NETFLIX INC, 10-K filed on 1/27/2022
Annual Report
v3.21.4
Cover - USD ($)
 12 Months Ended
Dec. 31, 2021
Jun. 30, 2021
Cover [Abstract]    
Document Type 10-K  
Document Annual Report true  
Document Period End Date Dec. 31, 2021  
Current Fiscal Year End Date --12-31  
Document Transition Report false  
Entity File Number 001-35727  
Entity Registrant Name Netflix, Inc.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 77-0467272  
Entity Address, Address Line One 100 Winchester Circle,  
Entity Address, City or Town Los Gatos  
Entity Address, State or Province CA  
Entity Address, Postal Zip Code 95032  
City Area Code 408  
Local Phone Number 540-3700  
Title of 12(b) Security Common stock, par value $0.001 per share  
Trading Symbol NFLX  
Security Exchange Name NASDAQ  
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  
Entity Shell Company false  
Entity Public Float   $ 229,758,549,359
Entity Common Stock, Shares Outstanding 443,963,107  
Documents Incorporated by Reference Parts of the registrant’s Proxy Statement for the registrant’s 2022 Annual Meeting of Stockholders are incorporated by reference into Part III of this Annual Report on Form 10-K.  
Entity Central Index Key 0001065280  
Document Fiscal Year Focus 2021  
Document Fiscal Period Focus FY  
Amendment Flag false  
v3.21.4
Audit Information
 12 Months Ended
Dec. 31, 2021
Audit Information [Abstract]  
Auditor Firm ID 42
Auditor Name Ernst & Young LLP
Auditor Location San Jose, California
v3.21.4
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Income Statement [Abstract]      
Revenues $ 29,697,844 $ 24,996,056 $ 20,156,447
Cost of revenues 17,332,683 15,276,319 12,440,213
Marketing 2,545,146 2,228,362 2,652,462
Technology and development 2,273,885 1,829,600 1,545,149
General and administrative 1,351,621 1,076,486 914,369
Operating income 6,194,509 4,585,289 2,604,254
Other income (expense):      
Interest expense (765,620) (767,499) (626,023)
Interest and other income (expense) 411,214 (618,441) 84,000
Income before income taxes 5,840,103 3,199,349 2,062,231
Provision for income taxes (723,875) (437,954) (195,315)
Net income $ 5,116,228 $ 2,761,395 $ 1,866,916
Earnings per share:      
Basic (in USD per share) $ 11.55 $ 6.26 $ 4.26
Diluted (in USD per share) $ 11.24 $ 6.08 $ 4.13
Weighted-average common shares outstanding:      
Basic (in shares) 443,155 440,922 437,799
Diluted (in shares) 455,372 454,208 451,765
v3.21.4
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Statement of Comprehensive Income [Abstract]      
Net income $ 5,116,228 $ 2,761,395 $ 1,866,916
Other comprehensive income (loss):      
Foreign currency translation adjustments (84,893) 67,919 (3,939)
Comprehensive income $ 5,031,335 $ 2,829,314 $ 1,862,977
v3.21.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities:      
Net income $ 5,116,228 $ 2,761,395 $ 1,866,916
Adjustments to reconcile net income to net cash provided by (used in) operating activities:      
Additions to content assets (17,702,202) (11,779,284) (13,916,683)
Change in content liabilities 232,898 (757,433) (694,011)
Amortization of content assets 12,230,367 10,806,912 9,216,247
Depreciation and amortization of property, equipment and intangibles 208,412 115,710 103,579
Stock-based compensation expense 403,220 415,180 405,376
Foreign currency remeasurement loss (gain) on debt (430,661) 533,278 (45,576)
Other non-cash items 376,777 293,126 228,230
Deferred income taxes 199,548 70,066 (94,443)
Changes in operating assets and liabilities:      
Other current assets (369,681) (187,623) (252,113)
Accounts payable 145,115 (41,605) 96,063
Accrued expenses and other liabilities 180,338 198,183 157,778
Deferred revenue 91,350 193,247 163,846
Other non-current assets and liabilities (289,099) (194,075) (122,531)
Net cash provided by (used in) operating activities 392,610 2,427,077 (2,887,322)
Cash flows from investing activities:      
Purchases of property and equipment (524,585) (497,923) (253,035)
Change in other assets (26,919) (7,431) (134,029)
Acquisitions (788,349) 0 0
Net cash used in investing activities (1,339,853) (505,354) (387,064)
Cash flows from financing activities:      
Proceeds from issuance of debt 0 1,009,464 4,469,306
Debt issuance costs 0 (7,559) (36,134)
Repayments of debt (500,000) 0 0
Proceeds from issuance of common stock 174,414 235,406 72,490
Repurchases of common stock (600,022) 0 0
Taxes paid related to net share settlement of equity awards (224,168) 0 0
Net cash provided by (used in) financing activities (1,149,776) 1,237,311 4,505,662
Effect of exchange rate changes on cash, cash equivalents and restricted cash (86,740) 36,050 469
Net increase (decrease) in cash, cash equivalents and restricted cash (2,183,759) 3,195,084 1,231,745
Cash, cash equivalents and restricted cash, beginning of year 8,238,870 5,043,786 3,812,041
Cash, cash equivalents and restricted cash, end of year 6,055,111 8,238,870 5,043,786
Supplemental disclosure:      
Income taxes paid 509,265 291,582 400,658
Interest paid $ 763,432 $ 762,904 $ 599,132
v3.21.4
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Current assets:    
Cash and cash equivalents $ 6,027,804 $ 8,205,550
Other current assets 2,042,021 1,556,030
Total current assets 8,069,825 9,761,580
Content assets, net 30,919,539 25,383,950
Property and equipment, net 1,323,453 960,183
Other non-current assets 4,271,846 3,174,646
Total assets 44,584,663 39,280,359
Current liabilities:    
Current content liabilities 4,292,967 4,429,536
Accounts payable 837,483 656,183
Accrued expenses and other liabilities 1,449,351 1,102,196
Deferred revenue 1,209,342 1,117,992
Short-term debt 699,823 499,878
Total current liabilities 8,488,966 7,805,785
Non-current content liabilities 3,094,213 2,618,084
Long-term debt 14,693,072 15,809,095
Other non-current liabilities 2,459,164 1,982,155
Total liabilities 28,735,415 28,215,119
Commitments and contingencies
Stockholders’ equity:    
Preferred stock, $0.001 par value; 10,000,000 shares authorized at December 31, 2021 and December 31, 2020; no shares issued and outstanding at December 31, 2021 and December 31, 2020 0 0
Common stock, 0.001 par value; 4,990,000,000 shares authorized at December 31, 2021 and December 31, 2020; 443,963,107 and 442,895,261 issued and outstanding at December 31, 2021 and December 31, 2020, respectively 4,024,561 3,447,698
Treasury stock at cost (1,564,478 shares at December 31, 2021) (824,190) 0
Accumulated other comprehensive income (loss) (40,495) 44,398
Retained earnings 12,689,372 7,573,144
Total stockholders’ equity 15,849,248 11,065,240
Total liabilities and stockholders’ equity $ 44,584,663 $ 39,280,359
v3.21.4
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Dec. 31, 2021
Dec. 31, 2020
Statement of Financial Position [Abstract]    
Preferred stock, par value (in USD per share) $ 0.001 $ 0.001
Preferred stock, shares authorized (in shares) 10,000,000 10,000,000
Preferred stock, shares issued (in shares) 0 0
Preferred stock, shares outstanding (in shares) 0 0
Common stock, par value (in USD per share) $ 0.001 $ 0.001
Common stock, shares authorized (in shares) 4,990,000,000 4,990,000,000
Common stock, shares issued (in shares) 443,963,107 442,895,261
Common stock, shares outstanding (in shares) 443,963,107 442,895,261
Treasury stock (in shares) 1,564,478  
v3.21.4
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($)
$ in Thousands
Total
Cumulative Effect, Period of Adoption, Adjustment
Common Stock and Additional Paid-in Capital
Treasury Stock
Accumulated Other Comprehensive Income (Loss)
Retained Earnings
Retained Earnings
Cumulative Effect, Period of Adoption, Adjustment
Beginning Balance (in shares) at Dec. 31, 2018     436,598,597        
Beginning Balance at Dec. 31, 2018 $ 5,238,765 $ 2,474 $ 2,315,988 $ 0 $ (19,582) $ 2,942,359 $ 2,474
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income 1,866,916         1,866,916  
Other comprehensive income (loss) $ (3,939)       (3,939)    
Issuance of common stock upon exercise of options (in shares) 2,208,052   2,208,052        
Issuance of common stock upon exercise of options $ 72,565   $ 72,565        
Stock-based compensation expense 405,376   $ 405,376        
Ending Balance (in shares) at Dec. 31, 2019     438,806,649        
Ending Balance at Dec. 31, 2019 7,582,157   $ 2,793,929 0 (23,521) 4,811,749  
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income 2,761,395         2,761,395  
Other comprehensive income (loss) $ 67,919       67,919    
Issuance of common stock upon exercise of options (in shares) 4,088,612   4,088,612        
Issuance of common stock upon exercise of options $ 238,589   $ 238,589        
Stock-based compensation expense 415,180   $ 415,180        
Ending Balance (in shares) at Dec. 31, 2020     442,895,261        
Ending Balance at Dec. 31, 2020 11,065,240   $ 3,447,698 0 44,398 7,573,144  
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income 5,116,228         5,116,228  
Other comprehensive income (loss) $ (84,893)       (84,893)    
Issuance of common stock upon exercise of options (in shares) 2,632,324   2,632,324        
Issuance of common stock upon exercise of options $ 173,643   $ 173,643        
Repurchases of common stock (in shares) (1,182,410)   (1,182,410)        
Repurchases of common stock $ (600,022)     (600,022)      
Shares withheld related to net share settlement (in shares)     (382,068)        
Shares withheld related to net share settlement (224,168)     (224,168)      
Stock-based compensation expense 403,220   $ 403,220        
Ending Balance (in shares) at Dec. 31, 2021     443,963,107        
Ending Balance at Dec. 31, 2021 $ 15,849,248   $ 4,024,561 $ (824,190) $ (40,495) $ 12,689,372  
v3.21.4
Organization and Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization and Summary of Significant Accounting Policies Organization and Summary of Significant Accounting Policies
Description of Business
Netflix, Inc. (the “Company”) was incorporated on August 29, 1997 and began operations on April 14, 1998. The Company is one of the world’s leading entertainment services with approximately 222 million paid memberships in over 190 countries enjoying TV series, documentaries, feature films and mobile games across a wide variety of genres and languages. Members can engage as much as they want, anytime, anywhere, on any internet-connected screen. Members can play, pause and resume watching, all without commercials. Additionally, the Company continues to offer its DVD-by-mail service in the United States ("U.S.").
Basis of Presentation
The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. Intercompany balances and transactions have been eliminated.
Use of Estimates
The preparation of consolidated financial statements in conformity with generally accepted accounting principles ("GAAP") in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Significant items subject to such estimates and assumptions include the content asset amortization policy and the recognition and measurement of income tax assets and liabilities. The Company bases its estimates on historical experience and on various other assumptions that the Company believes to be reasonable under the circumstances. On an ongoing basis, the Company evaluates these assumptions, judgments and estimates. Actual results may differ from these estimates.
Recently adopted accounting pronouncements
In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2019-12, Simplifying the Accounting for Income Taxes (Topic 740). ASU 2019-12 removes certain exceptions for performing intraperiod tax allocations, recognizing deferred taxes for investments, and calculating income taxes in interim periods. The guidance also simplifies the accounting for franchise taxes, transactions that result in a step-up in the tax basis of goodwill, and the effect of enacted changes in tax laws or rates in interim periods. The Company adopted ASU 2019-12 in the first quarter of 2021 and the adoption had no material impact to the Company’s consolidated financial statements.
Recently issued accounting pronouncements not yet adopted
In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which requires an acquirer in a business combination to recognize and measure contract assets and contract liabilities in accordance with Accounting Standards Codification Topic 606. ASU 2021-08 is effective for fiscal years beginning after December 15, 2022 and early adoption is permitted. While the Company is continuing to assess the timing of adoption and the potential impacts of ASU 2021-08, it does not expect ASU 2021-08 to have a material effect, if any, on its consolidated financial statements.
Cash Equivalents
The Company considers investments in instruments purchased with an original maturity of 90 days or less to be cash equivalents. The Company also classifies amounts in transit from payment processors for customer credit card and debit card transactions as cash equivalents.
Content
The Company acquires, licenses and produces content, including original programming, in order to offer members unlimited viewing of video entertainment. The content licenses are for a fixed fee and specific windows of availability. Payment terms for certain content licenses and the production of content require more upfront cash payments relative to the amortization expense. Payments for content, including additions to content assets and the changes in related liabilities, are classified within "Net cash provided by (used in) operating activities" on the Consolidated Statements of Cash Flows.
The Company recognizes content assets (licensed and produced) as “Content assets, net” on the Consolidated Balance Sheets. For licensed content, the Company capitalizes the fee per title and records a corresponding liability at the gross amount of the liability when the license period begins, the cost of the title is known and the title is accepted and available for streaming. For produced content, the Company capitalizes costs associated with the production, including development costs, direct costs and production overhead. Participations and residuals are expensed in line with the amortization of production costs.
Based on factors including historical and estimated viewing patterns, the Company amortizes the content assets (licensed and produced) in “Cost of revenues” on the Consolidated Statements of Operations over the shorter of each title's contractual window of availability or estimated period of use or ten years, beginning with the month of first availability. The amortization is on an accelerated basis, as the Company typically expects more upfront viewing, and film amortization is more accelerated than TV series amortization. On average, over 90% of a licensed or produced content asset is expected to be amortized within four years after its month of first availability. The Company reviews factors impacting the amortization of the content assets on an ongoing basis. The Company's estimates related to these factors require considerable management judgment.
The Company's business model is subscription based as opposed to a model generating revenues at a specific title level. Content assets (licensed and produced) are predominantly monetized as a group and therefore are reviewed in aggregate at a group level when an event or change in circumstances indicates a change in the expected usefulness of the content or that the fair value may be less than unamortized cost. To date, the Company has not identified any such event or changes in circumstances. If such changes are identified in the future, these aggregated content assets will be stated at the lower of unamortized cost or fair value. In addition, unamortized costs for assets that have been, or are expected to be, abandoned are written off.
Acquisitions

