0000813828-23-000015 | 10-Q | XBRL Viewer

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COVER PAGE - shares	3 Months Ended
COVER PAGE - shares	Mar. 31, 2023	May 01, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	001-09553
Entity Registrant Name	Paramount Global
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	04-2949533
Entity Address, Address Line One	1515 Broadway
Entity Address, City or Town	New York,
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10036
City Area Code	212
Local Phone Number	258-6000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0000813828
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Common Class A
Document Information [Line Items]
Title of 12(b) Security	Class A Common Stock, $0.001 par value
Trading Symbol	PARAA
Security Exchange Name	NASDAQ
Shares of common stock outstanding		40,704,341
Common Class B
Document Information [Line Items]
Title of 12(b) Security	Class B Common Stock, $0.001 par value
Trading Symbol	PARA
Security Exchange Name	NASDAQ
Shares of common stock outstanding		610,852,890
Series A Convertible Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	5.75% Series A Mandatory Convertible Preferred Stock, $0.001 par value
Trading Symbol	PARAP
Security Exchange Name	NASDAQ

Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
Revenues	$ 7,265	$ 7,328
Costs and expenses:
Operating	4,964	4,796
Programming charges	1,674	0
Selling, general and administrative	1,753	1,619
Depreciation and amortization	100	96
Restructuring and other corporate matters	0	57
Total costs and expenses	8,491	6,568
Gain on dispositions	0	15
Operating income (loss)	(1,226)	775
Interest expense	(226)	(240)
Interest income	35	21
Loss on extinguishment of debt	0	(73)
Other items, net	(46)	(13)
Earnings (loss) from continuing operations before income taxes and equity in loss of investee companies	(1,463)	470
Benefit (provision) for income taxes	381	(34)
Equity in loss of investee companies, net of tax	(75)	(37)
Net earnings (loss) from continuing operations	(1,157)	399
Net earnings from discontinued operations, net of tax	45	42
Net earnings (loss) (Paramount and noncontrolling interests)	(1,112)	441
Net earnings attributable to noncontrolling interests	(6)	(8)
Net earnings (loss) attributable to Paramount	(1,118)	433
Amounts attributable to Paramount:
Net earnings (loss) from continuing operations	(1,163)	391
Net earnings from discontinued operations, net of tax	45	42
Net earnings (loss) attributable to Paramount	$ (1,118)	$ 433
Basic net earnings (loss) per common share attributable to Paramount:
Net earnings (loss) from continuing operations (in dollars per share)	$ (1.81)	$ 0.58
Net earnings from discontinued operations (in dollars per share)	0.07	0.06
Net earnings (loss) (in dollars per share)	(1.74)	0.65
Diluted net earnings (loss) per common share attributable to Paramount:
Net earnings (loss) from continuing operations (in dollars per share)	(1.81)	0.58
Net earnings from discontinued operations (in dollars per share)	0.07	0.06
Net earnings (loss) (in dollars per share)	$ (1.74)	$ 0.64
Weighted average number of common shares outstanding:
Basic (in shares)	651	649
Diluted (in shares)	651	651

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net earnings (loss) (Paramount and noncontrolling interests)	$ (1,112)	$ 441
Other comprehensive income (loss), net of tax:
Cumulative translation adjustments	53	(40)
Decrease to net actuarial loss and prior service costs	11	16
Other comprehensive income (loss) from continuing operations, net of tax (Paramount and noncontrolling interests)	64	(24)
Other comprehensive income from discontinued operations	2	2
Comprehensive income (loss)	(1,046)	419
Less: Comprehensive income attributable to noncontrolling interests	7	8
Comprehensive income (loss) attributable to Paramount	$ (1,053)	$ 411

Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Current Assets:
Cash and cash equivalents	$ 2,109	$ 2,885
Receivables, net	7,448	7,412
Programming and other inventory	1,085	1,342
Prepaid expenses and other current assets	1,364	1,308
Current assets of discontinued operations	651	787
Total current assets	12,657	13,734
Property and equipment, net	1,718	1,762
Programming and other inventory	15,692	16,278
Goodwill	16,511	16,499
Intangible assets, net	2,688	2,694
Operating lease assets	1,363	1,391
Deferred income tax assets, net	1,286	1,242
Other assets	3,848	3,991
Assets of discontinued operations	798	802
Total Assets	56,561	58,393
Current Liabilities:
Accounts payable	1,235	1,403
Accrued expenses	1,760	2,071
Participants’ share and royalties payable	2,421	2,416
Accrued programming and production costs	2,425	2,063
Deferred revenues	1,092	973
Debt	240	239
Other current liabilities	1,642	1,477
Current liabilities of discontinued operations	480	549
Total current liabilities	11,295	11,191
Long-term debt	15,613	15,607
Participants’ share and royalties payable	1,665	1,744
Pension and postretirement benefit obligations	1,454	1,458
Deferred income tax liabilities, net	668	1,077
Operating lease liabilities	1,398	1,428
Program rights obligations	326	367
Other liabilities	1,603	1,715
Liabilities of discontinued operations	196	200
Commitments and contingencies (Note 13)
Paramount stockholders’ equity:
Additional paid-in capital	33,087	33,063
Treasury stock, at cost; 503 (2023 and 2022) shares of Class B Common Stock	(22,958)	(22,958)
Retained earnings	13,463	14,737
Accumulated other comprehensive loss	(1,742)	(1,807)
Total Paramount stockholders’ equity	21,851	23,036
Noncontrolling interests	492	570
Total Equity	22,343	23,606
Total Liabilities and Equity	56,561	58,393
Series A Convertible Preferred Stock
Paramount stockholders’ equity:
5.75% Series A Mandatory Convertible Preferred Stock, par value $.001 per share; 25 shares authorized; 10 (2023 and 2022) shares issued	0	0
Common Class A
Paramount stockholders’ equity:
Common stock	0	0
Common Class B
Paramount stockholders’ equity:
Common stock	$ 1	$ 1

Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Series A Convertible Preferred Stock
Class of Stock [Line Items]
Preferred stock, percentage	5.75%	5.75%
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	25	25
Preferred stock, shares issued (in shares)	10	10
Common Class A
Class of Stock [Line Items]
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	55	55
Common stock, shares issued (in shares)	41	41
Common Class B
Class of Stock [Line Items]
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	5,000	5,000
Common stock, shares issued (in shares)	1,113	1,112
Treasury stock, at cost (in shares)	503	503

Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating Activities:
Net earnings (loss) (Paramount and noncontrolling interests)	$ (1,112)	$ 441
Less: Net earnings from discontinued operations, net of tax	45	42
Net earnings (loss) from continuing operations	(1,157)	399
Adjustments to reconcile net earnings (loss) from continuing operations to net cash flow (used for) provided by operating activities from continuing operations:
Depreciation and amortization	100	96
Programming charges	1,674	0
Deferred tax benefit	(436)	(62)
Stock-based compensation	39	36
Gain on dispositions	0	(15)
Loss on extinguishment of debt	0	73
Equity in loss of investee companies, net of tax	75	37
Change in assets and liabilities	(778)	(269)
Net cash flow (used for) provided by operating activities from continuing operations	(483)	295
Net cash flow provided by operating activities from discontinued operations	105	102
Net cash flow (used for) provided by operating activities	(378)	397
Investing Activities:
Investments	(43)	(59)
Capital expenditures	(71)	(52)
Other investing activities	25	31
Net cash flow used for investing activities	(89)	(80)
Financing Activities:
Proceeds from issuance of notes and debentures	0	991
Repayment of notes and debentures	0	(2,001)
Dividends paid on preferred stock	(14)	(14)
Dividends paid on common stock	(166)	(158)
Payment of payroll taxes in lieu of issuing shares for stock-based compensation	(16)	(9)
Payments to noncontrolling interests	(89)	(77)
Other financing activities	(27)	(3)
Net cash flow used for financing activities	(312)	(1,271)
Effect of exchange rate changes on cash and cash equivalents	3	(11)
Net decrease in cash and cash equivalents	(776)	(965)
Cash and cash equivalents at beginning of year	2,885	6,267
Cash and cash equivalents at end of period	$ 2,109	$ 5,302

Consolidated Statements of Stockholders' Equity - USD ($) shares in Millions, $ in Millions	Total	Total Paramount Stockholders’ Equity	Preferred Stock	Class A and B Common Stock	Additional Paid-In Capital	Treasury Stock	Retained Earnings	Accumulated Other Comprehensive Loss	Noncontrolling Interests
Preferred stock, beginning balance (in shares) at Dec. 31, 2021			10
Common stock, beginning balance (in shares) at Dec. 31, 2021				648
Balance, beginning of period at Dec. 31, 2021	$ 22,970	$ 22,402	$ 0	$ 1	$ 32,918	$ (22,958)	$ 14,343	$ (1,902)	$ 568
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation activity (in shares)				1
Stock-based compensation activity	28	28			28
Preferred stock dividends	(14)	(14)					(14)
Common stock dividends	(159)	(159)					(159)
Noncontrolling interests	(87)	(4)					(4)		(83)
Net earnings (loss)	441	433					433		8
Other comprehensive income (loss)	(22)	(22)						(22)
Preferred stock, ending balance (in shares) at Mar. 31, 2022			10
Common stock, ending balance (in shares) at Mar. 31, 2022				649
Balance, end of period at Mar. 31, 2022	23,157	22,664	$ 0	$ 1	32,946	(22,958)	14,599	(1,924)	493
Preferred stock, beginning balance (in shares) at Dec. 31, 2022			10
Common stock, beginning balance (in shares) at Dec. 31, 2022				650
Balance, beginning of period at Dec. 31, 2022	23,606	23,036	$ 0	$ 1	33,063	(22,958)	14,737	(1,807)	570
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation activity (in shares)				1
Stock-based compensation activity and other	43	43			24		19
Preferred stock dividends	(14)	(14)					(14)
Common stock dividends	(161)	(161)					(161)
Noncontrolling interests	(85)								(85)
Net earnings (loss)	(1,112)	(1,118)					(1,118)		6
Other comprehensive income (loss)	66	65						65	1
Preferred stock, ending balance (in shares) at Mar. 31, 2023			10
Common stock, ending balance (in shares) at Mar. 31, 2023				651
Balance, end of period at Mar. 31, 2023	$ 22,343	$ 21,851	$ 0	$ 1	$ 33,087	$ (22,958)	$ 13,463	$ (1,742)	$ 492

Basis of Presentation

3 Months Ended

Mar. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

BASIS OF PRESENTATION

Description of Business—Paramount Global, a global media, streaming and entertainment company that creates premium content and experiences for audiences worldwide, is comprised of the following segments:

•TV Media—Our TV Media segment consists of our (1) broadcast operations—the CBS Television Network, our domestic broadcast television network; CBS Stations, our owned television stations; and our international free-to-air networks, Network 10, Channel 5, Telefe, and Chilevisión; (2) premium and basic cable networks, including Showtime, MTV, Comedy Central, Paramount Network, The Smithsonian Channel, Nickelodeon, BET Media Group, CBS Sports Network, and international extensions of certain of these brands; (3) domestic and international television studio operations, including CBS Studios, Paramount Television Studios and MTV Entertainment Studios, as well as CBS Media Ventures, which produces and distributes first-run syndicated programming. TV Media also includes a number of digital properties such as CBS News Streaming and CBS Sports HQ.

