0000813828-23-000005 | 10-K | XBRL Viewer

Programming and Other Inventory

PROPERTY AND EQUIPMENT


At December 31,	2022		2021
Land	$	371	$	372
Buildings	863		842
Equipment and other	4,242		4,272
	5,476		5,486
Less accumulated depreciation	3,714		3,750
Property and equipment, net	$	1,762	$	1,736


Year Ended December 31,	2022		2021		2020
Depreciation expense (a)	$	337	$	344	$	345

(a) Included in depreciation expense for 2020 is $12 million of accelerated depreciation resulting from the abandonment of technology in connection with synergy plans related to the merger of Viacom Inc. (“Viacom”) with and into CBS Corporation (“CBS”) (the “Merger”).

Programming and Other Inventory

12 Months Ended

Dec. 31, 2022

Inventory Disclosure [Abstract]

PROGRAMMING AND OTHER INVENTORY The following table presents our programming and other inventory at December 31, 2022 and 2021, grouped by type and predominant monetization strategy. During the first quarter of 2022, in connection with our increased strategic focus on our streaming 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 streaming services.


At December 31,	2022		2021
Film Group Monetization:
Acquired program rights, including prepaid sports rights	$	3,238	$	3,432
Internally-produced television and film programming:
Released	7,154		3,808
In process and other	3,299		2,609

Individual Monetization:
Acquired libraries	394		441
Film inventory:
Released	694		606
Completed, not yet released	129		253
In process and other	1,317		1,303
Internally-produced television programming:
Released	624		1,604
In process and other	726		769
Home entertainment	45		37
Total programming and other inventory	17,620		14,862
Less current portion	1,342		1,504
Total noncurrent programming and other inventory	$	16,278	$	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.


Year Ended December 31,	2022		2021		2020
Programming costs, acquired programming	$	5,018	$	5,143	$	3,779

Production costs, internally-produced television and film programming:
Individual monetization	$	2,104	$	3,245	$	2,669
Film group monetization	$	5,187	$	3,248	$	3,133

Programming Charges

Included in the table above for the year ended December 31, 2020, are programming charges of $159 million primarily related to the abandonment of certain incomplete programs resulting from production shutdowns related to the coronavirus pandemic (COVID-19). Programming charges of $154 million and $5 million are included within the TV Media and Filmed Entertainment segments, respectively.

In connection with our plan to integrate Showtime into Paramount+ across both streaming and linear platforms in 2023, we have undertaken a comprehensive strategic review of the combined content portfolio of Showtime and Paramount+. At the same time, we are rationalizing and right-sizing our international operations to align with our streaming strategy, and closing or globalizing certain of our international channels. We plan to complete this review in the first quarter of 2023 and abandon or remove from our platforms certain content, which will result in charges for the impairment or abandonment of the affected content, which we estimate will be approximately $1.3 billion to $1.5 billion.

The following table presents the expected amortization over each of the next three years of released programming inventory on the Consolidated Balance Sheet at December 31, 2022. This information does not include the expected effects of the 2023 programming charges discussed above.


	2023		2024		2025
Programming costs, acquired programming	$	2,187	$	593	$	285

Production costs, internally-produced television and film programming:
Individual monetization	$	822	$	248	$	136
Film group monetization	$	3,175	$	1,812	$	1,147

During the year ending December 31, 2023, we expect to amortize approximately $63 million of our completed, not yet released film inventory, which is monetized on an individual basis

Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

GOODWILL AND OTHER INTANGIBLE ASSETS

We perform fair value-based impairment tests of goodwill and intangible assets with indefinite lives, comprised primarily of television FCC licenses, on an annual basis, and also between annual tests if an event occurs or if circumstances change that would more likely than not reduce the fair value of a reporting unit or an indefinite-lived intangible asset below its carrying value.

Goodwill is tested for impairment at the reporting unit level, which is an operating segment, or one level below. At December 31, 2022, we had five reporting units. FCC licenses are tested for impairment at the geographic market level. We consider each geographic market, which is comprised of all of our television stations within that geographic market, to be a single unit of accounting because the FCC licenses at this level represent their highest and best use. At December 31, 2022, we had 14 television markets with FCC license book values.

For our annual impairment test, we perform qualitative assessments for the reporting units and television markets with FCC licenses that we estimate have fair values that significantly exceed their respective carrying values. In making this determination, we also consider the duration of time since a quantitative test was performed. For the 2022 annual impairment test, we performed qualitative assessments for nine of our television markets and all of our reporting units. Considering the aggregation of all relevant factors, including the significant headroom in our most recent tests, we concluded that it is not more likely than not that the fair values of our reporting units and the fair value of FCC licenses within each of these markets are less than their respective carrying values. Therefore, performing a quantitative impairment test for these reporting units and FCC licenses was unnecessary.

For the 2022 annual test for FCC licenses, we performed a quantitative impairment test for the remaining five markets. The quantitative impairment test of FCC licenses calculates an estimated fair value using the Greenfield Discounted Cash Flow Method, which values a hypothetical start-up station in the relevant market by adding discounted cash flows over a five-year build-up period to a residual value. The assumptions for the build-up period include industry projections of overall market revenues; the start-up station’s operating costs and capital expenditures, which are based on both industry and internal data; and average market share. The discount rate is determined based on the industry and market-based risk of achieving the projected cash flows, and the residual value is calculated using a long-term growth rate, which is based on projected long-range inflation and industry projections. The discount rate and the long-term growth rate were 8% and 1%, respectively. The impairment tests indicated that the estimated fair values of FCC licenses in two of the markets were below their respective carrying values. Accordingly, we recorded an impairment charge of $27 million to write down the carrying values of these FCC licenses to their aggregate estimated fair value of $184 million. The impairment charge, which is included within “Depreciation and amortization” in the Consolidated Statement of Operations and recorded within the TV Media segment, was the result of a higher discount rate utilized in our annual impairment tests, reflecting the

impacts of market volatility and higher interest rates. Additionally, the estimated fair values of FCC licenses in the three remaining markets, which had an aggregate carrying value of $787 million, were each within 10% of their respective carrying values.

In the fourth quarter of 2022, as a result of a management reorganization, the reporting units within our TV Media segment changed from three to two reporting units. Accordingly, we reallocated goodwill using a relative fair value approach and performed further qualitative goodwill impairment assessments on the two reporting units subsequent to the reallocation of goodwill, and concluded that the fair values of these reporting units continued to exceed their respective carrying values.

In the first quarter of 2022, in connection with changes to our management structure and the resulting change in operating segments, we reassessed our reporting units and reallocated goodwill from the four reporting units in place prior to the realignment to six reporting units, using a relative fair value approach. We performed goodwill impairment tests as of January 1, 2022 on the reporting units in place before and after the change and concluded that the fair values of these reporting units continued to exceed their respective carrying values with significant estimated headroom and, therefore, no impairment charge was required.

The following tables present the changes in the book value of goodwill by segment for the years ended December 31, 2022 and 2021.


	Balance at			Acquisitions /		Foreign		Balance at
	December 31, 2021			(Dispositions)		Currency		December 31, 2022
TV Media:
Goodwill		$	24,590	$	—	$	(85)		$	24,505
Accumulated impairment losses		(13,354)		—		—			(13,354)
Goodwill, net of impairment		11,236		—		(85)			11,151
Direct-to-Consumer
Goodwill		2,728		—		—			2,728
Accumulated impairment losses		—		—		—			—
Goodwill, net of impairment		2,728		—		—			2,728
Filmed Entertainment:
Goodwill		2,620		—		—			2,620
Accumulated impairment losses		—		—		—			—
Goodwill, net of impairment		2,620		—		—			2,620
Total:
Goodwill		29,938		—		(85)			29,853
Accumulated impairment losses		(13,354)		—		—			(13,354)
Goodwill, net of impairment		$	16,584	$	—	$	(85)		$	16,499


	Balance at			Acquisitions /		Foreign		Balance at
	December 31, 2020			(Dispositions)		Currency		December 31, 2021
TV Media:
Goodwill		$	24,618	$	16	$	(44)		$	24,590
Accumulated impairment losses		(13,354)		—		—			(13,354)
Goodwill, net of impairment		11,264		16		(44)			11,236
Direct-to-Consumer:
Goodwill		2,728		—		—			2,728
Accumulated impairment losses		—		—		—			—
Goodwill, net of impairment		2,728		—		—			2,728
Filmed Entertainment:
Goodwill		2,620		—		—			2,620
Accumulated impairment losses		—		—		—			—
Goodwill, net of impairment		2,620		—		—			2,620
Total:
Goodwill		29,966		16		(44)			29,938
Accumulated impairment losses		(13,354)		—		—			(13,354)
Goodwill, net of impairment		$	16,612	$	16	$	(44)		$	16,584

Our intangible assets were as follows:


			Accumulated
At December 31, 2022	Gross		Amortization		Net
Intangible assets subject to amortization:
Trade names	$	252	$	(153)	$	99
Licenses	128		(55)		73
Customer agreements	123		(101)		22
Other intangible assets	234		(181)		53
Total intangible assets subject to amortization	737		(490)		247
FCC licenses	2,389		—		2,389
International broadcast licenses	24		—		24
Other intangible assets	34		—		34
Total intangible assets	$	3,184	$	(490)	$	2,694


			Accumulated
At December 31, 2021	Gross		Amortization		Net
Intangible assets subject to amortization:
Trade names	$	257	$	(140)	$	117
Licenses	140		(53)		87
Customer agreements	124		(98)		26
Other intangible assets	237		(170)		67
Total intangible assets subject to amortization	758		(461)		297
FCC licenses	2,416		—		2,416
International broadcast licenses	25		—		25
Other intangible assets	34		—		34
Total intangible assets	$	3,233	$	(461)	$	2,772

Amortization expense was as follows:


Year Ended December 31,	2022			2021			2020
Amortization expense (a)		$	68		$	46		$	85

(a) For 2022 and 2020, amortization expense includes impairment charges of $27 million and $25 million, respectively, to write down the carrying value of FCC licenses, which were recorded within the TV Media segment.

We expect our aggregate annual amortization expense for existing intangible assets subject to amortization for each of the years, 2023 through 2027, to be as follows:


	2023			2024			2025			2026			2027
Future amortization expense		$	38		$	29		$	25		$	24		$	23

Restructuring and Other Corporate Matters

12 Months Ended

Dec. 31, 2022

Restructuring and Related Activities [Abstract]

Restructuring and Other Corporate Matters

RESTRUCTURING AND OTHER CORPORATE MATTERS

During the years ended December 31, 2022, 2021 and 2020, we recorded the following costs associated with restructuring and other corporate matters.


Year Ended December 31,	2022		2021		2020
Severance (a)	$	260	$	65	$	472
Lease impairments and other exit costs	68		35		70
Restructuring charges	328		100		542
Merger-related costs	—		—		56
Other corporate matters	257		—		20
Restructuring and other corporate matters	$	585	$	100	$	618

(a) Severance costs include the accelerated vesting of stock-based compensation.

Restructuring Charges

Since the Merger, we have implemented a series of initiatives designed to integrate and transform our operations, including changes in our management structure, some of which resulted in changes to our operating segments (see Note 1). These initiatives led to restructuring actions, and as a result, we recorded restructuring charges of $260 million, $65 million, and $472 million during the years ended December 31, 2022, 2021 and 2020, respectively, for severance associated with the elimination of positions and changes in management. In 2022, the actions giving

rise to the restructuring charges are primarily associated with our segment realignment, our plan to integrate Showtime into Paramount+ across both streaming and linear platforms, and restructuring of our international operations. In addition, since the Merger we have been consolidating our real estate portfolio to reduce our real estate footprint and create cost synergies. In connection with this consolidation, we identified lease assets that we determined we would not use and instead sublease or terminate early, which resulted in lease impairment charges of $68 million, $35 million, and $42 million for the years ended December 31, 2022, 2021 and 2020, respectively. For the lease assets that we plan to sublease, the impairment charges were the result of a decline in market conditions since the inception of these leases and reflect 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. For the year ended December 31, 2020, we also recorded other exit costs of $28 million resulting from the termination of contractual obligations.

The following is 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 December 31, 2022, which primarily relates to severance payments, is expected to be paid by the end of 2023.


				2022 Activity
	Balance at December 31, 2021			Charges (a)		Payments			Balance at December 31, 2022
TV Media		$	122	$	221		$	(92)		$	251
Direct-to-Consumer		—		8			—			8
Filmed Entertainment		34		17			(22)			29
Corporate		34		—			(20)			14
Total		$	190	$	246		$	(134)		$	302


				2021 Activity
	Balance at December 31, 2020			Charges (a)		Payments			Balance at December 31, 2021
TV Media		$	256	$	21		$	(155)		$	122

Filmed Entertainment		30		23			(19)			34
Corporate		86		1			(53)			34
Total		$	372	$	45		$	(227)		$	190

(a) For the years ended December 31, 2022 and 2021, excludes stock-based compensation expense of $14 million and $20 million, respectively, and lease asset impairments of $68 million and $35 million, respectively.

Other Corporate Matters

In 2022, in addition to the above-mentioned restructuring charges, we recorded charges for other corporate matters of $257 million, consisting of $211 million associated with litigation described under Legal Matters—Stockholder Matters in Note 20 and $46 million recorded following Russia’s invasion of Ukraine in the first quarter of 2022, principally to reserve against amounts due from counterparties in Russia, Belarus and Ukraine.

In 2020, in addition to the above-mentioned restructuring charges, we incurred costs of $56 million in connection with the Merger, consisting of professional fees mainly associated with integration activities, as well as transaction-related bonuses. We also incurred costs of $5 million for professional fees associated with dispositions and other corporate matters, and we recorded a charge of $15 million to write down property and equipment, which was classified as held for sale in 2020, to its fair value less costs to sell.

Related Parties

12 Months Ended

Dec. 31, 2022

Related Parties

RELATED PARTIES

National Amusements, Inc.

National Amusements, Inc. (“NAI”) is the controlling stockholder of the Company. At December 31, 2022, NAI directly or indirectly owned approximately 77.4% of our voting Class A Common Stock and approximately 9.8% 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.


Year Ended December 31,	2022 (a)		2021		2020
Revenues	$	358	$	237	$	106
Operating expenses	$	24	$	21	$	13


At December 31,	2022 (a)		2021

Accounts receivable	$	198	$	50

(a) Revenues for the year ended December 31, 2022 and accounts receivable at December 31, 2022 include amounts related to SkyShowtime.

Through the normal course of business, we are involved in other transactions with related parties that have not been material in any of the periods presented.

Revenues

12 Months Ended

Dec. 31, 2022

Revenue from Contract with Customer [Abstract]

Revenues

REVENUES

The table below presents our revenues disaggregated into categories based on the nature of such revenues. See Note 19 for revenues by segment disaggregated into these categories.


Year Ended December 31,	2022		2021		2020
Revenues by Type:
Advertising	$	10,890	$	11,412	$	9,751
Affiliate and subscription	11,551		10,442		9,166
Theatrical	1,223		241		180
Licensing and other	6,490		6,491		6,188
Total Revenues	$	30,154	$	28,586	$	25,285

Receivables

Included in “Other assets” on the Consolidated Balance Sheets are noncurrent receivables of $1.61 billion and $1.84 billion at December 31, 2022 and 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.

Our receivables do not represent significant concentrations of credit risk at December 31, 2022 or 2021, due to the wide variety of customers, markets and geographic areas to which our products and services are sold.

Contract Liabilities

Contract liabilities are included within “Deferred revenues” and “Other liabilities” on the Consolidated Balance Sheets and were $1.06 billion, $1.20 billion and $1.12 billion at December 31, 2022, 2021 and 2020, respectively. We recognized revenues of $0.9 billion for each of the years ended December 31, 2022 and 2021 and $0.6 billion for the year ended December 31, 2020 that were included in the opening balance of deferred revenues for the respective year.

Unrecognized Revenues Under Contract

At December 31, 2022, unrecognized revenues attributable to unsatisfied performance obligations under our long-term contracts were approximately $9 billion, of which $4 billion is expected to be recognized in 2023, $2 billion in 2024, $1 billion in 2025, and $2 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. We recognized revenues of $0.4 billion for each of the years ended December 31, 2022, 2021 and 2020, from arrangements for the licensing of our content, including from distributors of transactional video-on-demand and electronic sell-through services and other licensing arrangement, as well as from the theatrical distribution of our films, for which our performance obligation was satisfied in a prior period.

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
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Debt

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Debt

DEBT

Our debt consists of the following:


At December 31,	2022		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	—		597
4.75% Senior Notes due 2025	552		1,242
4.0% Senior Notes due 2026	795		793
3.45% Senior Notes due 2026	124		123
2.90% Senior Notes due 2027	694		692
3.375% Senior Notes due 2028	496		496
3.70% Senior Notes due 2028	494		493
4.20% Senior Notes due 2029	495		494
7.875% Senior Debentures due 2030	830		830
4.95% Senior Notes due 2031	1,226		1,223
4.20% Senior Notes due 2032	975		972
5.50% Senior Debentures due 2033	427		427
4.85% Senior Debentures due 2034	87		87
6.875% Senior Debentures due 2036	1,071		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	1,130		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	541		540
4.60% Senior Notes due 2045	590		590
4.95% Senior Notes due 2050	946		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 borrowings	55		35
Obligations under finance leases	10		16
Total debt (a)	15,846		17,709

Less current portion of long-term debt	239		11
Total long-term debt, net of current portion	$	15,607	$	17,698

(a) At December 31, 2022 and 2021, the senior and junior subordinated debt balances included (i) a net unamortized discount of $442 million and $466 million, respectively, and (ii) unamortized deferred financing costs of $89 million and $95 million, respectively. The face value of our total debt was $16.38 billion at December 31, 2022 and $18.27 billion at December 31, 2021.

During the year ended December 31, 2022, we redeemed senior notes totaling $2.39 billion, prior to maturity, for an aggregate redemption price of $2.49 billion and redeemed, at par, our $520 million of 5.875% junior subordinated debentures due February 2057. These redemptions resulted in a total pre-tax loss on extinguishment of debt of $120 million.

During the year ended December 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 on any interest payment date thereafter.

During the year ended December 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.

During the year ended December 31, 2020, we issued $4.50 billion of senior notes and redeemed long-term debt totaling $2.77 billion, prior to maturity, for an aggregate redemption price of $2.88 billion resulting in a pre-tax loss on extinguishment of debt of $126 million.

Our 6.25% junior subordinated debentures due February 2057 accrue interest at the stated fixed rate 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, however, with the phasing out of LIBOR and the passage of the Adjustable Interest Rate (LIBOR) Act, signed into law on March 15, 2022, it is expected that the 6.25% junior subordinated debentures due 2057 will, upon switching to a floating rate, bear interest at a replacement rate based on three-month CME Term Secured Overnight Financing Rate (SOFR). These debentures can be called by us at par at any time after the expiration of the fixed-rate period.

The interest rate payable on our 3.45% senior notes due October 2026, will be subject to adjustment from time to time if Moody’s Investor Services, Inc. or S&P Global Ratings downgrades (or downgrades and subsequently upgrades) the credit rating assigned to these senior notes. The interest rate on these senior notes would increase by 0.25% upon each credit agency downgrade, up to a maximum of 2.00%, and would similarly be decreased for subsequent upgrades. At December 31, 2022, the outstanding principal amount of these senior notes was $124 million.

Some of our outstanding notes and debentures provide for certain covenant packages typical for an investment grade company. There is an acceleration trigger for the majority of the notes and debentures in the event of a change in control under specified circumstances coupled with ratings downgrades due to the change in control, as well as certain optional redemption provisions for our junior debentures.

At December 31, 2022, our scheduled maturities of long-term debt at face value, which excludes payments for the related interest and finance leases, were as follows:


																2028 and
	2023			2024			2025			2026			2027			Thereafter
Long-term debt		$	174		$	—		$	555		$	924		$	700	$	13,959

Commercial Paper

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

Credit Facility

At December 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 December 31, 2022.

At December 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 December 31, 2022 and 2021, we had bank borrowings under Miramax’s $300 million credit facility, which matures in April 2023, of $55 million and $35 million, respectively, with weighted average interest rates of 7.09% and 3.50%, respectively.

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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Derivative Instruments and Hedging Activities Disclosure [Abstract]

Leases

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Leases

LEASES

Lessee Contracts

We have operating leases primarily for office space, equipment, satellite transponders and studio facilities. We also have finance leases for equipment, which were not material for the periods presented. Lease costs are generally fixed, with certain contracts containing variable payments for non-lease costs based on usage and escalations in the lessors’ annual costs.

At December 31, 2022 and 2021, the following amounts were recorded on the Consolidated Balance Sheets relating to our operating leases.


	2022		2021
Right-of-Use Assets
Operating lease assets	$	1,391	$	1,630

Lease Liabilities
Other current liabilities	$	292	$	325
Operating lease liabilities	1,428		1,598
Total lease liabilities	$	1,720	$	1,923


	2022		2021
Weighted average remaining lease term	7 years		8 years

Weighted average discount rate	3.6	%	3.4	%

The following table presents our lease cost relating to our operating leases.


Year Ended December 31,	2022		2021		2020
Operating lease cost (a) (b)	$	373	$	374	$	379
Short-term lease cost (b) (c)	306		283		162
Variable lease cost (b) (d)	77		62		58
Sublease income	(12)		(20)		(24)
Total lease cost	$	744	$	699	$	575

(a) Includes fixed lease costs and non-lease costs (consisting of other occupancy and service costs relating to the use of an asset) associated with long-term operating leases.

(b) Includes costs capitalized in programming assets during the period for leased assets used in the production of programming.

(c) Short-term leases, which are not recorded in right-of-use assets and lease liabilities on the Consolidated Balance Sheets, have a term of 12 months or less and exclude month-to-month leases.

(d) Primarily includes non-lease costs (consisting of other occupancy and service costs relating to the use of an asset) and costs for equipment leases that vary based on usage.

The following table presents supplemental cash flow information for our operating leases.


Year Ended December 31,	2022		2021		2020
Payments for amounts included in operating lease liabilities (operating cash flows)	$	394	$	399	$	385

Noncash additions to operating lease assets	$	170	$	377	$	221

The expected future payments relating to our operating lease liabilities at December 31, 2022 are as follows:


2023	$	346
2024	294
2025	266
2026	227
2027	202
2028 and thereafter	654
Total minimum payments	1,989
Less amounts representing interest	269
Present value of minimum payments	$	1,720

As of December 31, 2022, we had no material leases that were executed but not yet commenced.

Lessor Contracts

For the years ended December 31, 2022, 2021 and 2020, we recorded total lease income of $65 million, $145 million and $133 million, respectively, which relates to operating leases 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. The lower lease income for 2022 compared with prior years is the result of the sales of a production facility and an office building during the fourth quarter of 2021 (see Note 2). Accordingly, our future fixed lease income is not expected to be material.

Leases

LEASES

Lessee Contracts

At December 31, 2022 and 2021, the following amounts were recorded on the Consolidated Balance Sheets relating to our operating leases.


	2022		2021
Right-of-Use Assets
Operating lease assets	$	1,391	$	1,630

Lease Liabilities
Other current liabilities	$	292	$	325
Operating lease liabilities	1,428		1,598
Total lease liabilities	$	1,720	$	1,923


	2022		2021
Weighted average remaining lease term	7 years		8 years

Weighted average discount rate	3.6	%	3.4	%

The following table presents our lease cost relating to our operating leases.


