Document and Entity Information	6 Months Ended
Document and Entity Information	Jun. 30, 2019 shares
Cover page.
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2019
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 each class	Common stock, par value $0.001 per share
Trading Symbol	NFLX
Security Exchange Name	NASDAQ
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
Entity Shell Company	false
Entity Central Index Key	0001065280
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding	437,834,882

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Income Statement [Abstract]
Revenues	$ 4,923,116	$ 3,907,270	$ 9,444,108	$ 7,608,126
Cost of revenues	3,005,657	2,402,431	5,876,271	4,703,010
Marketing	603,150	592,007	1,219,728	1,128,784
Technology and development	383,233	299,095	755,997	581,405
General and administrative	224,657	151,524	426,609	286,136
Operating income	706,419	462,213	1,165,503	908,791
Other income (expense):
Interest expense	(152,033)	(101,605)	(287,562)	(182,824)
Interest and other income (expense)	(53,470)	68,028	22,634	2,285
Income before income taxes	500,916	428,636	900,575	728,252
Provision for income taxes	230,266	44,287	285,873	53,779
Net income	$ 270,650	$ 384,349	$ 614,702	$ 674,473
Earnings per share:
Basic (in dollars per share)	$ 0.62	$ 0.88	$ 1.41	$ 1.55
Diluted (in dollars per share)	$ 0.60	$ 0.85	$ 1.36	$ 1.50
Weighted-average common shares outstanding:
Basic (in shares)	437,587	435,097	437,271	434,638
Diluted (in shares)	452,195	451,552	452,063	450,958

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Statement of Comprehensive Income [Abstract]
Net income	$ 270,650	$ 384,349	$ 614,702	$ 674,473
Other comprehensive income (loss):
Foreign currency translation adjustments	5,248	(16,691)	(770)	8,130
Comprehensive income	$ 275,898	$ 367,658	$ 613,932	$ 682,603

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Cash flows from operating activities:
Net income	$ 270,650	$ 384,349	$ 614,702	$ 674,473
Adjustments to reconcile net income to net cash used in operating activities:
Additions to streaming content assets	(3,325,103)	(3,033,721)	(6,322,849)	(6,020,468)
Change in streaming content liabilities	(12,414)	288,474	(27,112)	667,359
Amortization of streaming content assets	2,231,915	1,817,817	4,356,601	3,566,661
Amortization of DVD content assets	7,656	11,154	16,165	22,288
Depreciation and amortization of property, equipment and intangibles	25,496	19,736	49,057	38,777
Stock-based compensation expense	103,848	81,232	205,048	149,627
Other non-cash items	53,039	13,921	90,238	22,130
Foreign currency remeasurement loss (gain) on long-term debt	61,284	(85,410)	3,684	(44,330)
Deferred taxes	35,519	(9,539)	42,146	(31,588)
Changes in operating assets and liabilities:
Other current assets	(24,231)	(25,564)	(56,307)	(81,469)
Accounts payable	(2,674)	7,733	(127,141)	81,816
Accrued expenses and other liabilities	(26,705)	(52,851)	130,942	66,198
Deferred revenue	84,085	23,848	131,878	79,118
Other non-current assets and liabilities	(26,119)	40,582	(30,605)	54,412
Net cash used in operating activities	(543,754)	(518,239)	(923,553)	(754,996)
Cash flows from investing activities:
Acquisition of DVD content assets	(7,798)	(12,552)	(16,968)	(23,348)
Purchases of property and equipment	(39,584)	(27,323)	(99,965)	(64,493)
Change in other assets	(2,654)	(441)	(13,206)	(2,227)
Net cash used in investing activities	(50,036)	(40,316)	(130,139)	(90,068)
Cash flows from financing activities:
Proceeds from issuance of debt	2,243,196	1,900,000	2,243,196	1,900,000
Debt issuance costs	(18,192)	(16,992)	(18,192)	(16,992)
Proceeds from issuance of common stock	21,896	26,936	44,868	83,271
Other financing activities	0	(532)	0	(853)
Net cash provided by financing activities	2,246,900	1,909,412	2,269,872	1,965,426
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	4,998	(36,340)	(16)	(29,163)
Net increase in cash, cash equivalents, and restricted cash	1,658,108	1,314,517	1,216,164	1,091,199
Cash, cash equivalents and restricted cash at beginning of period	3,370,097	2,599,477	3,812,041	2,822,795
Cash, cash equivalents and restricted cash at end of period	$ 5,028,205	$ 3,913,994	$ 5,028,205	$ 3,913,994

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 5,004,247	$ 3,794,483
Current content assets, net	0	5,151,186
Other current assets	872,910	748,466
Total current assets	5,877,157	9,694,135
Non-current content assets, net	21,945,740	14,960,954
Property and equipment, net	452,399	418,281
Other non-current assets	1,896,043	901,030
Total assets	30,171,339	25,974,400
Current liabilities:
Current content liabilities	4,848,201	4,686,019
Accounts payable	442,194	562,985
Accrued expenses and other liabilities	750,812	477,417
Deferred revenue	892,777	760,899
Total current liabilities	6,933,984	6,487,320
Non-current content liabilities	3,564,440	3,759,026
Long-term debt	12,594,135	10,360,058
Other non-current liabilities	973,232	129,231
Total liabilities	24,065,791	20,735,635
Commitments and contingencies (Note 6)
Stockholders’ equity:
Common stock, $0.001 par value; 4,990,000,000 shares authorized at June 30, 2019 and December 31, 2018; 437,834,882 and 436,598,597 issued and outstanding at June 30, 2019 and December 31, 2018, respectively	2,566,365	2,315,988
Accumulated other comprehensive loss	(20,352)	(19,582)
Retained earnings	3,559,535	2,942,359
Total stockholders’ equity	6,105,548	5,238,765
Total liabilities and stockholders’ equity	$ 30,171,339	$ 25,974,400

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Common stock, par value (dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (shares)	4,990,000,000	4,990,000,000
Common stock, shares issued (shares)	437,834,882	436,598,597
Common stock, shares outstanding (shares)	437,834,882	436,598,597

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock and Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings
Beginning Balance at Dec. 31, 2017	$ 3,581,956	$ 1,871,396	$ (20,557)	$ 1,731,117
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of options		82,414
Stock-based compensation expense		149,627
Other comprehensive income (loss)			8,130
Net income	674,473			674,473
Ending Balance at Jun. 30, 2018	4,496,600	2,103,437	(12,427)	2,405,590
Beginning Balance at Mar. 31, 2018	4,020,730	1,995,225	4,264	2,021,241
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of options		26,980
Stock-based compensation expense		81,232
Other comprehensive income (loss)			(16,691)
Net income	384,349			384,349
Ending Balance at Jun. 30, 2018	4,496,600	2,103,437	(12,427)	2,405,590
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adoption of ASU 2016-02, Leases (Topic 842)				2,474
Beginning Balance at Dec. 31, 2018	5,238,765	2,315,988	(19,582)	2,942,359
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of options		45,329
Stock-based compensation expense		205,048
Other comprehensive income (loss)			(770)
Net income	614,702
Ending Balance at Jun. 30, 2019	6,105,548	2,566,365	(20,352)	3,559,535
Beginning Balance at Mar. 31, 2019	5,703,058	2,439,773	(25,600)	3,288,885
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of options		22,744
Stock-based compensation expense		103,848
Other comprehensive income (loss)			5,248
Net income	270,650			270,650
Ending Balance at Jun. 30, 2019	$ 6,105,548	$ 2,566,365	$ (20,352)	$ 3,559,535