•Direct-to-Consumer—Our Direct-to-Consumer segment consists of our portfolio of domestic and international pay and free streaming services, including Paramount+, Pluto TV, Showtime Networks’ premium subscription streaming service (Showtime OTT), BET+ and Noggin.

•Filmed Entertainment—Our Filmed Entertainment segment consists of Paramount Pictures, Paramount Players, Paramount Animation, Nickelodeon Studio, Awesomeness and Miramax.

In January 2023, we announced that we will be fully integrating Showtime into Paramount+ across both streaming and linear platforms later in the year.

References to “Paramount,” the “Company,” “we,” “us” and “our” refer to Paramount Global and its consolidated subsidiaries, unless the context otherwise requires.

Basis of Presentation—The accompanying unaudited consolidated financial statements have been prepared on a basis consistent with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and pursuant to the rules of the Securities and Exchange Commission (SEC). These financial statements should be read in conjunction with the more detailed financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2022.

In the opinion of management, the accompanying unaudited consolidated financial statements reflect all adjustments, consisting only of normal and recurring adjustments, necessary for a fair statement of our financial position, results of operations and cash flows for the periods presented. Certain previously reported amounts have been reclassified to conform to the current presentation.

Discontinued Operations—In the fourth quarter of 2020, we entered into an agreement to sell our publishing business, Simon & Schuster, which was previously reported as the Publishing segment and as a result, we began presenting Simon and Schuster as a discontinued operation. In the fourth quarter of 2022, we terminated the agreement after the U.S. Department of Justice prevailed in its suit to block the sale. Simon & Schuster remains a noncore asset as it does not fit strategically within our video-based portfolio. We expect to enter into a new agreement to sell Simon & Schuster in 2023. Assuming that we do so, closing would be subject to closing conditions that would include regulatory approval. Simon & Schuster continues to be presented as a discontinued operation for all periods presented (see Note 2).

Use of Estimates—The preparation of our consolidated financial statements in conformity with GAAP requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the periods presented. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may vary from these estimates under different assumptions or conditions.

Net Earnings (Loss) per Common Share—Basic net earnings (loss) per share (“EPS”) is based upon net earnings (loss) available to common stockholders divided by the weighted average number of common shares outstanding during the period. Net earnings (loss) available to common stockholders is calculated as net earnings (loss) from continuing operations or net earnings (loss), as applicable, adjusted to include a reduction for dividends recorded during the applicable period on our 5.75% Series A Mandatory Convertible Preferred Stock (“Mandatory Convertible Preferred Stock”).

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 (loss) available to common stockholders.

For the three months ended March 31, 2023, stock options and RSUs of 21 million were excluded from the calculation of diluted EPS because their inclusion would have been antidilutive since we reported a net loss. For the three months ended March 31, 2022, stock options and RSUs of 6 million were excluded from the calculation of diluted EPS because their inclusion would have been antidilutive. Also excluded from the calculation of diluted EPS for each period was the effect of the assumed conversion of 10 million shares of Mandatory Convertible Preferred Stock into shares of common stock because the impact would have been antidilutive. The table below presents a reconciliation of weighted average shares used in the calculation of basic and diluted EPS.


	Three Months Ended
	March 31,
(in millions)		2023	2022
Weighted average shares for basic EPS		651	649
Dilutive effect of shares issuable under stock-based compensation plans		—	2

Weighted average shares for diluted EPS		651	651

Additionally, because the impact of the assumed conversion of the Mandatory Convertible Preferred Stock would have been antidilutive, net earnings (loss) from continuing operations and net earnings (loss) used in our calculation of diluted EPS for the three months ended March 31, 2023 and 2022 include a reduction for the preferred stock dividends recorded during each period. The table below presents a reconciliation of net earnings (loss) from continuing operations and net earnings (loss) to the amounts used in the calculations of basic and diluted EPS.


	Three Months Ended
	March 31,
		2023		2022
Amounts attributable to Paramount:
Net earnings (loss) from continuing operations		$	(1,163)	$	391
Preferred stock dividends		(14)		(14)
Net earnings (loss) from continuing operations for basic and diluted EPS calculation		$	(1,177)	$	377

Amounts attributable to Paramount:
Net earnings (loss)		$	(1,118)	$	433
Preferred stock dividends		(14)		(14)
Net earnings (loss) for basic and diluted EPS calculation		$	(1,132)	$	419

Discontinued Operations

3 Months Ended

Mar. 31, 2023

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

DISCONTINUED OPERATIONS

The following table sets forth details of net earnings from discontinued operations for the three months ended March 31, 2023 and 2022, which primarily reflects the results of Simon & Schuster (See Note 1).


	Three Months Ended
	March 31,
		2023		2022
Revenues		$	258	$	217
Costs and expenses:
Operating		151		124
Selling, general and administrative		45		38


Total costs and expenses (a)		196		162
Operating income		62		55
Other items, net		(3)		(1)
Earnings from discontinued operations		59		54
Provision for income taxes (b)		(14)		(12)
Net earnings from discontinued operations, net of tax		$	45	$	42

(a) Included in total costs and expenses are amounts associated with the release of indemnification obligations for leases relating to a previously disposed business of $4 million and $5 million for the three months ended March 31, 2023 and 2022, respectively.

(b) The tax provision includes amounts relating to previously disposed businesses of $1 million for each of the three months ended March 31, 2023 and 2022.

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


	At			At
	March 31, 2023			December 31, 2022
Receivables, net		$	419		$	558
Other current assets		232			229
Goodwill		434			434
Property and equipment, net		53			53
Operating lease assets		204			204
Other assets		107			111
Total Assets		$	1,449		$	1,589
Royalties payable		$	160		$	161
Other current liabilities		320			388
Operating lease liabilities		179			182
Other liabilities		17			18
Total Liabilities		$	676		$	749

Programming and Other Inventory

3 Months Ended

Mar. 31, 2023

Inventory Disclosure [Abstract]

Programming and Other Inventory

PROGRAMMING AND OTHER INVENTORY

The following table presents our programming and other inventory at March 31, 2023 and December 31, 2022, grouped by type and predominant monetization strategy.


	At			At
	March 31, 2023			December 31, 2022
Film Group Monetization:
Acquired program rights, including prepaid sports rights		$	2,899		$	3,238
Internally-produced television and film programming:
Released		6,965			7,154
In process and other		2,690			3,299

Individual Monetization:
Acquired libraries		382			394
Film inventory:
Released		720			694
Completed, not yet released		47			129
In process and other		1,588			1,317
Internally-produced television programming:
Released		759			624
In process and other		683			726
Home entertainment		44			45
Total programming and other inventory		16,777			17,620
Less current portion		1,085			1,342
Total noncurrent programming and other inventory		$	15,692		$	16,278

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


	Three Months Ended
	March 31,
		2023		2022
Programming costs, acquired programming		$	1,414	$	1,496

Production costs, internally-produced television and film programming:
Individual monetization		$	396	$	491
Film group monetization		$	1,368	$	1,147

Programming Charges

During the first quarter of 2023, in connection with our plan to integrate Showtime into Paramount+ across both streaming and linear platforms, we performed a comprehensive strategic review of the combined content portfolio of Showtime and Paramount+. We also reviewed our international content portfolio in connection with initiatives to rationalize and right-size our international operations to align with our streaming strategy, and close or globalize certain of our international channels. Following these reviews, we determined that we would not use certain content on our platforms, which resulted in the removal or abandonment of content, the write-off of development costs, and the termination of programming agreements during the quarter. Accordingly, we recorded charges totaling $1.67 billion on the Consolidated Statement of Operations for the three months ended March 31, 2023. The charges are comprised of $1.45 billion for the impairment of content to its estimated fair value, which included assumptions for estimated secondary market licensing revenues, if any, as well as $225 million for development cost write-offs and contract termination costs.

Related Parties

3 Months Ended

Mar. 31, 2023

Related Parties

RELATED PARTIES

National Amusements, Inc.

National Amusements, Inc. (“NAI”) is the controlling stockholder of the Company. At March 31, 2023, NAI directly or indirectly owned approximately 77.4% of our voting Class A Common Stock and approximately 9.7% of our Class A Common Stock and non-voting Class B Common Stock on a combined basis. NAI is controlled by the Sumner M. Redstone National Amusements Part B General Trust (the “General Trust”), which owns 80% of the voting interest of NAI and acts by majority vote of seven voting trustees (subject to certain exceptions), including with respect to the NAI shares held by the General Trust. Shari E. Redstone, Chairperson, CEO and President of NAI and non-executive Chair of our Board of Directors, is one of the seven voting trustees for the General Trust and is one of two voting trustees who are beneficiaries of the General Trust. No member of our management or other member of our Board of Directors is a trustee of the General Trust.

