NETFLIX INC, 10-Q filed on 4/22/2024
Quarterly Report
v3.24.1.u1
Cover
 3 Months Ended
Mar. 31, 2024
shares
Cover [Abstract]  
Document Type 10-Q
Document Quarterly Report true
Document Period End Date Mar. 31, 2024
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 121 Albright Way,
Entity Address, City or Town Los Gatos,
Entity Address, State or Province CA
Entity Address, Postal Zip Code 95032
City Area Code 408
Local Phone Number 540-3700
Title of 12(b) Security Common stock, par value $0.001 per share
Trading Symbol NFLX
Security Exchange Name NASDAQ
Entity Current Reporting Status Yes
Entity Interactive Data Current Yes
Entity Filer Category Large Accelerated Filer
Entity Small Business false
Entity Emerging Growth Company false
Entity Shell Company false
Entity Common Stock, Shares Outstanding 430,964,991
Entity Central Index Key 0001065280
Document Fiscal Year Focus 2024
Document Fiscal Period Focus Q1
Amendment Flag false
Current Fiscal Year End Date --12-31
v3.24.1.u1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Income Statement [Abstract]    
Revenues $ 9,370,440 $ 8,161,503
Cost of revenues 4,977,073 4,803,625
Marketing 654,340 555,362
Technology and development 702,473 687,275
General and administrative 404,020 400,924
Operating income 2,632,534 1,714,317
Other income (expense):    
Interest expense (173,314) (174,239)
Interest and other income (expense) 155,359 (71,204)
Income before income taxes 2,614,579 1,468,874
Provision for income taxes (282,370) (163,754)
Net income $ 2,332,209 $ 1,305,120
Earnings per share:    
Basic (in USD per share) $ 5.40 $ 2.93
Diluted (in USD per share) $ 5.28 $ 2.88
Weighted-average shares of common stock outstanding:    
Basic (in shares) 432,090 445,244
Diluted (in shares) 441,654 452,417
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Statement of Comprehensive Income [Abstract]    
Net income $ 2,332,209 $ 1,305,120
Other comprehensive income:    
Foreign currency translation adjustments (73,052) 25,611
Net unrealized gains 176,604 0
Reclassification of net losses included in net income 8,514 0
Net change, net of income tax expense of $55 million and $0, respectively 185,118 0
Total other comprehensive income 112,066 25,611
Comprehensive income $ 2,444,275 $ 1,330,731
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Statement of Comprehensive Income [Abstract]    
Net change, income tax expense $ 55 $ 0
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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities:    
Net income $ 2,332,209 $ 1,305,120
Adjustments to reconcile net income to net cash provided by operating activities:    
Additions to content assets (3,728,967) (2,458,666)
Change in content liabilities (189,441) (354,791)
Amortization of content assets 3,670,805 3,459,984
Depreciation and amortization of property, equipment and intangibles 87,234 90,335
Stock-based compensation expense 76,345 99,099
Foreign currency remeasurement loss (gain) on debt (130,801) 80,651
Other non-cash items 97,181 120,008
Deferred income taxes (107,077) (98,782)
Changes in operating assets and liabilities:    
Other current assets 38,049 (88,522)
Accounts payable (145,265) (89,668)
Accrued expenses and other liabilities 251,782 185,299
Deferred revenue 26,515 (2,390)
Other non-current assets and liabilities (66,047) (68,937)
Net cash provided by operating activities 2,212,522 2,178,740
Cash flows from investing activities:    
Purchases of property and equipment (75,714) (62,019)
Purchases of short-term investments 0 (201,634)
Net cash used in investing activities (75,714) (263,653)
Net Cash Provided by (Used in) Financing Activities [Abstract]    
Repayments of debt (400,000) 0
Proceeds from issuance of common stock 268,881 26,028
Repurchases of common stock (2,000,000) (400,101)
Taxes paid related to net share settlement of equity awards (1,825) 0
Net cash used in financing activities (2,132,944) (374,073)
Effect of exchange rate changes on cash, cash equivalents and restricted cash (95,790) 26,423
Net increase (decrease) in cash, cash equivalents and restricted cash (91,926) 1,567,437
Cash, cash equivalents and restricted cash at beginning of period 7,118,515 5,170,582
Cash, cash equivalents and restricted cash at end of period $ 7,026,589 $ 6,738,019
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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents $ 7,024,766 $ 7,116,913
Short-term investments 20,973 20,973
Other current assets 2,875,574 2,780,247
Total current assets 9,921,313 9,918,133
Content assets, net 31,662,100 31,658,056
Property and equipment, net 1,501,168 1,491,444
Other non-current assets 5,743,140 5,664,359
Total assets 48,827,721 48,731,992
Current liabilities:    
Current content liabilities 4,436,021 4,466,470
Accounts payable 607,348 747,412
Accrued expenses and other liabilities 1,977,428 1,803,960
Deferred revenue 1,469,484 1,442,969
Short-term debt 798,936 399,844
Total current liabilities 9,289,217 8,860,655
Non-current content liabilities 2,370,692 2,578,173
Long-term debt 13,217,038 14,143,417
Other non-current liabilities 2,585,364 2,561,434
Total liabilities 27,462,311 28,143,679
Commitments and contingencies (Note 8)
Stockholders’ equity:    
Common stock, $0.001 par value; 4,990,000,000 shares authorized at March 31, 2024 and December 31, 2023; 430,964,991 and 432,759,584 issued and outstanding at March 31, 2024 and December 31, 2023, respectively 5,489,850 5,145,172
Treasury stock at cost (19,648,480 and 16,078,268 shares at March 31, 2024 and December 31, 2023, respectively) (8,934,056) (6,922,200)
Accumulated other comprehensive loss (111,879) (223,945)
Retained earnings 24,921,495 22,589,286
Total stockholders’ equity 21,365,410 20,588,313
Total liabilities and stockholders’ equity $ 48,827,721 $ 48,731,992
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CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Mar. 31, 2024
Dec. 31, 2023
Statement of Financial Position [Abstract]    
Common stock, par value (in USD per share) $ 0.001 $ 0.001
Common stock, shares authorized (in shares) 4,990,000,000 4,990,000,000
Common stock, shares issued (in shares) 430,964,991 432,759,584
Common stock, shares outstanding (in shares) 430,964,991 432,759,584
Treasury stock (in shares) 19,648,480 16,078,268
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CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($)
$ in Thousands
Total
Common stock and additional paid-in capital:
Treasury stock:
Accumulated other comprehensive loss:
Retained earnings:
Beginning Balance at Dec. 31, 2022 $ 20,777,401 $ 4,637,601 $ (824,190) $ (217,306) $ 17,181,296
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Issuance of common stock   25,695      
Stock-based compensation expense   99,099      
Repurchases of common stock to be held as treasury stock     (404,730)    
Other comprehensive income 25,611     25,611  
Net income 1,305,120       1,305,120
Ending Balance at Mar. 31, 2023 21,828,196 4,762,395 (1,228,920) (191,695) 18,486,416
Beginning Balance at Dec. 31, 2023 20,588,313 5,145,172 (6,922,200) (223,945) 22,589,286
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Issuance of common stock   268,333      
Stock-based compensation expense   76,345      
Repurchases of common stock to be held as treasury stock     (2,011,856)    
Other comprehensive income 112,066     112,066  
Net income 2,332,209       2,332,209
Ending Balance at Mar. 31, 2024 $ 21,365,410 $ 5,489,850 $ (8,934,056) $ (111,879) $ 24,921,495
v3.24.1.u1
Basis of Presentation and Summary of Significant Accounting Policies
 3 Months Ended
Mar. 31, 2024
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, 2023 filed with the Securities and Exchange Commission (the “SEC”) on January 26, 2024. 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 amortization of content assets 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, 2023. Interim results are not necessarily indicative of the results for a full year.
The following is provided to update the Company’s significant accounting policies previously described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

Derivative Financial Instruments
The Company uses derivative instruments to manage foreign exchange risk related to its ongoing business operations with the primary objective of reducing earnings and cash flow volatility associated with fluctuations in foreign exchange rates.
The Company recognizes derivative instruments at fair value as either assets (presented in “Other current assets” and “Other non-current assets”) or liabilities (presented in “Accrued expenses and other liabilities'' and “Other non-current liabilities”) on the Company’s Consolidated Balance Sheets. The Company classifies derivative instruments in the Level 2 category within the fair value hierarchy.
Cash flow hedges
The Company enters into forward contracts to manage the foreign exchange risk on forecasted revenue transactions denominated in currencies other than the U.S. dollar, as well as the foreign exchange risk on forecasted transactions and firm commitments related to the licensing and production of foreign currency-denominated content assets. These forward contracts are designated as cash flow hedges of foreign currency firm commitments and forecasted transactions and generally have maturities of 24 months or less. The hedging contracts may reduce, but do not entirely eliminate, the effect of foreign currency exchange movements, and the Company may choose not to hedge certain exposures.
The gain or loss on derivative instruments designated as cash flow hedges of forecasted foreign currency revenue is initially reported as a component of accumulated other comprehensive income (“AOCI”) and reclassified into “Revenues” on the Consolidated Statements of Operations in the same period the forecasted transaction affects earnings. The gain or loss on derivative instruments designated as cash flow hedges of firmly committed or forecasted transactions related to the licensing and production of content assets is initially reported as a component of AOCI and reclassified into “Cost of Revenues” on the Consolidated Statements of Operations in the same period the hedged transaction affects earnings, which occurs as the underlying hedged content assets are amortized. Cash flows from hedging activities are classified in the same category as the cash flows for the underlying item being hedged within "Net cash provided by operating activities" on the Consolidated Statements of Cash Flows.
In the event that the likelihood of occurrence of the underlying forecasted transactions is determined to be probable not to occur, the gains or losses on the related cash flow hedges are reclassified from AOCI to “Interest and other income (expense)” in the Consolidated Statements of Operations in the period of dedesignation.
Derivative instruments not designated as hedging instruments
The Company enters into forward contracts to manage the foreign exchange risk on intercompany transactions and monetary assets and liabilities that are not denominated in the functional currencies of the Company and its subsidiaries. These derivative instruments are not designated as hedging instruments and may reduce, but do not entirely eliminate, the effect of foreign currency exchange movements. The gain or loss on derivative instruments not designated as hedging instruments are recorded in “Interest and other income (expense)” in the Consolidated Statements of Operations. Cash flows related to these derivative instruments are classified within "Net cash provided by operating activities" on the Consolidated Statements of Cash Flows.
See Note 7 Derivative Financial Instruments to the consolidated financial statements for further information regarding the Company’s derivative financial instruments.
Stock-based Compensation
The Company grants non-qualified stock options to its employees on a monthly basis. For certain executive officers, the Company grants restricted stock units ("RSUs") and performance-based restricted stock units ("PSUs"). Stock-based compensation expense is based on the fair value of the stock awards at the grant date and is recognized, net of forfeitures, over the requisite service period. See Note 9 Stockholders' Equity to the consolidated financial statements for further information regarding stock-based compensation.
Recently issued accounting pronouncements not yet adopted
In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires public entities to disclose information about their reportable segments’ significant expenses and other segment items on an interim and annual basis. Public entities with a single reportable segment are required to apply the disclosure requirements in ASU 2023-07, as well as all existing segment disclosures and reconciliation requirements in ASC 280 on an interim and annual basis. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2023-07.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2023-09.
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Revenue Recognition
 3 Months Ended
Mar. 31, 2024
Revenue from Contract with Customer [Abstract]  
Revenue Recognition Revenue Recognition
The following tables summarize streaming revenues, paid net membership additions (losses), and ending paid memberships by region for the three months ended March 31, 2024 and March 31, 2023, respectively. Hedging gains and losses are included in “Streaming revenues” for the three months ended March 31, 2024. No hedge gains and losses were recognized as “Streaming revenues” in the comparative prior year period. See Note 7 Derivative Financial Instruments for further information.

