0000813828-24-000007 | 10-K | XBRL Viewer

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

Stock-Based Compensation - Stock Options (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Stock Options
Outstanding, beginning balance (in shares)	5,096,947
Expired (in shares)	(1,551,541)
Outstanding, ending balance (in shares)	3,545,406
Weighted Average Exercise Price
Outstanding, beginning balance (in dollars per share)	$ 60.18
Expired (in dollars per share)	72.72
Outstanding, ending balance (in dollars per share)	$ 54.70
Exercisable (in shares)	3,545,406	5,096,947
Exercisable (in dollars per share)	$ 54.70	$ 60.18

Basis of Presentation and Summary of Significant Accounting Policies - Narrative (Details) - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Product Information [Line Items]
Film development costs, expense period	3 years
Allowance for credit losses	$ 120	$ 111
Provision for doubtful accounts	$ 26	40	$ 8
Lease renewal term (up to)	10 years
Advertising expenses	$ 2,900	$ 2,690	$ 2,140
Stock Options and RSUs
Product Information [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	19	11	6
Mandatory Convertible Preferred Stock
Product Information [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	10	10
Mandatory Convertible Preferred Stock
Product Information [Line Items]
Preferred stock, percentage	5.75%	5.75%
Minimum
Product Information [Line Items]
Finite-lived intangible asset useful life	5 years
Maximum
Product Information [Line Items]
Finite-lived intangible asset useful life	40 years
Remaining lease term term	15 years
Internally-Produced Television and Film Programming
Product Information [Line Items]
Period revenue is earned	10 years
Internally-Produced Television and Film Programming, Still In Production
Product Information [Line Items]
Period revenue is earned	5 years
Feature Film
Product Information [Line Items]
Period revenue is earned	10 years
Television and Film Libraries, Acquired
Product Information [Line Items]
Period revenue is earned	20 years
Television Licensing \| Minimum
Product Information [Line Items]
Collection terms for agreements to license programming	1 year
Television Licensing \| Maximum
Product Information [Line Items]
Collection terms for agreements to license programming	5 years
Other current assets
Product Information [Line Items]
Production tax incentives receivable	$ 500
Other assets
Product Information [Line Items]
Production tax incentives receivable	1,200
Other current liabilities
Product Information [Line Items]
Reserves for sales returns and allowances	$ 40	$ 70

Dispositions and Acquisitions

12 Months Ended

Dec. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Dispositions and Acquisitions

DISPOSITIONS AND ACQUISITIONS

Dispositions

Simon & Schuster

On October 30, 2023, we completed the sale of Simon & Schuster to affiliates of Kohlberg Kravis Roberts & Co. for $1.62 billion. As a result, we recognized a pretax gain during the fourth quarter of 2023 of $695 million.

The following tables set forth details of net earnings from discontinued operations for the years ended December 31, 2023, 2022 and 2021, which primarily relates to Simon & Schuster.


Year Ended December 31, 2023	Simon & Schuster			Other (a)		Total
Revenues		$	958	$	—	$	958
Costs and expenses:
Operating		580		(12)		568
Selling, general and administrative		149		—		149

Restructuring charges		2		—		2
Total costs and expenses		731		(12)		719

Operating income		227		12		239
Other items, net		(9)		—		(9)
Earnings from discontinued operations		218		12		230
Benefit from (provision for) income taxes		12		(3)		9
Earnings from discontinued operations, net of tax		230		9		239
Gain on sale (net of tax of $258 million) (b)		437		—		437
Net earnings from discontinued operations, net of tax		$	667	$	9	$	676


Year Ended December 31, 2022	Simon & Schuster			Other (a)		Total
Revenues		$	1,177	$	—	$	1,177
Costs and expenses:
Operating		746		(30)		716
Selling, general and administrative		180		—		180
Restructuring charges		3		—		3
Total costs and expenses		929		(30)		899
Operating income		248		30		278
Termination fee, net of advisory fees (c)		190		—		190
Other items, net		(12)		—		(12)
Earnings from discontinued operations		426		30		456
Provision for income taxes		(70)		(7)		(77)
Net earnings from discontinued operations, net of tax		$	356	$	23	$	379


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

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

(b) The tax provision on the gain on sale differs from the amount that would be expected at the U.S. federal statutory income tax rate primarily because the goodwill was not deductible for tax purposes.

(c) In accordance with the terms of a previous agreement to sell Simon & Schuster, we received a $200 million termination payment after the U.S. Department of Justice prevailed in its suit to block the sale.

The following table presents the major classes of assets and liabilities of our discontinued operations prior to the sale of Simon & Schuster.


At December 31,	2022
Receivables, net	$	558
Other current assets	229
Goodwill	434
Property and equipment, net	53
Operating lease assets	204
Other assets	111
Total Assets	$	1,589
Royalties payable	$	161
Other current liabilities	388
Operating lease liabilities	182
Other liabilities	18
Total Liabilities	$	749

Other

In September 2022, in connection with our funding commitments under our streaming joint venture with Comcast Corporation, SkyShowtime, we made a noncash contribution of certain assets of Paramount+ in the Nordics to the joint venture, which resulted in a gain of $41 million. Also in 2022, we recorded gains on dispositions totaling $15 million, comprised of a gain from the sale of international intangible assets and a working capital adjustment to the gain from the fourth quarter 2021 sale of CBS Studio Center, which is described below.

During October 2021, we completed the sale of 51 West 52nd Street, an office tower that was formerly the headquarters of CBS, to Harbor Group International, LLC, for $760 million, resulting in a gain of $523 million.

In December 2021, we completed the sale of CBS Studio Center to a partnership formed by Hackman Capital Partners, LLC and Square Mile Capital Management, LLC for $1.85 billion. At closing, we executed a 10-year

lease-back of the portion of a building on the property that is used by our Los Angeles television stations. The lease-back began at the time of the sale and includes an option to terminate one floor without penalty beginning on the fifth anniversary. The sale resulted in a gain of $1.70 billion.

In addition, during 2021 we recognized a net gain of $117 million, principally relating to the sale of a noncore trademark licensing operation.

Acquisitions

During 2021, we made payments totaling $54 million, net of cash acquired, for the acquisition of Chilevisión, a free-to-air television channel, and a controlling interest in Fox TeleColombia & Estudios TeleMexico, a Spanish language content producer. The results of these companies are included in the TV Media segment from the dates of acquisition. The operating results of these acquisitions were not material to our consolidated financial statements in the year of acquisition.

Pension and Other Postretirement Benefits (Tables)

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

Change in Benefit Obligations

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


	Pension Benefits				Postretirement Benefits
	2023		2022		2023		2022
Change in benefit obligation:
Benefit obligation, beginning of year	$	3,661	$	4,909	$	222	$	276
Service cost	—		—		1		1
Interest cost	207		150		12		8
Actuarial loss (gain)	137		(1,089)		(11)		(29)
Benefits paid	(294)		(309)		(40)		(43)
Participants’ contributions	—		—		6		6
Retiree Medicare drug subsidy	—		—		3		3
Benefit obligation, end of year	$	3,711	$	3,661	$	193	$	222

Change in Plan Assets

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


	Pension Benefits				Postretirement Benefits
	2023		2022		2023		2022
Change in plan assets:
Fair value of plan assets, beginning of year	$	2,363	$	3,191	$	—	$	—
Actual return (loss) on plan assets	243		(592)		—		—
Employer contributions	195		73		31		34
Benefits paid	(294)		(309)		(40)		(43)
Participants’ contributions	—		—		6		6
Retiree Medicare drug subsidy	—		—		3		3
Fair value of plan assets, end of year	$	2,507	$	2,363	$	—	$	—

Funded Status and Amounts Recognized on Consolidated Balance Sheets

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


	Pension Benefits				Postretirement Benefits
At December 31,	2023		2022		2023		2022
Funded status at end of year	$	(1,204)	$	(1,298)	$	(193)	$	(222)
Amounts recognized on the Consolidated Balance Sheets:
Current liabilities	$	(74)	$	(73)	$	(30)	$	(34)
Noncurrent liabilities	(1,130)		(1,225)		(163)		(188)
Net amounts recognized	$	(1,204)	$	(1,298)	$	(193)	$	(222)

Amounts Recognized in Accumulated Other Comprehensive Income (Loss)

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


	Pension Benefits				Postretirement Benefits
At December 31,	2023		2022		2023		2022
Net actuarial (loss) gain	$	(1,585)	$	(1,646)	$	150	$	157
Net prior service cost	(1)		(1)		—		—
	(1,586)		(1,647)		150		157
Deferred income taxes	424		438		(15)		(17)
Net amount recognized in accumulated other comprehensive income (loss)	$	(1,162)	$	(1,209)	$	135	$	140

Schedule of Accumulated Benefit Obligations in Excess of Plan Assets

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


At December 31,	2023		2022
Projected and accumulated benefit obligation	$	3,711	$	3,661
Fair value of plan assets	$	2,507	$	2,363

Components of Net Periodic Cost (Benefit)

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


	Pension Benefits						Postretirement Benefits
Year Ended December 31,	2023		2022		2021		2023		2022		2021
Components of net periodic cost:
Service cost	$	—	$	—	$	—	$	1	$	1	$	1
Interest cost	207		150		145		12		8		8
Expected return on plan assets	(128)		(172)		(188)		—		—		—
Amortization of actuarial losses (gains)	83		97		93		(18)		(15)		(15)
Settlements (a)	—		—		10		—		—		—
Net periodic cost (benefit) (b)	$	162	$	75	$	60	$	(5)	$	(6)	$	(6)

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

(b) Includes amounts reflected in net earnings from discontinued operations of $7 million for the year ended December 31, 2023 and $3 million for each of the years ended December 31, 2022 and 2021.

Schedule of Amounts Recognized in Other Comprehensive Income (Loss)


	Pension Benefits						Postretirement Benefits
Year Ended December 31,	2023		2022		2021		2023		2022		2021
Other comprehensive income (loss):
Actuarial (loss) gain	$	(22)	$	325	$	(27)	$	11	$	29	$	18
Share of equity investee	—		1		1		—		—		—
Settlements	—		—		10		—		—		—
Amortization of actuarial losses (gains)	83		97		93		(18)		(15)		(15)
	61		423		77		(7)		14		3
Deferred income taxes	(14)		(103)		(19)		2		(3)		(1)
Recognized in other comprehensive income (loss), net of tax	$	47	$	320	$	58	$	(5)	$	11	$	2

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


	Pension Benefits						Postretirement Benefits
	2023		2022		2021		2023		2022		2021
Weighted average assumptions used to determine benefit obligations at December 31:
Discount rate	5.6	%	5.9	%	3.2	%	5.7	%	6.0	%	3.0	%
Rate of compensation increase	—	%	—	%	—	%	N/A		N/A		N/A
Weighted average assumptions used to determine net periodic costs for the year ended December 31:
Discount rate	5.9	%	3.2	%	2.9	%	6.0	%	3.0	%	2.6	%
Expected long-term return on plan assets	5.7	%	5.6	%	5.9	%	N/A		N/A		N/A
Cash balance interest crediting rate	5.0	%	5.0	%	5.0	%	N/A		N/A		N/A
Rate of compensation increase	—	%	—	%	—	%	N/A		N/A		N/A

N/A - not applicable

Assumptions Regarding Heath Care Cost Trend Rates for Postretirement Benefits

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


	2023		2022
Projected health care cost trend rate (pre-65)	6.5	%	6.8	%
Projected health care cost trend rate (post-65)	6.5	%	6.8	%
Ultimate trend rate	5.0	%	5.0	%
Year ultimate trend rate is achieved	2030		2030

Fair Value of Pension Plan Assets

The following tables set forth our pension plan assets measured at fair value on a recurring basis at December 31, 2023 and 2022. These assets have been categorized according to the three-level fair value hierarchy established by the FASB which prioritizes the inputs used in measuring fair value. See Note 12 for a description of the levels within this hierarchy. There are no investments categorized as Level 3.


At December 31, 2023	Level 1		Level 2		Total
Cash and cash equivalents (a)	$	—	$	69	$	69
Fixed income securities:
U.S. treasury securities	107		—		107
Government-related securities	—		129		129
Corporate bonds (b)	—		1,164		1,164
Mortgage-backed and asset-backed securities	—		128		128
Equity securities:
U.S. large capitalization	89		—		89
U.S. small capitalization	18		—		18
Exchange Trade Fund (ETF)	27		—		27
Other	—		8		8
Total assets in fair value hierarchy	$	241	$	1,498	$	1,739
Common collective funds measured at net asset value (c) (d)					676
Limited partnerships measured at net asset value (c)					10
Mutual funds measured at net asset value (c)					82
Investments, at fair value					$	2,507


At December 31, 2022	Level 1		Level 2		Total
Cash and cash equivalents (a)	$	—	$	3	$	3
Fixed income securities:
U.S. treasury securities	108		—		108
Government-related securities	—		133		133
Corporate bonds (b)	—		1,144		1,144
Mortgage-backed and asset-backed securities	—		101		101
Equity securities:
U.S. large capitalization	48		—		48
U.S. small capitalization	63		—		63

Total assets in fair value hierarchy	$	219	$	1,381	$	1,600
Common collective funds measured at net asset value (c) (d)					660
Limited partnerships measured at net asset value (c)					11
Mutual funds measured at net asset value (c)					92
Investments, at fair value					$	2,363

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

(b) Securities of diverse sectors and industries, substantially all investment grade.

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

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

Estimated Future Benefit Payments

Estimated future benefit payments are as follows:


	2024		2025		2026		2027		2028		2029-2033
Pension	$	322	$	317	$	314	$	308	$	307	$	1,375
Postretirement	$	31	$	28	$	26	$	23	$	21	$	74
Retiree Medicare drug subsidy	$	3	$	3	$	3	$	3	$	2	$	10

Summary of Participation in Multiemployer Defined Benefit Pension Plans

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


	Employer Identification Number/Pension Plan Number	Pension Protection Act		Company Contributions						Expiration Date of Collective Bargaining Agreement
		Zone Status (a)
Pension Plan		2023	2022	2023		2022		2021
AFTRA Retirement Plan (b)	13-6414972-001	Green	Green	$	18	$	16	$	17	6/30/2026
Directors Guild of America - Producer (b)	95-2892780-001	Green	Green	17		19		23		6/30/2026
Producer-Writers Guild of America (b)	95-2216351-001	Green	Green	24		30		26		5/1/2026
Screen Actors Guild - Producers (b)	95-2110997-001	Green	Green	27		30		45		6/30/2026
Motion Picture Industry	95-1810805-001	Green	Green	48		63		66		(c)
I.A.T.S.E. Local No. 33 Pension Trust Fund	95-6377503-001	Green	Green	2		5		10		12/31/2025
Other Plans				15		14		16
	Total contributions			$	151	$	177	$	203

(a) The zone status for each individual plan listed was certified by each plan’s actuary as of the beginning of the plan years for 2023 and 2022. The plan year is the twelve months ending December 31 for each plan listed above except AFTRA Retirement Plan which has a plan year ending November 30.

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

Income Taxes - U.S. and Foreign Components of Earnings From Continuing Operations Before Income Taxes and Equity in Loss of Investee Companies (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
United States	$ (2,039)	$ 324	$ 4,106
Foreign	786	942	1,100
Earnings (loss) from continuing operations before income taxes and equity in loss of investee companies	$ (1,253)	$ 1,266	$ 5,206

Variable Interest Entities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Variable Interest Entity [Line Items]
Total assets	$ 53,543	$ 58,393
Revenues	29,652	30,154	$ 28,586
Operating income (loss)	(451)	2,342	6,297
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Total assets	1,886	1,961
Total liabilities	232	328
Revenues	598	524	576
Operating income (loss)	$ (107)	$ (56)	$ 43

- 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

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+ References + Details

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contractual Obligations

These commitments are payable as follows:


	Payments Due by Period
													2029 and
	Total		2024		2025		2026		2027		2028		Thereafter
Off-Balance Sheet Arrangements
Programming and talent commitments	$	31,338	$	3,491	$	3,565	$	3,350	$	3,085	$	3,448	$	14,399
Purchase obligations	$	1,077	$	432	$	375	$	191	$	27	$	13	$	39

These long-term contractual obligations are payable as follows:


Payments Due by Period
										2029 and
Total		2025		2026		2027		2028		Thereafter
$	1,704	$	1,228	$	321	$	86	$	43	$	26

Supplemental Financial Information - Components of Other Items, Net (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Additional Financial Information Disclosure [Abstract]
Pension and postretirement benefit costs	$ (153)	$ (65)	$ (43)
Foreign exchange losses	(66)	(58)	(26)
Pension settlement charge (Note 17)	0	0	(10)
Other	3	(1)	2
Other items, net	$ (216)	$ (124)	$ (77)

Leases - Expected Future Minimum Payments (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
2024	$ 309
2025	296
2026	253
2027	208
2028	184
2029	490
Total minimum payments	1,740
Less amounts representing interest	226
Present value of minimum payments	$ 1,514	$ 1,720

Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for future grant (in shares)	24,000,000
Stock-based compensation expense	$ 177	$ 172	$ 192
Award expiration period	8 years
Stock options grants (in shares)	0	0	0
Remaining unrecognized stock option compensation cost	$ 0
Stock options exercised (in shares)	0	0
Weighted average remaining contractual life of outstanding stock options (years)	1 year 9 months 10 days
Weighted average remaining contractual life of exercisable stock options (years)	1 year 9 months 10 days
Intrinsic value of stock options outstanding	$ 0
Intrinsic value of stock options exercisable	$ 0
Closing stock price (in dollars per share)	$ 14.79
Performance Share Units (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of PSU awards granted	$ 43	$ 43	$ 3
RSUs and PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 172	$ 155	$ 163
Weighted average grant date fair value (in dollars per share)	$ 22.83	$ 31.58	$ 35.80
Total fair value of RSUs and PSUs vested during the period	$ 74	$ 77	$ 260
Total unrecognized compensation cost related to non-vested RSUs and PSUs	$ 256
Weighted average period over which unrecognized compensation cost will be recognized	2 years 3 days
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 0	3	9
Minimum \| Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	1 year
Minimum \| Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Maximum \| Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	4 years
Maximum \| Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	4 years
Discontinued operations
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 2	$ 3	$ 3

Restructuring and Other Corporate Matters - Restructuring Charges and Other Corporate Matters (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 102	$ 328	$ 100
Other corporate matters	(133)	257	0
Restructuring and other corporate matters	(31)	585	100
Severance
Restructuring Cost and Reserve [Line Items]
Restructuring charges	67	260	65
Exit costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 35	$ 68	$ 35

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Stock-Based Compensation

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

STOCK-BASED COMPENSATION

We have long-term equity-based incentive plans (the “Plans”) under which stock options, RSUs and PSUs are issued. The purpose of the Plans is to benefit and advance the interests of our company by attracting, retaining and motivating participants and to compensate participants for their contributions to the financial success of our company. The Plans provide for awards of stock options, stock appreciation rights, restricted and unrestricted shares, RSUs, dividend equivalents, performance awards and other equity-related awards. RSUs and PSUs accrue dividends each time we declare a quarterly cash dividend, which are paid upon vesting when the shares are delivered and are forfeited if the award does not vest. Upon exercise of stock options or vesting of RSUs and PSUs, we issue new shares from our existing authorization. At December 31, 2023, there were 24 million shares available for future grant under the Plans. Stock-based compensation awards were also granted under Viacom’s equity incentive plans until December 31, 2020. Upon exercise of outstanding stock options or vesting of RSUs and PSUs previously granted under Viacom’s equity incentive plans, shares may be issued from Viacom’s previous authorization or from treasury stock.

The following table summarizes stock-based compensation expense for the years ended December 31, 2023, 2022 and 2021.


Year Ended December 31,	2023		2022		2021
RSUs and PSUs	$	172	$	155	$	163
Stock options	—		3		9
Expense included in operating and SG&A	172		158		172
Expense included in restructuring and other corporate matters (a)	5		14		20
Stock-based compensation expense, before income taxes	177		172		192
Related tax benefit	(35)		(35)		(41)
Stock-based compensation expense, net of tax benefit	$	142	$	137	$	151

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

Included in net earnings from discontinued operations was stock-based compensation expense of $2 million for the year ended December 31, 2023 and $3 million for each of the years ended December 31, 2022 and 2021.

RSUs and PSUs

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

For PSU awards with a market condition, the number of shares to be issued upon vesting is based on the total shareholder return of the Company’s Class B Common Stock measured against the companies comprising the S&P 500 Index or a defined peer group over a designated measurement period. Certain other PSU awards are based on the achievement of established internal operating goals. The fair value of PSU awards with a market condition is determined using a Monte Carlo simulation model, and is expensed over the required employee service period. Compensation expense for these PSUs is not adjusted for the actual number of shares issued based on the outcome of the market condition for completed performance periods. The fair value of PSU awards with internal performance conditions is based on the market price of the shares on the date of grant, and is expensed based on the probable outcome of internal performance metrics and subsequently adjusted to reflect the actual shares issued based on the outcome of the performance metrics for completed performance periods. For all PSU awards, if the required service period is not completed, the award is forfeited, and compensation expense is adjusted. The fair value of PSU awards granted during each of the years ended December 31, 2023 and 2022 was $43 million and for the year ended December 31, 2021 was $3 million.

The weighted average grant date fair value of RSUs and PSUs granted was $22.83, $31.58 and $35.80 in 2023, 2022, and 2021, respectively. The total market value of RSUs and PSUs that vested during 2023, 2022, and 2021 was $74 million, $77 million and $260 million, respectively. Total unrecognized compensation cost related to non-vested RSUs and PSUs at December 31, 2023 was $256 million, which is expected to be recognized over a weighted average period of 2.01 years.

The following table summarizes our RSU and PSU share activity:


			Weighted Average
	Shares		Grant Date Fair Value
Non-vested at December 31, 2022		11,115,371		$	33.02
Granted (a)		10,435,617		$	22.83
Vested		(4,426,844)		$	33.74
Forfeited		(1,619,883)		$	29.01
Non-vested at December 31, 2023		15,504,261		$	26.38

(a) Grant activity includes 1.4 million of PSUs at target for 2023.

Stock Options

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

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

At December 31, 2023, all stock options are vested and there is no remaining unrecognized compensation cost.

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


			Weighted Average
	Stock Options		Exercise Price
Outstanding and Exercisable at December 31, 2022		5,096,947		$	60.18

Expired		(1,551,541)		$	72.72
Outstanding and Exercisable at December 31, 2023		3,545,406		$	54.70

The following table summarizes other information relating to stock option exercises during the year ended December 31, 2021. There were no stock option exercises during the years ended December 31, 2023 and 2022.


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

At December 31, 2023, stock options outstanding and exercisable have a weighted average remaining contractual life of 1.78 years. There was no intrinsic value for options outstanding and exercisable, based on our closing stock price of $14.79 at December 31, 2023.

Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Allowance for doubtful accounts
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	$ 111	$ 80	$ 85
Charged to Expenses and Other Accounts	26	40	8
Deductions	17	9	13
Balance at End of Period	120	111	80
Valuation allowance on deferred tax assets
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	488	581	593
Charged to Expenses and Other Accounts	20	15	63
Deductions	10	108	75
Balance at End of Period	498	488	581
Reserve for inventory obsolescence
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	44	47	58
Charged to Expenses and Other Accounts	7	0	0
Deductions	19	3	11
Balance at End of Period	$ 32	$ 44	$ 47

Programming and Other Inventory - Summary of Programming and Other Inventory (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Inventory [Line Items]
Acquired program rights, including prepaid sports rights, film group monetization	$ 3,318	$ 3,238
Acquired libraries, individual monetization	348	394
Home entertainment	34	45
Total programming and other inventory	15,265	17,620
Less current portion	1,414	1,342
Total noncurrent programming and other inventory	13,851	16,278
Internally-Produced Television and Film Programming
Inventory [Line Items]
Released, film group monetization	6,666	7,154
In process and other, film group monetization	2,028	3,299
Released, individual monetization	496	624
In process and other, individual monetization	361	726
Film Inventory
Inventory [Line Items]
Released, individual monetization	624	694
Completed, not yet released, individual monetization	179	129
In process and other, individual monetization	$ 1,211	$ 1,317

Goodwill and Other Intangible Assets - Expected Aggregate Annual Amortization Expense (Details) $ in Millions	Dec. 31, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2024	$ 27
2025	25
2026	23
2027	22
2028	$ 21

Stockholders' Equity - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
AOCI Attributable to Parent, Net of Tax
Beginning balance	$ 23,036
Other comprehensive income (loss) before reclassifications	120	$ 31	$ (140)
Reclassification to net earnings (loss)	131	64	70
Other comprehensive income (loss)	251	95	(70)
Ending balance	22,526	23,036
Cumulative Translation Adjustments
AOCI Attributable to Parent, Net of Tax
Beginning balance	(680)	(445)	(303)
Other comprehensive income (loss) before reclassifications	132	(235)	(142)
Reclassification to net earnings (loss)	44	0	0
Other comprehensive income (loss)	176	(235)	(142)
Ending balance	(504)	(680)	(445)
Net Actuarial Loss and Prior Service Cost
AOCI Attributable to Parent, Net of Tax
Beginning balance	(1,097)	(1,434)	(1,509)
Other comprehensive income (loss) before reclassifications	(7)	273	5
Reclassification to net earnings (loss)	52	64	70
Other comprehensive income (loss)	45	337	75
Ending balance	(1,052)	(1,097)	(1,434)
Other Comprehensive Income (Loss) Discontinued Operations
AOCI Attributable to Parent, Net of Tax
Beginning balance	(30)	(23)	(20)
Other comprehensive income (loss) before reclassifications	(5)	(7)	(3)
Reclassification to net earnings (loss)	35	0	0
Other comprehensive income (loss)	30	(7)	(3)
Ending balance	0	(30)	(23)
Accumulated Other Comprehensive Loss
AOCI Attributable to Parent, Net of Tax
Beginning balance	(1,807)	(1,902)	(1,832)
Ending balance	$ (1,556)	$ (1,807)	$ (1,902)

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481372/852-10-55-10

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
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-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480167/946-830-55-12

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.6-05(4))
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-URI https://asc.fasb.org//1943274/2147479617/946-210-S99-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
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-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 3
-Subparagraph (SX 210.6-09(6))
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-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 3
-Subparagraph (SX 210.6-09(7))
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-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-Paragraph 1
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-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-Paragraph 1
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Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 14: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Basis of Presentation and Summary of Significant Accounting Policies - Reconciliation of Weighted Average Shares Used in Calculation of EPS (Details) - shares shares in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Weighted average shares for basic EPS (in shares)	652	649	641
Dilutive effect of shares issuable under stock-based compensation plans (in shares)	0	1	5
Conversion of Mandatory Convertible Preferred Stock (in shares)	0	0	9
Weighted average shares for diluted EPS (in shares)	652	650	655

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2023
Auditor Information [Abstract]
Auditor Firm ID	238
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	New York, New York

Pension and Other Postretirement Benefits - Estimated Future Benefit Payments (Details) $ in Millions	Dec. 31, 2023 USD ($)
Retiree Medicare drug subsidy
2024	$ 3
2025	3
2026	3
2027	3
2028	2
2029-2033	10
Pension
Pension and Postretirement
2024	322
2025	317
2026	314
2027	308
2028	307
2029-2033	1,375
Postretirement
Pension and Postretirement
2024	31
2025	28
2026	26
2027	23
2028	21
2029-2033	$ 74

Programming and Other Inventory - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Film, Monetized on Its Own, Amortization Expense, Statement of Income or Comprehensive Income [Extensible Enumeration]		Operating	Operating	Operating
Film, Monetized in Film Group, Amortization Expense, Statement of Income or Comprehensive Income [Extensible Enumeration]		Operating	Operating	Operating
Entertainment, License Agreement for Program Material, Amortization Expense, Statement of Income or Comprehensive Income [Extensible Enumeration]		Operating	Operating	Operating
Programming charges		$ 2,371	$ 0	$ 0
Content impairment		1,970
Development cost write-offs and contract termination costs		402
Expected amortization of completed, not yet released film inventory		$ 143
Minimum \| Forecast
Segment Reporting Information [Line Items]
Programming charges	$ 700
Maximum \| Forecast
Segment Reporting Information [Line Items]
Programming charges	$ 900

Debt (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of Debt

Our debt consists of the following:


At December 31,	2023		2022

7.875% Debentures due 2023	$	—	$	139
7.125% Senior Notes due 2023	—		35
4.75% Senior Notes due 2025	125		552
4.0% Senior Notes due 2026	345		795
3.45% Senior Notes due 2026	86		124
2.90% Senior Notes due 2027	581		694
3.375% Senior Notes due 2028	497		496
3.70% Senior Notes due 2028	495		494
4.20% Senior Notes due 2029	496		495
7.875% Senior Debentures due 2030	830		830
4.95% Senior Notes due 2031	1,229		1,226
4.20% Senior Notes due 2032	977		975
5.50% Senior Debentures due 2033	428		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	1,138		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	591		590
4.95% Senior Notes due 2050	948		946
6.25% Junior Subordinated Debentures due 2057	643		643
6.375% Junior Subordinated Debentures due 2062	989		989
Other bank borrowings	—		55
Obligations under finance leases	1		10
Total debt (a)	14,602		15,846

Less current portion of long-term debt	1		239
Total long-term debt, net of current portion	$	14,601	$	15,607

(a) At December 31, 2023 and 2022, the senior and junior subordinated debt balances included (i) a net unamortized discount of $419 million and $442 million, respectively, and (ii) unamortized deferred financing costs of $81 million and $89 million, respectively. The face value of our total debt was $15.10 billion at December 31, 2023 and $16.38 billion at December 31, 2022.