The Company uses its best estimates and assumptions to assign fair value to the tangible and intangible assets acquired and liabilities assumed at the acquisition date. In addition, uncertain tax positions, tax-related valuation allowances and pre-acquisition contingencies are initially recorded in connection with a business combination as of the acquisition date. Intangible assets are amortized over their estimated useful lives.
Property and Equipment
Property and equipment are carried at cost less accumulated depreciation. Depreciation is calculated using the straight-line method over the shorter of the estimated useful lives of the respective assets, generally up to 30 years, or the expected lease term for leasehold improvements, if applicable.
Trade Receivables
Trade receivables consist primarily of amounts related to members and payment partners that collect membership fees on the Company's behalf. The Company evaluates the need for an allowance for credit losses based on historical collection trends, the financial condition of its payment partners, and external market factors. The Company's allowance for credit losses was not material as of December 31, 2021 and December 31, 2020.
Marketing
Marketing expenses consist primarily of advertising expenses and certain payments made to the Company’s partners, including consumer electronics ("CE") manufacturers, multichannel video programming distributors ("MVPDs"), mobile operators and internet service providers ("ISPs"). Advertising expenses include promotional activities such as digital and television advertising. Advertising costs are expensed as incurred. Advertising expenses were $1,669 million, $1,447 million and $1,879 million for the years ended December 31, 2021, 2020 and 2019, respectively. Marketing expenses also include payroll and related expenses for personnel that support the Company's marketing activities.
Income Taxes
The Company records a provision for income taxes for the anticipated tax consequences of the reported results of operations using the asset and liability method. Deferred income taxes are recognized by applying enacted statutory tax rates applicable to future years to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases as well as net operating loss and tax credit carryforwards. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The measurement of deferred tax assets is reduced, if necessary, by a valuation allowance for any tax benefits for which future realization is uncertain.
The Company did not recognize certain tax benefits from uncertain tax positions within the provision for income taxes. The Company may recognize a tax benefit only if it is more likely than not the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such positions are then measured based on the largest benefit that has a greater than 50% likelihood of being realized upon settlement. The Company recognizes interest and penalties related to uncertain tax positions in income tax expense. See Note 10 Income Taxes to the consolidated financial statements for further information regarding income taxes.
Foreign Currency
The functional currency for the Company's subsidiaries is determined based on the primary economic environment in which the subsidiary operates. The Company translates the assets and liabilities of its non-U.S. dollar functional currency subsidiaries into U.S. dollars using exchange rates in effect at the end of each period. Revenues and expenses for these subsidiaries are translated using rates that approximate those in effect during the period. Gains and losses from these translations are recognized in cumulative translation adjustment included in "Accumulated other comprehensive income (loss)" in Stockholders’ equity on the Consolidated Balance Sheets.
The Company remeasures monetary assets and liabilities that are not denominated in the functional currency at exchange rates in effect at the end of each period. Gains and losses from these remeasurements are recognized in interest and other income (expense). Foreign currency transactions resulted in a gain of $403 million, a loss of $660 million, and a gain of $7 million for the years ended December 31, 2021, 2020 and 2019, respectively. These gains and losses were primarily due to the non-cash remeasurement of our Senior Notes denominated in euros and the remeasurement of cash and content liability positions denominated in currencies other than functional currencies.
Stock-Based Compensation
The Company grants fully vested non-qualified stock options to its employees on a monthly basis. As a result of immediate vesting, stock-based compensation expense is fully recognized on the grant date, and no estimate is required for post-vesting option forfeitures. See Note 9 Stockholders' Equity to the consolidated financial statements for further information regarding stock-based compensation.
v3.21.4
Revenue Recognition
 12 Months Ended
Dec. 31, 2021
Revenue from Contract with Customer [Abstract]  
Revenue Recognition Revenue Recognition
The Company's primary source of revenues is from monthly membership fees. Members are billed in advance of the start of their monthly membership and revenues are recognized ratably over each monthly membership period. Revenues are presented net of the taxes that are collected from members and remitted to governmental authorities. The Company is the principal in all its relationships where partners, including CE manufacturers, MVPDs, mobile operators and ISPs, provide access to the service as the Company retains control over service delivery to its members. Typically, payments made to the partners, such as for marketing, are expensed. However, if there is no distinct service provided in exchange for the payments made to the partners or if the price that the member pays is established by the partners and there is no standalone price for the Netflix service (for instance, in a bundle), these payments are recognized as a reduction of revenues.
The following tables summarize streaming revenues, paid net membership additions, and ending paid memberships by region for the years December 31, 2021, 2020 and 2019, respectively:

United States and Canada (UCAN)
As of/ Year Ended December 31,
 202120202019
 (in thousands)
Revenues$12,972,100 $11,455,396 $10,051,208 
Paid net membership additions1,279 6,274 2,905 
Paid memberships at end of period75,215 73,936 67,662 
Europe, Middle East, and Africa (EMEA)
As of/ Year Ended December 31,
 202120202019
 (in thousands)
Revenues$9,699,819 $7,772,252 $5,543,067 
Paid net membership additions7,338 14,920 13,960 
Paid memberships at end of period74,036 66,698 51,778 

Latin America (LATAM)
As of/ Year Ended December 31,
 202120202019
 (in thousands)
Revenues$3,576,976 $3,156,727 $2,795,434 
Paid net membership additions2,424 6,120 5,340 
Paid memberships at end of period39,961 37,537 31,417 


Asia-Pacific (APAC)
As of/ Year Ended December 31,
 202120202019
 (in thousands)
Revenues$3,266,601 $2,372,300 $1,469,521 
Paid net membership additions7,140 9,259 5,626 
Paid memberships at end of period32,632 25,492 16,233 
A paid membership (also referred to as a paid subscription) is defined as a membership that has the right to receive Netflix service following sign-up and a method of payment being provided, and that is not part of a free trial or certain other promotions that may be offered by the Company to new or rejoining members. A membership is canceled and ceases to be reflected in the above metrics as of the effective cancellation date. Voluntary cancellations generally become effective at the end of the prepaid membership period. Involuntary cancellations, as a result of a failed method of payment, become effective immediately. Memberships are assigned to territories based on the geographic location used at time of sign-up as determined by the Company’s internal systems, which utilize industry standard geo-location technology.
Total U.S. revenues, inclusive of DVD revenues not reported in the tables above, were $12.1 billion, $10.8 billion and $9.5 billion for the years ended December 31, 2021, 2020 and 2019, respectively. DVD revenues were $0.2 billion, $0.2 billion, and $0.3 billion for the years ended December 31, 2021, 2020 and 2019, respectively.
Deferred revenue consists of membership fees billed that have not been recognized, as well as gift and other prepaid memberships that have not been fully redeemed. As of December 31, 2021, total deferred revenue was $1,209 million, the vast majority of which was related to membership fees billed that are expected to be recognized as revenue within the next month. The remaining deferred revenue balance, which is related to gift cards and other prepaid memberships, will be recognized as revenue over the period of service after redemption, which is expected to occur over the next 12 months. The $91 million increase in deferred revenue as compared to the balance of $1,118 million for the year ended December 31, 2020, is a result of the increase in membership fees billed due to increased memberships and average monthly revenue per paying member.
v3.21.4
Earnings Per Share
 12 Months Ended
Dec. 31, 2021
Earnings Per Share [Abstract]  
Earnings Per Share Earnings per Share
Basic earnings per share is computed using the weighted-average number of outstanding shares of common stock during the period. Diluted earnings per share is computed using the weighted-average number of outstanding shares of common stock and, when dilutive, potential common shares outstanding during the period. Potential common shares consist of incremental shares issuable upon the assumed exercise of stock options. The computation of earnings per share is as follows:
 
 Year ended December 31,
 202120202019
 (in thousands, except per share data)
Basic earnings per share:
Net income$5,116,228 $2,761,395 $1,866,916 
Shares used in computation:
Weighted-average common shares outstanding443,155 440,922 437,799 
Basic earnings per share$11.55 $6.26 $4.26 
Diluted earnings per share:
Net income$5,116,228 $2,761,395 $1,866,916 
Shares used in computation:
Weighted-average common shares outstanding443,155 440,922 437,799 
Employee stock options 12,217 13,286 13,966 
Weighted-average number of shares455,372 454,208 451,765 
Diluted earnings per share
$11.24 $6.08 $4.13 
Employee stock options with exercise prices greater than the average market price of the common stock were excluded from the diluted calculation as their inclusion would have been anti-dilutive. The following table summarizes the potential common shares excluded from the diluted calculation:
 
 Year ended December 31,
 202120202019
 (in thousands)
Employee stock options348 484 1,588 
v3.21.4
Cash, Cash Equivalents and Restricted Cash
 12 Months Ended
Dec. 31, 2021
Short-Term Investments And Fair Value Measurement [Abstract]  
Cash, Cash Equivalents and Restricted Cash Cash, Cash Equivalents and Restricted Cash
The following tables summarize the Company's cash, cash equivalents and restricted cash as of December 31, 2021 and 2020:
 As of December 31, 2021
 Cash and cash equivalentsOther Current AssetsNon-current AssetsTotal
 (in thousands)
Cash$4,103,613 $3,189 $23,972 $4,130,774 
Level 1 securities:
Money market funds1,924,191 — 146 1,924,337 
$6,027,804 $3,189 $24,118 $6,055,111 
 As of December 31, 2020
 Cash and cash equivalentsOther Current AssetsNon-current AssetsTotal
 (in thousands)
Cash$3,331,860 $1,783 $31,284 $3,364,927 
Level 1 securities:
Money market funds4,573,690 — 253 4,573,943 
Level 2 securities:
Foreign Time Deposits300,000 — — 300,000 
$8,205,550 $1,783 $31,537 $8,238,870 

Other current assets include restricted cash for deposits related to self insurance. Non-current assets include restricted cash related to letter of credit agreements. Foreign time deposits of $300 million, classified as Level 2 securities, were included in Cash and cash equivalents on the Company's Balance Sheet as of December 31, 2020. The fair value of cash equivalents included in the Level 2 category is based on observable inputs, such as quoted prices for similar assets at the measurement date; quoted prices in markets that are not active; or other inputs that are observable, either directly or indirectly.
See Note 6 Debt to the consolidated financial statements for further information regarding the fair value of the Company’s senior notes.
v3.21.4
Balance Sheet Components
 12 Months Ended
Dec. 31, 2021
Balance Sheet Related Disclosures [Abstract]  
Balance Sheet Components Balance Sheet Components
Content Assets, Net
Content assets consisted of the following:
As of December 31,
20212020
(in thousands)
Licensed content, net
$13,799,221 $13,747,607 
Produced content, net
Released, less amortization
6,877,743 5,809,681 
In production
9,235,975 4,827,455 
In development and pre-production
1,006,600 999,207 
17,120,318 11,636,343 

Content assets, net$30,919,539 $25,383,950 
As of December 31, 2021, approximately $6,008 million, $3,149 million, and $1,944 million of the $13,799 million unamortized cost of the licensed content is expected to be amortized in each of the next three years. As of December 31, 2021, approximately $2,736 million, $1,884 million, and $1,138 million of the $6,878 million unamortized cost of the produced content that has been released is expected to be amortized in each of the next three years.
As of December 31, 2021, the amount of accrued participations and residuals was not material.
The following table represents the amortization of content assets:
Year ended December 31,
 202120202019
(in thousands)
Licensed content$8,055,811 $7,544,631 $7,242,799 
Produced content4,174,556 3,262,281 1,973,448 
Total$12,230,367 $10,806,912 $9,216,247 


