NETFLIX INC, 10-Q filed on 10/21/2021
Quarterly Report
v3.21.2
Cover Page
 9 Months Ended
Sep. 30, 2021
shares
Cover [Abstract]  
Document Type 10-Q
Document Quarterly Report true
Document Period End Date Sep. 30, 2021
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 $0.001 per share
Trading Symbol(s) NFLX
Name of each exchange on which registered NASDAQ
Entity Current Reporting Status Yes
Entity Interactive Data Current Yes
Entity Filer Category Large Accelerated Filer
Entity Small Business false
Entity Emerging Growth Company false
Entity Shell Company false
Entity Common Stock, Shares Outstanding 442,952,194
Entity Central Index Key 0001065280
Document Fiscal Year Focus 2021
Document Fiscal Period Focus Q3
Amendment Flag false
Current Fiscal Year End Date --12-31
v3.21.2
Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Income Statement [Abstract]        
Revenues $ 7,483,467 $ 6,435,637 $ 21,988,526 $ 18,351,614
Cost of revenues 4,206,589 3,867,751 12,093,108 11,111,159
Marketing 635,948 527,597 1,752,433 1,465,797
Technology and development 563,887 453,802 1,626,415 1,342,664
General and administrative 321,790 271,624 953,831 800,947
Operating income 1,755,253 1,314,863 5,562,739 3,631,047
Other income (expense):        
Interest expense (190,429) (197,079) (576,191) (570,313)
Interest and other income (expense) 96,135 (256,324) 302,702 (367,802)
Income before income taxes 1,660,959 861,460 5,289,250 2,692,932
Provision for income taxes (211,888) (71,484) (780,451) (473,693)
Net income $ 1,449,071 $ 789,976 $ 4,508,799 $ 2,219,239
Earnings per share:        
Basic (in dollars per share) $ 3.27 $ 1.79 $ 10.18 $ 5.04
Diluted (in dollars per share) $ 3.19 $ 1.74 $ 9.90 $ 4.89
Weighted-average shares of common stock outstanding:        
Basic (in shares) 442,778 441,526 443,052 440,486
Diluted (in shares) 454,925 455,088 455,230 453,846
v3.21.2
Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Statement of Comprehensive Income [Abstract]        
Net income $ 1,449,071 $ 789,976 $ 4,508,799 $ 2,219,239
Other comprehensive income (loss):        
Foreign currency translation adjustments (29,610) 32,925 (64,233) 22,374
Comprehensive income $ 1,419,461 $ 822,901 $ 4,444,566 $ 2,241,613
v3.21.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Cash flows from operating activities:        
Net income $ 1,449,071 $ 789,976 $ 4,508,799 $ 2,219,239
Adjustments to reconcile net income to net cash provided by operating activities:        
Additions to content assets (4,666,237) (2,653,886) (12,047,563) (8,458,943)
Change in content liabilities (29,246) (379,458) (607,494) (228,945)
Amortization of content assets 2,963,051 2,733,743 8,489,050 7,824,287
Depreciation and amortization of property, equipment and intangibles 70,253 28,589 144,428 83,767
Stock-based compensation expense 95,078 106,357 303,891 307,586
Foreign currency remeasurement loss (gain) on debt (136,488) 249,194 (326,744) 275,295
Other non-cash items 102,211 83,851 282,971 219,600
Deferred income taxes 50,967 (40,277) 261,827 229,650
Changes in operating assets and liabilities:        
Other current assets (95,145) (22,974) (369,073) (147,261)
Accounts payable 24,836 111,677 (40,164) (149,503)
Accrued expenses and other liabilities 269,774 266,027 276,241 374,768
Deferred revenue (4,732) 10,941 64,640 115,457
Other non-current assets and liabilities (11,014) (19,999) (144,925) (100,248)
Net cash provided by operating activities 82,379 1,263,761 795,884 2,564,749
Cash flows from investing activities:        
Purchases of property and equipment (167,327) (109,811) (358,606) (349,567)
Change in other assets (21,304) (8,840) (26,919) (9,388)
Net cash used in investing activities (188,631) (118,651) (385,525) (358,955)
Cash flows from financing activities:        
Proceeds from issuance of debt 0 0 0 1,009,464
Debt issuance costs 0 0 0 (7,559)
Repayments of debt 0 0 (500,000) 0
Proceeds from issuance of common stock 18,445 68,665 86,265 201,419
Repurchases of common stock (100,000) 0 (600,022) 0
Net cash provided by (used in) financing activities (81,555) 68,665 (1,013,757) 1,203,324
Effect of exchange rate changes on cash, cash equivalents and restricted cash (63,843) 28,459 (82,504) (30,624)
Net increase (decrease) in cash, cash equivalents and restricted cash (251,650) 1,242,234 (685,902) 3,378,494
Cash, cash equivalents and restricted cash at beginning of period 7,804,618 7,180,046 8,238,870 5,043,786
Cash, cash equivalents and restricted cash at end of period $ 7,552,968 $ 8,422,280 $ 7,552,968 $ 8,422,280
v3.21.2
Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2021
Dec. 31, 2020
Current assets:    
Cash and cash equivalents $ 7,526,681 $ 8,205,550
Other current assets 1,889,106 1,556,030
Total current assets 9,415,787 9,761,580
Content assets, net 28,974,045 25,383,950
Property and equipment, net 1,220,114 960,183
Other non-current assets 3,129,911 3,174,646
Total assets 42,739,857 39,280,359
Current liabilities:    
Current content liabilities 4,110,962 4,429,536
Accounts payable 643,059 656,183
Accrued expenses and other liabilities 1,413,120 1,102,196
Deferred revenue 1,182,632 1,117,992
Short-term debt 699,473 499,878
Total current liabilities 8,049,246 7,805,785
Non-current content liabilities 2,301,026 2,618,084
Long-term debt 14,793,691 15,809,095
Other non-current liabilities 2,281,277 1,982,155
Total liabilities 27,425,240 28,215,119
Commitments and contingencies
Stockholders’ equity:    
Common stock, $0.001 par value; 4,990,000,000 shares authorized at September 30, 2021 and December 31, 2020; 442,952,194 and 442,895,261 issued and outstanding at September 30, 2021 and December 31, 2020, respectively 3,852,531 3,447,698
Treasury stock at cost (1,182,410 shares at September 30, 2021) (600,022) 0
Accumulated other comprehensive income (loss) (19,835) 44,398
Retained earnings 12,081,943 7,573,144
Total stockholders’ equity 15,314,617 11,065,240
Total liabilities and stockholders’ equity $ 42,739,857 $ 39,280,359
v3.21.2
Consolidated Balance Sheets (Parenthetical) - $ / shares
Sep. 30, 2021
Dec. 31, 2020
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) 442,952,194 442,895,261
Common stock, shares outstanding (shares) 442,952,194 442,895,261
Treasury stock (shares) 1,182,410  
v3.21.2
Consolidated Statements of Stockholders' Equity - USD ($)
$ in Thousands
Total
Common Stock and Additional Paid-in Capital
Treasury Stock
Accumulated other comprehensive income (loss)
Retained Earnings
Beginning Balance at Dec. 31, 2019 $ 7,582,157 $ 2,793,929 $ 0 $ (23,521) $ 4,811,749
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Issuance of common stock upon exercise of options   201,967      
Stock-based compensation expense   307,586      
Repurchases of common stock to be held as treasury stock     0    
Other comprehensive income (loss)       22,374  
Net income 2,219,239       2,219,239
Ending Balance at Sep. 30, 2020 10,333,323 3,303,482 0 (1,147) 7,030,988
Beginning Balance at Jun. 30, 2020 9,334,753 3,127,813 0 (34,072) 6,241,012
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Issuance of common stock upon exercise of options   69,312      
Stock-based compensation expense   106,357      
Repurchases of common stock to be held as treasury stock     0    
Other comprehensive income (loss)       32,925  
Net income 789,976       789,976
Ending Balance at Sep. 30, 2020 10,333,323 3,303,482 0 (1,147) 7,030,988
Beginning Balance at Dec. 31, 2020 11,065,240 3,447,698 0 44,398 7,573,144
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Issuance of common stock upon exercise of options   100,942      
Stock-based compensation expense   303,891      
Repurchases of common stock to be held as treasury stock (600,000)   (600,022)    
Other comprehensive income (loss)       (64,233)  
Net income 4,508,799       4,508,799
Ending Balance at Sep. 30, 2021 15,314,617 3,852,531 (600,022) (19,835) 12,081,943
Beginning Balance at Jun. 30, 2021 13,863,871 3,721,246 (500,022) 9,775 10,632,872
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Issuance of common stock upon exercise of options   36,207      
Stock-based compensation expense   95,078      
Repurchases of common stock to be held as treasury stock (100,000)   (100,000)    
Other comprehensive income (loss)       (29,610)  
Net income 1,449,071       1,449,071
Ending Balance at Sep. 30, 2021 $ 15,314,617 $ 3,852,531 $ (600,022) $ (19,835) $ 12,081,943
v3.21.2
Basis of Presentation and Summary of Significant Accounting Policies
 9 Months Ended
Sep. 30, 2021
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, 2020 filed with the Securities and Exchange Commission (the “SEC”) on January 28, 2021. 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, 2020. 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, 2020.

