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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2021
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ____________ to ____________
Commission File Number 001-09553
ViacomCBS Inc.
(Exact name of registrant as specified in its charter)
Delaware04-2949533
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer Identification No.)
1515 BroadwayNew York,New York10036
(Address of principal executive offices)(Zip Code)
(212) 258-6000
(Registrant’s telephone number, including area code)
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolsName of each exchange on which registered
Class A Common Stock, $0.001 par valueVIACAThe Nasdaq Stock Market LLC
Class B Common Stock, $0.001 par valueVIACThe Nasdaq Stock Market LLC
5.75% Series A Mandatory Convertible Preferred Stock, $0.001 par valueVIACPThe Nasdaq Stock Market LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes     No 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes     No 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer 
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes     No 
Number of shares of common stock outstanding at May 3, 2021:
Class A Common Stock, par value $.001 per share— 40,707,517
Class B Common Stock, par value $.001 per share— 605,586,312



VIACOMCBS INC.
INDEX TO FORM 10-Q
Page
PART I – FINANCIAL INFORMATION
Item 1.
Item 1A.



PART I – FINANCIAL INFORMATION
Item 1.Financial Statements.
VIACOMCBS INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited; in millions, except per share amounts)
Three Months Ended
March 31,
20212020
Revenues$7,412 $6,499 
Costs and expenses:
Operating4,363 3,956 
Selling, general and administrative1,422 1,298 
Depreciation and amortization99 112 
Restructuring and other corporate matters 231 
Total costs and expenses5,884 5,597 
Operating income1,528 902 
Interest expense(259)(241)
Interest income13 14 
Loss on extinguishment of debt (128) 
Other items, net1 (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 operations911 504 
Net earnings from discontinued operations, net of tax12 15 
Net earnings (ViacomCBS and noncontrolling interests)923 519 
Net earnings attributable to noncontrolling interests(12)(3)
Net earnings attributable to ViacomCBS$911 $516 
Amounts attributable to ViacomCBS:
Net earnings from continuing operations$899 $501 
Net earnings from discontinued operations, net of tax12 15 
Net earnings attributable to ViacomCBS$911 $516 
Basic net earnings per common share attributable to ViacomCBS:
Net earnings from continuing operations$1.44 $.82 
Net earnings from discontinued operations$.02 $.02 
Net earnings$1.46 $.84 
Diluted net earnings per common share attributable to ViacomCBS:
Net earnings from continuing operations$1.42 $.81 
Net earnings from discontinued operations$.02 $.02 
Net earnings$1.44 $.84 
Weighted average number of common shares outstanding:
Basic622 614 
Diluted631 616 
See notes to consolidated financial statements.
-3-


VIACOMCBS INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited; in millions)
Three Months Ended
March 31,
20212020
Net earnings (ViacomCBS and noncontrolling interests)$923 $519 
Other comprehensive income (loss), net of tax:
Cumulative translation adjustments(66)(90)
Net actuarial loss and prior service costs13 17 
Other comprehensive loss from continuing operations, net of tax
(ViacomCBS and noncontrolling interests)
(53)(73)
Other comprehensive income (loss) from discontinued operations2 (14)
Comprehensive income872 432 
Less: Comprehensive income attributable to noncontrolling interests11  
Comprehensive income attributable to ViacomCBS$861 $432 
See notes to consolidated financial statements.

-4-


VIACOMCBS INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited; in millions, except per share amounts)
AtAt
March 31, 2021December 31, 2020
ASSETS
Current Assets:
Cash and cash equivalents$5,499 $2,984 
Receivables, net7,310 7,017 
Programming and other inventory1,137 1,757 
Prepaid and other current assets1,027 1,391 
Current assets of discontinued operations514 630 
Total current assets15,487 13,779 
Property and equipment, net1,994 1,994 
Programming and other inventory10,755 10,363 
Goodwill16,591 16,612 
Intangible assets, net2,815 2,826 
Operating lease assets1,527 1,602 
Deferred income tax assets, net981 993 
Other assets3,785 3,657 
Assets held for sale27 28 
Assets of discontinued operations811 809 
Total Assets$54,773 $52,663 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Accounts payable$612 $571 
Accrued expenses1,663 1,714 
Participants’ share and royalties payable2,070 2,005 
Accrued programming and production costs1,392 1,141 
Deferred revenues1,010 978 
Debt19 16 
Other current liabilities1,512 1,391 
Current liabilities of discontinued operations423 480 
Total current liabilities8,701 8,296 
Long-term debt17,768 19,717 
Participants’ share and royalties payable1,351 1,317 
Pension and postretirement benefit obligations2,070 2,098 
Deferred income tax liabilities, net852 778 
Operating lease liabilities 1,517 1,583 
Program rights obligations212 243 
Other liabilities2,058 2,158 
Liabilities of discontinued operations212 220 
Redeemable noncontrolling interest189 197 
Commitments and contingencies (Note 15)
ViacomCBS stockholders’ equity:
5.75% Series A Mandatory Convertible Preferred Stock, par value $.001 per share;
    25 shares authorized and 10 shares issued (2021)
  
