Restructuring and Other Corporate Matters

3 Months Ended

Mar. 31, 2019

Restructuring Charges [Abstract]

Restructuring and Other Corporate Matters

3) RESTRUCTURING AND OTHER CORPORATE MATTERS

During the first quarter of 2019, the Company initiated a restructuring plan under which severance payments will be provided to certain eligible employees who voluntarily elected to participate. The Company also implemented additional restructuring plans during the first quarter of 2019 across several of its businesses in connection with a continued effort to reduce its cost structure. As a result, the Company recorded restructuring charges of $108 million, reflecting $98 million of severance costs and $10 million of costs associated with exiting contractual obligations and other related costs.

During the year ended December 31, 2018, the Company recorded restructuring charges of $67 million, reflecting $57 million of severance costs and $10 million of costs associated with exiting contractual obligations and other related costs. During the year ended December 31, 2017, the Company recorded restructuring charges of $63 million, reflecting $54 million of severance costs and $9 million of costs associated with exiting contractual obligations and other related costs.

As of March 31, 2019, the cumulative settlements for the 2019, 2018 and 2017 restructuring charges were $89 million, of which $79 million was for severance costs and $10 million was for costs associated with contractual obligations and other related costs. The Company expects to substantially utilize its restructuring reserves by the end of 2020.

	Balance at			2019			2019				Balance at
	December 31, 2018			Charges			Settlements				March 31, 2019
Entertainment		$	31		$	48		$	(10	)		$	69
Cable Networks		—			5			—				5
Publishing		2			5			—				7
Local Media		23			28			(5		)		46
Corporate		12			22			(12		)		22
Total		$	68		$	108		$	(27	)		$	149

	Balance at			2018			2018				Balance at
	December 31, 2017			Charges			Settlements				December 31, 2018
Entertainment		$	39		$	27		$	(35	)		$	31
Publishing		3			1			(2		)		2
Local Media		11			18			(6		)		23
Corporate		2			21			(11		)		12
Total		$	55		$	67		$	(54	)		$	68

During the three months ended March 31, 2019, the Company recorded expenses of $6 million primarily for costs associated with legal proceedings involving the Company (see Note 13). During the three months ended March 31, 2018, the Company recorded professional fees of $9 million related to the evaluation of a potential combination with Viacom Inc.