Recently adopted accounting pronouncements
In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2019-12, Simplifying the Accounting for Income Taxes (Topic 740). ASU 2019-12 removes certain exceptions for performing intraperiod tax allocations, recognizing deferred taxes for investments, and calculating income taxes in interim periods. The guidance also simplifies the accounting for franchise taxes, transactions that result in a step-up in the tax basis of goodwill, and the effect of enacted changes in tax laws or rates in interim periods. The Company adopted ASU 2019-12 in the first quarter of 2021 and the adoption had no material impact to the Company’s consolidated financial statements.
v3.21.2
Revenue Recognition
 9 Months Ended
Sep. 30, 2021
Revenue from Contract with Customer [Abstract]  
Revenue Recognition Revenue Recognition
The Company's primary source of revenues is from monthly membership fees. Members are billed in advance of the start of their monthly membership and revenues are recognized ratably over each monthly membership period. Revenues are presented net of the taxes that are collected from members and remitted to governmental authorities. The Company is the principal in all its relationships where partners, including 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. However, if there is no distinct service provided in exchange for the payments made to the partners or if the price that the member pays is established by the partners and there is no standalone price for the Netflix service (for instance, in a bundle), these payments are recognized as a reduction of revenues.
The following tables summarize streaming revenue, paid net membership additions, and paid memberships at end of period by region for the three and nine months ended September 30, 2021 and September 30, 2020, respectively:

United States and Canada (UCAN)
As of/ Three Months EndedAs of/ Nine Months Ended
 September 30,
2021		September 30,
2020		September 30,
2021		September 30,
2020
 (in thousands)
Revenues$3,257,697 $2,933,445 $9,663,312 $8,475,891 
Paid net membership additions73 177 88 5,419 
Paid memberships at end of period (1)74,024 73,081 74,024 73,081 
Europe, Middle East, and Africa (EMEA)
As of/ Three Months EndedAs of/ Nine Months Ended
 September 30,
2021		September 30,
2020		September 30,
2021		September 30,
2020
 (in thousands)
Revenues$2,432,239 $2,019,083 $7,176,393 $5,635,094 
Paid net membership additions1,804 759 3,802 10,464 
Paid memberships at end of period (1)70,500 62,242 70,500 62,242 

Latin America (LATAM)
As of/ Three Months EndedAs of/ Nine Months Ended
 September 30,
2021		September 30,
2020		September 30,
2021		September 30,
2020
 (in thousands)
Revenues$915,297 $789,384 $2,612,826 $2,368,205 
Paid net membership additions330 256 1,451 4,907 
Paid memberships at end of period (1)38,988 36,324 38,988 36,324 

Asia-Pacific (APAC)
As of/ Three Months EndedAs of/ Nine Months Ended
 September 30,
2021		September 30,
2020		September 30,
2021		September 30,
2020
 (in thousands)
Revenues$834,002 $634,891 $2,395,896 $1,687,691 
Paid net membership additions2,176 1,012 4,559 7,271 
Paid memberships at end of period (1)30,051 23,504 30,051 23,504 
(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 certain other promotions that may be offered by the Company to new or rejoining members. A membership is canceled and ceases to be reflected in the above metrics as of the effective cancellation date. Voluntary cancellations generally become effective at the end of the prepaid membership period. Involuntary cancellations, as a result of a failed method of payment, become effective immediately. Memberships are assigned to territories based on the geographic location used at time of sign-up as determined by the Company’s internal systems, which utilize industry standard geo-location technology.
Total U.S. revenues, inclusive of DVD revenues not reported in the tables above, were $3.0 billion and $9.0 billion, respectively, for the three and nine months ended September 30, 2021, and $2.8 billion and $8.0 billion, respectively, for the three and nine months ended September 30, 2020. DVD revenues were $44 million and $140 million, respectively, for the three and nine months ended September 30, 2021 and $59 million and $185 million, respectively, for the three and nine months ended September 30, 2020.
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 September 30, 2021, total deferred revenue was $1,183 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 $65 million increase in deferred revenue as compared to the balance of $1,118 million for the year ended December 31, 2020 is a result of the increase in membership fees billed due to increased members and average monthly revenue per paying member.
v3.21.2
Earnings Per Share
 9 Months Ended
Sep. 30, 2021
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
Basic earnings per share is computed using the weighted-average number of outstanding shares of common stock during the period. Diluted earnings per share is computed using the weighted-average number of outstanding shares of common stock and, when dilutive, potential outstanding shares of common stock during the period. Potential shares of common stock consist of incremental shares issuable upon the assumed exercise of stock options. The computation of earnings per share is as follows:
Three Months EndedNine Months Ended
September 30,
2021		September 30,
2020		September 30,
2021		September 30,
2020
(in thousands, except per share data)
Basic earnings per share:
Net income
$1,449,071 $789,976 $4,508,799 $2,219,239 
Shares used in computation:
Weighted-average shares of common stock outstanding442,778 441,526 443,052 440,486 
Basic earnings per share$3.27 $1.79 $10.18 $5.04 
Diluted earnings per share:
Net income
$1,449,071 $789,976 $4,508,799 $2,219,239 
Shares used in computation:
Weighted-average shares of common stock outstanding442,778 441,526 443,052 440,486 
Employee stock options12,147 13,562 12,178 13,360 
Weighted-average number of shares
454,925 455,088 455,230 453,846 
Diluted earnings per share$3.19 $1.74 $9.90 $4.89 

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 shares of common stock excluded from the diluted calculation:
Three Months EndedNine Months Ended
September 30,
2021		September 30,
2020		September 30,
2021		September 30,
2020
(in thousands)
Employee stock options279 124 441 560 
v3.21.2
Cash, Cash Equivalents and Restricted Cash
 9 Months Ended
Sep. 30, 2021
Short-Term Investments And Fair Value Measurement [Abstract]  
Cash, Cash Equivalents and Restricted Cash Cash, Cash Equivalents and Restricted Cash
The following tables summarize the Company's cash, cash equivalents, and restricted cash as of September 30, 2021 and December 31, 2020:

 As of September 30, 2021
 Cash and cash equivalentsOther Current AssetsNon-current AssetsTotal
 (in thousands)
Cash$4,837,580 $1,980 $24,161 $4,863,721 
Level 1 securities:
Money market funds2,388,562 — 146 2,388,708 
Level 2 securities:
Foreign Time Deposits300,539 — — 300,539 
$7,526,681 $1,980 $24,307 $7,552,968 

 As of December 31, 2020
 Cash and cash equivalentsOther Current AssetsNon-current AssetsTotal
 (in thousands)
Cash$3,331,860 $1,783 $31,284 $3,364,927 
Level 1 securities:
Money market funds4,573,690 — 253 4,573,943 
Level 2 securities:
Foreign Time Deposits300,000 — — 300,000 
$8,205,550 $1,783 $31,537 $8,238,870 
Other current assets include restricted cash for deposits related to self insurance. Non-current assets include restricted cash related to letter of credit agreements. The fair value of cash equivalents included in the Level 2 category is based on observable inputs, such as quoted prices for similar assets at the measurement date; quoted prices in markets that are not active; or other inputs that are observable, either directly or indirectly.
See Note 6 Debt to the consolidated financial statements for further information regarding the fair value of the Company’s senior notes.
There were no material gross realized gains or losses in the three and nine months ended September 30, 2021 and 2020, respectively.
v3.21.2
Balance Sheet Components
 9 Months Ended
Sep. 30, 2021
Balance Sheet Components Disclosure [Abstract]  
Balance Sheet Components Balance Sheet Components
Content Assets, Net
Content assets consisted of the following:
As of
September 30,
2021		December 31,
2020
(in thousands)
Licensed content, net
$13,111,028 $13,747,607 
Produced content, net
Released, less amortization
6,093,870 5,809,681 
In production
8,842,122 4,827,455 
In development and pre-production
927,025 999,207 
15,863,017 11,636,343 

Content assets, net
$28,974,045 $25,383,950 

As of September 30, 2021, approximately $5,799 million, $3,092 million, and $1,879 million of the $13,111 million unamortized cost of the licensed content is expected to be amortized in each of the next three years.  As of September 30, 2021, approximately $2,393 million, $1,728 million, and $1,023 million of the $6,094 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 September 30, 2021, the amount of accrued participations and residuals was not material.
The following tables represent the amortization of content assets:
Three Months Ended
 September 30,
2021		September 30,
2020
(in thousands)
Licensed content$1,965,514 $1,885,259 
Produced content997,537 848,484 
Total$2,963,051 $2,733,743 

