Cover Page	3 Months Ended
Cover Page	Mar. 31, 2020 shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2020
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	2020
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding	439,780,618

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Statement [Abstract]
Revenues	$ 5,767,691	$ 4,520,992
Cost of revenues	3,599,701	2,870,614
Marketing	503,830	616,578
Technology and development	453,817	372,764
General and administrative	252,087	201,952
Operating income	958,256	459,084
Other income (expense):
Interest expense	(184,083)	(135,529)
Interest and other income (expense)	21,697	76,104
Income before income taxes	795,870	399,659
Provision for income taxes	86,803	55,607
Net income	$ 709,067	$ 344,052
Earnings per share:
Basic (in dollars per share)	$ 1.61	$ 0.79
Diluted (in dollars per share)	$ 1.57	$ 0.76
Weighted-average common shares outstanding:
Basic (in shares)	439,352	436,947
Diluted (in shares)	452,494	451,922

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 709,067	$ 344,052
Other comprehensive loss:
Foreign currency translation adjustments	(23,533)	(6,018)
Comprehensive income	$ 685,534	$ 338,034

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
	Mar. 31, 2020	Mar. 31, 2019
Cash flows from operating activities:
Net income	$ 709,067	$ 344,052
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Additions to content assets	(3,294,275)	(2,997,746)
Change in content liabilities	258,945	(14,698)
Amortization of content assets	2,483,385	2,124,686
Depreciation and amortization of property, equipment and intangibles	28,517	23,561
Stock-based compensation expense	97,019	101,200
Other non-cash items	65,448	45,708
Foreign currency remeasurement gain on debt	(93,060)	(57,600)
Deferred taxes	46,619	6,627
Changes in operating assets and liabilities:
Other current assets	(127,353)	(32,076)
Accounts payable	(149,153)	(124,467)
Accrued expenses and other liabilities	214,191	157,647
Deferred revenue	62,008	47,793
Other non-current assets and liabilities	(41,446)	(4,486)
Net cash provided by (used in) operating activities	259,912	(379,799)
Cash flows from investing activities:
Purchases of property and equipment	(98,015)	(60,381)
Change in other assets	(288)	(19,722)
Net cash used in investing activities	(98,303)	(80,103)
Cash flows from financing activities:
Proceeds from issuance of common stock	43,694	22,972
Net cash provided by financing activities	43,694	22,972
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(70,902)	(5,014)
Net increase (decrease) in cash, cash equivalents and restricted cash	134,401	(441,944)
Cash, cash equivalents and restricted cash at beginning of period	5,043,786	3,812,041
Cash, cash equivalents and restricted cash at end of period	$ 5,178,187	$ 3,370,097

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 5,151,884	$ 5,018,437
Other current assets	1,295,897	1,160,067
Total current assets	6,447,781	6,178,504
Content assets, net	25,266,889	24,504,567
Property and equipment, net	650,455	565,221
Other non-current assets	2,694,785	2,727,420
Total assets	35,059,910	33,975,712
Current liabilities:
Current content liabilities	4,761,585	4,413,561
Accounts payable	545,488	674,347
Accrued expenses and other liabilities	1,061,090	843,043
Deferred revenue	986,753	924,745
Short-term debt	498,809	0
Total current liabilities	7,853,725	6,855,696
Non-current content liabilities	3,206,051	3,334,323
Long-term debt	14,170,692	14,759,260
Other non-current liabilities	1,420,148	1,444,276
Total liabilities	26,650,616	26,393,555
Commitments and contingencies (Note 7)
Stockholders’ equity:
Common stock, $0.001 par value; 4,990,000,000 shares authorized at March 31, 2020 and December 31, 2019; 439,780,618 and 438,806,649 issued and outstanding at March 31, 2020 and December 31, 2019, respectively	2,935,532	2,793,929
Accumulated other comprehensive loss	(47,054)	(23,521)
Retained earnings	5,520,816	4,811,749
Total stockholders’ equity	8,409,294	7,582,157
Total liabilities and stockholders’ equity	$ 35,059,910	$ 33,975,712

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2020	Dec. 31, 2019
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)	439,780,618	438,806,649
Common stock, shares outstanding (shares)	439,780,618	438,806,649

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock and Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Retained Earnings
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		22,585
Stock-based compensation expense		101,200
Other comprehensive loss			(6,018)
Net income	344,052			344,052
Ending Balance at Mar. 31, 2019	5,703,058	2,439,773	(25,600)	3,288,885
Beginning Balance at Dec. 31, 2019	7,582,157	2,793,929	(23,521)	4,811,749
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of options		44,584
Stock-based compensation expense		97,019
Other comprehensive loss			(23,533)
Net income	709,067			709,067
Ending Balance at Mar. 31, 2020	$ 8,409,294	$ 2,935,532	$ (47,054)	$ 5,520,816

- 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	3 Months Ended
	Mar. 31, 2020
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 for the year ended December 31, 2019 filed with the Securities and Exchange Commission (the “SEC”) on January 29, 2020. 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 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 for the year ended December 31, 2019. 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 as compared to the significant accounting policies described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019. Recently adopted accounting pronouncements In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-13, Financial Instruments—Credit Losses (Topic 326), in order to improve financial reporting of expected credit losses on financial instruments and other commitments to extend credit. ASU 2016-13 requires that an entity measure and recognize expected credit losses for financial assets held at amortized cost and replaces the incurred loss impairment methodology in prior GAAP with a methodology that requires consideration of a broader range of information to estimate credit losses. The Company adopted ASU 2016-13 in the first quarter of 2020 and the impact of the adoption was not material to the Company's consolidated financial statements as credit losses are not expected to be significant based on historical collection trends, the financial condition of payment partners, and external market factors. The Company will continue to actively monitor the impact of the recent coronavirus (COVID-19) pandemic on expected credit losses.

Revenue Recognition

3 Months Ended

Mar. 31, 2020

Revenue from Contract with Customer [Abstract]

Revenue Recognition

The Company's primary source of revenues is from monthly membership fees. Members are billed in advance of the start of their monthly membership and revenues are recognized ratably over each monthly membership period. Revenues are presented net of the taxes that are collected from members and remitted to governmental authorities. The Company is the principal in all its relationships where partners, including 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.