Year Ended December 31,	2022		2021		2020
Operating lease cost (a) (b)	$	373	$	374	$	379
Short-term lease cost (b) (c)	306		283		162
Variable lease cost (b) (d)	77		62		58
Sublease income	(12)		(20)		(24)
Total lease cost	$	744	$	699	$	575

(a) Includes fixed lease costs and non-lease costs (consisting of other occupancy and service costs relating to the use of an asset) associated with long-term operating leases.

(b) Includes costs capitalized in programming assets during the period for leased assets used in the production of programming.

(c) Short-term leases, which are not recorded in right-of-use assets and lease liabilities on the Consolidated Balance Sheets, have a term of 12 months or less and exclude month-to-month leases.

(d) Primarily includes non-lease costs (consisting of other occupancy and service costs relating to the use of an asset) and costs for equipment leases that vary based on usage.

The following table presents supplemental cash flow information for our operating leases.


Year Ended December 31,	2022		2021		2020
Payments for amounts included in operating lease liabilities (operating cash flows)	$	394	$	399	$	385

Noncash additions to operating lease assets	$	170	$	377	$	221

The expected future payments relating to our operating lease liabilities at December 31, 2022 are as follows:


2023	$	346
2024	294
2025	266
2026	227
2027	202
2028 and thereafter	654
Total minimum payments	1,989
Less amounts representing interest	269
Present value of minimum payments	$	1,720

As of December 31, 2022, we had no material leases that were executed but not yet commenced.

Lessor Contracts

Financial Instruments

12 Months Ended

Dec. 31, 2022

Financial Instruments

FINANCIAL INSTRUMENTS

The carrying value of our financial instruments approximates fair value, except for notes and debentures. At December 31, 2022 and 2021, the carrying value of our outstanding notes and debentures was $15.78 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 $13.9 billion and $21.5 billion, respectively.

Investments

At December 31, 2022 and 2021, included in “Other assets” on the Consolidated Balance Sheets are equity-method investments of $375 million and $568 million, respectively, and equity investments without a readily determinable fair value for which we have no significant influence of $70 million and $59 million, respectively.

Our equity-method investments include a 50% interest in SkyShowtime, a joint venture formed in 2022, which launched a new subscription streaming service in certain European territories, as well as interests in several international television joint ventures including a 49% interest in Viacom18, a joint venture in India. For the years ended December 31, 2021 and 2020, “Equity in loss of investee companies, net of tax” on the Consolidated Statements of Operations included impairment charges of $34 million and $9 million, respectively, relating to television joint ventures.

During September 2022, we sold a 37.5% interest in The CW to Nexstar Media Inc. and received a noncash distribution of $139 million, comprised of certain licensing receivables earned by The CW prior to the sale. This transaction, which reduced our ownership in The CW to 12.5%, resulted in a loss of $4 million, which principally consists of transaction costs. This loss, along with an impairment of an investment sold in the fourth quarter of 2022 of $5 million, is recorded in “Net gains (losses) from investments” on the Consolidated Statements of Operations.

For 2021, “Net gains from investments” of $47 million on the Consolidated Statement of Operations primarily includes a gain of $37 million on the sale of an investment without a readily determinable fair value and a gain of $9 million from an increase in the fair value of a marketable security, which was sold in the third quarter of 2021. For 2020, “Net gains from investments” of $206 million reflects a gain of $213 million related to an increase in the value of our investment in fuboTV, Inc. which was sold in the fourth quarter of 2020, partially offset by an impairment of investments without a readily determinable fair value of $7 million.

Foreign Exchange Contracts

We use derivative financial instruments primarily to manage 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 December 31, 2022 and 2021, the notional amount of all foreign currency contracts was $3.06 billion and $1.94 billion, respectively. For 2022, $2.40 billion related to future production costs and $655 million related to our foreign currency balances and other expected foreign currency cash flows. For 2021, $1.38 billion related to

future production costs and $564 million related to our foreign currency balances and other expected foreign currency cash flows.

Gains recognized on derivative financial instruments were as follows:


Year Ended December 31,	2022			2021			Financial Statement Account
Non-designated foreign exchange contracts		$	51		$	14	Other items, net

We continually monitor our positions with, and credit quality of, the financial institutions that are counterparties to our financial instruments. We are exposed to credit loss in the event of nonperformance by the counterparties to the agreements. However, we do not anticipate nonperformance by the counterparties.

Fair Value Measurements

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

FAIR VALUE MEASUREMENTS

The table below presents our assets and liabilities measured at fair value on a recurring basis at December 31, 2022 and 2021. 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. All of our assets and liabilities that are measured at fair value on a recurring basis use Level 2 inputs. 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.


At December 31,	2022		2021
Assets:
Foreign currency hedges	$	39	$	23
Total Assets	$	39	$	23
Liabilities:
Deferred compensation	$	336	$	435
Foreign currency hedges	83		29
Total Liabilities	$	419	$	464

During the fourth quarter 2022, we recorded an impairment charge of $27 million to write down the carrying values of FCC licenses in two markets to their estimated fair values, which were determined based on the Greenfield Discounted Cash Flow Method (Level 3). See Note 6.

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.

Variable Interest Entity Disclosure [Abstract]

Variable Interest Entities

12 Months Ended

Dec. 31, 2022

Variable Interest Entities

VARIABLE INTEREST ENTITIESIn the normal course of business, we enter into joint ventures or make investments with business partners that support our underlying business strategy and provide us the ability to enter new markets to expand the reach of our brands, develop new programming and/or distribute our existing content. In certain instances, an entity in which we make an investment may qualify as a VIE. In determining whether we are the primary beneficiary of a VIE, we assess whether we have the power to direct matters that most significantly impact the activities of the VIE, and have the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE.

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


At December 31,	2022		2021
Total assets	$	1,961	$	1,578

Total liabilities	$	328	$	184


Year Ended December 31,	2022		2021		2020 (a)
Revenues	$	524	$	576	$	705

Operating income (loss)	$	(56)	$	43	$	498

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

Stockholders' Equity

12 Months Ended

Dec. 31, 2022

Stockholders' Equity Note [Abstract]

Stockholders' Equity

STOCKHOLDERS’ EQUITY

In general, the Company’s Class A Common Stock and Class B Common Stock have the same economic rights; however, holders of the Company’s Class B Common Stock do not have any voting rights, except as required by law. Holders of the Company’s Class A Common Stock are entitled to one vote per share with respect to all matters on which the holders of the Company’s Common Stock are entitled to vote.

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. As of December 31, 2022, the Mandatory Convertible Preferred Stock had an aggregate liquidation preference of $1 billion.

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 antidilution 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. In 2022, conversions of Mandatory Convertible Preferred Stock into Class B Common Stock were minimal.

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 a quarterly cash dividend on our Class A and Class B Common Stock during each of the quarters of 2022, 2021, and 2020. During each of the years ended December 31, 2022, 2021 and 2020, we declared total per share dividends of $.96, resulting in total annual dividends of $635 million, $625 million and $601 million, respectively.

During each of the quarters of 2022, we declared a quarterly cash dividend of $1.4375 per share on our Mandatory Convertible Preferred Stock, resulting in total annual dividends of $58 million for the year ended December 31, 2022. For the year ended December 31, 2021, we recorded total annual dividends on our Mandatory Convertible Preferred Stock of $44 million. During each of the third and fourth quarters of 2021, we declared a quarterly cash dividend on our Mandatory Convertible Preferred Stock of 1.4375 per share. During the second quarter of 2021, we declared a quarterly cash dividend on our Mandatory Convertible Preferred Stock of $1.5493 per share, representing a dividend period from March 26, 2021 through July 1, 2021.

Treasury Stock

At December 31, 2022, we had $2.36 billion of authorization remaining under our share repurchase program. During 2022, we did not repurchase any shares of our common stock. During 2020, we repurchased 1.3 million shares of our Class B Common Stock under our share repurchase program for $50 million, at an average cost of $38.63 per share.

Common Stock Conversion Rights

Holders of Class A Common Stock have the right to convert their shares to Class B Common Stock as long as there are at least 5,000 shares of Class A Common Stock outstanding. In 2022 and 2020, conversions of Class A Common Stock into Class B Common Stock were minimal. In 2021, conversions of Class A Common Stock into Class B Common Stock were 11.6 million.

Accumulated Other Comprehensive Income (Loss)

The following table presents the changes in the components of accumulated other comprehensive income (loss).


	Continuing Operations							Discontinued Operations
				Net Actuarial							Accumulated
	Cumulative			Loss and				Other			Other
	Translation			Prior				Comprehensive			Comprehensive
	Adjustments			Service Cost				Income (Loss) (a)			Loss
At December 31, 2019		$	(438)		$	(1,507)			$	(25)		$	(1,970)
Other comprehensive income (loss) before reclassifications		135			(74)				5			66
Reclassifications to net earnings		—			72		(b)		—			72
Other comprehensive income (loss)		135			(2)				5			138
At December 31, 2020		(303)			(1,509)				(20)			(1,832)
Other comprehensive income (loss) before reclassifications		(142)			5				(3)			(140)
Reclassifications to net earnings		—			70		(b)		—			70
Other comprehensive income (loss)		(142)			75				(3)			(70)
At December 31, 2021		(445)			(1,434)				(23)			(1,902)
Other comprehensive income (loss) before reclassifications		(235)			273				(7)			31
Reclassifications to net earnings		—			64		(b)		—			64
Other comprehensive income (loss)		(235)			337				(7)			95
At December 31, 2022		$	(680)		$	(1,097)			$	(30)		$	(1,807)

(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, and amortization of prior service cost (see Note 18).

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 years ended December 31, 2022, 2021 and 2020 of $108 million, $25 million and $1 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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Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

12 Months Ended

Dec. 31, 2022

Stock-Based Compensation

STOCK-BASED COMPENSATION We have long-term equity-based incentive plans (the “Plans”) under which stock options, RSUs and PSUs are issued. The purpose of the Plans is to benefit and advance the interests of our company by attracting, retaining and motivating participants and to compensate participants for their contributions to the financial success of our company. The Plans provide for awards of stock options, stock appreciation rights, restricted and unrestricted shares, RSUs, dividend equivalents, performance awards and other equity-related awards. RSUs and PSUs accrue dividends each time we declare a quarterly cash dividend, which are paid upon vesting when the shares are delivered and are forfeited if the award does not vest. Upon exercise of stock options or vesting of RSUs and PSUs, we issue new shares from our existing authorization. At December 31, 2022, there were 32 million shares available for future grant under the Plans. Stock-based compensation awards were also granted under Viacom’s equity incentive plans until December 31, 2021. Upon exercise of outstanding stock options or vesting of RSUs and PSUs previously granted under Viacom’s equity incentive plans, shares may be issued from Viacom’s previous authorization or from treasury stock.

The following table summarizes stock-based compensation expense for the years ended December 31, 2022, 2021 and 2020.


Year Ended December 31,	2022		2021		2020
RSUs and PSUs	$	155	$	163	$	167
Stock options	3		9		19
Expense included in operating and SG&A	158		172		186
Expense included in restructuring and other corporate matters (a)	14		20		88
Stock-based compensation expense, before income taxes	172		192		274
Related tax benefit	(35)		(41)		(54)
Stock-based compensation expense, net of tax benefit	$	137	$	151	$	220

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

Included in net earnings from discontinued operations was stock-based compensation expense of $3 million for each of the years ended December 31, 2022 and 2021 and $10 million for the year ended December 31, 2020.

RSUs and PSUs

Compensation expense for RSUs is determined based upon the market price of the shares underlying the awards on the date of grant and expensed over the vesting period, which is generally a one- to four-year service period. Forfeitures for RSUs are estimated on the date of grant based on historical forfeiture rates and adjusted based on actual forfeitures. On an annual basis, we revise the estimated forfeiture rate, as necessary.

For PSU awards the number of shares to be issued upon vesting is based on the total shareholder return of the Company’s Class B Common Stock measured against the companies comprising the S&P 500 Index over a designated measurement period, and for certain 2022 and 2021 awards is also based on the achievement of established operating goals. The fair value of PSU awards with a market condition is determined using a Monte Carlo simulation model, and is expensed over the required employee service period. Compensation expense for PSUs is not adjusted for the actual number of shares issued based on the outcome of the market condition for completed performance periods. The fair value of PSU awards with internal performance conditions is based on the market price of the shares on the date of grant, and is expensed based on the probable outcome of internal performance metrics and subsequently adjusted to reflect the actual shares issued based on the outcome of the performance metrics for completed performance periods. Compensation expense is adjusted for non-performance based forfeitures for all PSU awards. The fair value of PSU awards granted during the years ended December 31, 2022, 2021 and 2020 was $43 million, $3 million and $34 million, respectively.

The weighted average grant date fair value of RSUs and PSUs granted was $31.58, $35.80 and $32.35 in 2022, 2021, and 2020, respectively. The total market value of RSUs and PSUs that vested during 2022, 2021, and 2020 was $77 million, $260 million and $222 million, respectively. Total unrecognized compensation cost related to non-vested RSUs and PSUs at December 31, 2022 was $244 million, which is expected to be recognized over a weighted average period of 2.46 years.

The following table summarizes our RSU and PSU share activity:


			Weighted Average
	Shares		Grant Date Fair Value
Non-vested at December 31, 2021		7,730,664		$	37.14
Granted		7,494,771		$	31.58
Vested		(3,206,135)		$	39.32
Forfeited		(903,929)		$	33.90
Non-vested at December 31, 2022		11,115,371		$	33.02

Stock Options

Compensation expense for stock options is determined based on the grant date fair value of the award calculated using the Black-Scholes options-pricing model. Stock options generally vest over a three- to four-year service period and expire eight years from the date of grant. Forfeitures are estimated on the date of grant based on historical forfeiture rates. We adjust the compensation expense based on actual forfeitures.

There were no stock option grants during any of the periods presented.

At December 31, 2022, all stock options are vested and there is no remaining unrecognized compensation cost.

The following table summarizes our stock option activity under the Plans.


			Weighted Average
	Stock Options		Exercise Price
Outstanding at December 31, 2021		6,202,575		$	63.85

Forfeited or expired		(1,105,628)		$	80.76
Outstanding at December 31, 2022		5,096,947		$	60.18
Exercisable at December 31, 2022		5,096,947		$	60.18

The following table summarizes other information relating to stock option exercises during the years ended December 31, 2021 and 2020. There were no stock option exercises during the year ended December 31, 2022.


Year Ended December 31,	2021		2020
Cash received from stock option exercises	$	408	$	5
Tax benefit of stock option exercises	$	29	$	1
Intrinsic value of stock option exercises	$	128	$	2

At December 31, 2022, stock options outstanding and exercisable have a weighted average remaining contractual life of 2.06 years. There was no intrinsic value for options outstanding and exercisable, based on our closing stock price of $16.88 at December 31, 2022.

Income Taxes

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Income Taxes

INCOME TAXES

The U.S. and foreign components of earnings from continuing operations before income taxes and equity in loss of investee companies were as follows:


Year Ended December 31,	2022		2021		2020
United States	$	324	$	4,106	$	2,353
Foreign	942		1,100		794
Total	$	1,266	$	5,206	$	3,147

The components of the provision (benefit) for income taxes were as follows:


Year Ended December 31,	2022		2021		2020
Current:
Federal	$	75	$	179	$	160
State and local	64		138		73
Foreign	194		239		180
Total current	333		556		413
Deferred:
Federal	(57)		249		146
State and local	(14)		49		42
Foreign	(35)		(208)		(66)
Total deferred	(106)		90		122
Provision for income taxes	$	227	$	646	$	535

In addition, included in net earnings from discontinued operations was an income tax provision of $77 million, $57 million and $38 million for 2022, 2021, and 2020, respectively.

The equity in loss of investee companies is shown net of tax on the Consolidated Statements of Operations. The tax benefit relating to losses from equity investments was $33 million in 2022, $49 million in 2021 and $19 million in 2020, which represented an effective tax rate of 13.9%, 35.0% and 40.4% for 2022, 2021, and 2020, respectively.

The difference between income taxes expected at the U.S. federal statutory income tax rate of 21% and the provision (benefit) for income taxes is summarized as follows:


Year Ended December 31,	2022		2021		2020
Taxes on income at U.S. federal statutory rate	$	266	$	1,093	$	661
State and local taxes, net of federal tax benefit	44		190		116
Effect of foreign operations	(20)		(141)		(98)
Noncontrolling interests	(20)		(13)		(52)
U.K. statutory rate change	—		(260)		(100)
Reorganization of foreign operations (a)	(72)		(229)		—
Excess tax (benefit) deficiency from stock-based compensation	13		(8)		29
Other, net	16		14		(21)
Provision for income taxes	$	227	$	646	$	535

(a) For 2022, reflects a deferred tax benefit resulting from the transfer of intangible assets between our subsidiaries in connection with a reorganization of our international operations. The related deferred tax asset is primarily expected to be realized over a 25-year period. For 2021, reflects a tax benefit from the recognition of a capital loss associated with a change in the tax entity classification of a foreign subsidiary.

The following table summarizes the components of deferred income tax assets and liabilities.


At December 31,	2022		2021
Deferred income tax assets:
Reserves and other accrued liabilities	$	430	$	369
Pension, postretirement and other employee benefits	534		679
Lease liability	425		465
Tax credit and loss carryforwards	397		428
Interest limitation carryforward	93		—
Capitalized costs	49		—
Other	11		23
Total deferred income tax assets	1,939		1,964
Valuation allowance	(488)		(581)
Deferred income tax assets, net	1,451		1,383
Deferred income tax liabilities:
Intangible assets	(643)		(523)
Unbilled licensing receivables	—		(76)
Lease asset	(344)		(391)
Property, equipment and other assets	(180)		(171)
Financing obligations	(69)		(65)
Other	(50)		(14)
Total deferred income tax liabilities	(1,286)		(1,240)
Deferred income tax assets, net	$	165	$	143

In addition to the amounts reflected in the table above, included in “Assets of discontinued operations” on the Consolidated Balance Sheets are net deferred income tax assets of $55 million and $80 million at December 31, 2022 and 2021, respectively.

At December 31, 2022, we had deferred income tax assets for federal foreign tax credit carryforwards of $43 million and net operating loss carryforwards for federal, state and local, and foreign jurisdictions of $261 million,

the majority of which expire in various years from 2023 through 2038. The deferred tax asset for the federal interest limitation carryforward of $93 million at December 31, 2022 has an indefinite carryforward period.

The 2022 and 2021 deferred income tax assets were reduced by a valuation allowance of $488 million and $581 million, respectively, principally relating to income tax benefits from capital losses and net operating losses in foreign jurisdictions which are not expected to be realized.

Generally, the future remittance of foreign undistributed earnings will not be subject to U.S. federal income taxes and as a result, for substantially all of our foreign subsidiaries, we do not intend to assert indefinite reinvestment of both cash held outside of the U.S. and future cash earnings. However, a future repatriation of cash could be subject to state and local income taxes, foreign income taxes, tax on foreign currency translation gains and losses, and withholding taxes. Accordingly, as of December 31, 2022, we recorded deferred income tax liabilities associated with future repatriations of $13 million on the Consolidated Balance Sheet. Additional income taxes have not been provided for outside basis differences inherent in these entities, which could be recognized upon sale or other transaction, as these amounts continue to be indefinitely invested in foreign operations. The determination of the U.S. federal deferred income tax liability for such outside basis difference is not practicable.

The following table sets forth the change in the reserve for uncertain tax positions, excluding related accrued interest and penalties.


At January 1, 2020	$	384
Additions for current year tax positions	15
Additions for prior year tax positions	18
Reductions for prior year tax positions	(34)
Cash settlements	(2)
Statute of limitations lapses	(9)
Reclassification to deferred income tax liability	(64)
At December 31, 2020	308
Additions for current year tax positions	23
Additions for prior year tax positions	32
Reductions for prior year tax positions	(45)
Cash settlements	(6)
Statute of limitations lapses	(11)
At December 31, 2021	301
Additions for current year tax positions	16
Additions for prior year tax positions	3
Reductions for prior year tax positions	(13)
Cash settlements	(2)
Statute of limitations lapses	(2)
At December 31, 2022	$	303

The reserve for uncertain tax positions of $303 million at December 31, 2022 includes $272 million which would affect our effective income tax rate, including discontinued operations, if and when recognized in future years. We recognized interest and penalties of $14 million for each of the years ended December 31, 2022 and 2021 and $16 million for the year ended December 31, 2020 in the Consolidated Statements of Operations. As of December 31, 2022 and 2021, we have recorded liabilities for accrued interest and penalties of $67 million and $56 million, respectively, on the Consolidated Balance Sheets.

Viacom and CBS filed separate tax returns for periods prior to the Merger. For CBS, we are currently under examination by the Internal Revenue Service (“IRS”) for the 2017 and 2018 tax years. For Viacom, we are currently under examination by the IRS for the 2016 through 2019 tax years. For tax returns filed as a merged company, we are currently under examination by the IRS for the 2019 tax year. 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

12 Months Ended

Dec. 31, 2022

Retirement Benefits [Abstract]

PENSION AND OTHER POSTRETIREMENT BENEFITS

The Company and certain of its subsidiaries sponsor qualified and non-qualified defined benefit pension plans, principally non-contributory, covering eligible employees. Our pension plans consist of both funded and unfunded plans. The majority of participants in these plans are retired employees or former employees of previously divested businesses. In November 2020, our remaining defined benefit pension plans subject to benefit accruals, which were sponsored by CBS prior to the Merger, were amended to freeze future benefit accruals and benefits were enhanced under defined contribution plans that were previously sponsored by CBS, both of which were effective January 1, 2021. As a result of the pension plan amendments, a curtailment gain of $79 million associated with the elimination of benefit accruals for future services of the impacted employees was reflected in unrecognized actuarial loss included within “Accumulated other comprehensive loss” on the Consolidated Balance Sheet for the year ended December 31, 2020. Plan benefits are based primarily on an employee’s years of service and pay for each year that the employee participated in the plan. We fund our pension plans in accordance with the Employee Retirement Income Security Act of 1974 (“ERISA”), the Pension Protection Act of 2006, the Internal Revenue Code of 1986 and other applicable law, rules and regulations. Plan assets consist principally of corporate bonds, equity securities, common collective trust funds, U.S. government securities and short-term investments. The Company’s Common Stock represented approximately 1.2% and 1.5% of the fair value of plan assets at December 31, 2022 and 2021, respectively.

In addition, the Company sponsors health and welfare plans that provide postretirement health care and life insurance benefits to eligible retired employees and their covered dependents. Eligibility is based in part on certain age and service requirements at the time of their retirement. Most of the plans are contributory and contain cost-sharing features such as deductibles and coinsurance which are adjusted annually, as well as caps on the annual dollar amount we will contribute toward the cost of coverage. Claims and premiums for which we are responsible are paid with our own funds.

The pension plan disclosures herein include information related to our domestic pension and postretirement benefit plans only, unless otherwise noted. At December 31, 2022 and 2021, the Consolidated Balance Sheets also include a liability of $45 million and $53 million, respectively, in “Pension and postretirement benefit obligations” relating to our non-U.S. pension plans and certain other retirement severance plans.