Nine Months Ended
 September 30,
2021		September 30,
2020
(in thousands)
Licensed content$5,679,398 $5,628,499 
Produced content2,809,652 2,195,788 
Total$8,489,050 $7,824,287 
Property and Equipment, Net
Property and equipment and accumulated depreciation consisted of the following:
As of
September 30,
2021		December 31,
2020		Estimated Useful Lives
(in thousands)
Land
$57,386 $50,700 
Buildings
48,060 42,717 30 years
Leasehold improvements
808,312 524,537 Over life of lease
Furniture and fixtures
136,076 110,185 
3 years
Information technology
356,953 283,014 3 years
Corporate aircraft
110,785 110,629 8 years
Machinery and equipment
33,546 34,633 
3-5 years
Capital work-in-progress
262,367 298,558 
Property and equipment, gross
1,813,485 1,454,973 
Less: Accumulated depreciation
(593,371)(494,790)
Property and equipment, net
$1,220,114 $960,183 


Leases
The Company has entered into operating leases primarily for real estate. 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. 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 operating right-of-use assets and related operating lease liabilities were as follows:
Three Months Ended
September 30,
2021		September 30,
2020
(in thousands)
Cash paid for operating lease liabilities$89,916 $70,917 
Right-of-use assets obtained in exchange for new operating lease obligations252,377 175,901 
Nine Months Ended
September 30,
2021		September 30,
2020
(in thousands)
Cash paid for operating lease liabilities$251,827 $187,880 
Right-of-use assets obtained in exchange for new operating lease obligations485,173 592,331 
As of
September 30,
2021		December 31,
2020
(in thousands)
Operating lease right-of-use assets, net$2,249,458 $2,037,726 
Current operating lease liabilities291,128 256,222 
Non-current operating lease liabilities2,222,316 1,945,631 
Total operating lease liabilities$2,513,444 $2,201,853 
Other Current Assets
Other current assets consisted of the following:
As of
September 30,
2021		December 31,
2020
(in thousands)
Trade receivables
$782,350 $610,819 
Prepaid expenses
305,091 203,042 
Other
801,665 742,169 
Total other current assets
$1,889,106 $1,556,030 
v3.21.2
Debt
 9 Months Ended
Sep. 30, 2021
Debt Disclosure [Abstract]  
Debt Debt
As of September 30, 2021, the Company had aggregate outstanding notes of $15,493 million, net of $96 million of issuance costs, with varying maturities (the "Notes"). Of the outstanding balance, $699 million, net of issuance costs, is classified as short-term debt on the Consolidated Balance Sheets. As of December 31, 2020, the Company had aggregate outstanding notes of $16,309 million, net of $107 million of issuance costs. Each of the Notes were issued at par and are senior unsecured obligations of the Company. Interest is payable semi-annually at fixed rates. A portion of the outstanding Notes is denominated in foreign currency (comprised of €5,170 million) and is remeasured into U.S. dollars at each balance sheet date (with remeasurement gain totaling $136 million and $327 million, respectively, for the three and nine months ended September 30, 2021).
The following table provides a summary of the Company's outstanding debt and the fair values based on quoted market prices in less active markets as of September 30, 2021 and December 31, 2020:
Principal Amount at ParLevel 2 Fair Value as of
September 30,
2021		December 31,
2020		Issuance DateMaturitySeptember 30,
2021		December 31,
2020
(in millions)(in millions)
5.375% Senior Notes
$— $500 February 2013February 2021$— $502 
5.500% Senior Notes
700 700 February 2015February 2022712 735 
5.750% Senior Notes
400 400 February 2014March 2024442 449 
5.875% Senior Notes
800 800 February 2015February 2025913 921 
3.000% Senior Notes (1)
545 574 April 2020June 2025592 616 
3.625% Senior Notes
500 500 April 2020June 2025532 535 
4.375% Senior Notes
1,000 1,000 October 2016November 20261,119 1,110 
3.625% Senior Notes (1)
1,506 1,588 May 2017May 20271,742 1,776 
4.875% Senior Notes
1,600 1,600 October 2017April 20281,844 1,807 
5.875% Senior Notes
1,900 1,900 April 2018November 20282,330 2,280 
4.625% Senior Notes (1)
1,274 1,344 October 2018May 20291,600 1,630 
6.375% Senior Notes
800 800 October 2018May 20291,013 995 
3.875% Senior Notes (1)
1,390 1,466 April 2019November 20291,683 1,700 
5.375% Senior Notes
900 900 April 2019November 20291,092 1,061 
3.625% Senior Notes (1)
1,274 1,344 October 2019June 20301,529 1,533 
4.875% Senior Notes
1,000 1,000 October 2019June 20301,179 1,155 
$15,589 $16,416 $18,322 $18,805 
(1) The following Senior Notes have a principal amount denominated in euro: 3.000% Senior Notes for €470 million, 3.625% Senior Notes for €1,300 million, 4.625% Senior Notes for €1,100 million, 3.875% Senior Notes for €1,200 million, and 3.625% Senior Notes for €1,100 million.
In February 2021, the Company repaid upon maturity the $500 million aggregate principal amount of its 5.375% Senior Notes due February 2021.
The expected timing of principal and interest payments for the Company’s outstanding Notes are as follows:
As of 
September 30,
2021		December 31,
2020
(in thousands)
Less than one year
$1,431,621 $1,264,020 
Due after one year and through three years
1,787,577 2,136,997 
Due after three years and through five years
3,108,329 3,614,906 
Due after five years
14,208,207 14,841,164 
Total debt obligations
$20,535,734 $21,857,087 

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 September 30, 2021 and December 31, 2020, the Company was in compliance with all related covenants.
Revolving Credit Facility
On June 17, 2021, the Company amended its unsecured revolving credit facility ("Revolving Credit Agreement") to, among other things, extend the maturity date from March 29, 2024 to June 17, 2026 and to increase the size of the facility from $750 million to $1 billion. Revolving loans may be borrowed, repaid and reborrowed until June 17, 2026, at which time all amounts borrowed must be repaid. The Company may use the proceeds of future borrowings under the Revolving Credit Agreement for working capital and general corporate purposes. As of September 30, 2021, no amounts have been borrowed under the Revolving Credit Agreement.
The borrowings under the Revolving Credit Agreement bear interest, at the Company’s option, of either (i) a floating rate equal to a base rate (the “Alternate Base Rate”) or (ii) a rate equal to an adjusted London interbank offered rate (the “Adjusted LIBO Rate”), plus a margin of 0.75%. The Alternate Base Rate is defined as the greatest of (A) the rate of interest published by the Wall Street Journal, from time to time, as the prime rate, (B) the federal funds rate, plus 0.500% and (C) the Adjusted LIBO Rate for a one-month interest period, plus 1.00%. The Adjusted LIBO Rate is defined as the London interbank offered rate for deposits in U.S. dollars, for the relevant interest period, adjusted for statutory reserve requirements, but in no event shall the Adjusted LIBO Rate be less than 0.00% per annum. Regulatory authorities that oversee financial markets have announced that after the end of 2021, they would no longer compel banks currently reporting information used to set the Adjusted LIBO Rate to continue to make rate submissions, and that publication of the Adjusted LIBO Rate based upon U.S. Dollars is expected to cease on June 30, 2023. The Revolving Credit Agreement contains customary provisions for the replacement of the Adjusted LIBO Rate with an alternate benchmark rate, including a rate based on the secured overnight financing rate published by the Federal Reserve Bank of New York, as the Adjusted LIBO Rate is phased out in the lending market. The Company does not anticipate that the replacement of the Adjusted LIBO Rate with such alternative benchmark rate, as provided in the Revolving Credit Agreement, will materially impact its liquidity or financial position.
The Company is also obligated to pay a commitment fee on the undrawn amounts of the Revolving Credit Agreement at an annual rate of 0.10%. The Revolving Credit Agreement requires the Company to comply with certain covenants, including covenants that limit or restrict the ability of the Company’s subsidiaries to incur debt and limit or restrict the ability of the Company and its subsidiaries to grant liens and enter into sale and leaseback transactions; and, in the case of the Company or a guarantor, merge, consolidate, liquidate, dissolve or sell, transfer, lease or otherwise dispose of all or substantially all of the assets of the Company and its subsidiaries, taken as a whole. As of September 30, 2021 and December 31, 2020, the Company was in compliance with all related covenants.
v3.21.2
Commitments and Contingencies
 9 Months Ended
Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Content
As of September 30, 2021, the Company had $22.5 billion of obligations comprised of $4.1 billion included in "Current content liabilities" and $2.3 billion of "Non-current content liabilities" on the Consolidated Balance Sheets and $16.1 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, 2020, the Company had $19.2 billion of obligations comprised of $4.4 billion included in "Current content liabilities" and $2.6 billion of "Non-current content liabilities" on the Consolidated Balance Sheets and $12.2 billion of obligations that are not reflected on the Consolidated Balance Sheets as they did not yet meet the criteria for asset recognition.
The expected timing of payments for these content obligations is as follows:
As of 
September 30,
2021		December 31,
2020
(in thousands)
Less than one year
$10,017,405 $8,980,868 
Due after one year and through three years
8,991,781 7,819,563 
Due after three years and through five years
2,860,871 1,973,091 
Due after five years
595,483 445,308 
Total content obligations
$22,465,540 $19,218,830 
Content obligations include amounts related to the acquisition, licensing and production of content. Obligations that are in non-U.S. dollar currencies are translated to the U.S. dollar at period end rates. An obligation for the production of content includes non-cancelable commitments under creative talent and employment agreements as well as other production related commitments. An obligation for the acquisition and licensing of content is incurred at the time the Company enters into an agreement to obtain future titles. Once a title becomes available, a content liability is recorded on the Consolidated Balance Sheets. Certain agreements include the obligation to license rights for unknown future titles, the ultimate quantity and/or fees for which are not yet determinable as of the reporting date. Traditional film output deals, or certain TV series license agreements where the number of seasons to be aired is unknown, are examples of such license agreements. The Company does not include any estimated obligation for these future titles beyond the known minimum amount. However, the unknown obligations are expected to be significant.
Legal Proceedings
From time to time, in the normal course of its operations, the Company is subject to litigation matters and claims, including claims relating to employee relations, business practices and patent infringement. Litigation can be expensive and disruptive to normal business operations. Moreover, the results of complex legal proceedings are difficult to predict and the Company's view of these matters may change in the future as the litigation and events related thereto unfold. The Company expenses legal fees as incurred. The Company records a provision for contingent losses when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. An unfavorable outcome to any legal matter, if material, could have an adverse effect on the Company's operations or its financial position, liquidity or results of operations.
The Company is involved in litigation matters not listed herein but does not consider the matters to be material either individually or in the aggregate at this time. The Company's view of the matters not listed may change in the future as the litigation and events related thereto unfold.
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.
v3.21.2
Stockholders' Equity
 9 Months Ended
Sep. 30, 2021
Stockholders' Equity and Stock-based Compensation Disclosure [Abstract]  
Stockholders' Equity Stockholders’ Equity
Stock Option Plan
In June 2020, the Company's stockholders approved the 2020 Stock Plan, which was adopted by the Company’s Board of Directors in March 2020 subject to stockholder approval. The 2020 Stock Plan is the successor to the 2011 Stock Plan and 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, 202021,702,085 18,676,810 $170.23 
Granted
(1,217,273)1,217,273 531.34
Exercised
— (1,239,343)81.47 
Expired
— (5,343)32.57 
Balances as of September 30, 202120,484,812 18,649,397 $199.74 
Vested and exercisable as of September 30, 202118,649,397 $199.74 