Other Related Parties

In the ordinary course of business, we are involved in transactions with our equity-method investees, primarily for the licensing of television and film programming. The following tables present the amounts recorded in our consolidated financial statements related to these transactions.


	Three Months Ended
	March 31,
		2023 (a)		2022
Revenues		$	108	$	54
Operating expenses		$	4	$	5

(a) The increase in revenues for the three months ended March 31, 2023 relates to the SkyShowtime streaming service, which launched in September 2022.


	At			At
	March 31, 2023			December 31, 2022

Accounts receivable		$	237		$	198

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

3 Months Ended

Mar. 31, 2023

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 12 for revenues by segment disaggregated into these categories.


	Three Months Ended
	March 31,
		2023		2022
Revenues by Type:
Advertising		$	2,651	$	2,864
Affiliate and subscription		3,179		2,840
Theatrical		127		131
Licensing and other		1,308		1,493
Total Revenues		$	7,265	$	7,328

Receivables

Reserves for accounts receivable reflect our expected credit losses based on historical experience as well as current and expected economic conditions. At March 31, 2023 and December 31, 2022, our allowance for credit losses was $109 million and $111 million, respectively.

Included in “Other assets” on the Consolidated Balance Sheets are noncurrent receivables of $1.51 billion and $1.61 billion at March 31, 2023 and December 31, 2022, respectively. Noncurrent receivables primarily relate to revenues recognized under long-term content licensing arrangements. Revenues from the licensing of content are recognized at the beginning of the license period in which programs are made available to the licensee for exhibition, while the related cash is generally collected over the term of the license period.

Contract Liabilities

Contract liabilities are included within “Deferred revenues” and “Other liabilities” on the Consolidated Balance Sheets and were $1.16 billion and $1.06 billion at March 31, 2023 and December 31, 2022, respectively. We recognized revenues of $0.3 billion and $0.4 billion for the three months ended March 31, 2023 and 2022, respectively, that were included in the opening balance of deferred revenues for the respective year.

Unrecognized Revenues Under Contract

At March 31, 2023, unrecognized revenues attributable to unsatisfied performance obligations under our long-term contracts were approximately $9 billion, of which $3 billion is expected to be recognized during the remainder of 2023, $2 billion in 2024, $1 billion in 2025, and $3 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 $0.1 billion and $0.2 billion for the three months ended March 31, 2023 and 2022, respectively, from arrangements for the licensing of our content, including from distributors of transactional video-on-demand and electronic sell-through services and other licensing arrangements, as well as from the theatrical distribution of our films, for which our performance obligation was satisfied in a prior period.

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130551-203045

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+ Details

Debt

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Debt

DEBT

Our debt consists of the following:


	At			At
	March 31, 2023			December 31, 2022

7.875% Debentures due 2023		$	139		$	139
7.125% Senior Notes due 2023		35			35
4.75% Senior Notes due 2025		553			552
4.0% Senior Notes due 2026		795			795
3.45% Senior Notes due 2026		124			124
2.90% Senior Notes due 2027		694			694
3.375% Senior Notes due 2028		496			496
3.70% Senior Notes due 2028		494			494
4.20% Senior Notes due 2029		495			495
7.875% Senior Debentures due 2030		830			830
4.95% Senior Notes due 2031		1,227			1,226
4.20% Senior Notes due 2032		975			975
5.50% Senior Debentures due 2033		427			427
4.85% Senior Debentures due 2034		87			87
6.875% Senior Debentures due 2036		1,071			1,071
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		489			488
4.375% Senior Debentures due 2043		1,132			1,130
4.875% Senior Debentures due 2043		18			18
5.85% Senior Debentures due 2043		1,234			1,233
5.25% Senior Debentures due 2044		345			345
4.90% Senior Notes due 2044		541			541
4.60% Senior Notes due 2045		590			590
4.95% Senior Notes due 2050		946			946
6.25% Junior Subordinated Debentures due 2057		643			643
6.375% Junior Subordinated Debentures due 2062		989			989
Other bank borrowings		58			55
Obligations under finance leases		8			10
Total debt (a)		15,853			15,846

Less current portion		240			239
Total long-term debt, net of current portion		$	15,613		$	15,607

(a) At March 31, 2023 and December 31, 2022, the senior and junior subordinated debt balances included (i) a net unamortized discount of $437 million and $442 million, respectively, and (ii) unamortized deferred financing costs of $88 million and $89 million, respectively. The face value of our total debt was $16.38 billion at both March 31, 2023 and December 31, 2022.

During the first quarter of 2022, we redeemed $1.42 billion of senior notes, prior to maturity, for an aggregate redemption price of $1.48 billion and $520 million of 5.875% junior subordinated debentures due February 2057 at par. These redemptions resulted in a total pre-tax loss on extinguishment of debt of $73 million.

During the first quarter of 2022, we also issued $1.00 billion of 6.375% junior subordinated debentures due 2062.

Commercial Paper

At both March 31, 2023 and December 31, 2022, we had no outstanding commercial paper borrowings.

Credit Facility

In March 2023, we amended and extended our $3.50 billion revolving credit facility (the “Credit Facility”), which now matures in January 2027 (the “2023 Amendment”). 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 into. Under the 2023 Amendment, we replaced LIBOR as the benchmark rate for loans denominated in U.S. dollars with Term SOFR. The benchmark rate for loans denominated in euros, sterling and yen is based on EURIBOR, SONIA and TIBOR, respectively. The Credit Facility was also amended to include a provision that the occurrence of a Change of Control (as defined in the amended credit agreement) of Paramount will be an event of default that would give the lenders the right to accelerate any outstanding loans and terminate their commitments. At March 31, 2023, 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.

The Credit Facility has one principal financial covenant which sets a maximum Consolidated Total Leverage Ratio (“Leverage Ratio”) at the end of each quarter, which prior to the 2023 Amendment was 4.5x. Under the 2023 Amendment, the maximum Leverage Ratio was increased to 5.75x for each quarter through and including the quarter ending September 30, 2024, and will then decrease to 5.5x for the quarters ending December 31, 2024 and March 31, 2025, with decreases of 0.25x for each subsequent quarter until it reaches 4.5x for the quarter ending March 31, 2026. The Leverage Ratio reflects the ratio of our Consolidated Indebtedness, net of unrestricted cash and cash equivalents at the end of a quarter, to our Consolidated EBITDA (each as defined in the amended credit agreement) for the trailing twelve-month period. Under the 2023 Amendment, the definition of the Leverage Ratio was also modified to set the maximum amount of unrestricted cash and cash equivalents that can be netted against Consolidated Indebtedness to $1.50 billion for quarters ending on or after September 30, 2024. In addition, under the 2023 Amendment, Simon & Schuster shall be treated as a continuing operation for the purposes of calculating Consolidated EBITDA until its disposition. We met the covenant as of March 31, 2023.

Other Bank Borrowings

At March 31, 2023 and December 31, 2022, we had bank borrowings under Miramax’s $300 million credit facility, which matured in April 2023, of $58 million and $55 million, respectively, with weighted average interest rates of 7.48% and 7.09%, respectively.

- Definition

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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+ Details

Financial Instruments and Fair Value Measurements

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Financial Instruments and Fair Value Measurements

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS

The carrying value of our financial instruments approximates fair value, except for notes and debentures. At March 31, 2023 and December 31, 2022, the carrying value of our outstanding notes and debentures was $15.79 billion and $15.78 billion, respectively, and the fair value, which is determined based on quoted prices in active markets (Level 1 in the fair value hierarchy) was $14.2 billion and $13.9 billion, respectively.

Investments

The carrying value of our investments without a readily determinable fair value for which we have no significant influence was $72 million and $70 million at March 31, 2023 and December 31, 2022, respectively. These investments are included in “Other assets” on the Consolidated Balance Sheets.

In April 2023, our ownership of Viacom18 was diluted from 49% to 13% as a result of investment by other investors. Accordingly, we will no longer account for this investment under the equity-method. The difference between the carrying value of our 49% interest and the fair value of our 13% interest, as indicated by the additional investments, will be recognized as a noncash gain of approximately $160 million during the second quarter of 2023.

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 March 31, 2023 and December 31, 2022, the notional amount of all foreign exchange contracts was $3.45 billion and $3.06 billion, respectively. At March 31, 2023, $2.86 billion related to future production costs and $588 million related to our foreign currency balances and other expected foreign currency cash flows. At December 31, 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.

Gains recognized on derivative financial instruments were as follows:


	Three Months Ended
	March 31,
		2023		2022		Financial Statement Account
Non-designated foreign exchange contracts		$	1	$	2	Other items, net

Fair Value Measurements

The table below presents our assets and liabilities measured at fair value on a recurring basis at March 31, 2023 and December 31, 2022. These assets and liabilities have been categorized according to the three-level fair value hierarchy established by the Financial Accounting Standards Board (“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			At
	March 31, 2023			December 31, 2022
Assets:

Foreign currency hedges		$	37		$	39
Total Assets		$	37		$	39
Liabilities:
Deferred compensation		$	340		$	336
Foreign currency hedges		76			83
Total Liabilities		$	416		$	419

During the first quarter of 2023, we recorded programming charges of $1.67 billion, including $1.45 billion for the impairment of content to its estimated fair value, which included assumptions for estimated secondary market licensing revenues, if any (Level 3). See Note 3.