Scheduled Maturities of Long-term Debt at Face Value

At December 31, 2023, our scheduled maturities of long-term debt at face value, which excludes payments for the related interest and finance leases, were as follows:


																2029 and
	2024			2025			2026			2027			2028			Thereafter
Long-term debt		$	—		$	126		$	433		$	584		$	1,000	$	12,958

Leases - Lease Cost (Details) - USD ($) $ in Millions	12 Months Ended
Leases - Lease Cost (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating lease cost	$ 332	$ 373	$ 374
Short-term lease cost	229	306	283
Variable lease cost	76	77	62
Sublease income	(7)	(12)	(20)
Total lease cost	$ 630	$ 744	$ 699

Dispositions and Acquisitions - Narrative (Details) $ in Millions	1 Months Ended			3 Months Ended	12 Months Ended
	Sep. 30, 2022 USD ($)	Dec. 31, 2021 USD ($) floor	Oct. 31, 2021 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($) floor	Oct. 30, 2023 USD ($)
Discontinued Operations [Line Items]
Net gains on dispositions					$ 0	$ 56	$ 2,343
Lease, option to terminate, number of floors \| floor		1					1
Lease-back, option to terminate, waiting period to terminate without penalty		5 years
Business Acquisition [Line Items]
Payments to acquire business, net					$ 0	0	$ 54
CBS Studio Center, Portion Of Los Angeles Building
Discontinued Operations [Line Items]
Lease term		10 years					10 years
Discontinued Operations, Disposed of by Sale \| Simon & Schuster
Discontinued Operations [Line Items]
Sale of business, consideration								$ 1,620
Gain on sale of business				$ 695
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Nordics
Discontinued Operations [Line Items]
Net gains on dispositions	$ 41
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Other Dispositions
Discontinued Operations [Line Items]
Net gains on dispositions						$ 15
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 51 West 52nd Street, Office Tower
Discontinued Operations [Line Items]
Net gains on dispositions			$ 523
Proceeds from dispositions			$ 760
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| CBS Studio Center
Discontinued Operations [Line Items]
Net gains on dispositions		$ 1,700
Proceeds from dispositions		$ 1,850
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Noncore Trademark Licensing Operation
Discontinued Operations [Line Items]
Net gains on dispositions							$ 117
Chilevisión, Fox TeleColombia, and Estudios TeleMexico
Business Acquisition [Line Items]
Payments to acquire business, net							$ 54

Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Changes in Book Value of Goodwill by Segment

The following tables present the changes in the book value of goodwill by segment for the years ended December 31, 2023 and 2022.


	Balance at			Acquisitions /		Foreign		Balance at
	December 31, 2022			(Dispositions)		Currency		December 31, 2023
TV Media:
Goodwill		$	24,505	$	(12)	$	29		$	24,522
Accumulated impairment losses		(13,354)		—		—			(13,354)
Goodwill, net of impairment		11,151		(12)		29			11,168
Direct-to-Consumer
Goodwill		2,728		—		—			2,728
Accumulated impairment losses		—		—		—			—
Goodwill, net of impairment		2,728		—		—			2,728
Filmed Entertainment:
Goodwill		2,620		—		—			2,620
Accumulated impairment losses		—		—		—			—
Goodwill, net of impairment		2,620		—		—			2,620
Total:
Goodwill		29,853		(12)		29			29,870
Accumulated impairment losses		(13,354)		—		—			(13,354)
Goodwill, net of impairment		$	16,499	$	(12)	$	29		$	16,516


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

Schedule of Indefinite-lived Intangible Assets

Our intangible assets were as follows:


			Accumulated
At December 31, 2023	Gross		Amortization		Net
Intangible assets subject to amortization:
Trade names	$	242	$	(154)	$	88
Licenses	129		(62)		67
Customer agreements	124		(102)		22
Other intangible assets	239		(192)		47
Total intangible assets subject to amortization	734		(510)		224
FCC licenses	2,306		—		2,306
International broadcast licenses	25		—		25
Other intangible assets	34		—		34
Total intangible assets	$	3,099	$	(510)	$	2,589


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

Schedule of Finite-lived Intangible Assets

Our intangible assets were as follows:


			Accumulated
At December 31, 2023	Gross		Amortization		Net
Intangible assets subject to amortization:
Trade names	$	242	$	(154)	$	88
Licenses	129		(62)		67
Customer agreements	124		(102)		22
Other intangible assets	239		(192)		47
Total intangible assets subject to amortization	734		(510)		224
FCC licenses	2,306		—		2,306
International broadcast licenses	25		—		25
Other intangible assets	34		—		34
Total intangible assets	$	3,099	$	(510)	$	2,589


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

Amortization Expense

Amortization expense was as follows:


Year Ended December 31,	2023			2022			2021
Amortization expense		$	35		$	41		$	46

Schedule of Expected Aggregate Annual Amortization Expense

We expect our aggregate annual amortization expense for existing intangible assets subject to amortization for each of the years, 2024 through 2028, to be as follows:


	2024			2025			2026			2027			2028
Future amortization expense		$	27		$	25		$	23		$	22		$	21

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Segment Information (Tables)

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Revenues by Segment

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.


Year Ended December 31,	2023		2022		2021
Revenues:
Advertising	$	8,188	$	9,350	$	10,105
Affiliate and subscription	8,085		8,180		8,413
Licensing and other	3,812		4,202		4,216
TV Media	20,085		21,732		22,734
Advertising	1,795		1,533		1,298
Subscription	4,933		3,371		2,029
Licensing	8		—		—
Direct-to-Consumer	6,736		4,904		3,327
Advertising	24		23		18
Theatrical	813		1,223		241
Licensing and other	2,120		2,460		2,428
Filmed Entertainment	2,957		3,706		2,687
Eliminations	(126)		(188)		(162)
Total Revenues	$	29,652	$	30,154	$	28,586

Intercompany Revenues by Segment


Year Ended December 31,	2023		2022		2021
Intercompany Revenues:
TV Media	$	63	$	66	$	87
Direct-to-Consumer	1		—		2
Filmed Entertainment	62		122		73
Total Intercompany Revenues	$	126	$	188	$	162

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


Year Ended December 31,	2023		2022		2021
Adjusted OIBDA:
TV Media	$	4,791	$	5,451	$	5,892
Direct-to-Consumer	(1,663)		(1,819)		(992)
Filmed Entertainment	(119)		272		207
Corporate/Eliminations	(447)		(470)		(491)
Stock-based compensation (a)	(172)		(158)		(172)
Depreciation and amortization	(418)		(378)		(390)
Programming charges	(2,371)		—		—
Impairment charges	(83)		(27)		—
Restructuring and other corporate matters	31		(585)		(100)
Net gains on dispositions	—		56		2,343
Operating income (loss)	(451)		2,342		6,297
Interest expense	(920)		(931)		(986)
Interest income	137		108		53
Gain (loss) from investments	168		(9)		47
Gain (loss) on extinguishment of debt	29		(120)		(128)
Other items, net	(216)		(124)		(77)
Earnings (loss) from continuing operations before income taxes and equity in loss of investee companies	(1,253)		1,266		5,206
Benefit from (provision for) income taxes	361		(227)		(646)
Equity in loss of investee companies, net of tax	(360)		(204)		(91)
Net earnings (loss) from continuing operations	(1,252)		835		4,469
Net earnings from discontinued operations, net of tax	676		379		162
Net earnings (loss) (Paramount and noncontrolling interests)	(576)		1,214		4,631
Net earnings attributable to noncontrolling interests	(32)		(110)		(88)
Net earnings (loss) attributable to Paramount	$	(608)	$	1,104	$	4,543

(a) Stock-based compensation expense of $5 million for 2023, $14 million for 2022 and $20 million for 2021 is included in “Restructuring and other corporate matters”.

Revenues by Customer Location


Year Ended December 31,	2023		2022		2021
Revenues: (a)
United States	$	23,962	$	24,412	$	23,320
International	5,690		5,742		5,266
Total Revenues	$	29,652	$	30,154	$	28,586

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

Long-lived Assets by Geographic Area


At December 31,	2023		2022
Long-lived Assets: (a)
United States	$	15,249	$	18,231
International	1,451		1,458
Total Long-lived Assets	$	16,700	$	19,689

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

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating Activities:
Net earnings (loss) (Paramount and noncontrolling interests)	$ (576)	$ 1,214	$ 4,631
Less: Net earnings from discontinued operations, net of tax	676	379	162
Net earnings (loss) from continuing operations	(1,252)	835	4,469
Adjustments to reconcile net earnings (loss) from continuing operations to net cash flow provided by (used for) operating activities from continuing operations:
Programming charges	2,371	0	0
Depreciation and amortization	418	378	390
Impairment charges	83	27	0
Amortization of content costs and participation and residuals expense	14,713	14,951	13,649
Deferred tax (benefit) provision	(650)	(106)	90
Stock-based compensation	177	172	192
Net gains on dispositions	0	(56)	(2,343)
(Gain) loss from investments	(168)	9	(47)
(Gain) loss on extinguishment of debt	(29)	120	128
Equity in loss of investee companies, net of tax and distributions	363	207	96
Change in assets and liabilities
Decrease (increase) in receivables	523	(180)	179
Increase in inventory and related program, participation, and residuals liabilities	(15,518)	(17,164)	(16,763)
(Decrease) increase in accounts payable and other liabilities	(659)	596	642
Decrease in pension and postretirement benefit obligations	(69)	(44)	(61)
Increase in income taxes	267	272	265
Other, net	(186)	(159)	(51)
Net cash flow provided by (used for) operating activities from continuing operations	384	(142)	835
Net cash flow provided by operating activities from discontinued operations	91	361	118
Net cash flow provided by operating activities	475	219	953
Investing Activities:
Investments	(322)	(254)	(193)
Capital expenditures	(328)	(358)	(354)
Acquisitions, net of cash acquired	0	0	(54)
Proceeds from dispositions	71	95	3,028
Other investing activities	(3)	(1)	(25)
Net cash flow (used for) provided by investing activities from continuing operations	(582)	(518)	2,402
Net cash flow provided by (used for) investing activities from discontinued operations	1,524	(8)	(7)
Net cash flow provided by (used for) investing activities	942	(526)	2,395
Financing Activities:
Proceeds from issuance of debt	45	1,138	58
Repayment of debt	(1,277)	(3,140)	(2,230)
Dividends paid on preferred stock	(58)	(58)	(30)
Dividends paid on common stock	(389)	(631)	(617)
Proceeds from issuance of preferred stock	0	0	983
Proceeds from issuance of common stock	0	0	1,672
Payment of payroll taxes in lieu of issuing shares for stock-based compensation	(29)	(31)	(110)
Proceeds from exercise of stock options	0	0	408
Payments to noncontrolling interests	(93)	(218)	(235)
Other financing activities	(40)	(41)	(51)
Net cash flow used for financing activities	(1,841)	(2,981)	(152)
Effect of exchange rate changes on cash and cash equivalents	(1)	(94)	(48)
Net (decrease) increase in cash, cash equivalents and restricted cash	(425)	(3,382)	3,148
Cash, cash equivalents and restricted cash at beginning of year (includes $135 of restricted cash for 2021)	2,885	6,267	3,119
Cash and cash equivalents at end of year	$ 2,460	$ 2,885	$ 6,267

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation Expense

The following table summarizes stock-based compensation expense for the years ended December 31, 2023, 2022 and 2021.


Year Ended December 31,	2023		2022		2021
RSUs and PSUs	$	172	$	155	$	163
Stock options	—		3		9
Expense included in operating and SG&A	172		158		172
Expense included in restructuring and other corporate matters (a)	5		14		20
Stock-based compensation expense, before income taxes	177		172		192
Related tax benefit	(35)		(35)		(41)
Stock-based compensation expense, net of tax benefit	$	142	$	137	$	151

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

Summary of RSU and PSU Activity

The following table summarizes our RSU and PSU share activity:


			Weighted Average
	Shares		Grant Date Fair Value
Non-vested at December 31, 2022		11,115,371		$	33.02
Granted (a)		10,435,617		$	22.83
Vested		(4,426,844)		$	33.74
Forfeited		(1,619,883)		$	29.01
Non-vested at December 31, 2023		15,504,261		$	26.38

(a) Grant activity includes 1.4 million of PSUs at target for 2023.

Summary of Stock Option Activity

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


			Weighted Average
	Stock Options		Exercise Price
Outstanding and Exercisable at December 31, 2022		5,096,947		$	60.18

Expired		(1,551,541)		$	72.72
Outstanding and Exercisable at December 31, 2023		3,545,406		$	54.70

Summary of Other Stock Option Exercises Information


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

Pension and Other Postretirement Benefits

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

Pension and Other Postretirement Benefits

PENSION AND OTHER POSTRETIREMENT BENEFITS

The Company and certain of its subsidiaries sponsor qualified and non-qualified defined benefit pension plans, principally non-contributory, covering eligible employees. Our pension plans consist of both funded and unfunded plans, and our domestic plans are frozen to future benefit accruals. The majority of participants in these plans are retired employees or former employees of previously divested businesses. Plan benefits are based primarily on an employee’s years of service and pay for each year that the employee participated in the plan. We fund our pension plans in accordance with the Employee Retirement Income Security Act of 1974 (“ERISA”), the Pension Protection Act of 2006, the Internal Revenue Code of 1986 and other applicable law, rules and regulations. Plan assets consist principally of corporate bonds, equity securities, common collective trust funds, U.S. government securities and short-term investments. The Company’s Common Stock represented approximately 1.0% and 1.2% of the fair value of plan assets at December 31, 2023 and 2022, respectively.

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

The pension plan disclosures herein include information related to our domestic pension and postretirement benefit plans only, unless otherwise noted. At December 31, 2023 and 2022, the Consolidated Balance Sheets also include a liability of $44 million and $45 million, respectively, in “Pension and postretirement benefit obligations” relating to our non-U.S. pension plans and certain other retirement severance plans.

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

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


	Pension Benefits				Postretirement Benefits
	2023		2022		2023		2022
Change in benefit obligation:
Benefit obligation, beginning of year	$	3,661	$	4,909	$	222	$	276
Service cost	—		—		1		1
Interest cost	207		150		12		8
Actuarial loss (gain)	137		(1,089)		(11)		(29)
Benefits paid	(294)		(309)		(40)		(43)
Participants’ contributions	—		—		6		6
Retiree Medicare drug subsidy	—		—		3		3
Benefit obligation, end of year	$	3,711	$	3,661	$	193	$	222

The actuarial loss of $137 million, included in the change in benefit obligation for pension benefits in 2023, was driven by a 30 basis point decrease in the discount rate from December 31, 2022 to December 31, 2023.

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


	Pension Benefits				Postretirement Benefits
	2023		2022		2023		2022
Change in plan assets:
Fair value of plan assets, beginning of year	$	2,363	$	3,191	$	—	$	—
Actual return (loss) on plan assets	243		(592)		—		—
Employer contributions	195		73		31		34
Benefits paid	(294)		(309)		(40)		(43)
Participants’ contributions	—		—		6		6
Retiree Medicare drug subsidy	—		—		3		3
Fair value of plan assets, end of year	$	2,507	$	2,363	$	—	$	—

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


	Pension Benefits				Postretirement Benefits
At December 31,	2023		2022		2023		2022
Funded status at end of year	$	(1,204)	$	(1,298)	$	(193)	$	(222)
Amounts recognized on the Consolidated Balance Sheets:
Current liabilities	$	(74)	$	(73)	$	(30)	$	(34)
Noncurrent liabilities	(1,130)		(1,225)		(163)		(188)
Net amounts recognized	$	(1,204)	$	(1,298)	$	(193)	$	(222)

Our qualified pension plans were underfunded by $378 million and $485 million at December 31, 2023 and 2022, respectively.

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


	Pension Benefits				Postretirement Benefits
At December 31,	2023		2022		2023		2022
Net actuarial (loss) gain	$	(1,585)	$	(1,646)	$	150	$	157
Net prior service cost	(1)		(1)		—		—
	(1,586)		(1,647)		150		157
Deferred income taxes	424		438		(15)		(17)
Net amount recognized in accumulated other comprehensive income (loss)	$	(1,162)	$	(1,209)	$	135	$	140

The accumulated benefit obligation for all defined benefit pension plans was $3.71 billion and $3.66 billion at December 31, 2023 and 2022, respectively.

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


At December 31,	2023		2022
Projected and accumulated benefit obligation	$	3,711	$	3,661
Fair value of plan assets	$	2,507	$	2,363

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


	Pension Benefits						Postretirement Benefits
Year Ended December 31,	2023		2022		2021		2023		2022		2021
Components of net periodic cost:
Service cost	$	—	$	—	$	—	$	1	$	1	$	1
Interest cost	207		150		145		12		8		8
Expected return on plan assets	(128)		(172)		(188)		—		—		—
Amortization of actuarial losses (gains)	83		97		93		(18)		(15)		(15)
Settlements (a)	—		—		10		—		—		—
Net periodic cost (benefit) (b)	$	162	$	75	$	60	$	(5)	$	(6)	$	(6)

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

(b) Includes amounts reflected in net earnings from discontinued operations of $7 million for the year ended December 31, 2023 and $3 million for each of the years ended December 31, 2022 and 2021.

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


	Pension Benefits						Postretirement Benefits
Year Ended December 31,	2023		2022		2021		2023		2022		2021
Other comprehensive income (loss):
Actuarial (loss) gain	$	(22)	$	325	$	(27)	$	11	$	29	$	18
Share of equity investee	—		1		1		—		—		—
Settlements	—		—		10		—		—		—
Amortization of actuarial losses (gains)	83		97		93		(18)		(15)		(15)
	61		423		77		(7)		14		3
Deferred income taxes	(14)		(103)		(19)		2		(3)		(1)
Recognized in other comprehensive income (loss), net of tax	$	47	$	320	$	58	$	(5)	$	11	$	2


	Pension Benefits						Postretirement Benefits
	2023		2022		2021		2023		2022		2021
Weighted average assumptions used to determine benefit obligations at December 31:
Discount rate	5.6	%	5.9	%	3.2	%	5.7	%	6.0	%	3.0	%
Rate of compensation increase	—	%	—	%	—	%	N/A		N/A		N/A
Weighted average assumptions used to determine net periodic costs for the year ended December 31:
Discount rate	5.9	%	3.2	%	2.9	%	6.0	%	3.0	%	2.6	%
Expected long-term return on plan assets	5.7	%	5.6	%	5.9	%	N/A		N/A		N/A
Cash balance interest crediting rate	5.0	%	5.0	%	5.0	%	N/A		N/A		N/A
Rate of compensation increase	—	%	—	%	—	%	N/A		N/A		N/A

N/A - not applicable

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

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


	2023		2022
Projected health care cost trend rate (pre-65)	6.5	%	6.8	%
Projected health care cost trend rate (post-65)	6.5	%	6.8	%
Ultimate trend rate	5.0	%	5.0	%
Year ultimate trend rate is achieved	2030		2030

Plan Assets

The Paramount Global Investments Committee (the “Committee”) determines the strategy for the investment of pension plan assets. The Committee establishes target asset allocations for our pension plan trusts based upon an analysis of the timing and amount of projected benefit payments, projected company contributions, the expected returns and risk of the asset classes and the correlation of those returns. The target asset allocation for the Company’s domestic pension plans is to invest between 60% - 68% in liability hedging assets, 22% - 30% in equity securities, 3% - 10% in real estate and real assets and the remainder in cash, cash equivalents, Paramount stock and other investments. At December 31, 2023, the trusts were invested approximately 61% in liability hedging assets, 25% in equity securities, 6% in real estate and real assets, and the remainder in cash, cash equivalents, Paramount stock and other investments. Liability hedging assets consist of a diversified portfolio of fixed income instruments that are substantially investment grade, with a duration that approximates the duration of the liabilities covered by the trust. All equity portfolios are diversified between U.S. and non-U.S. equities and include large and small capitalization equities. The asset allocations are reviewed regularly.


At December 31, 2023	Level 1		Level 2		Total
Cash and cash equivalents (a)	$	—	$	69	$	69
Fixed income securities:
U.S. treasury securities	107		—		107
Government-related securities	—		129		129
Corporate bonds (b)	—		1,164		1,164
Mortgage-backed and asset-backed securities	—		128		128
Equity securities:
U.S. large capitalization	89		—		89
U.S. small capitalization	18		—		18
Exchange Trade Fund (ETF)	27		—		27
Other	—		8		8
Total assets in fair value hierarchy	$	241	$	1,498	$	1,739
Common collective funds measured at net asset value (c) (d)					676
Limited partnerships measured at net asset value (c)					10
Mutual funds measured at net asset value (c)					82
Investments, at fair value					$	2,507


At December 31, 2022	Level 1		Level 2		Total
Cash and cash equivalents (a)	$	—	$	3	$	3
Fixed income securities:
U.S. treasury securities	108		—		108
Government-related securities	—		133		133
Corporate bonds (b)	—		1,144		1,144
Mortgage-backed and asset-backed securities	—		101		101
Equity securities:
U.S. large capitalization	48		—		48
U.S. small capitalization	63		—		63

Total assets in fair value hierarchy	$	219	$	1,381	$	1,600
Common collective funds measured at net asset value (c) (d)					660
Limited partnerships measured at net asset value (c)					11
Mutual funds measured at net asset value (c)					92
Investments, at fair value					$	2,363

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

(b) Securities of diverse sectors and industries, substantially all investment grade.

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

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

Future Benefit Payments

Estimated future benefit payments are as follows:


	2024		2025		2026		2027		2028		2029-2033
Pension	$	322	$	317	$	314	$	308	$	307	$	1,375
Postretirement	$	31	$	28	$	26	$	23	$	21	$	74
Retiree Medicare drug subsidy	$	3	$	3	$	3	$	3	$	2	$	10

In 2024, we expect to make $13 million in contributions to our qualified pension plans for minimum funding requirements under ERISA and $76 million to our non-qualified pension plans to satisfy benefit payments due

under these plans. Also in 2024, we expect to contribute approximately $31 million to our other postretirement benefit plans to satisfy our portion of benefit payments due under these plans.

Multiemployer Pension and Postretirement Benefit Plans

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

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

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


	Employer Identification Number/Pension Plan Number	Pension Protection Act		Company Contributions						Expiration Date of Collective Bargaining Agreement
		Zone Status (a)
Pension Plan		2023	2022	2023		2022		2021
AFTRA Retirement Plan (b)	13-6414972-001	Green	Green	$	18	$	16	$	17	6/30/2026
Directors Guild of America - Producer (b)	95-2892780-001	Green	Green	17		19		23		6/30/2026
Producer-Writers Guild of America (b)	95-2216351-001	Green	Green	24		30		26		5/1/2026
Screen Actors Guild - Producers (b)	95-2110997-001	Green	Green	27		30		45		6/30/2026
Motion Picture Industry	95-1810805-001	Green	Green	48		63		66		(c)
I.A.T.S.E. Local No. 33 Pension Trust Fund	95-6377503-001	Green	Green	2		5		10		12/31/2025
Other Plans				15		14		16
	Total contributions			$	151	$	177	$	203

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

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

We also contribute to multiemployer plans that provide postretirement healthcare and other benefits to certain employees under collective bargaining agreements. The contributions to these plans were $172 million, $192 million and $184 million for the years ended December 31, 2023, 2022 and 2021, respectively.