The aggregate intrinsic value of the Company's outstanding stock options as of September 30, 2021 was $7,657 million and represents the total pretax intrinsic value (the difference between the Company’s closing stock price on the last trading day of the third quarter of 2021 and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their options on the last trading day of the third quarter of 2021. 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 September 30, 2021 included in the table above was 5.27 years.
A summary of the amounts related to option exercises, is as follows:
Three Months EndedNine Months Ended
September 30,
2021		September 30,
2020		September 30,
2021		September 30,
2020
(in thousands)
Total intrinsic value of options exercised$263,507 $321,859 $581,817 $1,067,241 
Cash received from options exercised18,445 68,665 86,265 201,419 
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 EndedNine Months Ended
September 30,
2021		September 30,
2020		September 30,
2021		September 30,
2020
Dividend yield— %— %— %— %
Expected volatility34 %45 %
34% - 41%
37% - 45%
Risk-free interest rate1.37 %0.67 %
1.08% - 1.62%
0.67% - 1.71%
Suboptimal exercise factor3.85 3.62 
3.81 - 3.85
3.34 - 3.62
Weighted-average fair value (per share)$240 $264 $250 $205 
Total stock-based compensation expense (in thousands)$95,078 $106,357 $303,891 $307,586 
Total income tax impact on provision (in thousands)$21,443 $24,292 $68,354 $68,435 

The Company considers several factors in determining the suboptimal exercise factor, including the historical and estimated option exercise behavior.
The Company calculates expected volatility based solely on implied volatility. The Company believes that implied volatility of publicly traded options in its common stock is more reflective of market conditions, and given consistently high trade volumes of the options, can reasonably be expected to be a better indicator of expected volatility than historical volatility of its common stock.
In valuing shares issued under the Company’s employee stock option plans, the Company bases the risk-free interest rate on U.S. Treasury zero-coupon issues with terms similar to the contractual term of the options. The Company does not anticipate paying any cash dividends in the foreseeable future and therefore uses an expected dividend yield of zero in the option valuation model. The Company does not use a post-vesting termination rate as options are fully vested upon grant date.
Stock RepurchasesIn March 2021, the Company’s Board of Directors authorized the repurchase of up to $5 billion of its common stock, with no expiration date. Stock repurchases may be effected through open market repurchases in compliance with Rule 10b-18 under the Exchange Act, including through the use of trading plans intended to qualify under Rule 10b5-1 under the Exchange Act, privately-negotiated transactions, accelerated stock repurchase plans, block purchases, or other similar purchase techniques and in such amounts as management deems appropriate. The Company is not obligated to repurchase any specific number of shares, and the timing and actual number of shares repurchased will depend on a variety of factors, including the Company’s stock price, general economic, business and market conditions, and alternative investment opportunities. The Company may discontinue any repurchases of its common stock at any time without prior notice. During the three and nine months ended September 30, 2021, the Company repurchased 180,845 and 1,182,410 shares, respectively, for an aggregate amount of $100 million and $600 million, respectively. As of September 30, 2021, $4.4 billion remain available for repurchases. Shares repurchased by the Company are accounted for when the transaction is settled. As of September 30, 2021, there were no unsettled share repurchases. Direct costs incurred to acquire the shares are included in the total cost of the shares.
v3.21.2
Income Taxes
 9 Months Ended
Sep. 30, 2021
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
 Three Months EndedNine Months Ended
 September 30,
2021		September 30,
2020		September 30,
2021		September 30,
2020
 (in thousands, except percentages)
Provision for income taxes$211,888 $71,484 $780,451 $473,693 
Effective tax rate13 %8 %15 %18 %
The effective tax rates for the three and nine months ended September 30, 2021 differed from the Federal statutory rate primarily due to the impact of international provisions of the Tax Cuts and Jobs Act and recognition of excess tax benefits of stock-based compensation. The effective tax rates for the three and nine months ended September 30, 2020 differed from the Federal statutory rate primarily due to the recognition of excess tax benefits of stock-based compensation, partially offset by the establishment of a valuation allowance on the California Research and Development (“R&D”) credit in the quarter ended June 30, 2020.
The increase in the effective tax rate for the three months ended September 30, 2021, as compared to the same period in 2020 was primarily due to a reduced benefit on percentage basis for excess tax benefits related to stock-based compensation due to higher pre-tax income as of September 30, 2021. The decrease in the effective tax rate for the nine months ended September 30, 2021, as compared to the same period in 2020 was primarily due to the establishment of a valuation allowance on the California R&D credit in the quarter ended June 30, 2020, offset by markedly reduced excess tax benefits related to stock-based compensation as of September 30, 2021. For the three and nine months ended September 30, 2021, the Company recognized a discrete tax benefit related to the excess tax benefits from stock-based compensation of $57 million and $123 million, respectively, compared to the three and nine months ended September 30, 2020 of $66 million and $223 million, respectively.
Gross unrecognized tax benefits were $172 million and $140 million as of September 30, 2021 and December 31, 2020, respectively. The gross unrecognized tax benefits, if recognized by the Company, will result in a reduction of approximately $108 million to the provision for income taxes thereby favorably impacting the Company’s effective tax rate. As of September 30, 2021, gross unrecognized tax benefits of $39 million were classified as “Other non-current liabilities” and $133 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 $325 million and $589 million were classified as “Other non-current assets” on the Consolidated Balance Sheets as of September 30, 2021 and December 31, 2020, 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 $350 million and $250 million as of September 30, 2021 and December 31, 2020, respectively. The valuation allowance is related to the California R&D credits and certain foreign tax attributes that the Company does not expect to realize.
The Company files U.S. Federal, state and foreign tax returns. The Company is currently under examination by the IRS for 2016 through 2018 and is subject to examination for 2019 and 2020. The 2015 through 2020 state tax returns are subject to examination by various state tax authorities. The Company has no significant foreign jurisdiction audits underway. The years 2015 through 2020 generally 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.
v3.21.2
Segment and Geographic Information
 9 Months Ended
Sep. 30, 2021
Segment Reporting [Abstract]  
Segment and Geographic Information Segment and Geographic Information
The Company operates as one operating segment. The Company's chief operating decision maker ("CODM") is its co-chief executive officers, who review financial information presented on a consolidated basis for the purposes of making operating decisions, assessing financial performance and allocating resources.
Total U.S. revenues were $3.0 billion and $9.0 billion, respectively, for the three and nine months ended September 30, 2021, and $2.8 billion and $8.0 billion, respectively, for the three and nine months ended September 30, 2020. 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 September 30, 2021 and December 31, 2020, were located as follows:
As of
September 30,
2021		December 31,
2020
(in thousands)
United States$2,546,867 $2,224,891 
International922,705 773,018 
v3.21.2
Basis of Presentation and Summary of Significant Accounting Policies (Policies)
 9 Months Ended
Sep. 30, 2021
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 December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2019-12, Simplifying the Accounting for Income Taxes (Topic 740). ASU 2019-12 removes certain exceptions for performing intraperiod tax allocations, recognizing deferred taxes for investments, and calculating income taxes in interim periods. The guidance also simplifies the accounting for franchise taxes, transactions that result in a step-up in the tax basis of goodwill, and the effect of enacted changes in tax laws or rates in interim periods. The Company adopted ASU 2019-12 in the first quarter of 2021 and the adoption had no material impact to the Company’s consolidated financial statements.
v3.21.2
Revenue Recognition (Tables)
 9 Months Ended
Sep. 30, 2021
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 and nine months ended September 30, 2021 and September 30, 2020, respectively:

United States and Canada (UCAN)
As of/ Three Months EndedAs of/ Nine Months Ended
 September 30,
2021		September 30,
2020		September 30,
2021		September 30,
2020
 (in thousands)
Revenues$3,257,697 $2,933,445 $9,663,312 $8,475,891 
Paid net membership additions73 177 88 5,419 
Paid memberships at end of period (1)74,024 73,081 74,024 73,081 
Europe, Middle East, and Africa (EMEA)
As of/ Three Months EndedAs of/ Nine Months Ended
 September 30,
2021		September 30,
2020		September 30,
2021		September 30,
2020
 (in thousands)
Revenues$2,432,239 $2,019,083 $7,176,393 $5,635,094 
Paid net membership additions1,804 759 3,802 10,464 
Paid memberships at end of period (1)70,500 62,242 70,500 62,242 

Latin America (LATAM)
As of/ Three Months EndedAs of/ Nine Months Ended
 September 30,
2021		September 30,
2020		September 30,
2021		September 30,
2020
 (in thousands)
Revenues$915,297 $789,384 $2,612,826 $2,368,205 
Paid net membership additions330 256 1,451 4,907 
Paid memberships at end of period (1)38,988 36,324 38,988 36,324 

Asia-Pacific (APAC)
As of/ Three Months EndedAs of/ Nine Months Ended
 September 30,
2021		September 30,
2020		September 30,
2021		September 30,
2020
 (in thousands)
Revenues$834,002 $634,891 $2,395,896 $1,687,691 
Paid net membership additions2,176 1,012 4,559 7,271 
Paid memberships at end of period (1)30,051 23,504 30,051 23,504 
(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 certain other promotions that may be offered by the Company to new or rejoining members. A membership is canceled and ceases to be reflected in the above metrics as of the effective cancellation date. Voluntary cancellations generally become effective at the end of the prepaid membership period. Involuntary cancellations, as a result of a failed method of payment, become effective immediately. Memberships are assigned to territories based on the geographic location used at time of sign-up as determined by the Company’s internal systems, which utilize industry standard geo-location technology.
v3.21.2
Earnings Per Share (Tables)
 9 Months Ended
Sep. 30, 2021
Earnings Per Share [Abstract]  
Computation of Earnings Per Share The computation of earnings per share is as follows:
Three Months EndedNine Months Ended
September 30,
2021		September 30,
2020		September 30,
2021		September 30,
2020
(in thousands, except per share data)
Basic earnings per share:
Net income
$1,449,071 $789,976 $4,508,799 $2,219,239 
Shares used in computation:
Weighted-average shares of common stock outstanding442,778 441,526 443,052 440,486 
Basic earnings per share$3.27 $1.79 $10.18 $5.04 
Diluted earnings per share:
Net income
$1,449,071 $789,976 $4,508,799 $2,219,239 
Shares used in computation:
Weighted-average shares of common stock outstanding442,778 441,526 443,052 440,486 
Employee stock options12,147 13,562 12,178 13,360 
Weighted-average number of shares
454,925 455,088 455,230 453,846 
Diluted earnings per share$3.19 $1.74 $9.90 $4.89 
Summary of Potential Common Shares Excluded from the Diluted Calculation The following table summarizes the potential shares of common stock excluded from the diluted calculation:
Three Months EndedNine Months Ended
September 30,
2021		September 30,
2020		September 30,
2021		September 30,
2020
(in thousands)
Employee stock options279 124 441 560 
v3.21.2
Cash, Cash Equivalents and Restricted Cash (Tables)
 9 Months Ended
Sep. 30, 2021
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 September 30, 2021 and December 31, 2020:

 As of September 30, 2021
 Cash and cash equivalentsOther Current AssetsNon-current AssetsTotal
 (in thousands)
Cash$4,837,580 $1,980 $24,161 $4,863,721 
Level 1 securities:
Money market funds2,388,562 — 146 2,388,708 
Level 2 securities:
Foreign Time Deposits300,539 — — 300,539 
$7,526,681 $1,980 $24,307 $7,552,968 

 As of December 31, 2020
 Cash and cash equivalentsOther Current AssetsNon-current AssetsTotal
 (in thousands)
Cash$3,331,860 $1,783 $31,284 $3,364,927 
Level 1 securities:
Money market funds4,573,690 — 253 4,573,943 
Level 2 securities:
Foreign Time Deposits300,000 — — 300,000 
$8,205,550 $1,783 $31,537 $8,238,870 
v3.21.2
Balance Sheet Components (Tables)
 9 Months Ended
Sep. 30, 2021
Balance Sheet Components Disclosure [Abstract]  
Content Assets
Content assets consisted of the following:
As of
September 30,
2021		December 31,
2020
(in thousands)
Licensed content, net
$13,111,028 $13,747,607 
Produced content, net
Released, less amortization
6,093,870 5,809,681 
In production
8,842,122 4,827,455 
In development and pre-production
927,025 999,207 
15,863,017 11,636,343 

Content assets, net
$28,974,045 $25,383,950 
Schedule of Amortization of Streaming Content Assets
The following tables represent the amortization of content assets:
Three Months Ended
 September 30,
2021		September 30,
2020
(in thousands)
Licensed content$1,965,514 $1,885,259 
Produced content997,537 848,484 
Total$2,963,051 $2,733,743 