Variable Interest Entities

3 Months Ended

Mar. 31, 2023

Variable Interest Entity Disclosure [Abstract]

Variable Interest Entities

VARIABLE INTEREST ENTITIES

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

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


		At			At
	March 31, 2023			December 31, 2022
Total assets		$	2,102		$	1,961

Total liabilities		$	391		$	328


	Three Months Ended
	March 31,
		2023		2022
Revenues		$	145	$	103

Operating loss		$	(31)	$	(28)

Stockholders' Equity

3 Months Ended

Mar. 31, 2023

Stockholders' Equity Note [Abstract]

Stockholders' Equity

STOCKHOLDERS’ EQUITY

Dividends

We declared a quarterly cash dividend of $.24 per share on our Class A and Class B Common Stock during each of the three-month periods ended March 31, 2023 and 2022, resulting in total dividends of $161 million and $159 million, respectively.

We declared a quarterly cash dividend of $1.4375 per share on our Mandatory Convertible Preferred Stock during each of the three-month periods ended March 31, 2023 and 2022, resulting in total dividends of $14.4 million for each of the respective periods.

Accumulated Other Comprehensive Income (Loss)

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


	Continuing Operations							Discontinued Operations
	Cumulative Translation Adjustments			Net Actuarial Loss and Prior Service Cost				Other Comprehensive Income (Loss) (a)			Accumulated Other Comprehensive Loss
At December 31, 2022		$	(680)		$	(1,097)			$	(30)		$	(1,807)
Other comprehensive income before reclassifications		52			—				2			54
Reclassifications to net loss		—			11		(b)		—			11
Other comprehensive income		52			11				2			65
At March 31, 2023		$	(628)		$	(1,086)			$	(28)		$	(1,742)


	Continuing Operations							Discontinued Operations
	Cumulative Translation Adjustments			Net Actuarial Loss and Prior Service Cost				Other Comprehensive Income (Loss) (a)			Accumulated Other Comprehensive Loss
At December 31, 2021		$	(445)		$	(1,434)			$	(23)		$	(1,902)
Other comprehensive income (loss) before reclassifications		(40)			—				2			(38)
Reclassifications to net earnings		—			16		(b)		—			16
Other comprehensive income (loss)		(40)			16				2			(22)
At March 31, 2022		$	(485)		$	(1,418)			$	(21)		$	(1,924)

(a) Reflects cumulative translation adjustments.

(b) Reflects amortization of net actuarial losses (see Note 11).

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 of $4 million and $5 million for the three months ended March 31, 2023 and 2022, respectively.

- Definition

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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+ Details

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES The provision (benefit) for income taxes represents federal, state and local, and foreign taxes on earnings (loss) from continuing operations before income taxes and equity in loss of investee companies. For the three months ended March 31, 2023, we recorded a benefit for income taxes of $381 million, reflecting an effective income tax rate of 26.0%. The income tax benefit in the first quarter of 2023 is the result of a tax benefit of $409 million on programming charges of $1.67 billion recorded during the period and a net discrete tax benefit of $30 million, principally from the resolution of an income tax matter in a foreign jurisdiction. Together these items reduced our effective income tax rate by 1.5 percentage points. For the three months ended March 31, 2022, we recorded a provision for income taxes of $34 million, reflecting an effective income tax rate of 7.2%. Included in the provision for income taxes for the three months ended March 31, 2022 is a net discrete tax benefit of $78 million primarily resulting from the transfer of intangible assets between our subsidiaries in connection with a reorganization of our international operations. This item, together with a net tax benefit of $25 million on other items identified as affecting the comparability of our results during the period (which include a loss on extinguishment of debt, restructuring and other corporate matters, and a gain on dispositions) reduced our effective income tax rate by 16.2 percentage points. The Company and its subsidiaries file income tax returns with the Internal Revenue Service (“IRS”) and various state and local and foreign jurisdictions. For periods prior to the merger of Viacom Inc. (“Viacom”) with and into CBS Corporation (“CBS”) (the “Merger”), Viacom and CBS filed separate tax returns. For CBS, we are currently under examination by the IRS for the 2017 and 2018 tax years. For Viacom, 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.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Pension and Other Postretirement Benefits

3 Months Ended

Mar. 31, 2023

Retirement Benefits [Abstract]

Pension and Other Postretirement Benefits

PENSION AND OTHER POSTRETIREMENT BENEFITS

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


	Pension Benefits				Postretirement Benefits
Three Months Ended March 31,	2023		2022		2023		2022
Components of net periodic cost (a):

Interest cost	$	51	$	38	$	3	$	2
Expected return on plan assets	(32)		(43)		—		—
Amortization of actuarial loss (gain) (b)	21		24		(4)		(3)
Net periodic cost	$	40	$	19	$	(1)	$	(1)

(a) Amounts reflect our domestic plans only.

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

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Segment Information

3 Months Ended

Mar. 31, 2023

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.


	Three Months Ended
	March 31,
		2023		2022
Revenues:
Advertising		$	2,256	$	2,521
Affiliate and subscription		2,067		2,098
Licensing and other		870		1,026
TV Media		5,193		5,645
Advertising		398		347
Subscription		1,112		742
Direct-to-Consumer		1,510		1,089
Advertising		5		2
Theatrical		127		131
Licensing and other		456		491
Filmed Entertainment		588		624
Eliminations		(26)		(30)
Total Revenues		$	7,265	$	7,328

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. For content that is licensed between segments, content costs are allocated across segments based on the relative value of the distribution windows within each segment. Accordingly, no intersegment licensing revenues or profits are recorded by the licensor segment.


	Three Months Ended
	March 31,
		2023		2022
Intercompany Revenues:
TV Media		$	13	$	11

Filmed Entertainment		13		19
Total Intercompany Revenues		$	26	$	30

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


	Three Months Ended
	March 31,
		2023		2022
Adjusted OIBDA:
TV Media		$	1,306	$	1,544
Direct-to-Consumer		(511)		(456)
Filmed Entertainment		(99)		(37)
Corporate/Eliminations		(109)		(104)
Stock-based compensation (a)		(39)		(34)
Depreciation and amortization		(100)		(96)
Programming charges		(1,674)		—
Restructuring and other corporate matters		—		(57)
Gain on dispositions		—		15
Operating income (loss)		(1,226)		775
Interest expense		(226)		(240)
Interest income		35		21
Loss on extinguishment of debt		—		(73)
Other items, net		(46)		(13)
Earnings (loss) from continuing operations before income taxes and equity in loss of investee companies		(1,463)		470
Benefit (provision) for income taxes		381		(34)
Equity in loss of investee companies, net of tax		(75)		(37)
Net earnings (loss) from continuing operations		(1,157)		399
Net earnings from discontinued operations, net of tax		45		42
Net earnings (loss) (Paramount and noncontrolling interests)		(1,112)		441
Net earnings attributable to noncontrolling interests		(6)		(8)
Net earnings (loss) attributable to Paramount		$	(1,118)	$	433

(a) For the three months ended March 31, 2022, stock-based compensation expense of $2 million is included in “Restructuring and other corporate matters”.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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+ Details

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES Guarantees Letters of Credit and Surety Bonds At March 31, 2023, 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 the CBS Television City property and sound stage operation (“CBS Television City”) in 2019, we guaranteed a specified level of cash flows to be generated by the business during the first five years following the completion of the sale. Included in “Other current liabilities” on the Consolidated Balance Sheet at March 31, 2023 is a liability totaling $25 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 Inc. These lease commitments totaled $17 million at March 31, 2023, and are presented within “Other liabilities” on the Consolidated Balance Sheet. The amount of lease commitments varies over time depending on the expiration or termination of individual underlying leases, or the related indemnification obligation, and foreign exchange rates, among other things. We may also have exposure for certain other expenses related to the leases, such as property taxes and common area maintenance. We believe our accrual is sufficient to meet any future obligations based on our consideration of available financial information, the lessees’ historical performance in meeting their lease obligations and the underlying economic factors impacting the lessees’ business models. Other In the course of our business, we both provide and receive indemnities which are intended to allocate certain risks associated with business transactions. Similarly, we may remain contingently liable for various obligations of a business that has been divested in the event that a third party does not live up to its obligations under an indemnification obligation. We record a liability for our indemnification obligations and other contingent liabilities when probable and reasonably estimable. Legal Matters General On an ongoing basis, we vigorously defend ourselves in numerous lawsuits and proceedings and respond to various investigations and inquiries from federal, state, local and international authorities (collectively, “Litigation”). Litigation may be brought against us without merit, is inherently uncertain and always difficult to predict. However, based on our understanding and evaluation of the relevant facts and circumstances, we believe that the following matters are not likely, in the aggregate, to result in a material adverse effect on our business, financial condition and results of operations. 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 (the “Delaware Chancery Court”). In March 2020, the Delaware Chancery 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 captioned In re CBS Corporation Stockholder Class Action and Derivative Litigation (the “CBS Litigation”). 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, National Amusements, Inc., Sumner M. Redstone National Amusements Trust, additional members of the CBS Board of Directors (including Candace K. Beinecke, Barbara M. Byrne, Gary L. Countryman, 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 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 certain aspects of Mr. Ianniello’s compensation awards. The Complaint seeks unspecified damages, costs and expenses, as well as other relief. In June 2020, the defendants filed motions to dismiss the Complaint. In January 2021, the Delaware Chancery Court dismissed one disclosure claim, while allowing all other claims against the defendants to proceed. On January 7, 2022, the Delaware Chancery Court granted Bucks County Employees Retirement Fund’s motion to withdraw as a co-lead plaintiff in the CBS Litigation. In December 2022, the Delaware Chancery Court dismissed the fiduciary duty claim against Mr. Klieger. In April 2023, the parties to the CBS Litigation agreed to settle the CBS Litigation on the terms and conditions set forth in a binding term sheet (the “CBS Term Sheet”), which will be incorporated into a long-form settlement agreement that will be subject to the final approval of the Delaware Chancery Court. The CBS Term Sheet provides for, among other things, the final dismissal of the CBS Litigation in exchange for a settlement payment to the Company in the amount of $167.5 million, less administrative costs and plaintiffs’ counsels’ fees and expenses. Beginning in November 2019, four purported Viacom stockholders filed separate putative class action lawsuits in the Delaware Chancery Court. In January 2020, the Delaware Chancery Court consolidated the four lawsuits. In February 2020, the Delaware Chancery 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 (as used in this paragraph, the “Viacom Litigation”). 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 Delaware Chancery Court dismissed the claims against Mr. Bakish, while allowing the claims against the remaining defendants to proceed. In February 2023, the parties to the Viacom Litigation agreed to settle the Viacom Litigation on the terms and conditions set forth in a binding term sheet (the “Viacom Term Sheet”), which was incorporated into a long-form settlement agreement entered into in March 2023 (the “Settlement Agreement”). The Viacom Term Sheet and Settlement Agreement provide for, among other things, the final dismissal of the Viacom Litigation in exchange for a settlement payment in the amount of $122.5 million, which we have recorded in "Other current liabilities" on the Consolidated Balance Sheets. The settlement of the Viacom Litigation is subject to the final approval of the Delaware Chancery Court, and the vast majority of the settlement payment will be due no less than five business days before the final settlement hearing. 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. The plaintiffs and underwriter defendants have appealed the ruling. 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. Claims Related to Former Businesses Asbestos We are a defendant in lawsuits claiming various personal injuries related to asbestos and other materials, which allegedly occurred as a result of exposure caused by various products manufactured by Westinghouse, a predecessor, generally prior to the early 1970s. Westinghouse was neither a producer nor a manufacturer of asbestos. We are typically named as one of a large number of defendants in both state and federal cases. In the majority of asbestos lawsuits, the plaintiffs have not identified which of our products is the basis of a claim. Claims against us in which a product has been identified most commonly relate to allegations of exposure to asbestos-containing insulating material used in conjunction with turbines and electrical equipment. Claims are frequently filed and/or settled in groups, which may make the amount and timing of settlements, and the number of pending claims, subject to significant fluctuation from period to period. We do not report as pending those claims on inactive, stayed, deferred or similar dockets that some jurisdictions have established for claimants who allege minimal or no impairment. As of March 31, 2023, we had pending approximately 21,640 asbestos claims, as compared with approximately 21,580 as of December 31, 2022. During the first quarter of 2023, we received approximately 650 new claims and closed or moved to an inactive docket approximately 590 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