We use a December 31 measurement date for all pension and other postretirement benefit plans.

The following table sets forth the change in benefit obligation for our pension and postretirement benefit plans.


	Pension Benefits				Postretirement Benefits
	2022		2021		2022		2021
Change in benefit obligation:
Benefit obligation, beginning of year	$	4,909	$	5,162	$	276	$	322
Service cost	—		—		1		1
Interest cost	150		145		8		8
Actuarial gain	(1,089)		(45)		(29)		(18)
Benefits paid	(309)		(320)		(43)		(46)
Settlements paid	—		(33)		—		—
Participants’ contributions	—		—		6		5
Retiree Medicare drug subsidy	—		—		3		4
Benefit obligation, end of year	$	3,661	$	4,909	$	222	$	276

The actuarial gain of $1.09 billion, included in the change in benefit obligation for pension benefits in 2022, was driven by a 270 basis point increase in the discount rate from December 31, 2021 to December 31, 2022.

The following table sets forth the change in plan assets for our pension and postretirement benefit plans.


	Pension Benefits				Postretirement Benefits
	2022		2021		2022		2021
Change in plan assets:
Fair value of plan assets, beginning of year	$	3,191	$	3,347	$	—	$	—
Actual (loss) return on plan assets	(592)		116		—		—
Employer contributions	73		81		34		37
Benefits paid	(309)		(320)		(43)		(46)
Settlements paid	—		(33)		—		—
Participants’ contributions	—		—		6		5
Retiree Medicare drug subsidy	—		—		3		4
Fair value of plan assets, end of year	$	2,363	$	3,191	$	—	$	—

The funded status of pension and postretirement benefit obligations and the related amounts recognized on the Consolidated Balance Sheets were as follows:


	Pension Benefits				Postretirement Benefits
At December 31,	2022		2021		2022		2021
Funded status at end of year	$	(1,298)	$	(1,718)	$	(222)	$	(276)
Amounts recognized on the Consolidated Balance Sheets:
Other assets	$	—	$	7	$	—	$	—
Current liabilities	(73)		(73)		(34)		(35)
Noncurrent liabilities	(1,225)		(1,652)		(188)		(241)
Net amounts recognized	$	(1,298)	$	(1,718)	$	(222)	$	(276)

Our qualified pension plans were underfunded by $485 million and $655 million at December 31, 2022 and 2021, respectively.

The following amounts were recognized in accumulated other comprehensive income (loss) on the Consolidated Balance Sheets.


	Pension Benefits				Postretirement Benefits
At December 31,	2022		2021		2022		2021
Net actuarial (loss) gain	$	(1,646)	$	(2,068)	$	157	$	143
Net prior service cost	(1)		(1)		—		—
Share of equity investee	—		(1)		—		—
	(1,647)		(2,070)		157		143
Deferred income taxes	438		541		(17)		(14)
Net amount recognized in accumulated other comprehensive income (loss)	$	(1,209)	$	(1,529)	$	140	$	129

The accumulated benefit obligation for all defined benefit pension plans was $3.66 billion and $4.91 billion at December 31, 2022 and 2021, respectively.

Information for the pension plans with an accumulated benefit obligation in excess of plan assets is set forth below.


At December 31,	2022		2021
Projected and accumulated benefit obligation	$	3,661	$	4,908
Fair value of plan assets	$	2,363	$	3,184

The following tables present the components of net periodic benefit cost and amounts recognized in other comprehensive income (loss).


	Pension Benefits						Postretirement Benefits
Year Ended December 31,	2022		2021		2020		2022		2021		2020
Components of net periodic cost:
Service cost	$	—	$	—	$	30	$	1	$	1	$	2
Interest cost	150		145		164		8		8		11
Expected return on plan assets	(172)		(188)		(194)		—		—		—
Amortization of actuarial losses (gains)	97		93		103		(15)		(15)		(15)
Amortization of prior service cost	—		—		2		—		—		1
Settlements (a)	—		10		—		—		—		—
Net periodic cost (b)	$	75	$	60	$	105	$	(6)	$	(6)	$	(1)

(a) 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.

(b) Includes amounts reflected in net earnings from discontinued operations of $3 million for each of the years ended December 31, 2022 and 2021 and $5 million for the year ended December 31, 2020.

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


	Pension Benefits						Postretirement Benefits
Year Ended December 31,	2022		2021		2020		2022		2021		2020
Other comprehensive income (loss):
Actuarial (loss) gain	$	325	$	(27)	$	(173)	$	29	$	18	$	8
Share of equity investee	1		1		—		—		—		—
Curtailment gain	—		—		79		—		—		—
Settlements	—		10		—		—		—		—
Amortization of actuarial losses (gains)	97		93		103		(15)		(15)		(15)
Amortization of prior service cost	—		—		2		—		—		1
	423		77		11		14		3		(6)
Deferred income taxes	(103)		(19)		(3)		(3)		(1)		1
Recognized in other comprehensive income (loss), net of tax	$	320	$	58	$	8	$	11	$	2	$	(5)


	Pension Benefits						Postretirement Benefits
	2022		2021		2020		2022		2021		2020
Weighted average assumptions used to determine benefit obligations at December 31:
Discount rate	5.9	%	3.2	%	2.9	%	6.0	%	3.0	%	2.6	%
Rate of compensation increase	—	%	—	%	—	%	N/A		N/A		N/A
Weighted average assumptions used to determine net periodic costs for the year ended December 31:
Discount rate	3.2	%	2.9	%	3.4	%	3.0	%	2.6	%	3.3	%
Expected long-term return on plan assets	5.6	%	5.9	%	6.4	%	N/A		N/A		N/A
Cash balance interest crediting rate	5.0	%	5.0	%	5.0	%	N/A		N/A		N/A
Rate of compensation increase	—	%	—	%	3.0	%	N/A		N/A		N/A

N/A - not applicable

The discount rates are determined primarily based on the yield of a portfolio of high quality bonds, providing cash flows necessary to meet the pension plans’ expected future benefit payments, as determined for the projected benefit obligations. The expected return on plan assets assumption is derived using the current and expected asset allocation of the pension plan assets and considering historical as well as expected returns on various classes of plan assets.

The following additional assumptions were used in accounting for postretirement benefits.


	2022		2021
Projected health care cost trend rate (pre-65)	6.8	%	7.0	%
Projected health care cost trend rate (post-65)	6.8	%	7.0	%
Ultimate trend rate	5.0	%	5.0	%
Year ultimate trend rate is achieved	2030		2030

Plan Assets

The Paramount Global Investments Committee (the “Committee”) determines the strategy for the investment of pension plan assets. The Committee establishes target asset allocations for our pension plan trusts based upon an analysis of the timing and amount of projected benefit payments, projected company contributions, the expected returns and risk of the asset classes and the correlation of those returns. The target asset allocation for the Company’s domestic pension plans is to invest between 60% - 68% in liability hedging assets, 22% - 30% in equity securities, 3% - 10% in real estate and real assets and the remainder in cash, cash equivalents, Paramount stock and other investments. At December 31, 2022, the trusts were invested approximately 63% in liability hedging assets, 29% in equity securities, 6% in real estate and real assets, and the remainder in cash, cash equivalents, Paramount stock and other investments. Liability hedging assets consist of a diversified portfolio of fixed income instruments that are substantially investment grade, with a duration that approximates the duration of the liabilities covered by the trust. All equity portfolios are diversified between U.S. and non-U.S. equities and include large and small capitalization equities. The asset allocations are reviewed regularly.

The following tables set forth our pension plan assets measured at fair value on a recurring basis at December 31, 2022 and 2021. These assets have been categorized according to the three-level fair value hierarchy established by the FASB which prioritizes the inputs used in measuring fair value. See Note 13 for a description of the levels within this hierarchy. There are no investments categorized as Level 3.


At December 31, 2022	Level 1		Level 2		Total
Cash and cash equivalents (a)	$	—	$	3	$	3
Fixed income securities:
U.S. treasury securities	108		—		108
Government-related securities	—		133		133
Corporate bonds (c)	—		1,144		1,144
Mortgage-backed and asset-backed securities	—		101		101
Equity securities:
U.S. large capitalization	48		—		48
U.S. small capitalization	63		—		63
Total assets in fair value hierarchy	$	219	$	1,381	$	1,600
Common collective funds measured at net asset value (d) (e)					660
Limited partnerships measured at net asset value (d)					11
Mutual funds measured at net asset value (d)					92
Investments, at fair value					$	2,363


At December 31, 2021	Level 1		Level 2		Total
Cash and cash equivalents (a) (b)	$	83	$	5	$	88
Fixed income securities:
U.S. treasury securities	164		—		164
Government-related securities	—		175		175
Corporate bonds (c)	—		1,448		1,448
Mortgage-backed and asset-backed securities	—		76		76
Equity securities:
U.S. large capitalization	72		—		72
U.S. small capitalization	81		—		81
Other	—		14		14
Total assets in fair value hierarchy	$	400	$	1,718	$	2,118
Common collective funds measured at net asset value (d) (e)					1,013
Limited partnerships measured at net asset value (d)					18
Mutual funds measured at net asset value (d)					42
Investments, at fair value					$	3,191

(a) Assets categorized as Level 2 reflect investments in money market funds.

(b) On January 3, 2022, the trust that held the assets of the Viacom pension plan was merged into the trust that holds the assets of the remainder of the Company’s' domestic plans. As part of this merger, certain of the transferred assets were liquidated, which resulted in a higher level of cash and cash equivalents at December 31, 2021.

(d) In accordance with FASB guidance, investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been classified in the fair value hierarchy.

(e) Underlying investments consist mainly of U.S. large capitalization and international equity securities.

Money market investments are carried at amortized cost which approximates fair value due to the short-term maturity of these investments. Investments in equity securities are reported at fair value based on quoted market prices on national security exchanges. The fair value of investments in common collective funds and mutual funds is determined using the net asset value (“NAV”) provided by the administrator of the fund as a practical expedient. The NAV is determined by each fund’s trustee based upon the fair value of the underlying assets owned by the fund, less liabilities, divided by the number of outstanding units. The fair value of U.S. treasury securities is determined based on quoted market prices in active markets. The fair value of government related securities and corporate bonds is determined based on quoted market prices on national security exchanges, when available, or using valuation models which incorporate certain other observable inputs including recent trading activity for comparable securities and broker quoted prices. The fair value of mortgage-backed and asset-backed securities is based upon valuation models which incorporate available dealer quotes, projected cash flows and market information. The fair value of limited partnerships has been estimated using the NAV of the ownership interest. The NAV is determined using quarterly financial statements issued by the partnership which determine the value based on the fair value of the underlying investments.

Future Benefit Payments

Estimated future benefit payments are as follows:


	2023		2024		2025		2026		2027		2028-2032
Pension	$	313	$	311	$	311	$	309	$	305	$	1,421
Postretirement	$	35	$	32	$	29	$	27	$	24	$	87
Retiree Medicare drug subsidy	$	3	$	3	$	3	$	3	$	3	$	14

In 2023, we expect to make $8 million in contributions to our qualified pension plans for minimum funding requirements under ERISA and $75 million to our non-qualified pension plans to satisfy benefit payments due under these plans. Also in 2023, we expect to contribute approximately $35 million to our other postretirement benefit plans to satisfy our portion of benefit payments due under these plans.

Multiemployer Pension and Postretirement Benefit Plans

We contribute to a number of multiemployer defined benefit pension plans under the terms of collective bargaining agreements that cover our union-represented employees including talent, writers, directors, producers and other employees, primarily in the entertainment industry. The other employers participating in these multiemployer plans are primarily in the entertainment and other related industries. The risks of participating in multiemployer plans are different from single-employer plans as assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating employers and if a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers. In addition, if we choose to stop participating in some of its multiemployer plans we may be required to pay those plans a withdrawal liability based on the underfunded status of the plan.

The financial health of a multiemployer plan is indicated by the zone status, as defined by the Pension Protection Act of 2006. Plans in the red zone are in critical status; those in the yellow zone are in endangered status; and those in the green zone are neither critical nor endangered.

The table below presents information concerning our participation in multiemployer defined benefit pension plans.


	Employer Identification Number/Pension Plan Number	Pension Protection Act		Company Contributions						Expiration Date of Collective Bargaining Agreement
		Zone Status (a)
Pension Plan		2022	2021	2022		2021		2020
AFTRA Retirement Plan (b)	13-6414972-001	Green	Green	$	16	$	17	$	13	6/30/2024
Directors Guild of America - Producer (b)	95-2892780-001	Green	Green	19		23		16		6/30/2023
Producer-Writers Guild of America	95-2216351-001	Green	Green	30		26		22		5/1/2023
Screen Actors Guild - Producers	95-2110997-001	Green	Green	30		45		24		6/30/2023
Motion Picture Industry	95-1810805-001	Green	Green	63		66		35		(c)
I.A.T.S.E. Local No. 33 Pension Trust Fund	95-6377503-001	Green	Green	5		10		3		3/31/2023
Other Plans				14		16		7
	Total contributions			$	177	$	203	$	120

(a) The zone status for each individual plan listed was certified by each plan’s actuary as of the beginning of the plan years for 2022 and 2021. The plan year is the twelve months ending December 31 for each plan listed above except AFTRA Retirement Plan which has a plan year ending November 30.

(b) The Company was listed in these plan’s most recent Form 5500 as providing more than 5% of total contributions for the plan.

As a result of the above noted zone status there were no funding improvements or rehabilitation plans implemented, as defined by ERISA, nor any surcharges imposed for any of the individual plans listed.

We also contribute to multiemployer plans that provide postretirement healthcare and other benefits to certain employees under collective bargaining agreements. The contributions to these plans were $192 million, $184 million and $95 million for the years ended December 31, 2022, 2021 and 2020, respectively. We recognize the net periodic cost for multiemployer pension and postretirement benefit plans based on the required contributions to the plans.

Defined Contribution Plans

We sponsor defined contribution plans for the benefit of substantially all employees meeting eligibility requirements. Employer contributions to such plans were $137 million, $106 million and $91 million for the years ended December 31, 2022, 2021 and 2020, respectively.

The entire disclosure for retirement benefits.

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Segment Information

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Segment Information

SEGMENT INFORMATION

The tables below 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.

Beginning in the first quarter of 2022, primarily as a result of our increased strategic focus on our direct-to-consumer streaming businesses, we made certain changes to how we manage our businesses and allocate resources that resulted in the changes described below. Prior period results have been recast to conform to these presentation changes.

Management Structure Change

Our management structure was reorganized to focus on managing our business as the combination of three parts: a traditional media business, a portfolio of domestic and international streaming services, and a film studio. As a result, we realigned our operating segments and accordingly, beginning in 2022, and for all periods presented we are reporting results based on the segments in the tables below (see Note 1 for a description of each operating segment).

Intercompany License Fees

Concurrent with the change to our operating segments, we changed the way we record intersegment content licensing. Under our previous segment structure, management evaluated the results of our segments including intersegment content licensing at market value as if the sales were to third parties. Therefore, the licensor segment recorded intercompany license fee revenues and profits and the licensee segment recorded production costs in the amount of the license fee charged by the licensor, which generally reflected the cost to the Company plus a margin. The intercompany revenues and the margin embedded in the cost to the licensee were eliminated in consolidation.

Under our new segment structure, management evaluates the results of the segments using an allocation of the total cost of content from the licensor segment to each licensee segment utilizing the content. As a result, content costs are allocated across segments based on the relative value of the distribution windows within each segment. The allocation is recorded by the licensor segment as a reduction of content cost and no intersegment licensing revenues or profits are recorded.


Year Ended December 31,	2022		2021		2020
Revenues:
Advertising	$	9,350	$	10,105	$	9,062
Affiliate and subscription	8,180		8,413		8,037
Licensing and other	4,202		4,216		4,021
TV Media	21,732		22,734		21,120
Advertising	1,533		1,298		686
Subscription	3,371		2,029		1,129
Direct-to-Consumer	4,904		3,327		1,815
Advertising	23		18		18
Theatrical	1,223		241		180
Licensing and other	2,460		2,428		2,272
Filmed Entertainment	3,706		2,687		2,470
Eliminations	(188)		(162)		(120)
Total Revenues	$	30,154	$	28,586	$	25,285

Revenues generated between segments are principally from intersegment arrangements for the distribution of content, rental of studio space, and advertising, as well as licensing revenues earned from third parties who license our content to our internal platforms either through a sub-license or co-production arrangement. These transactions are recorded at market value as if the sales were to third parties and are eliminated in consolidation.


Year Ended December 31,	2022		2021		2020
Intercompany Revenues:
TV Media	$	66	$	87	$	88
Direct-to-Consumer	—		2		2
Filmed Entertainment	122		73		30
Total Intercompany Revenues	$	188	$	162	$	120

We present operating income excluding depreciation and amortization, stock-based compensation, costs for restructuring and other corporate matters, programming charges and net gain on dispositions, 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.


Year Ended December 31,	2022		2021		2020
Adjusted OIBDA:
TV Media	$	5,451	$	5,892	$	5,816
Direct-to-Consumer	(1,819)		(992)		(171)
Filmed Entertainment	272		207		158
Corporate/Eliminations	(470)		(491)		(485)
Stock-based compensation	(158)		(172)		(186)
Depreciation and amortization	(405)		(390)		(430)
Restructuring and other corporate matters	(585)		(100)		(618)
Programming charges	—		—		(159)
Net gain on dispositions	56		2,343		214
Operating income	2,342		6,297		4,139
Interest expense	(931)		(986)		(1,031)
Interest income	108		53		60
Net gains (losses) from investments	(9)		47		206
Loss on extinguishment of debt	(120)		(128)		(126)
Other items, net	(124)		(77)		(101)
Earnings from continuing operations before income taxes and equity in loss of investee companies	1,266		5,206		3,147
Provision for income taxes	(227)		(646)		(535)
Equity in loss of investee companies, net of tax	(204)		(91)		(28)
Net earnings from continuing operations	835		4,469		2,584
Net earnings from discontinued operations, net of tax	379		162		117
Net earnings (Paramount and noncontrolling interests)	1,214		4,631		2,701
Net earnings attributable to noncontrolling interests	(110)		(88)		(279)
Net earnings attributable to Paramount	$	1,104	$	4,543	$	2,422


Year Ended December 31,	2022		2021		2020
Revenues: (a)
United States	$	24,412	$	23,320	$	20,690
International	5,742		5,266		4,595
Total Revenues	$	30,154	$	28,586	$	25,285

(a) Revenue classifications are based on customers’ locations.


At December 31,	2022		2021
Long-lived Assets: (a)
United States	$	18,231	$	16,075
International	1,458		897
Total Long-lived Assets	$	19,689	$	16,972

(a) Reflects total assets less current assets, investments, goodwill, intangible assets, noncurrent receivables and noncurrent deferred tax assets.

We do not disclose our assets by segment because they are not used to evaluate our operating performance or in determining the allocation of resources.

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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Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

12 Months Ended

Dec. 31, 2022

Commitments and Contingencies

COMMITMENTS AND CONTINGENCIES

Commitments

Our commitments not recorded on the balance sheet primarily consist of programming and talent commitments and purchase obligations for goods and services resulting from our normal course of business.

Our programming and talent commitments, estimated to aggregate to $33.73 billion as of December 31, 2022, include $29.50 billion for sports programming rights and $4.23 billion relating to the production and licensing of television and film programming, including talent contracts. We also have committed purchase obligations which include agreements to purchase goods or services in the future that totaled $1.73 billion as of December 31, 2022.

Other long-term contractual obligations recorded on the Consolidated Balance Sheet include program liabilities, participations, residuals, and a tax liability resulting from federal tax legislation enacted in December 2017. This tax liability reflects the remaining tax on the Company’s historical accumulated foreign earnings and profits, which is payable to the IRS in 2024 and 2025.

At December 31, 2022, commitments for programming and talent and purchase obligations not recorded on the balance sheet, and other long-term contractual obligations recorded on the balance sheet were payable as follows:


	Payments Due by Period
													2028 and
	Total		2023		2024		2025		2026		2027		Thereafter
Off-Balance Sheet Arrangements
Programming and talent commitments	$	33,729	$	4,233	$	3,990	$	3,004	$	2,890	$	2,632	$	16,980
Purchase obligations	$	1,729	$	693	$	561	$	258	$	145	$	21	$	51

On-Balance Sheet Arrangements
Other long-term contractual obligations	$	2,287	$	—	$	1,288	$	683	$	255	$	53	$	8

We also have long-term lease commitments for office space, equipment, transponders and studio facilities, which are recorded on the Consolidated Balance Sheet at December 31, 2022. See Note 11 for details of our operating lease commitments.

Guarantees

Letters of Credit and Surety Bonds. At December 31, 2022, we had outstanding letters of credit and surety bonds of $178 million that were not recorded on the Consolidated Balance Sheet. Letters of credit and surety bonds are primarily used as security against non-performance in the normal course of business.

CBS Television City. In connection with the sale of 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 December 31, 2022 is a liability totaling $51 million, reflecting the present value of the remaining 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. These lease commitments totaled $20 million at December 31, 2022, and are presented within “Other liabilities” on the Consolidated Balance Sheet. The amount of lease commitments varies over time depending on the expiration or termination of individual underlying leases, or the related indemnification obligation, and foreign exchange rates, among other things. We may also have exposure for certain other expenses related to the leases, such as property taxes and common area maintenance. We believe our accrual is sufficient to meet any future obligations based on our consideration of available financial information, the lessees’ historical performance in meeting their lease obligations and the underlying economic factors impacting the lessees’ business models.

In the course of our business, we both provide and receive indemnities which are intended to allocate certain risks associated with business transactions. Similarly, we may remain contingently liable for various obligations of a business that has been divested in the event that a third party does not live up to its obligations under an indemnification obligation. We record a liability for our indemnification obligations and other contingent liabilities when probable and reasonably estimable.

Legal Matters

General

On an ongoing basis, we vigorously defend ourselves in numerous lawsuits and proceedings and respond to various investigations and inquiries from federal, state, local and international authorities (collectively, “Litigation’’). Litigation may be brought against us without merit, is inherently uncertain and always difficult to predict. However, based on our understanding and evaluation of the relevant facts and circumstances, we believe that the following matters are not likely, in the aggregate, to result in a material adverse effect on our business, financial condition and results of operations.

Stockholder Matters

Litigation Relating to the Merger

Beginning in February 2020, three purported CBS stockholders filed separate derivative and/or putative class action lawsuits in the Court of Chancery of the State of Delaware. In March 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. In April 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 the Company as nominal defendant. The Complaint alleges breaches of fiduciary duties to CBS stockholders in connection with the negotiation and approval of an Agreement and Plan of Merger, dated as of August 13, 2019, between CBS and Viacom (as amended, 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. In June 2020, the defendants filed motions to dismiss. In January 2021, the Court dismissed one disclosure claim, while allowing all other claims against the defendants to proceed. In December 2022, the Court dismissed the fiduciary duty claim against Mr. Klieger. Discovery on the surviving claims is proceeding. A six-day trial is scheduled to begin in June 2023. We believe that the remaining claims are without merit and we intend to defend against them vigorously.