Nine Months Ended
 September 30,
2021		September 30,
2020
(in thousands)
Licensed content$5,679,398 $5,628,499 
Produced content2,809,652 2,195,788 
Total$8,489,050 $7,824,287 
Property and Equipment, Net
Property and equipment and accumulated depreciation consisted of the following:
As of
September 30,
2021		December 31,
2020		Estimated Useful Lives
(in thousands)
Land
$57,386 $50,700 
Buildings
48,060 42,717 30 years
Leasehold improvements
808,312 524,537 Over life of lease
Furniture and fixtures
136,076 110,185 
3 years
Information technology
356,953 283,014 3 years
Corporate aircraft
110,785 110,629 8 years
Machinery and equipment
33,546 34,633 
3-5 years
Capital work-in-progress
262,367 298,558 
Property and equipment, gross
1,813,485 1,454,973 
Less: Accumulated depreciation
(593,371)(494,790)
Property and equipment, net
$1,220,114 $960,183 
Information on Right-of-Use Assets and Lease Liabilities
Information related to the Company's operating right-of-use assets and related operating lease liabilities were as follows:
Three Months Ended
September 30,
2021		September 30,
2020
(in thousands)
Cash paid for operating lease liabilities$89,916 $70,917 
Right-of-use assets obtained in exchange for new operating lease obligations252,377 175,901 
Nine Months Ended
September 30,
2021		September 30,
2020
(in thousands)
Cash paid for operating lease liabilities$251,827 $187,880 
Right-of-use assets obtained in exchange for new operating lease obligations485,173 592,331 
As of
September 30,
2021		December 31,
2020
(in thousands)
Operating lease right-of-use assets, net$2,249,458 $2,037,726 
Current operating lease liabilities291,128 256,222 
Non-current operating lease liabilities2,222,316 1,945,631 
Total operating lease liabilities$2,513,444 $2,201,853 
Schedule of Other Current Assets
Other current assets consisted of the following:
As of
September 30,
2021		December 31,
2020
(in thousands)
Trade receivables
$782,350 $610,819 
Prepaid expenses
305,091 203,042 
Other
801,665 742,169 
Total other current assets
$1,889,106 $1,556,030 
v3.21.2
Debt (Tables)
 9 Months Ended
Sep. 30, 2021
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 September 30, 2021 and December 31, 2020:
Principal Amount at ParLevel 2 Fair Value as of
September 30,
2021		December 31,
2020		Issuance DateMaturitySeptember 30,
2021		December 31,
2020
(in millions)(in millions)
5.375% Senior Notes
$— $500 February 2013February 2021$— $502 
5.500% Senior Notes
700 700 February 2015February 2022712 735 
5.750% Senior Notes
400 400 February 2014March 2024442 449 
5.875% Senior Notes
800 800 February 2015February 2025913 921 
3.000% Senior Notes (1)
545 574 April 2020June 2025592 616 
3.625% Senior Notes
500 500 April 2020June 2025532 535 
4.375% Senior Notes
1,000 1,000 October 2016November 20261,119 1,110 
3.625% Senior Notes (1)
1,506 1,588 May 2017May 20271,742 1,776 
4.875% Senior Notes
1,600 1,600 October 2017April 20281,844 1,807 
5.875% Senior Notes
1,900 1,900 April 2018November 20282,330 2,280 
4.625% Senior Notes (1)
1,274 1,344 October 2018May 20291,600 1,630 
6.375% Senior Notes
800 800 October 2018May 20291,013 995 
3.875% Senior Notes (1)
1,390 1,466 April 2019November 20291,683 1,700 
5.375% Senior Notes
900 900 April 2019November 20291,092 1,061 
3.625% Senior Notes (1)
1,274 1,344 October 2019June 20301,529 1,533 
4.875% Senior Notes
1,000 1,000 October 2019June 20301,179 1,155 
$15,589 $16,416 $18,322 $18,805 
(1) The following Senior Notes have a principal amount denominated in euro: 3.000% Senior Notes for €470 million, 3.625% Senior Notes for €1,300 million, 4.625% Senior Notes for €1,100 million, 3.875% Senior Notes for €1,200 million, and 3.625% Senior Notes for €1,100 million.
Schedule of Maturities of Long-term Debt The expected timing of principal and interest payments for the Company’s outstanding Notes are as follows:
As of 
September 30,
2021		December 31,
2020
(in thousands)
Less than one year
$1,431,621 $1,264,020 
Due after one year and through three years
1,787,577 2,136,997 
Due after three years and through five years
3,108,329 3,614,906 
Due after five years
14,208,207 14,841,164 
Total debt obligations
$20,535,734 $21,857,087 
v3.21.2
Commitments and Contingencies (Tables)
 9 Months Ended
Sep. 30, 2021
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 
September 30,
2021		December 31,
2020
(in thousands)
Less than one year
$10,017,405 $8,980,868 
Due after one year and through three years
8,991,781 7,819,563 
Due after three years and through five years
2,860,871 1,973,091 
Due after five years
595,483 445,308 
Total content obligations
$22,465,540 $19,218,830 
v3.21.2
Stockholders' Equity (Tables)
 9 Months Ended
Sep. 30, 2021
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, 202021,702,085 18,676,810 $170.23 
Granted
(1,217,273)1,217,273 531.34
Exercised
— (1,239,343)81.47 
Expired
— (5,343)32.57 
Balances as of September 30, 202120,484,812 18,649,397 $199.74 
Vested and exercisable as of September 30, 202118,649,397 $199.74 
Summary of Amounts Related to Option Exercises
A summary of the amounts related to option exercises, is as follows:
Three Months EndedNine Months Ended
September 30,
2021		September 30,
2020		September 30,
2021		September 30,
2020
(in thousands)
Total intrinsic value of options exercised$263,507 $321,859 $581,817 $1,067,241 
Cash received from options exercised18,445 68,665 86,265 201,419 
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 EndedNine Months Ended
September 30,
2021		September 30,
2020		September 30,
2021		September 30,
2020
Dividend yield— %— %— %— %
Expected volatility34 %45 %
34% - 41%
37% - 45%
Risk-free interest rate1.37 %0.67 %
1.08% - 1.62%
0.67% - 1.71%
Suboptimal exercise factor3.85 3.62 
3.81 - 3.85
3.34 - 3.62
Weighted-average fair value (per share)$240 $264 $250 $205 
Total stock-based compensation expense (in thousands)$95,078 $106,357 $303,891 $307,586 
Total income tax impact on provision (in thousands)$21,443 $24,292 $68,354 $68,435 
v3.21.2
Income Taxes (Tables)
 9 Months Ended
Sep. 30, 2021
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit)
 Three Months EndedNine Months Ended
 September 30,
2021		September 30,
2020		September 30,
2021		September 30,
2020
 (in thousands, except percentages)
Provision for income taxes$211,888 $71,484 $780,451 $473,693 
Effective tax rate13 %8 %15 %18 %
v3.21.2
Segment and Geographic Information (Tables)
 9 Months Ended
Sep. 30, 2021
Segment Reporting [Abstract]  
Long-lived Assets by Geographic Areas
The Company's long-lived tangible assets, as well as the Company's operating lease right-of-use assets recognized on the Consolidated Balance Sheets as of September 30, 2021 and December 31, 2020, were located as follows:
As of
September 30,
2021		December 31,
2020
(in thousands)
United States$2,546,867 $2,224,891 
International922,705 773,018 
v3.21.2
Revenue Recognition - Revenue and Membership Information (Details)
membership in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2021
USD ($)
membership
Sep. 30, 2020
USD ($)
membership
Sep. 30, 2021
USD ($)
membership
Sep. 30, 2020
USD ($)
membership
Disaggregation of Revenue [Line Items]        
Revenues | $ $ 7,483,467 $ 6,435,637 $ 21,988,526 $ 18,351,614
United States and Canada        
Disaggregation of Revenue [Line Items]        
Paid net membership additions (losses) (in memberships) 73 177 88 5,419
Paid memberships at end of period (in memberships) 74,024 73,081 74,024 73,081
Europe, Middle East, and Africa        
Disaggregation of Revenue [Line Items]        
Paid net membership additions (losses) (in memberships) 1,804 759 3,802 10,464
Paid memberships at end of period (in memberships) 70,500 62,242 70,500 62,242
Latin America        
Disaggregation of Revenue [Line Items]        
Paid net membership additions (losses) (in memberships) 330 256 1,451 4,907
Paid memberships at end of period (in memberships) 38,988 36,324 38,988 36,324
Asia-Pacific        
Disaggregation of Revenue [Line Items]        
Paid net membership additions (losses) (in memberships) 2,176 1,012 4,559 7,271
Paid memberships at end of period (in memberships) 30,051 23,504 30,051 23,504
Streaming | United States and Canada        
Disaggregation of Revenue [Line Items]        
Revenues | $ $ 3,257,697 $ 2,933,445 $ 9,663,312 $ 8,475,891
Streaming | Europe, Middle East, and Africa        
Disaggregation of Revenue [Line Items]        
Revenues | $ 2,432,239 2,019,083 7,176,393 5,635,094
Streaming | Latin America        
Disaggregation of Revenue [Line Items]        
Revenues | $ 915,297 789,384 2,612,826 2,368,205
Streaming | Asia-Pacific        
Disaggregation of Revenue [Line Items]        
Revenues | $ $ 834,002 $ 634,891 $ 2,395,896 $ 1,687,691
v3.21.2
Revenue Recognition - Additional Information (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Dec. 31, 2020
Disaggregation of Revenue [Line Items]          
Revenues $ 7,483,467 $ 6,435,637 $ 21,988,526 $ 18,351,614  
Deferred revenue 1,182,632   1,182,632   $ 1,117,992
Increase in deferred revenue (4,732) 10,941 64,640 115,457  
DVD          
Disaggregation of Revenue [Line Items]          
Revenues 44,000 59,000 140,000 185,000  
United States          
Disaggregation of Revenue [Line Items]          
Revenues $ 3,000,000 $ 2,800,000 $ 9,000,000 $ 8,000,000  