3 Months Ended

Mar. 31, 2023

Additional Financial Information Disclosure [Abstract]

Supplemental Financial Information

SUPPLEMENTAL FINANCIAL INFORMATION

Supplemental Cash Flow Information


	Three Months Ended
	March 31,
	2023		2022
Cash paid for interest	$	275	$	292

Cash paid (received) for income taxes:
Continuing operations	$	(8)	$	45
Discontinued operations	$	2	$	5

Noncash additions to operating lease assets	$	58	$	68

Lease Income

We enter into operating leases for the use of our owned production facilities and office buildings. Lease payments received under these agreements consist of fixed payments for the rental of space and certain building operating

costs, as well as variable payments based on usage of production facilities and services, and escalating costs of building operations. We recorded total lease income, including both fixed and variable amounts, of $14 million and $15 million for the three months ended March 31, 2023 and 2022, respectively.

Restructuring and Other Corporate Matters

At March 31, 2023 and December 31, 2022, our restructuring liability was $250 million and $302 million, respectively, and was recorded in “Other current liabilities” and “Other liabilities” on the Consolidated Balance Sheets. During the three months ended March 31, 2023, we made payments for restructuring of $53 million. The majority of the restructuring liability at March 31, 2023, which principally relates to severance payments, is expected to be paid by the end of 2023.

During the three months ended March 31, 2022, we recorded restructuring charges of $18 million within the Filmed Entertainment segment for severance costs primarily associated with management changes following our operating segment realignment, and a charge of $39 million following Russia’s invasion of Ukraine, principally to reserve against amounts due from counterparties in Russia, Belarus and Ukraine.

Basis of Presentation (Policies)	3 Months Ended
Basis of Presentation (Policies)	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Use of Estimates	Use of Estimates—The preparation of our consolidated financial statements in conformity with GAAP requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the periods presented. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may vary from these estimates under different assumptions or conditions.
Net Earnings (Loss) per Common Share	Net Earnings (Loss) per Common Share—Basic net earnings (loss) per share (“EPS”) is based upon net earnings (loss) available to common stockholders divided by the weighted average number of common shares outstanding during the period. Net earnings (loss) available to common stockholders is calculated as net earnings (loss) from continuing operations or net earnings (loss), as applicable, adjusted to include a reduction for dividends recorded during the applicable period on our 5.75% Series A Mandatory Convertible Preferred Stock (“Mandatory Convertible Preferred Stock”).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 (loss) available to common stockholders.

Basis of Presentation (Tables)

3 Months Ended

Mar. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Reconciliation from Basic to Diluted Shares

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


	Three Months Ended
	March 31,
(in millions)		2023	2022
Weighted average shares for basic EPS		651	649
Dilutive effect of shares issuable under stock-based compensation plans		—	2

Weighted average shares for diluted EPS		651	651

Schedule of Earnings Per Share, Basic and Diluted

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


	Three Months Ended
	March 31,
		2023		2022
Amounts attributable to Paramount:
Net earnings (loss) from continuing operations		$	(1,163)	$	391
Preferred stock dividends		(14)		(14)
Net earnings (loss) from continuing operations for basic and diluted EPS calculation		$	(1,177)	$	377

Amounts attributable to Paramount:
Net earnings (loss)		$	(1,118)	$	433
Preferred stock dividends		(14)		(14)
Net earnings (loss) for basic and diluted EPS calculation		$	(1,132)	$	419

Discontinued Operations (Tables)

3 Months Ended

Mar. 31, 2023

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Discontinued Operations


	Three Months Ended
	March 31,
		2023		2022
Revenues		$	258	$	217
Costs and expenses:
Operating		151		124
Selling, general and administrative		45		38


Total costs and expenses (a)		196		162
Operating income		62		55
Other items, net		(3)		(1)
Earnings from discontinued operations		59		54
Provision for income taxes (b)		(14)		(12)
Net earnings from discontinued operations, net of tax		$	45	$	42

(b) The tax provision includes amounts relating to previously disposed businesses of $1 million for each of the three months ended March 31, 2023 and 2022.

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


	At			At
	March 31, 2023			December 31, 2022
Receivables, net		$	419		$	558
Other current assets		232			229
Goodwill		434			434
Property and equipment, net		53			53
Operating lease assets		204			204
Other assets		107			111
Total Assets		$	1,449		$	1,589
Royalties payable		$	160		$	161
Other current liabilities		320			388
Operating lease liabilities		179			182
Other liabilities		17			18
Total Liabilities		$	676		$	749

- Definition

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

+ References

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+ Details

Programming and Other Inventory (Tables)

3 Months Ended

Mar. 31, 2023

Inventory Disclosure [Abstract]

Current Programming and Other Inventory

The following table presents our programming and other inventory at March 31, 2023 and December 31, 2022, grouped by type and predominant monetization strategy.


	At			At
	March 31, 2023			December 31, 2022
Film Group Monetization:
Acquired program rights, including prepaid sports rights		$	2,899		$	3,238
Internally-produced television and film programming:
Released		6,965			7,154
In process and other		2,690			3,299

Individual Monetization:
Acquired libraries		382			394
Film inventory:
Released		720			694
Completed, not yet released		47			129
In process and other		1,588			1,317
Internally-produced television programming:
Released		759			624
In process and other		683			726
Home entertainment		44			45
Total programming and other inventory		16,777			17,620
Less current portion		1,085			1,342
Total noncurrent programming and other inventory		$	15,692		$	16,278

Noncurrent Programming and Other Inventory

The following table presents our programming and other inventory at March 31, 2023 and December 31, 2022, grouped by type and predominant monetization strategy.


	At			At
	March 31, 2023			December 31, 2022
Film Group Monetization:
Acquired program rights, including prepaid sports rights		$	2,899		$	3,238
Internally-produced television and film programming:
Released		6,965			7,154
In process and other		2,690			3,299

Individual Monetization:
Acquired libraries		382			394
Film inventory:
Released		720			694
Completed, not yet released		47			129
In process and other		1,588			1,317
Internally-produced television programming:
Released		759			624
In process and other		683			726
Home entertainment		44			45
Total programming and other inventory		16,777			17,620
Less current portion		1,085			1,342
Total noncurrent programming and other inventory		$	15,692		$	16,278

Programming and Production Costs

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


	Three Months Ended
	March 31,
		2023		2022
Programming costs, acquired programming		$	1,414	$	1,496

Production costs, internally-produced television and film programming:
Individual monetization		$	396	$	491
Film group monetization		$	1,368	$	1,147

Related Parties (Tables)

3 Months Ended

Mar. 31, 2023

Schedule of Related Party Transactions

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


	Three Months Ended
	March 31,
		2023 (a)		2022
Revenues		$	108	$	54
Operating expenses		$	4	$	5

(a) The increase in revenues for the three months ended March 31, 2023 relates to the SkyShowtime streaming service, which launched in September 2022.


	At			At
	March 31, 2023			December 31, 2022

Accounts receivable		$	237		$	198

Revenues (Tables)

3 Months Ended

Mar. 31, 2023

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 12 for revenues by segment disaggregated into these categories.