The following tables summarize streaming revenue, paid net membership additions, and paid memberships at end of period by region for the three months ended March 31, 2020 and March 31, 2019, respectively:

United States and Canada (UCAN)



	As of/ Three Months Ended
	March 31, 2020		March 31, 2019
	(in thousands)
Revenues	$	2,702,776	$	2,256,851
Paid net membership additions	2,307		1,876
Paid memberships at end of period (1)	69,969		66,633

Europe, Middle East, and Africa (EMEA)



	As of/ Three Months Ended
	March 31, 2020		March 31, 2019
	(in thousands)
Revenues	$	1,723,474	$	1,233,379
Paid net membership additions	6,956		4,724
Paid memberships at end of period (1)	58,734		42,542

Latin America (LATAM)



	As of/ Three Months Ended
	March 31, 2020		March 31, 2019
	(in thousands)
Revenues	$	793,453	$	630,472
Paid net membership additions	2,901		1,470
Paid memberships at end of period (1)	34,318		27,547

Asia-Pacific (APAC)



	As of/ Three Months Ended
	March 31, 2020		March 31, 2019
	(in thousands)
Revenues	$	483,660	$	319,602
Paid net membership additions	3,602		1,534
Paid memberships at end of period (1)	19,835		12,141

(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 cancellations, 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.

Total U.S. revenues, inclusive of DVD revenues not reported in the tables above, were $2.5 billion and $2.2 billion for the three months ended March 31, 2020 and 2019, respectively. DVD revenues were $64 million and $81 million for the three months ended March 31, 2020 and March 31, 2019, respectively.

Deferred revenue consists of membership fees billed that have not been recognized, as well as gift cards and other prepaid memberships that have not been fully redeemed. As of March 31, 2020, total deferred revenue was $987 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 $62 million increase in deferred revenue as compared to the balance of $925 million for the year ended December 31, 2019 is a result of the increase in membership fees billed due to increased memberships.

Earnings Per Share

3 Months Ended

Mar. 31, 2020

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
	March 31, 2020		March 31, 2019
	(in thousands, except per share data)
Basic earnings per share:
Net income	$	709,067	$	344,052
Shares used in computation:
Weighted-average common shares outstanding	439,352		436,947
Basic earnings per share	$	1.61	$	0.79

Diluted earnings per share:
Net income	$	709,067	$	344,052
Shares used in computation:
Weighted-average common shares outstanding	439,352		436,947
Employee stock options	13,142		14,975
Weighted-average number of shares	452,494		451,922
Diluted earnings per share	$	1.57	$	0.76

Employee stock options with exercise prices greater than the average market price of the common stock were excluded from the diluted calculation as their inclusion would have been anti-dilutive. The following table summarizes the potential common shares excluded from the diluted calculation:



	Three Months Ended
	March 31, 2020	March 31, 2019
	(in thousands)
Employee stock options	1,516	652

Cash, Cash Equivalents and Restricted Cash

3 Months Ended

Mar. 31, 2020

Short-Term Investments And Fair Value Measurement [Abstract]

Cash, Cash Equivalents and Restricted Cash

The following tables summarize the Company's cash, cash equivalents, and restricted cash as of March 31, 2020 and December 31, 2019:



	As of March 31, 2020
	Cash and cash equivalents		Other Current Assets		Non-current Assets		Total
	(in thousands)
Cash	$	3,100,789	$	2,514	$	23,536	$	3,126,839
Level 1 securities:
Money market funds	1,751,095		—		253		1,751,348
Level 2 securities:
Foreign Time Deposits	300,000		—		—		300,000

	$	5,151,884	$	2,514	$	23,789	$	5,178,187



	As of December 31, 2019
	Cash and cash equivalents		Other Current Assets		Non-current Assets		Total
	(in thousands)
Cash	$	3,103,525	$	1,863	$	22,161	$	3,127,549
Level 1 securities:
Money market funds	1,614,912		—		1,325		1,616,237
Level 2 securities:
Foreign Time Deposits	300,000		—		—		300,000

	$	5,018,437	$	1,863	$	23,486	$	5,043,786

Other current assets include restricted cash for self insurance. Non-current assets include restricted cash related to workers compensation deposits and letter of credit agreements. The fair value of cash equivalents included in the Level 2 category is based on observable inputs, such as quoted prices for similar assets at the measurement date; quoted prices in markets that are not active; or other inputs that are observable, either directly or indirectly.

See Note 6 to the consolidated financial statements for further information regarding the fair value of the Company’s senior notes.

There were no material gross realized gains or losses in the three months ended March 31, 2020 and 2019, respectively.

Balance Sheet Components

3 Months Ended

Mar. 31, 2020

Balance Sheet Components Disclosure [Abstract]

Balance Sheet Components

Content Assets, Net

Content assets consisted of the following:



	As of
	March 31, 2020		December 31, 2019
	(in thousands)
Licensed content, net	$	14,637,502	$	14,703,352

Produced content, net
Released, less amortization	4,638,736		4,382,685
In production	5,282,350		4,750,664
In development and pre-production	708,301		667,866
	10,629,387		9,801,215

Total	$	25,266,889	$	24,504,567

As of March 31, 2020, approximately $5,736 million, $3,760 million, and $2,478 million of the $14,638 million unamortized cost of the licensed content is expected to be amortized in each of the next three years. As of March 31, 2020, approximately $1,645 million, $1,276 million, and $941 million of the $4,639 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 March 31, 2020, the amount of accrued participations and residuals was not material.

The following table represents the amortization of content assets:



	Three Months Ended
	March 31, 2020		March 31, 2019
	(in thousands)
Licensed content	$	1,860,170	$	1,774,289
Produced content	623,215		350,397
Total	$	2,483,385	$	2,124,686

Property and Equipment, Net

Property and equipment and accumulated depreciation consisted of the following:



	As of
	March 31, 2020			December 31, 2019			Estimated Useful Lives
	(in thousands)
Land	$	6,125		$	6,125
Buildings	34,459			33,141			30 years
Leasehold improvements	361,648			354,999			Over life of lease
Furniture and fixtures	87,925			87,465			3-15 years
Information technology	249,440			243,565			3 years
Corporate aircraft	109,619			108,995			8 years
Machinery and equipment	43,776			46,415			3-5 years
Capital work-in-progress	194,019			100,521
Property and equipment, gross	1,087,011			981,226
Less: Accumulated depreciation	(436,556		)	(416,005		)
Property and equipment, net	$	650,455		$	565,221

Leases

The Company has entered into operating leases primarily for real estate. These operating leases are included in "Other non-current assets" on the Company's Consolidated Balance Sheets, and represent the Company’s right to use the underlying asset for the lease term. The Company’s obligations to make lease payments are included in "Accrued expenses and other liabilities" and "Other non-current liabilities" on the Company's Consolidated Balance Sheets. As of March 31, 2020, total right-of-use assets were approximately $1,502 million and total operating lease liabilities were approximately $1,596 million, of which $196 million and $1,400 million were classified in "Accrued expenses and other liabilities" and "Other non-current liabilities", respectively. As of December 31, 2019, total right-of-use assets were approximately $1,532 million and total operating lease liabilities were approximately $1,613 million, of which $190 million and $1,423 million were classified in "Accrued expenses and other liabilities" and "Other non-current liabilities", 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 Consolidated Balance Sheets. All operating lease expense is recognized on a straight-line basis over the lease term.