Class A Common Stock, par value $.001 per share; 55 shares authorized;
41 (2021) and 52 (2020) shares issued
  
Class B Common Stock, par value $.001 per share; 5,000 shares authorized;
1,108 (2021) and 1,068 (2020) shares issued
1 1 
Additional paid-in capital32,866 29,785 
Treasury stock, at cost; 503 (2021 and 2020) Class B shares
(22,958)(22,958)
Retained earnings11,144 10,375 
Accumulated other comprehensive loss (1,882)(1,832)
Total ViacomCBS stockholders’ equity19,171 15,371 
Noncontrolling interests672 685 
Total Equity19,843 16,056 
Total Liabilities and Equity$54,773 $52,663 
See notes to consolidated financial statements.
-5-


VIACOMCBS INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited; in millions)
Three Months Ended
March 31,
20212020
Operating Activities:
Net earnings (ViacomCBS and noncontrolling interests)$923 $519 
Less: Net earnings from discontinued operations, net of tax12 15 
Net earnings from continuing operations911 504 
Adjustments to reconcile net earnings from continuing operations to net cash flow provided
     by operating activities:
Depreciation and amortization99 112 
Deferred tax provision95 153 
Stock-based compensation52 87 
Loss on extinguishment of debt128  
Equity in loss of investee companies, net of tax and distributions18 9 
Change in assets and liabilities348 (508)
Net cash flow provided by operating activities from continuing operations1,651 357 
Net cash flow provided by (used for) operating activities from discontinued operations72 (1)
Net cash flow provided by operating activities1,723 356 
Investing Activities:
Investments (40)(46)
Capital expenditures(62)(51)
Proceeds from sale of investments213 146 
Other investing activities(25) 
Net cash flow provided by investing activities86 49 
Financing Activities:
Repayments of short-term debt borrowings, net (186)
Repayment of long-term debt(2,117) 
Dividends paid on common stock(151)(152)
Proceeds from issuance of preferred stock983  
Proceeds from issuance of common stock 1,672  
Purchase of Company common stock (58)
Payment of payroll taxes in lieu of issuing shares for stock-based compensation(35)(50)
Proceeds from exercise of stock options408 5 
Other financing activities(37)(38)
Net cash flow provided by (used for) financing activities723 (479)
Effect of exchange rate changes on cash, cash equivalents and restricted cash(19)(29)
Net increase (decrease) in cash, cash equivalents and restricted cash2,513 (103)
Cash, cash equivalents and restricted cash at beginning of period
(includes $135 (2021) and $202 (2020) of restricted cash)
3,119 834 
Cash, cash equivalents and restricted cash at end of period
(includes $133 (2021) and $142 (2020) of restricted cash)
$5,632 $731 
See notes to consolidated financial statements.
-6-