Defined Contribution Plans

We sponsor defined contribution plans for the benefit of employees meeting eligibility requirements. Employer contributions to such plans were $151 million, $137 million and $106 million for the years ended December 31, 2023, 2022 and 2021, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Section 50
-Paragraph 1
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-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 20
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-Section 50
-Paragraph 1
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-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
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-Section 50
-Paragraph 1
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
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-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

+ Details

Consolidated Statements of Cash Flows (Parenthetical) $ in Millions	Dec. 31, 2021 USD ($)
Statement of Cash Flows [Abstract]
Restricted cash	$ 135

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net earnings (loss) (Paramount and noncontrolling interests)	$ (576)	$ 1,214	$ 4,631
Other comprehensive income (loss), net of tax:
Cumulative translation adjustments	179	(240)	(143)
Decrease to net actuarial loss and prior service costs	45	337	75
Other comprehensive income (loss) from continuing operations, net of tax (Paramount and noncontrolling interests)	224	97	(68)
Other comprehensive income (loss) from discontinued operations	30	(7)	(3)
Comprehensive income (loss)	(322)	1,304	4,560
Less: Comprehensive income attributable to noncontrolling interests	35	105	87
Comprehensive income (loss) attributable to Paramount	$ (357)	$ 1,199	$ 4,473

Leases - Weighted Average Lease Assumptions (Details)	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Weighted average remaining lease term	7 years	7 years
Weighted average discount rate	3.90%	3.60%

Pension and Other Postretirement Benefits - Accumulated Benefit Obligation in Excess of Plan Assets (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Retirement Benefits [Abstract]
Projected benefit obligation	$ 3,711	$ 3,661
Accumulated benefit obligation	3,711	3,661
Fair value of plan assets	$ 2,507	$ 2,363

Commitments and Contingencies

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

COMMITMENTS AND CONTINGENCIES

Commitments

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

Off-Balance Sheet Arrangements

Our long-term programming and talent commitments not recorded on the balance sheet, estimated to aggregate to $31.34 billion as of December 31, 2023, include $28.56 billion for sports programming rights and $2.78 billion relating to the production and licensing of television and film programming, including talent contracts. We also have long-term committed purchase obligations which include agreements to purchase goods or services in the future that totaled $1.08 billion as of December 31, 2023. These commitments are payable as follows:


	Payments Due by Period
													2029 and
	Total		2024		2025		2026		2027		2028		Thereafter
Off-Balance Sheet Arrangements
Programming and talent commitments	$	31,338	$	3,491	$	3,565	$	3,350	$	3,085	$	3,448	$	14,399
Purchase obligations	$	1,077	$	432	$	375	$	191	$	27	$	13	$	39

On-Balance Sheet Arrangements

At December 31, 2023, we also had long-term contractual obligations for programming liabilities, participations, and residuals, as well as a tax liability resulting from federal tax legislation enacted in December 2017, that are recorded on the Consolidated Balance Sheet. The tax liability reflects the long-term portion of the tax on the Company’s historical accumulated foreign earnings and profits, which is payable to the IRS in 2025. These long-term contractual obligations are payable as follows:


Payments Due by Period
										2029 and
Total		2025		2026		2027		2028		Thereafter
$	1,704	$	1,228	$	321	$	86	$	43	$	26

We also have long-term lease commitments for office space, equipment, transponders and studio facilities, which are recorded on the Consolidated Balance Sheet at December 31, 2023. See Note 10 for details of our operating lease commitments.

Guarantees

Letters of Credit and Surety Bonds

At December 31, 2023, we had outstanding letters of credit and surety bonds of $213 million that were not recorded on the Consolidated Balance Sheet, as well as a $1.9 billion standby letter of credit facility, under which no letters of credit were issued. In January 2024, in accordance with the contractual requirements of one of our commitments, a $1.9 billion letter of credit was issued under this facility. The amount outstanding under the letter of credit will decrease throughout 2024 as we make payments under the related contractual commitment. Letters of credit and surety bonds are primarily used as security against non-performance in the normal course of business under contractual requirements of certain of our commitments. The standby letter of credit facility, which matures in May 2026, is subject to the same principal financial covenant as the Credit Facility (see Note 9).

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 December 31, 2023 is a liability totaling $26 million, reflecting the present value of the remaining estimated amount payable under the guarantee obligation.

Lease Guarantees

We have certain indemnification obligations with respect to leases primarily associated with the previously discontinued operations of Famous Players. These lease commitments totaled $8 million at December 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 alleged 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 alleged waste and unjust enrichment in connection with certain aspects of Mr. Ianniello’s compensation awards. The Complaint sought unspecified damages, costs and expenses, as well as other relief. In December 2022, the Delaware Chancery Court dismissed the fiduciary duty claim against Mr. Klieger.

In May 2023, the parties to the CBS Litigation entered into a settlement agreement that provided 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. In September 2023, the Delaware Chancery Court approved the settlement and dismissed the CBS Litigation with prejudice. In October 2023, the Company received the settlement payment in the amount of $120 million, which reflects the settlement of $167.5 million after a deduction was made for administrative costs and plaintiffs’ counsels’ fees and expenses, and accordingly, we recognized a gain of $120 million during the fourth quarter of 2023.

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 alleged breaches of fiduciary duties to Viacom stockholders in connection with the negotiation and approval of the Merger Agreement. The Complaint sought unspecified damages, costs and expenses, as well as other relief. In December 2020, the Delaware Chancery Court dismissed the claims against Mr. Bakish, while allowing the claims against the remaining defendants to proceed. In March 2023, the parties to the Viacom Litigation entered into a settlement agreement that provided 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 has been fully paid. In July 2023, the Delaware Chancery Court granted approval of the settlement and dismissed the Viacom Litigation with prejudice.

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 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. In February 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. We reached an agreement with the plaintiffs to settle the lawsuit. The settlement, which includes no admission of liability or wrongdoing by the Company, was subject to Court approval. In August 2023, the Court granted preliminary approval of the settlement, and in December 2023, the Court granted final approval of the settlement.

Claims Related to Former Businesses

Asbestos

We are a defendant in lawsuits claiming various personal injuries related to asbestos and other materials, which allegedly occurred as a result of exposure caused by various products manufactured by Westinghouse, a predecessor, generally prior to the early 1970s. Westinghouse was neither a producer nor a manufacturer of asbestos. We are typically named as one of a large number of defendants in both state and federal cases. In the majority of asbestos lawsuits, the plaintiffs have not identified which of our products is the basis of a claim. Claims against us in which a product has been identified most commonly relate to allegations of exposure to asbestos-containing insulating material used in conjunction with turbines and electrical equipment.

Claims are frequently filed and/or settled in groups, which may make the amount and timing of settlements, and the number of pending claims, subject to significant fluctuation from period to period. We do not report as pending those claims on inactive, stayed, deferred or similar dockets that some jurisdictions have established for claimants who allege minimal or no impairment. As of December 31, 2023, we had pending approximately 19,970 asbestos claims, as compared with approximately 21,580 as of December 31, 2022 and 27,770 as of December 31, 2021. During 2023, we received approximately 2,790 new claims and closed or moved to an inactive docket approximately 4,400 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 2023 and 2022 for settlement and defense of asbestos claims after insurance recoveries and net of tax were approximately $54 million and $57 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. A significant number of pending claims against us are non-cancer claims. It is difficult to predict long-term future asbestos liabilities, as events and circumstances may impact the estimate. 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. The reasonably estimable period for our long-term asbestos liability is 10 years, which we determined in consultation with a third-party firm with expertise in estimating asbestos liability and is due to the inherent uncertainties in the tort litigation system. Our estimated asbestos liability 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, and is assessed in consultation with the third-party firm. Based on an assessment of these factors during the fourth quarter of 2023, we increased the accrual for asbestos matters by $23 million, which was recorded as a charge in “Restructuring and other corporate matters” on the Consolidated Statement of Operations. The increased accrual was primarily the result of a lower-than-expected rate of decline in new claims. Changes in circumstances in future periods could cause our actual liabilities to be higher or lower than our current accrual. We will continue to evaluate our estimates and update our accrual as needed.

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. While we believe that our accruals for these matters 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.

Consolidated Statements of Stockholders' Equity - USD ($) shares in Millions, $ in Millions	Total	Preferred Stock	Class A and B Common Stock	Additional Paid-In Capital	Treasury Stock	Retained Earnings	Accumulated Other Comprehensive Loss	Total Paramount Stockholders’ Equity	Non-Controlling Interests
Beginning balance, preferred stock (in shares) at Dec. 31, 2020		0
Beginning balance at Dec. 31, 2020	$ 16,056	$ 0	$ 1	$ 29,785	$ (22,958)	$ 10,375	$ (1,832)	$ 15,371	$ 685
Beginning balance, common stock (in shares) at Dec. 31, 2020			617
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation activity (in shares)			11
Stock-based compensation activity	493			493				493
Stock issuances (in shares)		10	20
Stock issuances	2,655			2,655				2,655
Preferred stock dividends	(44)					(44)		(44)
Common stock dividends	(625)					(625)		(625)
Noncontrolling interests	(125)			(15)		94		79	(204)
Net earnings (loss)	4,631					4,543		4,543	88
Other comprehensive income (loss)	(71)						(70)	(70)	(1)
Ending balance, preferred stock (in shares) at Dec. 31, 2021		10
Ending balance at Dec. 31, 2021	22,970	$ 0	$ 1	32,918	(22,958)	14,343	(1,902)	22,402	568
Ending balance, common stock (in shares) at Dec. 31, 2021			648
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation activity (in shares)			2
Stock-based compensation activity	145			145				145
Preferred stock dividends	(58)					(58)		(58)
Common stock dividends	(635)					(635)		(635)
Noncontrolling interests	(120)					(17)		(17)	(103)
Net earnings (loss)	1,214					1,104		1,104	110
Other comprehensive income (loss)	90						95	95	(5)
Ending balance, preferred stock (in shares) at Dec. 31, 2022		10
Ending balance at Dec. 31, 2022	23,606	$ 0	$ 1	33,063	(22,958)	14,737	(1,807)	23,036	570
Ending balance, common stock (in shares) at Dec. 31, 2022			650
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation activity (in shares)			3
Stock-based compensation activity and other	166			147		19		166
Preferred stock dividends	(58)					(58)		(58)
Common stock dividends	(261)					(261)		(261)
Noncontrolling interests	(81)								(81)
Net earnings (loss)	(576)					(608)		(608)	32
Other comprehensive income (loss)	254						251	251	3
Ending balance, preferred stock (in shares) at Dec. 31, 2023		10
Ending balance at Dec. 31, 2023	$ 23,050	$ 0	$ 1	$ 33,210	$ (22,958)	$ 13,829	$ (1,556)	$ 22,526	$ 524
Ending balance, common stock (in shares) at Dec. 31, 2023			653

Programming and Other Inventory - Expected Amortization of Released Programming Inventory (Details) $ in Millions	Dec. 31, 2023 USD ($)
Acquired program rights
2024	$ 2,391
2025	659
2026	160
Individual monetization
2024	755
2025	192
2026	126
Film group monetization
2024	3,067
2025	1,690
2026	$ 1,031

Restructuring and Other Corporate Matters

12 Months Ended

Dec. 31, 2023

Restructuring and Related Activities [Abstract]

Restructuring and Other Corporate Matters

RESTRUCTURING AND OTHER CORPORATE MATTERS

During the years ended December 31, 2023, 2022 and 2021, we recorded the following restructuring charges and other corporate matters.


Year Ended December 31,	2023		2022		2021
Severance (a)	$	67	$	260	$	65
Exit costs	35		68		35
Restructuring charges	102		328		100
Other corporate matters	(133)		257		—
Restructuring and other corporate matters	$	(31)	$	585	$	100

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

Restructuring Charges

Since the merger of Viacom Inc. (“Viacom”) with and into CBS Corporation (“CBS”) (the “Merger”), we implemented a series of initiatives designed to integrate and transform our operations, including changes in management structure. These initiatives led to restructuring actions, and as a result, we recorded restructuring charges for severance of $67 million, $260 million, and $65 million in 2023, 2022, and 2021, respectively. The actions that gave rise to the severance costs included our 2022 operating segment realignment, the integration of Showtime into Paramount+, and the restructuring of our international operations. In addition, during the fourth quarter of 2023, certain eligible employees voluntarily elected to participate in a plan under which they will receive one-time severance benefits, resulting in $13 million of severance costs.

In the years following the Merger, we also consolidated our real estate portfolio to reduce our real estate footprint and create cost synergies. In connection with this consolidation, we identified lease assets that we determined we would not use and instead sublease or terminate early, which resulted in lease impairment charges of $35 million, $68 million, and $35 million for the years ended December 31, 2023, 2022 and 2021, respectively. For the lease assets that we plan to sublease, the impairment charges were the result of a decline in market conditions since the inception of these leases and reflect the difference between the estimated fair values, which were determined based on the expected discounted future cash flows of the lease assets, and the carrying values.

The following is a rollforward of our restructuring liability, which is recorded in “Other current liabilities” and “Other liabilities” on the Consolidated Balance Sheets. The restructuring liability at December 31, 2023, which principally relates to severance payments, is expected to be substantially paid by the end of 2024.


				2023 Activity
	Balance at December 31, 2022			Charges (a)		Payments			Balance at December 31, 2023
TV Media		$	251	$	42		$	(131)		$	162
Direct-to-Consumer		8		3			(5)			6
Filmed Entertainment		29		5			(20)			14
Corporate		14		12			(16)			10
Total		$	302	$	62		$	(172)		$	192


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

(a) For the years ended December 31, 2023 and 2022, excludes stock-based compensation expense of $5 million and $14 million, respectively, and lease asset impairments of $35 million and $68 million, respectively.

Other Corporate Matters

In 2023, we recorded a net benefit of $133 million in other corporate matters, principally consisting of a gain of $120 million from a settlement received in the fourth quarter of 2023 in connection with the final dismissal of the CBS Litigation, as well as insurance recoveries relating to the Viacom Litigation (each as defined and further described under Legal Matters—Stockholder Matters—Litigation Relating to the Merger in Note 19). These benefits are partially offset by a charge of $23 million to increase our accrual for asbestos matters as discussed under Legal Matters—Claims Related to Former Businesses—Asbestos in Note 19.

In 2022, we recorded charges for other corporate matters of $257 million, consisting of $211 million associated with stockholder legal matters, principally relating to the Merger, including a charge for the settlement of $122.5 million in connection with the final dismissal of the Viacom Litigation. The charges also included $46 million recorded following Russia’s invasion of Ukraine, principally to reserve against amounts due from counterparties in Russia, Belarus and Ukraine.

Stock-Based Compensation - RSUs and PSUs (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
RSUs and PSUs
Shares
Non-vested, beginning balance (in shares)	11,115,371
Granted (in shares)	10,435,617
Vested (in shares)	(4,426,844)
Forfeited (in shares)	(1,619,883)
Non-vested, ending balance (in shares)	15,504,261	11,115,371
Weighted Average Grant Date Fair Value
Non-vested, beginning balance (in dollars per share)	$ 33.02
Granted (in dollars per share)	22.83	$ 31.58	$ 35.80
Vested (in dollars per share)	33.74
Forfeited (in dollars per share)	29.01
Non-vested, ending balance (in dollars per share)	$ 26.38	$ 33.02
Performance Share Units (PSUs)
Shares
Granted (in shares)	1,400,000

Supplemental Financial Information

12 Months Ended

Dec. 31, 2023

Additional Financial Information Disclosure [Abstract]

Supplemental Financial Information

SUPPLEMENTAL FINANCIAL INFORMATION

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


Year Ended December 31,	2023		2022		2021
Pension and postretirement benefit costs	$	(153)	$	(65)	$	(43)
Foreign exchange losses	(66)		(58)		(26)
Pension settlement charge (Note 17)	—		—		(10)
Other	3		(1)		2
Other items, net	$	(216)	$	(124)	$	(77)

Redeemable Noncontrolling Interest

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


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

Supplemental Cash Flow Information


Year Ended December 31,	2023		2022		2021
Cash paid for interest	$	901	$	920	$	970

Cash paid for income taxes:
Continuing operations	$	22	$	61	$	291
Discontinued operations	85		12		43
Total cash paid for income taxes	$	107	$	73	$	334

Revenues - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Revenues - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contract liabilities	$ 800	$ 1,060	$ 1,200
Revenue recognized	900	900	900
Unrecognized revenues for unsatisfied performance obligations under long-term contracts	8,000
Revenue recognized for satisfaction of performance obligations	$ 400	400	$ 400
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation period	1 year
Unrecognized revenues for unsatisfied performance obligations under long-term contracts	$ 4,000
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation period	1 year
Unrecognized revenues for unsatisfied performance obligations under long-term contracts	$ 2,000
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation period	1 year
Unrecognized revenues for unsatisfied performance obligations under long-term contracts	$ 1,000
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation period
Unrecognized revenues for unsatisfied performance obligations under long-term contracts	$ 1,000
Other assets
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Noncurrent receivables	$ 1,390	$ 1,610

Programming and Other Inventory (Tables)

12 Months Ended

Dec. 31, 2023

Inventory Disclosure [Abstract]

Summary of Programming and Other Inventory, Current

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


At December 31,	2023		2022
Film Group Monetization:
Acquired program rights, including prepaid sports rights	$	3,318	$	3,238
Internally-produced television and film programming:
Released	6,666		7,154
In process and other	2,028		3,299

Individual Monetization:
Acquired libraries	348		394
Films:
Released	624		694
Completed, not yet released	179		129
In process and other	1,211		1,317
Internally-produced television programming:
Released	496		624
In process and other	361		726
Home entertainment	34		45
Total programming and other inventory	15,265		17,620
Less current portion	1,414		1,342
Total noncurrent programming and other inventory	$	13,851	$	16,278

Summary of Programming and Other Inventory, Noncurrent

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


At December 31,	2023		2022
Film Group Monetization:
Acquired program rights, including prepaid sports rights	$	3,318	$	3,238
Internally-produced television and film programming:
Released	6,666		7,154
In process and other	2,028		3,299

Individual Monetization:
Acquired libraries	348		394
Films:
Released	624		694
Completed, not yet released	179		129
In process and other	1,211		1,317
Internally-produced television programming:
Released	496		624
In process and other	361		726
Home entertainment	34		45
Total programming and other inventory	15,265		17,620
Less current portion	1,414		1,342
Total noncurrent programming and other inventory	$	13,851	$	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.


Year Ended December 31,	2023		2022		2021
Acquired program rights	$	5,331	$	5,018	$	5,143

Internally-produced television and film programming, and acquired libraries:
Individual monetization	$	2,065	$	2,104	$	3,245
Film group monetization	$	5,097	$	5,187	$	3,248

The following table presents the estimated expected amortization over each of the next three years of released programming inventory on the Consolidated Balance Sheet at December 31, 2023. This information does not include the expected effects of the 2024 programming charges discussed above.


	2024		2025		2026
Acquired program rights	$	2,391	$	659	$	160

Internally-produced television and film programming, and acquired libraries:
Individual monetization	$	755	$	192	$	126
Film group monetization	$	3,067	$	1,690	$	1,031

Debt - Maturities of Long-Term Debt (Details) $ in Millions	Dec. 31, 2023 USD ($)
Debt Disclosure [Abstract]
2024	$ 0
2025	126
2026	433
2027	584
2028	1,000
2029 and Thereafter	$ 12,958

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

Income Taxes - Change in Reserve for Uncertain Tax Positions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Change in reserve for uncertain tax positions, excluding related accrued interest and penalties
Beginning balance	$ 303	$ 301	$ 308
Additions for current year tax positions	15	16	23
Additions for prior year tax positions	20	3	32
Reductions for prior year tax positions	(46)	(13)	(45)
Cash settlements	(2)	(2)	(6)
Statute of limitations lapses	(4)	(2)	(11)
Ending balance	$ 286	$ 303	$ 301

Pension and Other Postretirement Benefits - Change in Plan Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Pension Benefits
Change in plan assets:
Fair value of plan assets, beginning of year	$ 2,363	$ 3,191
Actual return (loss) on plan assets	243	(592)
Employer contributions	195	73
Benefits paid	(294)	(309)
Participants’ contributions	0	0
Retiree Medicare drug subsidy	0	0
Fair value of plan assets, end of year	2,507	2,363
Postretirement Benefits
Change in plan assets:
Fair value of plan assets, beginning of year	0	0
Actual return (loss) on plan assets	0	0
Employer contributions	31	34
Benefits paid	(40)	(43)
Participants’ contributions	6	6
Retiree Medicare drug subsidy	3	3
Fair value of plan assets, end of year	$ 0	$ 0

- Definition

Amount of asset segregated and restricted to provide benefit under defined benefit plan. Asset includes, but is not limited to, stock, bond, other investment, earning from investment, and contribution by employer and employee.

+ References + Details

Debt

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Debt

DEBT

Our debt consists of the following:


At December 31,	2023		2022

7.875% Debentures due 2023	$	—	$	139
7.125% Senior Notes due 2023	—		35
4.75% Senior Notes due 2025	125		552
4.0% Senior Notes due 2026	345		795
3.45% Senior Notes due 2026	86		124
2.90% Senior Notes due 2027	581		694
3.375% Senior Notes due 2028	497		496
3.70% Senior Notes due 2028	495		494
4.20% Senior Notes due 2029	496		495
7.875% Senior Debentures due 2030	830		830
4.95% Senior Notes due 2031	1,229		1,226
4.20% Senior Notes due 2032	977		975
5.50% Senior Debentures due 2033	428		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	1,138		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	591		590
4.95% Senior Notes due 2050	948		946
6.25% Junior Subordinated Debentures due 2057	643		643
6.375% Junior Subordinated Debentures due 2062	989		989
Other bank borrowings	—		55
Obligations under finance leases	1		10
Total debt (a)	14,602		15,846

Less current portion of long-term debt	1		239
Total long-term debt, net of current portion	$	14,601	$	15,607

Senior Debt

During the fourth quarter of 2023, we repurchased $1.04 billion of our outstanding senior notes due between 2025 and 2027 through a tender offer, for an aggregate repurchase price of $1.00 billion. These repurchases resulted in a pre-tax gain on extinguishment of debt of $29 million. In 2023, we also repaid our $139 million of 7.875% debentures and $35 million of 7.125% senior notes, each at maturity.

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

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

Our outstanding senior notes and debentures provide for certain covenant packages typical for an investment grade company. There is an acceleration trigger for $9.67 billion of the senior notes and debentures that requires us to make a redemption offer at 101% of the principal amount plus accrued and unpaid interest in the event of ratings downgrades to below investment grade by all three ratings agencies (Moody’s Investors Service, Inc., S&P Global Ratings and Fitch Ratings, Ltd.) due to a change of control.

Junior Debt

In 2022, we issued $1.00 billion of 6.375% junior subordinated debentures due 2062. The interest rate on these debentures will reset on March 30, 2027, and every five years thereafter to a fixed rate equal to the 5-year Treasury Rate (as defined pursuant to the terms of the debentures) plus a spread of 3.999% from March 30, 2027, 4.249% from March 30, 2032 and 4.999% from March 30, 2047. These debentures can be called by us at par plus a make whole premium any time before March 30, 2027, or at par on March 30, 2027 or on any interest payment date thereafter.

Our $643 million of 6.25% junior subordinated debentures due February 2057 accrue interest at the stated fixed rate until February 28, 2027, on which date the rate will switch to a floating rate. Under the terms of the debentures the floating rate is based on three-month LIBOR plus 3.899%, reset quarterly, however, with the phasing out of LIBOR and the passage of the Adjustable Interest Rate (LIBOR) Act, signed into law on March 15, 2022, it is expected that the 6.25% junior subordinated debentures due 2057 will, upon switching to a floating rate, bear interest at a replacement rate based on three-month CME Term Secured Overnight Financing Rate (SOFR). These debentures can be called by us at par at any time after the expiration of the fixed-rate period.

Our junior subordinated debentures also provide for certain covenant packages. In the event of ratings downgrades by all three rating agencies due to a change of control, there is a provision in the junior subordinated debentures that requires us to either elect to redeem the debentures at 101% of the principal amount plus accrued and unpaid interest or, if we elect not to redeem the debentures, the interest rate will be increased by 5 percentage points.

Long-Term Debt Maturities

At December 31, 2023, our scheduled maturities of long-term debt at face value, which excludes payments for the related interest and finance leases, were as follows:


																2029 and
	2024			2025			2026			2027			2028			Thereafter
Long-term debt		$	—		$	126		$	433		$	584		$	1,000	$	12,958

Commercial Paper

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

Credit Facility

During 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 also includes a provision that the occurrence of a change of control 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 December 31, 2023, we had no borrowings outstanding under the Credit Facility and the availability under the Credit Facility 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 was treated as a continuing operation for the purposes of calculating Consolidated EBITDA until its disposition in October 2023. We met the covenant as of December 31, 2023.

Other Bank Borrowings

At December 31, 2023, we had no outstanding bank borrowings under Miramax’s $50 million credit facility, which matures in November 2024. This facility replaced the previous $300 million credit facility that matured in April 2023. At December 31, 2022, we had $55 million of bank borrowings under the previous facility with a weighted average interest rate of 7.09%.

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1B
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Segment Information

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Segment Information

SEGMENT INFORMATION


Year Ended December 31,	2023		2022		2021
Revenues:
Advertising	$	8,188	$	9,350	$	10,105
Affiliate and subscription	8,085		8,180		8,413
Licensing and other	3,812		4,202		4,216
TV Media	20,085		21,732		22,734
Advertising	1,795		1,533		1,298
Subscription	4,933		3,371		2,029
Licensing	8		—		—
Direct-to-Consumer	6,736		4,904		3,327
Advertising	24		23		18
Theatrical	813		1,223		241
Licensing and other	2,120		2,460		2,428
Filmed Entertainment	2,957		3,706		2,687
Eliminations	(126)		(188)		(162)
Total Revenues	$	29,652	$	30,154	$	28,586

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.


Year Ended December 31,	2023		2022		2021
Intercompany Revenues:
TV Media	$	63	$	66	$	87
Direct-to-Consumer	1		—		2
Filmed Entertainment	62		122		73
Total Intercompany Revenues	$	126	$	188	$	162

We present operating income excluding depreciation and amortization, stock-based compensation, restructuring charges, other corporate matters, programming charges, impairment charges and gains or losses on dispositions, each where applicable (“Adjusted OIBDA”), as the primary measure of profit and loss for our operating segments in accordance with FASB guidance for segment reporting since it is the primary method used by our management. Stock-based compensation is excluded from our segment measure of profit and loss because it is set and approved by our Board of Directors in consultation with corporate executive management.