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Basis of Presentation and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	Basis of Presentation and Summary of Significant Accounting Policies The accompanying interim consolidated financial statements of Netflix, Inc. and its wholly owned subsidiaries (the “Company”) have been prepared in conformity with accounting principles generally accepted in the United States (“U.S.”) and are consistent in all material respects with those applied in the Company’s Annual Report on Form 10-K, as amended by Form 10-K/A, for the year ended December 31, 2018 filed with the Securities and Exchange Commission (the “SEC”) on January 29, 2019 and February 8, 2019, respectively. The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and judgments that affect the amounts reported in the consolidated financial statements and accompanying notes. Significant items subject to such estimates and assumptions include the streaming 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 a regular basis, the Company evaluates the assumptions, judgments and estimates. Actual results may differ from these estimates. The interim financial information is unaudited, but reflects all normal recurring adjustments that are, in the opinion of management, necessary to fairly present the information set forth herein. The interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K, as amended by Form 10-K/A, for the year ended December 31, 2018. Interim results are not necessarily indicative of the results for a full year. There have been no material changes in the Company’s significant accounting policies, other than the adoption of accounting pronouncements below, as compared to the significant accounting policies described in the Company’s Annual Report on Form 10-K, as amended by Form 10-K/A, for the year ended December 31, 2018. Recently adopted accounting pronouncements In February 2016, the Financial Accounting Standards Board ("FASB") issued ASU 2016-02, Leases (Topic 842) in order to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet for those leases classified as operating leases under prior GAAP. ASU 2016-02 requires that a lessee should recognize a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term on the balance sheet. The Company adopted ASU 2016-02 in the first quarter of 2019 utilizing the modified retrospective transition method through a cumulative-effect adjustment at the beginning of the first quarter of 2019. The Company has elected the package of practical expedients, which allows the Company not to reassess (1) whether any expired or existing contracts as of the adoption date are or contain a lease, (2) lease classification for any expired or existing leases as of the adoption date and (3) initial direct costs for any existing leases as of the adoption date. The Company did not elect to apply the hindsight practical expedient when determining lease term and assessing impairment of right-of-use assets. The adoption of ASU 2016-02 on January 1, 2019 resulted in the recognition of right-of-use assets of approximately $743 million, lease liabilities for operating leases of approximately $813 million and a cumulative-effect adjustment on retained earnings of $2 million on its Consolidated Balance Sheets, with no material impact to its Consolidated Statements of Operations. See Note 4 for further information regarding the impact of the adoption of ASU 2016-02 on the Company's financial statements. In March 2019, the FASB issued ASU 2019-02, Improvements to Accounting for Costs of Films and License Agreements for Program Materials, in order to align the accounting for production costs of an episodic television series with the accounting for production costs of films by removing the content distinction for capitalization. ASU 2019-02 also requires that an entity reassess estimates of the use of a film in a film group and account for any changes prospectively. In addition, ASU 2019-02 requires that an entity test films and license agreements for program material for impairment at a film group level when the film or license agreements are predominantly monetized with other films and license agreements. ASU 2019-02 is effective for fiscal years beginning after December 15, 2019 and early adoption is permitted. The Company early adopted ASU 2019-02 in the first quarter of 2019 and as such has included all content assets (licensed and produced) as "Non-current content assets, net" on its Consolidated Balance Sheets, beginning with the period of adoption. There was no material impact to its Consolidated Statements of Operations. See the Company's updated Streaming Content policy below for further details. Streaming Content (Effective January 1, 2019) The Company acquires, licenses and produces content, including original programming, in order to offer members unlimited viewing of TV series and films. 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 streaming assets and the changes in related liabilities, are classified within "Net cash used in operating activities" on the Consolidated Statements of Cash Flows. The Company recognizes content assets (licensed and produced) as “Non-current content assets, net” on the Consolidated Balance Sheets. For licenses, 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 productions, 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, for instance due to additional merchandising and marketing efforts and film amortization is more accelerated than TV series amortization. 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.

Earnings Per Share

6 Months Ended

Jun. 30, 2019

Earnings Per Share [Abstract]

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:



	Three Months Ended				Six Months Ended
	June 30, 2019		June 30, 2018		June 30, 2019		June 30, 2018
	(in thousands, except per share data)
Basic earnings per share:
Net income	$	270,650	$	384,349	$	614,702	$	674,473
Shares used in computation:
Weighted-average common shares outstanding	437,587		435,097		437,271		434,638
Basic earnings per share	$	0.62	$	0.88	$	1.41	$	1.55

Diluted earnings per share:
Net income	$	270,650	$	384,349	$	614,702	$	674,473
Shares used in computation:
Weighted-average common shares outstanding	437,587		435,097		437,271		434,638
Employee stock options	14,608		16,455		14,792		16,320
Weighted-average number of shares	452,195		451,552		452,063		450,958
Diluted earnings per share	$	0.60	$	0.85	$	1.36	$	1.50

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. These anti-dilutive stock options were immaterial for each period presented.

Cash, Cash Equivalents and Restricted Cash

6 Months Ended

Jun. 30, 2019

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 June 30, 2019 and December 31, 2018:



	As of June 30, 2019
	Cash and cash equivalents		Non-current Assets		Total
	(in thousands)
Cash	$	2,219,099	$	22,645	$	2,241,744
Level 1 securities:
Money market funds	2,285,148		1,313		2,286,461
Level 2 securities:
Foreign Time Deposits	500,000		—		500,000

	$	5,004,247	$	23,958	$	5,028,205



	As of December 31, 2018
	Cash and cash equivalents		Non-current Assets		Total
	(in thousands)
Cash	$	2,572,685	$	16,260	$	2,588,945
Level 1 securities:
Money market funds	1,221,798		1,298		1,223,096

	$	3,794,483	$	17,558	$	3,812,041

Non-current assets include restricted cash related to letter of credit agreements and workers compensation deposits.

There were no material gross realized gains or losses in the three and six months ended June 30, 2019 and 2018, respectively.

Balance Sheet Components

6 Months Ended

Jun. 30, 2019

Balance Sheet Components Disclosure [Abstract]

Balance Sheet Components

Content Assets

Content assets consisted of the following:



	As of
	June 30, 2019		December 31, 2018
	(in thousands)
Licensed content, net	$	14,597,283	$	14,081,463

Produced content, net
Released, less amortization	3,117,549		2,403,896
In production	3,743,893		3,305,126
In development and pre-production	479,120		311,842
	7,340,562		6,020,864
DVD, net	7,895		9,813
Total	$	21,945,740	$	20,112,140

On average, over 90% of a licensed or produced streaming content asset is expected to be amortized within four years after its month of first availability.

As of June 30, 2019, approximately $5,604 million, $3,721 million, and $2,570 million of the $14,597 million unamortized cost of the licensed content is expected to be amortized in each of the next three years.

As of June 30, 2019, approximately $1,066 million, $864 million, and $631 million of the $3,118 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 June 30, 2019, the amount of accrued participations and residuals was not material.

The following table represents the amortization of streaming content assets:



	Three Months Ended
	June 30, 2019		June 30, 2018
	(in thousands)
Licensed content	$	1,797,179	$	1,581,536
Produced content	434,736		236,281
Total streaming content	$	2,231,915	$	1,817,817



	Six Months Ended
	June 30, 2019		June 30, 2018
	(in thousands)
Licensed content	$	3,571,468	$	3,138,960
Produced content	785,133		427,701
Total streaming content	$	4,356,601	$	3,566,661

Property and Equipment, Net

Property and equipment and accumulated depreciation consisted of the following:



	As of
	June 30, 2019			December 31, 2018			Estimated Useful Lives
	(in thousands)
Leasehold improvements	304,189			282,028			Over life of lease
Information technology	239,241			224,296			3 years
Furniture and fixtures	76,588			63,667			3-15 years
Buildings	32,787			73,468			30 years
Corporate aircraft	104,985			62,560			8 years
DVD operations equipment	45,437			53,416			5 years
Machinery and equipment	4,398			1,692			3 years
Land	6,125			6,125
Capital work-in-progress	23,761			19,548
Property and equipment, gross	837,511			786,800
Less: Accumulated depreciation	(385,112		)	(368,519		)
Property and equipment, net	$	452,399		$	418,281

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 to 15 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 June 30, 2019 Consolidated Balance Sheet, and represent the Company’s right to use the underlying asset for the lease term. The Company’s obligation to make lease payments are included in "Accrued expenses and other liabilities" and "Other non-current liabilities" on the Company's June 30, 2019 Consolidated Balance Sheet. Based on the present value of the lease payments for the remaining lease term of the Company's existing leases, the Company recognized right-of-use assets of approximately $743 million and lease liabilities for operating leases of approximately $813 million on January 1, 2019. Operating lease right-of-use assets and liabilities commencing after January 1, 2019 are recognized at commencement date based on the present value of lease payments over the lease term. As of June 30, 2019, total right-of-use assets and operating lease liabilities were approximately $1,008 million and $1,084 million, respectively. The Company has entered into various short-term operating leases, primarily for marketing billboards, with an initial term of twelve months or less. These leases are not recorded on the Company's balance sheet. All operating lease expense is recognized on a straight-line basis over the lease term. In the three months ended June 30, 2019, the Company recognized approximately $98 million in total lease costs, which was comprised of $48 million in operating lease costs for right-of-use assets and $50 million in short-term lease costs related to short-term operating leases. In the six months ended June 30, 2019, the Company recognized approximately $202 million in total lease costs, which was comprised of $91 million in operating lease costs for right-of-use assets and $111 million in short-term lease costs related to short-term operating leases.

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 and marketing which may contain lease and non-lease components which it has elected to treat as a single lease component.

Information related to the Company's right-of-use assets and related lease liabilities were as follows:



	Three Months Ended		Six Months Ended
	June 30, 2019		June 30, 2019
	(in thousands)
Cash paid for operating lease liabilities	$	41,320	$	78,973
Right-of-use assets obtained in exchange for new operating lease obligations (1)	230,499		1,072,894

(1) Six-month ended balance includes $743 million for operating leases existing on January 1, 2019.



	As of
	June 30, 2019

Weighted-average remaining lease term	8.5 years
Weighted-average discount rate	5.4	%

Maturities of lease liabilities as of June 30, 2019 were as follows (in thousands):



Due in 12 month period ended June 30,
2020	$	185,631
2021	172,295
2022	168,560
2023	147,740
2024	137,937
Thereafter	572,524
	1,384,687
Less imputed interest	(300,705		)
Total lease liabilities	1,083,982

Current operating lease liabilities	137,662
Non-current operating lease liabilities	946,320
Total lease liabilities	$	1,083,982

The Company has additional operating leases for real estate of $1,185 million which have not commenced as of June 30, 2019, and as such, have not been recognized on the Company's Consolidated Balance Sheet. These operating leases are expected to commence between 2019 and 2020 with lease terms between 2 years and 15 years.