v3.21.2
Earnings Per Share - Calculation of EPS (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Basic earnings per share:        
Net income $ 1,449,071 $ 789,976 $ 4,508,799 $ 2,219,239
Weighted-average shares of common stock outstanding (in shares) 442,778 441,526 443,052 440,486
Basic earnings per share (in dollars per share) $ 3.27 $ 1.79 $ 10.18 $ 5.04
Diluted earnings per share:        
Net income $ 1,449,071 $ 789,976 $ 4,508,799 $ 2,219,239
Shares used in computation:        
Weighted-average shares of common stock outstanding (in shares) 442,778 441,526 443,052 440,486
Employee stock options (in shares) 12,147 13,562 12,178 13,360
Weighted-average number of shares (in shares) 454,925 455,088 455,230 453,846
Diluted earnings per share (in dollars per share) $ 3.19 $ 1.74 $ 9.90 $ 4.89
v3.21.2
Earnings Per Share - Antidilutive Shares (Details) - shares
shares in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Earnings Per Share [Abstract]        
Antidilutive securities excluded from earnings per share calculations (in shares) 279 124 441 560
v3.21.2
Cash, Cash Equivalents and Restricted Cash (Details) - USD ($)
$ in Thousands
Sep. 30, 2021
Jun. 30, 2021
Dec. 31, 2020
Sep. 30, 2020
Jun. 30, 2020
Dec. 31, 2019
Cash and Cash Equivalents [Line Items]            
Cash, cash equivalents, and restricted cash $ 7,552,968 $ 7,804,618 $ 8,238,870 $ 8,422,280 $ 7,180,046 $ 5,043,786
Cash and cash equivalents            
Cash and Cash Equivalents [Line Items]            
Cash, cash equivalents, and restricted cash 7,526,681   8,205,550      
Other Current Assets            
Cash and Cash Equivalents [Line Items]            
Cash, cash equivalents, and restricted cash 1,980   1,783      
Non-current Assets            
Cash and Cash Equivalents [Line Items]            
Cash, cash equivalents, and restricted cash 24,307   31,537      
Cash            
Cash and Cash Equivalents [Line Items]            
Cash, cash equivalents, and restricted cash 4,863,721   3,364,927      
Cash | Cash and cash equivalents            
Cash and Cash Equivalents [Line Items]            
Cash, cash equivalents, and restricted cash 4,837,580   3,331,860      
Cash | Other Current Assets            
Cash and Cash Equivalents [Line Items]            
Cash, cash equivalents, and restricted cash 1,980   1,783      
Cash | Non-current Assets            
Cash and Cash Equivalents [Line Items]            
Cash, cash equivalents, and restricted cash 24,161   31,284      
Level 1 Securities | Money market funds            
Cash and Cash Equivalents [Line Items]            
Cash, cash equivalents, and restricted cash 2,388,708   4,573,943      
Level 1 Securities | Money market funds | Cash and cash equivalents            
Cash and Cash Equivalents [Line Items]            
Cash, cash equivalents, and restricted cash 2,388,562   4,573,690      
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 146   253      
Level 2 Securities | Foreign Time Deposits            
Cash and Cash Equivalents [Line Items]            
Cash, cash equivalents, and restricted cash 300,539   300,000      
Level 2 Securities | Foreign Time Deposits | Cash and cash equivalents            
Cash and Cash Equivalents [Line Items]            
Cash, cash equivalents, and restricted cash 300,539   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      
v3.21.2
Balance Sheet Components - Components of Content Assets (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]          
Content assets, net $ 28,974,045   $ 28,974,045   $ 25,383,950
Amortization of content assets 2,963,051 $ 2,733,743 8,489,050 $ 7,824,287  
Licensed content, net          
Finite-Lived Intangible Assets [Line Items]          
Net content 13,111,028   13,111,028   13,747,607
Unamortized cost in year one 5,799,000   5,799,000    
Unamortized cost in year two 3,092,000   3,092,000    
Unamortized cost in year three 1,879,000   1,879,000    
Amortization of content assets 1,965,514 1,885,259 5,679,398 5,628,499  
Produced content, net          
Finite-Lived Intangible Assets [Line Items]          
Net content 6,093,870   6,093,870   5,809,681
In production 8,842,122   8,842,122   4,827,455
In development and pre-production 927,025   927,025   999,207
Content assets, net 15,863,017   15,863,017   $ 11,636,343
Unamortized cost in year one 2,393,000   2,393,000    
Unamortized cost in year two 1,728,000   1,728,000    
Unamortized cost in year three 1,023,000   1,023,000    
Amortization of content assets $ 997,537 $ 848,484 $ 2,809,652 $ 2,195,788  
v3.21.2
Balance Sheet Components - Property And Equipment (Details) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2021
Dec. 31, 2020
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 1,813,485 $ 1,454,973
Less: Accumulated depreciation (593,371) (494,790)
Property and equipment, net 1,220,114 960,183
Land    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 57,386 50,700
Buildings    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 48,060 42,717
Estimated Useful Lives 30 years  
Leasehold improvements    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 808,312 524,537
Furniture and fixtures    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 136,076 110,185
Estimated Useful Lives 3 years  
Information technology    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 356,953 283,014
Estimated Useful Lives 3 years  
Corporate aircraft    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 110,785 110,629
Estimated Useful Lives 8 years  
Machinery and equipment    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 33,546 34,633
Machinery and equipment | Minimum    
Property, Plant and Equipment [Line Items]    
Estimated Useful Lives 3 years  
Machinery and equipment | Maximum    
Property, Plant and Equipment [Line Items]    
Estimated Useful Lives 5 years  
Capital work-in-progress    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 262,367 $ 298,558
v3.21.2
Balance Sheet Components - Leases (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Dec. 31, 2020
Leases [Abstract]          
Cash paid for operating lease liabilities $ 89,916 $ 70,917 $ 251,827 $ 187,880  
Right-of-use assets obtained in exchange for new operating lease obligations 252,377 $ 175,901 485,173 $ 592,331  
Operating lease right-of-use assets, net 2,249,458   2,249,458   $ 2,037,726
Current operating lease liabilities 291,128   291,128   256,222
Non-current operating lease liabilities 2,222,316   2,222,316   1,945,631
Total operating lease liabilities $ 2,513,444   $ 2,513,444   $ 2,201,853
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Other non-current assets   Other non-current assets   Other non-current assets
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Accrued Liabilities, Current   Accrued Liabilities, Current   Accrued Liabilities, Current
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Other non-current liabilities   Other non-current liabilities   Other non-current liabilities
v3.21.2
Balance Sheet Components - Other Current Assets (Details) - USD ($)
$ in Thousands
Sep. 30, 2021
Dec. 31, 2020
Balance Sheet Components Disclosure [Abstract]    
Trade receivables $ 782,350 $ 610,819
Prepaid expenses 305,091 203,042
Other 801,665 742,169
Total other current assets $ 1,889,106 $ 1,556,030
v3.21.2
Debt - Narrative (Details)
$ in Thousands
 1 Months Ended 3 Months Ended 9 Months Ended
Feb. 28, 2021
USD ($)
Sep. 30, 2021
USD ($)
Sep. 30, 2020
USD ($)
Sep. 30, 2021
USD ($)
Sep. 30, 2020
USD ($)
Sep. 30, 2021
EUR (€)
Dec. 31, 2020
USD ($)
Debt Instrument [Line Items]              
Aggregate outstanding notes   $ 15,493,000   $ 15,493,000     $ 16,309,000
Debt issuance costs   96,000   96,000     107,000
Short-term debt   699,473   699,473     499,878
Long-term notes denominated in foreign currency   15,589,000   15,589,000     16,416,000
Foreign currency transaction gain (loss)   136,488 $ (249,194) 326,744 $ (275,295)    
Senior Notes              
Debt Instrument [Line Items]              
Long-term notes denominated in foreign currency | €           € 5,170,000,000  
Foreign currency transaction gain (loss)   136,000   $ 327,000      
Redemption prices, percent of outstanding principal       101.00%      
Senior Notes | 5.375% Senior Notes              
Debt Instrument [Line Items]              
Long-term notes denominated in foreign currency   $ 0   $ 0     $ 500,000
Repayments of senior notes $ 500,000            
Interest rate 5.375% 5.375%   5.375%   5.375% 5.375%
v3.21.2
Debt - Summary of Long-term Debt (Details)
$ in Millions
Sep. 30, 2021
EUR (€)
Sep. 30, 2021
USD ($)
Feb. 28, 2021
Dec. 31, 2020
EUR (€)
Dec. 31, 2020
USD ($)
Debt Instrument [Line Items]          
Principal amount at par   $ 15,589     $ 16,416
Fair value   18,322     18,805
Senior Notes          
Debt Instrument [Line Items]          
Principal amount at par | € € 5,170,000,000        
Senior Notes | 5.375% Senior Notes          
Debt Instrument [Line Items]          
Principal amount at par   0     500
Fair value   $ 0     $ 502
Interest rate 5.375% 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   $ 712     $ 735
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   $ 442     $ 449
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   $ 913     $ 921