Property and Equipment, Net
Property and equipment and accumulated depreciation consisted of the following:
As of December 31,Estimated Useful Lives (in Years)
20212020
(in thousands)
Land$82,381 $50,700 
Buildings48,123 42,717 30 years
Leasehold improvements863,342 524,537 Over life of lease
Furniture and fixtures139,809 110,185 3 years
Information technology380,452 283,014 3 years
Corporate aircraft110,978 110,629 8 years
Machinery and equipment32,426 34,633 
3-5 years
Capital work-in-progress282,248 298,558 
Property and equipment, gross1,939,759 1,454,973 
Less: Accumulated depreciation(616,306)(494,790)
Property and equipment, net$1,323,453 $960,183 
    

Leases
The Company has entered into operating leases primarily for real estate. These leases generally have terms which range from 1 year to 15 years, and often include one or more options to renew. These renewal terms can extend the lease term from 1 year to 20 years, and are included in the lease term when it is reasonably certain that the Company will exercise the option. These operating leases are included in "Other non-current assets" on the Company's Consolidated Balance Sheets, and represent the Company’s right to use the underlying asset for the lease term. The Company’s obligations to make lease payments are included in "Accrued expenses and other liabilities" and "Other non-current liabilities" on the Company's Consolidated Balance Sheets.  Operating lease right-of-use assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. The Company has entered into various short-term operating leases with an initial term of twelve months or less. These leases are not recorded on the Company's Consolidated Balance Sheets. All operating lease expense is recognized on a straight-line basis over the lease term. Because the rate implicit in each lease is not readily determinable, the Company uses its incremental borrowing rate to determine the present value of the lease payments. The Company has certain contracts for real estate which may contain lease and non-lease components which it has elected to treat as a single lease component.
The components of lease costs for the years ended December 31, 2021, 2020 and 2019 were as follows:
Year ended December 31,
 202120202019
(in thousands)
Operating lease cost$389,805 $323,905 $218,142 
Short-term lease cost152,765 116,606 229,747 
Total lease cost$542,570 $440,511 $447,889 
Information related to the Company's operating right-of-use assets and related operating lease liabilities were as follows:
Year ended December 31,
202120202019
(in thousands)
Cash paid for operating lease liabilities$349,586 $259,559 $192,084 
Right-of-use assets obtained in exchange for new operating lease obligations (1)764,142 729,942 1,672,462 
(1) Balance as of December 31, 2019 includes $743 million for operating leases existing on January 1, 2019.
As of December 31,
20212020
(in thousands, except lease term and discount rate)
Operating lease right-of-use assets, net$2,446,573 $2,037,726 
Current operating lease liabilities$315,189 $256,222 
Non-current operating lease liabilities2,408,486 1,945,631 
Total operating lease liabilities$2,723,675 $2,201,853 
Weighted-average remaining lease term9.2 years8.9 years
Weighted-average discount rate3.1 %3.6 %


Maturities of operating lease liabilities as of December 31, 2021 were as follows (in thousands):
Due in 12 month period ended December 31,
2022$395,932 
2023378,774 
2024358,442 
2025340,028 
2026335,151 
Thereafter1,332,662 
3,140,989 
Less imputed interest(417,314)
Total operating lease liabilities2,723,675 
The Company has additional operating leases for real estate of $366 million which have not commenced as of December 31, 2021, and as such, have not been recognized on the Company's Consolidated Balance Sheets. These operating leases are expected to commence in 2022 and 2023 with lease terms between 5 year and 14 years.


Other Current Assets
Other current assets consisted of the following:
As of
December 31,
2021		December 31,
2020
(in thousands)
Trade receivables
$804,320 $610,819 
Prepaid expenses
323,818 203,042 
Other
913,883 742,169 
Total other current assets
$2,042,021 $1,556,030 
v3.21.4
Debt
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Debt Debt
As of December 31, 2021, the Company had aggregate outstanding notes of $15,393 million, net of $92 million of issuance costs, with varying maturities (the "Notes"). Of the outstanding balance, $700 million, net of issuance costs, is classified as short-term debt on the Consolidated Balance Sheets. As of December 31, 2020, the Company had aggregate outstanding long-term notes of $16,309 million, net of $107 million of issuance costs. Each of the Notes were issued at par and are senior unsecured obligations of the Company. Interest is payable semi-annually at fixed rates. A portion of the outstanding Notes is denominated in foreign currency (comprised of €5,170 million) and is remeasured into U.S. dollars at each balance sheet date (with remeasurement gain totaling $431 million for the year ended December 31, 2021).

The following table provides a summary of the Company's outstanding debt and the fair values based on quoted market prices in less active markets as of December 31, 2021 and December 31, 2020:

Principal Amount at ParLevel 2 Fair Value as of
December 31,
2021		December 31,
2020		Issuance DateMaturityDecember 31,
2021		December 31,
2020
(in millions)(in millions)
5.375% Senior Notes
$— $500 February 2013February 2021$— $502 
5.500% Senior Notes
700 700 February 2015February 2022704 735 
5.750% Senior Notes
400 400 February 2014March 2024437 449 
5.875% Senior Notes
800 800 February 2015February 2025899 921 
3.000% Senior Notes (1)
535 574 April 2020June 2025581 616 
3.625% Senior Notes
500 500 April 2020June 2025529 535 
4.375% Senior Notes
1,000 1,000 October 2016November 20261,111 1,110 
3.625% Senior Notes (1)
1,480 1,588 May 2017May 20271,702 1,776 
4.875% Senior Notes
1,600 1,600 October 2017April 20281,829 1,807 
5.875% Senior Notes
1,900 1,900 April 2018November 20282,293 2,280 
4.625% Senior Notes (1)
1,252 1,344 October 2018May 20291,565 1,630 
6.375% Senior Notes
800 800 October 2018May 2029999 995 
3.875% Senior Notes (1)
1,366 1,466 April 2019November 20291,651 1,700 
5.375% Senior Notes
900 900 April 2019November 20291,068 1,061 
3.625% Senior Notes (1)
1,252 1,344 October 2019June 20301,493 1,533 
4.875% Senior Notes
1,000 1,000 October 2019June 20301,169 1,155 
$15,485 $16,416 $18,030 $18,805 

(1) The following Senior Notes have a principal amount denominated in euro: 3.000% Senior Notes for €470 million, 3.625% Senior Notes for €1,300 million, 4.625% Senior Notes for €1,100 million, 3.875% Senior Notes for €1,200 million, and 3.625% Senior Notes for €1,100 million.

Each of the Notes are repayable in whole or in part upon the occurrence of a change of control, at the option of the holders, at a purchase price in cash equal to 101% of the principal plus accrued interest. The Company may redeem the Notes prior to maturity in whole or in part at an amount equal to the principal amount thereof plus accrued and unpaid interest and an applicable premium. The Notes include, among other terms and conditions, limitations on the Company's ability to create, incur or allow certain liens; enter into sale and lease-back transactions; create, assume, incur or guarantee additional indebtedness of certain of the Company's subsidiaries; and consolidate or merge with, or convey, transfer or lease all or substantially all of the Company's and its subsidiaries assets, to another person. As of December 31, 2021 and December 31, 2020, the Company was in compliance with all related covenants.

Revolving Credit Facility

On June 17, 2021, the Company amended its unsecured revolving credit facility ("Revolving Credit Agreement") to, among other things, extend the maturity date from March 29, 2024 to June 17, 2026 and to increase the size of the facility from
$750 million to $1 billion. Revolving loans may be borrowed, repaid and reborrowed until June 17, 2026, at which time all amounts borrowed must be repaid. The Company may use the proceeds of future borrowings under the Revolving Credit Agreement for working capital and general corporate purposes. As of December 31, 2021, no amounts have been borrowed under the Revolving Credit Agreement.

The borrowings under the Revolving Credit Agreement bear interest, at the Company’s option, of either (i) a floating rate equal to a base rate (the “Alternate Base Rate”) or (ii) a rate equal to an adjusted London interbank offered rate (the “Adjusted LIBO Rate”), plus a margin of 0.75%. The Alternate Base Rate is defined as the greatest of (A) the rate of interest published by the Wall Street Journal, from time to time, as the prime rate, (B) the federal funds rate, plus 0.500% and (C) the Adjusted LIBO Rate for a one-month interest period, plus 1.00%. The Adjusted LIBO Rate is defined as the London interbank offered rate for deposits in U.S. dollars, for the relevant interest period, adjusted for statutory reserve requirements, but in no event shall the Adjusted LIBO Rate be less than 0.00% per annum. Regulatory authorities that oversee financial markets have announced that after the end of 2021, they would no longer compel banks currently reporting information used to set the Adjusted LIBO Rate to continue to make rate submissions, and that publication of the Adjusted LIBO Rate based upon U.S. Dollars is expected to cease on June 30, 2023. The Revolving Credit Agreement contains customary provisions for the replacement of the Adjusted LIBO Rate with an alternate benchmark rate, including a rate based on the secured overnight financing rate published by the Federal Reserve Bank of New York, as the Adjusted LIBO Rate is phased out in the lending market. The Company does not anticipate that the replacement of the Adjusted LIBO Rate with such alternative benchmark rate, as provided in the Revolving Credit Agreement, will materially impact its liquidity or financial position.

The Company is also obligated to pay a commitment fee on the undrawn amounts of the Revolving Credit Agreement at an annual rate of 0.10%. The Revolving Credit Agreement requires the Company to comply with certain covenants, including covenants that limit or restrict the ability of the Company’s subsidiaries to incur debt and limit or restrict the ability of the Company and its subsidiaries to grant liens and enter into sale and leaseback transactions; and, in the case of the Company or a guarantor, merge, consolidate, liquidate, dissolve or sell, transfer, lease or otherwise dispose of all or substantially all of the assets of the Company and its subsidiaries, taken as a whole. As of December 31, 2021 and December 31, 2020, the Company was in compliance with all related covenants.
v3.21.4
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Content
At December 31, 2021, the Company had $23.2 billion of obligations comprised of $4.3 billion included in "Current content liabilities" and $3.1 billion of "Non-current content liabilities" on the Consolidated Balance Sheets and $15.8 billion of obligations that are not reflected on the Consolidated Balance Sheets as they did not yet meet the criteria for asset recognition.
At December 31, 2020, the Company had $19.2 billion of obligations comprised of $4.4 billion included in "Current content liabilities" and $2.6 billion of "Non-current content liabilities" on the Consolidated Balance Sheets and $12.2 billion of obligations that are not reflected on the Consolidated Balance Sheets as they did not yet meet the criteria for asset recognition.
The expected timing of payments for these content obligations is as follows:
As of December 31,
20212020
 (in thousands)
Less than one year$10,019,306 $8,980,868 
Due after one year and through 3 years9,238,315 7,819,563 
Due after 3 years and through 5 years3,238,977 1,973,091 
Due after 5 years664,762 445,308 
Total content obligations$23,161,360 $19,218,830 
    
Content obligations include amounts related to the acquisition, licensing and production of content. Obligations that are in non-U.S. dollar currencies are translated to the U.S. dollar at period end rates. An obligation for the production of content includes non-cancelable commitments under creative talent and employment agreements as well as other production related commitments. An obligation for the acquisition and licensing of content is incurred at the time the Company enters into an agreement to obtain future titles. Once a title becomes available, a content liability is recorded on the Consolidated Balance Sheets. Certain agreements include the obligation to license rights for unknown future titles, the ultimate quantity and/or fees for which are not yet determinable as of the reporting date. Traditional film output deals, or certain TV series license agreements where the number of seasons to be aired is unknown, are examples of such license agreements. The Company does
not include any estimated obligation for these future titles beyond the known minimum amount. However, the unknown obligations are expected to be significant.

Legal Proceedings
From time to time, in the normal course of its operations, the Company is subject to litigation matters and claims, including claims relating to employee relations, business practices and patent infringement. Litigation can be expensive and disruptive to normal business operations. Moreover, the results of complex legal proceedings are difficult to predict and the Company's view of these matters may change in the future as the litigation and events related thereto unfold. The Company expenses legal fees as incurred. The Company records a provision for contingent losses when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. An unfavorable outcome to any legal matter, if material, could have an adverse effect on the Company's operations or its financial position, liquidity or results of operations.