Deferred Revenue

The Company’s primary source of revenues are 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 consumer electronics (“CE”) manufacturers, multichannel video programming distributors (“MVPDs”), mobile operators and internet service providers (“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, but in the case where 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.

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 June 30, 2019, total deferred revenue was $893 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 $132 million increase in deferred revenue as compared to the year ended December 31, 2018 is a result of the increase in membership fees billed due to increased members and average monthly revenue per paying member.

Other Current Assets

Other current assets consisted of the following:



	As of
	June 30, 2019		December 31, 2018
	(in thousands)
Trade receivables	$	492,034	$	362,712
Prepaid expenses	184,039		178,833
Other	196,837		206,921
Total other current assets	$	872,910	$	748,466

Long-term Debt

6 Months Ended

Jun. 30, 2019

Debt Disclosure [Abstract]

Long-term Debt

As of June 30, 2019, the Company had aggregate outstanding long-term notes of $12,594 million, net of $102 million of issuance costs, with varying maturities (the "Notes"). 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 long-term notes is denominated in foreign currency (comprised of €3,600 million) and is remeasured into U.S. dollars at each balance sheet date.

The following table provides a summary of the Company's outstanding long-term debt and the fair values based on quoted market prices in less active markets as of June 30, 2019 and December 31, 2018:



						Level 2 Fair Value as of
	Principal Amount at Par		Issuance Date	Maturity	Interest Payment Dates	June 30, 2019		December 31, 2018
	(in millions)					(in millions)
5.375% Senior Notes	$	500	February 2013	February 2021	February and August	$	519	$	509
5.500% Senior Notes	700		February 2015	February 2022	April and October	738		706
5.750% Senior Notes	400		February 2014	March 2024	March and September	435		407
5.875% Senior Notes	800		February 2015	February 2025	April and October	883		812
4.375% Senior Notes	1,000		October 2016	November 2026	May and November	1,025		915
3.625% Senior Notes (1)	1,479		May 2017	May 2027	May and November	1,620		1,446
4.875% Senior Notes	1,600		October 2017	April 2028	April and October	1,656		1,464
5.875% Senior Notes	1,900		April 2018	November 2028	May and November	2,109		1,851
4.625% Senior Notes (2)	1,252		October 2018	May 2029	May and November	1,424		1,241
6.375% Senior Notes	800		October 2018	May 2029	May and November	910		797
3.875% Senior Notes (3)	1,365		April 2019	November 2029	June and December	1,482		—
5.375% Senior Notes	900		April 2019	November 2029	June and December	959		—
	$	12,696

(1) Debt is denominated in euro with a €1,300 million principal amount. Total proceeds were $1,421 million.

(2) Debt is denominated in euro with a €1,100 million principal amount. Total proceeds were $1,262 million.

(3) Debt is denominated in euro with a €1,200 million principal amount. Total proceeds were $1,343 million.

The expected timing of principal and interest payments for these Notes are as follows:



	As of
	June 30, 2019		December 31, 2018
	(in thousands)
Less than one year	$	645,479	$	538,384
Due after one year and through three years	2,431,782		1,550,581
Due after three years and through five years	1,534,324		1,646,101
Due after five years	13,297,541		11,138,129
Total debt obligations	$	17,909,126	$	14,873,195

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 June 30, 2019 and December 31, 2018, the Company was in compliance with all related covenants.

Revolving Credit Facility

In July 2017, the Company entered into a $500 million unsecured revolving credit facility (“Revolving Credit Agreement”), with an uncommitted incremental facility to increase the amount of the revolving credit facility by up to an additional $250 million, subject to certain terms and conditions. On March 29, 2019, the agreement was amended to extend the maturity date from July 27, 2022 to March 29, 2024 and to increase the size of the credit facility to $750 million, without impacting the existing uncommitted incremental facility. Revolving loans may be borrowed, repaid and reborrowed until March 29, 2024, 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 June 30, 2019, 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.

The Company is also obligated to pay a commitment fee on the undrawn amounts of the Revolving Credit Agreement at a 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 June 30, 2019 and December 31, 2018, the Company was in compliance with all related covenants.

Commitments and Contingencies

6 Months Ended

Jun. 30, 2019

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Streaming Content

As of June 30, 2019, the Company had $18.5 billion of obligations comprised of $4.8 billion included in "Current content liabilities" and $3.6 billion of "Non-current content liabilities" on the Consolidated Balance Sheets and $10.1 billion of obligations that are not reflected on the Consolidated Balance Sheets as they did not yet meet the criteria for asset recognition.

As of December 31, 2018, the Company had $19.3 billion of obligations comprised of $4.7 billion included in "Current content liabilities" and $3.8 billion of "Non-current content liabilities" on the Consolidated Balance Sheets and $10.8 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 streaming content obligations is as follows:



	As of
	June 30, 2019		December 31, 2018
	(in thousands)
Less than one year	$	8,741,623	$	8,611,398
Due after one year and through three years	8,282,265		8,841,561
Due after three years and through five years	1,341,448		1,684,582
Due after five years	137,481		148,334
Total streaming content obligations	$	18,502,817	$	19,285,875

Content obligations include amounts related to the acquisition, licensing and production of streaming 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.

Indemnification

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 obligations.

Stockholders' Equity

6 Months Ended

Jun. 30, 2019

Stockholders' Equity and Stock-based Compensation Disclosure [Abstract]

Stockholders' Equity

Stockholders’ Equity

Stock Option Plan

In June 2011, the Company adopted the 2011 Stock Plan. The 2011 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. As of June 30, 2019, approximately 7 million shares were reserved for future grants under the 2011 Stock Plan.

A summary of the activities related to the Company’s stock option plans is as follows:



			Options Outstanding
	Shares Available for Grant		Number of Shares		Weighted- Average Exercise Price (per share)		Weighted-Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands)
Balances as of December 31, 2018	8,699,941		20,479,278		$	89.61
Granted	(1,200,996	)	1,200,996		339.01
Exercised	—		(1,236,285	)	36.67
Expired	—		(21	)	4.27
Balances as of June 30, 2019	7,498,945		20,443,968		$	107.46	5.62	$	5,320,942
Vested and exercisable as of June 30, 2019			20,443,968		$	107.46	5.62	$	5,320,942

The aggregate intrinsic value in the table above represents the total pretax intrinsic value (the difference between the Company’s closing stock price on the last trading day of the second quarter of 2019 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 the second quarter of 2019. This amount changes based on the fair market value of the Company’s common stock.

A summary of the amounts related to option exercises, is as follows:



	Three Months Ended				Six Months Ended
	June 30, 2019		June 30, 2018		June 30, 2019		June 30, 2018
	(in thousands)
Total intrinsic value of options exercised	$	212,932	$	246,795	$	393,774	$	524,705
Cash received from options exercised	21,896		26,936		44,868		83,271

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:



	Three Months Ended						Six Months Ended
	June 30, 2019			June 30, 2018			June 30, 2019			June 30, 2018
Dividend yield	—		%	—		%	—		%	—		%
Expected volatility	39		%	42		%	39% - 41%			40% - 42%
Risk-free interest rate	2.50		%	2.90		%	2.50% - 2.74%			2.61% - 2.90%
Suboptimal exercise factor	3.16			2.93			3.07 - 3.16			2.80 - 2.93
Weighted-average fair value (per share)	$	179		$	161		$	171		$	142
Total stock-based compensation expense (in thousands)	$	103,848		$	81,232		$	205,048		$	149,627
Total income tax impact on provision (in thousands)	$	24,845		$	16,889		$	46,473		$	31,580

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.

Income Taxes

6 Months Ended

Jun. 30, 2019

Income Tax Disclosure [Abstract]

Income Taxes



	Three Months Ended						Six Months Ended
	June 30, 2019			June 30, 2018			June 30, 2019			June 30, 2018
	(in thousands, except percentages)
Provision for income taxes	$	230,266		$	44,287		$	285,873		$	53,779
Effective tax rate	46		%	10		%	32		%	7		%

In connection with the Tax Cuts and Job Act of 2017 the Company simplified its global corporate structure, effective April 1, 2019. The tax impacts of such simplifications were not material to the financial statements taken as a whole.

The effective tax rates for the three and six months ended June 30, 2019 differed from the Federal statutory rate primarily due to changes from the global corporate structure simplification, state taxes, foreign taxes, non-deductible expenses, and the international provisions of U.S. tax reform that became effective in 2018, partially offset by the recognition of excess tax benefits of stock-based compensation, and Federal and California research and development credits (“R&D”). The effective tax rates for the three and six months ended June 30, 2018 differed from the Federal statutory rate primarily due to the recognition of excess tax benefits of stock-based compensation and Federal and California R&D credits, partially offset by state taxes, foreign taxes, non-deductible expenses, and effects of the international tax provisions from U.S. tax reform that became effective in 2018.