Year Ended December 31,	2023		2022		2021
Adjusted OIBDA:
TV Media	$	4,791	$	5,451	$	5,892
Direct-to-Consumer	(1,663)		(1,819)		(992)
Filmed Entertainment	(119)		272		207
Corporate/Eliminations	(447)		(470)		(491)
Stock-based compensation (a)	(172)		(158)		(172)
Depreciation and amortization	(418)		(378)		(390)
Programming charges	(2,371)		—		—
Impairment charges	(83)		(27)		—
Restructuring and other corporate matters	31		(585)		(100)
Net gains on dispositions	—		56		2,343
Operating income (loss)	(451)		2,342		6,297
Interest expense	(920)		(931)		(986)
Interest income	137		108		53
Gain (loss) from investments	168		(9)		47
Gain (loss) on extinguishment of debt	29		(120)		(128)
Other items, net	(216)		(124)		(77)
Earnings (loss) from continuing operations before income taxes and equity in loss of investee companies	(1,253)		1,266		5,206
Benefit from (provision for) income taxes	361		(227)		(646)
Equity in loss of investee companies, net of tax	(360)		(204)		(91)
Net earnings (loss) from continuing operations	(1,252)		835		4,469
Net earnings from discontinued operations, net of tax	676		379		162
Net earnings (loss) (Paramount and noncontrolling interests)	(576)		1,214		4,631
Net earnings attributable to noncontrolling interests	(32)		(110)		(88)
Net earnings (loss) attributable to Paramount	$	(608)	$	1,104	$	4,543

(a) Stock-based compensation expense of $5 million for 2023, $14 million for 2022 and $20 million for 2021 is included in “Restructuring and other corporate matters”.


Year Ended December 31,	2023		2022		2021
Revenues: (a)
United States	$	23,962	$	24,412	$	23,320
International	5,690		5,742		5,266
Total Revenues	$	29,652	$	30,154	$	28,586

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


At December 31,	2023		2022
Long-lived Assets: (a)
United States	$	15,249	$	18,231
International	1,451		1,458
Total Long-lived Assets	$	16,700	$	19,689

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

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

- 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
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Pension and Other Postretirement Benefits - Amounts Recognized in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Net actuarial (loss) gain	$ (1,585)	$ (1,646)
Net prior service cost	(1)	(1)
Net amount recognized in accumulated other comprehensive income (loss) before tax	(1,586)	(1,647)
Deferred income taxes	424	438
Net amount recognized in accumulated other comprehensive income (loss)	(1,162)	(1,209)
Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Net actuarial (loss) gain	150	157
Net prior service cost	0	0
Net amount recognized in accumulated other comprehensive income (loss) before tax	150	157
Deferred income taxes	(15)	(17)
Net amount recognized in accumulated other comprehensive income (loss)	$ 135	$ 140

Leases - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Leases - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating Lease Income, Comprehensive Income, Extensible List, Not Disclosed Flag	total lease income	total lease income	total lease income
Lease income	$ 34	$ 65	$ 145

Segment Information - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 29,652	$ 30,154	$ 28,586
Licensing and other
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	5,832	6,490	6,491
Intercompany Revenues
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	(126)	(188)	(162)
Intercompany Revenues \| Direct-to-Consumer
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ (1)	$ 0	$ (2)

- Definition

+ References

+ Details

Goodwill and Other Intangible Assets - Intangible Assets (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Gross	$ 734	$ 737
Accumulated amortization	(510)	(490)
Net	224	247
Indefinite-Lived Intangible Assets [Line Items]
Total intangible assets, gross	3,099	3,184
Total intangible assets, accumulated amortization	(510)	(490)
Total intangible assets, net	2,589	2,694
FCC licenses
Indefinite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	2,306	2,389
International broadcast licenses
Indefinite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	25	24
Other intangible assets
Indefinite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	34	34
Trade names
Finite-Lived Intangible Assets [Line Items]
Gross	242	252
Accumulated amortization	(154)	(153)
Net	88	99
Indefinite-Lived Intangible Assets [Line Items]
Total intangible assets, accumulated amortization	(154)	(153)
Licenses
Finite-Lived Intangible Assets [Line Items]
Gross	129	128
Accumulated amortization	(62)	(55)
Net	67	73
Indefinite-Lived Intangible Assets [Line Items]
Total intangible assets, accumulated amortization	(62)	(55)
Customer agreements
Finite-Lived Intangible Assets [Line Items]
Gross	124	123
Accumulated amortization	(102)	(101)
Net	22	22
Indefinite-Lived Intangible Assets [Line Items]
Total intangible assets, accumulated amortization	(102)	(101)
Other intangible assets
Finite-Lived Intangible Assets [Line Items]
Gross	239	234
Accumulated amortization	(192)	(181)
Net	47	53
Indefinite-Lived Intangible Assets [Line Items]
Total intangible assets, accumulated amortization	$ (192)	$ (181)

Stockholders' Equity

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Stockholders' Equity

STOCKHOLDERS’ EQUITY

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

Stock Offerings

On March 26, 2021, we completed offerings of 20 million shares of our Class B Common Stock at a price to the public of $85 per share and 10 million shares of 5.75% Series A Mandatory Convertible Preferred Stock at a price to the public and liquidation preference of $100 per share. The net proceeds from the Class B Common Stock offering and the Mandatory Convertible Preferred Stock offering were approximately $1.67 billion and $983 million, respectively, in each case after deducting underwriting discounts, commissions and estimated offering expenses. As of December 31, 2023, the Mandatory Convertible Preferred Stock had an aggregate liquidation preference of $1 billion.

Mandatory Convertible Preferred Stock

Unless earlier converted, each share of Mandatory Convertible Preferred Stock will automatically and mandatorily convert on the mandatory conversion date, expected to be April 1, 2024, into between 1.0013 and 1.1765 shares of our Class B Common Stock, subject to customary antidilution adjustments. The number of shares of Class B Common Stock issuable upon conversion will be determined based on the average of the volume-weighted average price per share of our Class B Common Stock over the 20 consecutive trading day period commencing on, and including, the 21st scheduled trading day immediately preceding April 1, 2024. Holders of the Mandatory Convertible Preferred Stock (“Holders”) have the right to convert all or any portion of their shares of Mandatory Convertible Preferred Stock at any time prior to April 1, 2024 at the minimum conversion rate of 1.0013 shares of our Class B Common Stock. In addition, the conversion rate applicable to such an early conversion may, in certain circumstances, be increased to compensate Holders for certain unpaid accumulated dividends. However, if a fundamental change (as defined in the Certificate of Designations governing the Mandatory Convertible Preferred Stock) occurs on or prior to April 1, 2024, then Holders will, in certain circumstances, be entitled to convert all or a portion of their shares of Mandatory Convertible Preferred Stock at an increased conversion rate for a specified period of time and receive an amount to compensate them for unpaid accumulated dividends and any remaining future scheduled dividend payments. In 2023 and 2022, conversions of Mandatory Convertible Preferred Stock into Class B Common Stock were minimal.

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

If declared, dividends on the Mandatory Convertible Preferred Stock are payable quarterly through April 1, 2024. Dividends on the Mandatory Convertible Preferred Stock accumulate from the most recent dividend payment date, and will be payable on a cumulative basis when, as and if declared by our Board of Directors, or an authorized committee thereof, at an annual rate of 5.75% of the liquidation preference of $100 per share, payable in cash or, subject to certain limitations, by delivery of shares of Class B Common Stock or through any combination of cash and shares of Class B Common Stock, at our election. If we have not declared any portion of the accumulated and unpaid dividends by April 1, 2024, the conversion rate will be adjusted so that Holders receive an additional number of shares of our Class B Common Stock, with certain limitations.

Dividends

The following table presents dividends declared per share and total dividends for our Class A and Class B Common Stock and our Mandatory Convertible Preferred Stock for the years ended December 31, 2023, 2022 and 2021.


Year Ended December 31,	2023		2022		2021
Class A and Class B Common Stock
Dividends declared per common share (a)	$	.39	$	.96	$	.96

Total common stock dividends	$	261	$	635	$	625

Mandatory Convertible Preferred Stock
Dividends declared per preferred share (b)	$	5.75	$	5.75	$	4.4243

Total preferred stock dividends	$	58	$	58	$	44

(a) We declared a quarterly cash dividend of $.24 per share on our Class A and Class B Common Stock during the first quarter of 2023 and each of the quarters of 2022 and 2021. Beginning with the second quarter of 2023 and for the remaining quarters of 2023, we declared a quarterly cash dividend on our Class A and Class B Common Stock of $.05 per share.

(b) During the second quarter of 2021, we declared a quarterly cash dividend of $1.5493 per share on our Mandatory Convertible Preferred Stock, representing a dividend period from March 26, 2021 through July 1, 2021. For all subsequent quarters, we declared a quarterly cash dividend of $1.4375 per share on our Mandatory Convertible Preferred Stock.

Treasury Stock

At December 31, 2023, we had $2.36 billion of authorization remaining under our share repurchase program. We did not repurchase any shares of our common stock in the three years ended December 31, 2023.

Common Stock Conversion Rights

Holders of Class A Common Stock have the right to convert their shares to Class B Common Stock as long as there are at least 5,000 shares of Class A Common Stock outstanding. In 2023 and 2022, conversions of Class A Common Stock into Class B Common Stock were minimal. In 2021, conversions of Class A Common Stock into Class B Common Stock were 11.6 million.

Accumulated Other Comprehensive Income (Loss)

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


	Continuing Operations								Discontinued Operations
					Net Actuarial								Accumulated
	Cumulative				Loss and				Other				Other
	Translation				Prior				Comprehensive				Comprehensive
	Adjustments				Service Cost				Income (Loss) (a)				Loss
At December 31, 2020		$	(303)			$	(1,509)			$	(20)			$	(1,832)
Other comprehensive income (loss) before reclassifications		(142)				5				(3)				(140)
Reclassifications to net earnings		—				70		(b)		—				70
Other comprehensive income (loss)		(142)				75				(3)				(70)
At December 31, 2021		(445)				(1,434)				(23)				(1,902)
Other comprehensive income (loss) before reclassifications		(235)				273				(7)				31
Reclassifications to net earnings		—				64		(b)		—				64
Other comprehensive income (loss)		(235)				337				(7)				95
At December 31, 2022		(680)				(1,097)				(30)				(1,807)
Other comprehensive income (loss) before reclassifications		132				(7)				(5)				120
Reclassifications to net loss		44		(c)		52		(b)		35		(d)		131
Other comprehensive income		176				45				30				251
At December 31, 2023		$	(504)			$	(1,052)			$	—			$	(1,556)

(a) Reflects cumulative translation adjustments.

(b) Reflects amortization of net actuarial losses, which for 2021 includes the accelerated recognition of a portion of the unamortized actuarial losses due to the volume of lump sum benefit payments in one of our pension plans (see Note 17).

(c) Reflects amounts realized within “Gain (loss) from investments” on the Consolidated Statement of Operations in connection with the dilution of our interest in Viacom18 (see Note 11).

(d) Reflects amounts realized within “Net earnings from discontinued operations, net of tax” on the Consolidated Statement of Operations in connection with the sale of Simon & Schuster (see Note 2).

The net actuarial loss and prior service cost related to pension and other postretirement benefit plans included in other comprehensive income (loss) is net of a tax benefit for the years ended December 31, 2023, 2022 and 2021 of $14 million, $108 million and $25 million, respectively.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Revenues - Disaggregation of Revenue (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Total Revenues	$ 29,652	$ 30,154	$ 28,586
Advertising
Disaggregation of Revenue [Line Items]
Total Revenues	9,989	10,890	11,412
Affiliate and subscription
Disaggregation of Revenue [Line Items]
Total Revenues	13,018	11,551	10,442
Theatrical
Disaggregation of Revenue [Line Items]
Total Revenues	813	1,223	241
Licensing and other
Disaggregation of Revenue [Line Items]
Total Revenues	$ 5,832	$ 6,490	$ 6,491

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

+ References

+ Details

Segment Information - Long-lived Assets (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Long-lived Assets	$ 16,700	$ 19,689
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Long-lived Assets	15,249	18,231
International
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Long-lived Assets	$ 1,451	$ 1,458

Related Parties

12 Months Ended

Dec. 31, 2023

Related Parties

RELATED PARTIES

National Amusements, Inc.

National Amusements, Inc. (“NAI”) is the controlling stockholder of the Company. At December 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. NA Administration, LLC is the corporate trustee of the General Trust and is governed by a seven-member board of directors, which acts by majority vote (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 directors of NA Administration, LLC and one of two directors who are beneficiaries of the General Trust. No member of our management or other member of our Board of Directors is a director of NA Administration, LLC.

Other Related Parties

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


Year Ended December 31,	2023		2022		2021
Revenues	$	322	$	358	$	237

Operating expenses	$	24	$	24	$	21


At December 31,	2023		2022
Receivables, net	$	193	$	180

Other assets (Receivables, noncurrent)	$	101	$	18

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.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
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+ Details

Stockholders' Equity - Narrative (Details) $ / shares in Units, $ in Millions			12 Months Ended
	Apr. 01, 2024	Mar. 26, 2021 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) vote shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 USD ($) shares
Class of Stock [Line Items]
Proceeds from issuance of common stock \| $		$ 1,670	$ 0	$ 0	$ 1,672
Proceeds from issuance of preferred stock \| $		$ 983	0	$ 0	$ 983
Remaining authorization under share repurchase program \| $			$ 2,360
Common stock repurchased (in shares) \| shares			0	0	0
Minimum Class A shares needed for conversion (in shares) \| shares			5,000
Conversion of Class A Common Stock into Class B Common Stock (in shares) \| shares					11,600,000
Tax benefit \| $			$ 14	$ 108	$ 25
Class A Common Stock
Class of Stock [Line Items]
Votes per share \| vote			1
Class B Common Stock
Class of Stock [Line Items]
Stock issuances (in shares) \| shares		20,000,000
Shares issued, price per share (in shares) \| $ / shares		$ 85
Mandatory Convertible Preferred Stock
Class of Stock [Line Items]
Stock issuances (in shares) \| shares		10,000,000
Preferred stock, percentage			5.75%	5.75%
Preferred stock, liquidation preference (in dollars per share) \| $ / shares		$ 100
Preferred stock, liquidation preference \| $			$ 1,000
Mandatory Convertible Preferred Stock \| Forecast
Class of Stock [Line Items]
Consecutive trading days	20 days
Trading day	21 days
Mandatory Convertible Preferred Stock \| Minimum \| Forecast
Class of Stock [Line Items]
Convertible rate	1.0013
Mandatory Convertible Preferred Stock \| Maximum \| Forecast
Class of Stock [Line Items]
Convertible rate	1.1765

Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Summary of Operating Lease Assets and Liabilities

At December 31, 2023 and 2022, the following amounts were recorded on the Consolidated Balance Sheets relating to our operating leases.


	2023		2022
Right-of-Use Assets
Operating lease assets	$	1,183	$	1,391

Lease Liabilities
Other current liabilities	$	258	$	292
Operating lease liabilities	1,256		1,428
Total lease liabilities	$	1,514	$	1,720


	2023		2022
Weighted average remaining lease term	7 years		7 years

Weighted average discount rate	3.9	%	3.6	%

Summary of Operating Lease Information

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


Year Ended December 31,	2023		2022		2021
Operating lease cost (a) (b)	$	332	$	373	$	374
Short-term lease cost (b) (c)	229		306		283
Variable lease cost (b) (d)	76		77		62
Sublease income	(7)		(12)		(20)
Total lease cost	$	630	$	744	$	699

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

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

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

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

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


Year Ended December 31,	2023		2022		2021
Payments for amounts included in operating lease liabilities (operating cash flows)	$	368	$	394	$	399

Noncash additions to operating lease assets	$	123	$	170	$	377

Expected Future Payments for Operating Lease Liabilities

The expected future payments relating to our operating lease liabilities at December 31, 2023 are as follows:


2024	$	309
2025	296
2026	253
2027	208
2028	184
2029 and thereafter	490
Total minimum payments	1,740
Less amounts representing interest	226
Present value of minimum payments	$	1,514

Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Mandatory 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, authorized (in shares)	25	25
Preferred stock, issued (in shares)	10	10
Class A Common Stock
Class of Stock [Line Items]
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, authorized (in shares)	55	55
Common stock, issued (in shares)	41	41
Class B Common Stock
Class of Stock [Line Items]
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, authorized (in shares)	5,000	5,000
Common stock, issued (in shares)	1,115	1,112
Treasury stock, at cost (in shares)	503	503

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Current Assets:
Cash and cash equivalents	$ 2,460	$ 2,885
Receivables, net	7,115	7,412
Programming and other inventory	1,414	1,342
Prepaid expenses and other current assets	1,677	1,308
Current assets of discontinued operations	37	787
Total current assets	12,703	13,734
Property and equipment, net	1,666	1,762
Programming and other inventory	13,851	16,278
Goodwill	16,516	16,499
Intangible assets, net	2,589	2,694
Operating lease assets	1,183	1,391
Deferred income tax assets, net	1,242	1,242
Other assets	3,793	3,991
Assets of discontinued operations	0	802
Total Assets	53,543	58,393
Current Liabilities:
Accounts payable	1,100	1,403
Accrued expenses	2,104	2,071
Participants’ share and royalties payable	2,702	2,416
Accrued programming and production costs	1,842	2,063
Deferred revenues	746	973
Debt	1	239
Other current liabilities	1,153	1,477
Current liabilities of discontinued operations	8	549
Total current liabilities	9,656	11,191
Long-term debt	14,601	15,607
Participants’ share and royalties payable	1,394	1,744
Pension and postretirement benefit obligations	1,337	1,458
Deferred income tax liabilities, net	503	1,077
Operating lease liabilities	1,256	1,428
Program rights obligations	204	367
Other liabilities	1,534	1,715
Liabilities of discontinued operations	8	200
Commitments and contingencies (Note 19)
Paramount stockholders’ equity:
Additional paid-in capital	33,210	33,063
Treasury stock, at cost; 503 (2023 and 2022) shares of Class B Common Stock	(22,958)	(22,958)
Retained earnings	13,829	14,737
Accumulated other comprehensive loss	(1,556)	(1,807)
Total Paramount stockholders’ equity	22,526	23,036
Noncontrolling interests	524	570
Total Equity	23,050	23,606
Total Liabilities and Equity	53,543	58,393
Mandatory Convertible Preferred Stock
Paramount stockholders’ equity:
5.75% Series A Mandatory Convertible Preferred Stock, par value $.001 per share; 25 shares authorized and 10 shares issued (2023 and 2022)	0	0
Class A Common Stock
Paramount stockholders’ equity:
Common stock	0	0
Class B Common Stock
Paramount stockholders’ equity:
Common stock	$ 1	$ 1

Basis of Presentation and Summary of Significant Accounting Policies - Useful Lives of Property and Equipment (Details)	Dec. 31, 2023
Buildings and building improvements \| Minimum
Property, Plant and Equipment [Line Items]
Property and equipment estimated useful lives	10 years
Buildings and building improvements \| Maximum
Property, Plant and Equipment [Line Items]
Property and equipment estimated useful lives	40 years
Equipment and other (including finance leases) \| Minimum
Property, Plant and Equipment [Line Items]
Property and equipment estimated useful lives	3 years
Equipment and other (including finance leases) \| Maximum
Property, Plant and Equipment [Line Items]
Property and equipment estimated useful lives	20 years

Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Statement [Abstract]
Revenues	$ 29,652	$ 30,154	$ 28,586
Costs and expenses:
Operating	20,017	19,845	17,744
Programming charges	2,371	0	0
Selling, general and administrative	7,245	7,033	6,398
Depreciation and amortization	418	378	390
Impairment charges	83	27	0
Restructuring and other corporate matters	(31)	585	100
Total costs and expenses	30,103	27,868	24,632
Net gains on dispositions	0	56	2,343
Operating income (loss)	(451)	2,342	6,297
Interest expense	(920)	(931)	(986)
Interest income	137	108	53
Gain (loss) from investments	168	(9)	47
Gain (loss) on extinguishment of debt	29	(120)	(128)
Other items, net	(216)	(124)	(77)
Earnings (loss) from continuing operations before income taxes and equity in loss of investee companies	(1,253)	1,266	5,206
Benefit from (provision for) income taxes	361	(227)	(646)
Equity in loss of investee companies, net of tax	(360)	(204)	(91)
Net earnings (loss) from continuing operations	(1,252)	835	4,469
Net earnings from discontinued operations, net of tax	676	379	162
Net earnings (loss) (Paramount and noncontrolling interests)	(576)	1,214	4,631
Net earnings attributable to noncontrolling interests	(32)	(110)	(88)
Net earnings (loss) attributable to Paramount	(608)	1,104	4,543
Amounts attributable to Paramount:
Net earnings (loss) from continuing operations	(1,284)	725	4,381
Net earnings from discontinued operations, net of tax	676	379	162
Net earnings (loss) attributable to Paramount	$ (608)	$ 1,104	$ 4,543
Basic net earnings (loss) per common share attributable to Paramount:
Net earnings (loss) from continuing operations (in dollars per share)	$ (2.06)	$ 1.03	$ 6.77
Net earnings from discontinued operations (in dollars per share)	1.04	0.58	0.25
Net earnings (loss) (in dollars per share)	(1.02)	1.61	7.02
Diluted net earnings (loss) per common share attributable to Paramount:
Net earnings (loss) from continuing operations (in dollars per share)	(2.06)	1.03	6.69
Net earnings from discontinued operations (in dollars per share)	1.04	0.58	0.25
Net earnings (loss) (in dollars per share)	$ (1.02)	$ 1.61	$ 6.94
Weighted average number of common shares outstanding:
Basic (in shares)	652	649	641
Diluted (in shares)	652	650	655

Programming and Other Inventory

12 Months Ended

Dec. 31, 2023

Inventory Disclosure [Abstract]

Programming and Other Inventory

PROGRAMMING AND OTHER INVENTORY

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


At December 31,	2023		2022
Film Group Monetization:
Acquired program rights, including prepaid sports rights	$	3,318	$	3,238
Internally-produced television and film programming:
Released	6,666		7,154
In process and other	2,028		3,299

Individual Monetization:
Acquired libraries	348		394
Films:
Released	624		694
Completed, not yet released	179		129
In process and other	1,211		1,317
Internally-produced television programming:
Released	496		624
In process and other	361		726
Home entertainment	34		45
Total programming and other inventory	15,265		17,620
Less current portion	1,414		1,342
Total noncurrent programming and other inventory	$	13,851	$	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.


Year Ended December 31,	2023		2022		2021
Acquired program rights	$	5,331	$	5,018	$	5,143

Internally-produced television and film programming, and acquired libraries:
Individual monetization	$	2,065	$	2,104	$	3,245
Film group monetization	$	5,097	$	5,187	$	3,248

Programming Charges

During 2023, in connection with the integration of Showtime into Paramount+ across both streaming and linear platforms, we performed a comprehensive strategic review of the combined content portfolio of Showtime and Paramount+. Additionally, we commenced a review of 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. As a result, we changed the strategy for certain content, which led to content being removed from our platforms or abandoned, the write-off of development costs, distribution changes, and termination of programming agreements. Accordingly, we recorded programming charges on the Consolidated Statement of Operations relating to these actions during the first half of 2023. These charges, which totaled $2.37 billion, were comprised of $1.97 billion for the impairment of content to its estimated fair value, as well as $402 million for development cost write-offs and contract termination costs. For content that was removed from our platforms or abandoned, the estimated fair value was determined using assumptions for secondary market licensing revenues, if any.

In connection with our continued review of our international content strategy, during the first quarter of 2024 we made a strategic decision to focus on content with mass global appeal. As part of this, we are rationalizing original content on Paramount+, especially internationally, and improving the efficiency of our linear network programming. As a result, we have reviewed our expansive global content portfolio and are removing select content from our platforms. In addition, we have decided not to move forward with certain titles and therefore are abandoning some development projects and terminating certain programming agreements. Accordingly, we expect to recognize additional programming charges that we currently expect to be in the range of approximately $700 million to $900 million during the first quarter of 2024. As we continue to evaluate our content portfolio, we may incur additional programming charges later in 2024.


	2024		2025		2026
Acquired program rights	$	2,391	$	659	$	160

Internally-produced television and film programming, and acquired libraries:
Individual monetization	$	755	$	192	$	126
Film group monetization	$	3,067	$	1,690	$	1,031

During the year ending December 31, 2024, we expect to amortize approximately $143 million of our completed, not yet released film inventory, which is monetized on an individual basis.

Fair Value Measurements

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

FAIR VALUE MEASUREMENTS

The table below presents our assets and liabilities measured at fair value on a recurring basis at December 31, 2023 and 2022. These assets and liabilities have been categorized according to the three-level fair value hierarchy established by the FASB, which prioritizes the inputs used in measuring fair value. Level 1 is based on publicly quoted prices for the asset or liability in active markets. Level 2 is based on inputs that are observable other than quoted market prices in active markets, such as quoted prices for the asset or liability in inactive markets or quoted prices for similar assets or liabilities. Level 3 is based on unobservable inputs reflecting our own assumptions about the assumptions that market participants would use in pricing the asset or liability. All of our assets and liabilities that are measured at fair value on a recurring basis use Level 2 inputs. The fair value of foreign currency hedges is determined based on the present value of future cash flows using observable inputs including foreign currency exchange rates. The fair value of deferred compensation liabilities is determined based on the fair value of the investments elected by employees.


At December 31,	2023		2022
Assets:
Foreign currency hedges	$	40	$	39
Total Assets	$	40	$	39
Liabilities:
Deferred compensation	$	366	$	336
Foreign currency hedges	30		83
Total Liabilities	$	396	$	419

The estimated fair values of our impaired content and FCC licenses (see Notes 4 and 5, respectively) were determined using Level 3 inputs.