	Three Months Ended
	March 31,
		2023		2022
Revenues by Type:
Advertising		$	2,651	$	2,864
Affiliate and subscription		3,179		2,840
Theatrical		127		131
Licensing and other		1,308		1,493
Total Revenues		$	7,265	$	7,328

Debt (Tables)

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Schedule of Debt

Our debt consists of the following:


	At			At
	March 31, 2023			December 31, 2022

7.875% Debentures due 2023		$	139		$	139
7.125% Senior Notes due 2023		35			35
4.75% Senior Notes due 2025		553			552
4.0% Senior Notes due 2026		795			795
3.45% Senior Notes due 2026		124			124
2.90% Senior Notes due 2027		694			694
3.375% Senior Notes due 2028		496			496
3.70% Senior Notes due 2028		494			494
4.20% Senior Notes due 2029		495			495
7.875% Senior Debentures due 2030		830			830
4.95% Senior Notes due 2031		1,227			1,226
4.20% Senior Notes due 2032		975			975
5.50% Senior Debentures due 2033		427			427
4.85% Senior Debentures due 2034		87			87
6.875% Senior Debentures due 2036		1,071			1,071
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		489			488
4.375% Senior Debentures due 2043		1,132			1,130
4.875% Senior Debentures due 2043		18			18
5.85% Senior Debentures due 2043		1,234			1,233
5.25% Senior Debentures due 2044		345			345
4.90% Senior Notes due 2044		541			541
4.60% Senior Notes due 2045		590			590
4.95% Senior Notes due 2050		946			946
6.25% Junior Subordinated Debentures due 2057		643			643
6.375% Junior Subordinated Debentures due 2062		989			989
Other bank borrowings		58			55
Obligations under finance leases		8			10
Total debt (a)		15,853			15,846

Less current portion		240			239
Total long-term debt, net of current portion		$	15,613		$	15,607

Financial Instruments and Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Financial Instruments

Gains recognized on derivative financial instruments were as follows:


	Three Months Ended
	March 31,
		2023		2022		Financial Statement Account
Non-designated foreign exchange contracts		$	1	$	2	Other items, net

Fair Value Measurements


		At			At
	March 31, 2023			December 31, 2022
Assets:

Foreign currency hedges		$	37		$	39
Total Assets		$	37		$	39
Liabilities:
Deferred compensation		$	340		$	336
Foreign currency hedges		76			83
Total Liabilities		$	416		$	419

- Definition

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.

+ References + Details

Variable Interest Entities (Tables)

3 Months Ended

Mar. 31, 2023

Variable Interest Entity Disclosure [Abstract]

Schedule of Variable Interest Entities

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


		At			At
	March 31, 2023			December 31, 2022
Total assets		$	2,102		$	1,961

Total liabilities		$	391		$	328


	Three Months Ended
	March 31,
		2023		2022
Revenues		$	145	$	103

Operating loss		$	(31)	$	(28)

- Definition

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

+ References + Details

Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2023

Stockholders' Equity Note [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss)

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


	Continuing Operations							Discontinued Operations
	Cumulative Translation Adjustments			Net Actuarial Loss and Prior Service Cost				Other Comprehensive Income (Loss) (a)			Accumulated Other Comprehensive Loss
At December 31, 2022		$	(680)		$	(1,097)			$	(30)		$	(1,807)
Other comprehensive income before reclassifications		52			—				2			54
Reclassifications to net loss		—			11		(b)		—			11
Other comprehensive income		52			11				2			65
At March 31, 2023		$	(628)		$	(1,086)			$	(28)		$	(1,742)


	Continuing Operations							Discontinued Operations
	Cumulative Translation Adjustments			Net Actuarial Loss and Prior Service Cost				Other Comprehensive Income (Loss) (a)			Accumulated Other Comprehensive Loss
At December 31, 2021		$	(445)		$	(1,434)			$	(23)		$	(1,902)
Other comprehensive income (loss) before reclassifications		(40)			—				2			(38)
Reclassifications to net earnings		—			16		(b)		—			16
Other comprehensive income (loss)		(40)			16				2			(22)
At March 31, 2022		$	(485)		$	(1,418)			$	(21)		$	(1,924)

(a) Reflects cumulative translation adjustments.

(b) Reflects amortization of net actuarial losses (see Note 11).

Pension and Other Postretirement Benefits (Tables)

3 Months Ended

Mar. 31, 2023

Retirement Benefits [Abstract]

Pension and Other Postretirement Benefits

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


	Pension Benefits				Postretirement Benefits
Three Months Ended March 31,	2023		2022		2023		2022
Components of net periodic cost (a):

Interest cost	$	51	$	38	$	3	$	2
Expected return on plan assets	(32)		(43)		—		—
Amortization of actuarial loss (gain) (b)	21		24		(4)		(3)
Net periodic cost	$	40	$	19	$	(1)	$	(1)

(a) Amounts reflect our domestic plans only.

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

Segment Information (Tables)

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Revenues by Segment


	Three Months Ended
	March 31,
		2023		2022
Revenues:
Advertising		$	2,256	$	2,521
Affiliate and subscription		2,067		2,098
Licensing and other		870		1,026
TV Media		5,193		5,645
Advertising		398		347
Subscription		1,112		742
Direct-to-Consumer		1,510		1,089
Advertising		5		2
Theatrical		127		131
Licensing and other		456		491
Filmed Entertainment		588		624
Eliminations		(26)		(30)
Total Revenues		$	7,265	$	7,328

Intercompany Revenues by Segment


	Three Months Ended
	March 31,
		2023		2022
Intercompany Revenues:
TV Media		$	13	$	11

Filmed Entertainment		13		19
Total Intercompany Revenues		$	26	$	30

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


	Three Months Ended
	March 31,
		2023		2022
Adjusted OIBDA:
TV Media		$	1,306	$	1,544
Direct-to-Consumer		(511)		(456)
Filmed Entertainment		(99)		(37)
Corporate/Eliminations		(109)		(104)
Stock-based compensation (a)		(39)		(34)
Depreciation and amortization		(100)		(96)
Programming charges		(1,674)		—
Restructuring and other corporate matters		—		(57)
Gain on dispositions		—		15
Operating income (loss)		(1,226)		775
Interest expense		(226)		(240)
Interest income		35		21
Loss on extinguishment of debt		—		(73)
Other items, net		(46)		(13)
Earnings (loss) from continuing operations before income taxes and equity in loss of investee companies		(1,463)		470
Benefit (provision) for income taxes		381		(34)
Equity in loss of investee companies, net of tax		(75)		(37)
Net earnings (loss) from continuing operations		(1,157)		399
Net earnings from discontinued operations, net of tax		45		42
Net earnings (loss) (Paramount and noncontrolling interests)		(1,112)		441
Net earnings attributable to noncontrolling interests		(6)		(8)
Net earnings (loss) attributable to Paramount		$	(1,118)	$	433

(a) For the three months ended March 31, 2022, stock-based compensation expense of $2 million is included in “Restructuring and other corporate matters”.

Supplemental Financial Information (Tables)

3 Months Ended

Mar. 31, 2023

Additional Financial Information Disclosure [Abstract]

Supplemental Cash Flow Information


	Three Months Ended
	March 31,
	2023		2022
Cash paid for interest	$	275	$	292

Cash paid (received) for income taxes:
Continuing operations	$	(8)	$	45
Discontinued operations	$	2	$	5

Noncash additions to operating lease assets	$	58	$	68

Basis of Presentation - Narrative (Details) - shares shares in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
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)	21	6
Series A Convertible Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	10	10
Series A Convertible Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Preferred stock, percentage	5.75%		5.75%

Basis of Presentation - Reconciliation from Basic to Diluted Shares (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Weighted average shares for basic EPS (in shares)	651	649
Dilutive effect of shares issuable under stock-based compensation plans (in shares)	0	2
Weighted average shares for diluted EPS (in shares)	651	651

Basis of Presentation - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Net earnings (loss) from continuing operations	$ (1,163)	$ 391
Preferred stock dividends	(14)	(14)
Net earnings (loss) from continuing operations for basic EPS calculation	(1,177)	377
Net earnings (loss) from continuing operations for diluted EPS calculation	(1,177)	377
Net earnings (loss)	(1,118)	433
Preferred stock dividends	(14)	(14)
Net earnings (loss) for basic EPS calculation	(1,132)	419
Net earnings (loss) for diluted EPS calculation	$ (1,132)	$ 419

- Definition

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

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

+ References + Details

Discontinued Operations - Schedule of Discontinued Operations, Net Earnings (Details) - Discontinued operations - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Discontinued Operations [Line Items]
Revenues	$ 258	$ 217
Costs and expenses:
Operating	151	124
Selling, general and administrative	45	38
Total costs and expenses	196	162
Operating income	62	55
Other items, net	(3)	(1)
Earnings from discontinued operations	59	54
Provision for income taxes	(14)	(12)
Net earnings from discontinued operations, net of tax	45	42
Previous disposals, cost and expenses	4	5
Previous disposals, income tax prevision	$ 1	$ 1

Discontinued Operations - Schedule of Discontinued Operations, Assets and Liabilities (Details) - Discontinued operations - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Assets
Receivables, net	$ 419	$ 558
Other current assets	232	229
Goodwill	434	434
Property and equipment, net	53	53
Operating lease assets	204	204
Other assets	107	111
Total Assets	1,449	1,589
Liabilities
Royalties payable	160	161
Other current liabilities	320	388
Operating lease liabilities	179	182
Other liabilities	17	18
Total Liabilities	$ 676	$ 749

Programming and Other Inventory - Programming Inventory (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Inventory [Line Items]
Acquired program rights, including prepaid sports rights, film group monetization	$ 2,899	$ 3,238
Acquired libraries, individual monetization	382	394
Home entertainment	44	45
Total programming and other inventory	16,777	17,620
Less current portion	1,085	1,342
Total noncurrent programming and other inventory	15,692	16,278
Internally Produced Television and Film Programming
Inventory [Line Items]
Released, film group monetization	6,965	7,154
In process and other, film group monetization	2,690	3,299
Film Inventory
Inventory [Line Items]
Released, individual monetization	720	694
Completed, not yet released, individual monetization	47	129
In process and other, individual monetization	1,588	1,317
Internally Produced Television Programming
Inventory [Line Items]
Released, individual monetization	759	624
In process and other, individual monetization	$ 683	$ 726

Programming and Other Inventory - Programming and Production Costs (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Inventory Disclosure [Abstract]
Programming costs, acquired programming	$ 1,414	$ 1,496
Production costs, internally-produced television and film programming:
Individual monetization	396	491
Film group monetization	$ 1,368	$ 1,147

Programming and Other Inventory - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Inventory Disclosure [Abstract]
Programming charges	$ 1,674	$ 0
Impairment charges	1,450
Development cost write offs and contract termination costs	$ 225

Related Parties - Narrative (Details)	Mar. 31, 2023 trustee
Related Party Transaction [Line Items]
SMR Trust ownership in NAI	80.00%
National Amusements, Inc.
Related Party Transaction [Line Items]
NAI ownership of Paramount common stock Class A common stock (percentage)	77.40%
NAI ownership of Paramount Class A and Class B common stock on a combined basis (percentage)	9.70%
Number of trustees	7
Number of beneficiary trustees	2

Related Parties - Schedule of Related Party Transactions (Details) - Other Related Parties - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Related Party Transaction [Line Items]
Revenues	$ 108	$ 54
Operating expenses	4	$ 5
Accounts receivable	$ 237		$ 198

- Definition

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

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+ Details

- Definition

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.