The increase in effective tax rates for the three and six months ended June 30, 2019, as compared to the same period in 2018 was primarily due to changes from the global corporate structure simplification, a lower benefit from the recognition of excess tax benefits of stock-

based compensation, lower benefit on a percentage basis from Federal and California R&D credits, and additional expenses related to the international provisions of U.S. tax reform that became effective in 2018. For the three and six months ended June 30, 2019, the Company recognized a discrete tax benefit related to the excess tax benefits from stock-based compensation of $46 million and $87 million, respectively, compared to the three months and six months ended June 30, 2018 of $57 million and $117 million, respectively.

Gross unrecognized tax benefits were $58 million and $48 million as of June 30, 2019 and December 31, 2018, respectively. The gross unrecognized tax benefits, if recognized by the Company, will result in a reduction of approximately $54 million to the provision for income taxes thereby favorably impacting the Company’s effective tax rate. As of June 30, 2019, gross unrecognized tax benefits of $17 million were classified as “Other non-current liabilities” and $41 million as a reduction to deferred tax assets which was classified as "Other non-current assets" in the Consolidated Balance Sheets. The Company includes interest and penalties related to unrecognized tax benefits within the "Provision for income taxes" on the Consolidated Statements of Operations and “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 any of the periods presented.

Deferred tax assets of $522 million and $564 million were classified as “Other non-current assets” on the Consolidated Balance Sheets as of June 30, 2019 and December 31, 2018, respectively. 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. The Company has a valuation allowance of $126 million and $125 million as of June 30, 2019 and December 31, 2018, respectively. The valuation allowance is primarily related to certain foreign tax credits that are not likely to be realized.

The Company files U.S. Federal, state and foreign tax returns. The Company is currently under examination by the IRS for 2016 and 2017 and by the state of California for 2014 and 2015. The 2009 through 2017 state tax returns are subject to examination by state tax authorities. The Company is also currently under examination in the UK for 2015 through 2017. The Company has no other significant foreign jurisdiction audits underway. The years 2014 through 2018 remain subject to examination by foreign tax authorities.

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. At this time, an estimate of the range of reasonably possible adjustments to the balance of unrecognized tax benefits cannot be made.

Segment Information

6 Months Ended

Jun. 30, 2019

Segment Reporting [Abstract]

Segment Information

Segment information is presented in the same manner that the Company’s chief operating decision maker (“CODM”) reviews the operating results in assessing performance and allocating resources. As markets within the Company's International streaming segment become profitable, the CODM increasingly focuses on the Company's global operating margin as a measure of profitability. As of the second quarter of 2019, the Company has three reportable segments: Domestic streaming, International streaming and Domestic DVD. The Company’s CODM reviews revenues and contribution profit (loss) for each of the reportable segments. Contribution profit (loss) is defined as revenues less cost of revenues and marketing expenses incurred by the segment. The Company has aggregated the results of the International operating segments into one reportable segment because these operating segments share similar long-term economic and other qualitative characteristics.

The Domestic streaming segment derives revenues from monthly membership fees for services related to streaming content to members in the United States. The International streaming segment derives revenues from monthly membership fees for services related to streaming content to members outside of the United States. The Domestic DVD segment derives revenues from monthly membership fees for services consisting solely of DVD-by-mail. Revenues and the related payment processing fees are attributed to the operating segment based on the nature of the underlying membership (streaming or DVD) and the geographic region from which the membership originates. There are no internal revenue transactions between the Company’s segments.

Amortization of streaming content assets makes up the majority of cost of revenues. The Company obtains multi-territory or global rights for its streaming content and allocates these rights between Domestic and International streaming segments based on estimated fair market value. Amortization of content assets and other expenses associated with the acquisition, licensing, and production of streaming content for each streaming segment thus includes both expenses directly incurred by the segment as well as an allocation of expenses incurred for global or multi-territory rights. Other costs of revenues such as delivery costs are either attributed to the operating segment based on amounts directly incurred by the segment or are allocated across segments by management. Marketing expenses consist primarily of advertising expenses and certain payments made to marketing partners, including CE manufacturers, MVPDs, mobile operators and ISPs, which are generally included in the segment in which the expenditures are directly incurred.

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 as of June 30, 2019, were located as follows:



	As of
	June 30, 2019		December 31, 2018
	(in thousands)
United States	$	1,276,044	$	381,947
International	184,646		36,334

The following tables represent segment information for the three and six months ended June 30, 2019:



	As of/ Three Months Ended June 30, 2019
	Domestic Streaming			International Streaming		Domestic DVD			Consolidated
	(in thousands)
Total paid memberships at end of period (1)	60,103			91,459		2,411
Total paid net membership additions (losses) (1)	(126		)	2,825		(154		)
Total free trials at end of period	1,575			4,481		17
Revenues	$	2,299,189		$	2,547,727	$	76,200		$	4,923,116
Cost of revenues	1,196,420			1,778,890		30,347			3,005,657
Marketing	250,606			352,544		—			603,150
Contribution profit	$	852,163		$	416,293	$	45,853		$	1,314,309
Other operating expenses									607,890
Operating income									706,419
Other income (expense)									(205,503		)
Provision for income taxes									230,266
Net income									$	270,650



	As of/ Six Months Ended June 30, 2019
	Domestic Streaming		International Streaming		Domestic DVD			Consolidated
	(in thousands)
Total paid memberships at end of period (1)	60,103		91,459		2,411
Total paid net membership additions (losses) (1)	1,617		10,686		(295		)
Total free trials at end of period	1,575		4,481		17
Revenues	$	4,372,744	$	4,914,476	$	156,888		$	9,444,108
Cost of revenues	2,335,955		3,476,011		64,305			5,876,271
Marketing	471,652		748,076		—			1,219,728
Contribution profit	$	1,565,137	$	690,389	$	92,583		$	2,348,109
Other operating expenses								1,182,606
Operating income								1,165,503
Other income (expense)								(264,928		)
Provision for income taxes								285,873
Net income								$	614,702

The following tables represent segment information for the three and six months ended June 30, 2018:



	As of/ Three Months Ended June 30, 2018
	Domestic Streaming		International Streaming		Domestic DVD			Consolidated
	(in thousands)
Total paid memberships at end of period (1)	55,959		68,395		2,971
Total paid net membership additions (losses) (1)	872		4,580		(167		)
Total free trials at end of period	1,420		4,367		28
Revenues	$	1,893,222	$	1,921,144	$	92,904		$	3,907,270
Cost of revenues	969,995		1,392,512		39,924			2,402,431
Marketing	251,298		340,709		—			592,007
Contribution profit	$	671,929	$	187,923	$	52,980		$	912,832
Other operating expenses								450,619
Operating income								462,213
Other income (expense)								(33,577		)
Provision for income taxes								44,287
Net income								$	384,349



	As of/ Six Months Ended June 30, 2018
	Domestic Streaming		International Streaming		Domestic DVD			Consolidated
	(in thousands)
Total paid memberships at end of period (1)	55,959		68,395		2,971
Total paid net membership additions (losses) (1)	3,149		10,561		(359		)
Total free trials at end of period	1,420		4,367		28
Revenues	$	3,713,241	$	3,703,230	$	191,655		$	7,608,126
Cost of revenues	1,906,475		2,714,218		82,317			4,703,010
Marketing	502,017		626,767		—			1,128,784
Contribution profit	$	1,304,749	$	362,245	$	109,338		$	1,776,332
Other operating expenses								867,541
Operating income								908,791
Other income (expense)								(180,539		)
Provision for income taxes								53,779
Net income								$	674,473

(1)

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 other promotional offering by the Company to certain new and 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 cancellation of the service, as a result of a failed method of payment, becomes 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.

The following table represents the amortization of content assets:



	Domestic Streaming		International Streaming		Domestic DVD		Consolidated
	(in thousands)
Three months ended June 30,
2019	$	916,494	$	1,315,421	$	7,656	$	2,239,571
2018	751,947		1,065,870		11,154		1,828,971
Six months ended June 30,
2019	1,780,805		2,575,796		16,165		4,372,766
2018	1,482,219		2,084,442		22,288		3,588,949