The Company is involved in litigation matters not listed herein but does not consider the matters to be material either individually or in the aggregate at this time. The Company's view of the matters not listed may change in the future as the litigation and events related thereto unfold.
v3.21.4
Guarantees—Indemnification Obligations
 12 Months Ended
Dec. 31, 2021
Guarantees [Abstract]  
Guarantees—Indemnification Obligations Guarantees—Indemnification Obligations
In the ordinary course of business, the Company has entered into contractual arrangements under which it has agreed to provide indemnification of varying scope and terms to business partners and other parties with respect to certain matters, including, but not limited to, losses arising out of the Company’s breach of such agreements and out of intellectual property infringement claims made by third parties. In these circumstances, payment may be conditional on the other party making a claim pursuant to the procedures specified in the particular contract.
The Company’s obligations under these agreements may be limited in terms of time or amount, and in some instances, the Company may have recourse against third parties for certain payments. In addition, the Company has entered into indemnification agreements with its directors and certain of its officers that will require it, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors or officers. The terms of such obligations vary.
It is not possible to make a reasonable estimate of the maximum potential amount of future payments under these or similar agreements due to the conditional nature of the Company’s obligations and the unique facts and circumstances involved in each particular agreement. No amount has been accrued in the accompanying consolidated financial statements with respect to these indemnification guarantees.
v3.21.4
Stockholders' Equity
 12 Months Ended
Dec. 31, 2021
Stockholders' Equity Note [Abstract]  
Stockholders' Equity Stockholders’ Equity
Voting Rights
The holders of each share of common stock shall be entitled to one vote per share on all matters to be voted upon by the Company’s stockholders.
Stock Option Plan
On June 4, 2020, the Company's stockholders approved the 2020 Stock Plan, which was adopted by the Company's Board of Directors on March 4, 2020 subject to stockholder approval. The 2020 Stock Plan is the successor to the 2011 Stock Plan. The 2020 Stock Plan provides for the grant of incentive stock options to employees and for the grant of non-statutory stock options, stock appreciation rights, restricted stock and restricted stock units to employees, directors and consultants. The 2020 Stock Plan authorized 17,500,000 new shares to be available for award grants. As of the date the 2020 Stock Plan was adopted by the Company's Board of Directors, 5,530,106 shares were available to be granted under the 2011 Stock Plan. These shares are available for award grants under the 2020 Stock Plan.
A summary of the activities related to the Company’s stock option plans is as follows:
 
 Shares Available
for Grant		Options Outstanding
 Number of
Shares		Weighted- Average Exercise Price
(per Share)
Balances as of December 31, 20188,699,941 20,479,278 $89.61 
Granted(2,588,380)2,588,380 320.66 
Exercised— (2,208,052)32.88 
Expired— (280)6.74 
Balances as of December 31, 20196,111,561 20,859,326 $124.28 
New Shares Authorized17,500,000 — — 
Granted(1,909,476)1,909,476 432.34 
Exercised(4,088,612)58.35 
Expired— (3,380)27.54 
Balances as of December 31, 202021,702,085 18,676,810 $170.23 
Granted(1,556,725)1,556,725 554.11 
Exercised— (2,632,324)65.97 
Expired— (5,360)34.63 
Balances as of December 31, 202120,145,360 17,595,851 $219.83 
Vested and exercisable at December 31, 2021
17,595,851 $219.83 
The aggregate intrinsic value of the Company's outstanding stock options as of December 31, 2021 was $6,744 million and represents the total pretax intrinsic value (the difference between the Company’s closing stock price on the last trading day of 2021 and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their options on the last trading day of 2021. This amount changes based on the fair market value of the Company’s common stock. Total intrinsic value of options exercised for the years ended December 31, 2021, 2020 and 2019 was $1,363 million, $1,596 million and $666 million, respectively. The weighted-average remaining contractual term of the Company's outstanding stock options as of December 31, 2021 included in the table above was 5.37 years.
Cash received from option exercises for the years ended December 31, 2021, 2020 and 2019 was $174 million, $235 million and $72 million, respectively. The Company records stock option exercises based on trade date.
Stock-Based Compensation
Stock options granted are exercisable for the full ten year contractual term regardless of employment status. The following table summarizes the assumptions used to value option grants using the lattice-binomial model and the valuation data:
 
 Year Ended December 31,
 202120202019
Dividend yield— %— %— %
Expected volatility
34% - 41%
37% - 45%
37% - 41%
Risk-free interest rate
1.08% - 1.62%
0.67% - 1.71%
1.74% - 2.74%
Suboptimal exercise factor
3.81 - 3.98
3.34 - 3.67
3.07 - 3.23
Valuation data:
Weighted-average fair value (per share)$259.01 $217.42 $156.60 
Total stock-based compensation expense (in thousands)403,220 415,180 405,376 
Total income tax impact on provision (in thousands)89,642 91,718 90,856 

The Company considers several factors in determining the suboptimal exercise factor, including the historical and estimated option exercise behavior.
The Company calculates expected volatility based solely on implied volatility. The Company believes that implied volatility of publicly traded options in its common stock is more reflective of market conditions, and given consistently high trade volumes of the options, can reasonably be expected to be a better indicator of expected volatility than historical volatility of its common stock.
In valuing shares issued under the Company’s employee stock option plans, the Company bases the risk-free interest rate on U.S. Treasury zero-coupon issues with terms similar to the contractual term of the options. The Company does not anticipate paying any cash dividends in the foreseeable future and therefore uses an expected dividend yield of zero in the option valuation model. The Company does not use a post-vesting termination rate as options are fully vested upon grant date.
Stock Repurchases
In March 2021, the Company’s Board of Directors authorized the repurchase of up to $5 billion of its common stock, with no expiration date. Stock repurchases may be effected through open market repurchases in compliance with Rule 10b-18 under the Exchange Act, including through the use of trading plans intended to qualify under Rule 10b5-1 under the Exchange Act, privately-negotiated transactions, accelerated stock repurchase plans, block purchases, or other similar purchase techniques and in such amounts as management deems appropriate. The Company is not obligated to repurchase any specific number of shares, and the timing and actual number of shares repurchased will depend on a variety of factors, including the Company’s stock price, general economic, business and market conditions, and alternative investment opportunities. The Company may discontinue any repurchases of its common stock at any time without prior notice. During the twelve months ended December 31, 2021, the Company repurchased 1,182,410 shares, for an aggregate amount of $600 million. As of December 31, 2021, $4.4 billion remain available for repurchases. Shares repurchased by the Company are accounted for when the transaction is settled. As of December 31, 2021, there were no unsettled share repurchases. Direct costs incurred to acquire the shares are included in the total cost of the shares.
v3.21.4
Income Taxes
 12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
Income before provision for income taxes was as follows:
 Year Ended December 31,
 202120202019
 (in thousands)
United States$5,365,547 $2,789,064 $1,719,326 
Foreign474,556 410,285 342,905 
Income before income taxes$5,840,103 $3,199,349 $2,062,231 
The components of provision for income taxes for all periods presented were as follows:
 
 Year Ended December 31,
 202120202019
 (in thousands)
Current tax provision:
Federal$57,526 $24,221 $21,498 
State109,641 65,821 45,228 
Foreign357,189 277,846 223,328 
Total current524,356 367,888 290,054 
Deferred tax provision:
Federal188,937 (57,765)(28,003)
State(2,700)164,685 (54,507)
Foreign13,282 (36,854)(12,229)
Total deferred199,519 70,066 (94,739)
Provision for income taxes$723,875 $437,954 $195,315 
A reconciliation of the provision for income taxes, with the amount computed by applying the statutory Federal income tax rate to income before income taxes is as follows:

 Year Ended December 31,
 202120202019
 (in thousands)
Expected tax expense at U.S. Federal statutory rates$1,226,422 $671,864 $433,059 
State income taxes, net of Federal income tax effect111,400 65,808 47,909 
Foreign earnings at other than U.S. rates(23,963)12,212 56,969 
Federal and California R&D tax credits(82,909)(113,882)(134,523)
Valuation allowance on California R&D tax credits— 183,283 — 
Excess tax benefits on stock-based compensation(290,899)(339,436)(148,693)
Tax effects of the Tax Cuts and Jobs Act(254,763)(87,194)(127,534)
Global corporate structure simplification— — 35,939 
Nondeductible Officers Compensation26,874 30,351 24,111 
Other11,713 14,948 8,078 
Provision for income taxes$723,875 $437,954 $195,315 
Effective Tax Rate12 %14 %9 %
The components of deferred tax assets and liabilities were as follows:
 
 As of December 31,
 20212020
 (in thousands)
Deferred tax assets:
Stock-based compensation$351,238 $296,646 
Federal and California tax R&D credits484,793 513,413 
Foreign tax credits2,045 — 
Accruals and reserves165,214 74,239 
Operating leases570,830 436,838 
Foreign Net Operating Losses8,043 29,894 
Unrealized Gain/Loss13,772 114,884 
Other5,420 2,543 
Gross deferred tax assets1,601,355 1,468,457 
Depreciation & amortization(388,115)(229,142)
Operating leases(506,403)(400,380)
       Acquisitions(240,334)— 
Gross deferred tax liabilities(1,134,852)(629,522)
Valuation allowance(318,408)(249,844)
Net deferred tax assets$148,095 $589,091 
All deferred tax assets are classified as “Other non-current assets” on the Consolidated Balance Sheets as of December 31, 2021 and December 31, 2020. In evaluating its ability to realize the net deferred tax assets, the Company considered all available positive and negative evidence, including its past operating results and the forecast of future market growth, forecasted earnings, future taxable income, and prudent and feasible tax planning strategies. As of December 31, 2021, the valuation allowance of $318 million was related to the California R&D credits and certain foreign tax attributes that the Company does not expect to realize.
As of December 31, 2021, the Company's Federal R&D tax credit and state tax credit carryforwards for tax return purposes were $274 million, and $456 million, respectively. The Federal R&D tax credit carryforwards expire through 2041. State tax credit carryforwards can be carried forward indefinitely.
The unrecognized tax benefits that are not expected to result in payment or receipt of cash within one year are classified as “Other non-current liabilities” and a reduction of deferred tax assets which is classified as "Other non-current assets" in the Consolidated Balance Sheets. As of December 31, 2021, the total amount of gross unrecognized tax benefits was $203 million, of which $136 million, if recognized, would favorably impact the Company’s effective tax rate. As of December 31, 2020, the total amount of gross unrecognized tax benefits was $140 million, of which $86 million, if recognized, would favorably impact the Company’s effective tax rate. The aggregate changes in the Company’s total gross amount of unrecognized tax benefits are summarized as follows (in thousands):
 