United States and Canada (UCAN)
As of/Three Months Ended
 March 31,
2024		March 31,
2023
 (in thousands)
Streaming revenues$4,224,315 $3,608,645 
Paid net membership additions2,530 102 
Paid memberships at end of period (1)82,658 74,398 

Europe, Middle East, and Africa (EMEA)
As of/Three Months Ended
 March 31,
2024		March 31,
2023
 (in thousands)
Streaming revenues$2,958,193 $2,517,641 
Paid net membership additions2,916 644 
Paid memberships at end of period (1)91,729 77,373 
Latin America (LATAM)
As of/Three Months Ended
 March 31,
2024		March 31,
2023
 (in thousands)
Streaming revenues$1,165,008 $1,070,192 
Paid net membership additions (losses)1,723 (450)
Paid memberships at end of period (1)47,720 41,249 

Asia-Pacific (APAC)
As of/Three Months Ended
 March 31,
2024		March 31,
2023
 (in thousands)
Streaming revenues$1,022,924 $933,523 
Paid net membership additions2,157 1,455 
Paid memberships at end of period (1)47,495 39,478 
(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. Certain members have the option to add extra member sub accounts. These extra member sub accounts are not included in paid memberships. 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.
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, 2024, total deferred revenue was $1,469 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 $27 million increase in deferred revenue as compared to the balance of $1,443 million as of December 31, 2023 is a result of the increase in membership fees billed due to increased memberships and price increases.
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Earnings Per Share
 3 Months Ended
Mar. 31, 2024
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 are calculated using the treasury-stock method and consist of incremental shares issuable upon the assumed exercise of stock options and vesting of time-based and performance-based restricted stock units. The computation of earnings per share is as follows:
Three Months Ended
March 31,
2024		March 31,
2023
(in thousands, except per share data)
Basic earnings per share:
Net income
$2,332,209 $1,305,120 
Shares used in computation:
Weighted-average shares of common stock outstanding432,090 445,244 
Basic earnings per share$5.40 $2.93 
Diluted earnings per share:
Net income
$2,332,209 $1,305,120 
Shares used in computation:
Weighted-average shares of common stock outstanding432,090 445,244 
Effect of dilutive stock-based awards9,564 7,173 
Weighted-average number of shares441,654 452,417 
Diluted earnings per share$5.28 $2.88 

The following table summarizes the potential shares of common stock excluded from the diluted calculation as their inclusion would have been anti-dilutive:
Three Months Ended
March 31,
2024		March 31,
2023
(in thousands)
Stock-based awards685 5,847 
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Cash, Cash Equivalents, Restricted Cash, and Short-term Investments
 3 Months Ended
Mar. 31, 2024
Short-Term Investments And Fair Value Measurement [Abstract]  
Cash, Cash Equivalents, Restricted Cash, and Short-term Investments Cash, Cash Equivalents, Restricted Cash, and Short-term Investments
The Company classifies short-term investments, which consist of marketable securities with original maturities in excess of 90 days as available-for-sale. The Company does not buy and hold securities principally for the purpose of selling them in the near future. The Company’s policy is focused on the preservation of capital, liquidity and return. From time to time, the Company may sell certain securities but the objectives are generally not to generate profits on short-term differences in price.
The following tables summarize the Company's cash, cash equivalents, restricted cash and short-term investments as of March 31, 2024 and December 31, 2023:

 As of March 31, 2024
 Cash and cash equivalentsShort-term investmentsOther Current AssetsNon-current AssetsTotal
 (in thousands)
Cash$6,169,888 $— $1,690 $78 $6,171,656 
Level 1 securities:
Money market funds573,922 — — 55 573,977 
Level 2 securities:
Time Deposits (1)280,956 20,973 — — 301,929 
$7,024,766 $20,973 $1,690 $133 $7,047,562 


 As of December 31, 2023
 Cash and cash equivalentsShort-term investmentsOther Current AssetsNon-current AssetsTotal
 (in thousands)
Cash$5,986,629 $— $1,466 $81 $5,988,176 
Level 1 securities:
Money market funds925,652 — — 55 925,707 
Level 2 securities:
Time Deposits (1)204,632 20,973 — — 225,605 
$7,116,913 $20,973 $1,466 $136 $7,139,488 
(1) The majority of the Company's time deposits are international deposits, which mature within one year.
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 and short-term investments 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 and Note 7 Derivative Financial Instruments to the consolidated financial statements for further information regarding the fair value of the Company’s senior notes and derivative financial instruments.
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Balance Sheet Components
 3 Months Ended
Mar. 31, 2024
Balance Sheet Related Disclosures [Abstract]  
Balance Sheet Components Balance Sheet Components
Content Assets, Net
Content assets consisted of the following:
As of
March 31,
2024		December 31,
2023
(in thousands)
Licensed content, net
$12,549,546 $12,722,701 
Produced content, net
Released, less amortization
9,917,832 9,843,150 
In production
8,242,560 8,247,578 
In development and pre-production
952,162 844,627 
19,112,554 18,935,355 

Content assets, net
$31,662,100 $31,658,056 
As of March 31, 2024, the amount of accrued participations and residuals was not material.
The following table represents the amortization of content assets:
Three Months Ended
 March 31,
2024		March 31,
2023
(in thousands)
Licensed content$1,835,117 $1,723,678 
Produced content1,835,688 1,736,306 
Total$3,670,805 $3,459,984 
Property and Equipment, Net
Property and equipment and accumulated depreciation consisted of the following:
As of
March 31,
2024		December 31,
2023		Estimated Useful Lives
(in thousands)
Land
$88,468 $88,429 
Buildings
156,345 150,736 30 years
Leasehold improvements
1,043,759 1,032,492 Over life of lease
Furniture and fixtures
139,968 144,737 
3 years
Information technology
399,742 414,092 3 years
Corporate aircraft
99,175 99,175 
8-10 years
Machinery and equipment
10,632 10,334 
3-5 years
Capital work-in-progress
447,682 406,492 
Property and equipment, gross
2,385,771 2,346,487 
Less: Accumulated depreciation
(884,603)(855,043)
Property and equipment, net
$1,501,168 $1,491,444 


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.
Information related to the Company's operating right-of-use assets and related operating lease liabilities were as follows:
Three Months Ended
March 31,
2024		March 31,
2023
(in thousands)
Cash paid for operating lease liabilities$125,306 $113,407 
Right-of-use assets obtained in exchange for new operating lease obligations183,962 20,894 

As of
March 31,
2024		December 31,
2023
(in thousands)
Operating lease right-of-use assets, net$2,159,325 $2,076,899 
Current operating lease liabilities397,628 383,312 
Non-current operating lease liabilities2,098,004 2,046,801 
Total operating lease liabilities$2,495,632 $2,430,113 
Other Current Assets
Other current assets consisted of the following:
As of
March 31,
2024		December 31,
2023
(in thousands)
Trade receivables
$1,228,691 $1,287,054 
Prepaid expenses
454,145 408,936 
Other
1,192,738 1,084,257 
Total other current assets
$2,875,574 $2,780,247 
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Debt
 3 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
Debt Debt
As of March 31, 2024, the Company had aggregate outstanding notes of $14,016 million, net of $61 million of issuance costs, with varying maturities (the "Notes"). Of the outstanding balance, $799 million, net of issuance costs, is classified as short-term debt on the Consolidated Balance Sheets. As of December 31, 2023, the Company had aggregate outstanding notes of $14,543 million, net of $65 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 $131 million for the three months ended March 31, 2024).
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, 2024 and December 31, 2023:
Principal Amount at ParLevel 2 Fair Value as of
March 31,
2024		December 31,
2023		Issuance DateMaturityMarch 31,
2024		December 31,
2023
(in millions)(in millions)
5.750% Senior Notes
$— $400 February 2014March 2024$— $400 
5.875% Senior Notes
800 800 February 2015February 2025803 807 
3.000% Senior Notes (1)
507 519 April 2020June 2025503 516 
3.625% Senior Notes
500 500 April 2020June 2025490 491 
4.375% Senior Notes
1,000 1,000 October 2016November 2026985 996 
3.625% Senior Notes (1)
1,401 1,434 May 2017May 20271,416 1,454 
4.875% Senior Notes
1,600 1,600 October 2017April 20281,598 1,621 
5.875% Senior Notes
1,900 1,900 April 2018November 20281,976 2,009 
4.625% Senior Notes (1)
1,187 1,215 October 2018May 20291,256 1,300 
6.375% Senior Notes
800 800 October 2018May 2029853 872 
3.875% Senior Notes (1)
1,295 1,325 April 2019November 20291,325 1,372 
5.375% Senior Notes
900 900 April 2019November 2029920 931 
3.625% Senior Notes (1)
1,187 1,215 October 2019June 20301,199 1,237 
4.875% Senior Notes
1,000 1,000 October 2019June 2030994 1,012 
$14,077 $14,608 $14,318 $15,018 
(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 the three months ended March 31, 2024, the Company repaid upon maturity the $400 million aggregate principal amount of its 5.750% Senior Notes.
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, 2024 and December 31, 2023, the Company was in compliance with all related covenants.
Revolving Credit Facility
On March 6, 2023, the Company amended its $1 billion unsecured revolving credit facility ("Revolving Credit Agreement") to replace the London interbank offered rate to a variable secured overnight financing rate (the “Term SOFR Rate”) as the rate to which interest payments are indexed, among other things. The Revolving Credit Agreement matures on June 17, 2026. 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 March 31, 2024, 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 the Term SOFR Rate (or the applicable benchmark replacement), 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 Term SOFR Rate for a one-month tenor, plus 1.00%. The Term SOFR Rate is the forward-looking secured overnight financing rate administered by the Federal Reserve Bank of New York or a successor administrator, for the relevant interest period, but in no event shall the Term SOFR Rate be less than 0.00% per annum.
The Company is also obligated to pay a commitment fee on the undrawn amounts of the Revolving Credit Agreement at 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, 2024 and December 31, 2023, the Company was in compliance with all related covenants.
Subsequent to March 31, 2024, the Company entered into a five-year, $3 billion unsecured revolving credit facility (the “New Revolving Credit Agreement”), which terminated and replaced the Revolving Credit Agreement. Refer to Note 12, Subsequent Event, for additional details.
v3.24.1.u1
Derivative Financial Instruments
 3 Months Ended
Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments Derivative Financial Instruments
The Company uses derivative instruments to manage foreign exchange risk related to its ongoing business operations with the primary objective of reducing earnings and cash flow volatility associated with fluctuations in foreign exchange rates.