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Use of Estimates	The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and judgments that affect the amounts reported in the consolidated financial statements and accompanying notes. Significant items subject to such estimates and assumptions include the streaming 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 a regular basis, the Company evaluates the 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 February 2016, the Financial Accounting Standards Board ("FASB") issued ASU 2016-02, Leases (Topic 842) in order to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet for those leases classified as operating leases under prior GAAP. ASU 2016-02 requires that a lessee should recognize a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term on the balance sheet. The Company adopted ASU 2016-02 in the first quarter of 2019 utilizing the modified retrospective transition method through a cumulative-effect adjustment at the beginning of the first quarter of 2019. The Company has elected the package of practical expedients, which allows the Company not to reassess (1) whether any expired or existing contracts as of the adoption date are or contain a lease, (2) lease classification for any expired or existing leases as of the adoption date and (3) initial direct costs for any existing leases as of the adoption date. The Company did not elect to apply the hindsight practical expedient when determining lease term and assessing impairment of right-of-use assets. The adoption of ASU 2016-02 on January 1, 2019 resulted in the recognition of right-of-use assets of approximately $743 million, lease liabilities for operating leases of approximately $813 million and a cumulative-effect adjustment on retained earnings of $2 million on its Consolidated Balance Sheets, with no material impact to its Consolidated Statements of Operations. See Note 4 for further information regarding the impact of the adoption of ASU 2016-02 on the Company's financial statements. In March 2019, the FASB issued ASU 2019-02, Improvements to Accounting for Costs of Films and License Agreements for Program Materials, in order to align the accounting for production costs of an episodic television series with the accounting for production costs of films by removing the content distinction for capitalization. ASU 2019-02 also requires that an entity reassess estimates of the use of a film in a film group and account for any changes prospectively. In addition, ASU 2019-02 requires that an entity test films and license agreements for program material for impairment at a film group level when the film or license agreements are predominantly monetized with other films and license agreements. ASU 2019-02 is effective for fiscal years beginning after December 15, 2019 and early adoption is permitted. The Company early adopted ASU 2019-02 in the first quarter of 2019 and as such has included all content assets (licensed and produced) as "Non-current content assets, net" on its Consolidated Balance Sheets, beginning with the period of adoption. There was no material impact to its Consolidated Statements of Operations. See the Company's updated Streaming Content policy below for further details. Streaming Content (Effective January 1, 2019) The Company acquires, licenses and produces content, including original programming, in order to offer members unlimited viewing of TV series and films. 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 streaming assets and the changes in related liabilities, are classified within "Net cash used in operating activities" on the Consolidated Statements of Cash Flows. The Company recognizes content assets (licensed and produced) as “Non-current content assets, net” on the Consolidated Balance Sheets. For licenses, 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 productions, 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, for instance due to additional merchandising and marketing efforts and film amortization is more accelerated than TV series amortization. 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.

Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2019

Earnings Per Share [Abstract]

Computation of Earnings Per Share

The computation of earnings per share is as follows:



	Three Months Ended				Six Months Ended
	June 30, 2019		June 30, 2018		June 30, 2019		June 30, 2018
	(in thousands, except per share data)
Basic earnings per share:
Net income	$	270,650	$	384,349	$	614,702	$	674,473
Shares used in computation:
Weighted-average common shares outstanding	437,587		435,097		437,271		434,638
Basic earnings per share	$	0.62	$	0.88	$	1.41	$	1.55

Diluted earnings per share:
Net income	$	270,650	$	384,349	$	614,702	$	674,473
Shares used in computation:
Weighted-average common shares outstanding	437,587		435,097		437,271		434,638
Employee stock options	14,608		16,455		14,792		16,320
Weighted-average number of shares	452,195		451,552		452,063		450,958
Diluted earnings per share	$	0.60	$	0.85	$	1.36	$	1.50

Cash, Cash Equivalents and Restricted Cash (Tables)

6 Months Ended

Jun. 30, 2019

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 June 30, 2019 and December 31, 2018:



	As of June 30, 2019
	Cash and cash equivalents		Non-current Assets		Total
	(in thousands)
Cash	$	2,219,099	$	22,645	$	2,241,744
Level 1 securities:
Money market funds	2,285,148		1,313		2,286,461
Level 2 securities:
Foreign Time Deposits	500,000		—		500,000

	$	5,004,247	$	23,958	$	5,028,205



	As of December 31, 2018
	Cash and cash equivalents		Non-current Assets		Total
	(in thousands)
Cash	$	2,572,685	$	16,260	$	2,588,945
Level 1 securities:
Money market funds	1,221,798		1,298		1,223,096

	$	3,794,483	$	17,558	$	3,812,041

Balance Sheet Components (Tables)

6 Months Ended

Jun. 30, 2019

Balance Sheet Components Disclosure [Abstract]

Content Assets

Content assets consisted of the following:



	As of
	June 30, 2019		December 31, 2018
	(in thousands)
Licensed content, net	$	14,597,283	$	14,081,463

Produced content, net
Released, less amortization	3,117,549		2,403,896
In production	3,743,893		3,305,126
In development and pre-production	479,120		311,842
	7,340,562		6,020,864
DVD, net	7,895		9,813
Total	$	21,945,740	$	20,112,140

Schedule of Amortization of Streaming Content Assets

The following table represents the amortization of streaming content assets:



	Three Months Ended
	June 30, 2019		June 30, 2018
	(in thousands)
Licensed content	$	1,797,179	$	1,581,536
Produced content	434,736		236,281
Total streaming content	$	2,231,915	$	1,817,817



	Six Months Ended
	June 30, 2019		June 30, 2018
	(in thousands)
Licensed content	$	3,571,468	$	3,138,960
Produced content	785,133		427,701
Total streaming content	$	4,356,601	$	3,566,661

Property and Equipment, Net

Property and equipment and accumulated depreciation consisted of the following:



	As of
	June 30, 2019			December 31, 2018			Estimated Useful Lives
	(in thousands)
Leasehold improvements	304,189			282,028			Over life of lease
Information technology	239,241			224,296			3 years
Furniture and fixtures	76,588			63,667			3-15 years
Buildings	32,787			73,468			30 years
Corporate aircraft	104,985			62,560			8 years
DVD operations equipment	45,437			53,416			5 years
Machinery and equipment	4,398			1,692			3 years
Land	6,125			6,125
Capital work-in-progress	23,761			19,548
Property and equipment, gross	837,511			786,800
Less: Accumulated depreciation	(385,112		)	(368,519		)
Property and equipment, net	$	452,399		$	418,281

Lease, Cost

Information related to the Company's right-of-use assets and related lease liabilities were as follows:



	Three Months Ended		Six Months Ended
	June 30, 2019		June 30, 2019
	(in thousands)
Cash paid for operating lease liabilities	$	41,320	$	78,973
Right-of-use assets obtained in exchange for new operating lease obligations (1)	230,499		1,072,894

(1) Six-month ended balance includes $743 million for operating leases existing on January 1, 2019.



	As of
	June 30, 2019

Weighted-average remaining lease term	8.5 years
Weighted-average discount rate	5.4	%

Maturities of lease liabilities as of June 30, 2019 were as follows (in thousands):



Due in 12 month period ended June 30,
2020	$	185,631
2021	172,295
2022	168,560
2023	147,740
2024	137,937
Thereafter	572,524
	1,384,687
Less imputed interest	(300,705		)
Total lease liabilities	1,083,982

Current operating lease liabilities	137,662
Non-current operating lease liabilities	946,320
Total lease liabilities	$	1,083,982

Other Current Assets

Other current assets consisted of the following:



	As of
	June 30, 2019		December 31, 2018
	(in thousands)
Trade receivables	$	492,034	$	362,712
Prepaid expenses	184,039		178,833
Other	196,837		206,921
Total other current assets	$	872,910	$	748,466

Long-term Debt (Tables)

6 Months Ended

Jun. 30, 2019

Debt Disclosure [Abstract]

Summary of Long-term Debt

The following table provides a summary of the Company's outstanding long-term debt and the fair values based on quoted market prices in less active markets as of June 30, 2019 and December 31, 2018:



						Level 2 Fair Value as of
	Principal Amount at Par		Issuance Date	Maturity	Interest Payment Dates	June 30, 2019		December 31, 2018
	(in millions)					(in millions)
5.375% Senior Notes	$	500	February 2013	February 2021	February and August	$	519	$	509
5.500% Senior Notes	700		February 2015	February 2022	April and October	738		706
5.750% Senior Notes	400		February 2014	March 2024	March and September	435		407
5.875% Senior Notes	800		February 2015	February 2025	April and October	883		812
4.375% Senior Notes	1,000		October 2016	November 2026	May and November	1,025		915
3.625% Senior Notes (1)	1,479		May 2017	May 2027	May and November	1,620		1,446
4.875% Senior Notes	1,600		October 2017	April 2028	April and October	1,656		1,464
5.875% Senior Notes	1,900		April 2018	November 2028	May and November	2,109		1,851
4.625% Senior Notes (2)	1,252		October 2018	May 2029	May and November	1,424		1,241
6.375% Senior Notes	800		October 2018	May 2029	May and November	910		797
3.875% Senior Notes (3)	1,365		April 2019	November 2029	June and December	1,482		—
5.375% Senior Notes	900		April 2019	November 2029	June and December	959		—
	$	12,696

(1) Debt is denominated in euro with a €1,300 million principal amount. Total proceeds were $1,421 million.

(2) Debt is denominated in euro with a €1,100 million principal amount. Total proceeds were $1,262 million.

(3) Debt is denominated in euro with a €1,200 million principal amount. Total proceeds were $1,343 million.

