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REVENUES | 12 Months Ended
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Dec. 31, 2024
Revenue from Contract with Customer [Abstract] |
REVENUES | REVENUES Disaggregated Revenue The following table presents the Company’s revenues disaggregated by revenue source (in millions).
| Year Ended December 31, 2024
| Studios |  | Networks |  | DTC |  | Corporate and Inter-segment Eliminations |  | Total
Revenues: |  |  |  |  |  |  |  |  |
Distribution | $ | 8 |  |  | $ | 10,680 |  |  | $ | 9,022 |  |  | $ | (9) |  |  | $ | 19,701 |
Advertising | 5 |  |  | 7,306 |  |  | 855 |  |  | (76) |  |  | 8,090 |
Content | 10,717 |  |  | 1,848 |  |  | 428 |  |  | (2,696) |  |  | 10,297 |
Other | 877 |  |  | 341 |  |  | 8 |  |  | 7 |  |  | 1,233 |
Totals | $ | 11,607 |  |  | $ | 20,175 |  |  | $ | 10,313 |  |  | $ | (2,774) |  |  | $ | 39,321 |
| Year Ended December 31, 2023
| Studios |  | Networks |  | DTC |  | Corporate and Inter-segment Eliminations |  | Total
Revenues: |  |  |  |  |  |  |  |  |
Distribution | $ | 17 |  |  | $ | 11,521 |  |  | $ | 8,703 |  |  | $ | (4) |  |  | $ | 20,237 |
Advertising | 15 |  |  | 8,342 |  |  | 548 |  |  | (205) |  |  | 8,700 |
Content | 11,358 |  |  | 1,005 |  |  | 886 |  |  | (2,046) |  |  | 11,203 |
Other | 802 |  |  | 376 |  |  | 17 |  |  | (14) |  |  | 1,181 |
Totals | $ | 12,192 |  |  | $ | 21,244 |  |  | $ | 10,154 |  |  | $ | (2,269) |  |  | $ | 41,321 |
| Year Ended December 31, 2022
| Studios |  | Networks |  | DTC |  | Corporate and Inter-segment Eliminations |  | Total
Revenues: |  |  |  |  |  |  |  |  |
Distribution | $ | 12 |  |  | $ | 9,759 |  |  | $ | 6,371 |  |  | $ | — |  |  | $ | 16,142 |
Advertising | 15 |  |  | 8,224 |  |  | 371 |  |  | (86) |  |  | 8,524 |
Content | 9,156 |  |  | 1,120 |  |  | 522 |  |  | (2,438) |  |  | 8,360 |
Other | 548 |  |  | 245 |  |  | 10 |  |  | (12) |  |  | 791 |
Totals | $ | 9,731 |  |  | $ | 19,348 |  |  | $ | 7,274 |  |  | $ | (2,536) |  |  | $ | 33,817 |
Accounts Receivable and Credit Losses The allowance for credit losses was not material at December 31, 2024 and 2023. Contract Assets and Liabilities The following table presents contract liabilities on the consolidated balance sheets (in millions).
Category |  | Balance Sheet Location |  | December 31, 2024 |  | December 31, 2023
Contract liabilities |  | Deferred revenues |  | $ | 1,569 |  |  | $ | 1,924 |
Contract liabilities |  | Other noncurrent liabilities |  | 206 |  |  | 160 |
The change in deferred revenue for the year ended December 31, 2024 primarily reflects cash payments received or contracted billings recorded for which the performance obligations were not satisfied prior to the end of the period, partially offset by $1,643 million of revenues recognized that were included in the deferred revenue balance at December 31, 2023. Revenue recognized for the year ended December 31, 2023 related to the deferred revenue balance at December 31, 2022 was $1,354 million. Contract assets were not material as of December 31, 2024 and 2023. Transaction Price Allocated to Remaining Performance Obligations Most of the Company’s distribution contracts are licenses of functional intellectual property where revenue is derived from royalty-based arrangements, for which revenues are recorded as a function of royalties earned to date instead of estimating incremental royalty contract revenue. However, there are certain other distribution arrangements that are fixed price or contain minimum guarantees that extend beyond one year. The Company recognizes revenue for fixed fee distribution contracts monthly based on minimum monthly fees by calculating one twelfth of annual license fees specified in its distribution contracts, or based on the pro-rata fees earned calculated on the license fees specified in the distribution contract. The Company’s content licensing contracts and sports sublicensing deals are licenses of functional intellectual property. The Company’s brand licensing contracts are licenses of symbolic intellectual property. The Company’s advertising contracts are principally generated from the sale of advertising campaigns comprised of multiple commercial units. In contracts with guaranteed impressions, we have identified the overall advertising campaign as the performance obligation to be satisfied over time, and impressions delivered against the satisfaction of our guarantee as the measure of progress. Certain of these arrangements extend beyond one year. The following table presents a summary of remaining performance obligations by contract type (in millions).
Contract Type |  | December 31, 2024 |  | Duration
Distribution - fixed price or minimum guarantee |  | $ | 2,407 |  |  | Through 2031
Content licensing and sports sublicensing |  | 4,416 |  |  | Through 2032
Brand licensing |  | 3,006 |  |  | Through 2052
Advertising |  | 757 |  |  | Through 2030
Other |  | 133 |  |  | Through 2029
Total |  | $ | 10,719 |  |  |
The value of unsatisfied performance obligations disclosed above does not include: (i) contracts involving variable consideration for which revenues are recognized in accordance with the sales or usage-based royalty exception, which typically have a similar duration as the contracts disclosed above, and (ii) contracts with an original expected length of one year or less, such as most advertising contracts; however for content licensing revenues, including revenues associated with the licensing of theatrical and television product for television and streaming services, the Company has included all contracts regardless of duration.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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