VIACOMCBS INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Unaudited; in millions)
Three Months Ended March 31, 2021
Preferred StockClass A and B Common Stock Additional Paid-In CapitalTreasury
Stock
Retained EarningsAccumulated Other Comprehensive LossTotal ViacomCBS Stockholders’ EquityNoncontrolling InterestsTotal Equity
(Shares)(Shares)
December 31, 2020 $ 617 $1 $29,785 $(22,958)$10,375 $(1,832)$15,371 $685 $16,056 
Stock-based
compensation
activity
— — 9 — 426 — — — 426 — 426 
Stock issuances10 — 20 — 2,655 — — — 2,655 — 2,655 
Preferred stock
dividends
— — — — — — (1)— (1)— (1)
Common stock
dividends
— — — — — — (152)— (152)— (152)
Noncontrolling
interests
— — — — — — 11 — 11 (24)(13)
Net earnings— — — — — — 911 — 911 12 923 
Other comprehensive
loss
— — — — — — — (50)(50)(1)(51)
March 31, 202110 $ 646 $1 $32,866 $(22,958)$11,144 $(1,882)$19,171 $672 $19,843 
Three Months Ended March 31, 2020
Class A and B Common Stock Additional Paid-In CapitalTreasury
Stock
Retained EarningsAccumulated Other Comprehensive LossTotal ViacomCBS Stockholders’ EquityNoncontrolling InterestsTotal Equity
(Shares)
December 31, 2019615 $1 $29,590 $(22,908)$8,494 $(1,970)$13,207 $82 $13,289 
Stock-based compensation
activity
1 — 43 — — — 43 — 43 
Class B Common Stock
purchased
(1)— — (50)— — (50)— (50)
Common stock
dividends
— — — — (150)— (150)— (150)
Noncontrolling interests— — — (33)— (33)(10)(43)
Net earnings— — — — 516 — 516 3 519 
Other comprehensive
loss
— — — — — (84)(84)(3)(87)
March 31, 2020615 $1 $29,633 $(22,958)$8,827 $(2,054)$13,449 $72 $13,521 
See notes to consolidated financial statements.

-7-



VIACOMCBS INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Tabular dollars in millions, except per share amounts)

1) BASIS OF PRESENTATION
Description of Business—ViacomCBS Inc. is comprised of the following segments: TV Entertainment (CBS Television Network; CBS Studios; CBS Media Ventures; streaming services, including Paramount+ and CBSN; CBS Sports Network and CBS Television Stations), Cable Networks (premium and basic cable networks, including Showtime, BET, Nickelodeon, MTV, Comedy Central, Paramount Network, and Smithsonian channel; streaming services, including Pluto TV and Showtime Networks’ premium subscription streaming service (“Showtime OTT”); and ViacomCBS Networks International, including Channel 5, Telefe and Network 10) and Filmed Entertainment (Paramount Pictures, Paramount Players, Paramount Animation, Paramount Television Studios and Miramax). References to “ViacomCBS,” the “Company,” “we,” “us” and “our” refer to ViacomCBS Inc. and its consolidated subsidiaries, unless the context otherwise requires.

Basis of Presentation—The accompanying unaudited consolidated financial statements have been prepared on a basis consistent with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and pursuant to the rules of the Securities and Exchange Commission (“SEC”). These financial statements should be read in conjunction with the more detailed financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2020.

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

Discontinued Operations—On November 25, 2020, we entered into an agreement to sell our publishing business, Simon & Schuster, which was previously reported as the Publishing segment, to Penguin Random House LLC, a wholly owned subsidiary of Bertelsmann SE & Co. KGaA, for $2.175 billion in cash. As a result, Simon & Schuster has been presented as a discontinued operation in our consolidated financial statements for all periods presented (see Note 2).

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

Net Earnings per Common Share—Basic net earnings per share (“EPS”) is based upon net earnings available to common stockholders divided by the weighted average number of common shares outstanding during the period. Net earnings available to common stockholders is calculated as net earnings from continuing operations or net earnings, as applicable, adjusted to include preferred stock dividends accumulated during the period. During the three months ended March 31, 2021, we accumulated dividends of $1 million on the 5.75% Series A Mandatory Convertible Preferred Stock (“Mandatory Convertible Preferred Stock”) that was issued during the first quarter of 2021 (see Note 9).

Weighted average shares for diluted EPS reflects the effect of the assumed exercise of stock options and vesting of restricted stock units (“RSUs”) or performance stock 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-
-8-



VIACOMCBS INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Tabular dollars in millions, except per share amounts)
mentioned accumulated preferred stock dividend adjustment to net earnings available to common stockholders. Excluded from the calculation of diluted EPS because their inclusion would have been anti-dilutive, were stock options of 3 million for the three months ended March 31, 2021 and stock options and RSUs of 26 million for the three months ended March 31, 2020.

The table below presents a reconciliation of weighted average shares used in the calculation of basic and diluted EPS.
Three Months Ended
March 31,
(in millions)20212020
Weighted average shares for basic EPS622 614 
Dilutive effect of shares issuable under stock-based
compensation plans
8 2 
Dilutive effect of Mandatory Convertible Preferred Stock1  
Weighted average shares for diluted EPS631 616 
Recently Adopted Accounting Pronouncements
Simplifying the Accounting for Income Taxes
On January 1, 2021, we adopted Financial Accounting Standards Board (“FASB”) guidance on the accounting for income taxes that, among other provisions, eliminates certain exceptions to existing guidance related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. This guidance also requires an entity to reflect the effect of an enacted change in tax laws or rates in its effective income tax rate in the interim period that includes the enactment date. The adoption of this guidance did not have a material impact on our consolidated financial statements.