Balances as of December 31, 2019$66,768 
Increases related to tax positions taken during prior periods 11,943 
Decreases related to tax positions taken during prior periods(3,697)
Increases related to tax positions taken during the current period65,110 
Decreases related to expiration of statute of limitations— 
Balances as of December 31, 2020140,124 
Increases related to tax positions taken during prior periods 27,116 
Decreases related to tax positions taken during prior periods — 
Increases related to tax positions taken during the current period35,317 
Decreases related to expiration of statute of limitations— 
Balances as of December 31, 2021$202,557 
The Company includes interest and penalties related to unrecognized tax benefits within the provision for income taxes and in “Other non-current liabilities” in the Consolidated Balance Sheets. Interest and penalties included in the Company's provision for income taxes were not material in all the periods presented.
The Company files U.S. Federal, state and foreign tax returns. The Company is currently under examination by the IRS for years 2016 through 2018 and is subject to examination for 2019 and 2020. The foreign and state tax returns for years 2015 through 2020 are subject to examination by various states and foreign jurisdictions. While the Company is in various stages of inquiries and examinations for some state and federal taxing authorities, we believe that our tax positions will more likely than not be sustained. Nonetheless, it is possible that future obligations related to these matters could arise.
Given the potential outcome of the current examinations as well as the impact of the current examinations on the potential expiration of the statute of limitations, it is reasonably possible that the balance of unrecognized tax benefits could significantly change within the next twelve months. However, an estimate of the range of reasonably possible adjustments cannot be made at this time.
v3.21.4
Employee Benefit Plan
 12 Months Ended
Dec. 31, 2021
Retirement Benefits [Abstract]  
Employee Benefit Plan Employee Benefit Plan
The Company maintains a 401(k) savings plan covering substantially all of its employees. Eligible employees may contribute up to 80% of their annual salary through payroll deductions, but not more than the statutory limits set by the Internal Revenue Service. The Company matches employee contributions at the discretion of the Board. During 2021, 2020 and 2019, the Company’s matching contributions totaled $85 million, $69 million and $47 million, respectively.
Multiemployer Benefit Plans
The Company contributes to various multiemployer defined pension plans under the terms of collective bargaining agreements that cover our union-represented employees. The risks of participating in multiemployer pension plans are different from single-employer plans such that (i) contributions made by the Company to the multiemployer pension plans may be used to provide benefits to employees of other participating employers; (ii) if the Company chooses to stop participating in the multiemployer pension plans, it may be required to pay those plans an amount based on the underfunded status of the plan; and (iii) if the Company stops contributing to the multiemployer pension plan, the unfunded obligations of the plan may become the obligation of the remaining participating employers. The Company also contributes to various other multiemployer benefit plans that provide health and welfare benefits to both active and retired participants. The Company does not participate in any multiemployer benefit plans that are individually significant to the Company.
The following table summarizes the Company's contributions to multiemployer pension and health plans for the years ended December 31, 2021, 2020 and 2019, respectively:
 Year Ended December 31,
 202120202019
 (in thousands)
Pension benefits$111,133 $78,060 $89,703 
Health benefits83,153 52,322 44,351 
Total contributions$194,286 $130,382 $134,054 
v3.21.4
Segment and Geographic Information
 12 Months Ended
Dec. 31, 2021
Segment Reporting [Abstract]  
Segment and Geographic Information Segment and Geographic Information
The Company operates as one operating segment. The Company's chief operating decision maker ("CODM") is its co-chief executive officers, who review financial information presented on a consolidated basis for purposes of making operating decisions, assessing financial performance and allocating resources.
    Total U.S. revenues were $12.1 billion, $10.8 billion and $9.5 billion for the years ended December 31, 2021, 2020 and 2019, respectively. See Note 2 Revenue Recognition for additional information about streaming revenue by region.
    The Company's long-lived tangible assets, as well as the Company's operating lease right-of-use assets recognized on the Consolidated Balance Sheets were located as follows:
As of December 31,
20212020
(in thousands)
United States$2,833,059 $2,224,891 
International936,967 773,018 
v3.21.4
Organization and Summary of Significant Accounting Policies (Policy)
 12 Months Ended
Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation Basis of PresentationThe consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. Intercompany balances and transactions have been eliminated.
Use of Estimates
Use of Estimates
The preparation of consolidated financial statements in conformity with generally accepted accounting principles ("GAAP") in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Significant items subject to such estimates and assumptions include the content asset amortization policy and the recognition and measurement of income tax assets and liabilities. The Company bases its estimates on historical experience and on various other assumptions that the Company believes to be reasonable under the circumstances. On an ongoing basis, the Company evaluates these assumptions, judgments and estimates. Actual results may differ from these estimates.
Recently adopted accounting pronouncements and Recently issued accounting pronouncements not yet adopted
Recently adopted accounting pronouncements
In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2019-12, Simplifying the Accounting for Income Taxes (Topic 740). ASU 2019-12 removes certain exceptions for performing intraperiod tax allocations, recognizing deferred taxes for investments, and calculating income taxes in interim periods. The guidance also simplifies the accounting for franchise taxes, transactions that result in a step-up in the tax basis of goodwill, and the effect of enacted changes in tax laws or rates in interim periods. The Company adopted ASU 2019-12 in the first quarter of 2021 and the adoption had no material impact to the Company’s consolidated financial statements.
Recently issued accounting pronouncements not yet adopted
In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which requires an acquirer in a business combination to recognize and measure contract assets and contract liabilities in accordance with Accounting Standards Codification Topic 606. ASU 2021-08 is effective for fiscal years beginning after December 15, 2022 and early adoption is permitted. While the Company is continuing to assess the timing of adoption and the potential impacts of ASU 2021-08, it does not expect ASU 2021-08 to have a material effect, if any, on its consolidated financial statements.
Cash Equivalents Cash EquivalentsThe Company considers investments in instruments purchased with an original maturity of 90 days or less to be cash equivalents. The Company also classifies amounts in transit from payment processors for customer credit card and debit card transactions as cash equivalents.
Content
Content
The Company acquires, licenses and produces content, including original programming, in order to offer members unlimited viewing of video entertainment. The content licenses are for a fixed fee and specific windows of availability. Payment terms for certain content licenses and the production of content require more upfront cash payments relative to the amortization expense. Payments for content, including additions to content assets and the changes in related liabilities, are classified within "Net cash provided by (used in) operating activities" on the Consolidated Statements of Cash Flows.
The Company recognizes content assets (licensed and produced) as “Content assets, net” on the Consolidated Balance Sheets. For licensed content, the Company capitalizes the fee per title and records a corresponding liability at the gross amount of the liability when the license period begins, the cost of the title is known and the title is accepted and available for streaming. For produced content, the Company capitalizes costs associated with the production, including development costs, direct costs and production overhead. Participations and residuals are expensed in line with the amortization of production costs.
Based on factors including historical and estimated viewing patterns, the Company amortizes the content assets (licensed and produced) in “Cost of revenues” on the Consolidated Statements of Operations over the shorter of each title's contractual window of availability or estimated period of use or ten years, beginning with the month of first availability. The amortization is on an accelerated basis, as the Company typically expects more upfront viewing, and film amortization is more accelerated than TV series amortization. On average, over 90% of a licensed or produced content asset is expected to be amortized within four years after its month of first availability. The Company reviews factors impacting the amortization of the content assets on an ongoing basis. The Company's estimates related to these factors require considerable management judgment.
The Company's business model is subscription based as opposed to a model generating revenues at a specific title level. Content assets (licensed and produced) are predominantly monetized as a group and therefore are reviewed in aggregate at a group level when an event or change in circumstances indicates a change in the expected usefulness of the content or that the fair value may be less than unamortized cost. To date, the Company has not identified any such event or changes in circumstances. If such changes are identified in the future, these aggregated content assets will be stated at the lower of unamortized cost or fair value. In addition, unamortized costs for assets that have been, or are expected to be, abandoned are written off.
Acquisitions AcquisitionsThe Company uses its best estimates and assumptions to assign fair value to the tangible and intangible assets acquired and liabilities assumed at the acquisition date. In addition, uncertain tax positions, tax-related valuation allowances and pre-acquisition contingencies are initially recorded in connection with a business combination as of the acquisition date. Intangible assets are amortized over their estimated useful lives.
Property and Equipment Property and EquipmentProperty and equipment are carried at cost less accumulated depreciation. Depreciation is calculated using the straight-line method over the shorter of the estimated useful lives of the respective assets, generally up to 30 years, or the expected lease term for leasehold improvements, if applicable.
Trade Receivables Trade ReceivablesTrade receivables consist primarily of amounts related to members and payment partners that collect membership fees on the Company's behalf. The Company evaluates the need for an allowance for credit losses based on historical collection trends, the financial condition of its payment partners, and external market factors. The Company's allowance for credit losses was not material as of December 31, 2021 and December 31, 2020.
Marketing MarketingMarketing expenses consist primarily of advertising expenses and certain payments made to the Company’s partners, including consumer electronics ("CE") manufacturers, multichannel video programming distributors ("MVPDs"), mobile operators and internet service providers ("ISPs"). Advertising expenses include promotional activities such as digital and television advertising. Advertising costs are expensed as incurred.
Income Taxes
Income Taxes
The Company records a provision for income taxes for the anticipated tax consequences of the reported results of operations using the asset and liability method. Deferred income taxes are recognized by applying enacted statutory tax rates applicable to future years to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases as well as net operating loss and tax credit carryforwards. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The measurement of deferred tax assets is reduced, if necessary, by a valuation allowance for any tax benefits for which future realization is uncertain.
The Company did not recognize certain tax benefits from uncertain tax positions within the provision for income taxes. The Company may recognize a tax benefit only if it is more likely than not the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such positions are then measured based on the largest benefit that has a greater than 50% likelihood of being realized upon settlement. The Company recognizes interest and penalties related to uncertain tax positions in income tax expense.
Foreign Currency
Foreign Currency
The functional currency for the Company's subsidiaries is determined based on the primary economic environment in which the subsidiary operates. The Company translates the assets and liabilities of its non-U.S. dollar functional currency subsidiaries into U.S. dollars using exchange rates in effect at the end of each period. Revenues and expenses for these subsidiaries are translated using rates that approximate those in effect during the period. Gains and losses from these translations are recognized in cumulative translation adjustment included in "Accumulated other comprehensive income (loss)" in Stockholders’ equity on the Consolidated Balance Sheets.
The Company remeasures monetary assets and liabilities that are not denominated in the functional currency at exchange rates in effect at the end of each period. Gains and losses from these remeasurements are recognized in interest and other income (expense).
Stock-Based Compensation Stock-Based CompensationThe Company grants fully vested non-qualified stock options to its employees on a monthly basis. As a result of immediate vesting, stock-based compensation expense is fully recognized on the grant date, and no estimate is required for post-vesting option forfeitures.
v3.21.4
Revenue Recognition (Tables)
 12 Months Ended
Dec. 31, 2021
Revenue from Contract with Customer [Abstract]  
Streaming Revenue, Paid net Membership Additions, and Ending Paid Memberships by Region
The following tables summarize streaming revenues, paid net membership additions, and ending paid memberships by region for the years December 31, 2021, 2020 and 2019, respectively:

United States and Canada (UCAN)
As of/ Year Ended December 31,
 202120202019
 (in thousands)
Revenues$12,972,100 $11,455,396 $10,051,208 
Paid net membership additions1,279 6,274 2,905 
Paid memberships at end of period75,215 73,936 67,662 
Europe, Middle East, and Africa (EMEA)
As of/ Year Ended December 31,
 202120202019
 (in thousands)
Revenues$9,699,819 $7,772,252 $5,543,067 
Paid net membership additions7,338 14,920 13,960 
Paid memberships at end of period74,036 66,698 51,778 

Latin America (LATAM)
As of/ Year Ended December 31,
 202120202019
 (in thousands)
Revenues$3,576,976 $3,156,727 $2,795,434 
Paid net membership additions2,424 6,120 5,340 
Paid memberships at end of period39,961 37,537 31,417 


Asia-Pacific (APAC)
As of/ Year Ended December 31,
 202120202019
 (in thousands)
Revenues$3,266,601 $2,372,300 $1,469,521 
Paid net membership additions7,140 9,259 5,626 
Paid memberships at end of period32,632 25,492 16,233 
v3.21.4
Earnings Per Share (Tables)
 12 Months Ended
Dec. 31, 2021
Earnings Per Share [Abstract]  
Computation of Earnings Per Share The computation of earnings per share is as follows:
 
 Year ended December 31,
 202120202019
 (in thousands, except per share data)
Basic earnings per share:
Net income$5,116,228 $2,761,395 $1,866,916 
Shares used in computation:
Weighted-average common shares outstanding443,155 440,922 437,799 
Basic earnings per share$11.55 $6.26 $4.26 
Diluted earnings per share:
Net income$5,116,228 $2,761,395 $1,866,916 
Shares used in computation:
Weighted-average common shares outstanding443,155 440,922 437,799 
Employee stock options 12,217 13,286 13,966 
Weighted-average number of shares455,372 454,208 451,765 
Diluted earnings per share
$11.24 $6.08 $4.13 
Summary of Potential Common Shares Excluded from Diluted Calculation The following table summarizes the potential common shares excluded from the diluted calculation:
 
 Year ended December 31,
 202120202019
 (in thousands)
Employee stock options348 484 1,588 
v3.21.4
Cash, Cash Equivalents and Restricted Cash (Tables)
 12 Months Ended
Dec. 31, 2021
Short-Term Investments And Fair Value Measurement [Abstract]  
Schedule of Cash and Cash Equivalents
The following tables summarize the Company's cash, cash equivalents and restricted cash as of December 31, 2021 and 2020:
 As of December 31, 2021
 Cash and cash equivalentsOther Current AssetsNon-current AssetsTotal
 (in thousands)
Cash$4,103,613 $3,189 $23,972 $4,130,774 
Level 1 securities:
Money market funds1,924,191 — 146 1,924,337 
$6,027,804 $3,189 $24,118 $6,055,111 
 As of December 31, 2020
 Cash and cash equivalentsOther Current AssetsNon-current AssetsTotal
 (in thousands)
Cash$3,331,860 $1,783 $31,284 $3,364,927 
Level 1 securities:
Money market funds4,573,690 — 253 4,573,943 
Level 2 securities:
Foreign Time Deposits300,000 — — 300,000 
$8,205,550 $1,783 $31,537 $8,238,870 
v3.21.4
Balance Sheet Components (Tables)
 12 Months Ended
Dec. 31, 2021
Balance Sheet Related Disclosures [Abstract]  
Content Assets
Content assets consisted of the following:
As of December 31,
20212020
(in thousands)
Licensed content, net
$13,799,221 $13,747,607 
Produced content, net
Released, less amortization
6,877,743 5,809,681 
In production
9,235,975 4,827,455 
In development and pre-production
1,006,600 999,207 
17,120,318 11,636,343 