Interest rate 5.875% 5.875%   5.875% 5.875%
Senior Notes | 3.000% Senior Notes          
Debt Instrument [Line Items]          
Principal amount at par € 470,000,000 $ 545   € 470,000,000 $ 574
Fair value   $ 592     $ 616
Interest rate 3.00% 3.00%   3.00% 3.00%
Senior Notes | 3.625% Senior Notes          
Debt Instrument [Line Items]          
Principal amount at par   $ 500     $ 500
Fair value   $ 532     $ 535
Interest rate 3.625% 3.625%   3.625% 3.625%
Senior Notes | 4.375% Senior Notes          
Debt Instrument [Line Items]          
Principal amount at par   $ 1,000     $ 1,000
Fair value   $ 1,119     $ 1,110
Interest rate 4.375% 4.375%   4.375% 4.375%
Senior Notes | 3.625% Senior Notes          
Debt Instrument [Line Items]          
Principal amount at par € 1,300,000,000 $ 1,506   € 1,300,000,000 $ 1,588
Fair value   $ 1,742     $ 1,776
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   $ 1,844     $ 1,807
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   $ 2,330     $ 2,280
Interest rate 5.875% 5.875%   5.875% 5.875%
Senior Notes | 4.625% Senior Notes          
Debt Instrument [Line Items]          
Principal amount at par € 1,100,000,000 $ 1,274   € 1,100,000,000 $ 1,344
Fair value   $ 1,600     $ 1,630
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   $ 1,013     $ 995
Interest rate 6.375% 6.375%   6.375% 6.375%
Senior Notes | 3.875% Senior Notes          
Debt Instrument [Line Items]          
Principal amount at par € 1,200,000,000 $ 1,390   € 1,200,000,000 $ 1,466
Fair value   $ 1,683     $ 1,700
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   $ 1,092     $ 1,061
Interest rate 5.375% 5.375%   5.375% 5.375%
Senior Notes | 3.625% Senior Notes          
Debt Instrument [Line Items]          
Principal amount at par € 1,100,000,000 $ 1,274   € 1,100,000,000 $ 1,344
Fair value   $ 1,529     $ 1,533
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   $ 1,179     $ 1,155
Interest rate 4.875% 4.875%   4.875% 4.875%
v3.21.2
Debt - Maturities (Details) - USD ($)
$ in Thousands
Sep. 30, 2021
Dec. 31, 2020
Debt Disclosure [Abstract]    
Less than one year $ 1,431,621 $ 1,264,020
Due after one year and through three years 1,787,577 2,136,997
Due after three years and through five years 3,108,329 3,614,906
Due after five years 14,208,207 14,841,164
Total debt obligations $ 20,535,734 $ 21,857,087
v3.21.2
Debt - Revolving Line of Credit (Details) - Revolving Credit Facility - USD ($)
 9 Months Ended
Sep. 30, 2021
Jun. 17, 2021
Jun. 16, 2021
Line of Credit Facility [Line Items]      
Line of credit facility, maximum borrowing capacity   $ 1,000,000,000 $ 750,000,000
Proceeds from lines of credit $ 0    
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%    
v3.21.2
Commitments and Contingencies - Streaming Content (Details) - USD ($)
$ in Thousands
Sep. 30, 2021
Dec. 31, 2020
Contractual Obligation [Line Items]    
Total streaming content obligations $ 22,465,540 $ 19,218,830
Current content liabilities 4,110,962 4,429,536
Non-current content liabilities 2,301,026 2,618,084
Streaming obligations not reflected on Consolidated Balance Sheets 16,100,000 12,200,000
Current content liabilities    
Contractual Obligation [Line Items]    
Current content liabilities 4,100,000 4,400,000
Non-current content liabilities    
Contractual Obligation [Line Items]    
Non-current content liabilities $ 2,300,000 $ 2,600,000
v3.21.2
Commitments and Contingencies - Expected Timing of Payments (Details) - USD ($)
$ in Thousands
Sep. 30, 2021
Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]    
Less than one year $ 10,017,405 $ 8,980,868
Due after one year and through three years 8,991,781 7,819,563
Due after three years and through five years 2,860,871 1,973,091
Due after five years 595,483 445,308
Total content obligations $ 22,465,540 $ 19,218,830
v3.21.2
Commitments and Contingencies - Legal Proceedings (Details)
Sep. 30, 2021
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
Indemnification obligations $ 0
v3.21.2
Stockholders' Equity - Activity Related to Stock Option Plans (Details)
 9 Months Ended
Sep. 30, 2021
$ / shares
shares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]  
Shares available for grant, beginning balance (in shares) 21,702,085
Options outstanding, number of shares, beginning balance (in shares) 18,676,810
Options outstanding, number of shares granted (in shares) 1,217,273
Options outstanding, number of shares granted (in shares) (1,217,273)
Options outstanding, number of shares, exercised (in shares) (1,239,343)
Options outstanding, number of shares expired (in shares) (5,343)
Shares available for grant, ending balance (in shares) 20,484,812
Options outstanding, number of shares, ending balance (in shares) 18,649,397
Options vested and exercisable, number of shares, ending balance (in shares) 18,649,397
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 $ 170.23
Options outstanding, weighted-average exercise price, granted (dollars per share) | $ / shares 531.34
Options outstanding, weighted-average exercise price, exercised (dollars per share) | $ / shares 81.47
Options expired, weighted-average exercise price (dollars per share) | $ / shares 32.57
Options outstanding, weighted-average exercise price, ending balance (dollars per share) | $ / shares 199.74
Options outstanding, weighted-average exercise price, vested and exercisable (dollars per share) | $ / shares $ 199.74
v3.21.2
Stockholders' Equity - Stock Option Plan Narrative (Details)
$ in Millions
 9 Months Ended
Sep. 30, 2021
USD ($)
Stockholders' Equity and Stock-based Compensation Disclosure [Abstract]  
Aggregate intrinsic value $ 7,657
Weighted-average remaining contractual term (in years) 5 years 3 months 7 days
Share-based payment award, expiration period (in years) 10 years
v3.21.2
Stockholders' Equity - Amounts Related to Option Exercises (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Stockholders' Equity and Stock-based Compensation Disclosure [Abstract]        
Total intrinsic value of options exercised $ 263,507 $ 321,859 $ 581,817 $ 1,067,241
Cash received from options exercised $ 18,445 $ 68,665 $ 86,265 $ 201,419
v3.21.2
Stockholders' Equity - Assumptions Used to Value Stock Options (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Dividend yield 0.00% 0.00% 0.00% 0.00%
Expected volatility 34.00% 45.00%    
Expected volatility, minimum     34.00% 37.00%
Expected volatility, maximum     41.00% 45.00%
Risk-free interest rate 1.37% 0.67%    
Risk-free interest rate, minimum     1.08% 0.67%
Risk-free interest rate, maximum     1.62% 1.71%
Suboptimal exercise factor 3.85 3.62    
Weighted-average fair value (in dollars per share) $ 240 $ 264 $ 250 $ 205
Total stock-based compensation expense $ 95,078 $ 106,357 $ 303,891 $ 307,586
Total income tax impact on provision $ 21,443 $ 24,292 $ 68,354 $ 68,435
Minimum        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Suboptimal exercise factor     3.81 3.34
Maximum        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Suboptimal exercise factor     3.85 3.62
v3.21.2
Stockholders' Equity - Stock Repurchases (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2021
Mar. 31, 2021
Stockholders' Equity and Stock-based Compensation Disclosure [Abstract]      
Common stock authorized to be repurchased     $ 5,000
Stock repurchased (in shares) 180,845 1,182,410  
Repurchases of common stock to be held as treasury stock $ 100 $ 600  
Remaining authorized repurchase amount $ 4,400 $ 4,400  
v3.21.2
Income Taxes (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Dec. 31, 2020
Income Tax Disclosure [Abstract]          
Provision for income taxes $ 211,888 $ 71,484 $ 780,451 $ 473,693  
Effective tax rate 13.00% 8.00% 15.00% 18.00%  
Income Tax Contingency [Line Items]          
Tax benefit from share based compensation $ 57,000 $ 66,000 $ 123,000 $ 223,000  
Unrecognized tax benefits 172,000   172,000   $ 140,000
Reduction in provision for income taxes due to impact of effective tax rate 108,000   108,000    
Deferred tax assets, valuation allowance 350,000   350,000   250,000
Other noncurrent liabilities          
Income Tax Contingency [Line Items]          
Unrecognized tax benefits 39,000   39,000    
Non-current Assets          
Income Tax Contingency [Line Items]          
Unrecognized tax benefits 133,000   133,000    
Deferred tax assets $ 325,000   $ 325,000   $ 589,000
v3.21.2
Segment and Geographic Information - Narrative (Details)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2021
USD ($)
Sep. 30, 2020
USD ($)
Sep. 30, 2021
USD ($)
segment
Sep. 30, 2020
USD ($)
Segment Reporting Information [Line Items]        
Number of operating segments | segment     1  
Revenues $ 7,483,467 $ 6,435,637 $ 21,988,526 $ 18,351,614
United States        
Segment Reporting Information [Line Items]        
Revenues $ 3,000,000 $ 2,800,000 $ 9,000,000 $ 8,000,000
v3.21.2
Segment and Geographic Information - Long-lived Assets by Geographical Areas (Details) - USD ($)
$ in Thousands
Sep. 30, 2021
Dec. 31, 2020
United States    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Long-lived tangible assets $ 2,546,867 $ 2,224,891
International    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Long-lived tangible assets $ 922,705 $ 773,018