+ References

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+ Details

Revenues - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Total Revenues	$ 7,265	$ 7,328
Advertising
Disaggregation of Revenue [Line Items]
Total Revenues	2,651	2,864
Affiliate and subscription
Disaggregation of Revenue [Line Items]
Total Revenues	3,179	2,840
Theatrical
Disaggregation of Revenue [Line Items]
Total Revenues	127	131
Licensing and other
Disaggregation of Revenue [Line Items]
Total Revenues	$ 1,308	$ 1,493

- Definition

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

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Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Revenues - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
Revenues - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Allowance for credit loss	$ 109		$ 111
Deferred revenue	1,160		1,060
Revenue recognized	300	$ 400
Unrecognized revenue	9,000
Performance obligation satisfied	100	$ 200
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01
Disaggregation of Revenue [Line Items]
Unrecognized revenue	$ 3,000
Remaining performance obligation period	9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Disaggregation of Revenue [Line Items]
Unrecognized revenue	$ 2,000
Remaining performance obligation period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Disaggregation of Revenue [Line Items]
Unrecognized revenue	$ 1,000
Remaining performance obligation period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Disaggregation of Revenue [Line Items]
Unrecognized revenue	$ 3,000
Remaining performance obligation period
Other Assets
Disaggregation of Revenue [Line Items]
Noncurrent receivables	$ 1,510		$ 1,610

Debt - Schedule of Debt (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022
Debt Instrument [Line Items]
Other bank borrowings	$ 58	$ 55
Obligations under finance leases	8	10
Total debt	15,853	15,846
Less current portion	240	239
Total long-term debt, net of current portion	15,613	15,607
Net unamortized discount on senior debt	437	442
Unamortized deferred financing costs	88	89
Face value of debt	$ 16,380	16,380
7.875% Debentures due 2023
Debt Instrument [Line Items]
Stated interest rate	7.875%
Carrying value of senior debt	$ 139	139
7.125% Senior Notes due 2023
Debt Instrument [Line Items]
Stated interest rate	7.125%
Carrying value of senior debt	$ 35	35
4.75% Senior Notes due 2025
Debt Instrument [Line Items]
Stated interest rate	4.75%
Carrying value of senior debt	$ 553	552
4.0% Senior Notes due 2026
Debt Instrument [Line Items]
Stated interest rate	4.00%
Carrying value of senior debt	$ 795	795
3.45% Senior Notes due 2026
Debt Instrument [Line Items]
Stated interest rate	3.45%
Carrying value of senior debt	$ 124	124
2.90% Senior Notes due 2027
Debt Instrument [Line Items]
Stated interest rate	2.90%
Carrying value of senior debt	$ 694	694
3.375% Senior Notes due 2028
Debt Instrument [Line Items]
Stated interest rate	3.375%
Carrying value of senior debt	$ 496	496
3.70% Senior Notes due 2028
Debt Instrument [Line Items]
Stated interest rate	3.70%
Carrying value of senior debt	$ 494	494
4.20% Senior Notes due 2029
Debt Instrument [Line Items]
Stated interest rate	4.20%
Carrying value of senior debt	$ 495	495
7.875% Senior Debentures due 2030
Debt Instrument [Line Items]
Stated interest rate	7.875%
Carrying value of senior debt	$ 830	830
4.95% Senior Notes due 2031
Debt Instrument [Line Items]
Stated interest rate	4.95%
Carrying value of senior debt	$ 1,227	1,226
4.20% Senior Notes due 2032
Debt Instrument [Line Items]
Stated interest rate	4.20%
Carrying value of senior debt	$ 975	975
5.50% Senior Debentures due 2033
Debt Instrument [Line Items]
Stated interest rate	5.50%
Carrying value of senior debt	$ 427	427
4.85% Senior Debentures due 2034
Debt Instrument [Line Items]
Stated interest rate	4.85%
Carrying value of senior debt	$ 87	87
6.875% Senior Debentures due 2036
Debt Instrument [Line Items]
Stated interest rate	6.875%
Carrying value of senior debt	$ 1,071	1,071
6.75% Senior Debentures due 2037
Debt Instrument [Line Items]
Stated interest rate	6.75%
Carrying value of senior debt	$ 75	75
5.90% Senior Notes due 2040
Debt Instrument [Line Items]
Stated interest rate	5.90%
Carrying value of senior debt	$ 298	298
4.50% Senior Debentures due 2042
Debt Instrument [Line Items]
Stated interest rate	4.50%
Carrying value of senior debt	$ 45	45
4.85% Senior Notes due 2042
Debt Instrument [Line Items]
Stated interest rate	4.85%
Carrying value of senior debt	$ 489	488
4.375% Senior Debentures due 2043
Debt Instrument [Line Items]
Stated interest rate	4.375%
Carrying value of senior debt	$ 1,132	1,130
4.875% Senior Debentures due 2043
Debt Instrument [Line Items]
Stated interest rate	4.875%
Carrying value of senior debt	$ 18	18
5.85% Senior Debentures due 2043
Debt Instrument [Line Items]
Stated interest rate	5.85%
Carrying value of senior debt	$ 1,234	1,233
5.25% Senior Debentures due 2044
Debt Instrument [Line Items]
Stated interest rate	5.25%
Carrying value of senior debt	$ 345	345
4.90% Senior Notes due 2044
Debt Instrument [Line Items]
Stated interest rate	4.90%
Carrying value of senior debt	$ 541	541
4.60% Senior Notes due 2045
Debt Instrument [Line Items]
Stated interest rate	4.60%
Carrying value of senior debt	$ 590	590
4.95% Senior Notes due 2050
Debt Instrument [Line Items]
Stated interest rate	4.95%
Carrying value of senior debt	$ 946	946
6.25% Junior Subordinated Debentures due 2057
Debt Instrument [Line Items]
Stated interest rate	6.25%
Junior subordinated notes	$ 643	643
6.375% Junior Subordinated Debentures due 2062
Debt Instrument [Line Items]
Stated interest rate	6.375%		6.375%
Junior subordinated notes	$ 989	$ 989
Face value of debt			$ 1,000

Debt - Narrative (Details) $ in Millions	3 Months Ended
Debt - Narrative (Details) $ in Millions	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)	Mar. 31, 2026	Mar. 31, 2025	Sep. 30, 2024 USD ($)	Dec. 31, 2022 USD ($)
Line of Credit Facility [Line Items]
Loss on extinguishment of debt	$ 0	$ 73
Debt issued	16,380					$ 16,380
Commercial paper	0					0
Other bank borrowings	$ 58					$ 55
5.875% Junior Subordinated Debentures due 2057, 5-Year Hybrid
Line of Credit Facility [Line Items]
Redemption price		$ 520
Stated interest rate		5.875%
6.375% Junior Subordinated Debentures due 2062
Line of Credit Facility [Line Items]
Stated interest rate	6.375%	6.375%
Debt issued		$ 1,000
Credit Facility \| Revolving Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity under credit facility	$ 3,500
Amount borrowed under credit facility	0
Availability under credit facility	$ 3,500
Maximum consolidated leverage ratio	5.75					4.5
Credit Facility \| Revolving Credit Facility \| Forecast
Line of Credit Facility [Line Items]
Maximum consolidated leverage ratio			4.5	5.5
Decrease in maximum consolidated leverage ratio			0.25
Maximum amount of unrestricted cash and cash equivalents netted against Consolidated Indebtedness					$ 1,500
Senior Notes
Line of Credit Facility [Line Items]
Debt redeemed		1,420
Redemption price		$ 1,480
Credit Facility \| Miramax
Line of Credit Facility [Line Items]
Maximum borrowing capacity under credit facility	$ 300					$ 300
Other Bank Borrowings
Line of Credit Facility [Line Items]
Weighted average interest rate	7.48%					7.09%

Financial Instruments and Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Mar. 31, 2022	Apr. 30, 2023	Dec. 31, 2022
Derivative [Line Items]
Carrying value of notes and debentures		$ 15,790			$ 15,780
Fair value of debt		14,200			13,900
Investments without readily determinable fair value		72			70
Programming charges		1,674	$ 0
Impairment charges		$ 1,450
Viacom18
Derivative [Line Items]
Ownership percentage		49.00%
Viacom18 \| Forecast
Derivative [Line Items]
Net gains (losses) from investments	$ 160
Subsequent Event \| Viacom18
Derivative [Line Items]
Ownership percentage				13.00%
Cash Flow Hedging \| Foreign exchange contract
Derivative [Line Items]
Maximum derivative contract term		24 months
Notional amount of derivative		$ 3,450			3,060
Cash Flow Hedging \| Foreign exchange contract \| Production
Derivative [Line Items]
Notional amount of derivative		2,860			2,400
Cash Flow Hedging \| Foreign exchange contract \| Other
Derivative [Line Items]
Notional amount of derivative		$ 588			$ 655

Financial Instruments and Fair Value Measurements - Financial Instruments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Foreign exchange contract
Derivatives [Line Items]
Gain (loss) on non-designated foreign exchange contracts	$ 1	$ 2