Notional Amount of Derivative Contracts
The net notional amounts of the Company’s outstanding derivative instruments were as follows:
As of 
March 31,
2024		December 31,
2023
(in thousands)
Derivatives designated as hedging instruments:
Foreign exchange contracts
Cash flow hedges
$9,734,421 $8,783,273 
Derivatives not designated as hedging instruments:
Foreign exchange contracts526,681 — 
Total
$10,261,102 $8,783,273 
Fair Value of Derivative Contracts
The fair value of the Company’s outstanding derivative instruments was as follows:
 As of March 31, 2024
Derivative AssetsDerivative Liabilities
 Other current assetsOther non-current assetsAccrued expenses and other liabilitiesOther non-current liabilities
 (in thousands)
Derivatives designated as hedging instruments:
Foreign exchange contracts$102,960 $27,812 $41,788 $7,548 
Derivatives not designated as hedging instruments:
Foreign exchange contracts2,975 — 628 — 
Total$105,935 $27,812 $42,416 $7,548 
 As of December 31, 2023
Derivative AssetsDerivative Liabilities
 Other current assetsOther non-current assetsAccrued expenses and other liabilitiesOther non-current liabilities
 (in thousands)
Derivatives designated as hedging instruments:
Foreign exchange contracts$26,416 $4,518 $140,089 $46,575 
Derivatives not designated as hedging instruments:
Foreign exchange contracts— — — — 
Total$26,416 $4,518 $140,089 $46,575 
The Company classifies derivative instruments in the Level 2 category within the fair value hierarchy. These instruments are valued using industry standard valuation models that use observable inputs such as interest rate yield curves, and forward and spot prices for currencies.
As of March 31, 2024, the pre-tax net accumulated gain on our foreign currency cash flow hedges included in AOCI on the Consolidated Balance Sheets expected to be recognized in earnings within the next 12 months is $60 million.
Master Netting Agreements
In order to mitigate counterparty credit risk, the Company enters into master netting agreements with its counterparties for its foreign currency exchange contracts which permit the parties to settle amounts on a net basis under certain conditions. The Company has elected to present its derivative assets and liabilities on a gross basis on its Consolidated Balance Sheets.
The Company also enters into collateral security arrangements with its counterparties that require the parties to post cash collateral when certain contractual thresholds are met. No cash collateral was received or posted by the Company as of March 31, 2024 and December 31, 2023.
The potential offsetting effect to the Company’s derivative assets and liabilities under its master netting agreements and collateral security agreements were as follows:

 As of March 31, 2024
Gross Amount Not Offset in the Consolidated Balance Sheets
 Gross Amount Recognized in the Consolidated Balance SheetsGross Amount Offset in the Consolidated Balance SheetsNet Amount Presented in the Consolidated Balance SheetsFinancial InstrumentsCollateral Received and PostedNet Amount
 (in thousands)
Derivative assets$133,747 $— $133,747 $(29,781)$— $103,966 
Derivative liabilities49,964 — 49,964 (29,781)— 20,183 
 As of December 31, 2023
Gross Amount Not Offset in the Consolidated Balance Sheets
 Gross Amount Recognized in the Consolidated Balance SheetsGross Amount Offset in the Consolidated Balance SheetsNet Amount Presented in the Consolidated Balance SheetsFinancial InstrumentsCollateral Received and PostedNet Amount
 (in thousands)
Derivative assets$30,934 $— $30,934 $(27,246)$— $3,688 
Derivative liabilities186,664 — 186,664 (27,246)— 159,418 

Effect of Derivative Instruments on Consolidated Financial Statements
The pre-tax gains (losses) on the Company’s cash flow hedges recognized in AOCI were as follows:
Three Months Ended
March 31,
2024		March 31,
2023
(in thousands)
Cash flow hedges:
Foreign exchange contracts (1)
Amount included in the assessment of effectiveness$229,144 $— 
Total$229,144 $— 
(1) No amounts were excluded from the assessment of effectiveness.
The gains (losses) on derivative instruments recognized in the Consolidated Statement of Operations were as follows:
Three Months Ended
March 31, 2024
RevenuesCost of RevenuesInterest and other income (expense)
(in thousands)
Total amounts presented in the Consolidated Statements of Operations$9,370,440 $4,977,073 $155,359 
Gains (losses) on derivatives in cash flow hedging relationship
Foreign exchange contracts
Amount of gains (losses) reclassified from AOCI(11,241)194 — 
Gains (losses) on derivatives not designated as hedging instruments
Foreign exchange contracts— — 4,266 
No gains or losses on derivative instruments were recognized in the Consolidated Statements of Operations in the three months ended March 31, 2023.
v3.24.1.u1
Commitments and Contingencies
 3 Months Ended
Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Content
As of March 31, 2024, the Company had $24.2 billion of obligations comprised of $4.4 billion included in "Current content liabilities" and $2.4 billion of "Non-current content liabilities" on the Consolidated Balance Sheets and $17.4 billion of obligations that are not reflected on the Consolidated Balance Sheets as they did not yet meet the criteria for recognition.
As of December 31, 2023, the Company had $21.7 billion of obligations comprised of $4.5 billion included in "Current content liabilities" and $2.6 billion of "Non-current content liabilities" on the Consolidated Balance Sheets and $14.6 billion of obligations that are not reflected on the Consolidated Balance Sheets as they did not yet meet the criteria for recognition.
The expected timing of payments for these content obligations is as follows:
As of 
March 31,
2024		December 31,
2023
(in thousands)
Less than one year
$11,066,048 $10,328,923 
Due after one year and through three years
9,378,186 8,784,302 
Due after three years and through five years
2,820,168 2,016,358 
Due after five years
930,598 583,766 
Total content obligations
$24,195,000 $21,713,349 
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.
Non-Income Taxes
The Company is routinely under audit by various tax authorities with regard to non-income tax matters. The subject matter of non-income tax audits primarily arises from disputes on the tax treatment and tax rate applied to our revenue in certain jurisdictions. We accrue non-income taxes that may result from examinations by, or any negotiated agreements with, these tax authorities when a loss is probable and reasonably estimable.
Similar to other U.S. companies doing business in Brazil, the Company is involved in a number of matters with Brazilian tax authorities regarding non-income tax assessments. Although the Company believes it has meritorious defenses to these matters, there is inherent complexity and uncertainty with respect to these matters, and the final outcome may be materially different from our expectations. The current potential exposure with respect to the various issues with Brazilian tax authorities regarding non-income tax assessments is estimated to be approximately $300 million, which is expected to increase over time.
Guarantees— Indemnification Obligations
In the ordinary course of business, the Company has entered into contractual arrangements under which it has agreed to provide indemnification of varying scope and terms to business partners and other parties with respect to certain matters, including, but not limited to, losses arising out of the Company’s breach of such agreements and out of intellectual property infringement claims made by third parties. In these circumstances, payment may be conditional on the other party making a claim pursuant to the procedures specified in the particular contract.
The Company's obligations under these agreements may be limited in terms of time or amount, and in some instances, the Company may have recourse against third parties for certain payments. In addition, the Company has entered into indemnification agreements with its directors and certain of its officers that will require it, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors or officers. The terms of such obligations vary.
It is not possible to make a reasonable estimate of the maximum potential amount of future payments under these or similar agreements due to the conditional nature of the Company’s obligations and the unique facts and circumstances involved in each particular agreement. No amount has been accrued in the accompanying consolidated financial statements with respect to these indemnification obligations.
v3.24.1.u1
Stockholders' Equity
 3 Months Ended
Mar. 31, 2024
Stockholders' Equity Note [Abstract]  
Stockholders' Equity Stockholders’ Equity
Equity Incentive Plans
The Netflix, Inc. 2020 Stock Plan is a stockholder-approved plan that 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.
Stock Option Activity
Stock options are generally vested in full upon grant date and exercisable for the full ten-year contractual term regardless of employment status. Stock options granted to certain named executive officers vest on the one-year anniversary of the grant date, subject to the employee’s continuous employment or service with the Company through the vesting date.
The following table summarizes the activities related to the Company’s stock options:
Options Outstanding
Number of
Shares		Weighted-
Average
Exercise Price
(per share)
Balances as of December 31, 202319,695,109 $268.86 
Granted
198,574 526.29
Exercised
(1,768,956)151.68 
Expired
(1,181)57.46 
Balances as of March 31, 202418,123,546 $283.13 
Vested and expected to vest as of March 31, 202418,123,546 $283.13 
Exercisable as of March 31, 202417,919,888 $281.72 

