Reportable Segments

3 Months Ended

Mar. 31, 2021

Segment Reporting [Abstract]

Reportable Segments

14) REPORTABLE SEGMENTS

The following tables 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.

In the first quarter of 2021, we began separately presenting streaming revenues in the categories we use to disaggregate our revenues (see Note 6).

	Three Months Ended
	March 31,
	2021		2020
Revenues:
Advertising	$	1,807	$	1,288
Affiliate	693		623
Streaming	322		204
Licensing and other	689		832
TV Entertainment	3,511		2,947
Advertising	878		945
Affiliate	1,382		1,345
Streaming	494		290
Licensing and other	505		278
Cable Networks	3,259		2,858
Theatrical	1		167
Licensing and other	996		644
Filmed Entertainment	997		811
Corporate/Eliminations	(355)		(117)
Total Revenues	$	7,412	$	6,499

Revenues generated between segments are principally from the licensing of Filmed Entertainment and Cable Networks content to Paramount+ and licensing of Filmed Entertainment and TV Entertainment content to our cable networks. These transactions are recorded at market value as if the sales were to third parties and are eliminated in consolidation. Revenues earned from the licensing of content within segments, including licensing to Paramount+ within the TV Entertainment segment, are eliminated within the segment. Intercompany revenues associated with the licensing of programming to Paramount+ after the initial exhibition on our broadcast or cable networks are recorded on a straight-line basis over the term of the agreement and eliminated in consolidation.

	Three Months Ended
	March 31,
	2021		2020
Intercompany Revenues:
TV Entertainment	$	72	$	75
Cable Networks	78		16
Filmed Entertainment	205		26
Total Intercompany Revenues	$	355	$	117

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

	Three Months Ended
	March 31,
	2021		2020
Adjusted OIBDA:
TV Entertainment	$	449	$	573
Cable Networks	1,184		794
Filmed Entertainment	204		27
Corporate/Eliminations	(158)		(96)
Stock-based compensation	(52)		(53)
Depreciation and amortization	(99)		(112)
Restructuring and other corporate matters	—		(231)
Operating income	1,528		902
Interest expense	(259)		(241)
Interest income	13		14
Loss on extinguishment of debt	(128)		—
Other items, net	1		(28)
Earnings from continuing operations before income taxes and     equity in loss of investee companies	1,155		647
Provision for income taxes	(226)		(134)
Equity in loss of investee companies, net of tax	(18)		(9)
Net earnings from continuing operations	911		504
Net earnings from discontinued operations, net of tax	12		15
Net earnings (ViacomCBS and noncontrolling interests)	923		519
Net earnings attributable to noncontrolling interests	(12)		(3)
Net earnings attributable to ViacomCBS	$	911	$	516

	At			At
	March 31, 2021			December 31, 2020
Assets:
TV Entertainment		$	19,014		$	19,443
Cable Networks		23,149			23,139
Filmed Entertainment		6,298			6,440
Corporate/Eliminations		4,987			2,202
Discontinued Operations		1,325			1,439
Total Assets		$	54,773		$	52,663