Leases

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Leases

11) LEASES

At December 31, 2020 and 2019, the following amounts were recorded on the Consolidated Balance Sheets relating to our leases.

	Operating				Finance
	2020		2019		2020		2019
Right-of-Use Assets
Operating lease assets	$	1,602	$	1,738	$	—	$	—
Property and equipment, net	$	—	$	—	$	19	$	35
Lease Liabilities
Other current liabilities	$	306	$	289	$	—	$	—
Debt	—		—		16		19
Operating lease liabilities	1,583		1,705		—		—
Long-term debt	—		—		10		25
Total lease liabilities	$	1,889	$	1,994	$	26	$	44

	Operating				Finance
	2020		2019		2020		2019
Weighted average remaining lease term	8 years		9 years		2 years		3 years
Weighted average discount rate	4.0	%	4.0	%	4.2	%	4.5	%

Lessee Contracts

We have operating leases primarily for office space, equipment, satellite transponders and studio facilities. We also have finance leases for satellite transponders and equipment. 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.

The following table presents our lease cost.

Year Ended December 31,	2020		2019
Operating lease cost (a) (b)	$	379	$	382
Finance lease cost:
Amortization of right-of-use assets	18		23
Interest expense on lease liabilities	2		3
Short-term lease cost (b) (c)	162		242
Variable lease cost (d)	58		80
Sublease income	(24)		(31)
Total lease cost	$	595	$	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 related to our leases.

Year Ended December 31,	2020		2019
Cash paid for amounts included in lease liabilities
Operating lease payments, included in operating cash flows	$	385	$	324
Finance lease payments, included in financing cash flows	$	21	$	27
Noncash additions to operating lease assets	$	221	$	387

The expected future payments relating to our operating and finance lease liabilities at December 31, 2020 are as follows:

	Leases
	Operating		Finance
2021	$	372	$	17
2022	315		7
2023	260		2
2024	209		1
2025	197		1
2026 and thereafter	916		—
Total minimum payments	2,269		28
Less amounts representing interest	380		2
Present value of minimum payments	$	1,889	$	26

As of December 31, 2020, we had no material leases that were executed but not yet commenced.

Lessor Contracts

We enter into operating leases for the use of our owned production facilities and office buildings. Lease payments received under these agreements consist of fixed payments for the rental of space and certain building operating costs, as well as variable payments based on usage of production facilities and services, and escalating costs of building operations. We recorded total lease income of $133 million and $148 million, including both fixed and variable amounts, for the years ended December 31, 2020 and 2019, respectively.

At December 31, 2020, future fixed lease income under noncancellable operating leases is as follows:

2021	$	56
2022	49
2023	47
2024	37
2025	28
2026 and thereafter	29
Total	$	246

Leases

11) LEASES

At December 31, 2020 and 2019, the following amounts were recorded on the Consolidated Balance Sheets relating to our leases.

	Operating				Finance
	2020		2019		2020		2019
Right-of-Use Assets
Operating lease assets	$	1,602	$	1,738	$	—	$	—
Property and equipment, net	$	—	$	—	$	19	$	35
Lease Liabilities
Other current liabilities	$	306	$	289	$	—	$	—
Debt	—		—		16		19
Operating lease liabilities	1,583		1,705		—		—
Long-term debt	—		—		10		25
Total lease liabilities	$	1,889	$	1,994	$	26	$	44

	Operating				Finance
	2020		2019		2020		2019
Weighted average remaining lease term	8 years		9 years		2 years		3 years
Weighted average discount rate	4.0	%	4.0	%	4.2	%	4.5	%

Lessee Contracts

We have operating leases primarily for office space, equipment, satellite transponders and studio facilities. We also have finance leases for satellite transponders and equipment. 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.

The following table presents our lease cost.

Year Ended December 31,	2020		2019
Operating lease cost (a) (b)	$	379	$	382
Finance lease cost:
Amortization of right-of-use assets	18		23
Interest expense on lease liabilities	2		3
Short-term lease cost (b) (c)	162		242
Variable lease cost (d)	58		80
Sublease income	(24)		(31)
Total lease cost	$	595	$	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 related to our leases.