Accounting Pronouncements Not Yet Adopted
Reference Rate Reform
In March 2020, the FASB issued guidance providing optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by the discontinuation of the London Interbank Offered Rate (“LIBOR”) or by another reference rate expected to be discontinued. The guidance is effective immediately upon issuance and an entity may elect to apply it to contract modifications or hedging relationships entered into on or before December 31, 2022, with a few exceptions for certain hedging relationships existing as of December 31, 2022. We intend to apply this guidance when modifications of contracts that include LIBOR occur, which is not expected to have a material impact on our consolidated financial statements.

Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity

On August 5, 2020, the FASB issued amended guidance to reduce complexity associated with the accounting for convertible instruments with characteristics of liabilities and equity. Under this guidance, embedded conversion features associated with convertible instruments no longer need to be separated from the host contracts unless they are required to be accounted for as derivatives or have been issued at a substantial premium. For contracts in an entity’s own equity, this guidance removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exceptions. This guidance also amends certain EPS guidance for convertible instruments and expands disclosure requirements. This guidance is effective for fiscal years beginning after
-9-



VIACOMCBS INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Tabular dollars in millions, except per share amounts)
December 15, 2021, with early adoption permitted, and is not expected to have a material impact on our consolidated financial statements.
2) DISCONTINUED OPERATIONS
During the fourth quarter of 2020, we entered into an agreement to sell our publishing business, Simon & Schuster, for $2.175 billion in cash. The transaction is subject to customary closing conditions, including regulatory approvals, and is expected to close in 2021. Simon & Schuster has been presented as a discontinued operation in our consolidated financial statements for all periods presented.

The following table sets forth details of net earnings from discontinued operations for the three months ended March 31, 2021 and 2020, which primarily reflects the results of Simon & Schuster.
Three Months Ended
March 31,
20212020
Revenues$185 $170 
Costs and expenses:
Operating120 99 
Selling, general and administrative 38 43 
Depreciation and amortization 1 
Restructuring charges 2 
Total costs and expenses (a)
158 145 
Operating income27 25 
Other items, net(2)(5)
Earnings from discontinued operations25 20 
Income tax provision (b)
(13)(5)
Net earnings from discontinued operations, net of tax $12 $15 
(a) The three months ended March 31, 2020 includes $10 million for the release of indemnification obligations for leases relating to a previously disposed business.
(b) The three months ended March 31, 2021 and 2020 include tax provisions of $7 million and $2 million, respectively, related to previously disposed businesses.
The following table presents the major classes of assets and liabilities of our discontinued operations.
AtAt
March 31, 2021December 31, 2020
Receivables, net$322 $447 
Other current assets192 183 
Goodwill 435 435 
Property and equipment, net42 42 
Operating lease assets191 191 
Other assets143 141 
Total Assets$1,325 $1,439 
Royalties payable$112 $131 
Other current liabilities311 349 
Operating lease liabilities191 194 
Other liabilities21 26 
Total Liabilities$635 $700 
-10-



VIACOMCBS INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Tabular dollars in millions, except per share amounts)
3) PROGRAMMING AND OTHER INVENTORY
The following table presents our programming and other inventory at March 31, 2021 and December 31, 2020, grouped by type and predominant monetization strategy.
AtAt
March 31, 2021December 31, 2020
Film Group Monetization:
Acquired program rights, including prepaid sports rights$2,688 $3,413 
Internally-produced television programming:
Released2,526 2,558 
In process and other1,976 1,682 
Individual Monetization:
Acquired libraries475 483 
Film inventory:
Released417 374 
Completed, not yet released414 543 
In process and other991 816 
Internally-produced television programming
Released1,338 1,206 
In process and other1,033 1,013 
Home entertainment34 32 
Total programming and other inventory11,892 12,120 
Less current portion1,137 1,757 
Total noncurrent programming and other inventory$10,755 $10,363 
The following table presents amortization of television and film programming and production costs.
Three Months Ended
March 31,
20212020
Programming costs, acquired programming$1,502 $973 
Production costs, internally-produced television and film programming:
Individual monetization$760 $770 
Film group monetization$650 $689 
4) RESTRUCTURING AND OTHER CORPORATE MATTERS
Restructuring Charges
During the three months ended March 31, 2020, we recorded restructuring charges of $200 million associated with cost-transformation initiatives in connection with the merger of Viacom Inc. with and into CBS Corporation (the “Merger”) in an effort to reduce redundancies across our businesses. These charges consisted of $174 million of severance costs, including the accelerated vesting of stock-based compensation, and $26 million of exit costs resulting from the termination of contractual obligations.