- Definition

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

+ References + Details

Goodwill and Other Intangible Assets - Goodwill (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Goodwill
Goodwill, beginning balance	$ 29,853	$ 29,938
Accumulated impairment losses, beginning balance	(13,354)	(13,354)
Goodwill, net of impairment, beginning balance	16,499	16,584
Goodwill, Acquisitions / (Dispositions)	(12)	0
Accumulated impairment losses, Acquisitions / (Dispositions)	0	0
Goodwill, net of impairment, Acquisitions / (Dispositions)	(12)	0
Goodwill, Foreign Currency	29	(85)
Accumulated impairment losses, Foreign Currency	0	0
Goodwill, net of impairment, Foreign Currency	29	(85)
Goodwill, ending balance	29,870	29,853
Accumulated impairment losses, ending balance	(13,354)	(13,354)
Goodwill, net of impairment, ending balance	16,516	16,499
Operating Segments \| TV Media
Goodwill
Goodwill, beginning balance	24,505	24,590
Accumulated impairment losses, beginning balance	(13,354)	(13,354)
Goodwill, net of impairment, beginning balance	11,151	11,236
Goodwill, Acquisitions / (Dispositions)	(12)	0
Accumulated impairment losses, Acquisitions / (Dispositions)	0	0
Goodwill, net of impairment, Acquisitions / (Dispositions)	(12)	0
Goodwill, Foreign Currency	29	(85)
Accumulated impairment losses, Foreign Currency	0	0
Goodwill, net of impairment, Foreign Currency	29	(85)
Goodwill, ending balance	24,522	24,505
Accumulated impairment losses, ending balance	(13,354)	(13,354)
Goodwill, net of impairment, ending balance	11,168	11,151
Operating Segments \| Direct-to-Consumer
Goodwill
Goodwill, beginning balance	2,728	2,728
Accumulated impairment losses, beginning balance	0	0
Goodwill, net of impairment, beginning balance	2,728	2,728
Goodwill, Acquisitions / (Dispositions)	0	0
Accumulated impairment losses, Acquisitions / (Dispositions)	0	0
Goodwill, net of impairment, Acquisitions / (Dispositions)	0	0
Goodwill, Foreign Currency	0	0
Accumulated impairment losses, Foreign Currency	0	0
Goodwill, net of impairment, Foreign Currency	0	0
Goodwill, ending balance	2,728	2,728
Accumulated impairment losses, ending balance	0	0
Goodwill, net of impairment, ending balance	2,728	2,728
Operating Segments \| Filmed Entertainment
Goodwill
Goodwill, beginning balance	2,620	2,620
Accumulated impairment losses, beginning balance	0	0
Goodwill, net of impairment, beginning balance	2,620	2,620
Goodwill, Acquisitions / (Dispositions)	0	0
Accumulated impairment losses, Acquisitions / (Dispositions)	0	0
Goodwill, net of impairment, Acquisitions / (Dispositions)	0	0
Goodwill, Foreign Currency	0	0
Accumulated impairment losses, Foreign Currency	0	0
Goodwill, net of impairment, Foreign Currency	0	0
Goodwill, ending balance	2,620	2,620
Accumulated impairment losses, ending balance	0	0
Goodwill, net of impairment, ending balance	$ 2,620	$ 2,620

Segment Information - Revenues (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	$ 29,652	$ 30,154	$ 28,586
Advertising
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	9,989	10,890	11,412
Affiliate and subscription
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	13,018	11,551	10,442
Licensing and other
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	5,832	6,490	6,491
Theatrical
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	813	1,223	241
Operating Segments \| TV Media
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	20,085	21,732	22,734
Operating Segments \| TV Media \| Advertising
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	8,188	9,350	10,105
Operating Segments \| TV Media \| Affiliate and subscription
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	8,085	8,180	8,413
Operating Segments \| TV Media \| Licensing and other
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	3,812	4,202	4,216
Operating Segments \| Direct-to-Consumer
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	6,736	4,904	3,327
Operating Segments \| Direct-to-Consumer \| Advertising
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	1,795	1,533	1,298
Operating Segments \| Direct-to-Consumer \| Affiliate and subscription
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	4,933	3,371	2,029
Operating Segments \| Direct-to-Consumer \| Licensing and other
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	8	0	0
Operating Segments \| Filmed Entertainment
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	2,957	3,706	2,687
Operating Segments \| Filmed Entertainment \| Advertising
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	24	23	18
Operating Segments \| Filmed Entertainment \| Licensing and other
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	2,120	2,460	2,428
Operating Segments \| Filmed Entertainment \| Theatrical
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	813	1,223	241
Eliminations
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	(126)	(188)	(162)
Eliminations \| TV Media
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	(63)	(66)	(87)
Eliminations \| Direct-to-Consumer
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	(1)	0	(2)
Eliminations \| Filmed Entertainment
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	$ (62)	$ (122)	$ (73)

Pension and Other Postretirement Benefits - Change in Benefit Obligations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pension Benefits
Change in benefit obligation:
Benefit obligation, beginning of year	$ 3,661	$ 4,909
Service cost	0	0	$ 0
Interest cost	207	150	145
Actuarial loss (gain)	137	(1,089)
Benefits paid	(294)	(309)
Participants’ contributions	0	0
Retiree Medicare drug subsidy	0	0
Benefit obligation, end of year	3,711	3,661	4,909
Postretirement Benefits
Change in benefit obligation:
Benefit obligation, beginning of year	222	276
Service cost	1	1	1
Interest cost	12	8	8
Actuarial loss (gain)	(11)	(29)
Benefits paid	(40)	(43)
Participants’ contributions	6	6
Retiree Medicare drug subsidy	3	3
Benefit obligation, end of year	$ 193	$ 222	$ 276

Cover - USD ($)	12 Months Ended
Cover - USD ($)	Dec. 31, 2023	Feb. 26, 2024	Jun. 30, 2023
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 9,348,585,082
Documents Incorporated by Reference	Portions of Paramount Global’s Notice of 2024 Annual Meeting of Stockholders and Proxy Statement to be filed with the Securities and Exchange Commission pursuant to Regulation 14A of the Securities Exchange Act of 1934 (Part III).
Entity Central Index Key	0000813828
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Class A Common Stock, $0.001 par value
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		40,702,775
Class B Common Stock, $0.001 par value
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		611,782,283
Mandatory 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

Income Taxes - Components of Income Tax Provision (Benefit) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current:
Federal	$ 70	$ 75	$ 179
State and local	84	64	138
Foreign	135	194	239
Total current	289	333	556
Deferred:
Federal	(556)	(57)	249
State and local	(110)	(14)	49
Foreign	16	(35)	(208)
Total deferred	(650)	(106)	90
(Benefit from) provision for income taxes	$ (361)	$ 227	$ 646

Programming and Other Inventory - Amortization of Programming and Production Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Acquired program rights	$ 5,331	$ 5,018	$ 5,143
Internally-produced television and film programming, and acquired libraries:
Individual monetization	2,065	2,104	3,245
Film group monetization	$ 5,097	$ 5,187	$ 3,248

Goodwill and Other Intangible Assets - Amortization Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 35	$ 41	$ 46

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Summary of Assets and Liabilities Measured at Fair Value


At December 31,	2023		2022
Assets:
Foreign currency hedges	$	40	$	39
Total Assets	$	40	$	39
Liabilities:
Deferred compensation	$	366	$	336
Foreign currency hedges	30		83
Total Liabilities	$	396	$	419

Debt - Narrative (Details) $ in Millions	3 Months Ended	12 Months Ended
Debt - Narrative (Details) $ in Millions	Dec. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Mar. 31, 2026	Mar. 31, 2025	Sep. 30, 2024 USD ($)	Apr. 30, 2023 USD ($)
Debt Instrument [Line Items]
Debt redemptions and repayments		$ 1,277	$ 3,140	$ 2,230
Pre-tax gain (loss) on extinguishment of debt		29	(120)	(128)
Face value of debt	$ 15,100	15,100	16,380
Outstanding commercial paper	0	0	0
Outstanding bank borrowings	0	0	55
Senior Notes
Debt Instrument [Line Items]
Senior notes redeemed	1,040		2,390	1,990
Debt redemptions and repayments	$ 1,000		$ 2,490	$ 2,110
7.875% Debentures due 2023
Debt Instrument [Line Items]
Debt redemptions and repayments		139
Stated interest rate			7.875%
7.125% Senior Notes due 2023
Debt Instrument [Line Items]
Debt redemptions and repayments		$ 35
Stated interest rate			7.125%
5.875% Junior Subordinated Debentures due 2057
Debt Instrument [Line Items]
Senior notes redeemed			$ 520
Stated interest rate			5.875%
6.375% Junior Subordinated Debentures due 2062
Debt Instrument [Line Items]
Stated interest rate	6.375%	6.375%	6.375%
Face value of debt			$ 1,000
Interest rate reset period			5 years
Junior subordinated debentures	$ 989	$ 989	$ 989
6.375% Junior Subordinated Debentures due 2062 \| From March 30, 2027 \| US Treasury (UST) Interest Rate
Debt Instrument [Line Items]
Basis spread on variable rate			3.999%
6.375% Junior Subordinated Debentures due 2062 \| From March 30, 2032 \| US Treasury (UST) Interest Rate
Debt Instrument [Line Items]
Basis spread on variable rate			4.249%
6.375% Junior Subordinated Debentures due 2062 \| From March 30, 2047 \| US Treasury (UST) Interest Rate
Debt Instrument [Line Items]
Basis spread on variable rate			4.999%
6.25% Junior Subordinated Debentures due 2057
Debt Instrument [Line Items]
Stated interest rate	6.25%	6.25%
Junior subordinated debentures	$ 643	$ 643	$ 643
6.25% Junior Subordinated Debentures due 2057 \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate		3.899%
Junior Subordinated Debentures
Debt Instrument [Line Items]
Debt redemption price percentage		101.00%
Percentage increase in interest rate		5.00%
Credit Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity under credit facility	3,500	$ 3,500
Borrowings outstanding	0	0
Remaining borrowing capacity under credit facility	3,500	3,500
Maximum consolidated leverage ratio			4.5
Credit Facility \| Revolving Credit Facility \| Forecast
Debt Instrument [Line Items]
Maximum consolidated leverage ratio					4.5	5.5	5.75
Decrease in maximum consolidated leverage ratio					0.25
Maximum amount of unrestricted cash and cash equivalents netted against Consolidated Indebtedness							$ 1,500
Miramax Credit Facility, Matures November 2024 \| Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity under credit facility	50	50
Outstanding bank borrowings	0	0
Miramax Credit Facility, Matured April 2023 \| Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity under credit facility								$ 300
Outstanding bank borrowings			$ 55
Miramax Credit Facility, Matured April 2023 \| Revolving Credit Facility \| Bank Borrowings
Debt Instrument [Line Items]
Weighted average interest rate			7.09%
Senior Debt, Redemption Trigger If Ratings Downgrades Due To Change Of Control
Debt Instrument [Line Items]
Face value of debt	$ 9,670	$ 9,670
Debt redemption price percentage		101.00%

Financial Instruments - Gains (Losses) Recognized on Derivative Financial Instruments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Foreign exchange contract
Derivative [Line Items]
Gain (loss) on non-designated foreign exchange contracts	$ (10)	$ 51

Schedule II - Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2023

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

Schedule II - Valuation and Qualifying Accounts

SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS

(Tabular dollars in millions)


Col. A	Col. B			Col. C			Col. D			Col. E
Description	Balance at Beginning of Period			Charged to Expenses and Other Accounts			Deductions			Balance at End of Period
Allowance for doubtful accounts:
Year ended December 31, 2023		$	111		$	26		$	17		$	120
Year ended December 31, 2022		$	80		$	40		$	9		$	111
Year ended December 31, 2021		$	85		$	8		$	13		$	80

Valuation allowance on deferred tax assets:
Year ended December 31, 2023		$	488		$	20		$	10		$	498
Year ended December 31, 2022		$	581		$	15		$	108		$	488
Year ended December 31, 2021		$	593		$	63		$	75		$	581

Reserves for inventory obsolescence:
Year ended December 31, 2023		$	44		$	7		$	19		$	32
Year ended December 31, 2022		$	47		$	—		$	3		$	44
Year ended December 31, 2021		$	58		$	—		$	11		$	47

Segment Information - Adjusted OIBDA by Segment and Reconciliation to Net Earnings (Loss) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Adjusted OIBDA by Segment and Reconciliation to Net Earnings (Loss)
Stock-based compensation expense	$ (177)	$ (172)	$ (192)
Depreciation and amortization	(418)	(378)	(390)
Programming charges	(2,371)	0	0
Impairment charges	(83)	(27)	0
Restructuring and other corporate matters	31	(585)	(100)
Net gains on dispositions	0	56	2,343
Operating income (loss)	(451)	2,342	6,297
Interest expense	(920)	(931)	(986)
Interest income	137	108	53
Gain (loss) from investments	168	(9)	47
Gain (loss) on extinguishment of debt	29	(120)	(128)
Other items, net	(216)	(124)	(77)
Earnings (loss) from continuing operations before income taxes and equity in loss of investee companies	(1,253)	1,266	5,206
Benefit from (provision for) income taxes	361	(227)	(646)
Equity in loss of investee companies, net of tax	(360)	(204)	(91)
Net earnings (loss) from continuing operations	(1,252)	835	4,469
Net earnings from discontinued operations, net of tax	676	379	162
Net earnings (loss) (Paramount and noncontrolling interests)	(576)	1,214	4,631
Net earnings attributable to noncontrolling interests	(32)	(110)	(88)
Net earnings (loss) attributable to Paramount	(608)	1,104	4,543
Stock-based compensation expense	177	172	192
Restructuring and Other Corporate Matters
Adjusted OIBDA by Segment and Reconciliation to Net Earnings (Loss)
Stock-based compensation expense	(5)	(14)	(20)
Stock-based compensation expense	5	14	20
Operating Segments \| TV Media
Adjusted OIBDA by Segment and Reconciliation to Net Earnings (Loss)
Adjusted OIBDA	4,791	5,451	5,892
Operating Segments \| Direct-to-Consumer
Adjusted OIBDA by Segment and Reconciliation to Net Earnings (Loss)
Adjusted OIBDA	(1,663)	(1,819)	(992)
Operating Segments \| Filmed Entertainment
Adjusted OIBDA by Segment and Reconciliation to Net Earnings (Loss)
Adjusted OIBDA	(119)	272	207
Corporate/Eliminations
Adjusted OIBDA by Segment and Reconciliation to Net Earnings (Loss)
Adjusted OIBDA	(447)	(470)	(491)
Segment Reconciling Items
Adjusted OIBDA by Segment and Reconciliation to Net Earnings (Loss)
Stock-based compensation expense	(172)	(158)	(172)
Depreciation and amortization	(418)	(378)	(390)
Programming charges	(2,371)	0	0
Impairment charges	(83)	(27)	0
Restructuring and other corporate matters	31	(585)	(100)
Net gains on dispositions	0	56	2,343
Stock-based compensation expense	172	158	172
Segment Reconciling Items \| Restructuring and Other Corporate Matters
Adjusted OIBDA by Segment and Reconciliation to Net Earnings (Loss)
Stock-based compensation expense	(5)	(14)	(20)
Stock-based compensation expense	$ 5	$ 14	$ 20

Pension and Other Postretirement Benefits - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]
Percent of common stock over fair value of plan assets	1.00%	1.20%
Pension and postretirement benefit obligations	$ 1,337	$ 1,458
Company contributions to defined contribution plans	151	137	$ 106
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Pension and postretirement benefit obligations	1,130	1,225
Actuarial loss	$ 137	(1,089)
Basis point decrease	0.30%
Underfunded status of qualified pension plans	$ 1,204	1,298
Accumulated benefit obligation for all defined benefit pension plans	3,710	3,660
Investments, at fair value	2,507	2,363	3,191
Company contributions to multiemployer plans	151	177	203
Pension Benefits \| Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Investments, at fair value	1,739	1,600
Pension Benefits \| Level 3 \| Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Investments, at fair value	0	0
Pension Benefits \| Qualified Plan
Defined Benefit Plan Disclosure [Line Items]
Underfunded status of qualified pension plans	378	485
Expected contribution in the next fiscal year	13
Pension Benefits \| Nonqualified Plan
Defined Benefit Plan Disclosure [Line Items]
Expected contribution in the next fiscal year	76
Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Pension and postretirement benefit obligations	163	188
Actuarial loss	(11)	(29)
Underfunded status of qualified pension plans	193	222
Investments, at fair value	0	0	0
Expected contribution in the next fiscal year	31
Company contributions to multiemployer plans	$ 172	192	$ 184
United States \| Liability Hedging
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, actual plan asset allocation percentage	61.00%
United States \| Equity securities
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, actual plan asset allocation percentage	25.00%
United States \| Real Estate and Real Assets
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, actual plan asset allocation percentage	6.00%
United States \| Minimum \| Liability Hedging
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, target plan asset allocation percentages	60.00%
United States \| Minimum \| Equity securities
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, target plan asset allocation percentages	22.00%
United States \| Minimum \| Real Estate and Real Assets
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, target plan asset allocation percentages	3.00%
United States \| Maximum \| Liability Hedging
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, target plan asset allocation percentages	68.00%
United States \| Maximum \| Equity securities
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, target plan asset allocation percentages	30.00%
United States \| Maximum \| Real Estate and Real Assets
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, target plan asset allocation percentages	10.00%
Non-U.S. \| Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Pension and postretirement benefit obligations	$ 44	$ 45

Revenues (Tables)

12 Months Ended

Dec. 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 18 for revenues by segment disaggregated into these categories.


Year Ended December 31,	2023		2022		2021
Revenues by Type:
Advertising	$	9,989	$	10,890	$	11,412
Affiliate and subscription	13,018		11,551		10,442
Theatrical	813		1,223		241
Licensing and other	5,832		6,490		6,491
Total Revenues	$	29,652	$	30,154	$	28,586

Supplemental Financial Information - Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash and Cash Equivalents [Line Items]
Cash paid for interest	$ 901	$ 920	$ 970
Total cash paid for income taxes	107	73	334
Continuing operations
Cash and Cash Equivalents [Line Items]
Total cash paid for income taxes	22	61	291
Discontinued operations
Cash and Cash Equivalents [Line Items]
Total cash paid for income taxes	$ 85	$ 12	$ 43

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Summary of Common Stock Dividends


Year Ended December 31,	2023		2022		2021
Class A and Class B Common Stock
Dividends declared per common share (a)	$	.39	$	.96	$	.96

Total common stock dividends	$	261	$	635	$	625

Mandatory Convertible Preferred Stock
Dividends declared per preferred share (b)	$	5.75	$	5.75	$	4.4243

Total preferred stock dividends	$	58	$	58	$	44

Schedule of Accumulated Other Comprehensive Income (Loss)

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


	Continuing Operations								Discontinued Operations
					Net Actuarial								Accumulated
	Cumulative				Loss and				Other				Other
	Translation				Prior				Comprehensive				Comprehensive
	Adjustments				Service Cost				Income (Loss) (a)				Loss
At December 31, 2020		$	(303)			$	(1,509)			$	(20)			$	(1,832)
Other comprehensive income (loss) before reclassifications		(142)				5				(3)				(140)
Reclassifications to net earnings		—				70		(b)		—				70
Other comprehensive income (loss)		(142)				75				(3)				(70)
At December 31, 2021		(445)				(1,434)				(23)				(1,902)
Other comprehensive income (loss) before reclassifications		(235)				273				(7)				31
Reclassifications to net earnings		—				64		(b)		—				64
Other comprehensive income (loss)		(235)				337				(7)				95
At December 31, 2022		(680)				(1,097)				(30)				(1,807)
Other comprehensive income (loss) before reclassifications		132				(7)				(5)				120
Reclassifications to net loss		44		(c)		52		(b)		35		(d)		131
Other comprehensive income		176				45				30				251
At December 31, 2023		$	(504)			$	(1,052)			$	—			$	(1,556)

(a) Reflects cumulative translation adjustments.

(c) Reflects amounts realized within “Gain (loss) from investments” on the Consolidated Statement of Operations in connection with the dilution of our interest in Viacom18 (see Note 11).

Income Taxes - Reconciliation of U.S. Federal Statutory Income Tax Rate (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Taxes on income at U.S. federal statutory rate	$ (263)	$ 266	$ 1,093
State and local taxes, net of federal tax benefit	(13)	44	190
Effect of foreign operations	(97)	(20)	(141)
Noncontrolling interests	(6)	(20)	(13)
U.K. statutory rate change	0	0	(260)
Reorganization of foreign operations	(4)	(72)	(229)
Tax deficiency (excess benefit) from stock-based compensation	18	13	(8)
Other, net	4	16	14
(Benefit from) provision for income taxes	$ (361)	$ 227	$ 646
Deferred tax asset realization period		25 years

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Property and Equipment

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


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


At December 31,	2023		2022
Land	$	373	$	371
Buildings	881		863
Equipment and other	3,916		4,242
	5,170		5,476
Less: Accumulated depreciation	3,504		3,714
Property and equipment, net	$	1,666	$	1,762


Year Ended December 31,	2023		2022		2021
Depreciation expense	$	383	$	337	$	344

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

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

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


Year Ended December 31,	2023		2022		2021
United States	$	(2,039)	$	324	$	4,106
Foreign	786		942		1,100
Total	$	(1,253)	$	1,266	$	5,206

Components of Income Tax Provision (Benefit)

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


Year Ended December 31,	2023		2022		2021
Current:
Federal	$	70	$	75	$	179
State and local	84		64		138
Foreign	135		194		239
Total current	289		333		556
Deferred:
Federal	(556)		(57)		249
State and local	(110)		(14)		49
Foreign	16		(35)		(208)
Total deferred	(650)		(106)		90
(Benefit from) provision for income taxes	$	(361)	$	227	$	646

Reconciliation of U.S. Federal Statutory Income Tax Rate

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


Year Ended December 31,	2023		2022		2021
Taxes on income at U.S. federal statutory rate	$	(263)	$	266	$	1,093
State and local taxes, net of federal tax benefit	(13)		44		190
Effect of foreign operations	(97)		(20)		(141)
Noncontrolling interests	(6)		(20)		(13)
U.K. statutory rate change	—		—		(260)
Reorganization of foreign operations (a)	(4)		(72)		(229)
Tax deficiency (excess benefit) from stock-based compensation	18		13		(8)
Other, net	4		16		14
(Benefit from) provision for income taxes	$	(361)	$	227	$	646

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

Components of Deferred Income Tax Assets and Liabilities

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


At December 31,	2023		2022
Deferred income tax assets:
Reserves and other accrued liabilities	$	294	$	430
Pension, postretirement and other employee benefits	518		534
Lease liability	400		425
Tax credit and loss carryforwards	423		397
Interest limitation carryforward	63		93
Capitalized costs	155		49
Intangible assets	20		—
Other	10		11
Total deferred income tax assets	1,883		1,939
Valuation allowance	(498)		(488)
Deferred income tax assets, net	1,385		1,451
Deferred income tax liabilities:
Intangible assets	—		(643)
Lease asset	(326)		(344)
Property, equipment and other assets	(140)		(180)
Investments	(99)		(20)
Financing obligations	(67)		(69)
Other	(14)		(30)
Total deferred income tax liabilities	(646)		(1,286)
Deferred income tax assets, net	$	739	$	165

Change in Reserve for Uncertain Tax Positions

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


At January 1, 2021	$	308
Additions for current year tax positions	23
Additions for prior year tax positions	32
Reductions for prior year tax positions	(45)
Cash settlements	(6)
Statute of limitations lapses	(11)
At December 31, 2021	301
Additions for current year tax positions	16
Additions for prior year tax positions	3
Reductions for prior year tax positions	(13)
Cash settlements	(2)
Statute of limitations lapses	(2)
At December 31, 2022	303
Additions for current year tax positions	15
Additions for prior year tax positions	20
Reductions for prior year tax positions	(46)
Cash settlements	(2)
Statute of limitations lapses	(4)
At December 31, 2023	$	286

Dispositions and Acquisitions - Schedule of Discontinued Operations, Assets and Liabilities (Details) - Discontinued operations $ in Millions	Dec. 31, 2022 USD ($)
Assets
Receivables, net	$ 558
Other current assets	229
Goodwill	434
Property and equipment, net	53
Operating lease assets	204
Other assets	111
Total Assets	1,589
Liabilities
Royalties payable	161
Other current liabilities	388
Operating lease liabilities	182
Other liabilities	18
Total Liabilities	$ 749

Revenues

12 Months Ended

Dec. 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 18 for revenues by segment disaggregated into these categories.


Year Ended December 31,	2023		2022		2021
Revenues by Type:
Advertising	$	9,989	$	10,890	$	11,412
Affiliate and subscription	13,018		11,551		10,442
Theatrical	813		1,223		241
Licensing and other	5,832		6,490		6,491
Total Revenues	$	29,652	$	30,154	$	28,586

Receivables

Included in “Other assets” on the Consolidated Balance Sheets are noncurrent receivables of $1.39 billion and $1.61 billion at December 31, 2023 and 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.

Our receivables do not represent significant concentrations of credit risk at December 31, 2023 or 2022, due to the wide variety of customers, markets and geographic areas to which our products and services are sold.

Contract Liabilities

Contract liabilities are included within “Deferred revenues” and “Other liabilities” on the Consolidated Balance Sheets and were $0.8 billion, $1.06 billion and $1.20 billion at December 31, 2023, 2022 and 2021, respectively. We recognized revenues of $0.9 billion for each of the years ended December 31, 2023, 2022 and 2021 that were included in the opening balance of deferred revenues for the respective year.

Unrecognized Revenues Under Contract

At December 31, 2023, unrecognized revenues attributable to unsatisfied performance obligations under our long-term contracts were approximately $8 billion, of which $4 billion is expected to be recognized in 2024, $2 billion in 2025, $1 billion in 2026, and $1 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. In addition, the timing of satisfying certain of the performance obligations under these long-term contracts is uncertain and, therefore, is also subject to change. 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 revenue arrangements, the amount and timing of our revenue recognition is determined based on our licensees’ subsequent sale to its end customers. As a result, under such arrangements, we often satisfy our performance obligation of delivery of our content in advance of revenue recognition. We recognized revenues of $0.4 billion for each of the years ended December 31, 2023, 2022 and 2021, 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
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

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

12 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Principles of Consolidation

Principles of Consolidation—The consolidated financial statements include the accounts of Paramount, its subsidiaries in which a controlling interest is maintained and variable interest entities (“VIEs”) where we are considered the primary beneficiary, after the elimination of intercompany transactions. Controlling interest is determined by majority ownership interest and the absence of substantive third party participating rights. Investments over which we have a significant influence, without a controlling interest, are accounted for under the equity method. For these investments, our proportionate share of net earnings or loss of the entity is recorded in “Equity in loss of investee companies, net of tax” on the Consolidated Statements of Operations.

Reclassifications

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

Use of Estimates

Use of Estimates—The preparation of our financial statements in conformity with accounting principles generally accepted in the United States (“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.