Restricted Stock Unit Activity
The Company grants time-based restricted stock unit (“RSU”) awards and performance-based restricted stock unit (“PSU”) awards to certain executive officers. RSU awards vest quarterly over a three-year period subject to the executive’s continued employment or service with the Company through the vesting date. PSU awards have performance periods ranging from one to three years and vest depending on the Company’s achievement of predetermined market-based performance targets.
The following table summarizes the activities related to the Company’s unvested RSUs and PSUs:
Unvested Restricted Stock Units
Number of
Shares		Weighted-
Average
Grant-Date Fair Value
(per share)
Balances as of December 31, 2023— $— 
Granted
159,978 686.36
Vested
(6,663)562.00 
Forfeited
— — 
Balances as of March 31, 2024153,315 $691.76 
Stock-based Compensation
Total stock-based compensation expense was $76 million and $99 million for the three months ended March 31, 2024 and 2023, respectively.
Stock Repurchases
In March 2021, the Company’s Board of Directors authorized the repurchase of up to $5 billion of its common stock, with no expiration date, and in September 2023, the Board of Directors increased the share repurchase authorization by an additional $10 billion, also 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 months ended March 31, 2024, the Company repurchased 3,566,965 shares for an aggregate amount of $2.0 billion. As of March 31, 2024, $6.4 billion remains available for repurchases. Shares repurchased by the Company are accounted for when the transaction is settled. As of March 31, 2024, there were no unsettled share repurchases. Direct costs incurred to acquire the shares are included in the total cost of the shares.
Accumulated Other Comprehensive Income (Loss)
The following tables summarize the changes in accumulated balances of other comprehensive income (loss):
Foreign Currency Translation
Adjustments		Change in Unrealized Gains (Losses) on Cash Flow HedgesTax (expense) benefitTotal
(in thousands)
Balances as of December 31, 2023$(103,922)$(155,730)$35,707 $(223,945)
Other comprehensive income (loss) before reclassifications
(73,052)229,144 (52,540)103,552 
Amounts reclassified from accumulated other comprehensive income (loss)
— 11,047 (2,533)8,514 
Net change in accumulated other comprehensive income (loss)
(73,052)240,191 (55,073)112,066 
Balances as of March 31, 2024$(176,974)$84,461 $(19,366)$(111,879)
Foreign Currency Translation
Adjustments		Change in Unrealized Gains (Losses) on Cash Flow HedgesTax (expense) benefitTotal
(in thousands)
Balances as of December 31, 2022$(217,306)$— $— $(217,306)
Other comprehensive income (loss) before reclassifications
25,611 — — 25,611 
Net change in accumulated other comprehensive income (loss)
25,611 — — 25,611 
Balances as of March 31, 2023$(191,695)$— $— $(191,695)
The following table summarizes the amounts reclassified from AOCI to the Consolidated Statement of Operations:
Three Months Ended
March 31, 2024
RevenuesCost of RevenuesProvision for Income TaxesTotal Reclassifications
(in thousands)
Gains (losses) on derivatives in cash flow hedging relationship
Foreign exchange contracts
Amount of gains (losses) reclassified from AOCI$(11,241)$194 $2,533 $(8,514)
No gains or losses on derivative instruments were reclassified from AOCI into the Consolidated Statements of Operations in the three months ended March 31, 2023.
v3.24.1.u1
Income Taxes
 3 Months Ended
Mar. 31, 2024
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
 Three Months Ended
 March 31,
2024		March 31,
2023
 (in thousands, except percentages)
Provision for income taxes$282,370 $163,754 
Effective tax rate11 %11 %
The effective tax rate for the three months ended March 31, 2024 differed from the Federal statutory rate primarily due to the foreign-derived intangible income deduction and excess tax benefits on stock-based compensation.
v3.24.1.u1
Segment and Geographic Information
 3 Months Ended
Mar. 31, 2024
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 $3.9 billion and $3.3 billion for the three months ended March 31, 2024 and 2023, 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, 2024 and December 31, 2023, were located as follows:
As of
March 31,
2024		December 31,
2023
(in thousands)
United States$2,747,928 $2,724,710 
International912,565 843,633 
v3.24.1.u1
Subsequent Event
 3 Months Ended
Mar. 31, 2024
Subsequent Events [Abstract]  
Subsequent Event Subsequent Event
On April 12, 2024, the Company entered into a new five-year revolving credit agreement that provides for a $3 billion unsecured revolving credit facility, subject to certain terms and conditions as set forth therein. Revolving loans will bear interest, at the Company’s option, at either (i) a floating rate per annum equal to a base rate (the “Alternate Base Rate”) plus an applicable margin or (ii) a per annum rate equal to an adjusted term SOFR rate (the “Adjusted Term SOFR Rate”) plus an applicable margin. The applicable margin for Alternate Base Rate loans will range from 0% to 0.25%, and the applicable margin for Adjusted Term SOFR Rate loans will range from 0.75% to 1.25%, each based on the Company’s credit ratings. As of April 22, 2024, there were no borrowings outstanding under the credit agreement.
v3.24.1.u1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Pay vs Performance Disclosure    
Net Income (Loss) $ 2,332,209 $ 1,305,120
v3.24.1.u1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2024
shares
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
The adoption or termination of contracts, instructions or written plans for the purchase or sale of our securities by our Section 16 officers and directors for the three months ended March 31, 2024, each of which is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act (“Rule 10b5-1 Plan”), were as follows:
NameTitleActionDate AdoptedExpiration DateAggregate # of Securities to be Purchased/Sold
Leslie Kilgore (1)
DirectorAdoption1/29/20244/23/20256,010
Anne Sweeney (2)
DirectorAdoption1/30/20244/25/20256,039
(1) Leslie Kilgore, a member of the Board of Directors, entered into a pre-arranged stock trading plan pursuant to Rule 10b5-1 on January 29, 2024. Ms. Kilgore's plan provides for the potential exercise of vested stock options and the associated sale of up to 6,010 shares of Netflix common stock. The plan expires on April 23, 2025, or upon the earlier completion of all authorized transactions under the plan.
(2) Anne Sweeney, a member of the Board of Directors, entered into a pre-arranged stock trading plan pursuant to Rule 10b5-1 on January 30, 2024. Ms. Sweeney's plan provides for the potential exercise of vested stock options and the associated sale of up to 6,039 shares of Netflix common stock. The plan expires on April 25, 2025, or upon the earlier completion of all authorized transactions under the plan.
Other than those disclosed above, none of our directors or officers adopted or terminated a "non-Rule 10b5-1 trading arrangement" as defined in Item 408 of Regulation S-K.
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
Leslie Kilgore [Member]  
Trading Arrangements, by Individual  
Name Leslie Kilgore
Title Director
Rule 10b5-1 Arrangement Adopted true
Adoption Date 1/29/2024
Arrangement Duration 450 days
Aggregate Available 6,010
Anne Sweeney [Member]  
Trading Arrangements, by Individual  
Name Anne Sweeney
Title Director
Rule 10b5-1 Arrangement Adopted true
Adoption Date 1/30/2024
Arrangement Duration 451 days
Aggregate Available 6,039
v3.24.1.u1
Basis of Presentation and Summary of Significant Accounting Policies (Policies)
 3 Months Ended
Mar. 31, 2024
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 amortization of content assets 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.
Derivative Financial Instruments
Derivative Financial Instruments
The Company uses derivative instruments to manage foreign exchange risk related to its ongoing business operations with the primary objective of reducing earnings and cash flow volatility associated with fluctuations in foreign exchange rates.
The Company recognizes derivative instruments at fair value as either assets (presented in “Other current assets” and “Other non-current assets”) or liabilities (presented in “Accrued expenses and other liabilities'' and “Other non-current liabilities”) on the Company’s Consolidated Balance Sheets. The Company classifies derivative instruments in the Level 2 category within the fair value hierarchy.
Cash flow hedges
The Company enters into forward contracts to manage the foreign exchange risk on forecasted revenue transactions denominated in currencies other than the U.S. dollar, as well as the foreign exchange risk on forecasted transactions and firm commitments related to the licensing and production of foreign currency-denominated content assets. These forward contracts are designated as cash flow hedges of foreign currency firm commitments and forecasted transactions and generally have maturities of 24 months or less. The hedging contracts may reduce, but do not entirely eliminate, the effect of foreign currency exchange movements, and the Company may choose not to hedge certain exposures.
The gain or loss on derivative instruments designated as cash flow hedges of forecasted foreign currency revenue is initially reported as a component of accumulated other comprehensive income (“AOCI”) and reclassified into “Revenues” on the Consolidated Statements of Operations in the same period the forecasted transaction affects earnings. The gain or loss on derivative instruments designated as cash flow hedges of firmly committed or forecasted transactions related to the licensing and production of content assets is initially reported as a component of AOCI and reclassified into “Cost of Revenues” on the Consolidated Statements of Operations in the same period the hedged transaction affects earnings, which occurs as the underlying hedged content assets are amortized. Cash flows from hedging activities are classified in the same category as the cash flows for the underlying item being hedged within "Net cash provided by operating activities" on the Consolidated Statements of Cash Flows.
In the event that the likelihood of occurrence of the underlying forecasted transactions is determined to be probable not to occur, the gains or losses on the related cash flow hedges are reclassified from AOCI to “Interest and other income (expense)” in the Consolidated Statements of Operations in the period of dedesignation.
Derivative instruments not designated as hedging instruments
The Company enters into forward contracts to manage the foreign exchange risk on intercompany transactions and monetary assets and liabilities that are not denominated in the functional currencies of the Company and its subsidiaries. These derivative instruments are not designated as hedging instruments and may reduce, but do not entirely eliminate, the effect of foreign currency exchange movements. The gain or loss on derivative instruments not designated as hedging instruments are recorded in “Interest and other income (expense)” in the Consolidated Statements of Operations. Cash flows related to these derivative instruments are classified within "Net cash provided by operating activities" on the Consolidated Statements of Cash Flows.
See Note 7 Derivative Financial Instruments to the consolidated financial statements for further information regarding the Company’s derivative financial instruments
Stock-based Compensation
Stock-based Compensation
The Company grants non-qualified stock options to its employees on a monthly basis. For certain executive officers, the Company grants restricted stock units ("RSUs") and performance-based restricted stock units ("PSUs"). Stock-based compensation expense is based on the fair value of the stock awards at the grant date and is recognized, net of forfeitures, over the requisite service period.
Recently issued accounting pronouncements not yet adopted
Recently issued accounting pronouncements not yet adopted
In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires public entities to disclose information about their reportable segments’ significant expenses and other segment items on an interim and annual basis. Public entities with a single reportable segment are required to apply the disclosure requirements in ASU 2023-07, as well as all existing segment disclosures and reconciliation requirements in ASC 280 on an interim and annual basis. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2023-07.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2023-09.
v3.24.1.u1
Revenue Recognition (Tables)
 3 Months Ended
Mar. 31, 2024
Revenue from Contract with Customer [Abstract]  
Schedule of Streaming Revenue, Paid Net Membership Additions, and Ending Paid Memberships by Region
The following tables summarize streaming revenues, paid net membership additions (losses), and ending paid memberships by region for the three months ended March 31, 2024 and March 31, 2023, respectively. Hedging gains and losses are included in “Streaming revenues” for the three months ended March 31, 2024. No hedge gains and losses were recognized as “Streaming revenues” in the comparative prior year period. See Note 7 Derivative Financial Instruments for further information.