Schedule of Maturities of Long-term Debt

The expected timing of principal and interest payments for these Notes are as follows:



	As of
	June 30, 2019		December 31, 2018
	(in thousands)
Less than one year	$	645,479	$	538,384
Due after one year and through three years	2,431,782		1,550,581
Due after three years and through five years	1,534,324		1,646,101
Due after five years	13,297,541		11,138,129
Total debt obligations	$	17,909,126	$	14,873,195

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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-Name Accounting Standards Codification
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-SubTopic 10
-Section S99
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2019

Commitments and Contingencies Disclosure [Abstract]

Expected Timing of Payments for Commitments

The expected timing of payments for these streaming content obligations is as follows:



	As of
	June 30, 2019		December 31, 2018
	(in thousands)
Less than one year	$	8,741,623	$	8,611,398
Due after one year and through three years	8,282,265		8,841,561
Due after three years and through five years	1,341,448		1,684,582
Due after five years	137,481		148,334
Total streaming content obligations	$	18,502,817	$	19,285,875

Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2019

Stockholders' Equity and Stock-based Compensation Disclosure [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:



			Options Outstanding
	Shares Available for Grant		Number of Shares		Weighted- Average Exercise Price (per share)		Weighted-Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands)
Balances as of December 31, 2018	8,699,941		20,479,278		$	89.61
Granted	(1,200,996	)	1,200,996		339.01
Exercised	—		(1,236,285	)	36.67
Expired	—		(21	)	4.27
Balances as of June 30, 2019	7,498,945		20,443,968		$	107.46	5.62	$	5,320,942
Vested and exercisable as of June 30, 2019			20,443,968		$	107.46	5.62	$	5,320,942

Summary of Amounts Related to Option Exercises

A summary of the amounts related to option exercises, is as follows:



	Three Months Ended				Six Months Ended
	June 30, 2019		June 30, 2018		June 30, 2019		June 30, 2018
	(in thousands)
Total intrinsic value of options exercised	$	212,932	$	246,795	$	393,774	$	524,705
Cash received from options exercised	21,896		26,936		44,868		83,271

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:



	Three Months Ended						Six Months Ended
	June 30, 2019			June 30, 2018			June 30, 2019			June 30, 2018
Dividend yield	—		%	—		%	—		%	—		%
Expected volatility	39		%	42		%	39% - 41%			40% - 42%
Risk-free interest rate	2.50		%	2.90		%	2.50% - 2.74%			2.61% - 2.90%
Suboptimal exercise factor	3.16			2.93			3.07 - 3.16			2.80 - 2.93
Weighted-average fair value (per share)	$	179		$	161		$	171		$	142
Total stock-based compensation expense (in thousands)	$	103,848		$	81,232		$	205,048		$	149,627
Total income tax impact on provision (in thousands)	$	24,845		$	16,889		$	46,473		$	31,580

Income Taxes (Tables)

6 Months Ended

Jun. 30, 2019

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)



	Three Months Ended						Six Months Ended
	June 30, 2019			June 30, 2018			June 30, 2019			June 30, 2018
	(in thousands, except percentages)
Provision for income taxes	$	230,266		$	44,287		$	285,873		$	53,779
Effective tax rate	46		%	10		%	32		%	7		%

Segment Information (Tables)

6 Months Ended

Jun. 30, 2019

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 as of June 30, 2019, were located as follows:



	As of
	June 30, 2019		December 31, 2018
	(in thousands)
United States	$	1,276,044	$	381,947
International	184,646		36,334

Information on Reportable Segments And Reconciliation To Consolidated Net Income

The following tables represent segment information for the three and six months ended June 30, 2019:



	As of/ Three Months Ended June 30, 2019
	Domestic Streaming			International Streaming		Domestic DVD			Consolidated
	(in thousands)
Total paid memberships at end of period (1)	60,103			91,459		2,411
Total paid net membership additions (losses) (1)	(126		)	2,825		(154		)
Total free trials at end of period	1,575			4,481		17
Revenues	$	2,299,189		$	2,547,727	$	76,200		$	4,923,116
Cost of revenues	1,196,420			1,778,890		30,347			3,005,657
Marketing	250,606			352,544		—			603,150
Contribution profit	$	852,163		$	416,293	$	45,853		$	1,314,309
Other operating expenses									607,890
Operating income									706,419
Other income (expense)									(205,503		)
Provision for income taxes									230,266
Net income									$	270,650



	As of/ Six Months Ended June 30, 2019
	Domestic Streaming		International Streaming		Domestic DVD			Consolidated
	(in thousands)
Total paid memberships at end of period (1)	60,103		91,459		2,411
Total paid net membership additions (losses) (1)	1,617		10,686		(295		)
Total free trials at end of period	1,575		4,481		17
Revenues	$	4,372,744	$	4,914,476	$	156,888		$	9,444,108
Cost of revenues	2,335,955		3,476,011		64,305			5,876,271
Marketing	471,652		748,076		—			1,219,728
Contribution profit	$	1,565,137	$	690,389	$	92,583		$	2,348,109
Other operating expenses								1,182,606
Operating income								1,165,503
Other income (expense)								(264,928		)
Provision for income taxes								285,873
Net income								$	614,702

The following tables represent segment information for the three and six months ended June 30, 2018:



	As of/ Three Months Ended June 30, 2018
	Domestic Streaming		International Streaming		Domestic DVD			Consolidated
	(in thousands)
Total paid memberships at end of period (1)	55,959		68,395		2,971
Total paid net membership additions (losses) (1)	872		4,580		(167		)
Total free trials at end of period	1,420		4,367		28
Revenues	$	1,893,222	$	1,921,144	$	92,904		$	3,907,270
Cost of revenues	969,995		1,392,512		39,924			2,402,431
Marketing	251,298		340,709		—			592,007
Contribution profit	$	671,929	$	187,923	$	52,980		$	912,832
Other operating expenses								450,619
Operating income								462,213
Other income (expense)								(33,577		)
Provision for income taxes								44,287
Net income								$	384,349



	As of/ Six Months Ended June 30, 2018
	Domestic Streaming		International Streaming		Domestic DVD			Consolidated
	(in thousands)
Total paid memberships at end of period (1)	55,959		68,395		2,971
Total paid net membership additions (losses) (1)	3,149		10,561		(359		)
Total free trials at end of period	1,420		4,367		28
Revenues	$	3,713,241	$	3,703,230	$	191,655		$	7,608,126
Cost of revenues	1,906,475		2,714,218		82,317			4,703,010
Marketing	502,017		626,767		—			1,128,784
Contribution profit	$	1,304,749	$	362,245	$	109,338		$	1,776,332
Other operating expenses								867,541
Operating income								908,791
Other income (expense)								(180,539		)
Provision for income taxes								53,779
Net income								$	674,473

(1)

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 other promotional offering by the Company to certain new and 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 cancellation of the service, as a result of a failed method of payment, becomes 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.

The following table represents the amortization of content assets:



	Domestic Streaming		International Streaming		Domestic DVD		Consolidated
	(in thousands)
Three months ended June 30,
2019	$	916,494	$	1,315,421	$	7,656	$	2,239,571
2018	751,947		1,065,870		11,154		1,828,971
Six months ended June 30,
2019	1,780,805		2,575,796		16,165		4,372,766
2018	1,482,219		2,084,442		22,288		3,588,949

Basis of Presentation and Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jan. 01, 2019	Dec. 31, 2018	Jun. 30, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease right-of-use assets	$ 1,008,000
Non-current operating lease liabilities	$ 946,320
Content assets, amortization period cap	10 years
Retained Earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Adoption of ASU 2016-02, Leases (Topic 842)			$ 2,474
ASU 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease right-of-use assets		$ 743,000
Non-current operating lease liabilities		$ 813,000
ASU 2016-02 \| Retained Earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Adoption of ASU 2016-02, Leases (Topic 842)				$ 2,000

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Basic earnings per share:
Net income	$ 270,650	$ 384,349	$ 614,702	$ 674,473
Weighted-average common shares outstanding (in shares)	437,587	435,097	437,271	434,638
Basic earnings per share (in dollars per share)	$ 0.62	$ 0.88	$ 1.41	$ 1.55
Diluted earnings per share:
Net income	$ 270,650	$ 384,349	$ 614,702	$ 674,473
Shares used in computation:
Weighted-average common shares outstanding (in shares)	437,587	435,097	437,271	434,638
Employee stock options (in shares)	14,608	16,455	14,792	16,320
Weighted-average number of shares (in shares)	452,195	451,552	452,063	450,958
Diluted earnings per share (in dollars per share)	$ 0.60	$ 0.85	$ 1.36	$ 1.50

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

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+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Cash and Cash Equivalents [Line Items]
Cash	$ 2,219,099	$ 2,572,685
Cash and cash equivalents	5,004,247	3,794,483
Non-current Assets, Cash	22,645	16,260
Restricted Cash and Cash Equivalents	23,958	17,558
Cash and Restricted Cash	2,241,744	2,588,945
Total Cash, cash equivalents, and restricted cash and cash equivalents	5,028,205	3,812,041
Fair Value, Measurements, Recurring \| Level 1 Securities \| Money market funds
Cash and Cash Equivalents [Line Items]
Non-current Assets, Securities	1,313	1,298
Cash Equivalents and Restricted Cash Equivalents	2,286,461	1,223,096
Fair Value, Measurements, Recurring \| Level 1 Securities \| Money market funds
Cash and Cash Equivalents [Line Items]
Money market funds	2,285,148	$ 1,221,798
Fair Value, Measurements, Recurring \| Level 2 securities \| Foreign Time Deposits
Cash and Cash Equivalents [Line Items]
Non-current Assets, Securities	0
Cash Equivalents and Restricted Cash Equivalents	500,000
Fair Value, Measurements, Recurring \| Level 2 securities \| Foreign Time Deposits
Cash and Cash Equivalents [Line Items]
Foreign Time Deposits	$ 500,000