Because the rate implicit in each lease is not readily determinable, the Company uses its incremental borrowing rate to determine the present value of the lease payments.

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



	Three Months Ended
	March 31, 2020		March 31, 2019
	(in thousands)
Cash paid for operating lease liabilities	$	57,490	$	37,653
Right-of-use assets obtained in exchange for new operating lease obligations (1)	51,824		842,395

(1) In the three months ended March 31, 2019, the balance includes $743 million for operating leases existing on January 1, 2019.

Other Current Assets

Other current assets consisted of the following:



	As of
	March 31, 2020		December 31, 2019
	(in thousands)
Trade receivables	$	539,916	$	454,399
Prepaid expenses	214,350		180,999
Other receivables	541,631		524,669
Total other current assets	$	1,295,897	$	1,160,067

Debt

3 Months Ended

Mar. 31, 2020

Debt Disclosure [Abstract]

Debt

As of March 31, 2020, the Company had aggregate outstanding notes of $14,670 million, net of $110 million of issuance costs, with varying maturities (the "Notes"). Of the outstanding balance, $499 million, net of issuance costs, is classified as short-term debt on the Consolidated Balance Sheets. As of December 31, 2019, the Company had aggregate outstanding long-term notes of $14,759 million, net of $114 million of issuance costs. Each of the Notes were issued at par and are senior unsecured obligations of the Company. Interest is payable semi-annually at fixed rates. A portion of the outstanding notes is denominated in foreign currency (comprised of €4,700 million) and is remeasured into U.S. dollars at each balance sheet date (with remeasurement gain totaling $93 million for the quarter ended March 31, 2020).

The following table provides a summary of the Company's outstanding debt and the fair values based on quoted market prices in less active markets as of March 31, 2020 and December 31, 2019:



	Principal Amount at Par						Level 2 Fair Value as of
	March 31, 2020		December 31, 2019		Issuance Date	Maturity	March 31, 2020		December 31, 2019
	(in millions)						(in millions)
5.375% Senior Notes	$	500	$	500	February 2013	February 2021	$	507	$	518
5.500% Senior Notes	700		700		February 2015	February 2022	722		744
5.750% Senior Notes	400		400		February 2014	March 2024	426		444
5.875% Senior Notes	800		800		February 2015	February 2025	847		896
4.375% Senior Notes	1,000		1,000		October 2016	November 2026	1,018		1,026
3.625% Senior Notes (1)	1,433		1,459		May 2017	May 2027	1,433		1,565
4.875% Senior Notes	1,600		1,600		October 2017	April 2028	1,632		1,670
5.875% Senior Notes	1,900		1,900		April 2018	November 2028	2,047		2,111
4.625% Senior Notes (1)	1,212		1,234		October 2018	May 2029	1,246		1,378
6.375% Senior Notes	800		800		October 2018	May 2029	883		916
3.875% Senior Notes (1)	1,323		1,346		April 2019	November 2029	1,303		1,429
5.375% Senior Notes	900		900		April 2019	November 2029	942		960
3.625% Senior Notes (1)	1,212		1,234		October 2019	June 2030	1,191		1,273
4.875% Senior Notes	1,000		1,000		October 2019	June 2030	1,024		1,019
	$	14,780	$	14,873

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

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



	As of
	March 31, 2020		December 31, 2019
	(in thousands)
Less than one year	$	1,233,206	$	736,969
Due after one year and through three years	2,060,732		2,581,471
Due after three years and through five years	2,502,066		1,705,201
Due after five years	14,791,650		15,699,800
Total debt obligations	$	20,587,654	$	20,723,441

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 March 31, 2020 and December 31, 2019, the Company was in compliance with all related covenants.

Revolving Credit Facility

As of March 31, 2020, the Company has a $750 million unsecured revolving credit facility ("Revolving Credit Agreement") which matures on March 29, 2024. 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 March 31, 2020, no amounts have been borrowed under the Revolving Credit Agreement.

The borrowings under the Revolving Credit Agreement bear interest, at the Company’s option, of either (i) a floating rate equal to a base rate (the “Alternate Base Rate”) or (ii) a rate equal to an adjusted London interbank offered rate (the “Adjusted LIBO Rate”), plus a margin of 0.75%. The Alternate Base Rate is defined as the greatest of (A) the rate of interest published by the Wall Street Journal, from time to time, as the prime rate, (B) the federal funds rate, plus 0.500% and (C) the Adjusted LIBO Rate for a one-month interest period, plus 1.00%. The Adjusted LIBO Rate is defined as the London interbank offered rate for deposits in U.S. dollars, for the relevant interest period, adjusted for statutory reserve requirements, but in no event shall the Adjusted LIBO Rate be less than 0.00% per annum. Regulatory authorities that oversee financial markets have announced that after the end of 2021, they would no longer compel banks currently reporting information used to set the LIBO Rate to continue to make rate submissions. As a result, it is possible that beginning in 2022, the LIBO Rate will no longer be available as a reference rate. Under the terms of the Company's Revolving Credit Agreement, in the event of the discontinuance of the LIBO Rate, a mutually agreed-upon alternate benchmark rate will be established to replace the LIBO Rate. The Company and Lenders shall in good faith establish an alternate benchmark rate which places the Lenders and the Company in the same economic position that existed immediately prior to the discontinuation of the LIBO Rate. The Company does not anticipate that the discontinuance of the LIBO Rate will materially impact its liquidity or financial position.

The Company is also obligated to pay a commitment fee on the undrawn amounts of the Revolving Credit Agreement at an annual rate of 0.10%. The Revolving Credit Agreement requires the Company to comply with certain covenants, including covenants that limit or restrict the ability of the Company’s subsidiaries to incur debt and limit or restrict the ability of the Company and its subsidiaries to grant liens and enter into sale and leaseback transactions; and, in the case of the Company or a guarantor, merge, consolidate, liquidate, dissolve or sell, transfer, lease or otherwise dispose of all or substantially all of the assets of the Company and its subsidiaries, taken as a whole. As of March 31, 2020 and December 31, 2019, the Company was in compliance with all related covenants.