Content assets, net$30,919,539 $25,383,950 
Schedule of Amortization of Streaming Content Assets
The following table represents the amortization of content assets:
Year ended December 31,
 202120202019
(in thousands)
Licensed content$8,055,811 $7,544,631 $7,242,799 
Produced content4,174,556 3,262,281 1,973,448 
Total$12,230,367 $10,806,912 $9,216,247 
Property and Equipment, Net
Property and equipment and accumulated depreciation consisted of the following:
As of December 31,Estimated Useful Lives (in Years)
20212020
(in thousands)
Land$82,381 $50,700 
Buildings48,123 42,717 30 years
Leasehold improvements863,342 524,537 Over life of lease
Furniture and fixtures139,809 110,185 3 years
Information technology380,452 283,014 3 years
Corporate aircraft110,978 110,629 8 years
Machinery and equipment32,426 34,633 
3-5 years
Capital work-in-progress282,248 298,558 
Property and equipment, gross1,939,759 1,454,973 
Less: Accumulated depreciation(616,306)(494,790)
Property and equipment, net$1,323,453 $960,183 
Information on Right-of-Use Assets and Lease Liabilities
The components of lease costs for the years ended December 31, 2021, 2020 and 2019 were as follows:
Year ended December 31,
 202120202019
(in thousands)
Operating lease cost$389,805 $323,905 $218,142 
Short-term lease cost152,765 116,606 229,747 
Total lease cost$542,570 $440,511 $447,889 
Information related to the Company's operating right-of-use assets and related operating lease liabilities were as follows:
Year ended December 31,
202120202019
(in thousands)
Cash paid for operating lease liabilities$349,586 $259,559 $192,084 
Right-of-use assets obtained in exchange for new operating lease obligations (1)764,142 729,942 1,672,462 
(1) Balance as of December 31, 2019 includes $743 million for operating leases existing on January 1, 2019.
As of December 31,
20212020
(in thousands, except lease term and discount rate)
Operating lease right-of-use assets, net$2,446,573 $2,037,726 
Current operating lease liabilities$315,189 $256,222 
Non-current operating lease liabilities2,408,486 1,945,631 
Total operating lease liabilities$2,723,675 $2,201,853 
Weighted-average remaining lease term9.2 years8.9 years
Weighted-average discount rate3.1 %3.6 %
Maturities of Lease Liabilities
Maturities of operating lease liabilities as of December 31, 2021 were as follows (in thousands):
Due in 12 month period ended December 31,
2022$395,932 
2023378,774 
2024358,442 
2025340,028 
2026335,151 
Thereafter1,332,662 
3,140,989 
Less imputed interest(417,314)
Total operating lease liabilities2,723,675 
Other Current Assets
Other current assets consisted of the following:
As of
December 31,
2021		December 31,
2020
(in thousands)
Trade receivables
$804,320 $610,819 
Prepaid expenses
323,818 203,042 
Other
913,883 742,169 
Total other current assets
$2,042,021 $1,556,030 
v3.21.4
Debt (Tables)
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Schedule of Long-term Debt Instruments
The following table provides a summary of the Company's outstanding debt and the fair values based on quoted market prices in less active markets as of December 31, 2021 and December 31, 2020:

Principal Amount at ParLevel 2 Fair Value as of
December 31,
2021		December 31,
2020		Issuance DateMaturityDecember 31,
2021		December 31,
2020
(in millions)(in millions)
5.375% Senior Notes
$— $500 February 2013February 2021$— $502 
5.500% Senior Notes
700 700 February 2015February 2022704 735 
5.750% Senior Notes
400 400 February 2014March 2024437 449 
5.875% Senior Notes
800 800 February 2015February 2025899 921 
3.000% Senior Notes (1)
535 574 April 2020June 2025581 616 
3.625% Senior Notes
500 500 April 2020June 2025529 535 
4.375% Senior Notes
1,000 1,000 October 2016November 20261,111 1,110 
3.625% Senior Notes (1)
1,480 1,588 May 2017May 20271,702 1,776 
4.875% Senior Notes
1,600 1,600 October 2017April 20281,829 1,807 
5.875% Senior Notes
1,900 1,900 April 2018November 20282,293 2,280 
4.625% Senior Notes (1)
1,252 1,344 October 2018May 20291,565 1,630 
6.375% Senior Notes
800 800 October 2018May 2029999 995 
3.875% Senior Notes (1)
1,366 1,466 April 2019November 20291,651 1,700 
5.375% Senior Notes
900 900 April 2019November 20291,068 1,061 
3.625% Senior Notes (1)
1,252 1,344 October 2019June 20301,493 1,533 
4.875% Senior Notes
1,000 1,000 October 2019June 20301,169 1,155 
$15,485 $16,416 $18,030 $18,805 
(1) The following Senior Notes have a principal amount denominated in euro: 3.000% Senior Notes for €470 million, 3.625% Senior Notes for €1,300 million, 4.625% Senior Notes for €1,100 million, 3.875% Senior Notes for €1,200 million, and 3.625% Senior Notes for €1,100 million.
v3.21.4
Commitments and Contingencies (Tables)
 12 Months Ended
Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]  
Expected Timing of Payments for Streaming Content Obligations
The expected timing of payments for these content obligations is as follows:
As of December 31,
20212020
 (in thousands)
Less than one year$10,019,306 $8,980,868 
Due after one year and through 3 years9,238,315 7,819,563 
Due after 3 years and through 5 years3,238,977 1,973,091 
Due after 5 years664,762 445,308 
Total content obligations$23,161,360 $19,218,830 
v3.21.4
Stockholders' Equity (Tables)
 12 Months Ended
Dec. 31, 2021
Stockholders' Equity Note [Abstract]  
Summary of Activity Related to Stock Option Plans
A summary of the activities related to the Company’s stock option plans is as follows:
 
 Shares Available
for Grant		Options Outstanding
 Number of
Shares		Weighted- Average Exercise Price
(per Share)
Balances as of December 31, 20188,699,941 20,479,278 $89.61 
Granted(2,588,380)2,588,380 320.66 
Exercised— (2,208,052)32.88 
Expired— (280)6.74 
Balances as of December 31, 20196,111,561 20,859,326 $124.28 
New Shares Authorized17,500,000 — — 
Granted(1,909,476)1,909,476 432.34 
Exercised(4,088,612)58.35 
Expired— (3,380)27.54 
Balances as of December 31, 202021,702,085 18,676,810 $170.23 
Granted(1,556,725)1,556,725 554.11 
Exercised— (2,632,324)65.97 
Expired— (5,360)34.63 
Balances as of December 31, 202120,145,360 17,595,851 $219.83 
Vested and exercisable at December 31, 2021
17,595,851 $219.83 
Summary of Assumptions Used to Value Stock Option Grants Using Lattice-Binomial Model The following table summarizes the assumptions used to value option grants using the lattice-binomial model and the valuation data:
 
 Year Ended December 31,
 202120202019
Dividend yield— %— %— %
Expected volatility
34% - 41%
37% - 45%
37% - 41%
Risk-free interest rate
1.08% - 1.62%
0.67% - 1.71%
1.74% - 2.74%
Suboptimal exercise factor
3.81 - 3.98
3.34 - 3.67
3.07 - 3.23
Valuation data:
Weighted-average fair value (per share)$259.01 $217.42 $156.60 
Total stock-based compensation expense (in thousands)403,220 415,180 405,376 
Total income tax impact on provision (in thousands)89,642 91,718 90,856 
v3.21.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
Schedule of Income before Income Taxes
Income before provision for income taxes was as follows:
 Year Ended December 31,
 202120202019
 (in thousands)
United States$5,365,547 $2,789,064 $1,719,326 
Foreign474,556 410,285 342,905 
Income before income taxes$5,840,103 $3,199,349 $2,062,231 
Components of Provision for Income Taxes
The components of provision for income taxes for all periods presented were as follows:
 
 Year Ended December 31,
 202120202019
 (in thousands)
Current tax provision:
Federal$57,526 $24,221 $21,498 
State109,641 65,821 45,228 
Foreign357,189 277,846 223,328 
Total current524,356 367,888 290,054 
Deferred tax provision:
Federal188,937 (57,765)(28,003)
State(2,700)164,685 (54,507)
Foreign13,282 (36,854)(12,229)
Total deferred199,519 70,066 (94,739)
Provision for income taxes$723,875 $437,954 $195,315 
Reconciliation of Provision for Income Taxes
A reconciliation of the provision for income taxes, with the amount computed by applying the statutory Federal income tax rate to income before income taxes is as follows:

 Year Ended December 31,
 202120202019
 (in thousands)
Expected tax expense at U.S. Federal statutory rates$1,226,422 $671,864 $433,059 
State income taxes, net of Federal income tax effect111,400 65,808 47,909 
Foreign earnings at other than U.S. rates(23,963)12,212 56,969 
Federal and California R&D tax credits(82,909)(113,882)(134,523)
Valuation allowance on California R&D tax credits— 183,283 — 
Excess tax benefits on stock-based compensation(290,899)(339,436)(148,693)
Tax effects of the Tax Cuts and Jobs Act(254,763)(87,194)(127,534)
Global corporate structure simplification— — 35,939 
Nondeductible Officers Compensation26,874 30,351 24,111 
Other11,713 14,948 8,078 
Provision for income taxes$723,875 $437,954 $195,315 
Effective Tax Rate12 %14 %9 %
Deferred Tax Assets and Liabilities
The components of deferred tax assets and liabilities were as follows:
 
 As of December 31,
 20212020
 (in thousands)
Deferred tax assets:
Stock-based compensation$351,238 $296,646 
Federal and California tax R&D credits484,793 513,413 
Foreign tax credits2,045 — 
Accruals and reserves165,214 74,239 
Operating leases570,830 436,838 
Foreign Net Operating Losses8,043 29,894 
Unrealized Gain/Loss13,772 114,884 
Other5,420 2,543 
Gross deferred tax assets1,601,355 1,468,457 
Depreciation & amortization(388,115)(229,142)
Operating leases(506,403)(400,380)
       Acquisitions(240,334)— 
Gross deferred tax liabilities(1,134,852)(629,522)
Valuation allowance(318,408)(249,844)
Net deferred tax assets$148,095 $589,091 
Summary of Changes in Unrecognized Tax Benefits The aggregate changes in the Company’s total gross amount of unrecognized tax benefits are summarized as follows (in thousands):
 