United States and Canada (UCAN)
As of/Three Months Ended
 March 31,
2024		March 31,
2023
 (in thousands)
Streaming revenues$4,224,315 $3,608,645 
Paid net membership additions2,530 102 
Paid memberships at end of period (1)82,658 74,398 

Europe, Middle East, and Africa (EMEA)
As of/Three Months Ended
 March 31,
2024		March 31,
2023
 (in thousands)
Streaming revenues$2,958,193 $2,517,641 
Paid net membership additions2,916 644 
Paid memberships at end of period (1)91,729 77,373 
Latin America (LATAM)
As of/Three Months Ended
 March 31,
2024		March 31,
2023
 (in thousands)
Streaming revenues$1,165,008 $1,070,192 
Paid net membership additions (losses)1,723 (450)
Paid memberships at end of period (1)47,720 41,249 

Asia-Pacific (APAC)
As of/Three Months Ended
 March 31,
2024		March 31,
2023
 (in thousands)
Streaming revenues$1,022,924 $933,523 
Paid net membership additions2,157 1,455 
Paid memberships at end of period (1)47,495 39,478 
(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. Certain members have the option to add extra member sub accounts. These extra member sub accounts are not included in paid memberships. 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.
v3.24.1.u1
Earnings Per Share (Tables)
 3 Months Ended
Mar. 31, 2024
Earnings Per Share [Abstract]  
Schedule of Computation of Earnings Per Share The computation of earnings per share is as follows:
Three Months Ended
March 31,
2024		March 31,
2023
(in thousands, except per share data)
Basic earnings per share:
Net income
$2,332,209 $1,305,120 
Shares used in computation:
Weighted-average shares of common stock outstanding432,090 445,244 
Basic earnings per share$5.40 $2.93 
Diluted earnings per share:
Net income
$2,332,209 $1,305,120 
Shares used in computation:
Weighted-average shares of common stock outstanding432,090 445,244 
Effect of dilutive stock-based awards9,564 7,173 
Weighted-average number of shares441,654 452,417 
Diluted earnings per share$5.28 $2.88 
Schedule of Potential Common Shares Excluded from Diluted Calculation
The following table summarizes the potential shares of common stock excluded from the diluted calculation as their inclusion would have been anti-dilutive:
Three Months Ended
March 31,
2024		March 31,
2023
(in thousands)
Stock-based awards685 5,847 
v3.24.1.u1
Cash, Cash Equivalents, Restricted Cash, and Short-term Investments (Tables)
 3 Months Ended
Mar. 31, 2024
Short-Term Investments And Fair Value Measurement [Abstract]  
Schedule of Cash, Restricted Cash and Short-term Investments
The following tables summarize the Company's cash, cash equivalents, restricted cash and short-term investments as of March 31, 2024 and December 31, 2023:

 As of March 31, 2024
 Cash and cash equivalentsShort-term investmentsOther Current AssetsNon-current AssetsTotal
 (in thousands)
Cash$6,169,888 $— $1,690 $78 $6,171,656 
Level 1 securities:
Money market funds573,922 — — 55 573,977 
Level 2 securities:
Time Deposits (1)280,956 20,973 — — 301,929 
$7,024,766 $20,973 $1,690 $133 $7,047,562 


 As of December 31, 2023
 Cash and cash equivalentsShort-term investmentsOther Current AssetsNon-current AssetsTotal
 (in thousands)
Cash$5,986,629 $— $1,466 $81 $5,988,176 
Level 1 securities:
Money market funds925,652 — — 55 925,707 
Level 2 securities:
Time Deposits (1)204,632 20,973 — — 225,605 
$7,116,913 $20,973 $1,466 $136 $7,139,488 
(1) The majority of the Company's time deposits are international deposits, which mature within one year.
v3.24.1.u1
Balance Sheet Components (Tables)
 3 Months Ended
Mar. 31, 2024
Balance Sheet Related Disclosures [Abstract]  
Schedule off Content Assets
Content assets consisted of the following:
As of
March 31,
2024		December 31,
2023
(in thousands)
Licensed content, net
$12,549,546 $12,722,701 
Produced content, net
Released, less amortization
9,917,832 9,843,150 
In production
8,242,560 8,247,578 
In development and pre-production
952,162 844,627 
19,112,554 18,935,355 

Content assets, net
$31,662,100 $31,658,056 
Schedule of Amortization of Streaming Content Assets
The following table represents the amortization of content assets:
Three Months Ended
 March 31,
2024		March 31,
2023
(in thousands)
Licensed content$1,835,117 $1,723,678 
Produced content1,835,688 1,736,306 
Total$3,670,805 $3,459,984 
Schedule of Property and Equipment, Net
Property and equipment and accumulated depreciation consisted of the following:
As of
March 31,
2024		December 31,
2023		Estimated Useful Lives
(in thousands)
Land
$88,468 $88,429 
Buildings
156,345 150,736 30 years
Leasehold improvements
1,043,759 1,032,492 Over life of lease
Furniture and fixtures
139,968 144,737 
3 years
Information technology
399,742 414,092 3 years
Corporate aircraft
99,175 99,175 
8-10 years
Machinery and equipment
10,632 10,334 
3-5 years
Capital work-in-progress
447,682 406,492 
Property and equipment, gross
2,385,771 2,346,487 
Less: Accumulated depreciation
(884,603)(855,043)
Property and equipment, net
$1,501,168 $1,491,444 
Schedule of 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
March 31,
2024		March 31,
2023
(in thousands)
Cash paid for operating lease liabilities$125,306 $113,407 
Right-of-use assets obtained in exchange for new operating lease obligations183,962 20,894 

As of
March 31,
2024		December 31,
2023
(in thousands)
Operating lease right-of-use assets, net$2,159,325 $2,076,899 
Current operating lease liabilities397,628 383,312 
Non-current operating lease liabilities2,098,004 2,046,801 
Total operating lease liabilities$2,495,632 $2,430,113 
Schedule of Other Current Assets
Other current assets consisted of the following:
As of
March 31,
2024		December 31,
2023
(in thousands)
Trade receivables
$1,228,691 $1,287,054 
Prepaid expenses
454,145 408,936 
Other
1,192,738 1,084,257 
Total other current assets
$2,875,574 $2,780,247 
v3.24.1.u1
Debt (Tables)
 3 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Long-term Debt Instruments
The following table provides a summary of the Company's outstanding debt and the fair values based on quoted market prices in less active markets as of March 31, 2024 and December 31, 2023:
Principal Amount at ParLevel 2 Fair Value as of
March 31,
2024		December 31,
2023		Issuance DateMaturityMarch 31,
2024		December 31,
2023
(in millions)(in millions)
5.750% Senior Notes
$— $400 February 2014March 2024$— $400 
5.875% Senior Notes
800 800 February 2015February 2025803 807 
3.000% Senior Notes (1)
507 519 April 2020June 2025503 516 
3.625% Senior Notes
500 500 April 2020June 2025490 491 
4.375% Senior Notes
1,000 1,000 October 2016November 2026985 996 
3.625% Senior Notes (1)
1,401 1,434 May 2017May 20271,416 1,454 
4.875% Senior Notes
1,600 1,600 October 2017April 20281,598 1,621 
5.875% Senior Notes
1,900 1,900 April 2018November 20281,976 2,009 
4.625% Senior Notes (1)
1,187 1,215 October 2018May 20291,256 1,300 
6.375% Senior Notes
800 800 October 2018May 2029853 872 
3.875% Senior Notes (1)
1,295 1,325 April 2019November 20291,325 1,372 
5.375% Senior Notes
900 900 April 2019November 2029920 931 
3.625% Senior Notes (1)
1,187 1,215 October 2019June 20301,199 1,237 
4.875% Senior Notes
1,000 1,000 October 2019June 2030994 1,012 
$14,077 $14,608 $14,318 $15,018 
(1) The following Senior Notes have a principal amount denominated in euro: 3.000% Senior Notes for €470 million, 3.625% Senior Notes for €1,300 million, 4.625% Senior Notes for €1,100 million, 3.875% Senior Notes for €1,200 million, and 3.625% Senior Notes for €1,100 million.
v3.24.1.u1
Derivative Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Notional Amounts of Outstanding Foreign Currency Cash Flow Hedges
The net notional amounts of the Company’s outstanding derivative instruments were as follows:
As of 
March 31,
2024		December 31,
2023
(in thousands)
Derivatives designated as hedging instruments:
Foreign exchange contracts
Cash flow hedges
$9,734,421 $8,783,273 
Derivatives not designated as hedging instruments:
Foreign exchange contracts526,681 — 
Total
$10,261,102 $8,783,273 
Schedule of Fair Value of Derivative Contracts
The fair value of the Company’s outstanding derivative instruments was as follows:
 As of March 31, 2024
Derivative AssetsDerivative Liabilities
 Other current assetsOther non-current assetsAccrued expenses and other liabilitiesOther non-current liabilities
 (in thousands)
Derivatives designated as hedging instruments:
Foreign exchange contracts$102,960 $27,812 $41,788 $7,548 
Derivatives not designated as hedging instruments:
Foreign exchange contracts2,975 — 628 — 
Total$105,935 $27,812 $42,416 $7,548 
 As of December 31, 2023
Derivative AssetsDerivative Liabilities
 Other current assetsOther non-current assetsAccrued expenses and other liabilitiesOther non-current liabilities
 (in thousands)
Derivatives designated as hedging instruments:
Foreign exchange contracts$26,416 $4,518 $140,089 $46,575 
Derivatives not designated as hedging instruments:
Foreign exchange contracts— — — — 
Total$26,416 $4,518 $140,089 $46,575 
Schedule of Offsetting Derivative Assets and Liabilities
The potential offsetting effect to the Company’s derivative assets and liabilities under its master netting agreements and collateral security agreements were as follows:

 As of March 31, 2024
Gross Amount Not Offset in the Consolidated Balance Sheets
 Gross Amount Recognized in the Consolidated Balance SheetsGross Amount Offset in the Consolidated Balance SheetsNet Amount Presented in the Consolidated Balance SheetsFinancial InstrumentsCollateral Received and PostedNet Amount
 (in thousands)
Derivative assets$133,747 $— $133,747 $(29,781)$— $103,966 
Derivative liabilities49,964 — 49,964 (29,781)— 20,183 
 As of December 31, 2023
Gross Amount Not Offset in the Consolidated Balance Sheets
 Gross Amount Recognized in the Consolidated Balance SheetsGross Amount Offset in the Consolidated Balance SheetsNet Amount Presented in the Consolidated Balance SheetsFinancial InstrumentsCollateral Received and PostedNet Amount
 (in thousands)
Derivative assets$30,934 $— $30,934 $(27,246)$— $3,688 
Derivative liabilities186,664 — 186,664 (27,246)— 159,418 
Schedule of Gains (Losses) on Cash Flow Hedges Recognized in AOCI
The pre-tax gains (losses) on the Company’s cash flow hedges recognized in AOCI were as follows:
Three Months Ended
March 31,
2024		March 31,
2023
(in thousands)
Cash flow hedges:
Foreign exchange contracts (1)
Amount included in the assessment of effectiveness$229,144 $— 
Total$229,144 $— 
(1) No amounts were excluded from the assessment of effectiveness.
Schedule of Gains (Losses) on Derivative Instruments Recognized in the Consolidated Statement of Operations
The gains (losses) on derivative instruments recognized in the Consolidated Statement of Operations were as follows:
Three Months Ended
March 31, 2024
RevenuesCost of RevenuesInterest and other income (expense)
(in thousands)
Total amounts presented in the Consolidated Statements of Operations$9,370,440 $4,977,073 $155,359 
Gains (losses) on derivatives in cash flow hedging relationship
Foreign exchange contracts
Amount of gains (losses) reclassified from AOCI(11,241)194 — 
Gains (losses) on derivatives not designated as hedging instruments
Foreign exchange contracts— — 4,266 
v3.24.1.u1
Commitments and Contingencies (Tables)
 3 Months Ended
Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
Summary of Expected Timing of Payments for Streaming Content Obligations
The expected timing of payments for these content obligations is as follows:
As of 
March 31,
2024		December 31,
2023
(in thousands)
Less than one year
$11,066,048 $10,328,923 
Due after one year and through three years
9,378,186 8,784,302 
Due after three years and through five years
2,820,168 2,016,358 
Due after five years
930,598 583,766 
Total content obligations
$24,195,000 $21,713,349 
v3.24.1.u1
Stockholders' Equity (Tables)
 3 Months Ended
Mar. 31, 2024
Stockholders' Equity Note [Abstract]  
Schedule of Activity Related to Stock Option Plans
The following table summarizes the activities related to the Company’s stock options:
Options Outstanding
Number of
Shares		Weighted-
Average
Exercise Price
(per share)
Balances as of December 31, 202319,695,109 $268.86 
Granted
198,574 526.29
Exercised
(1,768,956)151.68 
Expired
(1,181)57.46 
Balances as of March 31, 202418,123,546 $283.13 
Vested and expected to vest as of March 31, 202418,123,546 $283.13 
Exercisable as of March 31, 202417,919,888 $281.72 
Schedule of Unvested Restricted Stock Units
The following table summarizes the activities related to the Company’s unvested RSUs and PSUs:
Unvested Restricted Stock Units
Number of
Shares		Weighted-
Average
Grant-Date Fair Value
(per share)
Balances as of December 31, 2023— $— 
Granted
159,978 686.36
Vested
(6,663)562.00 
Forfeited
— — 
Balances as of March 31, 2024153,315 $691.76 
Schedule of Changes in Accumulated Other Comprehensive Income (Loss)
The following tables summarize the changes in accumulated balances of other comprehensive income (loss):
Foreign Currency Translation
Adjustments		Change in Unrealized Gains (Losses) on Cash Flow HedgesTax (expense) benefitTotal
(in thousands)
Balances as of December 31, 2023$(103,922)$(155,730)$35,707 $(223,945)
Other comprehensive income (loss) before reclassifications
(73,052)229,144 (52,540)103,552 
Amounts reclassified from accumulated other comprehensive income (loss)
— 11,047 (2,533)8,514 
Net change in accumulated other comprehensive income (loss)
(73,052)240,191 (55,073)112,066 
Balances as of March 31, 2024$(176,974)$84,461 $(19,366)$(111,879)
Foreign Currency Translation
Adjustments		Change in Unrealized Gains (Losses) on Cash Flow HedgesTax (expense) benefitTotal
(in thousands)
Balances as of December 31, 2022$(217,306)$— $— $(217,306)
Other comprehensive income (loss) before reclassifications
25,611 — — 25,611 
Net change in accumulated other comprehensive income (loss)
25,611 — — 25,611 
Balances as of March 31, 2023$(191,695)$— $— $(191,695)
The following table summarizes the amounts reclassified from AOCI to the Consolidated Statement of Operations:
Three Months Ended
March 31, 2024
RevenuesCost of RevenuesProvision for Income TaxesTotal Reclassifications
(in thousands)
Gains (losses) on derivatives in cash flow hedging relationship
Foreign exchange contracts
Amount of gains (losses) reclassified from AOCI$(11,241)$194 $2,533 $(8,514)
v3.24.1.u1
Income Taxes (Tables)
 3 Months Ended
Mar. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of Components of Provision for Income Taxes
 Three Months Ended
 March 31,
2024		March 31,
2023
 (in thousands, except percentages)
Provision for income taxes$282,370 $163,754 
Effective tax rate11 %11 %
v3.24.1.u1
Segment and Geographic Information (Tables)
 3 Months Ended
Mar. 31, 2024
Segment Reporting [Abstract]  
Schedule of 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, 2024 and December 31, 2023, were located as follows:
As of
March 31,
2024		December 31,
2023
(in thousands)
United States$2,747,928 $2,724,710 
International912,565 843,633 
v3.24.1.u1
Basis of Presentation and Summary of Significant Accounting Policies - Narrative (Details)
 3 Months Ended
Mar. 31, 2024
Derivatives designated as hedging instruments: | Cash flow hedges  
Organization And Summary Of Significant Accounting Policies [Line Items]  
Derivative, term ofcontract 24 months
v3.24.1.u1
Revenue Recognition - Revenue and Membership Information (Details)
membership in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2024
USD ($)
membership
Mar. 31, 2023
USD ($)
membership
Disaggregation of Revenue [Line Items]    
Revenues | $ $ 9,370,440 $ 8,161,503
Streaming | United States and Canada    
Disaggregation of Revenue [Line Items]    
Revenues | $ $ 4,224,315 $ 3,608,645
Paid net membership additions (losses) (in memberships) 2,530 102
Paid memberships at end of period (in memberships) 82,658 74,398
Streaming | Europe, Middle East, and Africa    
Disaggregation of Revenue [Line Items]    
Revenues | $ $ 2,958,193 $ 2,517,641
Paid net membership additions (losses) (in memberships) 2,916 644
Paid memberships at end of period (in memberships) 91,729 77,373
Streaming | Latin America    
Disaggregation of Revenue [Line Items]    
Revenues | $ $ 1,165,008 $ 1,070,192
Paid net membership additions (losses) (in memberships) 1,723 (450)
Paid memberships at end of period (in memberships) 47,720 41,249
Streaming | Asia-Pacific    
Disaggregation of Revenue [Line Items]    
Revenues | $ $ 1,022,924 $ 933,523
Paid net membership additions (losses) (in memberships) 2,157 1,455
Paid memberships at end of period (in memberships) 47,495 39,478
v3.24.1.u1
Revenue Recognition - Additional Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Mar. 31, 2024
Revenue from Contract with Customer [Abstract]    
Deferred revenue $ 1,442,969 $ 1,469,484
Increase in deferred revenue $ 27,000  
v3.24.1.u1
Earnings Per Share - Calculation of EPS (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Basic earnings per share:    
Net income $ 2,332,209 $ 1,305,120
Weighted-average common shares outstanding (in shares) 432,090 445,244
Basic earnings per share (in USD per share) $ 5.40 $ 2.93
Diluted earnings per share:    
Net income $ 2,332,209 $ 1,305,120
Shares used in computation:    
Weighted-average common shares outstanding (in shares) 432,090 445,244
Effect of dilutive stock-based awards (in shares) 9,564 7,173
Weighted-average number of shares (in shares) 441,654 452,417
Diluted earnings per share (in USD per share) $ 5.28 $ 2.88
v3.24.1.u1
Earnings Per Share - Antidilutive Shares (Details) - shares
shares in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Earnings Per Share [Abstract]    
Antidilutive securities excluded from earnings per share calculations (in shares) 685 5,847
v3.24.1.u1
Cash, Cash Equivalents, Restricted Cash, and Short-term Investments (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Cash and Cash Equivalents [Line Items]    
Cash, cash equivalents, and short-term investments $ 7,047,562 $ 7,139,488
Cash and cash equivalents    
Cash and Cash Equivalents [Line Items]    
Cash, cash equivalents, and short-term investments 7,024,766 7,116,913
Short-term investments    
Cash and Cash Equivalents [Line Items]    
Cash, cash equivalents, and short-term investments 20,973 20,973
Other Current Assets    
Cash and Cash Equivalents [Line Items]    
Cash, cash equivalents, and short-term investments 1,690 1,466
Non-current Assets    
Cash and Cash Equivalents [Line Items]    
Cash, cash equivalents, and short-term investments 133 136
Cash    
Cash and Cash Equivalents [Line Items]    
Cash, cash equivalents, and short-term investments 6,171,656 5,988,176
Cash | Cash and cash equivalents    
Cash and Cash Equivalents [Line Items]    
Cash, cash equivalents, and short-term investments 6,169,888 5,986,629
Cash | Short-term investments    
Cash and Cash Equivalents [Line Items]    
Cash, cash equivalents, and short-term investments 0 0
Cash | Other Current Assets    
Cash and Cash Equivalents [Line Items]    
Cash, cash equivalents, and short-term investments 1,690 1,466
Cash | Non-current Assets    
Cash and Cash Equivalents [Line Items]    
Cash, cash equivalents, and short-term investments 78 81
Money market funds | Level 1 securities:    
Cash and Cash Equivalents [Line Items]    
Cash, cash equivalents, and short-term investments 573,977 925,707
Money market funds | Cash and cash equivalents | Level 1 securities:    
Cash and Cash Equivalents [Line Items]    
Cash, cash equivalents, and short-term investments 573,922 925,652
Money market funds | Short-term investments | Level 1 securities:    
Cash and Cash Equivalents [Line Items]    
Cash, cash equivalents, and short-term investments 0 0
Money market funds | Other Current Assets | Level 1 securities:    
Cash and Cash Equivalents [Line Items]    
Cash, cash equivalents, and short-term investments 0 0
Money market funds | Non-current Assets | Level 1 securities:    
Cash and Cash Equivalents [Line Items]    
Cash, cash equivalents, and short-term investments 55 55
Time Deposits | Level 2 securities:    
Cash and Cash Equivalents [Line Items]    
Cash, cash equivalents, and short-term investments 301,929 225,605
Time Deposits | Cash and cash equivalents | Level 2 securities:    
Cash and Cash Equivalents [Line Items]    
Cash, cash equivalents, and short-term investments 280,956 204,632
Time Deposits | Short-term investments | Level 2 securities:    
Cash and Cash Equivalents [Line Items]    
Cash, cash equivalents, and short-term investments 20,973 20,973
Time Deposits | Other Current Assets | Level 2 securities:    
Cash and Cash Equivalents [Line Items]    
Cash, cash equivalents, and short-term investments 0 0
Time Deposits | Non-current Assets | Level 2 securities:    
Cash and Cash Equivalents [Line Items]    
Cash, cash equivalents, and short-term investments $ 0 $ 0
v3.24.1.u1
Balance Sheet Components - Components of Content Assets (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]      
Content assets, net $ 31,662,100   $ 31,658,056
Amortization of content assets 3,670,805 $ 3,459,984  
Licensed content      