Year Ended December 31,	2020		2019
Cash paid for amounts included in lease liabilities
Operating lease payments, included in operating cash flows	$	385	$	324
Finance lease payments, included in financing cash flows	$	21	$	27
Noncash additions to operating lease assets	$	221	$	387

The expected future payments relating to our operating and finance lease liabilities at December 31, 2020 are as follows:

	Leases
	Operating		Finance
2021	$	372	$	17
2022	315		7
2023	260		2
2024	209		1
2025	197		1
2026 and thereafter	916		—
Total minimum payments	2,269		28
Less amounts representing interest	380		2
Present value of minimum payments	$	1,889	$	26

As of December 31, 2020, we had no material leases that were executed but not yet commenced.

Lessor Contracts

We enter into operating leases for the use of our owned production facilities and office buildings. Lease payments received under these agreements consist of fixed payments for the rental of space and certain building operating costs, as well as variable payments based on usage of production facilities and services, and escalating costs of building operations. We recorded total lease income of $133 million and $148 million, including both fixed and variable amounts, for the years ended December 31, 2020 and 2019, respectively.

At December 31, 2020, future fixed lease income under noncancellable operating leases is as follows:

2021	$	56
2022	49
2023	47
2024	37
2025	28
2026 and thereafter	29
Total	$	246

Leases

11) LEASES

At December 31, 2020 and 2019, the following amounts were recorded on the Consolidated Balance Sheets relating to our leases.

	Operating				Finance
	2020		2019		2020		2019
Right-of-Use Assets
Operating lease assets	$	1,602	$	1,738	$	—	$	—
Property and equipment, net	$	—	$	—	$	19	$	35
Lease Liabilities
Other current liabilities	$	306	$	289	$	—	$	—
Debt	—		—		16		19
Operating lease liabilities	1,583		1,705		—		—
Long-term debt	—		—		10		25
Total lease liabilities	$	1,889	$	1,994	$	26	$	44

	Operating				Finance
	2020		2019		2020		2019
Weighted average remaining lease term	8 years		9 years		2 years		3 years
Weighted average discount rate	4.0	%	4.0	%	4.2	%	4.5	%

Lessee Contracts

We have operating leases primarily for office space, equipment, satellite transponders and studio facilities. We also have finance leases for satellite transponders and equipment. 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.

The following table presents our lease cost.

Year Ended December 31,	2020		2019
Operating lease cost (a) (b)	$	379	$	382
Finance lease cost:
Amortization of right-of-use assets	18		23
Interest expense on lease liabilities	2		3
Short-term lease cost (b) (c)	162		242
Variable lease cost (d)	58		80
Sublease income	(24)		(31)
Total lease cost	$	595	$	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 related to our leases.

Year Ended December 31,	2020		2019
Cash paid for amounts included in lease liabilities
Operating lease payments, included in operating cash flows	$	385	$	324
Finance lease payments, included in financing cash flows	$	21	$	27
Noncash additions to operating lease assets	$	221	$	387

The expected future payments relating to our operating and finance lease liabilities at December 31, 2020 are as follows:

	Leases
	Operating		Finance
2021	$	372	$	17
2022	315		7
2023	260		2
2024	209		1
2025	197		1
2026 and thereafter	916		—
Total minimum payments	2,269		28
Less amounts representing interest	380		2
Present value of minimum payments	$	1,889	$	26

As of December 31, 2020, we had no material leases that were executed but not yet commenced.

Lessor Contracts

We enter into operating leases for the use of our owned production facilities and office buildings. Lease payments received under these agreements consist of fixed payments for the rental of space and certain building operating costs, as well as variable payments based on usage of production facilities and services, and escalating costs of building operations. We recorded total lease income of $133 million and $148 million, including both fixed and variable amounts, for the years ended December 31, 2020 and 2019, respectively.

At December 31, 2020, future fixed lease income under noncancellable operating leases is as follows:

2021	$	56
2022	49
2023	47
2024	37
2025	28
2026 and thereafter	29
Total	$	246