Beginning in November 2019, four purported Viacom stockholders filed separate putative class action lawsuits in the Court of Chancery of the State of Delaware. In January 2020, the Court consolidated the four lawsuits. In February 2020, the Court appointed California Public Employees’ Retirement System (“CalPERS”) as lead plaintiff for the consolidated action. Subsequently, in February 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 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. In May 2020, the defendants filed motions to dismiss. In December 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. A six-day trial is scheduled to begin in July 2023. We believe that the remaining claims are without merit and we intend to defend against them vigorously.

Investigation-Related Matters

As announced in August 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. In December 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.

In August 2018 and in October 2018, Gene Samit and John Lantz, respectively, filed putative class action lawsuits in the U.S. 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. In November 2018, the Court entered an order consolidating the two actions. Subsequently, in November 2018, the Court appointed Construction Laborers Pension Trust for Southern California as the lead plaintiff of the consolidated action. In February 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. In April 2019, the defendants filed motions to dismiss this action, which the Court granted in part and denied in part in January 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 reached an agreement with the plaintiffs to settle the lawsuit for $14.75 million, which was paid by our insurers. The settlement, which includes no admission of liability or wrongdoing by the Company, was granted final approval by the Court in November 2022.

We also 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 (the “SEC”) regarding the subject matter of the CBS Board of Directors’ investigation and related matters, including with respect to CBS’ related public disclosures. In November 2022, we entered into an Assurance of Discontinuance with the Investor Protection Bureau of the New

York State Attorney General’s Office to resolve that matter. After credits for the settlement amount to be paid in the consolidated federal securities class action discussed above, and certain financial commitments to human resources-related programs made by CBS in connection with an earlier resolution with the Civil Rights Bureau of the New York State Attorney General’s Office, the Company has made a payment of $7.25 million, which by agreement with the Investor Protection Bureau will be distributed in connection with the federal securities class action settlement discussed above. The resolution with the Investor Protection Bureau includes no admission of liability or wrongdoing by the Company. In December 2022, we received a termination letter from the SEC, indicating that it does not intend to recommend an enforcement action against the Company. We may continue to receive additional related regulatory and investigative inquiries from these and other entities in the future.

Litigation Related to Stock Offerings

In August 2021, Camelot Event Driven Fund filed a putative securities class action lawsuit in New York Supreme Court, County of New York, and in November 2021, an amended complaint was filed that, among other changes, added an additional named plaintiff (as used in this paragraph, the “Complaint”). 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 senior executives, members of our 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 our securities and related alleged risks to the Company’s stock price. In December 2021, the plaintiffs filed a stipulation seeking the voluntary dismissal without prejudice of the outside director defendants from the lawsuit, which the Court subsequently ordered. On the same date, the defendants filed motions to dismiss the lawsuit, which were heard in January 2023. On February 7, 2023, the Court dismissed all claims against the Company while allowing the claims against the underwriters to proceed.

Litigation Related to Television Station Owners

In September 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 about January 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. In October 2019, the Company and other defendants filed a motion to dismiss the matter, which was denied by the Court in November 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 the Proposed Sale of Simon & Schuster

In November 2021, the U.S. Department of Justice filed suit in the U.S. District Court for the District of Columbia to block our sale of the Simon & Schuster business to Penguin Random House pursuant to a Share Purchase Agreement (the “Purchase Agreement”), dated November 24, 2020, between the Company, certain of its subsidiaries, Penguin Random House and Bertelsmann SE & Co. KGaA. In October 2022, following a bench trial, the Court blocked the sale. In November 2022, we terminated the Purchase Agreement and subsequently received a $200 million termination fee.

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 December 31, 2022, we had pending approximately 21,580 asbestos claims, as compared with approximately 27,770 as of December 31, 2021 and 30,710 as of December 31, 2020. During 2022, we received approximately 2,840 new claims and closed or moved to an inactive docket approximately 9,030 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 2022 and 2021 for settlement and defense of asbestos claims after insurance recoveries and net of tax were approximately $57 million and $63 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. 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. While we believe that our accrual for matters related to our predecessor operations, including environmental and asbestos, are adequate, there can be no assurance that circumstances will not change in future periods, and as a result our actual liabilities may be higher or lower than our accrual.

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

12 Months Ended

Dec. 31, 2022

Additional Financial Information Disclosure [Abstract]

Supplemental Financial Information

SUPPLEMENTAL FINANCIAL INFORMATION

The following table presents the components of Other items, net on the Consolidated Statements of Operations.


Year Ended December 31,	2022		2021		2020
Pension and postretirement benefit costs	$	(65)	$	(43)	$	(69)
Foreign exchange losses	(58)		(26)		(35)
Pension settlement charge (a)	—		(10)		—
Other	(1)		2		3
Other items, net	$	(124)	$	(77)	$	(101)

(a) 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

On October 31, 2022 we acquired the remaining 40% interest in Nickelodeon UK Limited (“Nick UK”), bringing our ownership to 100%. Prior to this transaction, we were subject to a redeemable put option with respect to Nick UK, which was classified as “Redeemable noncontrolling interest” on the Consolidated Balance Sheets at December 31, 2021 and 2020. The activity reflected within redeemable noncontrolling interest for the years ended December 31, 2022, 2021 and 2020 is presented below.


Year Ended December 31,	2022		2021		2020
Beginning balance	$	107	$	197	$	254
Net earnings	4		14		11
Distributions	(6)		(5)		(15)
Translation adjustment	(20)		(5)		7
Redemption value adjustment	17		(94)		(60)
Purchase of noncontrolling interest	(102)		—		—
Ending balance	$	—	$	107	$	197

Supplemental Cash Flow Information


Year Ended December 31,	2022		2021		2020
Cash paid for interest	$	920	$	970	$	965

Cash paid for income taxes:
Continuing operations	$	61	$	291	$	411
Discontinued operations	12		43		55
Total cash paid for income taxes	$	73	$	334	$	466

Schedule II - Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2022

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

Schedule II - Valuation and Qualifying Accounts

SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS

(Tabular dollars in millions)


Col. A	Col. B			Col. C			Col. D			Col. E
Description	Balance at Beginning of Period			Charged to Expenses and Other Accounts			Deductions			Balance at End of Period
Allowance for doubtful accounts:
Year ended December 31, 2022		$	80		$	40		$	9		$	111
Year ended December 31, 2021		$	85		$	8		$	13		$	80
Year ended December 31, 2020		$	80		$	32		$	27		$	85

Valuation allowance on deferred tax assets:
Year ended December 31, 2022		$	581		$	15		$	108		$	488
Year ended December 31, 2021		$	593		$	63		$	75		$	581
Year ended December 31, 2020		$	547		$	67		$	21		$	593

Reserves for inventory obsolescence:
Year ended December 31, 2022		$	47		$	—		$	3		$	44
Year ended December 31, 2021		$	58		$	—		$	11		$	47
Year ended December 31, 2020		$	57		$	3		$	2		$	58

Basis of Presentation and Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Principles of Consolidation

Reclassifications

Reclassifications—Certain amounts reported for prior years have been reclassified to conform to the current year’s presentation.

Use of Estimates

Business Combinations

Cash and Cash Equivalents

Programming Inventory

Impairment of Long-Lived Assets

Property and Equipment—Property and equipment is stated at cost. Depreciation is calculated using the straight-line method over estimated useful lives as follows:


Buildings and building improvements			10 to 40 years
Leasehold improvements			Shorter of lease term or useful life
Equipment and other (including finance leases)			3 to 20 years

Costs associated with repairs and maintenance of property and equipment are expensed as incurred.

Investments

Goodwill and Intangible Assets

Guarantees

Treasury Stock

Treasury Stock—Treasury stock is accounted for using the cost method. Retirements of treasury stock are reflected as a reduction to additional paid-in capital.

Fair Value Measurements

Derivative Financial Instruments

Pension and Postretirement Benefits

Other Liabilities

Revenues

Collaborative Arrangements

Leases

Leases—Our leases are principally comprised of operating leases for office space, equipment, satellite transponders and studio facilities. We determine that a contract contains a lease if we obtain substantially all of the economic benefits of, and the right to direct the use of, an asset identified in the contract. For leases with terms greater than 12 months, we record a right-of-use asset and a lease liability representing the present value of future lease payments. The discount rate used to measure the lease asset and liability is determined at the beginning of the lease term using the rate implicit in the lease, if readily determinable, or our collateralized incremental borrowing rate. For those contracts that include fixed rental payments for both the use of the asset (“lease costs”) as well as for other occupancy or service costs relating to the asset (“non-lease costs”), we generally include both the lease costs and non-lease costs in the measurement of the lease asset and liability. We also own buildings and production facilities where we lease space to lessees. Our leases generally have remaining terms of up to 14 years and often contain renewal options to extend the lease for periods of generally up to 10 years. For leases that contain renewal options, we include the renewal period in the lease term if it is reasonably certain that the option will be exercised. Lease expense and income for our operating leases are recognized on a straight-line basis over the lease term, with the exception of variable lease costs, which are expensed as incurred, and leases of assets used in the production of programming, which are capitalized in programming assets and amortized over the projected useful life of the related programming.

Advertising

Advertising—Advertising costs are expensed as incurred.

Interest

Interest—Costs associated with the refinancing or issuance of debt, as well as debt discounts or premiums, are recorded as interest over the term of the related debt.

Income Taxes

Foreign Currency Translation and Transactions

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 our Mandatory Convertible Preferred Stock, which was issued in March 2021 (see Note 15).Weighted average shares for diluted EPS reflects the effect of the assumed exercise of stock options and vesting of restricted share units (“RSUs”) or performance share 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.

Stock-based Compensation

Recently Adopted Accounting Pronouncements

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

Basis of Presentation and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Reconciliation from Basic to Diluted Shares

Depreciation is calculated using the straight-line method over estimated useful lives as follows:


Buildings and building improvements			10 to 40 years
Leasehold improvements			Shorter of lease term or useful life
Equipment and other (including finance leases)			3 to 20 years


At December 31,	2022		2021
Land	$	371	$	372
Buildings	863		842
Equipment and other	4,242		4,272
	5,476		5,486
Less accumulated depreciation	3,714		3,750
Property and equipment, net	$	1,762	$	1,736


Year Ended December 31,	2022		2021		2020
Depreciation expense (a)	$	337	$	344	$	345

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


Year Ended December 31,	2022	2021	2020
(in millions)
Weighted average shares for basic EPS	649	641	616
Dilutive effect of shares issuable under stock-based compensation plans	1	5	2
Conversion of Mandatory Convertible Preferred Stock	—	9	—
Weighted average shares for diluted EPS	650	655	618

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.


Year Ended December 31,	2022		2021
Amounts attributable to Paramount:
Net earnings from continuing operations	$	725	$	4,381
Preferred stock dividends	(58)		(44)
Net earnings from continuing operations for basic EPS calculation	667		4,337
Preferred stock dividend adjustment	—		44
Net earnings from continuing operations for diluted EPS calculation	$	667	$	4,381

Amounts attributable to Paramount:
Net earnings	$	1,104	$	4,543
Preferred stock dividends	(58)		(44)
Net earnings for basic EPS calculation	1,046		4,499
Preferred stock dividend adjustment	—		44
Net earnings for diluted EPS calculation	$	1,046	$	4,543

Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2022

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Discontinued Operations

The following tables set forth details of net earnings from discontinued operations for the years ended December 31, 2022, 2021 and 2020, which primarily relates to Simon & Schuster (see Note 1).


Year Ended December 31, 2022	Simon & Schuster			Other (a)		Total
Revenues		$	1,177	$	—	$	1,177
Costs and expenses:
Operating		746		(30)		716
Selling, general and administrative		180		—		180

Restructuring charges		3		—		3
Total costs and expenses		929		(30)		899
Operating income		248		30		278
Termination fee, net of advisory fees		190		—		190
Other items, net		(12)		—		(12)
Earnings from discontinued operations		426		30		456
Income tax provision		(70)		(7)		(77)
Net earnings from discontinued operations, net of tax		$	356	$	23	$	379


Year Ended December 31, 2021	Simon & Schuster			Other (a)		Total
Revenues		$	993	$	—	$	993
Costs and expenses:
Operating		618		(16)		602
Selling, general and administrative		158		—		158
Depreciation and amortization		3		—		3
Restructuring charges		1		—		1
Total costs and expenses		780		(16)		764
Operating income		213		16		229
Other items, net		(10)		—		(10)
Earnings from discontinued operations		203		16		219
Income tax provision		(46)		(11)		(57)
Net earnings from discontinued operations, net of tax		$	157	$	5	$	162


Year Ended December 31, 2020	Simon & Schuster			Other (a)		Total
Revenues		$	901	$	—	$	901
Costs and expenses:
Operating		573		(19)		554
Selling, general and administrative		172		—		172
Depreciation and amortization		5		—		5
Restructuring charges		10		—		10
Total costs and expenses		760		(19)		741
Operating income		141		19		160
Other items, net		(5)		—		(5)
Earnings from discontinued operations		136		19		155
Income tax provision		(34)		(4)		(38)
Net earnings from discontinued operations, net of tax		$	102	$	15	$	117

(a) Primarily relates to indemnification obligations for leases associated with the previously discontinued operations of Famous Players Inc. (“Famous Players”).

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


At December 31,	2022		2021
Receivables, net	$	558	$	536
Other current assets	229		209
Goodwill	434		435
Property and equipment, net	53		46
Operating lease assets	204		203
Other assets	111		131
Total Assets	$	1,589	$	1,560
Royalties payable	$	161	$	155
Other current liabilities	388		416
Operating lease liabilities	182		194
Other liabilities	18		19
Total Liabilities	$	749	$	784

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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Property, Plant and Equipment [Abstract]

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2022

Current Programming and Other Inventory

Depreciation is calculated using the straight-line method over estimated useful lives as follows:


Buildings and building improvements			10 to 40 years
Leasehold improvements			Shorter of lease term or useful life
Equipment and other (including finance leases)			3 to 20 years


At December 31,	2022		2021
Land	$	371	$	372
Buildings	863		842
Equipment and other	4,242		4,272
	5,476		5,486
Less accumulated depreciation	3,714		3,750
Property and equipment, net	$	1,762	$	1,736


Year Ended December 31,	2022		2021		2020
Depreciation expense (a)	$	337	$	344	$	345

Programming and Other Inventory (Tables)

12 Months Ended

Dec. 31, 2022

Inventory Disclosure [Abstract]

The following table presents our programming and other inventory at December 31, 2022 and 2021, grouped by type and predominant monetization strategy. During the first quarter of 2022, in connection with our increased strategic focus on our streaming 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 streaming services.


At December 31,	2022		2021
Film Group Monetization:
Acquired program rights, including prepaid sports rights	$	3,238	$	3,432
Internally-produced television and film programming:
Released	7,154		3,808
In process and other	3,299		2,609

Individual Monetization:
Acquired libraries	394		441
Film inventory:
Released	694		606
Completed, not yet released	129		253
In process and other	1,317		1,303
Internally-produced television programming:
Released	624		1,604
In process and other	726		769
Home entertainment	45		37
Total programming and other inventory	17,620		14,862
Less current portion	1,342		1,504
Total noncurrent programming and other inventory	$	16,278	$	13,358

Noncurrent Programming and Other Inventory


At December 31,	2022		2021
Film Group Monetization:
Acquired program rights, including prepaid sports rights	$	3,238	$	3,432
Internally-produced television and film programming:
Released	7,154		3,808
In process and other	3,299		2,609

Individual Monetization:
Acquired libraries	394		441
Film inventory:
Released	694		606
Completed, not yet released	129		253
In process and other	1,317		1,303
Internally-produced television programming:
Released	624		1,604
In process and other	726		769
Home entertainment	45		37
Total programming and other inventory	17,620		14,862
Less current portion	1,342		1,504
Total noncurrent programming and other inventory	$	16,278	$	13,358

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.


Year Ended December 31,	2022		2021		2020
Programming costs, acquired programming	$	5,018	$	5,143	$	3,779

Production costs, internally-produced television and film programming:
Individual monetization	$	2,104	$	3,245	$	2,669
Film group monetization	$	5,187	$	3,248	$	3,133


	2023		2024		2025
Programming costs, acquired programming	$	2,187	$	593	$	285

Production costs, internally-produced television and film programming:
Individual monetization	$	822	$	248	$	136
Film group monetization	$	3,175	$	1,812	$	1,147

Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Changes in Book Value of Goodwill by Segment

The following tables present the changes in the book value of goodwill by segment for the years ended December 31, 2022 and 2021.


	Balance at			Acquisitions /		Foreign		Balance at
	December 31, 2021			(Dispositions)		Currency		December 31, 2022
TV Media:
Goodwill		$	24,590	$	—	$	(85)		$	24,505
Accumulated impairment losses		(13,354)		—		—			(13,354)
Goodwill, net of impairment		11,236		—		(85)			11,151
Direct-to-Consumer
Goodwill		2,728		—		—			2,728
Accumulated impairment losses		—		—		—			—
Goodwill, net of impairment		2,728		—		—			2,728
Filmed Entertainment:
Goodwill		2,620		—		—			2,620
Accumulated impairment losses		—		—		—			—
Goodwill, net of impairment		2,620		—		—			2,620
Total:
Goodwill		29,938		—		(85)			29,853
Accumulated impairment losses		(13,354)		—		—			(13,354)
Goodwill, net of impairment		$	16,584	$	—	$	(85)		$	16,499


	Balance at			Acquisitions /		Foreign		Balance at
	December 31, 2020			(Dispositions)		Currency		December 31, 2021
TV Media:
Goodwill		$	24,618	$	16	$	(44)		$	24,590
Accumulated impairment losses		(13,354)		—		—			(13,354)
Goodwill, net of impairment		11,264		16		(44)			11,236
Direct-to-Consumer:
Goodwill		2,728		—		—			2,728
Accumulated impairment losses		—		—		—			—
Goodwill, net of impairment		2,728		—		—			2,728
Filmed Entertainment:
Goodwill		2,620		—		—			2,620
Accumulated impairment losses		—		—		—			—
Goodwill, net of impairment		2,620		—		—			2,620
Total:
Goodwill		29,966		16		(44)			29,938
Accumulated impairment losses		(13,354)		—		—			(13,354)
Goodwill, net of impairment		$	16,612	$	16	$	(44)		$	16,584

Schedule of Indefinite-lived Intangible Assets

Our intangible assets were as follows:


			Accumulated
At December 31, 2022	Gross		Amortization		Net
Intangible assets subject to amortization:
Trade names	$	252	$	(153)	$	99
Licenses	128		(55)		73
Customer agreements	123		(101)		22
Other intangible assets	234		(181)		53
Total intangible assets subject to amortization	737		(490)		247
FCC licenses	2,389		—		2,389
International broadcast licenses	24		—		24
Other intangible assets	34		—		34
Total intangible assets	$	3,184	$	(490)	$	2,694


			Accumulated
At December 31, 2021	Gross		Amortization		Net
Intangible assets subject to amortization:
Trade names	$	257	$	(140)	$	117
Licenses	140		(53)		87
Customer agreements	124		(98)		26
Other intangible assets	237		(170)		67
Total intangible assets subject to amortization	758		(461)		297
FCC licenses	2,416		—		2,416
International broadcast licenses	25		—		25
Other intangible assets	34		—		34
Total intangible assets	$	3,233	$	(461)	$	2,772

Schedule of Finite-lived Intangible Assets

Our intangible assets were as follows:


			Accumulated
At December 31, 2022	Gross		Amortization		Net
Intangible assets subject to amortization:
Trade names	$	252	$	(153)	$	99
Licenses	128		(55)		73
Customer agreements	123		(101)		22
Other intangible assets	234		(181)		53
Total intangible assets subject to amortization	737		(490)		247
FCC licenses	2,389		—		2,389
International broadcast licenses	24		—		24
Other intangible assets	34		—		34
Total intangible assets	$	3,184	$	(490)	$	2,694


			Accumulated
At December 31, 2021	Gross		Amortization		Net
Intangible assets subject to amortization:
Trade names	$	257	$	(140)	$	117
Licenses	140		(53)		87
Customer agreements	124		(98)		26
Other intangible assets	237		(170)		67
Total intangible assets subject to amortization	758		(461)		297
FCC licenses	2,416		—		2,416
International broadcast licenses	25		—		25
Other intangible assets	34		—		34
Total intangible assets	$	3,233	$	(461)	$	2,772

Finite-lived Intangible Assets Amortization Expense

Amortization expense was as follows:


Year Ended December 31,	2022			2021			2020
Amortization expense (a)		$	68		$	46		$	85

Schedule of Expected Amortization Expense

We expect our aggregate annual amortization expense for existing intangible assets subject to amortization for each of the years, 2023 through 2027, to be as follows:


	2023			2024			2025			2026			2027
Future amortization expense		$	38		$	29		$	25		$	24		$	23

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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Restructuring and Related Activities [Abstract]

Restructuring and Other Corporate Matters (Tables)

12 Months Ended

Dec. 31, 2022

Restructuring Reserve Rollforward

During the years ended December 31, 2022, 2021 and 2020, we recorded the following costs associated with restructuring and other corporate matters.


Year Ended December 31,	2022		2021		2020
Severance (a)	$	260	$	65	$	472
Lease impairments and other exit costs	68		35		70
Restructuring charges	328		100		542
Merger-related costs	—		—		56
Other corporate matters	257		—		20
Restructuring and other corporate matters	$	585	$	100	$	618

(a) Severance costs include the accelerated vesting of stock-based compensation.


				2022 Activity
	Balance at December 31, 2021			Charges (a)		Payments			Balance at December 31, 2022
TV Media		$	122	$	221		$	(92)		$	251
Direct-to-Consumer		—		8			—			8
Filmed Entertainment		34		17			(22)			29
Corporate		34		—			(20)			14
Total		$	190	$	246		$	(134)		$	302


				2021 Activity
	Balance at December 31, 2020			Charges (a)		Payments			Balance at December 31, 2021
TV Media		$	256	$	21		$	(155)		$	122

Filmed Entertainment		30		23			(19)			34
Corporate		86		1			(53)			34
Total		$	372	$	45		$	(227)		$	190

Related Parties (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of Related Party Transactions

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


Year Ended December 31,	2022 (a)		2021		2020
Revenues	$	358	$	237	$	106
Operating expenses	$	24	$	21	$	13


At December 31,	2022 (a)		2021

Accounts receivable	$	198	$	50

(a) Revenues for the year ended December 31, 2022 and accounts receivable at December 31, 2022 include amounts related to SkyShowtime.

Revenues (Tables)

12 Months Ended

Dec. 31, 2022

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The table below presents our revenues disaggregated into categories based on the nature of such revenues. See Note 19 for revenues by segment disaggregated into these categories.