Balance Sheet Components - Components of Content Assets (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Finite-Lived Intangible Assets [Line Items]
Content assets, net	$ 21,945,740		$ 21,945,740		$ 20,112,140
Average produced content asset amortization percentage			90.00%
Average produced content asset amortization period			4 years
Amortization of streaming content assets	2,231,915	$ 1,817,817	$ 4,356,601	$ 3,566,661
Licensed content, net
Finite-Lived Intangible Assets [Line Items]
Net content	14,597,283		14,597,283		14,081,463
Unamortized cost in year one	5,604,000		5,604,000
Unamortized cost in year two	3,721,000		3,721,000
Unamortized cost in year three	2,570,000		2,570,000
Amortization of streaming content assets	1,797,179	1,581,536	3,571,468	3,138,960
Produced content, net
Finite-Lived Intangible Assets [Line Items]
Net content	3,117,549		3,117,549		2,403,896
In production	3,743,893		3,743,893		3,305,126
In development and pre-production	479,120		479,120		311,842
Content assets, net	7,340,562		7,340,562		6,020,864
Unamortized cost in year one	1,066,000		1,066,000
Unamortized cost in year two	864,000		864,000
Unamortized cost in year three	631,000		631,000
Amortization of streaming content assets	434,736	$ 236,281	785,133	$ 427,701
DVD, net
Finite-Lived Intangible Assets [Line Items]
Content assets, net	$ 7,895		$ 7,895		$ 9,813

Balance Sheet Components - Property And Equipment (Details) - USD ($)	6 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 837,511,000	$ 786,800,000
Less: Accumulated depreciation	(385,112,000)	(368,519,000)
Property and equipment, net	452,399,000	418,281,000
Accrued participation liabilities, due in next operating cycle	0
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	304,189,000	282,028,000
Information technology
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 239,241,000	224,296,000
Estimated Useful Lives	3 years
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 76,588,000	63,667,000
Furniture and fixtures \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	3 years
Furniture and fixtures \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	15 years
Buildings
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 32,787,000	73,468,000
Estimated Useful Lives	30 years
Corporate aircraft
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 104,985,000	62,560,000
Estimated Useful Lives	8 years
DVD operations equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 45,437,000	53,416,000
Estimated Useful Lives	5 years
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 4,398,000	1,692,000
Estimated Useful Lives	3 years
Land
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 6,125,000	6,125,000
Capital work-in-progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 23,761,000	$ 19,548,000

Balance Sheet Components - Leases (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019	Jan. 01, 2019
Lessee, Lease, Description [Line Items]
Operating lease right-of-use assets	$ 1,008,000	$ 1,008,000
Non-current operating lease liabilities	946,320	946,320
Total lease liabilities	1,083,982	1,083,982
Lease Cost:
Lease costs	98,000	202,000
Operating lease cost	48,000	91,000
Short-term lease cost	50,000	111,000
Cash paid for operating lease liabilities	41,320	78,973
Right-of-use assets obtained in exchange for new operating lease obligations	$ 230,499	$ 1,072,894
Weighted-average remaining lease term	8 years 6 months	8 years 6 months
Weighted-average discount rate	5.40%	5.40%
Maturities of Lease Liabilities
2020	$ 185,631	$ 185,631
2021	172,295	172,295
2022	168,560	168,560
2023	147,740	147,740
2024	137,937	137,937
Thereafter	572,524	572,524
Total lease liabilities	1,384,687	1,384,687
Less imputed interest	(300,705)	(300,705)
Current operating lease liabilities	137,662	137,662
Operating lease, liability, leases not commenced	$ 1,185,000	$ 1,185,000
ASU 2016-02
Lessee, Lease, Description [Line Items]
Operating lease right-of-use assets			$ 743,000
Non-current operating lease liabilities			$ 813,000
Minimum
Lessee, Lease, Description [Line Items]
Lease term of contract	1 year	1 year
Lease renewal term	1 year	1 year
Maturities of Lease Liabilities
Lease not yet commenced, term of contract	2 years	2 years
Maximum
Lessee, Lease, Description [Line Items]
Lease term of contract	15 years	15 years
Lease renewal term	15 years	15 years
Maturities of Lease Liabilities
Lease not yet commenced, term of contract	15 years	15 years

Balance Sheet Components - Deferred Revenue (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Disaggregation of Revenue [Line Items]
Deferred revenue	$ 892,777	$ 760,899
Gift Cards and Other Prepaid Memberships
Disaggregation of Revenue [Line Items]
Deferred revenue	$ 893,000	$ 132,000

Balance Sheet Components - Other Current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Balance Sheet Components Disclosure [Abstract]
Trade receivables	$ 492,034	$ 362,712
Prepaid expenses	184,039	178,833
Other	196,837	206,921
Total other current assets	$ 872,910	$ 748,466

Long-term Debt - Narrative (Details) $ in Thousands	6 Months Ended
Long-term Debt - Narrative (Details) $ in Thousands	Jun. 30, 2019 USD ($)	Jun. 30, 2019 EUR (€)	Jun. 30, 2019 USD ($)	Dec. 31, 2018 USD ($)
Debt Disclosure [Abstract]
Aggregate outstanding principal			$ 12,594,135	$ 10,360,058
Debt issuance costs			102,000
Debt Instrument [Line Items]
Principal amount at par			12,696,000
Senior Notes
Debt Instrument [Line Items]
Principal amount at par \| €		€ 3,600,000,000
Redemption prices, percent of outstanding principal	101.00%
Senior Notes \| 3.625% Senior Notes
Debt Instrument [Line Items]
Principal amount at par		1,300,000,000	1,479,000
Proceeds from convertible debt	$ 1,421,000
Senior Notes \| 4.625% Senior Notes
Debt Instrument [Line Items]
Principal amount at par		1,100,000,000	1,252,000
Proceeds from convertible debt	1,262,000
Senior Notes \| 3.875% Senior Notes
Debt Instrument [Line Items]
Principal amount at par		€ 1,200,000,000	$ 1,365,000
Proceeds from convertible debt	$ 1,343,000

Long-term Debt - Summary of Long-term Debt (Details) $ in Millions	Jun. 30, 2019 EUR (€)	Jun. 30, 2019 USD ($)	Dec. 31, 2018 USD ($)
Debt Instrument [Line Items]
Principal amount at par		$ 12,696
Senior Notes
Debt Instrument [Line Items]
Principal amount at par \| €	€ 3,600,000,000
Senior Notes \| 5.375% Senior Notes
Debt Instrument [Line Items]
Principal amount at par		500
Fair value		$ 519	$ 509
Interest rate	5.375%	5.375%
Senior Notes \| 5.50% Senior Notes
Debt Instrument [Line Items]
Principal amount at par		$ 700
Fair value		$ 738	706
Interest rate	5.50%	5.50%
Senior Notes \| 5.750% Senior Notes
Debt Instrument [Line Items]
Principal amount at par		$ 400
Fair value		$ 435	407
Interest rate	5.75%	5.75%
Senior Notes \| 5.875% Senior Notes
Debt Instrument [Line Items]
Principal amount at par		$ 800
Fair value		$ 883	812
Interest rate	5.875%	5.875%
Senior Notes \| 4.375% Senior Notes
Debt Instrument [Line Items]
Principal amount at par		$ 1,000
Fair value		$ 1,025	915
Interest rate	4.375%	4.375%
Senior Notes \| 3.625% Senior Notes
Debt Instrument [Line Items]
Principal amount at par	€ 1,300,000,000	$ 1,479
Fair value		$ 1,620	1,446
Interest rate	3.625%	3.625%
Senior Notes \| 4.875% Senior Notes
Debt Instrument [Line Items]
Principal amount at par		$ 1,600
Fair value		$ 1,656	1,464
Interest rate	4.875%	4.875%
Senior Notes \| 5.875% Senior Notes
Debt Instrument [Line Items]
Principal amount at par		$ 1,900
Fair value		$ 2,109	1,851
Interest rate	5.875%	5.875%
Senior Notes \| 4.625% Senior Notes
Debt Instrument [Line Items]
Principal amount at par	€ 1,100,000,000	$ 1,252
Fair value		$ 1,424	1,241
Interest rate	4.625%	4.625%
Senior Notes \| 6.375% Senior Notes
Debt Instrument [Line Items]
Principal amount at par		$ 800
Fair value		$ 910	797
Interest rate	6.375%	6.375%
Senior Notes \| 3.875% Senior Notes
Debt Instrument [Line Items]
Principal amount at par	€ 1,200,000,000	$ 1,365
Fair value		$ 1,482	0
Interest rate	3.875%	3.875%
Senior Notes \| 5.375% Senior Notes
Debt Instrument [Line Items]
Principal amount at par		$ 900
Fair value		$ 959	$ 0
Interest rate	5.375%	5.375%

Long-term Debt - Maturities (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Debt Disclosure [Abstract]
Less than one year	$ 645,479	$ 538,384
Due after one year and through three years	2,431,782	1,550,581
Due after three years and through five years	1,534,324	1,646,101
Due after five years	13,297,541	11,138,129
Total	$ 17,909,126	$ 14,873,195