Commitments and Contingencies

3 Months Ended

Mar. 31, 2020

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Content

As of March 31, 2020, the Company had $19.2 billion of obligations comprised of $4.8 billion included in "Current content liabilities" and $3.2 billion of "Non-current content liabilities" on the Consolidated Balance Sheets and $11.2 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, 2019, the Company had $19.5 billion of obligations comprised of $4.4 billion included in "Current content liabilities" and $3.3 billion of "Non-current content liabilities" on the Consolidated Balance Sheets and $11.8 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 content obligations is as follows:



	As of
	March 31, 2020		December 31, 2019
	(in thousands)
Less than one year	$	8,618,185	$	8,477,367
Due after one year and through three years	8,064,206		8,352,731
Due after three years and through five years	1,974,855		2,041,340
Due after five years	516,792		618,644
Total content obligations	$	19,174,038	$	19,490,082

Content obligations include amounts related to the acquisition, licensing and production of content. Obligations that are in non-U.S. dollar currencies are translated to the U.S. dollar at period end rates. An obligation for the production of content includes non-cancelable commitments under creative talent and employment agreements as well as other production related commitments. An obligation for the acquisition and licensing of content is incurred at the time the Company enters into an agreement to obtain future titles. Once a title becomes available, a content liability is recorded on the Consolidated Balance Sheets. Certain agreements include the obligation to license rights for unknown future titles, the ultimate quantity and/or fees for which are not yet determinable as of the reporting date. Traditional film output deals, or certain TV series license agreements where the number of seasons to be aired is unknown, are examples of such license agreements. The Company does not include any estimated obligation for these future titles beyond the known minimum amount. However, the unknown obligations are expected to be significant.

Legal Proceedings

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

The Company is involved in litigation matters not listed herein but does not consider the matters to be material either individually or in the aggregate at this time. The Company's view of the matters not listed may change in the future as the litigation and events related thereto unfold.

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

3 Months Ended

Mar. 31, 2020

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.

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)
Balances as of December 31, 2019	6,111,561		20,859,326		$	124.28
Granted	(581,455	)	581,455		354.55
Exercised	—		(973,969	)	45.77
Expired	—		(48	)	9.96
Balances as of March 31, 2020	5,530,106		20,466,764		$	134.56
Vested and exercisable as of March 31, 2020			20,466,764		$	134.56

The aggregate intrinsic value of the Company's outstanding stock options as of March 31, 2020 was $4,937 million and represents the total pretax intrinsic value (the difference between the Company’s closing stock price on the last trading day of the first quarter of 2020 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 first quarter of 2020. This amount changes based on the fair market value of the Company’s common stock. The weighted-average remaining contractual term of the Company's outstanding stock options as of March 31, 2020 included in the table above was 5.57 years.

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



	Three Months Ended
	March 31, 2020		March 31, 2019
	(in thousands)
Total intrinsic value of options exercised	$	303,226	$	180,842
Cash received from options exercised	43,694		22,972

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
	March 31, 2020			March 31, 2019
Dividend yield	—		%	—		%
Expected volatility	37		%	41		%
Risk-free interest rate	1.71		%	2.74		%
Suboptimal exercise factor	3.34			3.07
Weighted-average fair value (per share)	$	167		$	163
Total stock-based compensation expense (in thousands)	$	97,019		$	101,200
Total income tax impact on provision (in thousands)	$	21,309		$	21,628

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

3 Months Ended

Mar. 31, 2020

Income Tax Disclosure [Abstract]

Income Taxes



	Three Months Ended
	March 31, 2020			March 31, 2019
	(in thousands, except percentages)
Provision for income taxes	$	86,803		$	55,607
Effective tax rate	11		%	14		%

In connection with the Tax Cuts and Jobs 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 rate for the three months ended March 31, 2020 differed from the Federal statutory rate primarily due to the recognition of excess tax benefits of stock-based compensation, Federal and California research and development (“R&D”) credits, and the international provisions of U.S. tax reform that became effective in 2018, partially offset by state taxes, foreign taxes, and non-deductible expenses. The effective tax rate for the three months ended March 31, 2019 differed from the Federal statutory rate primarily due to the recognition of excess tax benefits of stock-based compensation, Federal and California R&D credits, and effects of the international tax provisions from U.S. tax reform that became effective in 2018, partially offset by state taxes, foreign taxes, and non-deductible expenses.

The decrease in effective tax rate for the three months ended March 31, 2020, as compared to the same period in 2019 was primarily due to changes from the global corporate structure simplification, offset by a lower benefit on a percentage basis for excess tax benefits of stock-based compensation and Federal and California R&D credits due to higher pre-tax income. For the three months ended March 31, 2020, the Company recognized a discrete tax benefit related to the excess tax benefits from stock-based compensation of $65 million, compared to the three months ended March 31, 2019 of $41 million.

Gross unrecognized tax benefits were $71 million and $67 million as of March 31, 2020 and December 31, 2019, respectively. The gross unrecognized tax benefits, if recognized by the Company, will result in a reduction of approximately $60 million to the provision for income taxes thereby favorably impacting the Company’s effective tax rate. As of March 31, 2020, gross unrecognized tax benefits of $19 million were classified as “Other non-current liabilities” and $52 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 $612 million and $658 million were classified as “Other non-current assets” on the Consolidated Balance Sheets as of March 31, 2020 and December 31, 2019, 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 $132 million and $135 million as of March 31, 2020 and December 31, 2019, 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, 2017, and 2018. The 2011 through 2018 state tax returns are subject to examination by state tax authorities. The Company is also currently under examination in the U.K. for 2018 and 2019. The Company has no other significant foreign jurisdiction audits underway. The years 2014 through 2019 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 and Geographic Information

3 Months Ended

Mar. 31, 2020

Segment Reporting [Abstract]

Segment and Geographic Information

The Company operates as one operating segment. The Company's chief operating decision maker ("CODM") is its chief executive officer, who reviews financial information presented on a consolidated basis for purposes of making operating decisions, assessing financial performance and allocating resources.

Total U.S. revenues were $2.5 billion and $2.2 billion for the three months ended March 31, 2020 and March 31, 2019, respectively. See Note 2 Revenue Recognition for additional information about streaming revenue by region.

The Company's long-lived tangible assets, as well as the Company's operating lease right-of-use assets recognized on the Consolidated Balance Sheets as of March 31, 2020 and December 31, 2019, were located as follows:



	As of
	March 31, 2020		December 31, 2019
	(in thousands)
United States	$	1,573,683	$	1,503,459
International	579,092		594,047

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2020
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 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	Recently adopted accounting pronouncements In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-13, Financial Instruments—Credit Losses (Topic 326), in order to improve financial reporting of expected credit losses on financial instruments and other commitments to extend credit. ASU 2016-13 requires that an entity measure and recognize expected credit losses for financial assets held at amortized cost and replaces the incurred loss impairment methodology in prior GAAP with a methodology that requires consideration of a broader range of information to estimate credit losses. The Company adopted ASU 2016-13 in the first quarter of 2020 and the impact of the adoption was not material to the Company's consolidated financial statements as credit losses are not expected to be significant based on historical collection trends, the financial condition of payment partners, and external market factors. The Company will continue to actively monitor the impact of the recent coronavirus (COVID-19) pandemic on expected credit losses.