Business Combinations

Business Combinations—We generally account for business combinations using the acquisition method of accounting. Under the acquisition method, once control is obtained of a business, 100% of the assets, liabilities and certain contingent liabilities acquired, as well as amounts attributed to noncontrolling interests, are recorded at fair value. Any transaction costs are expensed as incurred.

Cash and Cash Equivalents

Cash and Cash Equivalents—Cash and cash equivalents consist of cash on hand and highly liquid investments with maturities of three months or less at the date of purchase, including money market funds, commercial paper and bank time deposits.

Programming Inventory

Programming Inventory—We produce and acquire rights to programming to exhibit on our broadcast and cable networks, direct to consumers through our streaming services, on our broadcast television stations, and in theaters. We also produce programming for third parties. Costs for internally-produced and acquired programming inventory, including prepayments for such costs, are recorded within the non-current portion of “Programming and other inventory” on the Consolidated Balance Sheets. Prepayments for the rights to air sporting and other live events that are expected to be expensed over the next 12 months are classified within the current portion of “Programming and other inventory” on the Consolidated Balance Sheets.

Costs incurred to produce television programs and feature films (which include direct production costs, production overhead, acquisition costs and development costs) are capitalized when incurred and amortized over the projected life of each television program or feature film. Costs incurred to acquire television series and feature film programming rights, including advances, are capitalized when the license period has begun and the program is accepted and available for airing and amortized over the shorter of the license period or the period in which an economic benefit is expected to be derived.

In addition, production inventory is reduced by contributions from co-production partners, as applicable, and tax incentives earned for qualified production spending in certain U.S. states and international locations. As a result, the benefit of these items will be recognized through reduced amortization over the life of the related content. Included in “Other current assets” and “Other assets” on the Consolidated Balance Sheet at December 31, 2023 were receivables for production tax incentives of $0.5 billion and $1.2 billion, respectively.

We categorize our capitalized production and programming costs based on the expected predominant monetization strategy throughout the life of the content. Our programming that is expected to be predominantly monetized through licensing and distribution on third-party platforms is considered individually monetized and our programming that is expected to be predominantly monetized on our networks and streaming services together with other programming, is considered to be monetized as part of a film group. The predominant monetization strategy is determined when capitalization of production costs commences and is reassessed if there is a significant change to the expected future monetization strategy. This reassessment will include an assessment of the monetization strategy throughout the entire life of the programming.

For internally-produced television programs and feature films that are predominantly monetized on an individual basis, we use an individual-film-forecast computation method to amortize capitalized production costs and to accrue estimated liabilities for participations and residuals over the applicable title’s life cycle based upon the ratio of current period revenues to estimated remaining total gross revenues to be earned (“Ultimate Revenues”) for each title. The estimate of Ultimate Revenues impacts the timing of amortization of capitalized production

costs and expensing of participations and residual costs. For television programming, our estimate of Ultimate Revenues includes revenues to be earned within 10 years from the delivery of the first episode, or, if still in production, five years from the delivery of the most recent episode, if later. These estimates are based on the past performance of similar television programs in a market, the performance in the initial markets and future firm commitments to license programs.

For feature films, our estimate of Ultimate Revenues includes revenues from all sources that are estimated to be earned within 10 years from the date of a film’s initial release. Prior to the release of feature films, we estimate Ultimate Revenues based on the historical performance of similar content and pre-release market research (including test market screenings), as well as factors relating to the specific film, including the expected number of theaters and markets in which the original content will be released, the genre of the original content and the past box office performance of the lead actors and actresses. Upon a film’s initial release, we update our estimate of Ultimate Revenues based on actual and expected future performance. Our estimates of revenues from succeeding windows and markets are revised based on historical relationships to theatrical performance and an analysis of current market trends. For acquired television and film libraries, our estimate of Ultimate Revenues is for a period within 20 years from the date of acquisition. Ultimate Revenue estimates are periodically reviewed and adjustments, if any, will result in changes to inventory amortization rates and estimated accruals for residuals and participations.

Film development costs that have not been set for production are expensed within three years unless they are abandoned earlier, in which case these projects are written down to their estimated fair value in the period the decision to abandon the project is determined.

For programming that is predominantly monetized as part of a film group, capitalized costs are amortized based on an estimate of the timing of our usage of and benefit from such programming. The costs of programming rights licensed under multi-year sports programming agreements are capitalized if the rights payments are made before the related economic benefit has been received and amortized over the period in which an economic benefit is expected to be derived based on the relative value of the events broadcast by us during a period in relation to the estimated total value of the events over the term of the sports programming agreement.

For content that is predominantly monetized on an individual basis, a television program or feature film is tested for impairment when events or circumstances indicate that its fair value may be less than its unamortized cost. Content that is predominantly monetized within a film group is assessed for impairment at the film group level and would similarly be tested for impairment if circumstances indicate that the fair value of the film group is less than its unamortized costs. If the carrying value of a film group or individual television program or feature film exceeds the estimated fair value, an impairment charge will then be recorded in the amount of the difference. A change in the monetization strategy of content, whether monetized individually or as part of a film group, will result in a reassessment of the predominant monetization strategy and may trigger an assessment of the content for impairment. Any resulting impairment test will be performed either at the individual level or at the film group level where the future cash flows will be generated, as appropriate. In addition, unamortized costs for internally-produced or acquired programming that has been abandoned are written off.

Television and feature film programming and production costs, including inventory amortization, development costs, residuals and participations and impairment charges, if any, are included within “Operating expenses” on the Consolidated Statements of Operations. For 2023, programming charges, which include impairment charges, development cost write-offs and contract termination costs related to strategic changes to our businesses are included within “Programming charges” on the Consolidated Statement of Operations.

Property and Equipment

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


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

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

Impairment of Long-Lived Assets

Impairment of Long-Lived Assets—We assess long-lived assets and intangible assets, other than goodwill and intangible assets with indefinite lives, for impairment whenever there is an indication that the carrying amount of the asset group may not be recoverable. Recoverability of these asset groups is determined by comparing the forecasted undiscounted cash flows expected to be generated by these asset groups to their net carrying value. If the carrying value is not recoverable, the amount of impairment charge, if any, is measured by the difference between the net carrying value and the estimated fair value of the assets.

Investments

Investments—Investments over which we have a significant influence, without a controlling interest, are accounted for under the equity method. Equity investments for which we have no significant influence are measured at fair value where a readily determinable fair value exists. Equity investments that do not have a readily determinable fair value are measured at cost less impairment, if any, and adjusted for observable price changes. Gains and losses resulting from changes in the fair value of equity investments are recorded in “Gain (loss) from investments” on the Consolidated Statements of Operations. We monitor our investments for impairment and reduce the carrying value of the investment if we determine that an impairment charge is required based on qualitative and quantitative information. Our investments are included in “Other assets” on the Consolidated Balance Sheets.

Goodwill and Intangible Assets

Goodwill and Intangible Assets—Goodwill is allocated to various reporting units, which are at or one level below our operating segments. Intangible assets with finite lives, which primarily consist of trade names, licenses, and customer agreements are generally amortized using the straight-line method over their estimated useful lives, which range from 5 to 40 years. Goodwill and other intangible assets with indefinite lives, which consist primarily of FCC licenses, are not amortized but are tested for impairment on an annual basis and between annual tests if events occur or circumstances change that would more likely than not reduce the fair value below its carrying amount. If the carrying value of goodwill or the indefinite-lived intangible asset exceeds its fair value, an impairment charge is recognized

Guarantees

Guarantees—At the inception of a guarantee, we recognize a liability for the fair value of an obligation assumed by issuing the guarantee. The related liability is subsequently reduced as utilized or extinguished and increased if there is a probable loss associated with the guarantee which exceeds the value of the recorded liability.

Treasury Stock

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

Fair Value Measurements

Fair Value Measurements—Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. The framework for measuring fair value provides a hierarchy that prioritizes the inputs to valuation techniques 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. Certain assets and liabilities, including foreign currency hedges and deferred compensation liabilities, are measured and recorded at fair value on a recurring basis. Other assets and liabilities, including television and film production costs, lease assets, goodwill, intangible assets, and equity-method investments are recorded at fair value only if an impairment charge is recognized. Impairment charges, if applicable, are generally determined using discounted cash flows, which is a Level 3 valuation technique.

Derivative Financial Instruments

Derivative Financial Instruments—Derivative financial instruments are recorded on the Consolidated Balance Sheets as assets or liabilities and measured at fair value. For derivatives designated as hedges of the fair value of assets or liabilities, the changes in fair value of both the derivatives and the hedged items are recorded in “Other items, net” on the Consolidated Statements of Operations. For derivatives designated as cash flow hedges, the effective portion of the changes in fair value of the derivatives is recorded in “Accumulated other comprehensive loss” on the Consolidated Balance Sheets and subsequently recognized in net earnings when the hedged items are recognized.

Pension and Postretirement Benefits

Pension and Postretirement Benefits—The service cost component of net benefit cost for our pension and postretirement benefits is recorded on the same line items on the Consolidated Statements of Operations as other compensation costs of the related employees. All of the other components of net benefit cost are presented separately from the service cost component and below the subtotal of operating income in “Other items, net” on the Consolidated Statements of Operations.

Other Liabilities

Other Liabilities—Other liabilities consist primarily of the noncurrent portion of residual liabilities of previously disposed businesses, long-term income tax liabilities, deferred compensation and other employee benefit accruals.

Revenues

Revenue is recognized when control of a good or service is transferred to a customer. Control is considered to be transferred when the customer has the ability to direct the use of and obtain substantially all of the remaining benefits of that good or service.

Advertising Revenues—Advertising revenues are recognized when the advertising spots are aired on television or streamed or displayed on digital platforms. Advertising spots are typically sold as part of advertising campaigns consisting of multiple commercial units. If a contract includes a guarantee to deliver a targeted audience rating or number of impressions, the delivery of the advertising spots that achieve the guarantee represents the performance obligation to be satisfied over time and revenues are recognized based on the proportion of the audience rating or impressions delivered to the total guaranteed in the contract. Audience ratings and impressions are determined based on data provided by independent third-party companies. To the extent the amounts billed exceed the amount of revenue recognized, such excess is deferred until the guaranteed audience ratings or impressions are delivered. For contracts that do not include impressions guarantees, the individual advertising spots are the performance obligation and consideration is allocated among the individual advertising spots based on relative standalone selling price. Advertising contracts, which are generally short-term, are billed monthly, with payments due shortly after the invoice date.

Affiliate and Subscription Revenues—Affiliate and subscription revenues are principally comprised of affiliate fees received from distributors for carriage of our cable networks (“cable affiliate fees”) and our owned television stations (“retransmission fees”); affiliate fees received from television stations for their affiliation with the CBS Television Network (“reverse compensation”); and subscription fees for our subscription streaming services. Costs incurred for advertising, marketing and other services provided to us by cable, satellite and other distributors that are in exchange for a distinct service are recorded as expenses. If a distinct service is not received, such costs are recorded as a reduction to revenues.

The performance obligation for our affiliate agreements is a license to our programming provided through the continuous delivery of live linear feeds and, for agreements with certain distributors, also includes a license to programming for video-on-demand viewing. Affiliate revenues are recognized over the term of the agreement as we satisfy our performance obligation by continuously providing our customer with the right to use our programming. For agreements that provide for a variable fee, revenues are determined each month based on an agreed upon contractual rate applied to the number of subscribers to our customer’s service. For agreements that provide for a fixed fee, revenues are recognized based on the relative fair value of the content provided over the term of the agreement. These agreements primarily include agreements with television stations affiliated with the CBS Television Network (“network affiliates”) for which fair value is determined based on the fair value of the network affiliate’s service and the value of our programming. For affiliate revenues, payments are generally due monthly. Subscription revenues to our streaming services are recognized evenly over the subscription period.

Theatrical Revenues—Theatrical revenue is earned from the theatrical distribution of our films during the exhibition period. Under these arrangements, revenues are recognized based on sales to the end customer.

Licensing and Other Revenues—Licensing and other revenues are principally comprised of fees from the licensing of the rights to exhibit our internally-produced television and film programming on various platforms in the secondary market after its initial exhibition on our owned or third-party platforms; license fees from content produced or distributed for third parties; home entertainment revenues, which include revenues from the viewing of our content on a transactional basis through transactional video-on-demand (TVOD) and electronic sell-through services, and the sale and distribution of our content through DVDs and Blu-ray discs to wholesale and retail partners; fees from the use of our trademarks and brands for consumer products, recreation and live events; and revenues from studio rentals and production services.

For licenses of exhibition rights for internally-produced programming, each individual episode or film delivered represents a separate performance obligation and revenues are recognized when the episode or film is made available to the licensee for exhibition and the license period has begun. For license agreements that include delivery of content on one or more dates for a fixed fee, consideration is allocated based on the relative standalone selling price of each episode or film. Estimation of standalone selling prices requires judgment, which can impact the timing of recognizing revenues. Agreements to license programming are often long term, with collection terms ranging from one to five years.

When payment is due from a customer more than one year before or after revenue is recognized, we consider the contract to contain a significant financing component and the transaction price is adjusted for the effects of the time value of money. We do not adjust the transaction price for the time value of money if payment is expected within one year of recognizing revenues.

We also license our programming to distributors of transactional video-on-demand and similar services. Under these arrangements, our performance obligation is the delivery of our content to such distributors who then license our content to the end customer. Our revenues are determined each month based on a contractual rate applied to

the number of licenses to the distributors’ end customers. Similarly, revenues earned from electronic sell-through services are recognized as each program is downloaded by the end customer.

Revenues associated with the licensing of our brands for consumer products, recreation and live events are generally determined based on contractual royalty rates applied to sales reported by the licensees. For consumer products and recreation arrangements that include minimum guaranteed consideration, revenue is recognized as sales occur by the licensee, if the sales-based consideration is expected to exceed the minimum guarantee, or ratably if it is not expected to exceed the minimum guarantee. For live events, we recognize revenue when the event is held.

Revenues from the sales of DVDs and Blu-ray discs to wholesalers and retailers are recognized upon the later of the physical delivery to the customer or the date that any sales restrictions on the retailers are lifted.

We earn revenues from the distribution of content on behalf of third parties. We also have arrangements for the distribution or sale of our content by third parties. Under such arrangements, we determine whether revenues should be recognized based on the gross amount of consideration received from the customer or the net amount of revenue we retain after payment to the third party producer or distributor, based on an assessment of which party controls the good or service being transferred.

Revenue Allowances—DVDs and Blu-ray discs are generally sold with a right of return. We record a provision for sales returns and allowances at the time of sale based upon an estimate of future returns, rebates and other incentives. In determining this provision, we consider sources of qualitative and quantitative evidence including forecast sales data, customers’ rights of return, sales levels for units already shipped, historical return rates for similar products, current economic trends, the competitive environment, promotions and our sales strategies. Reserves for sales returns and allowances of $40 million and $70 million at December 31, 2023 and 2022, respectively, are recorded in “Other current liabilities” on the Consolidated Balance Sheets.

Reserves for accounts receivable reflect our expected credit losses, which are estimated based on historical experience, as well as current and expected economic conditions and industry trends. Our allowance for credit losses was $120 million and $111 million at December 31, 2023 and 2022, respectively. The provision for doubtful accounts charged to expense was $26 million in 2023, $40 million in 2022 and $8 million in 2021. The expense in 2022 principally includes a charge for amounts due from customers in Russia, Belarus and Ukraine following Russia’s invasion of Ukraine in the first quarter of 2022 (see Note 6).

Contract Liabilities—A contract liability is recorded when consideration is received from a customer prior to fully satisfying a performance obligation in a contract. Our contract liabilities primarily consist of cash received related to advertising arrangements for which the required audience rating or impressions have not been delivered; consumer products arrangements with minimum guarantees; and content licensing arrangements under which the content has not yet been made available to the customer. These contract liabilities will be recognized as revenues when control of the related product or service is transferred to the customer. Contract liabilities are included within “Deferred revenues” and “Other liabilities” on the Consolidated Balance Sheets.

Collaborative Arrangements

Collaborative Arrangements—Collaborative arrangements primarily consist of joint efforts with third parties to produce and distribute programming such as television series and live sporting events, including the agreement between us and Turner Broadcasting System, Inc. to telecast the NCAA Division I Men’s Basketball Championship (the “NCAA Tournament”), which runs through 2032. In connection with this agreement for the NCAA Tournament, advertisements aired on the CBS Television Network are recorded as revenues and our share of the program rights fees and other operating costs are recorded as operating expenses.

We also enter into collaborative arrangements with other studios to jointly finance and distribute film and television programming, under which each partner is responsible for distribution of the program in specific territories or distribution windows. Under these arrangements, our share of costs for co-productions are initially capitalized as programming inventory and amortized over the estimated economic life of the program. In such arrangements where we have distribution rights, all proceeds generated from such distribution are recorded as revenues and any participation profits due to third party collaborators are recorded as participation expenses. In co-production arrangements where third party collaborators have distribution rights, our net participating profits are recorded as revenues.

Leases

Leases—Our leases are principally comprised of operating leases for office space, equipment, satellite transponders and studio facilities. We determine that a contract contains a lease if we obtain substantially all of the economic benefits of, and the right to direct the use of, an asset identified in the contract. For leases with terms greater than 12 months, we record a right-of-use asset and a lease liability representing the present value of future lease payments. The discount rate used to measure the lease asset and liability is determined at the beginning of the lease term using the rate implicit in the lease, if readily determinable, or our collateralized incremental borrowing rate. For those contracts that include fixed rental payments for both the use of the asset (“lease costs”) as well as for other occupancy or service costs relating to the asset (“non-lease costs”), we generally include both the lease costs and non-lease costs in the measurement of the lease asset and liability. We also own buildings and production facilities where we lease space to lessees.

Our leases generally have remaining terms of up to 15 years and often contain renewal options to extend the lease for periods of generally up to 10 years. For leases that contain renewal options, we include the renewal period in the lease term if it is reasonably certain that the option will be exercised. Lease expense and income for our operating leases are recognized on a straight-line basis over the lease term, with the exception of variable lease costs, which are expensed as incurred, and leases of assets used in the production of programming, which are capitalized in programming assets and amortized over the projected useful life of the related programming.

Advertising

Advertising—Advertising costs are expensed as incurred.

Interest

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

Income Taxes

Income Taxes—The provision for/benefit from income taxes includes federal, state, local, and foreign taxes. We recognize the tax on global intangible low-taxed income, a U.S. tax on certain income earned by our foreign subsidiaries, within the provision for income taxes as a period cost when incurred. Deferred tax assets and liabilities are recognized for the estimated future tax effects of temporary differences between the financial statement carrying amounts and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the year in which the temporary differences are expected to be reversed. We evaluate the realizability of deferred tax assets and establish a valuation allowance when it is more likely than not that all or a portion of deferred tax assets will not be realized. Deferred tax assets and deferred tax liabilities are classified as noncurrent on the Consolidated Balance Sheets.

For tax positions taken in a previously filed tax return or expected to be taken in a future tax return, we evaluate each position to determine whether it is more likely than not that the tax position will be sustained upon

examination, based on the technical merits of the position. A tax position that meets the more-likely-than-not recognition threshold is subject to a measurement assessment to determine the amount of benefit to be recognized in the Consolidated Statement of Operations and the appropriate reserve to establish, if any. If a tax position does not meet the more-likely-than-not recognition threshold, a tax reserve is established and no benefit is recognized. A number of years may elapse before a tax return containing tax matters for which a reserve has been established is audited and finally resolved. We recognize interest and penalty charges related to the reserve for uncertain tax positions as income tax expense.

Foreign Currency Translation and Transactions

Foreign Currency Translation and Transactions—Assets and liabilities of subsidiaries with a functional currency other than the U.S. Dollar are translated into U.S. Dollars at foreign exchange rates in effect at the balance sheet date, while results of operations are translated at average foreign exchange rates for the respective periods. The resulting translation gains and losses are included as a separate component of stockholders’ equity in “Accumulated other comprehensive loss” on the Consolidated Balance Sheets. Argentina has been designated as a highly inflationary economy during all periods presented. Transactions denominated in currencies other than the functional currency will result in remeasurement gains and losses, which are included in “Other items, net” on the Consolidated Statements of Operations.

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 dividends on our 5.75% Series A Mandatory Convertible Preferred Stock (“Mandatory Convertible Preferred Stock”), which was issued in March 2021 (see Note 14).

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.

Stock-based Compensation

Stock-based Compensation—We measure the cost of employee services received in exchange for an award of equity instruments based on the grant date fair value of the award. The cost is recognized over the vesting period during which an employee is required to provide service in exchange for the award.

Accounting Pronouncements Not Yet Adopted

Segment Reporting

In November 2023, the Financial Accounting Standards Board (“FASB”) issued updated guidance for segment reporting, which requires the disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within the reported measure of segment profit or loss (“segment measure”), as well as the disclosure of the other segment items comprising the difference between segment revenues less these significant segment expenses and the segment measure. The update also requires an entity to disclose the title and position of the CODM and to describe how the CODM utilizes the segment measure to assess segment performance and allocate resources. In addition, the update aligns the interim disclosure requirements for segment profit or loss and assets with the annual requirements. The update is effective for us for the year ended December 31, 2024, and for interim periods beginning with the quarter ended March 31, 2025, with early adoption permitted.

Income Taxes

In December 2023, the FASB issued guidance enhancing annual income tax disclosures. Under this guidance, certain enhancements to the effective tax rate reconciliation disclosure are required, including the inclusion of both percentages and amounts, specific categories, and additional information for reconciling items meeting a quantitative threshold defined by the guidance. Additionally, disclosures of income taxes paid and income tax expense must be disaggregated by federal, state and foreign taxes, with income taxes paid further disaggregated for individual jurisdictions that represent 5 percent or more of total income taxes paid. The guidance is effective for us starting with the year ended December 31, 2025, with early adoption permitted. The amendment will be applied on a prospective basis, with the option to apply the guidance retrospectively.

Basis of Presentation and Summary of Significant Accounting Policies - Reconciliation of Net Earnings (Loss) Used in Calculation of EPS (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Amounts attributable to Paramount:
Net earnings (loss) from continuing operations	$ (1,284)	$ 725	$ 4,381
Preferred stock dividends	(58)	(58)	(44)
Net earnings (loss) from continuing operations for basic EPS calculation	(1,342)	667	4,337
Preferred stock dividend adjustment	0	0	44
Net earnings (loss) from continuing operations for diluted EPS calculation	(1,342)	667	4,381
Amounts attributable to Paramount:
Net earnings (loss)	(608)	1,104	4,543
Preferred stock dividends	(58)	(58)	(44)
Net earnings (loss) for basic EPS calculation	(666)	1,046	4,499
Preferred stock dividend adjustment	0	0	44
Net earnings (loss) for diluted EPS calculation	$ (666)	$ 1,046	$ 4,543

Leases - Summary of Operating Lease Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease assets	$ 1,183	$ 1,391
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other current liabilities	Other current liabilities
Other current liabilities	$ 258	$ 292
Operating lease liabilities	1,256	1,428
Total lease liabilities	$ 1,514	$ 1,720

Segment Information - Revenue by Location (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	$ 29,652	$ 30,154	$ 28,586
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	23,962	24,412	23,320
International
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	$ 5,690	$ 5,742	$ 5,266

- Definition

+ References

+ Details

Commitments and Contingencies - Commitments and Contractual Obligations (Details) $ in Millions	Dec. 31, 2023 USD ($)
Programming and talent commitments
Total	$ 31,338
2024	3,491
2025	3,565
2026	3,350
2027	3,085
2028	3,448
2029 and Thereafter	14,399
Purchase obligations
Total	1,077
2024	432
2025	375
2026	191
2027	27
2028	13
2029 and Thereafter	39
Long-term Contractual Obligations
Total	1,704
2025	1,228
2026	321
2027	86
2028	43
2029 and Thereafter	$ 26

Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

GOODWILL AND OTHER INTANGIBLE ASSETS

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

Goodwill is tested for impairment at the reporting unit level, which is an operating segment, or one level below. At December 31, 2023, we had five reporting units. FCC licenses are tested for impairment at the geographic market level. We consider each geographic market, which is comprised of all of our television stations within that geographic market, to be a single unit of accounting because the FCC licenses at this level represent their highest and best use. At December 31, 2023, we had 14 television markets with FCC license book values, which totaled $2.31 billion.

For our annual impairment test, we perform qualitative assessments for the reporting units and television markets with FCC licenses that we estimate have fair values that significantly exceed their respective carrying values. In making this determination, we also consider the duration of time since a quantitative test was performed. For the 2023 annual impairment test, we performed qualitative assessments for six of our television markets and all of our reporting units. Considering the aggregation of all relevant factors, including the significant headroom in our most recent tests, we concluded that it is not more likely than not that the fair values of our reporting units and the fair value of FCC licenses within each of these markets are less than their respective carrying values. Therefore, performing a quantitative impairment test for these reporting units and FCC licenses was unnecessary.

For the 2023 annual test for FCC licenses, we performed a quantitative impairment test for the remaining eight markets. The quantitative impairment test of FCC licenses calculates an estimated fair value using the Greenfield Discounted Cash Flow Method, which values a hypothetical start-up station in the relevant market by adding

discounted cash flows over a five-year build-up period to a residual value. The assumptions for the build-up period include industry projections of overall market revenues; the start-up station’s operating costs and capital expenditures, which are based on both industry and internal data; and average market share. The discount rate is determined based on the industry and market-based risk of achieving the projected cash flows, and the residual value is calculated using a long-term growth rate, which is based on projected long-range inflation and industry projections. The discount rate and the long-term growth rate were 9% and 1%, respectively.

The impairment tests indicated that the estimated fair values of FCC licenses in five of the markets were below their respective carrying values. Accordingly, we recorded an impairment charge of $83 million to write down the carrying values of these FCC licenses to their aggregate estimated fair value of $887 million. The impairment charge, which is recorded within the TV Media segment, was primarily due to increased market volatility and higher interest rates in the fourth quarter of 2023 compared to the prior quarters of 2023 and the fourth quarter of 2022, which resulted in a higher discount rate.

The estimated fair values of FCC licenses in the three remaining markets, which had an aggregate carrying value of $357 million were within 10% of their carrying values.

The following tables present the changes in the book value of goodwill by segment for the years ended December 31, 2023 and 2022.