Year Ended December 31,	2022		2021		2020
Revenues by Type:
Advertising	$	10,890	$	11,412	$	9,751
Affiliate and subscription	11,551		10,442		9,166
Theatrical	1,223		241		180
Licensing and other	6,490		6,491		6,188
Total Revenues	$	30,154	$	28,586	$	25,285

Debt (Tables)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Schedule of Debt

Our debt consists of the following:


At December 31,	2022		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	—		597
4.75% Senior Notes due 2025	552		1,242
4.0% Senior Notes due 2026	795		793
3.45% Senior Notes due 2026	124		123
2.90% Senior Notes due 2027	694		692
3.375% Senior Notes due 2028	496		496
3.70% Senior Notes due 2028	494		493
4.20% Senior Notes due 2029	495		494
7.875% Senior Debentures due 2030	830		830
4.95% Senior Notes due 2031	1,226		1,223
4.20% Senior Notes due 2032	975		972
5.50% Senior Debentures due 2033	427		427
4.85% Senior Debentures due 2034	87		87
6.875% Senior Debentures due 2036	1,071		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	1,130		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	541		540
4.60% Senior Notes due 2045	590		590
4.95% Senior Notes due 2050	946		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 borrowings	55		35
Obligations under finance leases	10		16
Total debt (a)	15,846		17,709

Less current portion of long-term debt	239		11
Total long-term debt, net of current portion	$	15,607	$	17,698

Scheduled Maturities of Long-term Debt at Face Value

At December 31, 2022, our scheduled maturities of long-term debt at face value, which excludes payments for the related interest and finance leases, were as follows:


																2028 and
	2023			2024			2025			2026			2027			Thereafter
Long-term debt		$	174		$	—		$	555		$	924		$	700	$	13,959

Leases (Tables)

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Schedule of Assets and Liabilities, Lessee

At December 31, 2022 and 2021, the following amounts were recorded on the Consolidated Balance Sheets relating to our operating leases.


	2022		2021
Right-of-Use Assets
Operating lease assets	$	1,391	$	1,630

Lease Liabilities
Other current liabilities	$	292	$	325
Operating lease liabilities	1,428		1,598
Total lease liabilities	$	1,720	$	1,923

Composition of Lease Cost


	2022		2021
Weighted average remaining lease term	7 years		8 years

Weighted average discount rate	3.6	%	3.4	%

The following table presents our lease cost relating to our operating leases.


Year Ended December 31,	2022		2021		2020
Operating lease cost (a) (b)	$	373	$	374	$	379
Short-term lease cost (b) (c)	306		283		162
Variable lease cost (b) (d)	77		62		58
Sublease income	(12)		(20)		(24)
Total lease cost	$	744	$	699	$	575

(a) Includes fixed lease costs and non-lease costs (consisting of other occupancy and service costs relating to the use of an asset) associated with long-term operating leases.

(b) Includes costs capitalized in programming assets during the period for leased assets used in the production of programming.

(c) Short-term leases, which are not recorded in right-of-use assets and lease liabilities on the Consolidated Balance Sheets, have a term of 12 months or less and exclude month-to-month leases.

(d) Primarily includes non-lease costs (consisting of other occupancy and service costs relating to the use of an asset) and costs for equipment leases that vary based on usage.

Supplemental Cash Flow Information Related to Leases

The following table presents supplemental cash flow information for our operating leases.


Year Ended December 31,	2022		2021		2020
Payments for amounts included in operating lease liabilities (operating cash flows)	$	394	$	399	$	385

Noncash additions to operating lease assets	$	170	$	377	$	221

Lessee, Operating Lease, Future Lease Payments

The expected future payments relating to our operating lease liabilities at December 31, 2022 are as follows:


2023	$	346
2024	294
2025	266
2026	227
2027	202
2028 and thereafter	654
Total minimum payments	1,989
Less amounts representing interest	269
Present value of minimum payments	$	1,720

Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Financial Instruments

Gains recognized on derivative financial instruments were as follows:


Year Ended December 31,	2022			2021			Financial Statement Account
Non-designated foreign exchange contracts		$	51		$	14	Other items, net

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements


At December 31,	2022		2021
Assets:
Foreign currency hedges	$	39	$	23
Total Assets	$	39	$	23
Liabilities:
Deferred compensation	$	336	$	435
Foreign currency hedges	83		29
Total Liabilities	$	419	$	464

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

Variable Interest Entity Disclosure [Abstract]

Variable Interest Entities (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of Variable Interest Entities

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


At December 31,	2022		2021
Total assets	$	1,961	$	1,578

Total liabilities	$	328	$	184


Year Ended December 31,	2022		2021		2020 (a)
Revenues	$	524	$	576	$	705

Operating income (loss)	$	(56)	$	43	$	498

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

Stockholders' Equity Note [Abstract]

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2022

Summary of Changes in the Components of Accumulated Other Comprehensive Income (Loss)

The following table presents the changes in the components of accumulated other comprehensive income (loss).


	Continuing Operations							Discontinued Operations
				Net Actuarial							Accumulated
	Cumulative			Loss and				Other			Other
	Translation			Prior				Comprehensive			Comprehensive
	Adjustments			Service Cost				Income (Loss) (a)			Loss
At December 31, 2019		$	(438)		$	(1,507)			$	(25)		$	(1,970)
Other comprehensive income (loss) before reclassifications		135			(74)				5			66
Reclassifications to net earnings		—			72		(b)		—			72
Other comprehensive income (loss)		135			(2)				5			138
At December 31, 2020		(303)			(1,509)				(20)			(1,832)
Other comprehensive income (loss) before reclassifications		(142)			5				(3)			(140)
Reclassifications to net earnings		—			70		(b)		—			70
Other comprehensive income (loss)		(142)			75				(3)			(70)
At December 31, 2021		(445)			(1,434)				(23)			(1,902)
Other comprehensive income (loss) before reclassifications		(235)			273				(7)			31
Reclassifications to net earnings		—			64		(b)		—			64
Other comprehensive income (loss)		(235)			337				(7)			95
At December 31, 2022		$	(680)		$	(1,097)			$	(30)		$	(1,807)

(a) Reflects cumulative translation adjustments.

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Stock-based Compensation

The following table summarizes stock-based compensation expense for the years ended December 31, 2022, 2021 and 2020.


Year Ended December 31,	2022		2021		2020
RSUs and PSUs	$	155	$	163	$	167
Stock options	3		9		19
Expense included in operating and SG&A	158		172		186
Expense included in restructuring and other corporate matters (a)	14		20		88
Stock-based compensation expense, before income taxes	172		192		274
Related tax benefit	(35)		(41)		(54)
Stock-based compensation expense, net of tax benefit	$	137	$	151	$	220

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

Rollforward of RSU and PSU Activity

The following table summarizes our RSU and PSU share activity:


			Weighted Average
	Shares		Grant Date Fair Value
Non-vested at December 31, 2021		7,730,664		$	37.14
Granted		7,494,771		$	31.58
Vested		(3,206,135)		$	39.32
Forfeited		(903,929)		$	33.90
Non-vested at December 31, 2022		11,115,371		$	33.02

Rollforward of Stock Option Activity

The following table summarizes our stock option activity under the Plans.


			Weighted Average
	Stock Options		Exercise Price
Outstanding at December 31, 2021		6,202,575		$	63.85

Forfeited or expired		(1,105,628)		$	80.76
Outstanding at December 31, 2022		5,096,947		$	60.18
Exercisable at December 31, 2022		5,096,947		$	60.18

Stock Option Exercise Information


Year Ended December 31,	2021		2020
Cash received from stock option exercises	$	408	$	5
Tax benefit of stock option exercises	$	29	$	1
Intrinsic value of stock option exercises	$	128	$	2

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

U.S. and Foreign Components of Earnings From Continuing Operations Before Income Taxes and Equity in Loss of Investee Companies

The U.S. and foreign components of earnings from continuing operations before income taxes and equity in loss of investee companies were as follows:


Year Ended December 31,	2022		2021		2020
United States	$	324	$	4,106	$	2,353
Foreign	942		1,100		794
Total	$	1,266	$	5,206	$	3,147

Income Tax Provision Components

The components of the provision (benefit) for income taxes were as follows:


Year Ended December 31,	2022		2021		2020
Current:
Federal	$	75	$	179	$	160
State and local	64		138		73
Foreign	194		239		180
Total current	333		556		413
Deferred:
Federal	(57)		249		146
State and local	(14)		49		42
Foreign	(35)		(208)		(66)
Total deferred	(106)		90		122
Provision for income taxes	$	227	$	646	$	535

Reconciliation of U.S. Federal Statutory Income Tax Rate

The difference between income taxes expected at the U.S. federal statutory income tax rate of 21% and the provision (benefit) for income taxes is summarized as follows:


Year Ended December 31,	2022		2021		2020
Taxes on income at U.S. federal statutory rate	$	266	$	1,093	$	661
State and local taxes, net of federal tax benefit	44		190		116
Effect of foreign operations	(20)		(141)		(98)
Noncontrolling interests	(20)		(13)		(52)
U.K. statutory rate change	—		(260)		(100)
Reorganization of foreign operations (a)	(72)		(229)		—
Excess tax (benefit) deficiency from stock-based compensation	13		(8)		29
Other, net	16		14		(21)
Provision for income taxes	$	227	$	646	$	535

Components of Deferred Income Tax Assets and Liabilities

The following table summarizes the components of deferred income tax assets and liabilities.


At December 31,	2022		2021
Deferred income tax assets:
Reserves and other accrued liabilities	$	430	$	369
Pension, postretirement and other employee benefits	534		679
Lease liability	425		465
Tax credit and loss carryforwards	397		428
Interest limitation carryforward	93		—
Capitalized costs	49		—
Other	11		23
Total deferred income tax assets	1,939		1,964
Valuation allowance	(488)		(581)
Deferred income tax assets, net	1,451		1,383
Deferred income tax liabilities:
Intangible assets	(643)		(523)
Unbilled licensing receivables	—		(76)
Lease asset	(344)		(391)
Property, equipment and other assets	(180)		(171)
Financing obligations	(69)		(65)
Other	(50)		(14)
Total deferred income tax liabilities	(1,286)		(1,240)
Deferred income tax assets, net	$	165	$	143

Change in Reserve for Uncertain Tax Positions

The following table sets forth the change in the reserve for uncertain tax positions, excluding related accrued interest and penalties.


At January 1, 2020	$	384
Additions for current year tax positions	15
Additions for prior year tax positions	18
Reductions for prior year tax positions	(34)
Cash settlements	(2)
Statute of limitations lapses	(9)
Reclassification to deferred income tax liability	(64)
At December 31, 2020	308
Additions for current year tax positions	23
Additions for prior year tax positions	32
Reductions for prior year tax positions	(45)
Cash settlements	(6)
Statute of limitations lapses	(11)
At December 31, 2021	301
Additions for current year tax positions	16
Additions for prior year tax positions	3
Reductions for prior year tax positions	(13)
Cash settlements	(2)
Statute of limitations lapses	(2)
At December 31, 2022	$	303

Pension and Other Postretirement Benefits (Tables)

12 Months Ended

Dec. 31, 2022

Retirement Benefits [Abstract]

Change in Benefit Obligations

The following table sets forth the change in benefit obligation for our pension and postretirement benefit plans.


	Pension Benefits				Postretirement Benefits
	2022		2021		2022		2021
Change in benefit obligation:
Benefit obligation, beginning of year	$	4,909	$	5,162	$	276	$	322
Service cost	—		—		1		1
Interest cost	150		145		8		8
Actuarial gain	(1,089)		(45)		(29)		(18)
Benefits paid	(309)		(320)		(43)		(46)
Settlements paid	—		(33)		—		—
Participants’ contributions	—		—		6		5
Retiree Medicare drug subsidy	—		—		3		4
Benefit obligation, end of year	$	3,661	$	4,909	$	222	$	276

Change in Plan Assets

The following table sets forth the change in plan assets for our pension and postretirement benefit plans.


	Pension Benefits				Postretirement Benefits
	2022		2021		2022		2021
Change in plan assets:
Fair value of plan assets, beginning of year	$	3,191	$	3,347	$	—	$	—
Actual (loss) return on plan assets	(592)		116		—		—
Employer contributions	73		81		34		37
Benefits paid	(309)		(320)		(43)		(46)
Settlements paid	—		(33)		—		—
Participants’ contributions	—		—		6		5
Retiree Medicare drug subsidy	—		—		3		4
Fair value of plan assets, end of year	$	2,363	$	3,191	$	—	$	—

Funded Status and Amounts Recognized on Consolidated Balance Sheets

The funded status of pension and postretirement benefit obligations and the related amounts recognized on the Consolidated Balance Sheets were as follows:


	Pension Benefits				Postretirement Benefits
At December 31,	2022		2021		2022		2021
Funded status at end of year	$	(1,298)	$	(1,718)	$	(222)	$	(276)
Amounts recognized on the Consolidated Balance Sheets:
Other assets	$	—	$	7	$	—	$	—
Current liabilities	(73)		(73)		(34)		(35)
Noncurrent liabilities	(1,225)		(1,652)		(188)		(241)
Net amounts recognized	$	(1,298)	$	(1,718)	$	(222)	$	(276)

Amounts Recognized in Accumulated Other Comprehensive Income (Loss)

The following amounts were recognized in accumulated other comprehensive income (loss) on the Consolidated Balance Sheets.


	Pension Benefits				Postretirement Benefits
At December 31,	2022		2021		2022		2021
Net actuarial (loss) gain	$	(1,646)	$	(2,068)	$	157	$	143
Net prior service cost	(1)		(1)		—		—
Share of equity investee	—		(1)		—		—
	(1,647)		(2,070)		157		143
Deferred income taxes	438		541		(17)		(14)
Net amount recognized in accumulated other comprehensive income (loss)	$	(1,209)	$	(1,529)	$	140	$	129

Schedule of Accumulated Benefit Obligations in Excess of Plan Assets

Information for the pension plans with an accumulated benefit obligation in excess of plan assets is set forth below.


At December 31,	2022		2021
Projected and accumulated benefit obligation	$	3,661	$	4,908
Fair value of plan assets	$	2,363	$	3,184

Components of Net Periodic Benefit Cost

The following tables present the components of net periodic benefit cost and amounts recognized in other comprehensive income (loss).


	Pension Benefits						Postretirement Benefits
Year Ended December 31,	2022		2021		2020		2022		2021		2020
Components of net periodic cost:
Service cost	$	—	$	—	$	30	$	1	$	1	$	2
Interest cost	150		145		164		8		8		11
Expected return on plan assets	(172)		(188)		(194)		—		—		—
Amortization of actuarial losses (gains)	97		93		103		(15)		(15)		(15)
Amortization of prior service cost	—		—		2		—		—		1
Settlements (a)	—		10		—		—		—		—
Net periodic cost (b)	$	75	$	60	$	105	$	(6)	$	(6)	$	(1)

(a) 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.

(b) Includes amounts reflected in net earnings from discontinued operations of $3 million for each of the years ended December 31, 2022 and 2021 and $5 million for the year ended December 31, 2020.

Schedule of Amounts Recognized in Other Comprehensive Income (Loss)


	Pension Benefits						Postretirement Benefits
Year Ended December 31,	2022		2021		2020		2022		2021		2020
Other comprehensive income (loss):
Actuarial (loss) gain	$	325	$	(27)	$	(173)	$	29	$	18	$	8
Share of equity investee	1		1		—		—		—		—
Curtailment gain	—		—		79		—		—		—
Settlements	—		10		—		—		—		—
Amortization of actuarial losses (gains)	97		93		103		(15)		(15)		(15)
Amortization of prior service cost	—		—		2		—		—		1
	423		77		11		14		3		(6)
Deferred income taxes	(103)		(19)		(3)		(3)		(1)		1
Recognized in other comprehensive income (loss), net of tax	$	320	$	58	$	8	$	11	$	2	$	(5)

Weighted Average Assumptions Used to Determine Benefit Obligations and Net Periodic Costs


	Pension Benefits						Postretirement Benefits
	2022		2021		2020		2022		2021		2020
Weighted average assumptions used to determine benefit obligations at December 31:
Discount rate	5.9	%	3.2	%	2.9	%	6.0	%	3.0	%	2.6	%
Rate of compensation increase	—	%	—	%	—	%	N/A		N/A		N/A
Weighted average assumptions used to determine net periodic costs for the year ended December 31:
Discount rate	3.2	%	2.9	%	3.4	%	3.0	%	2.6	%	3.3	%
Expected long-term return on plan assets	5.6	%	5.9	%	6.4	%	N/A		N/A		N/A
Cash balance interest crediting rate	5.0	%	5.0	%	5.0	%	N/A		N/A		N/A
Rate of compensation increase	—	%	—	%	3.0	%	N/A		N/A		N/A

N/A - not applicable

Assumptions Regarding Heath Care Cost Trend Rates for Postretirement Benefits

The following additional assumptions were used in accounting for postretirement benefits.


	2022		2021
Projected health care cost trend rate (pre-65)	6.8	%	7.0	%
Projected health care cost trend rate (post-65)	6.8	%	7.0	%
Ultimate trend rate	5.0	%	5.0	%
Year ultimate trend rate is achieved	2030		2030

Fair Value of Pension Plan Assets


At December 31, 2022	Level 1		Level 2		Total
Cash and cash equivalents (a)	$	—	$	3	$	3
Fixed income securities:
U.S. treasury securities	108		—		108
Government-related securities	—		133		133
Corporate bonds (c)	—		1,144		1,144
Mortgage-backed and asset-backed securities	—		101		101
Equity securities:
U.S. large capitalization	48		—		48
U.S. small capitalization	63		—		63
Total assets in fair value hierarchy	$	219	$	1,381	$	1,600
Common collective funds measured at net asset value (d) (e)					660
Limited partnerships measured at net asset value (d)					11
Mutual funds measured at net asset value (d)					92
Investments, at fair value					$	2,363


At December 31, 2021	Level 1		Level 2		Total
Cash and cash equivalents (a) (b)	$	83	$	5	$	88
Fixed income securities:
U.S. treasury securities	164		—		164
Government-related securities	—		175		175
Corporate bonds (c)	—		1,448		1,448
Mortgage-backed and asset-backed securities	—		76		76
Equity securities:
U.S. large capitalization	72		—		72
U.S. small capitalization	81		—		81
Other	—		14		14
Total assets in fair value hierarchy	$	400	$	1,718	$	2,118
Common collective funds measured at net asset value (d) (e)					1,013
Limited partnerships measured at net asset value (d)					18
Mutual funds measured at net asset value (d)					42
Investments, at fair value					$	3,191

(a) Assets categorized as Level 2 reflect investments in money market funds.

(e) Underlying investments consist mainly of U.S. large capitalization and international equity securities.

Estimated Future Benefit Payments

Estimated future benefit payments are as follows:


	2023		2024		2025		2026		2027		2028-2032
Pension	$	313	$	311	$	311	$	309	$	305	$	1,421
Postretirement	$	35	$	32	$	29	$	27	$	24	$	87
Retiree Medicare drug subsidy	$	3	$	3	$	3	$	3	$	3	$	14

Participation in Multi-employer Defined Benefit Pension Plan

The table below presents information concerning our participation in multiemployer defined benefit pension plans.


	Employer Identification Number/Pension Plan Number	Pension Protection Act		Company Contributions						Expiration Date of Collective Bargaining Agreement
		Zone Status (a)
Pension Plan		2022	2021	2022		2021		2020
AFTRA Retirement Plan (b)	13-6414972-001	Green	Green	$	16	$	17	$	13	6/30/2024
Directors Guild of America - Producer (b)	95-2892780-001	Green	Green	19		23		16		6/30/2023
Producer-Writers Guild of America	95-2216351-001	Green	Green	30		26		22		5/1/2023
Screen Actors Guild - Producers	95-2110997-001	Green	Green	30		45		24		6/30/2023
Motion Picture Industry	95-1810805-001	Green	Green	63		66		35		(c)
I.A.T.S.E. Local No. 33 Pension Trust Fund	95-6377503-001	Green	Green	5		10		3		3/31/2023
Other Plans				14		16		7
	Total contributions			$	177	$	203	$	120

(b) The Company was listed in these plan’s most recent Form 5500 as providing more than 5% of total contributions for the plan.

Segment Information (Tables)

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Revenues by Segment


Year Ended December 31,	2022		2021		2020
Revenues:
Advertising	$	9,350	$	10,105	$	9,062
Affiliate and subscription	8,180		8,413		8,037
Licensing and other	4,202		4,216		4,021
TV Media	21,732		22,734		21,120
Advertising	1,533		1,298		686
Subscription	3,371		2,029		1,129
Direct-to-Consumer	4,904		3,327		1,815
Advertising	23		18		18
Theatrical	1,223		241		180
Licensing and other	2,460		2,428		2,272
Filmed Entertainment	3,706		2,687		2,470
Eliminations	(188)		(162)		(120)
Total Revenues	$	30,154	$	28,586	$	25,285

Intercompany Revenues by Segment


Year Ended December 31,	2022		2021		2020
Intercompany Revenues:
TV Media	$	66	$	87	$	88
Direct-to-Consumer	—		2		2
Filmed Entertainment	122		73		30
Total Intercompany Revenues	$	188	$	162	$	120

Adjusted OIBDA by Segment


Year Ended December 31,	2022		2021		2020
Adjusted OIBDA:
TV Media	$	5,451	$	5,892	$	5,816
Direct-to-Consumer	(1,819)		(992)		(171)
Filmed Entertainment	272		207		158
Corporate/Eliminations	(470)		(491)		(485)
Stock-based compensation	(158)		(172)		(186)
Depreciation and amortization	(405)		(390)		(430)
Restructuring and other corporate matters	(585)		(100)		(618)
Programming charges	—		—		(159)
Net gain on dispositions	56		2,343		214
Operating income	2,342		6,297		4,139
Interest expense	(931)		(986)		(1,031)
Interest income	108		53		60
Net gains (losses) from investments	(9)		47		206
Loss on extinguishment of debt	(120)		(128)		(126)
Other items, net	(124)		(77)		(101)
Earnings from continuing operations before income taxes and equity in loss of investee companies	1,266		5,206		3,147
Provision for income taxes	(227)		(646)		(535)
Equity in loss of investee companies, net of tax	(204)		(91)		(28)
Net earnings from continuing operations	835		4,469		2,584
Net earnings from discontinued operations, net of tax	379		162		117
Net earnings (Paramount and noncontrolling interests)	1,214		4,631		2,701
Net earnings attributable to noncontrolling interests	(110)		(88)		(279)
Net earnings attributable to Paramount	$	1,104	$	4,543	$	2,422

Revenues by Customer Location


Year Ended December 31,	2022		2021		2020
Revenues: (a)
United States	$	24,412	$	23,320	$	20,690
International	5,742		5,266		4,595
Total Revenues	$	30,154	$	28,586	$	25,285

(a) Revenue classifications are based on customers’ locations.

Long-lived Assets by Geographic Area


At December 31,	2022		2021
Long-lived Assets: (a)
United States	$	18,231	$	16,075
International	1,458		897
Total Long-lived Assets	$	19,689	$	16,972

(a) Reflects total assets less current assets, investments, goodwill, intangible assets, noncurrent receivables and noncurrent deferred tax assets.

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitments


	Payments Due by Period
													2028 and
	Total		2023		2024		2025		2026		2027		Thereafter
Off-Balance Sheet Arrangements
Programming and talent commitments	$	33,729	$	4,233	$	3,990	$	3,004	$	2,890	$	2,632	$	16,980
Purchase obligations	$	1,729	$	693	$	561	$	258	$	145	$	21	$	51

On-Balance Sheet Arrangements
Other long-term contractual obligations	$	2,287	$	—	$	1,288	$	683	$	255	$	53	$	8

Supplemental Financial Information (Tables)

12 Months Ended

Dec. 31, 2022

Additional Financial Information Disclosure [Abstract]

Summary Components of Other Items, Net

The following table presents the components of Other items, net on the Consolidated Statements of Operations.