Finite-Lived Intangible Assets [Line Items]      
Net content 12,549,546   12,722,701
Amortization of content assets 1,835,117 1,723,678  
Produced content      
Finite-Lived Intangible Assets [Line Items]      
Net content 9,917,832   9,843,150
In production 8,242,560   8,247,578
In development and pre-production 952,162   844,627
Content assets, net 19,112,554   $ 18,935,355
Amortization of content assets $ 1,835,688 $ 1,736,306  
v3.24.1.u1
Balance Sheet Components - Property and Equipment and Accumulated Depreciation (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 2,385,771 $ 2,346,487
Less: Accumulated depreciation (884,603) (855,043)
Property and equipment, net 1,501,168 1,491,444
Land    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 88,468 88,429
Buildings    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 156,345 150,736
Estimated Useful Lives 30 years  
Leasehold improvements    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 1,043,759 1,032,492
Furniture and fixtures    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 139,968 144,737
Estimated Useful Lives 3 years  
Information technology    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 399,742 414,092
Estimated Useful Lives 3 years  
Corporate aircraft    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 99,175 99,175
Corporate aircraft | Minimum    
Property, Plant and Equipment [Line Items]    
Estimated Useful Lives 8 years  
Corporate aircraft | Maximum    
Property, Plant and Equipment [Line Items]    
Estimated Useful Lives 10 years  
Machinery and equipment    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 10,632 10,334
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 $ 447,682 $ 406,492
v3.24.1.u1
Balance Sheet Components - Leases (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2023
Leases [Abstract]      
Cash paid for operating lease liabilities $ 125,306 $ 113,407  
Right-of-use assets obtained in exchange for new operating lease obligations 183,962 $ 20,894  
Operating lease right-of-use assets, net 2,159,325   $ 2,076,899
Current operating lease liabilities 397,628   383,312
Non-current operating lease liabilities 2,098,004   2,046,801
Total operating lease liabilities $ 2,495,632   $ 2,430,113
v3.24.1.u1
Balance Sheet Components - Other Current Assets (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Balance Sheet Related Disclosures [Abstract]    
Trade receivables $ 1,228,691 $ 1,287,054
Prepaid expenses 454,145 408,936
Other 1,192,738 1,084,257
Total other current assets $ 2,875,574 $ 2,780,247
v3.24.1.u1
Debt - Narrative (Details)
$ in Thousands
 1 Months Ended 3 Months Ended
Mar. 31, 2024
USD ($)
Mar. 31, 2024
USD ($)
Mar. 31, 2023
USD ($)
Mar. 31, 2024
EUR (€)
Dec. 31, 2023
USD ($)
Debt Instrument [Line Items]          
Aggregate outstanding notes $ 14,016,000 $ 14,016,000     $ 14,543,000
Debt issuance costs 61,000 61,000     65,000
Short-term debt 798,936 798,936     399,844
Long-term notes denominated in foreign currency 14,077,000 14,077,000     14,608,000
Foreign currency remeasurement gain on debt   130,801 $ (80,651)    
Repayments of debt   400,000 $ 0    
Senior Notes          
Debt Instrument [Line Items]          
Long-term notes denominated in foreign currency | €       € 5,170,000,000  
Foreign currency remeasurement gain on debt   $ 131,000      
Redemption price, percent of outstanding principal   101.00%      
Senior Notes | 5.750% Senior Notes          
Debt Instrument [Line Items]          
Long-term notes denominated in foreign currency 0 $ 0     $ 400,000
Repayments of debt $ 400,000        
Interest rate 5.75% 5.75%   5.75% 5.75%
v3.24.1.u1
Debt - Schedule of Long-term Debt (Details)
$ in Millions
Mar. 31, 2024
EUR (€)
Mar. 31, 2024
USD ($)
Dec. 31, 2023
EUR (€)
Dec. 31, 2023
USD ($)
Debt Instrument [Line Items]        
Face amount   $ 14,077   $ 14,608
Long-term debt, fair value   $ 14,318   $ 15,018
Senior Notes        
Debt Instrument [Line Items]        
Face amount | € € 5,170,000,000      
Senior Notes | 5.750% Senior Notes        
Debt Instrument [Line Items]        
Interest rate 5.75% 5.75% 5.75% 5.75%
Face amount   $ 0   $ 400
Long-term debt, fair value   $ 0   $ 400
Senior Notes | 5.875% Senior Notes        
Debt Instrument [Line Items]        
Interest rate 5.875% 5.875% 5.875% 5.875%
Face amount   $ 800   $ 800
Long-term debt, fair value   $ 803   $ 807
Senior Notes | 3.000% Senior Notes        
Debt Instrument [Line Items]        
Interest rate 3.00% 3.00% 3.00% 3.00%
Face amount € 470,000,000 $ 507 € 470,000,000 $ 519
Long-term debt, fair value   $ 503   $ 516
Senior Notes | 3.625% Senior Notes        
Debt Instrument [Line Items]        
Interest rate 3.625% 3.625% 3.625% 3.625%
Face amount   $ 500   $ 500
Long-term debt, fair value   $ 490   $ 491
Senior Notes | 4.375% Senior Notes        
Debt Instrument [Line Items]        
Interest rate 4.375% 4.375% 4.375% 4.375%
Face amount   $ 1,000   $ 1,000
Long-term debt, fair value   $ 985   $ 996
Senior Notes | 3.625% Senior Notes        
Debt Instrument [Line Items]        
Interest rate 3.625% 3.625% 3.625% 3.625%
Face amount € 1,300,000,000 $ 1,401 € 1,300,000,000 $ 1,434
Long-term debt, fair value   $ 1,416   $ 1,454
Senior Notes | 4.875% Senior Notes        
Debt Instrument [Line Items]        
Interest rate 4.875% 4.875% 4.875% 4.875%
Face amount   $ 1,600   $ 1,600
Long-term debt, fair value   $ 1,598   $ 1,621
Senior Notes | 5.875% Senior Notes        
Debt Instrument [Line Items]        
Interest rate 5.875% 5.875% 5.875% 5.875%
Face amount   $ 1,900   $ 1,900
Long-term debt, fair value   $ 1,976   $ 2,009
Senior Notes | 4.625% Senior Notes        
Debt Instrument [Line Items]        
Interest rate 4.625% 4.625% 4.625% 4.625%
Face amount € 1,100,000,000 $ 1,187 € 1,100,000,000 $ 1,215
Long-term debt, fair value   $ 1,256   $ 1,300
Senior Notes | 6.375% Senior Notes        
Debt Instrument [Line Items]        
Interest rate 6.375% 6.375% 6.375% 6.375%
Face amount   $ 800   $ 800
Long-term debt, fair value   $ 853   $ 872
Senior Notes | 3.875% Senior Notes        
Debt Instrument [Line Items]        
Interest rate 3.875% 3.875% 3.875% 3.875%
Face amount € 1,200,000,000 $ 1,295 € 1,200,000,000 $ 1,325
Long-term debt, fair value   $ 1,325   $ 1,372
Senior Notes | 5.375% Senior Notes        
Debt Instrument [Line Items]        
Interest rate 5.375% 5.375% 5.375% 5.375%
Face amount   $ 900   $ 900
Long-term debt, fair value   $ 920   $ 931
Senior Notes | 3.625% Senior Notes        
Debt Instrument [Line Items]        
Interest rate 3.625% 3.625% 3.625% 3.625%
Face amount € 1,100,000,000 $ 1,187 € 1,100,000,000 $ 1,215
Long-term debt, fair value   $ 1,199   $ 1,237
Senior Notes | 4.875% Senior Notes        
Debt Instrument [Line Items]        
Interest rate 4.875% 4.875% 4.875% 4.875%
Face amount   $ 1,000   $ 1,000
Long-term debt, fair value   $ 994   $ 1,012
v3.24.1.u1
Debt - Revolving Line of Credit (Details) - Revolving Credit Facility - USD ($)
 3 Months Ended
Mar. 31, 2024
Mar. 06, 2023
Line of Credit Facility [Line Items]    
Line of credit facility, maximum borrowing capacity $ 3,000,000,000 $ 1,000,000,000
Amount borrowed $ 0  
Commitment fee percentage 0.10%  
Line of credit, agreement term 5 years  
London ​Interbank ​Offered ​Rate (​LIBOR) 1    
Line of Credit Facility [Line Items]    
Applicable margin on variable rate 0.75%  
Federal Funds Rate    
Line of Credit Facility [Line Items]    
Applicable margin on variable rate 0.50%  
One-Month LIBOR Rate    
Line of Credit Facility [Line Items]    
Applicable margin on variable rate 1.00%  
One-Month LIBOR Rate | Minimum    
Line of Credit Facility [Line Items]    
Applicable margin on variable rate 0.00%  
v3.24.1.u1
Derivative Financial Instruments - Notional Amount of Derivative Contracts (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Total $ 10,261,102 $ 8,783,273
Foreign exchange contracts | Derivatives not designated as hedging instruments:    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Total 526,681 0
Foreign exchange contracts | Cash flow hedges | Derivatives designated as hedging instruments:    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Total $ 9,734,421 $ 8,783,273
v3.24.1.u1
Derivative Financial Instruments - Fair Value of Derivative Contracts (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Derivative Assets $ 133,747 $ 30,934
Derivative Liabilities 49,964 186,664
Other current assets | Derivatives designated as hedging instruments:    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Derivative Assets   26,416
Other current assets | Derivatives not designated as hedging instruments:    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Derivative Assets 105,935  
Other current assets | Foreign exchange contracts | Derivatives designated as hedging instruments:    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Derivative Assets 102,960 26,416
Other current assets | Foreign exchange contracts | Derivatives not designated as hedging instruments:    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Derivative Assets 2,975 0
Other non-current assets | Derivatives designated as hedging instruments:    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Derivative Assets   4,518
Other non-current assets | Derivatives not designated as hedging instruments:    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Derivative Assets 27,812  
Other non-current assets | Foreign exchange contracts | Derivatives designated as hedging instruments:    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Derivative Assets 27,812 4,518
Other non-current assets | Foreign exchange contracts | Derivatives not designated as hedging instruments:    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Derivative Assets 0 0
Accrued expenses and other liabilities | Derivatives designated as hedging instruments:    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Derivative Liabilities   140,089
Accrued expenses and other liabilities | Derivatives not designated as hedging instruments:    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Derivative Liabilities 42,416  
Accrued expenses and other liabilities | Foreign exchange contracts | Derivatives designated as hedging instruments:    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Derivative Liabilities 41,788 140,089
Accrued expenses and other liabilities | Foreign exchange contracts | Derivatives not designated as hedging instruments:    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Derivative Liabilities 628 0
Other non-current liabilities | Derivatives designated as hedging instruments:    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Derivative Liabilities   46,575
Other non-current liabilities | Derivatives not designated as hedging instruments:    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Derivative Liabilities 7,548  
Other non-current liabilities | Foreign exchange contracts | Derivatives designated as hedging instruments:    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Derivative Liabilities 7,548 46,575
Other non-current liabilities | Foreign exchange contracts | Derivatives not designated as hedging instruments:    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Derivative Liabilities $ 0 $ 0
v3.24.1.u1
Derivative Financial Instruments - Narrative (Details)
$ in Millions
Mar. 31, 2024
USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Foreign currency cash flow hedges included in AOCI expected to be reclassified to earnings within the next 12 months $ 60
v3.24.1.u1
Derivative Financial Instruments - Offsetting Derivative Assets and Liabilities (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Derivative assets    
Gross Amount Recognized in the Consolidated Balance Sheets $ 133,747 $ 30,934
Gross Amount Offset in the Consolidated Balance Sheets 0 0