	Balance at			Acquisitions /		Foreign		Balance at
	December 31, 2022			(Dispositions)		Currency		December 31, 2023
TV Media:
Goodwill		$	24,505	$	(12)	$	29		$	24,522
Accumulated impairment losses		(13,354)		—		—			(13,354)
Goodwill, net of impairment		11,151		(12)		29			11,168
Direct-to-Consumer
Goodwill		2,728		—		—			2,728
Accumulated impairment losses		—		—		—			—
Goodwill, net of impairment		2,728		—		—			2,728
Filmed Entertainment:
Goodwill		2,620		—		—			2,620
Accumulated impairment losses		—		—		—			—
Goodwill, net of impairment		2,620		—		—			2,620
Total:
Goodwill		29,853		(12)		29			29,870
Accumulated impairment losses		(13,354)		—		—			(13,354)
Goodwill, net of impairment		$	16,499	$	(12)	$	29		$	16,516


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

Our intangible assets were as follows:


			Accumulated
At December 31, 2023	Gross		Amortization		Net
Intangible assets subject to amortization:
Trade names	$	242	$	(154)	$	88
Licenses	129		(62)		67
Customer agreements	124		(102)		22
Other intangible assets	239		(192)		47
Total intangible assets subject to amortization	734		(510)		224
FCC licenses	2,306		—		2,306
International broadcast licenses	25		—		25
Other intangible assets	34		—		34
Total intangible assets	$	3,099	$	(510)	$	2,589


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

Amortization expense was as follows:


Year Ended December 31,	2023			2022			2021
Amortization expense		$	35		$	41		$	46

We expect our aggregate annual amortization expense for existing intangible assets subject to amortization for each of the years, 2024 through 2028, to be as follows:


	2024			2025			2026			2027			2028
Future amortization expense		$	27		$	25		$	23		$	22		$	21

Restructuring and Other Corporate Matters - Rollforward of Restructuring Liability (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	$ 302	$ 190
Charges	102	328	$ 100
Payments	(172)	(134)
Restructuring reserve, ending balance	192	302	190
Stock-based compensation expense	177	172	192
Lease asset impairments	35	68	35
Restructuring and other corporate matters
Restructuring Reserve [Roll Forward]
Charges	62	246
Stock-based compensation expense	5	14	20
Lease asset impairments	35	68
Operating Segments \| TV Media
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	251	122
Payments	(131)	(92)
Restructuring reserve, ending balance	162	251	122
Operating Segments \| TV Media \| Restructuring and other corporate matters
Restructuring Reserve [Roll Forward]
Charges	42	221
Operating Segments \| Direct-to-Consumer
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	8	0
Payments	(5)	0
Restructuring reserve, ending balance	6	8	0
Operating Segments \| Direct-to-Consumer \| Restructuring and other corporate matters
Restructuring Reserve [Roll Forward]
Charges	3	8
Operating Segments \| Filmed Entertainment
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	29	34
Payments	(20)	(22)
Restructuring reserve, ending balance	14	29	34
Operating Segments \| Filmed Entertainment \| Restructuring and other corporate matters
Restructuring Reserve [Roll Forward]
Charges	5	17
Corporate
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	14	34
Payments	(16)	(20)
Restructuring reserve, ending balance	10	14	$ 34
Corporate \| Restructuring and other corporate matters
Restructuring Reserve [Roll Forward]
Charges	$ 12	$ 0

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

INCOME TAXES

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


Year Ended December 31,	2023		2022		2021
United States	$	(2,039)	$	324	$	4,106
Foreign	786		942		1,100
Total	$	(1,253)	$	1,266	$	5,206

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


Year Ended December 31,	2023		2022		2021
Current:
Federal	$	70	$	75	$	179
State and local	84		64		138
Foreign	135		194		239
Total current	289		333		556
Deferred:
Federal	(556)		(57)		249
State and local	(110)		(14)		49
Foreign	16		(35)		(208)
Total deferred	(650)		(106)		90
(Benefit from) provision for income taxes	$	(361)	$	227	$	646

In addition, included in net earnings from discontinued operations was an income tax provision of $249 million, $77 million and $57 million for 2023, 2022, and 2021, respectively.

The equity in loss of investee companies is shown net of tax on the Consolidated Statements of Operations. The tax benefit relating to losses from equity investments was $10 million in 2023, $33 million in 2022 and $49 million in 2021, which represented an effective tax rate of 2.7%, 13.9% and 35.0% for 2023, 2022, and 2021, respectively.

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


Year Ended December 31,	2023		2022		2021
Taxes on income at U.S. federal statutory rate	$	(263)	$	266	$	1,093
State and local taxes, net of federal tax benefit	(13)		44		190
Effect of foreign operations	(97)		(20)		(141)
Noncontrolling interests	(6)		(20)		(13)
U.K. statutory rate change	—		—		(260)
Reorganization of foreign operations (a)	(4)		(72)		(229)
Tax deficiency (excess benefit) from stock-based compensation	18		13		(8)
Other, net	4		16		14
(Benefit from) provision for income taxes	$	(361)	$	227	$	646

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


At December 31,	2023		2022
Deferred income tax assets:
Reserves and other accrued liabilities	$	294	$	430
Pension, postretirement and other employee benefits	518		534
Lease liability	400		425
Tax credit and loss carryforwards	423		397
Interest limitation carryforward	63		93
Capitalized costs	155		49
Intangible assets	20		—
Other	10		11
Total deferred income tax assets	1,883		1,939
Valuation allowance	(498)		(488)
Deferred income tax assets, net	1,385		1,451
Deferred income tax liabilities:
Intangible assets	—		(643)
Lease asset	(326)		(344)
Property, equipment and other assets	(140)		(180)
Investments	(99)		(20)
Financing obligations	(67)		(69)
Other	(14)		(30)
Total deferred income tax liabilities	(646)		(1,286)
Deferred income tax assets, net	$	739	$	165

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

At December 31, 2023, we had deferred income tax assets for federal foreign tax credit carryforwards of $38 million and net operating loss carryforwards for federal, state and local, and foreign jurisdictions of $259 million,

the majority of which expire in various years from 2024 through 2038. The deferred tax asset for the U.S. interest limitation carryforward of $63 million at December 31, 2023 has an indefinite carryforward period.

The 2023 and 2022 deferred income tax assets were reduced by a valuation allowance of $498 million and $488 million, respectively, principally relating to income tax benefits from capital losses and net operating losses in foreign jurisdictions which are not expected to be realized.

Generally, the future remittance of foreign undistributed earnings will not be subject to U.S. federal income taxes and as a result, for substantially all of our foreign subsidiaries, we do not intend to assert indefinite reinvestment of both cash held outside of the U.S. and future cash earnings. However, a future repatriation of cash could be subject to state and local income taxes, foreign income taxes, tax on foreign currency translation gains and losses, and withholding taxes. Accordingly, as of December 31, 2023, we recorded deferred income tax liabilities associated with future repatriations of $11 million on the Consolidated Balance Sheet. Additional income taxes have not been provided for outside basis differences inherent in these entities, which could be recognized upon sale or other transaction, as these amounts continue to be indefinitely invested in foreign operations. The determination of the U.S. federal deferred income tax liability for such outside basis difference is not practicable.

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


At January 1, 2021	$	308
Additions for current year tax positions	23
Additions for prior year tax positions	32
Reductions for prior year tax positions	(45)
Cash settlements	(6)
Statute of limitations lapses	(11)
At December 31, 2021	301
Additions for current year tax positions	16
Additions for prior year tax positions	3
Reductions for prior year tax positions	(13)
Cash settlements	(2)
Statute of limitations lapses	(2)
At December 31, 2022	303
Additions for current year tax positions	15
Additions for prior year tax positions	20
Reductions for prior year tax positions	(46)
Cash settlements	(2)
Statute of limitations lapses	(4)
At December 31, 2023	$	286

The reserve for uncertain tax positions of $286 million at December 31, 2023 includes $253 million which would affect our effective income tax rate, if and when recognized in future years. We recognized interest and penalties of $26 million for the year ended December 31, 2023 and $14 million for each of the years ended December 31, 2022 and 2021 in the Consolidated Statements of Operations. Liabilities for accrued interest and penalties totaling $87 million and $67 million as of December 31, 2023 and 2022, respectively, are included within “Other current liabilities” and “Other liabilities” on the Consolidated Balance Sheets.

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, Viacom and CBS filed separate tax returns. For CBS, during the fourth quarter of 2023, the Company and the IRS settled the income tax audit for the 2017 and 2018 tax years with the exception of one item. This item is currently being resolved through the Mutual Agreement Procedure process. 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
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
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-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Dispositions and Acquisitions - Schedule of Discontinued Operations, Net Earnings (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Nov. 30, 2022
Costs and expenses:
Discontinued Operation, Gain (Loss) on Disposal, Statement of Income or Comprehensive Income [Extensible Enumeration]	Net earnings from discontinued operations, net of tax
Discontinued operations
Discontinued Operations [Line Items]
Revenues	$ 958	$ 1,177	$ 993
Costs and expenses:
Operating	568	716	602
Selling, general and administrative	149	180	158
Depreciation and amortization			3
Restructuring charges	2	3	1
Total costs and expenses	719	899	764
Operating income	239	278	229
Termination fee, net of advisory fees		190
Other items, net	(9)	(12)	(10)
Earnings from discontinued operations	230	456	219
Benefit from (provision for) income taxes	9	(77)	(57)
Earnings from discontinued operations, net of tax	239	379	162
Tax effect of gain on sale	258
Gain on sale (net of tax)	437
Net earnings from discontinued operations, net of tax	676
Discontinued operations \| Simon & Schuster
Costs and expenses:
Termination payment received				$ 200
Discontinued operations \| Simon & Schuster
Discontinued Operations [Line Items]
Revenues	958	1,177	993
Costs and expenses:
Operating	580	746	618
Selling, general and administrative	149	180	158
Depreciation and amortization			3
Restructuring charges	2	3	1
Total costs and expenses	731	929	780
Operating income	227	248	213
Termination fee, net of advisory fees		190
Other items, net	(9)	(12)	(10)
Earnings from discontinued operations	218	426	203
Benefit from (provision for) income taxes	12	(70)	(46)
Earnings from discontinued operations, net of tax	230	356	157
Gain on sale (net of tax)	437
Net earnings from discontinued operations, net of tax	667
Discontinued operations \| Other
Discontinued Operations [Line Items]
Revenues	0	0	0
Costs and expenses:
Operating	(12)	(30)	(16)
Selling, general and administrative	0	0	0
Depreciation and amortization			0
Restructuring charges	0	0	0
Total costs and expenses	(12)	(30)	(16)
Operating income	12	30	16
Termination fee, net of advisory fees		0
Other items, net	0	0	0
Earnings from discontinued operations	12	30	16
Benefit from (provision for) income taxes	(3)	(7)	(11)
Earnings from discontinued operations, net of tax	9	$ 23	$ 5
Gain on sale (net of tax)	0
Net earnings from discontinued operations, net of tax	$ 9

Income Taxes - Components of Deferred Income Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Deferred income tax assets:
Reserves and other accrued liabilities	$ 294	$ 430
Pension, postretirement and other employee benefits	518	534
Lease liability	400	425
Tax credit and loss carryforwards	423	397
Interest limitation carryforward	63	93
Capitalized costs	155	49
Intangible assets	20	0
Other	10	11
Total deferred income tax assets	1,883	1,939
Valuation allowance	(498)	(488)
Deferred income tax assets, net	1,385	1,451
Deferred income tax liabilities:
Intangible assets	0	(643)
Lease asset	(326)	(344)
Property, equipment and other assets	(140)	(180)
Investments	(99)	(20)
Financing obligations	(67)	(69)
Other	(14)	(30)
Total deferred income tax liabilities	(646)	(1,286)
Deferred income tax assets, net	$ 739	$ 165

Restructuring and Other Corporate Matters (Tables)

12 Months Ended

Dec. 31, 2023

Restructuring and Related Activities [Abstract]

Restructuring Charges and Other Corporate Matters

During the years ended December 31, 2023, 2022 and 2021, we recorded the following restructuring charges and other corporate matters.


Year Ended December 31,	2023		2022		2021
Severance (a)	$	67	$	260	$	65
Exit costs	35		68		35
Restructuring charges	102		328		100
Other corporate matters	(133)		257		—
Restructuring and other corporate matters	$	(31)	$	585	$	100

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

Rollforward of Restructuring Liability


				2023 Activity
	Balance at December 31, 2022			Charges (a)		Payments			Balance at December 31, 2023
TV Media		$	251	$	42		$	(131)		$	162
Direct-to-Consumer		8		3			(5)			6
Filmed Entertainment		29		5			(20)			14
Corporate		14		12			(16)			10
Total		$	302	$	62		$	(172)		$	192


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

Stock-Based Compensation - Stock-Based Compensation Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense, before income taxes	$ 177	$ 172	$ 192
Related tax benefit	(35)	(35)	(41)
Stock-based compensation expense, net of tax benefit	142	137	151
Operating and SG&A Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense, before income taxes	172	158	172
Restructuring and Other Corporate Matters
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense, before income taxes	5	14	20
RSUs and PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense, before income taxes	172	155	163
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense, before income taxes	$ 0	$ 3	$ 9

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Pension and Other Postretirement Benefits - Assumptions (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pension Benefits
Weighted average assumptions used to determine benefit obligations at December 31:
Discount rate	5.60%	5.90%	3.20%
Rate of compensation increase	0.00%	0.00%	0.00%
Weighted average assumptions used to determine net periodic costs for the year ended December 31:
Discount rate	5.90%	3.20%	2.90%
Expected long-term return on plan assets	5.70%	5.60%	5.90%
Cash balance interest crediting rate	5.00%	5.00%	5.00%
Rate of compensation increase	0.00%	0.00%	0.00%
Postretirement Benefits
Weighted average assumptions used to determine benefit obligations at December 31:
Discount rate	5.70%	6.00%	3.00%
Weighted average assumptions used to determine net periodic costs for the year ended December 31:
Discount rate	6.00%	3.00%	2.60%
Defined Benefit Plan, Assumed Health Care Cost Trend Rates
Ultimate trend rate	5.00%	5.00%
Postretirement Benefits, Pre-65
Defined Benefit Plan, Assumed Health Care Cost Trend Rates
Projected health care cost trend rate	6.50%	6.80%
Postretirement Benefits, Post-65
Defined Benefit Plan, Assumed Health Care Cost Trend Rates
Projected health care cost trend rate	6.50%	6.80%

Variable Interest Entities (Tables)

12 Months Ended

Dec. 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 December 31,	2023		2022
Total assets	$	1,886	$	1,961

Total liabilities	$	232	$	328


Year Ended December 31,	2023		2022		2021
Revenues	$	598	$	524	$	576

Operating income (loss)	$	(107)	$	(56)	$	43

- 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

Related Parties (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Related Party Transactions

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


Year Ended December 31,	2023		2022		2021
Revenues	$	322	$	358	$	237

Operating expenses	$	24	$	24	$	21


At December 31,	2023		2022
Receivables, net	$	193	$	180

Other assets (Receivables, noncurrent)	$	101	$	18

Pension and Other Postretirement Benefits - Funded Status of Pension and Postretirement Benefit Obligations (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Amounts recognized on the Consolidated Balance Sheets:
Noncurrent liabilities	$ (1,337)	$ (1,458)
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Funded status at end of year	(1,204)	(1,298)
Amounts recognized on the Consolidated Balance Sheets:
Current liabilities	(74)	(73)
Noncurrent liabilities	(1,130)	(1,225)
Net amounts recognized	(1,204)	(1,298)
Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Funded status at end of year	(193)	(222)
Amounts recognized on the Consolidated Balance Sheets:
Current liabilities	(30)	(34)
Noncurrent liabilities	(163)	(188)
Net amounts recognized	$ (193)	$ (222)

Related Parties - Schedule of Related Party Transactions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Revenues	$ 29,652	$ 30,154	$ 28,586
Operating expenses	20,017	19,845	17,744
Receivables, net	7,115	7,412
Other assets (Receivables, noncurrent)	3,793	3,991
Related Party
Related Party Transaction [Line Items]
Revenues	322	358	237
Operating expenses	24	24	$ 21
Receivables, net	193	180
Other assets (Receivables, noncurrent)	$ 101	$ 18

- Definition

+ References

+ Details

Leases - Supplemental Cash Flow Information for Operating Leases (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Payments for amounts included in operating lease liabilities (operating cash flows)	$ 368	$ 394	$ 399
Noncash additions to operating lease assets	$ 123	$ 170	$ 377

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

- Definition

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

+ References + Details

Pension and Other Postretirement Benefits - Components of Net Periodic Cost (Benefit) and Amounts Recognized in Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Components of net periodic cost:
Settlements	$ 0	$ 0	$ 10
Other comprehensive income (loss):
Deferred income taxes	14	108	25
Recognized in other comprehensive income (loss), net of tax	45	337	75
Discontinued operations
Components of net periodic cost:
Net periodic cost (benefit)	7	3	3
Pension Benefits
Components of net periodic cost:
Service cost	0	0	0
Interest cost	207	150	145
Expected return on plan assets	(128)	(172)	(188)
Amortization of actuarial losses (gains)	83	97	93
Settlements	0	0	10
Net periodic cost (benefit)	162	75	60
Other comprehensive income (loss):
Actuarial (loss) gain	(22)	325	(27)
Share of equity investee	0	1	1
Settlements	0	0	10
Amortization of actuarial losses (gains)	83	97	93
Recognized in other comprehensive income, before tax	61	423	77
Deferred income taxes	(14)	(103)	(19)
Recognized in other comprehensive income (loss), net of tax	47	320	58
Postretirement Benefits
Components of net periodic cost:
Service cost	1	1	1
Interest cost	12	8	8
Expected return on plan assets	0	0	0
Amortization of actuarial losses (gains)	(18)	(15)	(15)
Settlements	0	0	0
Net periodic cost (benefit)	(5)	(6)	(6)
Other comprehensive income (loss):
Actuarial (loss) gain	11	29	18
Share of equity investee	0	0	0
Settlements	0	0	0
Amortization of actuarial losses (gains)	(18)	(15)	(15)
Recognized in other comprehensive income, before tax	(7)	14	3
Deferred income taxes	2	(3)	(1)
Recognized in other comprehensive income (loss), net of tax	$ (5)	$ 11	$ 2

Goodwill and Other Intangible Assets - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) reportingUnit market	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Impairment Testing Assumptions [Line Items]
Number of reporting units \| reportingUnit	5
Number of television markets with FCC license book values \| market	14
Impairment charges \| $	$ 83	$ 27	$ 0
FCC licenses
Impairment Testing Assumptions [Line Items]
Carrying value of intangible assets \| $	$ 2,306	$ 2,389
Number of qualitative assessments performed \| market	6
Number of quantitative assessments performed \| market	8
FCC licenses \| Five Markets \| TV Media
Impairment Testing Assumptions [Line Items]
Carrying value of intangible assets \| $	$ 887
Number of markets where carrying value of intangible asset exceeds fair value \| market	5
Impairment charges \| $	$ 83
FCC licenses \| Three Markets
Impairment Testing Assumptions [Line Items]
Carrying value of intangible assets \| $	$ 357
Quantitative test, number of markets with no impairment \| market	3
Maximum percent difference between carrying value and fair value	10.00%
FCC licenses \| Discount Rate
Impairment Testing Assumptions [Line Items]
Assumption rates for intangible asset impairment testing	0.09
FCC licenses \| Long-Term Growth Rate
Impairment Testing Assumptions [Line Items]
Assumption rates for intangible asset impairment testing	0.01

Property and Equipment

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Property and Equipment

PROPERTY AND EQUIPMENT


At December 31,	2023		2022
Land	$	373	$	371
Buildings	881		863
Equipment and other	3,916		4,242
	5,170		5,476
Less: Accumulated depreciation	3,504		3,714
Property and equipment, net	$	1,666	$	1,762


Year Ended December 31,	2023		2022		2021
Depreciation expense	$	383	$	337	$	344

Stock-Based Compensation - Other Stock Option Exercises Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-Based Payment Arrangement [Abstract]
Cash received from stock option exercises	$ 0	$ 0	$ 408
Tax benefit of stock option exercises			29
Intrinsic value of stock option exercises			$ 128

Fair Value Measurements (Details) - Level 2 - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Assets:
Foreign currency hedges	$ 40	$ 39
Total Assets	40	39
Liabilities:
Deferred compensation	366	336
Foreign currency hedges	30	83
Total Liabilities	$ 396	$ 419

Financial Instruments

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Financial Instruments

FINANCIAL INSTRUMENTS

The carrying value of our financial instruments approximates fair value, except for notes and debentures. At December 31, 2023 and 2022, the carrying value of our outstanding notes and debentures was $14.60 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 $13.6 billion and $13.9 billion, respectively.

Investments

At December 31, 2023 and 2022, included in “Other assets” on the Consolidated Balance Sheets are equity-method investments of $96 million and $375 million, respectively, and equity investments without a readily determinable fair value for which we have no significant influence of $612 million and $70 million, respectively. In April 2023, our ownership of Viacom18 was diluted from 49% to 13% following investment by other parties. Accordingly, we no longer account for it under the equity method and instead account for it as an investment without a readily determinable fair value. Upon dilution, the difference between the carrying value of our 49% interest and the fair value of our 13% interest, as indicated by the additional investments, resulted in a noncash gain of $168 million, which was recorded in “Gain (loss) from investments” on the Consolidated Statement of Operations in 2023.

At December 31, 2023, our equity-method investments include a 50% interest in SkyShowtime, a joint venture formed in 2022, which launched a new subscription streaming service in certain European territories, as well as interests in several international television joint ventures. For the years ended December 31, 2023 and 2021, “Equity in loss of investee companies, net of tax” on the Consolidated Statements of Operations included impairment charges of $16 million and $34 million, respectively, relating to television joint ventures.

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

For 2021, “Gain (loss) from investments” of $47 million on the Consolidated Statement of Operations primarily includes a gain of $37 million on the sale of an investment without a readily determinable fair value and a gain of $9 million from an increase in the fair value of a marketable security, which was sold in the third quarter of 2021.

Foreign Exchange Contracts

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

Foreign exchange forward contracts have principally been used to hedge projected cash flows in currencies such as the British pound, the euro, the Canadian dollar and the Australian dollar, generally for periods up to 24 months. We designate foreign exchange forward contracts used to hedge committed and forecasted foreign currency transactions as cash flow hedges. Additionally, we enter into non-designated forward contracts to hedge non-U.S. dollar denominated cash flows.

At December 31, 2023 and 2022, the notional amount of all foreign currency contracts was $2.72 billion and $3.06 billion, respectively. For 2023, $2.20 billion related to future production costs and $523 million related to our foreign currency balances and other expected foreign currency cash flows. For 2022, $2.40 billion related to future production costs and $655 million related to our foreign currency balances and other expected foreign currency cash flows.

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


Year Ended December 31,	2023			2022			Financial Statement Account
Non-designated foreign exchange contracts		$	(10)		$	51	Other items, net

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

Segment Information - Intercompany Revenues (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Intercompany Revenues	$ (29,652)	$ (30,154)	$ (28,586)
Intercompany Revenues
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Intercompany Revenues	126	188	162
Intercompany Revenues \| TV Media
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Intercompany Revenues	63	66	87
Intercompany Revenues \| Direct-to-Consumer
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Intercompany Revenues	1	0	2
Intercompany Revenues \| Filmed Entertainment
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Intercompany Revenues	$ 62	$ 122	$ 73

- Definition

+ References

+ Details

Income Taxes - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating Loss Carryforwards [Line Items]
Provision for income taxes for discontinued operations	$ 249	$ 77	$ 57
Tax benefit from equity investment losses	361	(227)	(646)
Net deferred tax assets of discontinued operations		55
Deferred income tax assets for tax credit carryforwards	38
Net operating loss carryforwards	259
Interest limitation carryforward	63	93
Valuation allowance	498	488
Future repatriations	11
Reserve for uncertain tax positions	286	303	301	$ 308
Amount included in reserve for uncertain tax positions that would affect effective income tax rate if recognized	253
Interest and penalties recognized for uncertain tax positions	26	14	14
Accrued interest and penalties for uncertain tax positions	87	67
Equity Method Investees
Operating Loss Carryforwards [Line Items]
Tax benefit from equity investment losses	$ 10	$ 33	$ 49
Effective income tax rate	2.70%	13.90%	35.00%

Variable Interest Entities

12 Months Ended

Dec. 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 VIE. In determining whether we are the primary beneficiary of a VIE, we assess whether we have the power to direct matters that most significantly impact the activities of the VIE, and have the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE.