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VIACOMCBS INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Tabular dollars in millions, except per share amounts)
The following table presents a rollforward of our restructuring liability, which is recorded in “Other current liabilities” and “Other liabilities” on the Consolidated Balance Sheets. The majority of the restructuring liability at March 31, 2021, which primarily relates to severance payments, is expected to be paid by the end of 2021.
Balance at2021 ActivityBalance at
December 31, 2020PaymentsOtherMarch 31, 2021
TV Entertainment$112 $(13)$(2)$97 
Cable Networks144 (33)(2)109 
Filmed Entertainment30 (5)(4)21 
Corporate86 (33)(2)51 
Total$372 $(84)$(10)$278 
Merger-related Costs and Other Corporate Matters
During the three months ended March 31, 2020, in addition to the above-mentioned restructuring charges, we incurred $31 million of merger-related costs, consisting of transaction-related bonuses and professional fees mainly associated with integration activities.

In addition, during the three months ended March 31, 2020, we recorded accelerated depreciation expense of $12 million resulting from the abandonment of technology in connection with synergy plans related to the Merger, which is recorded in “Depreciation and amortization” in the Consolidated Statement of Operations.
5) RELATED PARTIES
National Amusements, Inc.
National Amusements, Inc. (“NAI”) is the controlling stockholder of ViacomCBS. At March 31, 2021, NAI directly or indirectly owned approximately 77.4% of our voting Class A Common Stock and 9.7% of our Class A Common Stock and non-voting Class B Common Stock on a combined basis. NAI is controlled by the Sumner M. Redstone National Amusements Part B General Trust (the “General Trust”), which owns 80% of the voting interest of NAI and acts by majority vote of seven voting trustees (subject to certain exceptions), including with respect to the NAI shares held by the General Trust. The 80% voting interest of NAI held by the General Trust was previously held by it and another trust; each trust held 40% of the voting interest and shared the same seven voting trustees who were required to cause each of the two trusts to vote the NAI shares in the same manner. Shari E. Redstone, Chairperson, CEO and President of NAI and non-executive Chair of our Board of Directors, is one of the seven voting trustees for the General Trust and is one of two voting trustees who are beneficiaries of the General Trust. No member of our management or other member of our Board of Directors is a trustee of the General Trust.

Other Related Parties
In the ordinary course of business, we are involved in transactions with our equity-method investees, primarily for the licensing of television and film programming. The following tables present the amounts recorded in our consolidated financial statements related to these transactions.
Three Months Ended
March 31,
20212020
Revenues$65 $52 
Operating expenses$4 $2 
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VIACOMCBS INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Tabular dollars in millions, except per share amounts)
AtAt
March 31, 2021December 31, 2020
Accounts receivable$49 $69 
Through the normal course of business, we are involved in transactions with other related parties that have not been material in any of the periods presented.
6) REVENUES
The table below presents our revenues disaggregated into categories based on the nature of such revenues. Beginning in the first quarter of 2021, and for all comparable prior-year periods, these categories include streaming revenues, which aligns with management’s increased focus on this revenue stream. Streaming revenues are comprised of streaming advertising and streaming subscription revenues. Streaming advertising revenues are earned from advertisements on our pay and free streaming services, including Paramount+ and Pluto TV, and from digital video advertisements on our websites and in our video content on third-party platforms (“other digital video platforms”). Streaming subscription revenues include fees for our pay streaming services, including Paramount+, Showtime OTT, BET+ and Noggin, as well as premium subscriptions to access certain video content on our websites. Accordingly, our advertising and affiliate revenue categories exclude revenues earned by our streaming services and on other digital video platforms.
Three Months Ended
March 31,
20212020
Revenues by Type:
Advertising (a)
$2,681 $2,219 
Affiliate (b)
2,075 1,968 
Streaming816 494 
Theatrical1 167 
Licensing and other1,839 1,651 
Total Revenues$7,412 $6,499 
(a) Excludes streaming advertising revenues.
(b) Excludes streaming subscription revenues.
Receivables
Reserves for accounts receivable reflect our expected credit losses based on historical experience as well as current and expected economic conditions. Our allowance for credit losses was $83 million and $85 million at March 31, 2021 and December 31, 2020, respectively.