Revenue Recognition (Tables)

3 Months Ended

Mar. 31, 2020

Revenue from Contract with Customer [Abstract]

Streaming Revenue, Paid net Membership Additions, and Ending Paid Memberships by Region

The following tables summarize streaming revenue, paid net membership additions, and paid memberships at end of period by region for the three months ended March 31, 2020 and March 31, 2019, respectively:

United States and Canada (UCAN)



	As of/ Three Months Ended
	March 31, 2020		March 31, 2019
	(in thousands)
Revenues	$	2,702,776	$	2,256,851
Paid net membership additions	2,307		1,876
Paid memberships at end of period (1)	69,969		66,633

Europe, Middle East, and Africa (EMEA)



	As of/ Three Months Ended
	March 31, 2020		March 31, 2019
	(in thousands)
Revenues	$	1,723,474	$	1,233,379
Paid net membership additions	6,956		4,724
Paid memberships at end of period (1)	58,734		42,542

Latin America (LATAM)



	As of/ Three Months Ended
	March 31, 2020		March 31, 2019
	(in thousands)
Revenues	$	793,453	$	630,472
Paid net membership additions	2,901		1,470
Paid memberships at end of period (1)	34,318		27,547

Asia-Pacific (APAC)



	As of/ Three Months Ended
	March 31, 2020		March 31, 2019
	(in thousands)
Revenues	$	483,660	$	319,602
Paid net membership additions	3,602		1,534
Paid memberships at end of period (1)	19,835		12,141

(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 cancellations, 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.

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2020

Earnings Per Share [Abstract]

Computation of Earnings Per Share

The computation of earnings per share is as follows:



	Three Months Ended
	March 31, 2020		March 31, 2019
	(in thousands, except per share data)
Basic earnings per share:
Net income	$	709,067	$	344,052
Shares used in computation:
Weighted-average common shares outstanding	439,352		436,947
Basic earnings per share	$	1.61	$	0.79

Diluted earnings per share:
Net income	$	709,067	$	344,052
Shares used in computation:
Weighted-average common shares outstanding	439,352		436,947
Employee stock options	13,142		14,975
Weighted-average number of shares	452,494		451,922
Diluted earnings per share	$	1.57	$	0.76

Summary of Potential Common Shares Excluded from the Diluted Calculation

The following table summarizes the potential common shares excluded from the diluted calculation:



	Three Months Ended
	March 31, 2020	March 31, 2019
	(in thousands)
Employee stock options	1,516	652

Cash, Cash Equivalents and Restricted Cash (Tables)

3 Months Ended

Mar. 31, 2020

Short-Term Investments And Fair Value Measurement [Abstract]

Schedule of Cash and Cash Equivalents and Restricted Cash

The following tables summarize the Company's cash, cash equivalents, and restricted cash as of March 31, 2020 and December 31, 2019:



	As of March 31, 2020
	Cash and cash equivalents		Other Current Assets		Non-current Assets		Total
	(in thousands)
Cash	$	3,100,789	$	2,514	$	23,536	$	3,126,839
Level 1 securities:
Money market funds	1,751,095		—		253		1,751,348
Level 2 securities:
Foreign Time Deposits	300,000		—		—		300,000

	$	5,151,884	$	2,514	$	23,789	$	5,178,187



	As of December 31, 2019
	Cash and cash equivalents		Other Current Assets		Non-current Assets		Total
	(in thousands)
Cash	$	3,103,525	$	1,863	$	22,161	$	3,127,549
Level 1 securities:
Money market funds	1,614,912		—		1,325		1,616,237
Level 2 securities:
Foreign Time Deposits	300,000		—		—		300,000

	$	5,018,437	$	1,863	$	23,486	$	5,043,786

Balance Sheet Components (Tables)

3 Months Ended

Mar. 31, 2020

Balance Sheet Components Disclosure [Abstract]

Content Assets

Content assets consisted of the following:



	As of
	March 31, 2020		December 31, 2019
	(in thousands)
Licensed content, net	$	14,637,502	$	14,703,352

Produced content, net
Released, less amortization	4,638,736		4,382,685
In production	5,282,350		4,750,664
In development and pre-production	708,301		667,866
	10,629,387		9,801,215

Total	$	25,266,889	$	24,504,567

Schedule of Amortization of Streaming Content Assets

The following table represents the amortization of content assets:



	Three Months Ended
	March 31, 2020		March 31, 2019
	(in thousands)
Licensed content	$	1,860,170	$	1,774,289
Produced content	623,215		350,397
Total	$	2,483,385	$	2,124,686

Property and Equipment, Net

Property and equipment and accumulated depreciation consisted of the following:



	As of
	March 31, 2020			December 31, 2019			Estimated Useful Lives
	(in thousands)
Land	$	6,125		$	6,125
Buildings	34,459			33,141			30 years
Leasehold improvements	361,648			354,999			Over life of lease
Furniture and fixtures	87,925			87,465			3-15 years
Information technology	249,440			243,565			3 years
Corporate aircraft	109,619			108,995			8 years
Machinery and equipment	43,776			46,415			3-5 years
Capital work-in-progress	194,019			100,521
Property and equipment, gross	1,087,011			981,226
Less: Accumulated depreciation	(436,556		)	(416,005		)
Property and equipment, net	$	650,455		$	565,221

Information on Right-of-Use Assets and Lease Liabilities

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



	Three Months Ended
	March 31, 2020		March 31, 2019
	(in thousands)
Cash paid for operating lease liabilities	$	57,490	$	37,653
Right-of-use assets obtained in exchange for new operating lease obligations (1)	51,824		842,395

(1) In the three months ended March 31, 2019, the balance includes $743 million for operating leases existing on January 1, 2019.

Other Current Assets

Other current assets consisted of the following:



	As of
	March 31, 2020		December 31, 2019
	(in thousands)
Trade receivables	$	539,916	$	454,399
Prepaid expenses	214,350		180,999
Other receivables	541,631		524,669
Total other current assets	$	1,295,897	$	1,160,067

Debt (Tables)

3 Months Ended

Mar. 31, 2020

Debt Disclosure [Abstract]

Summary of Long-term Debt

The following table provides a summary of the Company's outstanding debt and the fair values based on quoted market prices in less active markets as of March 31, 2020 and December 31, 2019:



	Principal Amount at Par						Level 2 Fair Value as of
	March 31, 2020		December 31, 2019		Issuance Date	Maturity	March 31, 2020		December 31, 2019
	(in millions)						(in millions)
5.375% Senior Notes	$	500	$	500	February 2013	February 2021	$	507	$	518
5.500% Senior Notes	700		700		February 2015	February 2022	722		744
5.750% Senior Notes	400		400		February 2014	March 2024	426		444
5.875% Senior Notes	800		800		February 2015	February 2025	847		896
4.375% Senior Notes	1,000		1,000		October 2016	November 2026	1,018		1,026
3.625% Senior Notes (1)	1,433		1,459		May 2017	May 2027	1,433		1,565
4.875% Senior Notes	1,600		1,600		October 2017	April 2028	1,632		1,670
5.875% Senior Notes	1,900		1,900		April 2018	November 2028	2,047		2,111
4.625% Senior Notes (1)	1,212		1,234		October 2018	May 2029	1,246		1,378
6.375% Senior Notes	800		800		October 2018	May 2029	883		916
3.875% Senior Notes (1)	1,323		1,346		April 2019	November 2029	1,303		1,429
5.375% Senior Notes	900		900		April 2019	November 2029	942		960
3.625% Senior Notes (1)	1,212		1,234		October 2019	June 2030	1,191		1,273
4.875% Senior Notes	1,000		1,000		October 2019	June 2030	1,024		1,019
	$	14,780	$	14,873

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

Schedule of Maturities of Long-term Debt

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



	As of
	March 31, 2020		December 31, 2019
	(in thousands)
Less than one year	$	1,233,206	$	736,969
Due after one year and through three years	2,060,732		2,581,471
Due after three years and through five years	2,502,066		1,705,201
Due after five years	14,791,650		15,699,800
Total debt obligations	$	20,587,654	$	20,723,441

- 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.

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+ Details

Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2020

Commitments and Contingencies Disclosure [Abstract]

Expected Timing of Payments for Commitments

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



	As of
	March 31, 2020		December 31, 2019
	(in thousands)
Less than one year	$	8,618,185	$	8,477,367
Due after one year and through three years	8,064,206		8,352,731
Due after three years and through five years	1,974,855		2,041,340
Due after five years	516,792		618,644
Total content obligations	$	19,174,038	$	19,490,082

Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2020

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)
Balances as of December 31, 2019	6,111,561		20,859,326		$	124.28
Granted	(581,455	)	581,455		354.55
Exercised	—		(973,969	)	45.77
Expired	—		(48	)	9.96
Balances as of March 31, 2020	5,530,106		20,466,764		$	134.56
Vested and exercisable as of March 31, 2020			20,466,764		$	134.56

Summary of Amounts Related to Option Exercises

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



	Three Months Ended
	March 31, 2020		March 31, 2019
	(in thousands)
Total intrinsic value of options exercised	$	303,226	$	180,842
Cash received from options exercised	43,694		22,972

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
	March 31, 2020			March 31, 2019
Dividend yield	—		%	—		%
Expected volatility	37		%	41		%
Risk-free interest rate	1.71		%	2.74		%
Suboptimal exercise factor	3.34			3.07
Weighted-average fair value (per share)	$	167		$	163
Total stock-based compensation expense (in thousands)	$	97,019		$	101,200
Total income tax impact on provision (in thousands)	$	21,309		$	21,628

Income Taxes (Tables)

3 Months Ended

Mar. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)



	Three Months Ended
	March 31, 2020			March 31, 2019
	(in thousands, except percentages)
Provision for income taxes	$	86,803		$	55,607
Effective tax rate	11		%	14		%

Segment and Geographic Information (Tables)

3 Months Ended

Mar. 31, 2020

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 March 31, 2020 and December 31, 2019, were located as follows:



	As of
	March 31, 2020		December 31, 2019
	(in thousands)
United States	$	1,573,683	$	1,503,459
International	579,092		594,047

Revenue Recognition - Revenue and Membership Information (Details) membership in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020 USD ($) membership	Mar. 31, 2019 USD ($) membership
Disaggregation of Revenue [Line Items]
Revenues \| $	$ 5,767,691	$ 4,520,992
United States and Canada
Disaggregation of Revenue [Line Items]
Paid net membership additions (in memberships)	2,307	1,876
Paid memberships at end of period (in memberships)	69,969	66,633
Europe, Middle East, and Africa
Disaggregation of Revenue [Line Items]
Paid net membership additions (in memberships)	6,956	4,724
Paid memberships at end of period (in memberships)	58,734	42,542
Latin America
Disaggregation of Revenue [Line Items]
Paid net membership additions (in memberships)	2,901	1,470
Paid memberships at end of period (in memberships)	34,318	27,547
Asia-Pacific
Disaggregation of Revenue [Line Items]
Paid net membership additions (in memberships)	3,602	1,534
Paid memberships at end of period (in memberships)	19,835	12,141
Streaming \| United States and Canada
Disaggregation of Revenue [Line Items]
Revenues \| $	$ 2,702,776	$ 2,256,851
Streaming \| Europe, Middle East, and Africa
Disaggregation of Revenue [Line Items]
Revenues \| $	1,723,474	1,233,379
Streaming \| Latin America
Disaggregation of Revenue [Line Items]
Revenues \| $	793,453	630,472
Streaming \| Asia-Pacific
Disaggregation of Revenue [Line Items]
Revenues \| $	$ 483,660	$ 319,602

Revenue Recognition - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Revenues	$ 5,767,691	$ 4,520,992
Deferred revenue	986,753		$ 924,745
Increase in deferred revenue	62,008	47,793
United States
Disaggregation of Revenue [Line Items]
Revenues	2,500,000	2,200,000
DVD
Disaggregation of Revenue [Line Items]
Revenues	$ 64,000	$ 81,000

Earnings Per Share - Calculation of EPS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Basic earnings per share:
Net income	$ 709,067	$ 344,052
Weighted-average common shares outstanding (in shares)	439,352	436,947
Basic earnings per share (in dollars per share)	$ 1.61	$ 0.79
Diluted earnings per share:
Net income	$ 709,067	$ 344,052
Shares used in computation:
Weighted-average common shares outstanding (in shares)	439,352	436,947
Employee stock options (in shares)	13,142	14,975
Weighted-average number of shares (in shares)	452,494	451,922
Diluted earnings per share (in dollars per share)	$ 1.57	$ 0.76

- Definition

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

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- 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.