Balances as of December 31, 2019$66,768 
Increases related to tax positions taken during prior periods 11,943 
Decreases related to tax positions taken during prior periods(3,697)
Increases related to tax positions taken during the current period65,110 
Decreases related to expiration of statute of limitations— 
Balances as of December 31, 2020140,124 
Increases related to tax positions taken during prior periods 27,116 
Decreases related to tax positions taken during prior periods — 
Increases related to tax positions taken during the current period35,317 
Decreases related to expiration of statute of limitations— 
Balances as of December 31, 2021$202,557 
v3.21.4
Employee Benefit Plan (Tables)
 12 Months Ended
Dec. 31, 2021
Retirement Benefits [Abstract]  
Schedule of Company Contributions to Pension and Health Plans
The following table summarizes the Company's contributions to multiemployer pension and health plans for the years ended December 31, 2021, 2020 and 2019, respectively:
 Year Ended December 31,
 202120202019
 (in thousands)
Pension benefits$111,133 $78,060 $89,703 
Health benefits83,153 52,322 44,351 
Total contributions$194,286 $130,382 $134,054 
v3.21.4
Segment and Geographic Information (Tables)
 12 Months Ended
Dec. 31, 2021
Segment Reporting [Abstract]  
Long-lived Assets by Geographic Areas The Company's long-lived tangible assets, as well as the Company's operating lease right-of-use assets recognized on the Consolidated Balance Sheets were located as follows:
As of December 31,
20212020
(in thousands)
United States$2,833,059 $2,224,891 
International936,967 773,018 
v3.21.4
Organization and Summary of Significant Accounting Policies (Narrative) (Details)
$ in Thousands, membership in Millions
 12 Months Ended
Dec. 31, 2021
USD ($)
country
membership
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Organization And Summary Of Significant Accounting Policies [Line Items]      
Number of streaming members (over) | membership 222    
Number of countries (over) | country 190    
Content assets amortization period cap 10 years    
Average produced content asset amortization percentage (over) 90.00%    
Average produced content asset amortization period 4 years    
Advertising expense $ 1,669,000 $ 1,447,000 $ 1,879,000
Foreign currency remeasurement gain (loss) 430,661 (533,278) 45,576
Interest and Other Income (Expense)      
Organization And Summary Of Significant Accounting Policies [Line Items]      
Foreign currency remeasurement gain (loss) $ 403,000 $ (660,000) $ 7,000
Maximum      
Organization And Summary Of Significant Accounting Policies [Line Items]      
Property and equipment estimated useful life 30 years    
v3.21.4
Revenue Recognition - Revenue and Membership Information (Details)
membership in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2021
USD ($)
membership
Dec. 31, 2020
USD ($)
membership
Dec. 31, 2019
USD ($)
membership
Disaggregation of Revenue [Line Items]      
Revenues | $ $ 29,697,844 $ 24,996,056 $ 20,156,447
Streaming | United States and Canada      
Disaggregation of Revenue [Line Items]      
Revenues | $ $ 12,972,100 $ 11,455,396 $ 10,051,208
Paid net membership additions (in memberships) 1,279 6,274 2,905
Paid memberships at end of period (in memberships) 75,215 73,936 67,662
Streaming | Europe, Middle East, and Africa      
Disaggregation of Revenue [Line Items]      
Revenues | $ $ 9,699,819 $ 7,772,252 $ 5,543,067
Paid net membership additions (in memberships) 7,338 14,920 13,960
Paid memberships at end of period (in memberships) 74,036 66,698 51,778
Streaming | Latin America      
Disaggregation of Revenue [Line Items]      
Revenues | $ $ 3,576,976 $ 3,156,727 $ 2,795,434
Paid net membership additions (in memberships) 2,424 6,120 5,340
Paid memberships at end of period (in memberships) 39,961 37,537 31,417
Streaming | Asia-Pacific      
Disaggregation of Revenue [Line Items]      
Revenues | $ $ 3,266,601 $ 2,372,300 $ 1,469,521
Paid net membership additions (in memberships) 7,140 9,259 5,626
Paid memberships at end of period (in memberships) 32,632 25,492 16,233
v3.21.4
Revenue Recognition - Additional Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Disaggregation of Revenue [Line Items]      
Revenues $ 29,697,844 $ 24,996,056 $ 20,156,447
Deferred revenue 1,209,342 1,117,992  
Increase in deferred revenue 91,350 193,247 163,846
DVD      
Disaggregation of Revenue [Line Items]      
Revenues 200,000 200,000 300,000
United States      
Disaggregation of Revenue [Line Items]      
Revenues $ 12,100,000 $ 10,800,000 $ 9,500,000
v3.21.4
Earnings Per Share - Calculation of EPS (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Basic earnings per share:      
Net income $ 5,116,228 $ 2,761,395 $ 1,866,916
Weighted-average common shares outstanding (in shares) 443,155 440,922 437,799
Basic earnings per share (in USD per share) $ 11.55 $ 6.26 $ 4.26
Diluted earnings per share:      
Net income $ 5,116,228 $ 2,761,395 $ 1,866,916
Shares used in computation:      
Weighted-average common shares outstanding (in shares) 443,155 440,922 437,799
Employee stock options (in shares) 12,217 13,286 13,966
Weighted-average number of shares (in shares) 455,372 454,208 451,765
Diluted earnings per share (in USD per share) $ 11.24 $ 6.08 $ 4.13
v3.21.4
Earnings Per Share - Antidilutive Shares (Details) - shares
shares in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Earnings Per Share [Abstract]      
Antidilutive securities excluded from earnings per share calculations (in shares) 348 484 1,588
v3.21.4
Cash, Cash Equivalents and Restricted Cash (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Cash and Cash Equivalents [Line Items]        
Cash, cash equivalents and restricted cash $ 6,055,111 $ 8,238,870 $ 5,043,786 $ 3,812,041
Cash        
Cash and Cash Equivalents [Line Items]        
Cash, cash equivalents and restricted cash 4,130,774 3,364,927    
Level 1 securities | Money market funds        
Cash and Cash Equivalents [Line Items]        
Cash, cash equivalents and restricted cash 1,924,337 4,573,943    
Level 2 securities | Foreign Time Deposits        
Cash and Cash Equivalents [Line Items]        
Cash, cash equivalents and restricted cash 300,000 300,000    
Cash and cash equivalents        
Cash and Cash Equivalents [Line Items]        
Cash, cash equivalents and restricted cash 6,027,804 8,205,550    
Cash and cash equivalents | Cash        
Cash and Cash Equivalents [Line Items]        
Cash, cash equivalents and restricted cash 4,103,613 3,331,860    
Cash and cash equivalents | Level 1 securities | Money market funds        
Cash and Cash Equivalents [Line Items]        
Cash, cash equivalents and restricted cash 1,924,191 4,573,690    
Cash and cash equivalents | Level 2 securities | Foreign Time Deposits        
Cash and Cash Equivalents [Line Items]        
Cash, cash equivalents and restricted cash   300,000    
Other Current Assets        
Cash and Cash Equivalents [Line Items]        
Cash, cash equivalents and restricted cash 3,189 1,783    
Other Current Assets | Cash        
Cash and Cash Equivalents [Line Items]        
Cash, cash equivalents and restricted cash 3,189 1,783    
Other Current Assets | Level 1 securities | Money market funds        
Cash and Cash Equivalents [Line Items]        
Cash, cash equivalents and restricted cash 0 0    
Other Current Assets | Level 2 securities | Foreign Time Deposits        
Cash and Cash Equivalents [Line Items]        
Cash, cash equivalents and restricted cash   0    
Non-current Assets        
Cash and Cash Equivalents [Line Items]        
Cash, cash equivalents and restricted cash 24,118 31,537    
Non-current Assets | Cash        
Cash and Cash Equivalents [Line Items]        
Cash, cash equivalents and restricted cash 23,972 31,284    
Non-current Assets | Level 1 securities | Money market funds        
Cash and Cash Equivalents [Line Items]        
Cash, cash equivalents and restricted cash $ 146 253    
Non-current Assets | Level 2 securities | Foreign Time Deposits        
Cash and Cash Equivalents [Line Items]        
Cash, cash equivalents and restricted cash   $ 0    
v3.21.4
Balance Sheet Components - Components of Content Assets (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]      
Content assets, net $ 30,919,539 $ 25,383,950  
Amortization of content assets 12,230,367 10,806,912 $ 9,216,247
Licensed content, net      
Finite-Lived Intangible Assets [Line Items]      
Net content 13,799,221 13,747,607  
Unamortized cost in year one 6,008,000    
Unamortized cost in year two 3,149,000    
Unamortized cost in year three 1,944,000    
Amortization of content assets 8,055,811 7,544,631 7,242,799
Produced content, net      
Finite-Lived Intangible Assets [Line Items]      
Net content 6,877,743 5,809,681  
In production 9,235,975 4,827,455  
In development and pre-production 1,006,600 999,207  
Content assets, net 17,120,318 11,636,343  
Unamortized cost in year one 2,736,000    
Unamortized cost in year two 1,884,000    
Unamortized cost in year three 1,138,000    
Amortization of content assets $ 4,174,556 $ 3,262,281 $ 1,973,448
v3.21.4
Balance Sheet Components - Property and Equipment and Accumulated Depreciation (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 1,939,759 $ 1,454,973
Less: Accumulated depreciation (616,306) (494,790)
Property and equipment, net $ 1,323,453 960,183
Maximum    
Property, Plant and Equipment [Line Items]    
Estimated Useful Lives 30 years  
Land    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 82,381 50,700
Buildings    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 48,123 42,717
Estimated Useful Lives 30 years  
Leasehold improvements    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 863,342 524,537
Furniture and fixtures    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 139,809 110,185
Estimated Useful Lives 3 years  
Information technology    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 380,452 283,014
Estimated Useful Lives 3 years  
Corporate aircraft    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 110,978 110,629
Estimated Useful Lives 8 years  
Machinery and equipment    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 32,426 34,633
Machinery and equipment | Minimum    
Property, Plant and Equipment [Line Items]    
Estimated Useful Lives 3 years  
Machinery and equipment | Maximum    
Property, Plant and Equipment [Line Items]    
Estimated Useful Lives 5 years  
Capital work-in-progress    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 282,248 $ 298,558
v3.21.4
Balance Sheet Components - Leases (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
USD ($)
option
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Jan. 01, 2019
USD ($)
Lessee, Lease, Description [Line Items]        
Number of renewal options (or more) | option 1      
Lease Cost:        
Operating lease cost $ 389,805 $ 323,905 $ 218,142  
Short-term lease cost 152,765 116,606 229,747  
Total lease cost 542,570 440,511 447,889  
Cash paid for operating lease liabilities 349,586 259,559 192,084  
Right-of-use assets obtained in exchange for new operating lease obligations 764,142 729,942 $ 1,672,462  
Operating lease right-of-use assets, net 2,446,573 2,037,726    
Current operating lease liabilities 315,189 256,222    
Non current operating lease liabilities 2,408,486 1,945,631    
Total operating lease liabilities $ 2,723,675 $ 2,201,853    
Weighted-average remaining lease term 9 years 2 months 12 days 8 years 10 months 24 days    
Weighted-average discount rate 3.10% 3.60%    
Operating lease, liability, leases not commenced $ 366,000      
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Other non-current assets Other non-current assets    
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] Accrued Liabilities, Current Accrued Liabilities, Current    
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] Other non-current liabilities Other non-current liabilities    
ASU 2016-02        
Lease Cost:        
Operating lease right-of-use assets, net       $ 743,000
Minimum        
Lessee, Lease, Description [Line Items]        
Lease term of contract 1 year      
Lease renewal term 1 year      
Lease Cost:        
Lease not yet commenced, term of contract 5 years      
Maximum        
Lessee, Lease, Description [Line Items]        
Lease term of contract 15 years      
Lease renewal term 20 years      
Lease Cost:        
Lease not yet commenced, term of contract 14 years      
v3.21.4
Balance Sheet Components - Lease Maturities (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Balance Sheet Related Disclosures [Abstract]    
2022 $ 395,932  
2023 378,774  
2024 358,442  
2025 340,028  
2026 335,151  
Thereafter 1,332,662  
Total lease liabilities 3,140,989  
Less imputed interest (417,314)  
Total operating lease liabilities $ 2,723,675 $ 2,201,853
v3.21.4
Balance Sheet Components - Other Current Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Balance Sheet Related Disclosures [Abstract]    
Trade receivables $ 804,320 $ 610,819
Prepaid expenses 323,818 203,042
Other 913,883 742,169
Total other current assets $ 2,042,021 $ 1,556,030
v3.21.4
Debt - Narrative (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Dec. 31, 2021
EUR (€)
Debt Instrument [Line Items]        
Aggregate outstanding notes $ 15,393,000 $ 16,309,000    
Debt issuance costs 92,000 107,000    
Short-term debt 699,823 499,878    
Long-term notes denominated in foreign currency 15,485,000 16,416,000    
Foreign currency remeasurement loss (gain) on debt (430,661) $ 533,278 $ (45,576)  
Senior Notes        
Debt Instrument [Line Items]        
Long-term notes denominated in foreign currency | €       € 5,170,000,000
Foreign currency remeasurement loss (gain) on debt $ (431,000)      
Redemption price, percent of outstanding principal 101.00%      
v3.21.4
Debt - Summary of Long-term Debt (Details)
$ in Millions
Dec. 31, 2021
EUR (€)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
EUR (€)
Dec. 31, 2020
USD ($)
Debt Instrument [Line Items]        
Face amount   $ 15,485   $ 16,416
Long-term debt, fair value   18,030   18,805
Senior Notes        
Debt Instrument [Line Items]        
Face amount | € € 5,170,000,000      