Year Ended December 31,	2022		2021		2020
Pension and postretirement benefit costs	$	(65)	$	(43)	$	(69)
Foreign exchange losses	(58)		(26)		(35)
Pension settlement charge (a)	—		(10)		—
Other	(1)		2		3
Other items, net	$	(124)	$	(77)	$	(101)

(a) 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.

Schedule of Redeemable Noncontrolling Interest

The activity reflected within redeemable noncontrolling interest for the years ended December 31, 2022, 2021 and 2020 is presented below.


Year Ended December 31,	2022		2021		2020
Beginning balance	$	107	$	197	$	254
Net earnings	4		14		11
Distributions	(6)		(5)		(15)
Translation adjustment	(20)		(5)		7
Redemption value adjustment	17		(94)		(60)
Purchase of noncontrolling interest	(102)		—		—
Ending balance	$	—	$	107	$	197

Supplemental Cash Flow Information


Year Ended December 31,	2022		2021		2020
Cash paid for interest	$	920	$	970	$	965

Cash paid for income taxes:
Continuing operations	$	61	$	291	$	411
Discontinued operations	12		43		55
Total cash paid for income taxes	$	73	$	334	$	466

Basis of Presentation and Summary of Significant Accounting Policies - Narrative (Details) - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Nov. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Preferred stock, percentage	5.75%	5.75%
Film development costs, expense period	3 years
Allowance for doubtful accounts	$ 111	$ 80
Provision for doubtful accounts	$ 40	8	$ 32
Renewal options to extend term, maximum	10 years
Advertising expense	$ 2,690	$ 2,140	$ 1,310
Simon & Schuster
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Termination fee				$ 200
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)	11	6	22
Other Current Liabilities
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Reserves for sales returns and allowances	$ 70	$ 36
Prepaid Expense and Other Assets, Current
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Production tax incentives receivable	300
Other Assets, Noncurrent
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Production tax incentives receivable	$ 1,400
Minimum
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Finite-lived intangible asset useful life	5 years
Maximum
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Finite-lived intangible asset useful life	40 years
Remaining term	14 years
Internally Produced Television Programming
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Period revenue is earned	10 years
Internally Produced Television Programming Still In Production
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Period revenue is earned	5 years
Feature Film
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Period revenue is earned	10 years
Film Libraries
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Period revenue is earned	20 years
Television Licensing \| Minimum
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Collection term	1 year
Television Licensing \| Maximum
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Collection term	5 years
Convertible Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Preferred stock, percentage	5.75%

Basis of Presentation and Summary of Significant Accounting Policies - Property and Equipment (Details)	12 Months Ended
	Dec. 31, 2022
Buildings and building improvements \| Minimum
Property, Plant and Equipment [Line Items]
Property and equipment estimated useful life	10 years
Buildings and building improvements \| Maximum
Property, Plant and Equipment [Line Items]
Property and equipment estimated useful life	40 years
Leasehold improvements
Property, Plant and Equipment [Line Items]
Leasehold improvement estimated useful life	Shorter of lease term or useful life
Equipment and other (including finance leases) \| Minimum
Property, Plant and Equipment [Line Items]
Property and equipment estimated useful life	3 years
Equipment and other (including finance leases) \| Maximum
Property, Plant and Equipment [Line Items]
Property and equipment estimated useful life	20 years

Basis of Presentation and Summary of Significant Accounting Policies - Net Earnings (Loss) per Common Share (Details) - shares shares in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Weighted average shares for basic EPS (in shares)	649	641	616
Dilutive effect of shares issuable under stock-based compensation plans (in shares)	1	5	2
Conversion of Mandatory Convertible Preferred Stock (in shares)	0	9	0
Weighted average shares for diluted EPS (in shares)	650	655	618

Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Amounts attributable to Paramount:
Net earnings from continuing operations	$ 725	$ 4,381	$ 2,305
Preferred stock dividends	(58)	(44)
Net earnings from continuing operations for basic EPS calculation	667	4,337
Preferred stock dividend adjustment	0	44
Net earnings from continuing operations for diluted EPS calculation	667	4,381
Amounts attributable to Paramount:
Net earnings	1,104	4,543	$ 2,422
Preferred stock dividends	(58)	(44)
Net earnings for basic EPS calculation	1,046	4,499
Preferred stock dividend adjustment	0	44
Net earnings for diluted EPS calculation	$ 1,046	$ 4,543

Acquisitions and Dispositions - Acquisitions (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($) title
Business Acquisition [Line Items]
Payments to acquire business, net	$ 0	$ 54	$ 147
Chilevisión, Fox TeleColombia, and Estudios TeleMexico
Business Acquisition [Line Items]
Payments to acquire business, net		$ 54
Miramax
Business Acquisition [Line Items]
Percentage of voting interests acquired			49.00%
Purchase price			$ 375
Upfront cash payment			150
Commitment to invest, annual amount			$ 45
Addition of titles to library \| title			700

Acquisitions and Dispositions - Dispositions (Details) - USD ($) $ in Millions		1 Months Ended			12 Months Ended
	Oct. 30, 2020	Sep. 30, 2022	Dec. 31, 2021	Oct. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Discontinued Operations [Line Items]
Net gain on dispositions					$ 56	$ 2,343	$ 214
CBS Studio Center, Portion Of Los Angeles Building
Discontinued Operations [Line Items]
Lessee, lease term			10 years			10 years
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Nordics
Discontinued Operations [Line Items]
Net gain on dispositions		$ 41
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Other Dispositions
Discontinued Operations [Line Items]
Net gain on dispositions					$ 15
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Fifty One West Fifty Second Street, Office Tower
Discontinued Operations [Line Items]
Net gain on dispositions				$ 523
Proceeds from disposition				$ 760
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| CBS Studio Center
Discontinued Operations [Line Items]
Net gain on dispositions			$ 1,700
Proceeds from disposition			$ 1,850
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Noncore Trademark Licensing Operation
Discontinued Operations [Line Items]
Net gain on dispositions						$ 117
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| CNET Media Group
Discontinued Operations [Line Items]
Net gain on dispositions	$ 214
Sale of business, consideration	$ 484

Discontinued Operations - Schedule of Dispositions, Net Earnings (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Costs and expenses:
Income tax provision	$ (77)	$ (57)	$ (38)
Discontinued operations
Discontinued Operations [Line Items]
Revenues	1,177	993	901
Costs and expenses:
Operating	716	602	554
Selling, general and administrative	180	158	172
Depreciation and amortization		3	5
Restructuring charges	3	1	10
Total costs and expenses	899	764	741
Operating income	278	229	160
Termination fee, net of advisory fees	190
Other items, net	(12)	(10)	(5)
Earnings from discontinued operations	456	219	155
Income tax provision	(77)	(57)	(38)
Net earnings from discontinued operations, net of tax	379	162	117
Discontinued operations \| Simon & Schuster
Discontinued Operations [Line Items]
Revenues	1,177	993	901
Costs and expenses:
Operating	746	618	573
Selling, general and administrative	180	158	172
Depreciation and amortization		3	5
Restructuring charges	3	1	10
Total costs and expenses	929	780	760
Operating income	248	213	141
Termination fee, net of advisory fees	190
Other items, net	(12)	(10)	(5)
Earnings from discontinued operations	426	203	136
Income tax provision	(70)	(46)	(34)
Net earnings from discontinued operations, net of tax	356	157	102
Discontinued operations \| Other
Discontinued Operations [Line Items]
Revenues	0	0	0
Costs and expenses:
Operating	(30)	(16)	(19)
Selling, general and administrative	0	0	0
Depreciation and amortization		0	0
Restructuring charges	0	0	0
Total costs and expenses	(30)	(16)	(19)
Operating income	30	16	19
Termination fee, net of advisory fees	0
Other items, net	0	0	0
Earnings from discontinued operations	30	16	19
Income tax provision	(7)	(11)	(4)
Net earnings from discontinued operations, net of tax	$ 23	$ 5	$ 15

Discontinued Operations - Schedule of Dispositions, Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Discontinued Operations [Line Items]
Other current liabilities	$ 549	$ 571
Discontinued operations
Discontinued Operations [Line Items]
Receivables, net	558	536
Other current assets	229	209
Goodwill	434	435
Property and equipment, net	53	46
Operating lease assets	204	203
Other assets	111	131
Total Assets	1,589	1,560
Royalties payable	161	155
Other current liabilities	388	416
Operating lease liabilities	182	194
Other liabilities	18	19
Total Liabilities	$ 749	$ 784

Property and Equipment (Details) - USD ($) $ in Millions	12 Months Ended
Property and Equipment (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 5,476	$ 5,486
Less accumulated depreciation	3,714	3,750
Property and equipment, net	1,762	1,736
Depreciation expense, including amortization of finance leases	337	344	$ 345
Accelerated depreciation			$ 12
Land
Property, Plant and Equipment [Line Items]
Property and equipment, gross	371	372
Buildings
Property, Plant and Equipment [Line Items]
Property and equipment, gross	863	842
Equipment and other
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 4,242	$ 4,272

Programming and Other Inventory - Programming Inventory (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Inventory [Line Items]
Acquired program rights, including prepaid sports rights, film group monetization	$ 3,238	$ 3,432
Acquired libraries, individual monetization	394	441
Home entertainment	45	37
Total programming and other inventory	17,620	14,862
Less current portion	1,342	1,504
Total noncurrent programming and other inventory	16,278	13,358
Internally Produced Television Programming
Inventory [Line Items]
Released, film group monetization	7,154	3,808
In process and other, film group monetization	3,299	2,609
Released, individual monetization	624	1,604
In process and other, individual monetization	726	769
Film Inventory
Inventory [Line Items]
Released, individual monetization	694	606
Completed, not yet released, individual monetization	129	253
In process and other, individual monetization	$ 1,317	$ 1,303

Programming and Other Inventory - Amortization of Programming and Production Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Programming costs, acquired programming	$ 5,018	$ 5,143	$ 3,779
Production costs, internally-produced television and film programming:
Individual monetization	2,104	3,245	2,669
Film group monetization	$ 5,187	$ 3,248	$ 3,133

Programming and Other Inventory - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Film, Monetized on Its Own, Amortization Expense, Statement of Income or Comprehensive Income [Extensible Enumeration]		Operating	Operating	Operating
Film, Monetized in Film Group, Amortization Expense, Statement of Income or Comprehensive Income [Extensible Enumeration]		Operating	Operating	Operating
Entertainment, License Agreement for Program Material, Amortization Expense, Statement of Income or Comprehensive Income [Extensible Enumeration]		Operating	Operating	Operating
Content impairment				$ 159
Completed, not yet released film inventory expected, individual basis, amortization		$ 63
Forecast \| Minimum
Segment Reporting Information [Line Items]
Content impairment	$ 1,300
Forecast \| Maximum
Segment Reporting Information [Line Items]
Content impairment	$ 1,500
TV Media
Segment Reporting Information [Line Items]
Content impairment				154
Filmed Entertainment
Segment Reporting Information [Line Items]
Content impairment				$ 5

Programming and Other Inventory - Expected Amortization of Released Programming Inventory (Details) $ in Millions	Dec. 31, 2022 USD ($)
Programming costs, acquired programming
2023	$ 2,187
2024	593
2025	285
Individual monetization
2023	822
2024	248
2025	136
Film group monetization
2023	3,175
2024	1,812
2025	$ 1,147

Goodwill and Other Intangible Assets - Narrative (Details) $ in Millions		3 Months Ended	9 Months Ended	12 Months Ended
	Jan. 01, 2022 reportingUnit	Dec. 31, 2022 USD ($) reportingUnit market	Sep. 30, 2022 reportingUnit	Dec. 31, 2022 USD ($) reportingUnit market	Dec. 31, 2021 reportingUnit	Dec. 31, 2020 USD ($)
Impairment Testing Assumptions [Line Items]
Number of markets with book value of FCC licenses				14
Goodwill
Impairment Testing Assumptions [Line Items]
Number of reporting units \| reportingUnit	6			5	4
TV Media
Impairment Testing Assumptions [Line Items]
Number of reporting units \| reportingUnit		2	3
FCC Licenses
Impairment Testing Assumptions [Line Items]
Number of qualitative assessments performed				9
Number of quantitative assessments performed				5
FCC Licenses \| TV Media
Impairment Testing Assumptions [Line Items]
Impairment charge \| $						$ 25
FCC Licenses \| Two Markets \| TV Media
Impairment Testing Assumptions [Line Items]
Number of markets where carrying value of intangible asset exceeds fair value		2		2
Impairment charge \| $		$ 27		$ 27
Indefinite-lived intangible assets \| $		184		184
FCC Licenses \| Three Markets
Impairment Testing Assumptions [Line Items]
Indefinite-lived intangible assets \| $		$ 787		$ 787
Quantitative test, number of markets with no impairment		3		3
Maximum percent difference between carrying value and fair value		10.00%		10.00%
FCC Licenses \| Discount Rate
Impairment Testing Assumptions [Line Items]
Measurement inputs for intangible assets		0.08		0.08
FCC Licenses \| Long-Term Growth Rate
Impairment Testing Assumptions [Line Items]
Measurement inputs for intangible assets		0.01		0.01

Goodwill and Other Intangible Assets - Goodwill (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Goodwill
Goodwill, beginning balance	$ 29,938	$ 29,966
Accumulated impairment losses, beginning balance	(13,354)	(13,354)
Goodwill, net of impairment, beginning balance	16,584	16,612
Acquisitions / (Dispositions)	0	16
Accumulated impairment losses, Acquisitions / (Dispositions)	0	0
Goodwill, net of impairment, Acquisitions / (Dispositions)	0	16
Foreign Currency	(85)	(44)
Accumulated impairment losses, Foreign Currency	0	0
Goodwill, net of impairment, Foreign Currency	(85)	(44)
Goodwill, ending balance	29,853	29,938
Accumulated impairment losses, ending balance	(13,354)	(13,354)
Goodwill, net of impairment, ending balance	16,499	16,584
Operating Segments \| TV Media
Goodwill
Goodwill, beginning balance	24,590	24,618
Accumulated impairment losses, beginning balance	(13,354)	(13,354)
Goodwill, net of impairment, beginning balance	11,236	11,264
Acquisitions / (Dispositions)	0	16
Accumulated impairment losses, Acquisitions / (Dispositions)	0	0
Goodwill, net of impairment, Acquisitions / (Dispositions)	0	16
Foreign Currency	(85)	(44)
Accumulated impairment losses, Foreign Currency	0	0
Goodwill, net of impairment, Foreign Currency	(85)	(44)
Goodwill, ending balance	24,505	24,590
Accumulated impairment losses, ending balance	(13,354)	(13,354)
Goodwill, net of impairment, ending balance	11,151	11,236
Operating Segments \| Direct-to-Consumer
Goodwill
Goodwill, beginning balance	2,728	2,728
Accumulated impairment losses, beginning balance	0	0
Goodwill, net of impairment, beginning balance	2,728	2,728
Acquisitions / (Dispositions)	0	0
Accumulated impairment losses, Acquisitions / (Dispositions)	0	0
Goodwill, net of impairment, Acquisitions / (Dispositions)	0	0
Foreign Currency	0	0
Accumulated impairment losses, Foreign Currency	0	0
Goodwill, net of impairment, Foreign Currency	0	0
Goodwill, ending balance	2,728	2,728
Accumulated impairment losses, ending balance	0	0
Goodwill, net of impairment, ending balance	2,728	2,728
Operating Segments \| Filmed Entertainment
Goodwill
Goodwill, beginning balance	2,620	2,620
Accumulated impairment losses, beginning balance	0	0
Goodwill, net of impairment, beginning balance	2,620	2,620
Acquisitions / (Dispositions)	0	0
Accumulated impairment losses, Acquisitions / (Dispositions)	0	0
Goodwill, net of impairment, Acquisitions / (Dispositions)	0	0
Foreign Currency	0	0
Accumulated impairment losses, Foreign Currency	0	0
Goodwill, net of impairment, Foreign Currency	0	0
Goodwill, ending balance	2,620	2,620
Accumulated impairment losses, ending balance	0	0
Goodwill, net of impairment, ending balance	$ 2,620	$ 2,620

Goodwill and Other Intangible Assets - Intangible Assets (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Gross	$ 737	$ 758
Accumulated amortization	(490)	(461)
Net	247	297
Total intangible assets, gross	3,184	3,233
Total intangible assets, net	2,694	2,772
FCC licenses
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	2,389	2,416
International broadcast licenses
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	24	25
Other intangible assets
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	34	34
Trade names
Finite-Lived Intangible Assets [Line Items]
Gross	252	257
Accumulated amortization	(153)	(140)
Net	99	117
Licenses
Finite-Lived Intangible Assets [Line Items]
Gross	128	140
Accumulated amortization	(55)	(53)
Net	73	87
Customer agreements
Finite-Lived Intangible Assets [Line Items]
Gross	123	124
Accumulated amortization	(101)	(98)
Net	22	26
Other intangible assets
Finite-Lived Intangible Assets [Line Items]
Gross	234	237
Accumulated amortization	(181)	(170)
Net	$ 53	$ 67

Goodwill and Other Intangible Assets - Amortization Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 68	$ 46	$ 85
Impairment, Intangible Asset, Indefinite-Lived (Excluding Goodwill), Statement of Income or Comprehensive Income [Extensible Enumeration]	Depreciation and amortization		Depreciation and amortization

Goodwill and Other Intangible Assets - Future Amortization Expense (Details) $ in Millions	Dec. 31, 2022 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2023	$ 38
2024	29
2025	25
2026	24
2027	$ 23

Restructuring and Other Corporate Matters - Restructuring and Other Corporate Matters (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Restructuring and Related Activities [Abstract]
Severance	$ 260	$ 65	$ 472
Lease impairments and other exit costs	68	35	70
Restructuring charges	328	100	542
Merger-related costs	0	0	56
Other corporate matters	257	0	20
Restructuring and other corporate matters	$ 585	$ 100	$ 618

Restructuring and Other Corporate Matters - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Restructuring Cost and Reserve [Line Items]
Severance	$ 260	$ 65	$ 472
Lease impairment charges	68	35	42
Exit costs			28
Other corporate matters	257	0	20
Merger-related costs	0	$ 0	56
Professional fees			5
Write down property and equipment			$ 15
Russia, Belarus and Ukraine Counterparties
Restructuring Cost and Reserve [Line Items]
Other corporate matters	46
Legal Matters, Stockholder Matters Litigation
Restructuring Cost and Reserve [Line Items]
Other corporate matters	$ 211

Restructuring and Other Corporate Matters - Rollforward (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	$ 190	$ 372
Charges	328	100	$ 542
Payments	(134)	(227)
Restructuring reserve, ending balance	302	190	372
Exit costs			28
Charges
Restructuring Reserve [Roll Forward]
Charges	246	45
Stock-Based Compensation Expense
Restructuring Reserve [Roll Forward]
Charges	14	20
Operating Segments \| TV Media
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	122	256
Payments	(92)	(155)
Restructuring reserve, ending balance	251	122	256
Operating Segments \| TV Media \| Charges
Restructuring Reserve [Roll Forward]
Charges	221	21
Operating Segments \| Direct-to-Consumer
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	0
Payments	0
Restructuring reserve, ending balance	8	0
Operating Segments \| Direct-to-Consumer \| Charges
Restructuring Reserve [Roll Forward]
Charges	8
Operating Segments \| Filmed Entertainment
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	34	30
Payments	(22)	(19)
Restructuring reserve, ending balance	29	34	30
Operating Segments \| Filmed Entertainment \| Charges
Restructuring Reserve [Roll Forward]
Charges	17	23
Corporate
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	34	86
Payments	(20)	(53)
Restructuring reserve, ending balance	14	34	$ 86
Corporate \| Charges
Restructuring Reserve [Roll Forward]
Charges	$ 0	$ 1

Related Parties - Narrative (Details)	Dec. 31, 2022 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 Corp. Class A common stock (percentage)	77.40%
NAI ownership of ViacomCBS Corp. Class A and Class B common stock on a combined basis (percentage)	9.80%
Number of trustees	7
Number of beneficiary trustees	2

Related Parties - Schedule of Related Party Transactions (Details) - Other Related Parties - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Revenues	$ 358	$ 237	$ 106
Operating expenses	24	21	$ 13
Accounts receivable	$ 198	$ 50

The aggregate amount of receivables to be collected from related parties where one party can exercise control or significant influence over another party; including affiliates, owners or officers and their immediate families, pension trusts, and so forth, at the financial statement date. which are usually due within one year (or one business cycle).