Included in “Other assets” on the Consolidated Balance Sheets are noncurrent receivables of $1.97 billion and $2.02 billion at March 31, 2021 and December 31, 2020, respectively. Noncurrent receivables primarily relate to revenues recognized under long-term television licensing arrangements. Television license fee revenues 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 collected over the term of the license period.

-13-



VIACOMCBS INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Tabular dollars in millions, except per share amounts)
Contract Liabilities
Contract liabilities are included within “Deferred revenues” and “Other liabilities” on the Consolidated Balance Sheets and were $1.17 billion and $1.12 billion at March 31, 2021 and December 31, 2020, respectively. For the three months ended March 31, 2021, we recognized revenues of $465 million that were included in deferred revenues at December 31, 2020. For the three months ended March 31, 2020, we recognized revenues of $276 million that were included in deferred revenues at December 31, 2019.

Unrecognized Revenues Under Contract
At March 31, 2021, unrecognized revenues attributable to unsatisfied performance obligations under our long-term contracts was $6.48 billion, of which $2.91 billion is expected to be recognized for the remainder of 2021, $2.39 billion in 2022, $778 million in 2023, and $399 million thereafter. These amounts only include contracts subject to a guaranteed fixed amount or the guaranteed minimum under variable contracts, primarily consisting of television and film licensing contracts and affiliate agreements that are subject to a fixed or guaranteed minimum fee. Such amounts change on a regular basis as we renew existing agreements or enter into new agreements. Unrecognized revenues under contracts disclosed above do not include (i) contracts with an original expected term of one year or less, mainly consisting of advertising contracts, (ii) contracts for which variable consideration is determined based on the customer’s subsequent sale or usage, mainly consisting of affiliate agreements and (iii) long-term licensing agreements for multiple programs for which variable consideration is determined based on the value of the programs delivered to the customer and our right to invoice corresponds with the value delivered.

Performance Obligations Satisfied in Previous Periods
Under certain licensing arrangements, the amount and timing of our revenue recognition is determined based on our licensees’ subsequent sale to its end customers. As a result, under such arrangements, which primarily include licensing of our content to distributors of transactional video-on-demand and electronic sell-through services, we often satisfy our performance obligation of delivery of our content in advance of revenue recognition. During the three months ended March 31, 2021 and 2020, we recognized revenues of $80 million and $74 million, respectively, in our Filmed Entertainment segment for performance obligations satisfied, or partially satisfied, in a prior period.
-14-



VIACOMCBS INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Tabular dollars in millions, except per share amounts)
7) DEBT
Our debt consists of the following:
AtAt
March 31, 2021December 31, 2020
2.250% Senior Notes due 2022
$ $35 
3.375% Senior Notes due 2022
 415 
3.125% Senior Notes due 2022
 117 
2.50% Senior Notes due 2023
 196 
3.25% Senior Notes due 2023
 141 
2.90% Senior Notes due 2023
 242 
4.25% Senior Notes due 2023
 837 
7.875% Debentures due 2023
139 139 
7.125% Senior Notes due 2023
35 35 
3.875% Senior Notes due 2024
490 490 
3.70% Senior Notes due 2024
598 598 
3.50% Senior Notes due 2025
597 596 
4.75% Senior Notes due 2025
1,240 1,239 
4.0% Senior Notes due 2026
791 791 
3.45% Senior Notes due 2026
123 123 
2.90% Senior Notes due 2027
691 691 
3.375% Senior Notes due 2028
495 495 
3.70% Senior Notes due 2028
492 492 
4.20% Senior Notes due 2029
494 493 
7.875% Senior Debentures due 2030
831 831 
4.95% Senior Notes due 2031
1,221 1,220 
4.20% Senior Notes due 2032
970 969 
5.50% Senior Debentures due 2033
427 427 
4.85% Senior Debentures due 2034
87 87 
6.875% Senior Debentures due 2036
1,069 1,069 
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
487 487 
4.375% Senior Debentures due 2043
1,117 1,116 
4.875% Senior Debentures due 2043
18 18 
5.85% Senior Debentures due 2043
1,232 1,232 
5.25% Senior Debentures due 2044
345 345 
4.90% Senior Notes due 2044
540 540 
4.60% Senior Notes due 2045
589 589 
4.95% Senior Notes due 2050
943 942 
5.875% Junior Subordinated Debentures due 2057
514 514 
6.25% Junior Subordinated Debentures due 2057
643 643 
Other bank borrowings115 95 
Obligations under finance leases36 26 
Total debt (a)
17,787 19,733 
Less current portion of long-term debt
19 16 
Total long-term debt, net of current portion$17,768 $19,717 
(a) At March 31, 2021 and December 31, 2020, the senior and junior subordinated debt balances included (i) a net unamortized discount of $481 million and $491 million, respectively, and (ii) unamortized deferred financing costs of $102 million and $107 million, respectively. The face value of our total debt was $18.37 billion and $20.33 billion at March 31, 2021 and December 31, 2020, respectively.


