 2044
540 540 
4.60% Senior Notes due 2045
590 590 
4.95% Senior Notes due 2050
945 944 
5.875% Junior Subordinated Debentures due 2057
 514 
6.25% Junior Subordinated Debentures due 2057
643 643 
6.375% Junior Subordinated Debentures due 2062
989  
Other bank borrowings65 35 
Obligations under finance leases20 16 
Total debt (a)
16,812 17,709 
Less current portion of long-term debt
15 11 
Total long-term debt, net of current portion$16,797 $17,698 
(a) At March 31, 2022 and December 31, 2021, the senior and junior subordinated debt balances included (i) a net unamortized discount of $459 million and $466 million, respectively, and (ii) unamortized deferred financing costs of $97 million and $95 million, respectively. The face value of our total debt was $17.37 billion and $18.27 billion at March 31, 2022 and December 31, 2021, respectively.

During the three months ended March 31, 2022, we redeemed all of our notes due in 2024, which were comprised of $492 million of 3.875% senior notes and $600 million of 3.70% senior notes, and also redeemed $325 million of our 3.50% senior notes due 2025, for an aggregate redemption price of $1.48 billion. We also redeemed our $520 million of 5.875% junior subordinated debentures due February 2057 at par. These redemptions resulted in a total pre-tax loss on extinguishment of debt of $73 million.

-15-



PARAMOUNT GLOBAL AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Tabular dollars in millions, except per share amounts)
During the three months ended March 31, 2022, we issued $1.00 billion of 6.375% junior subordinated debentures due 2062. The interest rate on these debentures will reset on March 30, 2027, and every five years thereafter to a fixed rate equal to the 5-year Treasury Rate (as defined pursuant to the terms of the debentures) plus a spread of 3.999% from March 30, 2027, 4.249% from March 30, 2032 and 4.999% from March 30, 2047. These debentures can be called by us at par plus a make whole premium any time before March 30, 2027, or at par on March 30, 2027, or at any interest payment date thereafter.

In April 2022, we redeemed the remaining $275 million of our 3.50% senior notes due 2025, and $695 million of our 4.75% senior notes due 2025, for an aggregate redemption price of $1.01 billion.

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

Our 6.25% junior subordinated debentures due February 2057 accrue interest at the stated fixed rates until February 28, 2027, on which date the rate will switch to a floating rate. Under the terms of the debentures the floating rate is based on three-month LIBOR plus 3.899%, reset quarterly. These debentures can be called by us at par at any time after the expiration of the fixed-rate period.

Commercial Paper
At both March 31, 2022 and December 31, 2021, we had no outstanding commercial paper borrowings.

Credit Facility
At March 31, 2022, 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 an applicable benchmark rate plus a margin (based on our senior unsecured debt rating), depending on the type and tenor of the loans entered. The benchmark rate for loans denominated in euros, sterling and yen is based on EURIBOR, SONIA and TIBOR rates, respectively. 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. On February 14, 2022, we amended our Credit Facility to modify the definition of the Consolidated Total Leverage Ratio in the amended credit agreement to allow unrestricted cash and cash equivalents to be netted against Consolidated Indebtedness through June 2024. We met the covenant as of March 31, 2022.

At March 31, 2022, we had no borrowings outstanding under the Credit Facility and the remaining availability under the Credit Facility, net of outstanding letters of credit, was $3.50 billion.

Other Bank Borrowings
At March 31, 2022 and December 31, 2021, we had bank borrowings under Miramax’s $300 million credit facility, which matures in April 2023, of $65 million and $35 million, respectively, each with a weighted average interest rate of 3.50%.
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PARAMOUNT GLOBAL AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Tabular dollars in millions, except per share amounts)
7) FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS
The carrying value of our financial instruments approximates fair value, except for notes and debentures. At March 31, 2022 and December 31, 2021, the carrying value of our notes and debentures was $16.73 billion and $17.66 billion, respectively, and the fair value, which is determined based on quoted prices in active markets (Level 1 in the fair value hierarchy) was $18.2 billion and $21.5 billion, respectively.

The carrying value of our investments without a readily determinable fair value for which we have no significant influence was $58 million and $59 million at March 31, 2022 and December 31, 2021, respectively. These investments are included in “Other assets” on the Consolidated Balance Sheets.

Foreign Exchange Contracts
We use derivative financial instruments primarily to modify our exposure to market risks from fluctuations in foreign currency exchange rates. We do not use derivative instruments unless there is an underlying exposure and therefore we do not hold or enter into derivative financial instruments for speculative trading purposes.

Foreign exchange forward contracts have principally been used to hedge projected cash flows, in currencies such as the British Pound, the Euro, the Canadian Dollar and the Australian Dollar, generally for periods up to