Senior Notes | 5.375% Senior Notes        
Debt Instrument [Line Items]        
Face amount   0   500
Long-term debt, fair value   $ 0   $ 502
Interest rate 5.375% 5.375% 5.375% 5.375%
Senior Notes | 5.500% Senior Notes        
Debt Instrument [Line Items]        
Face amount   $ 700   $ 700
Long-term debt, fair value   $ 704   $ 735
Interest rate 5.50% 5.50% 5.50% 5.50%
Senior Notes | 5.750% Senior Notes        
Debt Instrument [Line Items]        
Face amount   $ 400   $ 400
Long-term debt, fair value   $ 437   $ 449
Interest rate 5.75% 5.75% 5.75% 5.75%
Senior Notes | 5.875% Senior Notes        
Debt Instrument [Line Items]        
Face amount   $ 800   $ 800
Long-term debt, fair value   $ 899   $ 921
Interest rate 5.875% 5.875% 5.875% 5.875%
Senior Notes | 3.000% Senior Notes        
Debt Instrument [Line Items]        
Face amount € 470,000,000 $ 535 € 470,000,000 $ 574
Long-term debt, fair value   $ 581   $ 616
Interest rate 3.00% 3.00% 3.00% 3.00%
Senior Notes | 3.625% Senior Notes        
Debt Instrument [Line Items]        
Face amount   $ 500   $ 500
Long-term debt, fair value   $ 529   $ 535
Interest rate 3.625% 3.625% 3.625% 3.625%
Senior Notes | 4.375% Senior Notes        
Debt Instrument [Line Items]        
Face amount   $ 1,000   $ 1,000
Long-term debt, fair value   $ 1,111   $ 1,110
Interest rate 4.375% 4.375% 4.375% 4.375%
Senior Notes | 3.625% Senior Notes        
Debt Instrument [Line Items]        
Face amount € 1,300,000,000 $ 1,480 € 1,300,000,000 $ 1,588
Long-term debt, fair value   $ 1,702   $ 1,776
Interest rate 3.625% 3.625% 3.625% 3.625%
Senior Notes | 4.875% Senior Notes        
Debt Instrument [Line Items]        
Face amount   $ 1,600   $ 1,600
Long-term debt, fair value   $ 1,829   $ 1,807
Interest rate 4.875% 4.875% 4.875% 4.875%
Senior Notes | 5.875% Senior Notes        
Debt Instrument [Line Items]        
Face amount   $ 1,900   $ 1,900
Long-term debt, fair value   $ 2,293   $ 2,280
Interest rate 5.875% 5.875% 5.875% 5.875%
Senior Notes | 4.625% Senior Notes        
Debt Instrument [Line Items]        
Face amount € 1,100,000,000 $ 1,252 € 1,100,000,000 $ 1,344
Long-term debt, fair value   $ 1,565   $ 1,630
Interest rate 4.625% 4.625% 4.625% 4.625%
Senior Notes | 6.375% Senior Notes        
Debt Instrument [Line Items]        
Face amount   $ 800   $ 800
Long-term debt, fair value   $ 999   $ 995
Interest rate 6.375% 6.375% 6.375% 6.375%
Senior Notes | 3.875% Senior Notes        
Debt Instrument [Line Items]        
Face amount € 1,200,000,000 $ 1,366 € 1,200,000,000 $ 1,466
Long-term debt, fair value   $ 1,651   $ 1,700
Interest rate 3.875% 3.875% 3.875% 3.875%
Senior Notes | 5.375% Senior Notes        
Debt Instrument [Line Items]        
Face amount   $ 900   $ 900
Long-term debt, fair value   $ 1,068   $ 1,061
Interest rate 5.375% 5.375% 5.375% 5.375%
Senior Notes | 3.625% Senior Notes        
Debt Instrument [Line Items]        
Face amount € 1,100,000,000 $ 1,252 € 1,100,000,000 $ 1,344
Long-term debt, fair value   $ 1,493   $ 1,533
Interest rate 3.625% 3.625% 3.625% 3.625%
Senior Notes | 4.875% Senior Notes        
Debt Instrument [Line Items]        
Face amount   $ 1,000   $ 1,000
Long-term debt, fair value   $ 1,169   $ 1,155
Interest rate 4.875% 4.875% 4.875% 4.875%
v3.21.4
Debt - Revolving Line of Credit (Details) - Revolving Credit Facility - USD ($)
 12 Months Ended
Dec. 31, 2021
Jun. 17, 2021
Jun. 16, 2021
Line of Credit Facility [Line Items]      
Line of credit facility, maximum borrowing capacity   $ 1,000,000,000 $ 750,000,000
Amount borrowed $ 0    
Commitment fee percentage 0.10%    
London Interbank Offered Rate (LIBOR)      
Line of Credit Facility [Line Items]      
Basis spread on variable rate 0.75%    
Federal Funds Rate      
Line of Credit Facility [Line Items]      
Basis spread on variable rate 0.50%    
One-Month LIBOR Rate      
Line of Credit Facility [Line Items]      
Basis spread on variable rate 1.00%    
One-Month LIBOR Rate | Minimum      
Line of Credit Facility [Line Items]      
Basis spread on variable rate 0.00%    
v3.21.4
Commitments and Contingencies (Streaming Content) (Narrative) (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Contractual Obligation [Line Items]    
Total streaming content obligations $ 23,161,360 $ 19,218,830
Current content liabilities 4,292,967 4,429,536
Non-current content liabilities 3,094,213 2,618,084
Unrecorded streaming obligations 15,800,000 12,200,000
Current Content Liabilities    
Contractual Obligation [Line Items]    
Current content liabilities 4,300,000 4,400,000
Non-current Content Liabilities    
Contractual Obligation [Line Items]    
Non-current content liabilities $ 3,100,000 $ 2,600,000
v3.21.4
Commitments and Contingencies (Expected Timing of Payments for Commitments) (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]    
Less than one year $ 10,019,306 $ 8,980,868
Due after one year and through 3 years 9,238,315 7,819,563
Due after 3 years and through 5 years 3,238,977 1,973,091
Due after 5 years 664,762 445,308
Total content obligations $ 23,161,360 $ 19,218,830
v3.21.4
Guarantees—Indemnification Obligations (Details)
Dec. 31, 2021
USD ($)
Indemnification Agreement  
Loss Contingencies [Line Items]  
Indemnification guarantee accrual $ 0
v3.21.4
Stockholders' Equity (Voting Rights) (Narrative) (Details)
 12 Months Ended
Dec. 31, 2021
vote
Stockholders' Equity Note [Abstract]  
Number of voting rights per share 1
v3.21.4
Stockholders' Equity (Stock Option Plans) (Narrative) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Shares available for grant (in shares) 20,145,360 21,702,085 6,111,561 8,699,941
Aggregate intrinsic value $ 6,744      
Total intrinsic value of options exercised $ 1,363 $ 1,596 $ 666  
Weighted-average remaining contractual term (in years) 5 years 4 months 13 days      
Cash received from option exercised $ 174 $ 235 $ 72  
Expiration period 10 years      
2020 Stock Plan        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Shares available for grant (in shares) 17,500,000      
2011 Stock Plan        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Shares available for grant (in shares) 5,530,106      
v3.21.4
Stockholders' Equity (Summary of Activity Related to Stock Option Plans) (Details) - $ / shares
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]      
Shares available for grant, beginning balances 21,702,085 6,111,561 8,699,941
Options outstanding, number of shares, beginning balance (in shares) 18,676,810 20,859,326 20,479,278
Shares available for grant, number of shares authorized (in shares)   17,500,000  
Options outstanding, number of shares granted (in shares) 1,556,725 1,909,476 2,588,380
Options outstanding, number of shares, exercised (in shares) (2,632,324) (4,088,612) (2,208,052)
Options outstanding, number of shares expired (in shares) (5,360) (3,380) (280)
Shares available for grant, ending balances 20,145,360 21,702,085 6,111,561
Options outstanding, number of shares, ending balance (in shares) 17,595,851 18,676,810 20,859,326
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]      
Options outstanding, weighted-average exercise price, beginning balance (dollars per share) $ 170.23 $ 124.28 $ 89.61
Options outstanding, weighted-average exercise price, granted (dollars per share) 554.11 432.34 320.66
Options outstanding, weighted-average exercise price, exercised (dollars per share) 65.97 58.35 32.88
Options expired, weighted-average exercise price (dollars per share) 34.63 27.54 6.74
Options outstanding, weighted-average exercise price, ending balance (dollars per share) $ 219.83 $ 170.23 $ 124.28
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]      
Options outstanding, number of shares, vested and exercisable (in shares) 17,595,851    
Options outstanding, weighted-average exercise price, vested and exercisable (in dollars per share) $ 219.83    
v3.21.4
Stockholders' Equity (Summary of Assumptions Used to Value Stock Option Grants) (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Stockholders' Equity Note [Abstract]      
Dividend yield 0.00% 0.00% 0.00%
Expected volatility, minimum 34.00% 37.00% 37.00%
Expected volatility, maximum 41.00% 45.00% 41.00%
Risk-free interest rate, minimum 1.08% 0.67% 1.74%
Risk-free interest rate, maximum 1.62% 1.71% 2.74%
Suboptimal exercise factor, minimum 3.81 3.34 3.07
Suboptimal exercise factor, maximum 3.98 3.67 3.23
Valuation data:      
Weighted-average fair value (in dollars per share) $ 259.01 $ 217.42 $ 156.60
Total stock-based compensation expense $ 403,220 $ 415,180 $ 405,376
Total income tax impact on provision $ 89,642 $ 91,718 $ 90,856
v3.21.4
Stockholders' Equity - Stock Repurchases (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Mar. 31, 2021
Stockholders' Equity Note [Abstract]    
Common stock authorized to be repurchased   $ 5,000,000
Stock repurchased (in shares) 1,182,410  
Repurchases of common stock $ 600,022  
Remaining authorized repurchase amount $ 4,400,000  
v3.21.4
Income Taxes (Schedule of Income before Income Taxes) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Income Tax Disclosure [Abstract]      
United States $ 5,365,547 $ 2,789,064 $ 1,719,326
Foreign 474,556 410,285 342,905
Income before income taxes $ 5,840,103 $ 3,199,349 $ 2,062,231
v3.21.4
Income Taxes (Components of Provision for Income Taxes) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Current tax provision:      
Federal $ 57,526 $ 24,221 $ 21,498
State 109,641 65,821 45,228
Foreign 357,189 277,846 223,328
Total current 524,356 367,888 290,054
Deferred tax provision:      
Federal 188,937 (57,765) (28,003)
State (2,700) 164,685 (54,507)
Foreign 13,282 (36,854) (12,229)
Total deferred 199,519 70,066 (94,739)
Provision for income taxes $ 723,875 $ 437,954 $ 195,315
v3.21.4
Income Taxes (Narrative) (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Operating Loss Carryforwards [Line Items]      
Deferred tax asset valuation allowance $ 318,408 $ 249,844  
Unrecognized tax benefits 202,557 140,124 $ 66,768
Reduction in provision for income taxes due to impact of effective tax rate 136,000 $ 86,000  
Federal tax authority      
Operating Loss Carryforwards [Line Items]      
Tax credit carryforward, amount 274,000    
State tax authority      
Operating Loss Carryforwards [Line Items]      
Tax credit carryforward, amount $ 456,000    
v3.21.4
Income Taxes (Reconciliation of Provision for Income Taxes) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Income Tax Disclosure [Abstract]      
Expected tax expense at U.S. Federal statutory rates $ 1,226,422 $ 671,864 $ 433,059
State income taxes, net of Federal income tax effect 111,400 65,808 47,909
Foreign earnings at other than U.S. rates (23,963) 12,212 56,969
Federal and California R&D tax credits (82,909) (113,882) (134,523)
Valuation allowance on California R&D tax credits 0 183,283 0
Excess tax benefits on stock-based compensation (290,899) (339,436) (148,693)
Tax effects of the Tax Cuts and Jobs Act (254,763) (87,194) (127,534)
Global corporate structure simplification 0 0 35,939
Nondeductible Officers Compensation 26,874 30,351 24,111
Other 11,713 14,948 8,078
Provision for income taxes $ 723,875 $ 437,954 $ 195,315
Effective Tax Rate 12.00% 14.00% 9.00%
v3.21.4
Income Taxes (Deferred Tax Assets and Liabilities) (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Deferred tax assets:    
Stock-based compensation $ 351,238 $ 296,646
Federal and California tax R&D credits 484,793 513,413
Foreign tax credits 2,045 0
Accruals and reserves 165,214 74,239
Operating leases 570,830 436,838
Foreign Net Operating Losses 8,043 29,894
Unrealized Gain/Loss 13,772 114,884
Other 5,420 2,543
Gross deferred tax assets 1,601,355 1,468,457
Depreciation & amortization (388,115) (229,142)
Operating leases (506,403) (400,380)
Acquisitions (240,334) 0
Gross deferred tax liabilities (1,134,852) (629,522)
Valuation allowance (318,408) (249,844)
Net deferred tax assets $ 148,095 $ 589,091
v3.21.4
Income Taxes (Summary of Changes in Unrecognized Tax Benefits) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]    
Beginning Balance $ 140,124 $ 66,768
Increases related to tax positions taken during prior periods 27,116 11,943
Decreases related to tax positions taken during prior periods 0 (3,697)
Increases related to tax positions taken during the current period 35,317 65,110
Decreases related to expiration of statute of limitations 0 0
Ending Balance $ 202,557 $ 140,124
v3.21.4
Employee Benefit Plan - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Retirement Benefits [Abstract]      
Eligible employees maximum contribution percentage 80.00%    
Contributions by employer $ 85 $ 69 $ 47
v3.21.4
Employee Benefit Plan - Multiemployer Plan (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Multiemployer Plan [Line Items]      
Total contributions $ 194,286 $ 130,382 $ 134,054
Multiemployer Plan, Type [Extensible List] Other Pension, Postretirement and Supplemental Plans [Member]    
Multiemployer Pension Benefits      
Multiemployer Plan [Line Items]      
Total contributions $ 111,133 78,060 89,703
Multiemployer Health Benefits      
Multiemployer Plan [Line Items]      
Total contributions $ 83,153 $ 52,322 $ 44,351
v3.21.4
Segment and Geographic Information (Narrative) (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
USD ($)
segment
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Segment Reporting [Abstract]      
Number of operating segments | segment 1    
Revenues from External Customers and Long-Lived Assets [Line Items]      
Revenues $ 29,697,844 $ 24,996,056 $ 20,156,447
United States      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Revenues $ 12,100,000 $ 10,800,000 $ 9,500,000
v3.21.4
Segment and Geographic Information (Long-lived Assets by Geographic Areas) (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
United States    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Long-lived assets $ 2,833,059 $ 2,224,891
International    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Long-lived assets $ 936,967 $ 773,018
v3.21.4
Label Element Value
Accounting Standards Update [Extensible Enumeration] us-gaap_AccountingStandardsUpdateExtensibleList Accounting Standards Update 2016-02 [Member]