Financial Instruments and Fair Value Measurements - Fair Value Measurements (Details) - Level 2 - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Assets:
Foreign currency hedges	$ 37	$ 39
Total Assets	37	39
Liabilities:
Deferred compensation	340	336
Foreign currency hedges	76	83
Total Liabilities	$ 416	$ 419

Variable Interest Entities (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Variable Interest Entity [Line Items]
Total assets	$ 56,561		$ 58,393
Revenues	7,265	$ 7,328
Operating loss	(1,226)	775
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Total assets	2,102		1,961
Total liabilities	391		$ 328
Revenues	145	103
Operating loss	$ (31)	$ (28)

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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-SubTopic 210
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+ Details

- Definition

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

+ References

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Stockholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Class of Stock [Line Items]
Dividends recorded on preferred stock	$ 14.0	$ 14.0
Tax provision on net actuarial gain (loss) and prior service costs related to pension and other postretirement benefit plans	$ 4.0	$ 5.0
Class A and Class B Common Stock
Class of Stock [Line Items]
Dividends per common share (in dollars per share)	$ 0.24	$ 0.24
Dividends recorded on common stock	$ 161.0	$ 159.0
Series A Convertible Preferred Stock
Class of Stock [Line Items]
Dividends per preferred share (in dollars per share)	$ 1.4375	$ 1.4375
Dividends recorded on preferred stock	$ 14.4	$ 14.4

Stockholders' Equity - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
AOCI Attributable to Parent, Net of Tax
Beginning balance	$ 23,036
Ending balance	21,851
Cumulative Translation Adjustments
AOCI Attributable to Parent, Net of Tax
Beginning balance	(680)	$ (445)
Other comprehensive income (loss) before reclassifications	52	(40)
Reclassifications to net loss	0	0
Other comprehensive income (loss)	52	(40)
Ending balance	(628)	(485)
Net Actuarial Loss and Prior Service Cost
AOCI Attributable to Parent, Net of Tax
Beginning balance	(1,097)	(1,434)
Other comprehensive income (loss) before reclassifications	0	0
Reclassifications to net loss	11	16
Other comprehensive income (loss)	11	16
Ending balance	(1,086)	(1,418)
Other Comprehensive Income (Loss)
AOCI Attributable to Parent, Net of Tax
Beginning balance	(30)	(23)
Other comprehensive income (loss) before reclassifications	2	2
Reclassifications to net loss	0	0
Other comprehensive income (loss)	2	2
Ending balance	(28)	(21)
Accumulated Other Comprehensive Loss
AOCI Attributable to Parent, Net of Tax
Beginning balance	(1,807)	(1,902)
Other comprehensive income (loss) before reclassifications	54	(38)
Reclassifications to net loss	11	16
Other comprehensive income (loss)	65	(22)
Ending balance	$ (1,742)	$ (1,924)

- Definition

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.

+ References

+ Details

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Provision (benefit) for income taxes	$ (381)	$ 34
Effective income tax rate	26.00%	7.20%
Benefit from other items identified as affecting comparability	$ 409	$ 25
Programming charges	1,674	0
Net discrete tax benefit	$ 30	$ 78
Percentage point decrease in effective tax rate	1.50%	16.20%

- Definition

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

+ References + Details

Pension and Other Postretirement Benefits (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Interest cost	$ 51	$ 38
Expected return on plan assets	(32)	(43)
Amortization of actuarial loss (gain)	21	24
Net periodic cost	40	19
Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Interest cost	3	2
Expected return on plan assets	0	0
Amortization of actuarial loss (gain)	(4)	(3)
Net periodic cost	$ (1)	$ (1)

Segment Information - Revenues by Segment (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 7,265	$ 7,328
Operating Segments \| TV Media
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	5,193	5,645
Operating Segments \| Direct-to-Consumer
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	1,510	1,089
Operating Segments \| Filmed Entertainment
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	588	624
Eliminations
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	(26)	(30)
Eliminations \| TV Media
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	(13)	(11)
Eliminations \| Filmed Entertainment
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	(13)	(19)
Advertising
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	2,651	2,864
Advertising \| Operating Segments \| TV Media
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	2,256	2,521
Advertising \| Operating Segments \| Direct-to-Consumer
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	398	347
Advertising \| Operating Segments \| Filmed Entertainment
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	5	2
Affiliate and subscription
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	3,179	2,840
Affiliate and subscription \| Operating Segments \| TV Media
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	2,067	2,098
Affiliate and subscription \| Operating Segments \| Direct-to-Consumer
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	1,112	742
Licensing and other
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	1,308	1,493
Licensing and other \| Operating Segments \| TV Media
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	870	1,026
Licensing and other \| Operating Segments \| Filmed Entertainment
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	456	491
Theatrical
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	127	131
Theatrical \| Operating Segments \| Filmed Entertainment
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 127	$ 131

Segment Information - Intercompany Revenues (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Intercompany Revenues	$ (7,265)	$ (7,328)
Eliminations
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Intercompany Revenues	26	30
Eliminations \| TV Entertainment
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Intercompany Revenues	13	11
Eliminations \| Filmed Entertainment
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Intercompany Revenues	$ 13	$ 19

- Definition

+ References

+ Details

Segment Information - Adjusted OIBDA by Segment and Reconciliation to Net Earnings (Loss) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information [Line Items]
Stock-based compensation	$ (39)	$ (36)
Depreciation and amortization	(100)	(96)
Programming charges	(1,674)	0
Restructuring and other corporate matters	0	(57)
Gain on dispositions	0	15
Operating income (loss)	(1,226)	775
Interest expense	(226)	(240)
Interest income	35	21
Loss on extinguishment of debt	0	(73)
Other items, net	(46)	(13)
Earnings (loss) from continuing operations before income taxes and equity in loss of investee companies	(1,463)	470
Benefit (provision) for income taxes	381	(34)
Equity in loss of investee companies, net of tax	(75)	(37)
Net earnings (loss) from continuing operations	(1,157)	399
Net earnings from discontinued operations, net of tax	45	42
Net earnings (loss) (Paramount and noncontrolling interests)	(1,112)	441
Net earnings attributable to noncontrolling interests	(6)	(8)
Net earnings (loss) attributable to Paramount	(1,118)	433
Operating Segments \| TV Media
Segment Reporting Information [Line Items]
Adjusted OIBDA	1,306	1,544
Operating Segments \| Direct-to-Consumer
Segment Reporting Information [Line Items]
Adjusted OIBDA	(511)	(456)
Operating Segments \| Filmed Entertainment
Segment Reporting Information [Line Items]
Adjusted OIBDA	(99)	(37)
Corporate/Eliminations
Segment Reporting Information [Line Items]
Adjusted OIBDA	(109)	(104)
Segment Reconciling Items
Segment Reporting Information [Line Items]
Stock-based compensation	(39)	(34)
Depreciation and amortization	(100)	(96)
Programming charges	(1,674)	0
Restructuring and other corporate matters	0	(57)
Gain on dispositions	$ 0	15
Segment Reconciling Items \| Restructuring and Other Corporate Matters
Segment Reporting Information [Line Items]
Stock-based compensation		$ (2)

Commitments and Contingencies (Details) $ in Millions			1 Months Ended		3 Months Ended	12 Months Ended
Commitments and Contingencies (Details) $ in Millions	Jan. 27, 2021 claim	Sep. 09, 2019 defendant	Apr. 30, 2023 USD ($)	Mar. 31, 2023 USD ($) claim	Mar. 31, 2023 USD ($) claim	Dec. 31, 2022 USD ($) claim	Dec. 31, 2021 USD ($)	Dec. 31, 2019	Mar. 31, 2020 lawsuit	Feb. 29, 2020 lawsuit	Jan. 23, 2020 lawsuit	Nov. 30, 2019 claim
Loss Contingencies [Line Items]
Outstanding letters of credit and surety bonds				$ 178.0	$ 178.0
Lawsuits consolidated \| lawsuit									3	3
Number of claims dismissed \| claim	1
Number of consolidated class action lawsuits											4	4
Number of defendants \| defendant		14
Costs for settlement and defense of asbestos claims, net of insurance recoveries and taxes						$ 57.0	$ 63.0
Series A Convertible Preferred Stock
Loss Contingencies [Line Items]
Preferred stock, percentage					5.75%	5.75%
CBS Litigation \| Settled Litigation Pending Final Approval \| Subsequent Event
Loss Contingencies [Line Items]
Litigation settlement, amount awarded to other party			$ 167.5
Viacom Litigation \| Settled Litigation Pending Final Approval
Loss Contingencies [Line Items]
Litigation settlement, amount awarded to other party				$ 122.5
Settlement payment period				5 days
Asbestos Claims
Loss Contingencies [Line Items]
Number of pending asbestos claims \| claim				21,640	21,640	21,580
Number of new asbestos claims \| claim					650
Number of asbestos claims closed or moved to inactive docket \| claim					590
CBS Television City
Loss Contingencies [Line Items]
Guaranteed cash flow period								5 years
Estimated liability				$ 25.0	$ 25.0
Famous Players
Loss Contingencies [Line Items]
Estimated liability				$ 17.0	$ 17.0

Supplemental Financial Information - Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash and Cash Equivalents [Line Items]
Cash paid for interest	$ 275	$ 292
Noncash additions to operating lease assets	58	68
Continuing operations
Cash and Cash Equivalents [Line Items]
Cash paid (received) for income taxes:	(8)	45
Discontinued operations
Cash and Cash Equivalents [Line Items]
Cash paid (received) for income taxes:	$ 2	$ 5

Supplemental Financial Information - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Additional Financial Information Disclosure [Abstract]
Lease income	$ 14	$ 15
Restructuring Cost and Reserve [Line Items]
Restructuring reserve	250		$ 302
Payments for restructuring	$ 53
Severance costs		18
Russia, Belarus and Ukraine Counterparties
Restructuring Cost and Reserve [Line Items]
Other costs		$ 39