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VIACOMCBS INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Tabular dollars in millions, except per share amounts)
During the three months ended March 31, 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 5.875% junior subordinated debentures due February 2057 and 6.25% junior subordinated debentures due February 2057 accrue interest at the stated fixed rates until February 28, 2022 and February 28, 2027, respectively, on which dates the rates will switch to floating rates based on three-month LIBOR plus 3.895% and 3.899%, respectively, reset quarterly. These debentures can be called by us at any time after the expiration of the fixed-rate period.

Commercial Paper
At both March 31, 2021 and December 31, 2020, we had no outstanding commercial paper borrowings under our commercial paper program.

Credit Facility
At March 31, 2021, we had a $3.50 billion revolving credit facility with a maturity in January 2025 (the “Credit Facility”). 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 LIBOR plus a margin based on our senior unsecured debt rating, depending on the type and tenor of the loans entered. The Credit Facility has one principal financial covenant that requires our Consolidated Total Leverage Ratio to be less than 4.5x (which we may elect to increase to 5.0x for up to four consecutive quarters following a qualified acquisition) at the end of each quarter. The Consolidated Total Leverage Ratio reflects the ratio of our Consolidated Indebtedness at the end of a quarter, to our Consolidated EBITDA (each as defined in the amended credit agreement) for the trailing twelve-month period. We met the covenant as of March 31, 2021.

At March 31, 2021, we had no borrowings outstanding under the Credit Facility and the remaining availability under the Credit Facility, net of outstanding letters of credit, was $3.50 billion.

Other Bank Borrowings
At March 31, 2021 and December 31, 2020, we had bank borrowings under Miramax’s $300 million credit facility, which matures in April 2023, of $115 million and $95 million, respectively, with a weighted average interest rate of 3.50%.
8) FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS
The carrying value of our financial instruments approximates fair value, except for notes and debentures. At March 31, 2021 and December 31, 2020, the carrying value of our notes and debentures was $17.64 billion and $19.61 billion, respectively, and the fair value, which is determined based on quoted prices in active markets (Level 1 in the fair value hierarchy) was $21.2 billion and $24.5 billion, respectively.

Investments
The fair value of our marketable securities was $20 million at March 31, 2021 which is included within “Other assets” on the Consolidated Balance Sheet.

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VIACOMCBS INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Tabular dollars in millions, except per share amounts)
The carrying value of our investments without a readily determinable fair value for which we have no significant influence was $65 million at both March 31, 2021 and December 31, 2020. These investments are included in “Other assets” on the Consolidated Balance Sheets.

Foreign Exchange Contracts
We use derivative financial instruments primarily to modify our exposure to market risks from fluctuations in foreign currency exchange rates. We do not use derivative instruments unless there is an underlying exposure and therefore we do not hold or enter into derivative financial instruments for speculative trading purposes. Foreign exchange forward contracts have principally been used to hedge projected cash flows, in currencies such as the British Pound, the Euro, the Canadian Dollar and the Australian Dollar, generally for periods up to 24 months. We designate foreign exchange forward contracts used to hedge committed and forecasted foreign currency transactions as cash flow hedges. Additionally, we enter into non-designated forward contracts to hedge non-U.S. dollar denominated cash flows.

At March 31, 2021 and December 31, 2020, the notional amount of all foreign exchange contracts was $1.48 billion and $1.27 billion, respectively. At March 31, 2021, $