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-Name Accounting Standards Codification
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-SubTopic 10
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
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-Paragraph 1
-Subparagraph (SX 210.4-08(k)(1))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Amount of revenue, fees and commissions earned from transactions between (a) a parent company and its subsidiaries; (b) subsidiaries of a common parent; (c) an entity and trusts for the benefit of employees, for example, but not limited to, pension and profit-sharing trusts that are managed by or under the trusteeship of the entity's management; (d) an entity and its principal, owners, management, or members of their immediate families; and (e) affiliates.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
-Subparagraph (SX 210.5-03.1(e))
-URI https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227

Revenues - Disaggregation of Revenue (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Revenues	$ 30,154	$ 28,586	$ 25,285
Advertising
Disaggregation of Revenue [Line Items]
Revenues	10,890	11,412	9,751
Affiliate and subscription
Disaggregation of Revenue [Line Items]
Revenues	11,551	10,442	9,166
Theatrical
Disaggregation of Revenue [Line Items]
Revenues	1,223	241	180
Licensing and other
Disaggregation of Revenue [Line Items]
Revenues	$ 6,490	$ 6,491	$ 6,188

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	Dec. 31, 2022	Dec. 31, 2021
Other Assets
Disaggregation of Revenue [Line Items]
Noncurrent receivables	$ 1,610	$ 1,840

Revenues - Contract Liabilities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Deferred revenue	$ 1,060	$ 1,200	$ 1,120
Revenue recognized	$ 900	$ 900	$ 600

Revenues - Unrecognized Revenues Under Contract (Details) $ in Billions	Dec. 31, 2022 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Unrecognized revenue	$ 9
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected timing of satisfaction period	1 year
Unrecognized revenue	$ 4
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected timing of satisfaction period	1 year
Unrecognized revenue	$ 2
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected timing of satisfaction period	1 year
Unrecognized revenue	$ 1
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected timing of satisfaction period
Unrecognized revenue	$ 2

Revenues - Performance Obligations Satisfied in Previous Periods (Details) - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Performance obligation satisfied	$ 0.4	$ 0.4	$ 0.4

Debt - Schedule of Debt (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Other bank borrowings	$ 55	$ 35
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Debt, Total long-term debt, net of current portion	Debt, Total long-term debt, net of current portion
Obligations under finance leases	$ 10	$ 16
Total debt	15,846	17,709
Less current portion of long-term debt	239	11
Total long-term debt, net of current portion	15,607	17,698
Net unamortized discount on senior debt	442	466
Unamortized deferred financing costs	89	95
Face value of debt	16,380	18,270
7.875% Debentures due 2023
Debt Instrument [Line Items]
Carrying value of senior debt	$ 139	139
Stated interest rate	7.875%
7.125% Senior Notes due 2023
Debt Instrument [Line Items]
Carrying value of senior debt	$ 35	35
Stated interest rate	7.125%
3.875% Senior Notes due 2024
Debt Instrument [Line Items]
Carrying value of senior debt	$ 0	490
Stated interest rate	3.875%
3.70% Senior Notes due 2024
Debt Instrument [Line Items]
Carrying value of senior debt	$ 0	599
Stated interest rate	3.70%
3.50% Senior Notes due 2025
Debt Instrument [Line Items]
Carrying value of senior debt	$ 0	597
Stated interest rate	3.50%
4.75% Senior Notes due 2025
Debt Instrument [Line Items]
Carrying value of senior debt	$ 552	1,242
Stated interest rate	4.75%
4.0% Senior Notes due 2026
Debt Instrument [Line Items]
Carrying value of senior debt	$ 795	793
Stated interest rate	4.00%
3.45% Senior Notes due 2026
Debt Instrument [Line Items]
Carrying value of senior debt	$ 124	123
Stated interest rate	3.45%
2.90% Senior Notes due 2027
Debt Instrument [Line Items]
Carrying value of senior debt	$ 694	692
Stated interest rate	2.90%
3.375% Senior Notes due 2028
Debt Instrument [Line Items]
Carrying value of senior debt	$ 496	496
Stated interest rate	3.375%
3.70% Senior Notes due 2028
Debt Instrument [Line Items]
Carrying value of senior debt	$ 494	493
Stated interest rate	3.70%
4.20% Senior Notes due 2029
Debt Instrument [Line Items]
Carrying value of senior debt	$ 495	494
Stated interest rate	4.20%
7.875% Senior Debentures due 2030
Debt Instrument [Line Items]
Carrying value of senior debt	$ 830	830
Stated interest rate	7.875%
4.95% Senior Notes due 2031
Debt Instrument [Line Items]
Carrying value of senior debt	$ 1,226	1,223
Stated interest rate	4.95%
4.20% Senior Notes due 2032
Debt Instrument [Line Items]
Carrying value of senior debt	$ 975	972
Stated interest rate	4.20%
5.50% Senior Debentures due 2033
Debt Instrument [Line Items]
Carrying value of senior debt	$ 427	427
Stated interest rate	5.50%
4.85% Senior Debentures due 2034
Debt Instrument [Line Items]
Carrying value of senior debt	$ 87	87
Stated interest rate	4.85%
6.875% Senior Debentures due 2036
Debt Instrument [Line Items]
Carrying value of senior debt	$ 1,071	1,070
Stated interest rate	6.875%
6.75% Senior Debentures due 2037
Debt Instrument [Line Items]
Carrying value of senior debt	$ 75	75
Stated interest rate	6.75%
5.90% Senior Notes due 2040
Debt Instrument [Line Items]
Carrying value of senior debt	$ 298	298
Stated interest rate	5.90%
4.50% Senior Debentures due 2042
Debt Instrument [Line Items]
Carrying value of senior debt	$ 45	45
Stated interest rate	4.50%
4.85% Senior Notes due 2042
Debt Instrument [Line Items]
Carrying value of senior debt	$ 488	488
Stated interest rate	4.85%
4.375% Senior Debentures due 2043
Debt Instrument [Line Items]
Carrying value of senior debt	$ 1,130	1,123
Stated interest rate	4.375%
4.875% Senior Debentures due 2043
Debt Instrument [Line Items]
Carrying value of senior debt	$ 18	18
Stated interest rate	4.875%
5.85% Senior Debentures due 2043
Debt Instrument [Line Items]
Carrying value of senior debt	$ 1,233	1,233
Stated interest rate	5.85%
5.25% Senior Debentures due 2044
Debt Instrument [Line Items]
Carrying value of senior debt	$ 345	345
Stated interest rate	5.25%
4.90% Senior Notes due 2044
Debt Instrument [Line Items]
Carrying value of senior debt	$ 541	540
Stated interest rate	4.90%
4.60% Senior Notes due 2045
Debt Instrument [Line Items]
Carrying value of senior debt	$ 590	590
Stated interest rate	4.60%
4.95% Senior Notes due 2050
Debt Instrument [Line Items]
Carrying value of senior debt	$ 946	944
Stated interest rate	4.95%
5.875% Junior Subordinated Debentures due 2057
Debt Instrument [Line Items]
Junior subordinated notes	$ 0	514
Stated interest rate	5.875%
6.25% Junior Subordinated Debentures due 2057
Debt Instrument [Line Items]
Junior subordinated notes	$ 643	643
Stated interest rate	6.25%
6.375% Junior Subordinated Debentures due 2062
Debt Instrument [Line Items]
Junior subordinated notes	$ 989	$ 0
Stated interest rate	6.375%
Face value of debt	$ 1,000

Debt - Narrative (Details) - USD ($)	12 Months Ended
Debt - Narrative (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Debt redemptions and repayments, cash	$ 3,140,000,000	$ 2,230,000,000	$ 2,909,000,000
Loss on extinguishment of debt	120,000,000	128,000,000	126,000,000
Face value of debt	16,380,000,000	18,270,000,000
Less commercial paper	0	0
Other bank borrowings	55,000,000	35,000,000
5.875% Junior Subordinated Debentures due 2057
Debt Instrument [Line Items]
Debt redemptions and repayments, cash	$ 520,000,000
Stated interest rate	5.875%
6.375% Junior Subordinated Debentures due 2062
Debt Instrument [Line Items]
Stated interest rate	6.375%
Face value of debt	$ 1,000,000,000
Interest rate reset period	5 years
6.375% Junior Subordinated Debentures due 2062 \| From March 30, 2027 \| US Treasury (UST) Interest Rate
Debt Instrument [Line Items]
Basis spread on variable rate	3.999%
6.375% Junior Subordinated Debentures due 2062 \| From March 30, 2032 \| US Treasury (UST) Interest Rate
Debt Instrument [Line Items]
Basis spread on variable rate	4.249%
6.375% Junior Subordinated Debentures due 2062 \| From March 30, 2047 \| US Treasury (UST) Interest Rate
Debt Instrument [Line Items]
Basis spread on variable rate	4.999%
6.25% Junior Subordinated Debentures due 2057
Debt Instrument [Line Items]
Stated interest rate	6.25%
6.25% Junior Subordinated Debentures due 2057 \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate	3.899%
3.45% Senior Notes due 2026
Debt Instrument [Line Items]
Stated interest rate	3.45%
Outstanding principal	$ 124,000,000
Credit Facility \| Revolving Credit Facility
Debt Instrument [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
Period for consolidated EBITDA	12 months
Borrowings outstanding	$ 0
Remaining availability	3,500,000,000
Senior Notes
Debt Instrument [Line Items]
Senior notes redeemed	2,390,000,000
Debt redemptions and repayments, cash	$ 2,490,000,000
Face value of debt			4,500,000,000
Potential change	0.25%
Senior Notes \| Maximum
Debt Instrument [Line Items]
Potential change	2.00%
Senior Notes And Junior Subordinated Debt Redeemed
Debt Instrument [Line Items]
Redemption and repayment of senior notes, face value		1,990,000,000	2,770,000,000
Aggregate redemption price		$ 2,110,000,000	$ 2,880,000,000
Line of Credit \| Miramax
Debt Instrument [Line Items]
Maximum borrowing capacity under credit facility	$ 300,000,000
Other Bank Borrowings
Debt Instrument [Line Items]
Weighted average interest rate	7.09%	3.50%

Debt - Maturities of Long-Term Debt (Details) $ in Millions	Dec. 31, 2022 USD ($)
Debt Disclosure [Abstract]
2023	$ 174
2024	0
2025	555
2026	924
2027	700
2028 and Thereafter	$ 13,959

Leases - Balance Sheet Amounts (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating lease assets	$ 1,391	$ 1,630
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other current liabilities	Other current liabilities
Other current liabilities	$ 292	$ 325
Operating lease liabilities	1,428	1,598
Total lease liabilities	$ 1,720	$ 1,923

Leases - Weighted Average (Details)	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Weighted average remaining lease term	7 years	8 years
Weighted average discount rate	3.60%	3.40%

Leases - Lease Cost (Details) - USD ($) $ in Millions	12 Months Ended
Leases - Lease Cost (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Operating lease cost	$ 373	$ 374	$ 379
Short-term lease cost	306	283	162
Variable lease cost	77	62	58
Sublease income	(12)	(20)	(24)
Total lease cost	$ 744	$ 699	$ 575

Leases - Operating Cash Flows (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Payments for amounts included in operating lease liabilities (operating cash flows)	$ 394	$ 399	$ 385
Noncash additions to operating lease assets	$ 170	$ 377	$ 221

Leases - Future Minimum Payments (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
2023	$ 346
2024	294
2025	266
2026	227
2027	202
2028	654
Total minimum payments	1,989
Less amounts representing interest	269
Present value of minimum payments	$ 1,720	$ 1,923

Leases - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Leases - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Operating Lease Income, Comprehensive Income, Extensible List, Not Disclosed Flag	total lease income	total lease income	total lease income
Lease income	$ 65	$ 145	$ 133

Financial Instruments - Narrative (Details) - USD ($) $ in Millions		12 Months Ended
	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Derivative [Line Items]
Notes payable		$ 15,780	$ 17,660
Debt instrument fair value		13,900	21,500
Equity method investments		375	568
Investments without readily determinable fair value		70	59
Impairment charge on equity-method investment			34	$ 9
Net gains (losses) from investments		$ (9)	47	206
Other investment impairment losses	$ 5
Equity securities without readily determinable fair value, gain			37
Equity securities, gain			9
Write-down of investments				7
Foreign exchange forward \| Cash flow hedging \| Maximum
Derivative [Line Items]
Term of contract		24 months
Foreign exchange contract \| Cash flow hedging
Derivative [Line Items]
Notional amount of derivative		$ 3,060	1,940
Foreign exchange contract \| Cash flow hedging \| Future Production Costs
Derivative [Line Items]
Notional amount of derivative		2,400	1,380
Foreign exchange contract \| Cash flow hedging \| Other Foreign Currency
Derivative [Line Items]
Notional amount of derivative		$ 655	$ 564
SkyShowtime \| Equity Method Investees
Derivative [Line Items]
Ownership percentage		50.00%
Viacom18 \| Equity Method Investees
Derivative [Line Items]
Ownership percentage		49.00%
The CW
Derivative [Line Items]
Decrease in ownership interest	37.50%
Noncash distribution received	$ 139
Ownership interest after divestiture	12.50%
Net gains (losses) from investments	$ (4)
fuboTV
Derivative [Line Items]
Equity securities, gain				$ 213

Financial Instruments - Foreign Exchange Contracts (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Foreign exchange contract
Derivative [Line Items]
Gain (loss) on non-designated foreign exchange contracts	$ 51	$ 14

Fair Value Measurements - Assets and Liabilities (Details) - Level 2 - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Assets:
Foreign currency hedges	$ 39	$ 23
Total Assets	39	23
Liabilities:
Deferred compensation	336	435
Foreign currency hedges	83	29
Total Liabilities	$ 419	$ 464

Fair Value Measurements - Narrative (Details) - TV Media - FCC Licenses $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2022 USD ($) market	Dec. 31, 2022 USD ($) market	Dec. 31, 2020 USD ($)
Impairment Testing Assumptions [Line Items]
Impairment charge			$ 25
Two Markets
Impairment Testing Assumptions [Line Items]
Impairment charge	$ 27	$ 27
Number of markets where carrying value of intangible asset exceeds fair value \| market	2	2

Variable Interest Entities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Variable Interest Entity [Line Items]
Total assets	$ 58,393	$ 58,620
Revenues	30,154	28,586	$ 25,285
Operating income (loss)	2,342	6,297	4,139
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Total assets	1,961	1,578
Total liabilities	328	184
Revenues	524	576	705
Operating income (loss)	$ (56)	$ 43	$ 498
Variable Interest Entity, Primary Beneficiary \| South Park
Variable Interest Entity [Line Items]
Variable interest entity, ownership percentage			51.00%

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.

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-SubTopic 210
-Section S99
-Paragraph 1
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 55
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
-Topic 470
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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.

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Stockholders' Equity - Narrative (Details)			3 Months Ended							12 Months Ended
Stockholders' Equity - Narrative (Details)	Apr. 01, 2024	Mar. 26, 2021 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Sep. 30, 2022 $ / shares	Jun. 30, 2022 $ / shares	Mar. 31, 2022 $ / shares	Dec. 31, 2021 $ / shares	Sep. 30, 2021 $ / shares	Jun. 30, 2021 $ / shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2020 USD ($) $ / shares shares
Class of Stock [Line Items]
Preferred stock, percentage										5.75%	5.75%
Proceeds from issuance of common stock		$ 1,670,000,000								$ 0	$ 1,672,000,000	$ 0
Proceeds from issuance of preferred stock		$ 983,000,000								0	983,000,000	$ 0
Preferred stock dividends										58,000,000	$ 44,000,000
Remaining authorization under repurchase program			$ 2,360,000,000							$ 2,360,000,000
Class B Common Stock purchased (shares) \| shares												1,300,000
Class B Common Stock purchased												$ 50,000,000
Average price per share repurchased (in dollars per share) \| $ / shares												$ 38.63
Minimum Class A shares needed for conversion (in shares) \| shares			5,000							5,000
Conversion of Class A Common Stock into Class B Common Stock (in shares) \| shares											11,600,000
Deferred income taxes										$ 108,000,000	$ 25,000,000	$ 1,000,000
Class B Common Stock, $0.001 par value
Class of Stock [Line Items]
Stock issuances (in shares) \| shares		20,000,000
Shares issued, price per share (in shares) \| $ / shares		$ 85
Convertible Preferred Stock
Class of Stock [Line Items]
Stock issuances (in shares) \| shares		10,000,000
Preferred stock, percentage										5.75%
Preferred stock, liquidation preference (in dollars per share) \| $ / shares		$ 100
Preferred stock, liquidation preference			$ 1,000,000,000							$ 1,000,000,000
Dividends declared per preferred share (in dollars per share) \| $ / shares			$ 1.4375	$ 1.4375	$ 1.4375	$ 1.4375	$ 1.4375	$ 1.4375	$ 1.5493
Preferred stock dividends										$ 58,000,000	$ 44,000,000
Convertible Preferred Stock \| Forecast
Class of Stock [Line Items]
Consecutive trading days	20 days
Trading days	21 days
Convertible Preferred Stock \| Minimum \| Forecast
Class of Stock [Line Items]
Convertible rate	1.0013
Convertible Preferred Stock \| Maximum \| Forecast
Class of Stock [Line Items]
Convertible rate	1.1765
Class A Common Stock and Class B Common Stock
Class of Stock [Line Items]
Dividends declared per common share (in dollars per share) \| $ / shares										$ 0.96	$ 0.96	$ 0.96
Common stock dividends										$ 635,000,000	$ 625,000,000	$ 601,000,000

Stockholders' Equity - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
AOCI Attributable to Parent, Net of Tax
Balance, beginning of year	$ 22,402
Other comprehensive income (loss) before reclassifications	31	$ (140)	$ 66
Reclassifications to net earnings	64	70	72
Other comprehensive income (loss)	95	(70)	138
Balance, end of year	23,036	22,402
Cumulative Translation Adjustments
AOCI Attributable to Parent, Net of Tax
Balance, beginning of year	(445)	(303)	(438)
Other comprehensive income (loss) before reclassifications	(235)	(142)	135
Reclassifications to net earnings	0	0	0
Other comprehensive income (loss)	(235)	(142)	135
Balance, end of year	(680)	(445)	(303)
Net Actuarial Loss and Prior Service Cost
AOCI Attributable to Parent, Net of Tax
Balance, beginning of year	(1,434)	(1,509)	(1,507)
Other comprehensive income (loss) before reclassifications	273	5	(74)
Reclassifications to net earnings	64	70	72
Other comprehensive income (loss)	337	75	(2)
Balance, end of year	(1,097)	(1,434)	(1,509)
Other Comprehensive Income (Loss)
AOCI Attributable to Parent, Net of Tax
Balance, beginning of year	(23)	(20)	(25)
Other comprehensive income (loss) before reclassifications	(7)	(3)	5
Reclassifications to net earnings	0	0	0
Other comprehensive income (loss)	(7)	(3)	5
Balance, end of year	(30)	(23)	(20)
Accumulated Other Comprehensive Loss
AOCI Attributable to Parent, Net of Tax
Balance, beginning of year	(1,902)	(1,832)	(1,970)
Balance, end of year	$ (1,807)	$ (1,902)	$ (1,832)

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

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Stock-Based Compensation - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for future grant under equity incentive plans (in shares)	32,000,000
Stock-based compensation expense included in discontinued operations	$ 3,000,000	$ 3,000,000	$ 10,000,000
Stock option term until expiration	8 years
Granted (in shares)	0	0	0
Weighted average remaining contractual life of outstanding stock options (years)	2 years 21 days
Weighted average remaining contractual life of exercisable stock options (years)	2 years 21 days
Intrinsic value of stock options outstanding	$ 0
Share price (in dollars per share)	$ 16.88
RSUs and PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value (in dollars per share)	$ 31.58	$ 35.80	$ 32.35
Aggregate fair value of RSUs vested during the period	$ 77,000,000	$ 260,000,000	$ 222,000,000
Unrecognized future expense of unvested RSUs	$ 244,000,000
Weighted average period over which future expense of unrecognized stock-based compensation will be recognized (years)	2 years 5 months 15 days
Restricted Stock Units (RSUs) \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Service period over which grants vest	1 year
Restricted Stock Units (RSUs) \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Service period over which grants vest	4 years
Performance Share Units (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value	$ 43,000,000	$ 3,000,000	$ 34,000,000
Stock options \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Service period over which grants vest	3 years
Stock options \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Service period over which grants vest	4 years

Stock-Based Compensation - Stock-based Compensation Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense, before income taxes	$ 172	$ 192	$ 274
Related tax benefit	(35)	(41)	(54)
Stock-based compensation expense, net of tax benefit	137	151	220
Operating and SG&A Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense, before income taxes	158	172	186
Restructuring and Other Corporate Matters
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense, before income taxes	14	20	88
RSUs and PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense, before income taxes	155	163	167
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense, before income taxes	$ 3	$ 9	$ 19

Stock-Based Compensation - RSUs and PSUs (Details) - RSUs and PSUs - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Shares
Non-vested (shares), beginning balance	7,730,664
Granted (shares)	7,494,771
Vested (shares)	(3,206,135)
Forfeited (shares)	(903,929)
Non-vested (shares), ending balance	11,115,371	7,730,664
Weighted Average Grant Date Fair Value
Non-vested, beginning balance (USD per share)	$ 37.14
Granted (USD per share)	31.58	$ 35.80	$ 32.35
Vested (USD per share)	39.32
Forfeited (USD per share)	33.90
Non-vested, ending balance (USD per share)	$ 33.02	$ 37.14

Stock-Based Compensation - Stock-Options, Rollforward (Details)	12 Months Ended
	Dec. 31, 2022 $ / shares shares
Stock Options
Outstanding (shares), beginning balance \| shares	6,202,575
Forfeited or expired (shares) \| shares	(1,105,628)
Outstanding (shares), ending balance \| shares	5,096,947
Exercisable (shares) \| shares	5,096,947
Weighted Average Exercise Price
Outstanding, beginning balance (USD per share) \| $ / shares	$ 63.85
Forfeited or expired (USD per share) \| $ / shares	80.76
Outstanding, ending balance (USD per share) \| $ / shares	60.18
Exercisable (USD per share) \| $ / shares	$ 60.18

Stock-Based Compensation - Stock Options, Other Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-Based Payment Arrangement [Abstract]
Cash received from stock option exercises	$ 0	$ 408	$ 5
Tax benefit of stock option exercises		29	1
Intrinsic value of stock option exercises		$ 128	$ 2

Income Taxes - Income (Loss) from Continuing Operations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
United States	$ 324	$ 4,106	$ 2,353
Foreign	942	1,100	794
Earnings from continuing operations before income taxes and equity in loss of investee companies	$ 1,266	$ 5,206	$ 3,147

Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Current:
Federal	$ 75	$ 179	$ 160
State and local	64	138	73
Foreign	194	239	180
Total current	333	556	413
Deferred:
Federal	(57)	249	146
State and local	(14)	49	42
Foreign	(35)	(208)	(66)
Total deferred	(106)	90	122
Provision for income taxes	$ 227	$ 646	$ 535

Income Taxes - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Related Party Transaction [Line Items]
Provision for income taxes for discontinued operations	$ 77	$ 57	$ 38
Tax benefit from equity investment losses	(227)	(646)	(535)
Net deferred tax assets of discontinued operations	55	80
Net operating loss carryforwards	261
Interest limitation carryforward	93	0
Valuation allowance	488	581
Future repatriations	13
Unrecognized tax benefits	303	301	308	$ 384
Amount included in reserve for uncertain tax positions that would affect Company's effective income tax rate (including discontinued operations) if recognized	272
Interest and penalty charges related to the reserve for uncertain tax positions	14	14	16
Liabilities for accrued interest and penalty charges related to the reserve for uncertain tax positions	67	56
Foreign
Related Party Transaction [Line Items]
Net operating loss carryforwards	43
Equity Method Investees
Related Party Transaction [Line Items]
Tax benefit from equity investment losses	$ 33	$ 49	$ 19
Effective income tax rate	13.90%	35.00%	40.40%

Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Taxes on income at U.S. federal statutory rate	$ 266	$ 1,093	$ 661
State and local taxes, net of federal tax benefit	44	190	116
Effect of foreign operations	(20)	(141)	(98)
Noncontrolling interests	(20)	(13)	(52)
U.K. statutory rate change	0	(260)	(100)
Reorganization of foreign operations	(72)	(229)	0
Excess tax (benefit) deficiency from stock-based compensation	13	(8)	29
Other, net	16	14	(21)
Provision for income taxes	$ 227	$ 646	$ 535
Deferred tax asset realization period	25 years

Income Taxes - Deferred Income Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Deferred income tax assets:
Reserves and other accrued liabilities	$ 430	$ 369
Pension, postretirement and other employee benefits	534	679
Lease liability	425	465
Tax credit and loss carryforwards	397	428
Interest limitation carryforward	93	0
Capitalized costs	49	0
Other	11	23
Total deferred income tax assets	1,939	1,964
Valuation allowance	(488)	(581)
Deferred income tax assets, net	1,451	1,383
Deferred income tax liabilities:
Intangible assets	(643)	(523)
Unbilled licensing receivables	0	(76)
Lease asset	(344)	(391)
Property, equipment and other assets	(180)	(171)
Financing obligations	(69)	(65)
Other	(50)	(14)
Total deferred income tax liabilities	(1,286)	(1,240)
Deferred income tax assets, net	$ 165	$ 143

Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Change in reserve for uncertain tax positions, excluding related accrued interest and penalties
Unrecognized tax benefits, beginning of year	$ 301	$ 308	$ 384
Additions for current year tax positions	16	23	15
Additions for prior year tax positions	3	32	18
Reductions for prior year tax positions	(13)	(45)	(34)
Cash settlements	(2)	(6)	(2)
Statute of limitations lapses	(2)	(11)	(9)
Reclassification to deferred income tax liability			(64)
Unrecognized tax benefits, end of year	$ 303	$ 301	$ 308