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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

Earnings Per Share - Antidilutive Shares (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Earnings Per Share [Abstract]
Antidilutive securities excluded from earnings per share calculations	1,516	652

Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents, and restricted cash	$ 5,178,187	$ 5,043,786	$ 3,370,097	$ 3,812,041
Cash and cash equivalents
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents, and restricted cash	5,151,884	5,018,437
Other Current Assets
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents, and restricted cash	2,514	1,863
Non-current Assets
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents, and restricted cash	23,789	23,486
Cash
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents, and restricted cash	3,126,839	3,127,549
Cash \| Cash and cash equivalents
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents, and restricted cash	3,100,789	3,103,525
Cash \| Other Current Assets
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents, and restricted cash	2,514	1,863
Cash \| Non-current Assets
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents, and restricted cash	23,536	22,161
Level 1 Securities \| Money market funds
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents, and restricted cash	1,751,348	1,616,237
Level 1 Securities \| Money market funds \| Cash and cash equivalents
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents, and restricted cash	1,751,095	1,614,912
Level 1 Securities \| Money market funds \| Other Current Assets
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents, and restricted cash	0	0
Level 1 Securities \| Money market funds \| Non-current Assets
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents, and restricted cash	253	1,325
Level 2 Securities \| Foreign Time Deposits
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents, and restricted cash	300,000	300,000
Level 2 Securities \| Foreign Time Deposits \| Cash and cash equivalents
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents, and restricted cash	300,000	300,000
Level 2 Securities \| Foreign Time Deposits \| Other Current Assets
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents, and restricted cash	0	0
Level 2 Securities \| Foreign Time Deposits \| Non-current Assets
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents, and restricted cash	$ 0	$ 0

Balance Sheet Components - Components of Content Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Content assets, net	$ 25,266,889		$ 24,504,567
Amortization of content assets	2,483,385	$ 2,124,686
Licensed content, net
Finite-Lived Intangible Assets [Line Items]
Net content	14,637,502		14,703,352
Unamortized cost in year one	5,736,000
Unamortized cost in year two	3,760,000
Unamortized cost in year three	2,478,000
Amortization of content assets	1,860,170	1,774,289
Produced content, net
Finite-Lived Intangible Assets [Line Items]
Net content	4,638,736		4,382,685
In production	5,282,350		4,750,664
In development and pre-production	708,301		667,866
Content assets, net	10,629,387		$ 9,801,215
Unamortized cost in year one	1,645,000
Unamortized cost in year two	1,276,000
Unamortized cost in year three	941,000
Amortization of content assets	$ 623,215	$ 350,397

Balance Sheet Components - Property And Equipment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 1,087,011	$ 981,226
Less: Accumulated depreciation	(436,556)	(416,005)
Property and equipment, net	650,455	565,221
Land
Property, Plant and Equipment [Line Items]
Property and equipment, gross	6,125	6,125
Buildings
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 34,459	33,141
Estimated Useful Lives	30 years
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 361,648	354,999
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 87,925	87,465
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
Information technology
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 249,440	243,565
Estimated Useful Lives	3 years
Corporate aircraft
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 109,619	108,995
Estimated Useful Lives	8 years
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 43,776	46,415
Machinery and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	3 years
Machinery and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	5 years
Capital work-in-progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 194,019	$ 100,521

Balance Sheet Components - Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Jan. 01, 2019
Lessee, Lease, Description [Line Items]
Operating lease right-of-use assets	$ 1,502,000		$ 1,532,000
Operating lease liabilities	1,596,000		1,613,000
Current operating lease liabilities	196,000		190,000
Non-current operating lease liabilities	1,400,000		$ 1,423,000
Cash paid for operating lease liabilities	57,490	$ 37,653
Right-of-use assets obtained in exchange for new operating lease obligations	$ 51,824	$ 842,395
ASU 2016-02
Lessee, Lease, Description [Line Items]
Operating lease right-of-use assets				$ 743,000

Balance Sheet Components - Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Balance Sheet Components Disclosure [Abstract]
Trade receivables	$ 539,916	$ 454,399
Prepaid expenses	214,350	180,999
Other receivables	541,631	524,669
Total other current assets	$ 1,295,897	$ 1,160,067

Debt - Narrative (Details) $ in Thousands	3 Months Ended
Debt - Narrative (Details) $ in Thousands	Mar. 31, 2020 USD ($)	Mar. 31, 2019 USD ($)	Mar. 31, 2020 EUR (€)	Dec. 31, 2019 USD ($)
Debt Instrument [Line Items]
Aggregate outstanding notes	$ 14,670,000
Debt issuance costs	110,000			$ 114,000
Short-term debt	498,809			0
Long-term debt	14,170,692			14,759,260
Long-term notes denominated in foreign currency	14,780,000			$ 14,873,000
Foreign currency remeasurement gain	93,060	$ 57,600
Senior Notes
Debt Instrument [Line Items]
Long-term notes denominated in foreign currency \| €			€ 4,700,000,000
Foreign currency remeasurement gain	$ 93,000
Redemption prices, percent of outstanding principal	101.00%

Debt - Summary of Long-term Debt (Details) $ in Millions	Mar. 31, 2020 USD ($)	Mar. 31, 2020 EUR (€)	Dec. 31, 2019 USD ($)	Dec. 31, 2019 EUR (€)
Debt Instrument [Line Items]
Principal amount at par	$ 14,780		$ 14,873
Senior Notes
Debt Instrument [Line Items]
Principal amount at par \| €		€ 4,700,000,000
Senior Notes \| 5.375% Senior Notes
Debt Instrument [Line Items]
Principal amount at par	500		500
Fair value	$ 507		$ 518
Interest rate	5.375%	5.375%	5.375%	5.375%
Senior Notes \| 5.500% Senior Notes
Debt Instrument [Line Items]
Principal amount at par	$ 700		$ 700
Fair value	$ 722		$ 744
Interest rate	5.50%	5.50%	5.50%	5.50%
Senior Notes \| 5.750% Senior Notes
Debt Instrument [Line Items]
Principal amount at par	$ 400		$ 400
Fair value	$ 426		$ 444
Interest rate	5.75%	5.75%	5.75%	5.75%
Senior Notes \| 5.875% Senior Notes
Debt Instrument [Line Items]
Principal amount at par	$ 800		$ 800
Fair value	$ 847		$ 896
Interest rate	5.875%	5.875%	5.875%	5.875%
Senior Notes \| 4.375% Senior Notes
Debt Instrument [Line Items]
Principal amount at par	$ 1,000		$ 1,000
Fair value	$ 1,018		$ 1,026
Interest rate	4.375%	4.375%	4.375%	4.375%
Senior Notes \| 3.625% Senior Notes
Debt Instrument [Line Items]
Principal amount at par	$ 1,433	€ 1,300,000,000	$ 1,459	€ 1,300,000,000
Fair value	$ 1,433		$ 1,565
Interest rate	3.625%	3.625%	3.625%	3.625%
Senior Notes \| 4.875% Senior Notes
Debt Instrument [Line Items]
Principal amount at par	$ 1,600		$ 1,600
Fair value	$ 1,632		$ 1,670
Interest rate	4.875%	4.875%	4.875%	4.875%
Senior Notes \| 5.875% Senior Notes
Debt Instrument [Line Items]
Principal amount at par	$ 1,900		$ 1,900
Fair value	$ 2,047		$ 2,111
Interest rate	5.875%	5.875%	5.875%	5.875%
Senior Notes \| 4.625% Senior Notes
Debt Instrument [Line Items]
Principal amount at par	$ 1,212	€ 1,100,000,000	$ 1,234	€ 1,100,000,000
Fair value	$ 1,246		$ 1,378
Interest rate	4.625%	4.625%	4.625%	4.625%
Senior Notes \| 6.375% Senior Notes
Debt Instrument [Line Items]
Principal amount at par	$ 800		$ 800
Fair value	$ 883		$ 916
Interest rate	6.375%	6.375%	6.375%	6.375%
Senior Notes \| 3.875% Senior Notes
Debt Instrument [Line Items]
Principal amount at par	$ 1,323	€ 1,200,000,000	$ 1,346	€ 1,200,000,000
Fair value	$ 1,303		$ 1,429
Interest rate	3.875%	3.875%	3.875%	3.875%
Senior Notes \| 5.375% Senior Notes
Debt Instrument [Line Items]
Principal amount at par	$ 900		$ 900
Fair value	$ 942		$ 960
Interest rate	5.375%	5.375%	5.375%	5.375%
Senior Notes \| 3.625% Senior Notes
Debt Instrument [Line Items]
Principal amount at par	$ 1,212	€ 1,100,000,000	$ 1,234	€ 1,100,000,000
Fair value	$ 1,191		$ 1,273
Interest rate	3.625%	3.625%	3.625%	3.625%
Senior Notes \| 4.875% Senior Notes
Debt Instrument [Line Items]
Principal amount at par	$ 1,000		$ 1,000
Fair value	$ 1,024		$ 1,019
Interest rate	4.875%	4.875%	4.875%	4.875%