Net Amount Presented in the Consolidated Balance Sheets 133,747 30,934
Financial Instruments (29,781) (27,246)
Collateral Received and Posted 0 0
Net Amount 103,966 3,688
Derivative liabilities    
Gross Amount Recognized in the Consolidated Balance Sheets 49,964 186,664
Gross Amount Offset in the Consolidated Balance Sheets 0 0
Net Amount Presented in the Consolidated Balance Sheets 49,964 186,664
Financial Instruments (29,781) (27,246)
Collateral Received and Posted 0 0
Net Amount $ 20,183 $ 159,418
v3.24.1.u1
Derivative Financial Instruments - Effect of Derivative Instruments on Consolidated Financial Statements (Details) - Cash flow hedges - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Amount included in the assessment of effectiveness $ 229,144 $ 0
Foreign exchange contracts    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Amount included in the assessment of effectiveness $ 229,144 $ 0
v3.24.1.u1
Derivative Financial Instruments - Gains (Losses) on Derivative Instruments Recognized in the Consolidated Statement of Operations (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Total amounts presented in the Consolidated Statements of Operations $ 9,370,440 $ 8,161,503
Total amounts presented in the Consolidated Statements of Operations 4,977,073 4,803,625
Total amounts presented in the Consolidated Statements of Operations 155,359 $ (71,204)
Foreign exchange contracts | Revenues    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Amount of gains (losses) reclassified from AOCI (11,241)  
Gains (losses) on derivatives not designated as hedging instruments 0  
Foreign exchange contracts | Cost of Revenues    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Amount of gains (losses) reclassified from AOCI 194  
Gains (losses) on derivatives not designated as hedging instruments 0  
Foreign exchange contracts | Interest and other income (expense)    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Amount of gains (losses) reclassified from AOCI 0  
Gains (losses) on derivatives not designated as hedging instruments $ 4,266  
v3.24.1.u1
Commitments and Contingencies - Streaming Content (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Contractual Obligation [Line Items]    
Total streaming content obligations $ 24,195,000 $ 21,713,349
Current content liabilities 4,436,021 4,466,470
Non-current content liabilities 2,370,692 2,578,173
Unrecorded streaming obligations 17,400,000 14,600,000
Non-income Tax Assessments | Brazilian Tax Authorities    
Contractual Obligation [Line Items]    
Indemnification guarantee accrual 300,000  
Current Content Liabilities    
Contractual Obligation [Line Items]    
Current content liabilities 4,400,000 4,500,000
Non-current Content Liabilities    
Contractual Obligation [Line Items]    
Non-current content liabilities $ 2,400,000 $ 2,600,000
v3.24.1.u1
Commitments and Contingencies - Expected Timing of Payments for Commitments (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]    
Less than one year $ 11,066,048 $ 10,328,923
Due after one year and through three years 9,378,186 8,784,302
Due after three years and through five years 2,820,168 2,016,358
Due after five years 930,598 583,766
Total content obligations $ 24,195,000 $ 21,713,349
v3.24.1.u1
Commitments and Contingencies - Guarantees—Indemnification Obligations (Details)
Mar. 31, 2024
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
Other commitment $ 0
v3.24.1.u1
Stockholders' Equity - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Expiration period (in years) 10 years  
Foreign exchange contracts    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Amount of gains (losses) reclassified from AOCI $ (8,514) $ 0
RSUs    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Award vesting period 3 years  
PSUs | Minimum    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Award vesting period 1 year  
PSUs | Maximum    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Award vesting period 3 years  
Executive Officer    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Award vesting period 1 year  
v3.24.1.u1
Stockholders' Equity - Schedule of Activity Related to Stock Option Plans (Details)
 3 Months Ended
Mar. 31, 2024
$ / shares
shares
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward]  
Options outstanding, number of shares, beginning balance (in shares) | shares 19,695,109
Options outstanding, number of shares granted (in shares) | shares 198,574
Options outstanding, number of shares, exercised (in shares) | shares (1,768,956)
Options outstanding, number of shares expired (in shares) | shares (1,181)
Options outstanding, number of shares, ending balance (in shares) | shares 18,123,546
Options outstanding, number of shares, vested and expected to vest (in shares) | shares 18,123,546
Options outstanding, number of shares, exercisable (in shares) | shares 17,919,888
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]  
Options outstanding, weighted-average exercise price, beginning balance (in USD per share) | $ / shares $ 268.86
Options outstanding, weighted-average exercise price, granted (in USD per share) | $ / shares 526.29
Options outstanding, weighted-average exercise price, exercised (in USD per share) | $ / shares 151.68
Options expired, weighted-average exercise price (in USD per share) | $ / shares 57.46
Options outstanding, weighted-average exercise price, ending balance (in USD per share) | $ / shares 283.13
Options outstanding, weighted-average exercise price, vested and expected to vest (in USD per share) | $ / shares 283.13
Options outstanding, weighted-average exercise price, vested and exercisable (in USD per share) | $ / shares $ 281.72
v3.24.1.u1
Stockholders' Equity - Schedule of Activity Related to Unvested RSUs and PSUs (Details) - RSUs
 3 Months Ended
Mar. 31, 2024
$ / shares
shares
Number of Shares  
Non-options outstanding, number of shares, beginning balance (in shares) | shares 0
Non-options outstanding, number of shares, granted (in shares) | shares 159,978
Non-options outstanding, number of shares, vested (in shares) | shares (6,663)
Non-options outstanding, number of shares forfeited (in shares) | shares 0
Non-options outstanding, number of shares, ending balance (in shares) | shares 153,315
Weighted- Average Grant-Date Fair Value (per share)  
Non-options outstanding, weighted-average exercise price, beginning balance (in USD per share) | $ / shares $ 0
Non-options outstanding, weighted-average, granted (in USD per share) | $ / shares 686.36
Non-options outstanding, weighted-average, vested (in USD per share) | $ / shares 562.00
Non-options outstanding, weighted-average, forfeited (in USD per share) | $ / shares 0
Non-options outstanding, weighted-average exercise price, ending balance (in USD per share) | $ / shares $ 691.76
v3.24.1.u1
Stockholders' Equity - Stock-based Compensation (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Stockholders' Equity Note [Abstract]    
Stock-based compensation expense $ 76,345 $ 99,099
v3.24.1.u1
Stockholders' Equity - Stock Repurchases (Details) - USD ($)
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Sep. 30, 2023
Mar. 31, 2021
Stockholders' Equity Note [Abstract]        
Common stock authorized to be repurchased     $ 10,000,000,000 $ 5,000,000,000
Stock repurchased (in shares) 3,566,965      
Payments for Repurchase of Common Stock $ 2,000,000,000 $ 400,101,000    
Remaining authorized repurchase amount $ 6,400,000,000      
v3.24.1.u1
Stockholders' Equity Stockholders' Equity - Accumulated Other Comprehensive Loss (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning Balance $ 20,588,313 $ 20,777,401
Other comprehensive income (loss) before reclassifications 103,552 25,611
Amounts reclassified from accumulated other comprehensive income (loss) 8,514  
Total other comprehensive income 112,066 25,611
Ending Balance 21,365,410 21,828,196
Foreign Currency Translation Adjustments    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning Balance (103,922) (217,306)
Other comprehensive income (loss) before reclassifications (73,052) 25,611
Amounts reclassified from accumulated other comprehensive income (loss) 0  
Total other comprehensive income (73,052) 25,611
Ending Balance (176,974) (191,695)
Change in Unrealized Gains (Losses) on Cash Flow Hedges    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning Balance (155,730) 0
Other comprehensive income (loss) before reclassifications 229,144 0
Amounts reclassified from accumulated other comprehensive income (loss) 11,047  
Total other comprehensive income 240,191 0
Ending Balance 84,461 0
Tax (expense) benefit    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning Balance 35,707 0
Other comprehensive income (loss) before reclassifications (52,540) 0
Amounts reclassified from accumulated other comprehensive income (loss) (2,533)  
Total other comprehensive income (55,073) 0
Ending Balance (19,366) 0
Total    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning Balance (223,945) (217,306)
Ending Balance $ (111,879) $ (191,695)
v3.24.1.u1
Stockholders' Equity Stockholders' Equity - Summary of Amounts Reclassified from AOCI (Details) - Foreign exchange contracts - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Amount of gains (losses) reclassified from AOCI $ (8,514) $ 0
Revenues    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Amount of gains (losses) reclassified from AOCI (11,241)  
Cost of Revenues    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Amount of gains (losses) reclassified from AOCI 194  
Provision for Income Taxes    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Amount of gains (losses) reclassified from AOCI $ 2,533  
v3.24.1.u1
Income Taxes - Reconciliation of Provision for Income Taxes (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Income Tax Disclosure [Abstract]    
Income Tax Expense (Benefit) $ 282,370 $ 163,754
Effective Income Tax Rate Reconciliation, Percent 11.00% 11.00%
v3.24.1.u1
Segment and Geographic Information (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
USD ($)
segment
Mar. 31, 2023
USD ($)
Revenues from External Customers and Long-Lived Assets [Line Items]    
Number of operating segments | segment 1  
Revenues $ 9,370,440 $ 8,161,503
United States    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Revenues $ 3,900,000 $ 3,300,000
v3.24.1.u1
Segment and Geographic Information - Long-lived Assets by Geographic Areas (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
United States    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Long-lived assets $ 2,747,928 $ 2,724,710
International    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Long-lived assets $ 912,565 $ 843,633
v3.24.1.u1
Subsequent Event - Narrative (Details) - Revolving Credit Facility - USD ($)
 3 Months Ended
Apr. 12, 2024
Mar. 31, 2024
Apr. 22, 2024
Mar. 06, 2023
Subsequent Event [Line Items]        
Line of credit, agreement term   5 years    
Line of credit facility, maximum borrowing capacity   $ 3,000,000,000   $ 1,000,000,000
Unsecured Debt | Subsequent Event        
Subsequent Event [Line Items]        
Line of credit, agreement term 5 years      
Line of credit facility, maximum borrowing capacity $ 3,000,000,000      
Long-term line of credit     $ 0  
Unsecured Debt | Subsequent Event | Alternate Base Rate | Minimum        
Subsequent Event [Line Items]        
Applicable margin on variable rate 0.00%      
Unsecured Debt | Subsequent Event | Alternate Base Rate | Maximum        
Subsequent Event [Line Items]        
Applicable margin on variable rate 0.25%      
Unsecured Debt | Subsequent Event | SOFR | Minimum        
Subsequent Event [Line Items]        
Applicable margin on variable rate 0.75%      
Unsecured Debt | Subsequent Event | SOFR | Maximum        
Subsequent Event [Line Items]        
Applicable margin on variable rate 1.25%