Long-term Debt - Revolving Line of Credit (Details) - Revolving Credit Facility - USD ($)	6 Months Ended
	Jun. 30, 2019	Mar. 29, 2019	Jul. 31, 2017
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity		$ 750,000,000	$ 500,000,000
Line of credit facility, additional maximum borrowing capacity			$ 250,000,000
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%

Commitments and Contingencies - Streaming Content (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Contractual Obligation [Line Items]
Streaming obligations included in current content liabilities	$ 18,502,817	$ 19,285,875
Streaming obligations not reflected on Consolidated Balance Sheets	10,100,000	10,800,000
Current content liabilities
Contractual Obligation [Line Items]
Streaming obligations included in non-current content liabilities	4,800,000	4,700,000
Non-current content liabilities
Contractual Obligation [Line Items]
Streaming obligations included in non-current content liabilities	$ 3,600,000	$ 3,800,000

Commitments and Contingencies - Expected Timing of Payments (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Less than one year	$ 8,741,623	$ 8,611,398
Due after one year and through three years	8,282,265	8,841,561
Due after three years and through five years	1,341,448	1,684,582
Due after five years	137,481	148,334
Total streaming content obligations	$ 18,502,817	$ 19,285,875

Commitments and Contingencies - Legal Proceedings (Details)	Jun. 30, 2019 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	$ 0

Stockholders' Equity - Narrative (Details) shares in Millions	Jun. 30, 2019 shares
2011 Stock Plan
Components of Stockholders' Equity [Line Items]
Shares reserved for future issuance	7

Stockholders' Equity - Activity Related to Stock Option Plans (Details) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2019 USD ($) $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Shares available for grant, beginning balance (in shares)	8,699,941
Options outstanding, number of shares, beginning balance (in shares)	20,479,278
Shares available for grant, granted (in shares)	1,200,996
Options outstanding, number of shares, exercised (in shares)	(1,236,285)
Options outstanding, number of shares expired (in shares)	(21)
Shares available for grant, ending balance (in shares)	7,498,945
Options outstanding, number of shares, ending balance (in shares)	20,443,968
Options vested and exercisable, number of shares, ending balance (in shares)	20,443,968
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward]
Options outstanding, weighted-average exercise price, beginning balance (dollars per share) \| $ / shares	$ 89.61
Options outstanding, weighted-average exercise price, granted (dollars per share) \| $ / shares	339.01
Options outstanding, weighted-average exercise price, exercised (dollars per share) \| $ / shares	36.67
Options expired, weighted-average exercise price (dollars per share) \| $ / shares	4.27
Options outstanding, weighted-average exercise price, ending balance (dollars per share) \| $ / shares	107.46
Options outstanding, weighted-average exercise price, vested and exercisable (dollars per share) \| $ / shares	$ 107.46
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Weighted-average remaining contractual term, ending balance (in years)	5 years 7 months 13 days
Weighted-average remaining contractual term, vested and exercisable (in years)	5 years 7 months 13 days
Aggregate intrinsic value, ending balance \| $	$ 5,320,942
Aggregate intrinsic value, vested and exercisable \| $	$ 5,320,942

Stockholders' Equity - Amounts Related to Option Exercises (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Stockholders' Equity and Stock-based Compensation Disclosure [Abstract]
Total intrinsic value of options exercised	$ 212,932	$ 246,795	$ 393,774	$ 524,705
Cash received from options exercised	$ 21,896	$ 26,936	$ 44,868	$ 83,271

Stockholders' Equity - Assumptions Used to Value Stock OptionS (Details) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019 USD ($) $ / shares	Jun. 30, 2018 USD ($) $ / shares	Jun. 30, 2019 USD ($) $ / shares	Jun. 30, 2018 USD ($) $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment award, expiration period (in years)			10 years
Dividend yield	0.00%	0.00%	0.00%	0.00%
Expected volatility	39.00%	42.00%
Risk-free interest rate	2.50%	2.90%
Suboptimal exercise factor	3.16	2.93
Weighted-average fair value (in dollars per share) \| $ / shares	$ 179	$ 161	$ 171	$ 142
Stock-based compensation expense	$ 103,848	$ 81,232	$ 205,048	$ 149,627
Total income tax impact on provision (in thousands)	$ 24,845	$ 16,889	$ 46,473	$ 31,580
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility			39.00%	40.00%
Risk-free interest rate			2.50%	2.61%
Suboptimal exercise factor			3.07	2.80
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility			41.00%	42.00%
Risk-free interest rate			2.74%	2.90%
Suboptimal exercise factor			3.16	2.93

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 230,266	$ 44,287	$ 285,873	$ 53,779
Effective tax rates	46.00%	10.00%	32.00%	7.00%
Income Tax Contingency [Line Items]
Unrecognized tax benefits	$ 58,000		$ 58,000		$ 48,000
Reduction in provision for income taxes due to impact of effective tax rate	54,000		54,000
Deferred tax assets classified as other non-current assets	522,000		522,000		564,000
Deferred tax assets, valuation allowance	126,000		126,000		$ 125,000
Other noncurrent liabilities
Income Tax Contingency [Line Items]
Unrecognized tax benefits	17,000		17,000
Other noncurrent assets
Income Tax Contingency [Line Items]
Unrecognized tax benefits	41,000		41,000
Accounting Standards Update 2016-09
Income Tax Contingency [Line Items]
Effective income tax rate reconciliation, share-based compensation, excess tax benefit	$ 46,000	$ 57,000	$ 87,000	$ 117,000

Segment Information - Narrative (Details)	6 Months Ended
Segment Information - Narrative (Details)	Jun. 30, 2019 segment
Segment Reporting Information [Line Items]
Number of reportable segments	3
International Streaming
Segment Reporting Information [Line Items]
Number of reportable segments	1

Segment Information - Long-lived Assets by Geographical Areas (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived tangible assets	$ 1,276,044	$ 381,947
International
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived tangible assets	$ 184,646	$ 36,334

Segment Information - Information On Reportable Segments And Reconciliation To Consolidated Net Income (Details) subscription in Thousands, membership in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019 USD ($) subscription membership	Jun. 30, 2018 USD ($) subscription membership	Jun. 30, 2019 USD ($) subscription membership	Jun. 30, 2018 USD ($) subscription membership
Segment Reporting Information [Line Items]
Revenues	$ 4,923,116	$ 3,907,270	$ 9,444,108	$ 7,608,126
Cost of revenues	3,005,657	2,402,431	5,876,271	4,703,010
Marketing	603,150	592,007	1,219,728	1,128,784
Contribution profit	1,314,309	912,832	2,348,109	1,776,332
Other operating expenses	607,890	450,619	1,182,606	867,541
Operating income	706,419	462,213	1,165,503	908,791
Other income (expense)	(205,503)	(33,577)	(264,928)	(180,539)
Provision for income taxes	230,266	44,287	285,873	53,779
Net income	270,650	384,349	614,702	674,473
Amortization of content assets	$ 2,239,571	$ 1,828,971	$ 4,372,766	$ 3,588,949
Domestic Streaming
Segment Reporting Information [Line Items]
Total paid memberships at end of period \| subscription	60,103	55,959	60,103	55,959
Total paid net membership additions (losses) \| membership	(126)	872	1,617	3,149
Total free trials at end of period \| membership	1,575	1,420	1,575	1,420
Revenues	$ 2,299,189	$ 1,893,222	$ 4,372,744	$ 3,713,241
Cost of revenues	1,196,420	969,995	2,335,955	1,906,475
Marketing	250,606	251,298	471,652	502,017
Contribution profit	852,163	671,929	1,565,137	1,304,749
Amortization of content assets	$ 916,494	$ 751,947	$ 1,780,805	$ 1,482,219
International Streaming
Segment Reporting Information [Line Items]
Total paid memberships at end of period \| subscription	91,459	68,395	91,459	68,395
Total paid net membership additions (losses) \| membership	2,825	4,580	10,686	10,561
Total free trials at end of period \| membership	4,481	4,367	4,481	4,367
Revenues	$ 2,547,727	$ 1,921,144	$ 4,914,476	$ 3,703,230
Cost of revenues	1,778,890	1,392,512	3,476,011	2,714,218
Marketing	352,544	340,709	748,076	626,767
Contribution profit	416,293	187,923	690,389	362,245
Amortization of content assets	$ 1,315,421	$ 1,065,870	$ 2,575,796	$ 2,084,442
Domestic DVD
Segment Reporting Information [Line Items]
Total paid memberships at end of period \| subscription	2,411	2,971	2,411	2,971
Total paid net membership additions (losses) \| membership	(154)	(167)	(295)	(359)
Total free trials at end of period \| membership	17	28	17	28
Revenues	$ 76,200	$ 92,904	$ 156,888	$ 191,655
Cost of revenues	30,347	39,924	64,305	82,317
Marketing	0	0	0	0
Contribution profit	45,853	52,980	92,583	109,338
Amortization of content assets	$ 7,656	$ 11,154	$ 16,165	$ 22,288