Pension and Other Postretirement Benefits - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Defined Benefit Plan Disclosure [Line Items]
Percent of plan assets' fair value invested in Company common stock	1.20%	1.50%
Pension and postretirement benefit obligations	$ 1,458	$ 1,946
Contributions to defined contribution plans	$ 137	106	$ 91
United States \| Liability Hedging
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, actual plan asset allocation	63.00%
United States \| Equity securities
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, actual plan asset allocation	29.00%
United States \| Real Estate and Real Assets
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, actual plan asset allocation	6.00%
United States \| Minimum \| Liability Hedging
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, target plan asset allocations	60.00%
United States \| Minimum \| Equity securities
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, target plan asset allocations	22.00%
United States \| Minimum \| Real Estate and Real Assets
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, target plan asset allocations	3.00%
United States \| Maximum \| Liability Hedging
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, target plan asset allocations	68.00%
United States \| Maximum \| Equity securities
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, target plan asset allocations	30.00%
United States \| Maximum \| Real Estate and Real Assets
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, target plan asset allocations	10.00%
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Curtailment gain			79
Pension and postretirement benefit obligations	$ 1,225	1,652
Actuarial gain (loss)	$ 1,089	45
Increase in basis point	2.70%
Unfunded status at year end	$ 1,298	1,718
Accumulated benefit obligation for all defined benefit pension plans	3,660	4,910
Company Contributions	177	203	120
Pension Benefits \| Qualified Plan
Defined Benefit Plan Disclosure [Line Items]
Unfunded status at year end	485	655
Expected contribution in the next fiscal year	8
Pension Benefits \| Nonqualified Plan
Defined Benefit Plan Disclosure [Line Items]
Expected contribution in the next fiscal year	75
Pension Benefits \| Non- U.S
Defined Benefit Plan Disclosure [Line Items]
Pension and postretirement benefit obligations	45	53
Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Pension and postretirement benefit obligations	188	241
Actuarial gain (loss)	29	18
Unfunded status at year end	222	276
Expected contribution in the next fiscal year	35
Company Contributions	$ 192	$ 184	$ 95

Pension and Other Postretirement Benefits - Change in Benefit Obligation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Pension Benefits
Change in benefit obligation:
Benefit obligation, beginning of year	$ 4,909	$ 5,162
Service cost	0	0	$ 30
Interest cost	150	145	164
Actuarial gain	(1,089)	(45)
Benefits paid	(309)	(320)
Settlements paid	0	(33)
Participants’ contributions	0	0
Retiree Medicare drug subsidy	0	0
Benefit obligation, end of year	3,661	4,909	5,162
Postretirement Benefits
Change in benefit obligation:
Benefit obligation, beginning of year	276	322
Service cost	1	1	2
Interest cost	8	8	11
Actuarial gain	(29)	(18)
Benefits paid	(43)	(46)
Settlements paid	0	0
Participants’ contributions	6	5
Retiree Medicare drug subsidy	3	4
Benefit obligation, end of year	$ 222	$ 276	$ 322

Pension and Other Postretirement Benefits - Change In Plan Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Pension Benefits
Change in plan assets:
Fair value of plan assets, beginning of year	$ 3,191	$ 3,347
Actual (loss) return on plan assets	(592)	116
Employer contributions	73	81
Benefits paid	(309)	(320)
Settlements paid	0	(33)
Participants’ contributions	0	0
Retiree Medicare drug subsidy	0	0
Fair value of plan assets, end of year	2,363	3,191
Postretirement Benefits
Change in plan assets:
Fair value of plan assets, beginning of year	0	0
Actual (loss) return on plan assets	0	0
Employer contributions	34	37
Benefits paid	(43)	(46)
Settlements paid	0	0
Participants’ contributions	6	5
Retiree Medicare drug subsidy	3	4
Fair value of plan assets, end of year	$ 0	$ 0

Pension and Other Postretirement Benefits - Funded Status of Pension and Postretirement Benefit Obligations (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]
Noncurrent liabilities	$ (1,458)	$ (1,946)
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Funded status at end of year	(1,298)	(1,718)
Other assets	0	7
Current liabilities	(73)	(73)
Noncurrent liabilities	(1,225)	(1,652)
Net amounts recognized	(1,298)	(1,718)
Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Funded status at end of year	(222)	(276)
Other assets	0	0
Current liabilities	(34)	(35)
Noncurrent liabilities	(188)	(241)
Net amounts recognized	$ (222)	$ (276)

Pension and Other Postretirement Benefits - Funded Status and Amounts Recognized in Accumulated Other Comprehensive Income (Loss) on the Consolidated Balance Sheets (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Net actuarial (loss) gain	$ (1,646)	$ (2,068)
Net prior service cost	(1)	(1)
Share of equity investee	0	(1)
Net amount recognized in accumulated other comprehensive income (loss) before tax	(1,647)	(2,070)
Deferred income taxes	438	541
Net amount recognized in accumulated other comprehensive income (loss)	(1,209)	(1,529)
Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Net actuarial (loss) gain	157	143
Net prior service cost	0	0
Share of equity investee	0	0
Net amount recognized in accumulated other comprehensive income (loss) before tax	157	143
Deferred income taxes	(17)	(14)
Net amount recognized in accumulated other comprehensive income (loss)	$ 140	$ 129

Pension and Other Postretirement Benefits - Accumulated Benefit Obligation in Excess of Plan Assets (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Retirement Benefits [Abstract]
Projected benefit obligation	$ 3,661	$ 4,908
Accumulated benefit obligation	3,661	4,908
Fair value of plan assets	$ 2,363	$ 3,184

Pension and Other Postretirement Benefits - Components of Net Periodic Benefit Cost and Amounts Recognized in Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Components of net periodic cost:
Settlements	$ 0	$ 10	$ 0
Other comprehensive income (loss):
Deferred income taxes	108	25	1
Recognized in other comprehensive income (loss), net of tax	337	75	(2)
Discontinued operations
Components of net periodic cost:
Net periodic cost	3	3	5
Pension Benefits
Components of net periodic cost:
Service cost	0	0	30
Interest cost	150	145	164
Expected return on plan assets	(172)	(188)	(194)
Amortization of actuarial losses (gains)	97	93	103
Amortization of prior service cost	0	0	2
Settlements	0	10	0
Net periodic cost	75	60	105
Other comprehensive income (loss):
Actuarial (loss) gain	325	(27)	(173)
Share of equity investee	1	1	0
Curtailment gain	0	0	79
Settlements	0	10	0
Amortization of actuarial losses (gains)	97	93	103
Amortization of prior service cost	0	0	2
Recognized in other comprehensive income, before tax	423	77	11
Deferred income taxes	(103)	(19)	(3)
Recognized in other comprehensive income (loss), net of tax	320	58	8
Postretirement Benefits
Components of net periodic cost:
Service cost	1	1	2
Interest cost	8	8	11
Expected return on plan assets	0	0	0
Amortization of actuarial losses (gains)	(15)	(15)	(15)
Amortization of prior service cost	0	0	1
Settlements	0	0	0
Net periodic cost	(6)	(6)	(1)
Other comprehensive income (loss):
Actuarial (loss) gain	29	18	8
Share of equity investee	0	0	0
Curtailment gain	0	0	0
Settlements	0	0	0
Amortization of actuarial losses (gains)	(15)	(15)	(15)
Amortization of prior service cost	0	0	1
Recognized in other comprehensive income, before tax	14	3	(6)
Deferred income taxes	(3)	(1)	1
Recognized in other comprehensive income (loss), net of tax	$ 11	$ 2	$ (5)

Pension and Other Postretirement Benefits - Assumptions (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Pension Benefits
Weighted average assumptions used to determine benefit obligations at December 31:
Discount rate	5.90%	3.20%	2.90%
Rate of compensation increase	0.00%	0.00%	0.00%
Weighted average assumptions used to determine net periodic costs for the year ended December 31:
Discount rate	3.20%	2.90%	3.40%
Expected long-term return on plan assets	5.60%	5.90%	6.40%
Cash balance interest crediting rate	5.00%	5.00%	5.00%
Rate of compensation increase	0.00%	0.00%	3.00%
Postretirement Benefits
Weighted average assumptions used to determine benefit obligations at December 31:
Discount rate	6.00%	3.00%	2.60%
Weighted average assumptions used to determine net periodic costs for the year ended December 31:
Discount rate	3.00%	2.60%	3.30%
Defined Benefit Plan, Assumed Health Care Cost Trend Rates
Ultimate trend rate	5.00%	5.00%
Postretirement Benefits, Pre-65
Defined Benefit Plan, Assumed Health Care Cost Trend Rates
Projected health care cost trend rate	6.80%	7.00%
Postretirement Benefits Plan, Post-65
Defined Benefit Plan, Assumed Health Care Cost Trend Rates
Projected health care cost trend rate	6.80%	7.00%

Pension and Other Postretirement Benefits - Fair Value Measurements (Details) - Pension Benefits - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Defined Benefit Plan Disclosure [Line Items]
Investments, at fair value	$ 2,363	$ 3,191	$ 3,347
Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Investments, at fair value	1,600	2,118
Fair Value, Recurring \| Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Investments, at fair value	3	88
Fair Value, Recurring \| U.S. treasury securities
Defined Benefit Plan Disclosure [Line Items]
Investments, at fair value	108	164
Fair Value, Recurring \| Government-related securities
Defined Benefit Plan Disclosure [Line Items]
Investments, at fair value	133	175
Fair Value, Recurring \| Corporate bonds
Defined Benefit Plan Disclosure [Line Items]
Investments, at fair value	1,144	1,448
Fair Value, Recurring \| Mortgage-backed and asset-backed securities
Defined Benefit Plan Disclosure [Line Items]
Investments, at fair value	101	76
Fair Value, Recurring \| U.S. large capitalization
Defined Benefit Plan Disclosure [Line Items]
Investments, at fair value	48	72
Fair Value, Recurring \| U.S. small capitalization
Defined Benefit Plan Disclosure [Line Items]
Investments, at fair value	63	81
Fair Value, Recurring \| Other
Defined Benefit Plan Disclosure [Line Items]
Investments, at fair value		14
Fair Value, Recurring \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Investments, at fair value	219	400
Fair Value, Recurring \| Level 1 \| Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Investments, at fair value	0	83
Fair Value, Recurring \| Level 1 \| U.S. treasury securities
Defined Benefit Plan Disclosure [Line Items]
Investments, at fair value	108	164
Fair Value, Recurring \| Level 1 \| Government-related securities
Defined Benefit Plan Disclosure [Line Items]
Investments, at fair value	0	0
Fair Value, Recurring \| Level 1 \| Corporate bonds
Defined Benefit Plan Disclosure [Line Items]
Investments, at fair value	0	0
Fair Value, Recurring \| Level 1 \| Mortgage-backed and asset-backed securities
Defined Benefit Plan Disclosure [Line Items]
Investments, at fair value	0	0
Fair Value, Recurring \| Level 1 \| U.S. large capitalization
Defined Benefit Plan Disclosure [Line Items]
Investments, at fair value	48	72
Fair Value, Recurring \| Level 1 \| U.S. small capitalization
Defined Benefit Plan Disclosure [Line Items]
Investments, at fair value	63	81
Fair Value, Recurring \| Level 1 \| Other
Defined Benefit Plan Disclosure [Line Items]
Investments, at fair value		0
Fair Value, Recurring \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Investments, at fair value	1,381	1,718
Fair Value, Recurring \| Level 2 \| Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Investments, at fair value	3	5
Fair Value, Recurring \| Level 2 \| U.S. treasury securities
Defined Benefit Plan Disclosure [Line Items]
Investments, at fair value	0	0
Fair Value, Recurring \| Level 2 \| Government-related securities
Defined Benefit Plan Disclosure [Line Items]
Investments, at fair value	133	175
Fair Value, Recurring \| Level 2 \| Corporate bonds
Defined Benefit Plan Disclosure [Line Items]
Investments, at fair value	1,144	1,448
Fair Value, Recurring \| Level 2 \| Mortgage-backed and asset-backed securities
Defined Benefit Plan Disclosure [Line Items]
Investments, at fair value	101	76
Fair Value, Recurring \| Level 2 \| U.S. large capitalization
Defined Benefit Plan Disclosure [Line Items]
Investments, at fair value	0	0
Fair Value, Recurring \| Level 2 \| U.S. small capitalization
Defined Benefit Plan Disclosure [Line Items]
Investments, at fair value	0	0
Fair Value, Recurring \| Level 2 \| Other
Defined Benefit Plan Disclosure [Line Items]
Investments, at fair value		14
Fair Value, Recurring \| Fair Value Measured at net asset value \| Common collective funds
Defined Benefit Plan Disclosure [Line Items]
Investments, at fair value	660	1,013
Fair Value, Recurring \| Fair Value Measured at net asset value \| Limited partnerships
Defined Benefit Plan Disclosure [Line Items]
Investments, at fair value	11	18
Fair Value, Recurring \| Fair Value Measured at net asset value \| Mutual funds
Defined Benefit Plan Disclosure [Line Items]
Investments, at fair value	$ 92	$ 42

Pension and Other Postretirement Benefits - Future Benefit Payments (Details) $ in Millions	Dec. 31, 2022 USD ($)
Retiree Medicare drug subsidy
2023	$ 3
2024	3
2025	3
2026	3
2027	3
2028-2032	14
Pension
Pension and Postretirement
2023	313
2024	311
2025	311
2026	309
2027	305
2028-2032	1,421
Postretirement
Pension and Postretirement
2023	35
2024	32
2025	29
2026	27
2027	24
2028-2032	$ 87

Pension and Other Postretirement Benefits - Multiemployer Pension and Postretirement Benefit Plans (Details) - Pension Benefits - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Multiemployer Plans [Line Items]
Company Contributions	$ 177	$ 203	$ 120
AFTRA Retirement Plan
Multiemployer Plans [Line Items]
Employer Identification Number/Pension Plan Number	136414972
Pension Protection Act	Green	Green
Company Contributions	$ 16	$ 17	13
Expiration Date of Collective Bargaining Agreement	Jun. 30, 2024
Directors Guild of America - Producer
Multiemployer Plans [Line Items]
Employer Identification Number/Pension Plan Number	952892780
Pension Protection Act	Green	Green
Company Contributions	$ 19	$ 23	16
Expiration Date of Collective Bargaining Agreement	Jun. 30, 2023
Producer-Writers Guild of America
Multiemployer Plans [Line Items]
Employer Identification Number/Pension Plan Number	952216351
Pension Protection Act	Green	Green
Company Contributions	$ 30	$ 26	22
Expiration Date of Collective Bargaining Agreement	May 01, 2023
Screen Actors Guild - Producers
Multiemployer Plans [Line Items]
Employer Identification Number/Pension Plan Number	952110997
Pension Protection Act	Green	Green
Company Contributions	$ 30	$ 45	24
Expiration Date of Collective Bargaining Agreement	Jun. 30, 2023
Motion Picture Industry
Multiemployer Plans [Line Items]
Employer Identification Number/Pension Plan Number	951810805
Pension Protection Act	Green	Green
Company Contributions	$ 63	$ 66	35
I.A.T.S.E. Local No. 33 Pension Trust Fund
Multiemployer Plans [Line Items]
Employer Identification Number/Pension Plan Number	956377503
Pension Protection Act	Green	Green
Company Contributions	$ 5	$ 10	3
Expiration Date of Collective Bargaining Agreement	Mar. 31, 2023
Other Plans
Multiemployer Plans [Line Items]
Company Contributions	$ 14	$ 16	$ 7

Segment Information - Revenues (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 30,154	$ 28,586	$ 25,285
Advertising
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	10,890	11,412	9,751
Affiliate and subscription
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	11,551	10,442	9,166
Licensing and other
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	6,490	6,491	6,188
Theatrical
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	1,223	241	180
Operating Segments \| TV Media
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	21,732	22,734	21,120
Operating Segments \| TV Media \| Advertising
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	9,350	10,105	9,062
Operating Segments \| TV Media \| Affiliate and subscription
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	8,180	8,413	8,037
Operating Segments \| TV Media \| Licensing and other
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	4,202	4,216	4,021
Operating Segments \| Direct-to-Consumer
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	4,904	3,327	1,815
Operating Segments \| Direct-to-Consumer \| Advertising
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	1,533	1,298	686
Operating Segments \| Direct-to-Consumer \| Affiliate and subscription
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	3,371	2,029	1,129
Operating Segments \| Filmed Entertainment
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	3,706	2,687	2,470
Operating Segments \| Filmed Entertainment \| Advertising
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	23	18	18
Operating Segments \| Filmed Entertainment \| Licensing and other
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	2,460	2,428	2,272
Operating Segments \| Filmed Entertainment \| Theatrical
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	1,223	241	180
Eliminations
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	(188)	(162)	(120)
Eliminations \| TV Media
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	(66)	(87)	(88)
Eliminations \| Direct-to-Consumer
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	0	(2)	(2)
Eliminations \| Filmed Entertainment
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ (122)	$ (73)	$ (30)

Segment Information - Operating Income (Loss) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Stock-based compensation	$ (172)	$ (192)	$ (274)
Depreciation and amortization	(405)	(390)	(430)
Restructuring and other corporate matters	(585)	(100)	(618)
Programming charges			(159)
Net gain on dispositions	56	2,343	214
Operating income	2,342	6,297	4,139
Interest expense	(931)	(986)	(1,031)
Interest income	108	53	60
Net gains (losses) from investments	(9)	47	206
Loss on extinguishment of debt	(120)	(128)	(126)
Other items, net	(124)	(77)	(101)
Earnings from continuing operations before income taxes and equity in loss of investee companies	1,266	5,206	3,147
Provision for income taxes	227	646	535
Equity in loss of investee companies, net of tax	(204)	(91)	(28)
Net earnings from continuing operations	835	4,469	2,584
Net earnings from discontinued operations, net of tax	379	162	117
Net earnings (Paramount and noncontrolling interests)	1,214	4,631	2,701
Net earnings attributable to noncontrolling interests	(110)	(88)	(279)
Net earnings attributable to Paramount	1,104	4,543	2,422
TV Media
Segment Reporting Information [Line Items]
Programming charges			(154)
Filmed Entertainment
Segment Reporting Information [Line Items]
Programming charges			(5)
Operating Segments \| TV Media
Segment Reporting Information [Line Items]
Adjusted OIBDA	5,451	5,892	5,816
Operating Segments \| Direct-to-Consumer
Segment Reporting Information [Line Items]
Adjusted OIBDA	(1,819)	(992)	(171)
Operating Segments \| Filmed Entertainment
Segment Reporting Information [Line Items]
Adjusted OIBDA	272	207	158
Corporate/Eliminations
Segment Reporting Information [Line Items]
Adjusted OIBDA	(470)	(491)	(485)
Segment Reconciling Items
Segment Reporting Information [Line Items]
Stock-based compensation	(158)	(172)	(186)
Depreciation and amortization	(405)	(390)	(430)
Restructuring and other corporate matters	(585)	(100)	(618)
Programming charges	$ 0	$ 0	$ (159)

Segment Information - Revenue by Type (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Revenues	$ 30,154	$ 28,586	$ 25,285
United States
Disaggregation of Revenue [Line Items]
Revenues	24,412	23,320	20,690
International
Disaggregation of Revenue [Line Items]
Revenues	$ 5,742	$ 5,266	$ 4,595

Segment Information - Long-lived Assets (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Long-lived assets	$ 19,689	$ 16,972
United States
Segment Reporting Information [Line Items]
Long-lived assets	18,231	16,075
International
Segment Reporting Information [Line Items]
Long-lived assets	$ 1,458	$ 897

Commitments and Contingencies - Narrative (Details) $ in Thousands			1 Months Ended	12 Months Ended
	Jan. 27, 2021 claim	Sep. 09, 2019 defendant	Nov. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) claim	Dec. 31, 2021 USD ($) claim	Dec. 31, 2019	Dec. 31, 2020 claim	Mar. 31, 2020 lawsuit	Feb. 29, 2020 lawsuit	Jan. 23, 2020 claim	Nov. 30, 2019 claim	Aug. 01, 2018 lawFirm
Other Commitments [Line Items]
Programming and talent commitments				$ 33,729,000
Committed purchase obligations				1,729,000
Outstanding letters of credit and surety bonds				$ 178,000
Number of consolidated claims \| lawsuit								3	3
Number of claims dismissed \| claim	1
Number of consolidated class action lawsuits \| claim										4	4
Number of law firms retained \| lawFirm												2
Preferred stock, percentage				5.75%	5.75%
Number of defendants \| defendant		14
Cost for settlement and defense of asbestos claims, net of insurance recoveries and tax benefits				$ 57,000	$ 63,000
Convertible Preferred Stock
Other Commitments [Line Items]
Preferred stock, percentage				5.75%
Simon & Schuster
Other Commitments [Line Items]
Termination fee			$ 200,000
Asbestos Claims
Other Commitments [Line Items]
Number of pending asbestos claims \| claim				21,580	27,770		30,710
Number of new asbestos claims \| claim				2,840
Number of asbestos claims closed or moved to inactive docket \| claim				9,030
Insurers \| Construction Laborers Pension Trust for Southern California \| Settled Litigation Pending Final Approval
Other Commitments [Line Items]
Litigation settlement payment			$ 14,750
The Company \| Federal Securities Class Action \| Settled Litigation Pending Final Approval
Other Commitments [Line Items]
Litigation settlement payment				$ 7,250
CBS Television City
Other Commitments [Line Items]
Guaranteed cash flow period						5 years
Estimated liability				51,000
Famous Players
Other Commitments [Line Items]
Estimated liability				20,000
Sports programming rights commitments
Other Commitments [Line Items]
Programming and talent commitments				29,500,000
Production and licensing of television and film programming
Other Commitments [Line Items]
Programming and talent commitments				$ 4,230,000

Commitments and Contingencies - Commitments (Details) $ in Millions	Dec. 31, 2022 USD ($)
Programming and talent commitments
Total	$ 33,729
2023	4,233
2024	3,990
2025	3,004
2026	2,890
2027	2,632
2028 and thereafter	16,980
Purchase obligations
Total	1,729
2023	693
2024	561
2025	258
2026	145
2027	21
2028 and thereafter	51
Other long-term contractual obligations
Total	2,287
2023	0
2024	1,288
2025	683
2026	255
2027	53
2028 and thereafter	$ 8

Supplemental Financial Information - Components of Other Items, Net (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Additional Financial Information Disclosure [Abstract]
Pension and postretirement benefit costs	$ (65)	$ (43)	$ (69)
Foreign exchange losses	(58)	(26)	(35)
Pension settlement charge	0	(10)	0
Other	(1)	2	3
Other items, net	$ (124)	$ (77)	$ (101)

Supplemental Financial Information - Narrative (Details) - Nickelodeon UK Limited	Oct. 31, 2022
Business Acquisition [Line Items]
Percentage of voting interests acquired	40.00%
Ownership percentage after acquisition	100.00%

Supplemental Financial Information - Redeemable Noncontrolling Interest (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Beginning balance	$ 107	$ 197	$ 254
Net earnings	4	14	11
Distributions	(6)	(5)	(15)
Translation adjustment	(20)	(5)	7
Redemption value adjustment	17	(94)	(60)
Purchase of noncontrolling interest	(102)	0	0
Ending balance	$ 0	$ 107	$ 197

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.