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


At December 31,	2023		2022
Total assets	$	1,886	$	1,961

Total liabilities	$	232	$	328


Year Ended December 31,	2023		2022		2021
Revenues	$	598	$	524	$	576

Operating income (loss)	$	(107)	$	(56)	$	43

Stockholders' Equity - Summary of Common Stock Dividends (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended												12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Total common stock dividends													$ 261	$ 635	$ 625
Total preferred stock dividends													$ 58	$ 58	$ 44
Class A and Class B Common Stock
Class of Stock [Line Items]
Dividends declared per common share (in dollars per share)	$ 0.05	$ 0.05	$ 0.05	$ 0.24	$ 0.24	$ 0.24	$ 0.24	$ 0.24	$ 0.24	$ 0.24	$ 0.24	$ 0.24	$ 0.39	$ 0.96	$ 0.96
Total common stock dividends													$ 261	$ 635	$ 625
Mandatory Convertible Preferred Stock
Class of Stock [Line Items]
Dividends declared per preferred share (in dollars per share)	$ 1.4375	$ 1.4375	$ 1.4375	$ 1.4375	$ 1.4375	$ 1.4375	$ 1.4375	$ 1.4375	$ 1.4375	$ 1.4375	$ 1.5493		$ 5.75	$ 5.75	$ 4.4243
Total preferred stock dividends													$ 58	$ 58	$ 44

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (d)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483014/272-10-45-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Restructuring and Other Corporate Matters - Narrative (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Restructuring Cost and Reserve [Line Items]
Restructuring charges			$ 102.0	$ 328.0	$ 100.0
Lease impairment charges			35.0	68.0	35.0
Other corporate matters charges (benefit), net			(133.0)	257.0	0.0
Russia, Belarus and Ukraine
Restructuring Cost and Reserve [Line Items]
Other corporate matters charges (benefit), net				46.0
Legal Matters - Stockholder Matters
Restructuring Cost and Reserve [Line Items]
Other corporate matters charges (benefit), net			(120.0)	211.0
Asbestos Matters
Restructuring Cost and Reserve [Line Items]
Other corporate matters charges (benefit), net			23.0
Viacom Litigation
Restructuring Cost and Reserve [Line Items]
Other corporate matters charges (benefit), net				122.5
Viacom Litigation \| Settled Litigation
Restructuring Cost and Reserve [Line Items]
Litigation settlement	$ 122.5
Severance
Restructuring Cost and Reserve [Line Items]
Restructuring charges			$ 67.0	$ 260.0	$ 65.0
Severance \| One-time Severance Benefits
Restructuring Cost and Reserve [Line Items]
Restructuring charges		$ 13.0

Debt - Schedule of Debt (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Other bank borrowings	$ 0	$ 55
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Total long-term debt, net of current portion, Less current portion of long-term debt	Total long-term debt, net of current portion, Less current portion of long-term debt
Obligations under finance leases	$ 1	$ 10
Total debt	14,602	15,846
Less current portion of long-term debt	1	239
Total long-term debt, net of current portion	14,601	15,607
Net unamortized discount	419	442
Unamortized deferred financing costs	81	89
Face value of debt	15,100	$ 16,380
7.875% Debentures due 2023
Debt Instrument [Line Items]
Stated interest rate		7.875%
Carrying value of senior debt	0	$ 139
7.125% Senior Notes due 2023
Debt Instrument [Line Items]
Stated interest rate		7.125%
Carrying value of senior debt	$ 0	$ 35
4.75% Senior Notes due 2025
Debt Instrument [Line Items]
Stated interest rate	4.75%
Carrying value of senior debt	$ 125	552
4.0% Senior Notes due 2026
Debt Instrument [Line Items]
Stated interest rate	4.00%
Carrying value of senior debt	$ 345	795
3.45% Senior Notes due 2026
Debt Instrument [Line Items]
Stated interest rate	3.45%
Carrying value of senior debt	$ 86	124
2.90% Senior Notes due 2027
Debt Instrument [Line Items]
Stated interest rate	2.90%
Carrying value of senior debt	$ 581	694
3.375% Senior Notes due 2028
Debt Instrument [Line Items]
Stated interest rate	3.375%
Carrying value of senior debt	$ 497	496
3.70% Senior Notes due 2028
Debt Instrument [Line Items]
Stated interest rate	3.70%
Carrying value of senior debt	$ 495	494
4.20% Senior Notes due 2029
Debt Instrument [Line Items]
Stated interest rate	4.20%
Carrying value of senior debt	$ 496	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	$ 1,229	1,226
4.20% Senior Notes due 2032
Debt Instrument [Line Items]
Stated interest rate	4.20%
Carrying value of senior debt	$ 977	975
5.50% Senior Debentures due 2033
Debt Instrument [Line Items]
Stated interest rate	5.50%
Carrying value of senior debt	$ 428	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	$ 1,138	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	$ 591	590
4.95% Senior Notes due 2050
Debt Instrument [Line Items]
Stated interest rate	4.95%
Carrying value of senior debt	$ 948	946
6.25% Junior Subordinated Debentures due 2057
Debt Instrument [Line Items]
Stated interest rate	6.25%
Junior subordinated debentures	$ 643	$ 643
6.375% Junior Subordinated Debentures due 2062
Debt Instrument [Line Items]
Stated interest rate	6.375%	6.375%
Junior subordinated debentures	$ 989	$ 989
Face value of debt		$ 1,000

Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Gains (Losses) Recognized on Derivative Financial Instruments

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


Year Ended December 31,	2023			2022			Financial Statement Account
Non-designated foreign exchange contracts		$	(10)		$	51	Other items, net

Basis of Presentation and Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation and Summary of Significant Accounting Policies

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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) domestic premium and basic cable networks, including Paramount+ with Showtime (we rebranded Showtime as Paramount+ with Showtime in January 2024), MTV, Comedy Central, Paramount Network, The Smithsonian Channel, Nickelodeon, BET Media Group, CBS Sports Network, and international extensions of certain of these brands; and (3) domestic and international television studio operations, including CBS Studios, Paramount Television Studios and Showtime/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 includes our portfolio of domestic and international pay and free streaming services, including Paramount+, Pluto TV, BET+ and Noggin. Effective June 27, 2023, we launched the Paramount+ with Showtime subscription plan in the United States (“U.S.”). Effective July 6, 2023, Showtime Networks’ domestic premium subscription service was no longer offered as a standalone subscription service for new subscribers.

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

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

Discontinued Operations—Simon & Schuster, which was sold during the fourth quarter of 2023, is presented as a discontinued operation in our consolidated financial statements for all periods presented (see Note 2). Simon & Schuster was reported as the Publishing segment until we began presenting it as a discontinued operation in the fourth quarter of 2020.

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

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


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

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

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

Revenues

the number of licenses to the distributors’ end customers. Similarly, revenues earned from electronic sell-through services are recognized as each program is downloaded by the end customer.

Amounts attributable to transactions arising from collaborative arrangements between participants were not material to the consolidated financial statements for any period presented.

Advertising—Advertising costs are expensed as incurred. We incurred total advertising expenses of $2.90 billion in 2023, $2.69 billion in 2022 and $2.14 billion in 2021.

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

For the year ended December 31, 2023, all of our stock options and RSUs, which totaled 19 million, were excluded from the calculation of diluted EPS because their inclusion would have been antidilutive since we reported a net loss. Stock options and RSUs totaling 11 million and 6 million for the years ended December 31, 2022 and 2021, respectively, were excluded from the calculations of diluted EPS because their inclusion would have been antidilutive. Also excluded from the calculation of diluted EPS for the years ended December 31, 2023 and 2022, was the effect of the assumed conversion of our 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.


Year Ended December 31,	2023	2022	2021
(in millions)
Weighted average shares for basic EPS	652	649	641
Dilutive effect of shares issuable under stock-based compensation plans	—	1	5
Conversion of Mandatory Convertible Preferred Stock	—	—	9
Weighted average shares for diluted EPS	652	650	655

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 each of the years ended December 31, 2023 and 2022 include the preferred stock dividends recorded during the 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.


Year Ended December 31,	2023		2022		2021
Amounts attributable to Paramount:
Net earnings (loss) from continuing operations	$	(1,284)	$	725	$	4,381
Preferred stock dividends	(58)		(58)		(44)
Net earnings (loss) from continuing operations for basic EPS calculation	(1,342)		667		4,337
Preferred stock dividend adjustment	—		—		44
Net earnings (loss) from continuing operations for diluted EPS calculation	$	(1,342)	$	667	$	4,381

Amounts attributable to Paramount:
Net earnings (loss)	$	(608)	$	1,104	$	4,543
Preferred stock dividends	(58)		(58)		(44)
Net earnings (loss) for basic EPS calculation	(666)		1,046		4,499
Preferred stock dividend adjustment	—		—		44
Net earnings (loss) for diluted EPS calculation	$	(666)	$	1,046	$	4,543

Accounting Pronouncements Not Yet Adopted

Segment Reporting

Income Taxes

Supplemental Financial Information (Tables)

12 Months Ended

Dec. 31, 2023

Additional Financial Information Disclosure [Abstract]

Summary Components of Other Items, Net

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


Year Ended December 31,	2023		2022		2021
Pension and postretirement benefit costs	$	(153)	$	(65)	$	(43)
Foreign exchange losses	(66)		(58)		(26)
Pension settlement charge (Note 17)	—		—		(10)
Other	3		(1)		2
Other items, net	$	(216)	$	(124)	$	(77)

Schedule of Redeemable Noncontrolling Interest

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


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

Supplemental Cash Flow Information


Year Ended December 31,	2023		2022		2021
Cash paid for interest	$	901	$	920	$	970

Cash paid for income taxes:
Continuing operations	$	22	$	61	$	291
Discontinued operations	85		12		43
Total cash paid for income taxes	$	107	$	73	$	334

Dispositions and Acquisitions (Tables)

12 Months Ended

Dec. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Schedule of Discontinued Operations

The following tables set forth details of net earnings from discontinued operations for the years ended December 31, 2023, 2022 and 2021, which primarily relates to Simon & Schuster.


Year Ended December 31, 2023	Simon & Schuster			Other (a)		Total
Revenues		$	958	$	—	$	958
Costs and expenses:
Operating		580		(12)		568
Selling, general and administrative		149		—		149

Restructuring charges		2		—		2
Total costs and expenses		731		(12)		719

Operating income		227		12		239
Other items, net		(9)		—		(9)
Earnings from discontinued operations		218		12		230
Benefit from (provision for) income taxes		12		(3)		9
Earnings from discontinued operations, net of tax		230		9		239
Gain on sale (net of tax of $258 million) (b)		437		—		437
Net earnings from discontinued operations, net of tax		$	667	$	9	$	676


Year Ended December 31, 2022	Simon & Schuster			Other (a)		Total
Revenues		$	1,177	$	—	$	1,177
Costs and expenses:
Operating		746		(30)		716
Selling, general and administrative		180		—		180
Restructuring charges		3		—		3
Total costs and expenses		929		(30)		899
Operating income		248		30		278
Termination fee, net of advisory fees (c)		190		—		190
Other items, net		(12)		—		(12)
Earnings from discontinued operations		426		30		456
Provision for income taxes		(70)		(7)		(77)
Net earnings from discontinued operations, net of tax		$	356	$	23	$	379


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

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

The following table presents the major classes of assets and liabilities of our discontinued operations prior to the sale of Simon & Schuster.


At December 31,	2022
Receivables, net	$	558
Other current assets	229
Goodwill	434
Property and equipment, net	53
Operating lease assets	204
Other assets	111
Total Assets	$	1,589
Royalties payable	$	161
Other current liabilities	388
Operating lease liabilities	182
Other liabilities	18
Total Liabilities	$	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.

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+ Details

Property and Equipment (Details) - USD ($) $ in Millions	12 Months Ended
Property and Equipment (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 5,170	$ 5,476
Less: Accumulated depreciation	3,504	3,714
Property and equipment, net	1,666	1,762
Depreciation expense	383	337	$ 344
Land
Property, Plant and Equipment [Line Items]
Property and equipment, gross	373	371
Buildings
Property, Plant and Equipment [Line Items]
Property and equipment, gross	881	863
Equipment and other
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 3,916	$ 4,242

Pension and Other Postretirement Benefits - Multiemployer Defined Benefit Pension Plans (Details) - Pension Benefits - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Multiemployer Plans [Line Items]
Company Contributions	$ 151	$ 177	$ 203
AFTRA Retirement Plan
Multiemployer Plans [Line Items]
Employer Identification Number/Pension Plan Number	136414972
Pension Protection Act Zone Status	Green	Green
Company Contributions	$ 18	$ 16	17
Expiration Date of Collective Bargaining Agreement	Jun. 30, 2026
AFTRA Retirement Plan \| Minimum
Multiemployer Plans [Line Items]
Percent of total contributions (more than)	5.00%
Directors Guild of America - Producer
Multiemployer Plans [Line Items]
Employer Identification Number/Pension Plan Number	952892780
Pension Protection Act Zone Status	Green	Green
Company Contributions	$ 17	$ 19	23
Expiration Date of Collective Bargaining Agreement	Jun. 30, 2026
Directors Guild of America - Producer \| Minimum
Multiemployer Plans [Line Items]
Percent of total contributions (more than)	5.00%
Producer - Writers Guild of America
Multiemployer Plans [Line Items]
Employer Identification Number/Pension Plan Number	952216351
Pension Protection Act Zone Status	Green	Green
Company Contributions	$ 24	$ 30	26
Expiration Date of Collective Bargaining Agreement	May 01, 2026
Producer - Writers Guild of America \| Minimum
Multiemployer Plans [Line Items]
Percent of total contributions (more than)	5.00%
Screen Actors Guild - Producers
Multiemployer Plans [Line Items]
Employer Identification Number/Pension Plan Number	952110997
Pension Protection Act Zone Status	Green	Green
Company Contributions	$ 27	$ 30	45
Expiration Date of Collective Bargaining Agreement	Jun. 30, 2026
Screen Actors Guild - Producers \| Minimum
Multiemployer Plans [Line Items]
Percent of total contributions (more than)	5.00%
Motion Picture Industry
Multiemployer Plans [Line Items]
Employer Identification Number/Pension Plan Number	951810805
Pension Protection Act Zone Status	Green	Green
Company Contributions	$ 48	$ 63	66
I.A.T.S.E. Local No. 33 Pension Trust Fund
Multiemployer Plans [Line Items]
Employer Identification Number/Pension Plan Number	956377503
Pension Protection Act Zone Status	Green	Green
Company Contributions	$ 2	$ 5	10
Expiration Date of Collective Bargaining Agreement	Dec. 31, 2025
Other Plans
Multiemployer Plans [Line Items]
Company Contributions	$ 15	$ 14	$ 16

Financial Instruments - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Apr. 30, 2023	Mar. 31, 2023
Derivative [Line Items]
Carrying value of notes and debentures	$ 14,600	$ 15,780
Fair value of debt	13,600	13,900
Equity method investments	96	375
Equity investments without readily determinable fair value	612	70
Gain (loss) from investments	168	(9)	$ 47
Impairment charges on equity-method investment	$ 16		34
Investment impairment		5
Gain on sale of investment without readily determinable fair value			37
Gain from increase in fair value of marketable security			$ 9
Foreign exchange forward \| Cash flow hedging
Derivative [Line Items]
Foreign exchange forward contract term (up to)	24 months
Foreign exchange contract \| Cash flow hedging
Derivative [Line Items]
Notional amount of foreign currency contracts	$ 2,720	3,060
Foreign exchange contract \| Cash flow hedging \| Future Production Costs
Derivative [Line Items]
Notional amount of foreign currency contracts	2,200	2,400
Foreign exchange contract \| Cash flow hedging \| Other Foreign Currency
Derivative [Line Items]
Notional amount of foreign currency contracts	523	655
Viacom18
Derivative [Line Items]
Ownership interest (percent)					49.00%
Ownership interest after dilution (percent)				13.00%
Gain (loss) from investments	$ 168
SkyShowtime
Derivative [Line Items]
Ownership interest (percent)	50.00%
The CW
Derivative [Line Items]
Gain (loss) from investments		$ (4)
Decrease in ownership interest (percent)		37.50%
Noncash distribution received		$ 139
Ownership interest after divestiture (percent)		12.50%

Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

LEASES

Lessee Contracts

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

At December 31, 2023 and 2022, the following amounts were recorded on the Consolidated Balance Sheets relating to our operating leases.


	2023		2022
Right-of-Use Assets
Operating lease assets	$	1,183	$	1,391

Lease Liabilities
Other current liabilities	$	258	$	292
Operating lease liabilities	1,256		1,428
Total lease liabilities	$	1,514	$	1,720


	2023		2022
Weighted average remaining lease term	7 years		7 years

Weighted average discount rate	3.9	%	3.6	%

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


Year Ended December 31,	2023		2022		2021
Operating lease cost (a) (b)	$	332	$	373	$	374
Short-term lease cost (b) (c)	229		306		283
Variable lease cost (b) (d)	76		77		62
Sublease income	(7)		(12)		(20)
Total lease cost	$	630	$	744	$	699

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

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

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

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

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


Year Ended December 31,	2023		2022		2021
Payments for amounts included in operating lease liabilities (operating cash flows)	$	368	$	394	$	399

Noncash additions to operating lease assets	$	123	$	170	$	377

The expected future payments relating to our operating lease liabilities at December 31, 2023 are as follows:


2024	$	309
2025	296
2026	253
2027	208
2028	184
2029 and thereafter	490
Total minimum payments	1,740
Less amounts representing interest	226
Present value of minimum payments	$	1,514

As of December 31, 2023, we had no material leases that were executed but not yet commenced.

Lessor Contracts

For the years ended December 31, 2023, 2022 and 2021, we recorded total lease income of $34 million, $65 million and $145 million, respectively, which relates to operating leases of our owned production facilities and office buildings. Lease payments received under these agreements consist of fixed payments for the rental of space and certain building operating costs, as well as variable payments based on usage of production facilities and services, and escalating costs of building operations. Lease income in 2023 was negatively impacted by temporary production shutdowns due to labor strikes. In 2021, lease income included amounts from a production facility and an office building before they were sold in the fourth quarter (see Note 2). Our future fixed lease income is not expected to be material.

Leases

LEASES

Lessee Contracts

At December 31, 2023 and 2022, the following amounts were recorded on the Consolidated Balance Sheets relating to our operating leases.


	2023		2022
Right-of-Use Assets
Operating lease assets	$	1,183	$	1,391

Lease Liabilities
Other current liabilities	$	258	$	292
Operating lease liabilities	1,256		1,428
Total lease liabilities	$	1,514	$	1,720


	2023		2022
Weighted average remaining lease term	7 years		7 years

Weighted average discount rate	3.9	%	3.6	%

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


Year Ended December 31,	2023		2022		2021
Operating lease cost (a) (b)	$	332	$	373	$	374
Short-term lease cost (b) (c)	229		306		283
Variable lease cost (b) (d)	76		77		62
Sublease income	(7)		(12)		(20)
Total lease cost	$	630	$	744	$	699

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

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

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

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

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


Year Ended December 31,	2023		2022		2021
Payments for amounts included in operating lease liabilities (operating cash flows)	$	368	$	394	$	399

Noncash additions to operating lease assets	$	123	$	170	$	377

The expected future payments relating to our operating lease liabilities at December 31, 2023 are as follows:


2024	$	309
2025	296
2026	253
2027	208
2028	184
2029 and thereafter	490
Total minimum payments	1,740
Less amounts representing interest	226
Present value of minimum payments	$	1,514

As of December 31, 2023, we had no material leases that were executed but not yet commenced.

Lessor Contracts

Commitments and Contingencies - Narrative (Details) $ in Millions		1 Months Ended			3 Months Ended	12 Months Ended
	Sep. 09, 2019 defendant	Oct. 31, 2023 USD ($)	May 31, 2023 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($) claim	Dec. 31, 2023 USD ($) claim	Dec. 31, 2022 USD ($) claim	Dec. 31, 2019	Jan. 31, 2024 USD ($)	Dec. 31, 2021 claim	Mar. 31, 2020 lawsuit	Feb. 29, 2020 lawsuit	Jan. 23, 2020 claim	Nov. 30, 2019 claim
Other Commitments [Line Items]
Programming and talent commitments					$ 31,338.0	$ 31,338.0
Committed purchase obligations					1,077.0	1,077.0
Outstanding letters of credit and surety bonds					213.0	213.0
Letters of credit issued					15,100.0	15,100.0	$ 16,380.0
Number of consolidated claims \| lawsuit											3	3
Number of consolidated class action lawsuits \| claim													4	4
Number of defendants \| defendant	14
Cost for settlement and defense of asbestos claims, net of insurance recoveries and tax benefits						$ 54.0	$ 57.0
Reasonably estimable period for long-term asbestos liability						10 years
Increase for asbestos matters accrual					23.0
Mandatory Convertible Preferred Stock
Other Commitments [Line Items]
Preferred stock, percentage						5.75%	5.75%
CBS Litigation \| Settled Litigation
Other Commitments [Line Items]
Litigation settlement, amount awarded from other party			$ 167.5
Settlement payment received		$ 120.0
Gain on settlement payment received					$ 120.0
Viacom Litigation \| Settled Litigation
Other Commitments [Line Items]
Litigation settlement				$ 122.5
Asbestos Matters
Other Commitments [Line Items]
Number of pending asbestos claims \| claim					19,970	19,970	21,580			27,770
Number of new asbestos claims \| claim						2,790
Number of asbestos claims closed or moved to inactive docket \| claim						4,400
CBS Television City
Other Commitments [Line Items]
Guaranteed cash flow period								5 years
Estimated guarantee liability					$ 26.0	$ 26.0
Famous Players
Other Commitments [Line Items]
Estimated guarantee liability					8.0	8.0
Standby Letters of Credit
Other Commitments [Line Items]
Maximum borrowing capacity under credit facility					1,900.0	1,900.0
Letters of credit issued					0.0	0.0
Standby Letters of Credit \| Subsequent Event
Other Commitments [Line Items]
Letters of credit issued									$ 1,900.0
Sports programming rights
Other Commitments [Line Items]
Programming and talent commitments					28,560.0	28,560.0
Production and licensing of television and film programming, including talent contracts
Other Commitments [Line Items]
Programming and talent commitments					$ 2,780.0	$ 2,780.0

Pension and Other Postretirement Benefits - Plan Assets Measured at Fair Value (Details) - Pension Benefits - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]
Investments, at fair value	$ 2,507	$ 2,363	$ 3,191
Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Investments, at fair value	1,739	1,600
Fair Value, Recurring \| Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Investments, at fair value	69	3
Fair Value, Recurring \| U.S. treasury securities
Defined Benefit Plan Disclosure [Line Items]
Investments, at fair value	107	108
Fair Value, Recurring \| Government-related securities
Defined Benefit Plan Disclosure [Line Items]
Investments, at fair value	129	133
Fair Value, Recurring \| Corporate bonds
Defined Benefit Plan Disclosure [Line Items]
Investments, at fair value	1,164	1,144
Fair Value, Recurring \| Mortgage-backed and asset-backed securities
Defined Benefit Plan Disclosure [Line Items]
Investments, at fair value	128	101
Fair Value, Recurring \| U.S. large capitalization
Defined Benefit Plan Disclosure [Line Items]
Investments, at fair value	89	48
Fair Value, Recurring \| U.S. small capitalization
Defined Benefit Plan Disclosure [Line Items]
Investments, at fair value	18	63
Fair Value, Recurring \| Exchange Trade Fund (ETF)
Defined Benefit Plan Disclosure [Line Items]
Investments, at fair value	27
Fair Value, Recurring \| Other
Defined Benefit Plan Disclosure [Line Items]
Investments, at fair value	8
Fair Value, Recurring \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Investments, at fair value	241	219
Fair Value, Recurring \| Level 1 \| Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Investments, at fair value	0	0
Fair Value, Recurring \| Level 1 \| U.S. treasury securities
Defined Benefit Plan Disclosure [Line Items]
Investments, at fair value	107	108
Fair Value, Recurring \| Level 1 \| Government-related securities
Defined Benefit Plan Disclosure [Line Items]
Investments, at fair value	0	0
Fair Value, Recurring \| Level 1 \| Corporate bonds
Defined Benefit Plan Disclosure [Line Items]
Investments, at fair value	0	0
Fair Value, Recurring \| Level 1 \| Mortgage-backed and asset-backed securities
Defined Benefit Plan Disclosure [Line Items]
Investments, at fair value	0	0
Fair Value, Recurring \| Level 1 \| U.S. large capitalization
Defined Benefit Plan Disclosure [Line Items]
Investments, at fair value	89	48
Fair Value, Recurring \| Level 1 \| U.S. small capitalization
Defined Benefit Plan Disclosure [Line Items]
Investments, at fair value	18	63
Fair Value, Recurring \| Level 1 \| Exchange Trade Fund (ETF)
Defined Benefit Plan Disclosure [Line Items]
Investments, at fair value	27
Fair Value, Recurring \| Level 1 \| Other
Defined Benefit Plan Disclosure [Line Items]
Investments, at fair value	0
Fair Value, Recurring \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Investments, at fair value	1,498	1,381
Fair Value, Recurring \| Level 2 \| Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Investments, at fair value	69	3
Fair Value, Recurring \| Level 2 \| U.S. treasury securities
Defined Benefit Plan Disclosure [Line Items]
Investments, at fair value	0	0
Fair Value, Recurring \| Level 2 \| Government-related securities
Defined Benefit Plan Disclosure [Line Items]
Investments, at fair value	129	133
Fair Value, Recurring \| Level 2 \| Corporate bonds
Defined Benefit Plan Disclosure [Line Items]
Investments, at fair value	1,164	1,144
Fair Value, Recurring \| Level 2 \| Mortgage-backed and asset-backed securities
Defined Benefit Plan Disclosure [Line Items]
Investments, at fair value	128	101
Fair Value, Recurring \| Level 2 \| U.S. large capitalization
Defined Benefit Plan Disclosure [Line Items]
Investments, at fair value	0	0
Fair Value, Recurring \| Level 2 \| U.S. small capitalization
Defined Benefit Plan Disclosure [Line Items]
Investments, at fair value	0	0
Fair Value, Recurring \| Level 2 \| Exchange Trade Fund (ETF)
Defined Benefit Plan Disclosure [Line Items]
Investments, at fair value	0
Fair Value, Recurring \| Level 2 \| Other
Defined Benefit Plan Disclosure [Line Items]
Investments, at fair value	8
Fair Value, Recurring \| Net Asset Value \| Common collective funds
Defined Benefit Plan Disclosure [Line Items]
Investments, at fair value	676	660
Fair Value, Recurring \| Net Asset Value \| Limited partnerships
Defined Benefit Plan Disclosure [Line Items]
Investments, at fair value	10	11
Fair Value, Recurring \| Net Asset Value \| Mutual funds
Defined Benefit Plan Disclosure [Line Items]
Investments, at fair value	$ 82	$ 92

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

12 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Summary of Useful Lives of Property and Equipment

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


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


At December 31,	2023		2022
Land	$	373	$	371
Buildings	881		863
Equipment and other	3,916		4,242
	5,170		5,476
Less: Accumulated depreciation	3,504		3,714
Property and equipment, net	$	1,666	$	1,762


Year Ended December 31,	2023		2022		2021
Depreciation expense	$	383	$	337	$	344

Reconciliation for Calculation of Basic and Diluted EPS

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


Year Ended December 31,	2023	2022	2021
(in millions)
Weighted average shares for basic EPS	652	649	641
Dilutive effect of shares issuable under stock-based compensation plans	—	1	5
Conversion of Mandatory Convertible Preferred Stock	—	—	9
Weighted average shares for diluted EPS	652	650	655

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.


Year Ended December 31,	2023		2022		2021
Amounts attributable to Paramount:
Net earnings (loss) from continuing operations	$	(1,284)	$	725	$	4,381
Preferred stock dividends	(58)		(58)		(44)
Net earnings (loss) from continuing operations for basic EPS calculation	(1,342)		667		4,337
Preferred stock dividend adjustment	—		—		44
Net earnings (loss) from continuing operations for diluted EPS calculation	$	(1,342)	$	667	$	4,381

Amounts attributable to Paramount:
Net earnings (loss)	$	(608)	$	1,104	$	4,543
Preferred stock dividends	(58)		(58)		(44)
Net earnings (loss) for basic EPS calculation	(666)		1,046		4,499
Preferred stock dividend adjustment	—		—		44
Net earnings (loss) for diluted EPS calculation	$	(666)	$	1,046	$	4,543