Debt - Maturities (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Debt Disclosure [Abstract]
Less than one year	$ 1,233,206	$ 736,969
Due after one year and through three years	2,060,732	2,581,471
Due after three years and through five years	2,502,066	1,705,201
Due after five years	14,791,650	15,699,800
Total	$ 20,587,654	$ 20,723,441

Debt - Revolving Line of Credit (Details) - Revolving Credit Facility	3 Months Ended
	Mar. 31, 2020 USD ($)
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity	$ 750,000,000
Commitment fee percentage	0.10%
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
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.00%
One-month LIBOR \| Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.00%

Commitments and Contingencies - Streaming Content (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Contractual Obligation [Line Items]
Total streaming content obligations	$ 19,174,038	$ 19,490,082
Current content liabilities	4,761,585	4,413,561
Non-current content liabilities	3,206,051	3,334,323
Streaming obligations not reflected on Consolidated Balance Sheets	11,200,000	11,800,000
Current content liabilities
Contractual Obligation [Line Items]
Current content liabilities	4,800,000	4,400,000
Non-current content liabilities
Contractual Obligation [Line Items]
Non-current content liabilities	$ 3,200,000	$ 3,300,000

Commitments and Contingencies - Expected Timing of Payments (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Less than one year	$ 8,618,185	$ 8,477,367
Due after one year and through three years	8,064,206	8,352,731
Due after three years and through five years	1,974,855	2,041,340
Due after five years	516,792	618,644
Total content obligations	$ 19,174,038	$ 19,490,082

Commitments and Contingencies - Legal Proceedings (Details)	Mar. 31, 2020 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Indemnification obligations	$ 0

Stockholders' Equity - Activity Related to Stock Option Plans (Details) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2020 USD ($) $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Shares available for grant, beginning balance (in shares)	6,111,561
Options outstanding, number of shares, beginning balance (in shares)	20,859,326
Options outstanding, number of shares granted (in shares)	(581,455)
Options outstanding, number of shares granted (in shares)	581,455
Options outstanding, number of shares, exercised (in shares)	(973,969)
Options outstanding, number of shares expired (in shares)	(48)
Shares available for grant, ending balance (in shares)	5,530,106
Options outstanding, number of shares, ending balance (in shares)	20,466,764
Options vested and exercisable, number of shares, ending balance (in shares)	20,466,764
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	$ 124.28
Options outstanding, weighted-average exercise price, granted (dollars per share) \| $ / shares	354.55
Options outstanding, weighted-average exercise price, exercised (dollars per share) \| $ / shares	45.77
Options expired, weighted-average exercise price (dollars per share) \| $ / shares	9.96
Options outstanding, weighted-average exercise price, ending balance (dollars per share) \| $ / shares	134.56
Options outstanding, weighted-average exercise price, vested and exercisable (dollars per share) \| $ / shares	$ 134.56
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Aggregate intrinsic value \| $	$ 4,937
Weighted-average remaining contractual term (in years)	5 years 6 months 25 days

Stockholders' Equity - Amounts Related to Option Exercises (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Stockholders' Equity and Stock-based Compensation Disclosure [Abstract]
Total intrinsic value of options exercised	$ 303,226	$ 180,842
Cash received from options exercised	$ 43,694	$ 22,972

Stockholders' Equity - Assumptions Used to Value Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Stockholders' Equity and Stock-based Compensation Disclosure [Abstract]
Share-based payment award, expiration period (in years)	10 years
Dividend yield	0.00%	0.00%
Expected volatility	37.00%	41.00%
Risk-free interest rate	1.71%	2.74%
Suboptimal exercise factor	3.34	3.07
Weighted-average fair value (in dollars per share)	$ 167	$ 163
Total stock-based compensation expense	$ 97,019	$ 101,200
Total income tax impact on provision	$ 21,309	$ 21,628

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 86,803	$ 55,607
Effective tax rates	11.00%	14.00%
Income Tax Contingency [Line Items]
Effective income tax rate reconciliation, share-based compensation, excess tax benefit	$ 65,000	$ 41,000
Unrecognized tax benefits	71,000		$ 67,000
Reduction in provision for income taxes due to impact of effective tax rate	60,000
Deferred tax assets, valuation allowance	132,000		135,000
Other noncurrent liabilities
Income Tax Contingency [Line Items]
Unrecognized tax benefits	19,000
Non-current Assets
Income Tax Contingency [Line Items]
Unrecognized tax benefits	52,000
Deferred tax assets	$ 612,000		$ 658,000

Segment and Geographic Information - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020 USD ($) segment	Mar. 31, 2019 USD ($)
Segment Reporting Information [Line Items]
Number of operating segments \| segment	1
Revenues	$ 5,767,691	$ 4,520,992
United States
Segment Reporting Information [Line Items]
Revenues	$ 2,500,000	$ 2,200,000

Segment and Geographic Information - Long-lived Assets by Geographical Areas (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived tangible assets	$ 1,573,683	$ 1,503,459
International
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived tangible assets	$ 579,092	$ 594,047

Label	Element	Value
Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ 2,474,000