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SUPPLEMENTAL DISCLOSURES | 12 Months Ended
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Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
SUPPLEMENTAL DISCLOSURES | SUPPLEMENTAL DISCLOSURES Property and equipment Property and equipment consisted of the following (in millions).
|  |  | December 31,
| Useful Lives |  | 2024 |  | 2023
Equipment, furniture, fixtures and other (a) | 3 - 7 years |  | $ | 2,613 |  |  | $ | 2,056 |
Capitalized software costs | 1 - 5 years |  | 3,076 |  |  | 2,629 |
Land, buildings and leasehold improvements (b) | 15- 30 years |  | 3,832 |  |  | 4,013 |
Property and equipment, at cost |  |  | 9,521 |  |  | 8,698 |
Accumulated depreciation |  |  | (4,035) |  |  | (3,085) |
|  |  | 5,486 |  |  | 5,613 |
Assets under construction |  |  | 601 |  |  | 344 |
Property and equipment, net |  |  | $ | 6,087 |  |  | $ | 5,957 |
(a) Property and equipment includes assets acquired under finance lease arrangements. Assets acquired under finance lease arrangements are generally amortized using the straight-line method over the lesser of the estimated useful lives of the assets or the terms of the related leases. (See Note 12.)
(b) Land has an indefinite life and is not depreciated. Leasehold improvements generally have an estimated useful life equal to the lease term.
Capitalized software costs are for internal use. The net book value of capitalized software costs was $1,246 million and $1,301 million as of December 31, 2024 and 2023, respectively. Depreciation expense for property and equipment totaled $1,102 million, $1,097 million and $957 million for the years ended December 31, 2024, 2023 and 2022, respectively. Prepaid expenses and other current assets Prepaid expenses and other current assets consisted of the following (in millions).
| December 31,
| 2024 |  | 2023
Production receivables | $ | 979 |  |  | $ | 1,265 |
Content rights and prepaid license fees | 784 |  |  | 843 |
Other current assets | 2,056 |  |  | 2,283 |
Total prepaid expenses and other current assets | $ | 3,819 |  |  | $ | 4,391 |
Accrued liabilities Accrued liabilities consisted of the following (in millions).
| December 31,
| 2024 |  | 2023
Accrued participation and residuals | $ | 2,953 |  |  | $ | 3,071 |
Accrued production and content rights payable | 1,758 |  |  | 2,118 |
Accrued payroll and related benefits | 1,495 |  |  | 1,541 |
Other accrued liabilities | 4,232 |  |  | 3,638 |
Total accrued liabilities | $ | 10,438 |  |  | $ | 10,368 |
Other Income (Expense), net Other income (expense), net, consisted of the following (in millions).
|  | Year Ended December 31,
|  | 2024 |  | 2023 |  | 2022
Foreign currency losses, net |  | $ | (323) |  |  | $ | (173) |  |  | $ | (150) |
(Losses) gains on derivative instruments, net |  | (9) |  |  | 28 |  |  | 475 |
Change in the value of investments with readily determinable fair value |  | (1) |  |  | 37 |  |  | (105) |
Change in the value of equity investments without readily determinable fair value |  | (11) |  |  | (73) |  |  | (142) |
Gain on sale of equity method investments |  | 194 |  |  | — |  |  | 195 |
Interest income |  | 210 |  |  | 179 |  |  | 67 |
Indemnification receivable accrual |  | 77 |  |  | (53) |  |  | — |
Other income, net |  | 13 |  |  | 26 |  |  | 7 |
Total other income (expense), net |  | $ | 150 |  |  | $ | (29) |  |  | $ | 347 |
Supplemental Cash Flow Information
|  | Year Ended December 31,
|  | 2024 |  | 2023 |  | 2022
Cash paid for taxes, net |  | $ | 1,113 |  |  | $ | 1,440 |  |  | $ | 1,027 |
Cash paid for interest |  | 1,996 |  |  | 2,237 |  |  | 1,539 |
Non-cash investing and financing activities: |  |  |  |  |  |
Accrued purchases of property and equipment |  | 36 |  |  | 41 |  |  | 66 |
Assets acquired under finance lease and other arrangements |  | 390 |  |  | 235 |  |  | 53 |
Non-cash settlement of PRSU awards |  | 59 |  |  | 35 |  |  | — |
Accrued advances for Venu Sports |  | 11 |  |  | — |  |  | — |
Non-cash consideration related to the sale and purchase of the Ranch and Burbank Studios Lots |  | — |  |  | 350 |  |  | — |
Non-cash consideration related to the transaction agreements with JCOM |  | — |  |  | 70 |  |  | — |
Non-cash consideration related to MegaMedia put exercise |  | — |  |  | 36 |  |  | — |
Equity issued for the acquisition of WarnerMedia |  | — |  |  | — |  |  | 42,309 |
Non-cash consideration related to the sale of The CW Network |  | — |  |  | — |  |  | 126 |
Accrued consideration for the joint venture with BT |  | — |  |  | — |  |  | 90 |
Cash, Cash Equivalents, and Restricted Cash
|  |  |  |  |  | December 31, 2024 |  | December 31, 2023
Cash and cash equivalents |  |  |  |  |  | $ | 5,312 |  |  | $ | 3,780 |
Restricted cash - other current assets (a) |  |  |  |  |  | 104 |  |  | 539 |
Total cash, cash equivalents, and restricted cash |  |  |  |  |  | $ | 5,416 |  |  | $ | 4,319 |
(a) Restricted cash at December 31, 2024 primarily included cash posted as collateral related to the Company’s revolving receivables program. Restricted cash at December 31, 2023 primarily included cash posted as collateral related to the Company’s revolving receivables and hedging programs. (See Note 8 and Note 13.)
Assets Held for Sale In 2022, the Company classified its Ranch Lot and Knoxville office building and land as assets held for sale. The Company reclassified $209 million to prepaid expenses and other current assets on the consolidated balance sheet during 2022 and stopped recording depreciation on the assets. The Knoxville office building and land and the Ranch Lot were sold during 2023. The Burbank Studios Lot was purchased during 2023 in exchange for the Ranch Lot and cash. Supplier Finance Programs Consistent with customary industry practice, the Company generally pays certain content producers at or near the completion of the production cycle. In these arrangements, content producers may earn fees upon contractual milestones to be invoiced at or near completion of production. In these instances, the Company accrues the content in progress in accordance with the contractual milestones. Certain of the Company’s content producers sell their related receivables to a bank intermediary who provides payments that coincide with these contractual production milestones upon confirmation with the Company of our obligation to the content producer. This confirmation does not involve a security interest in the underlying content or otherwise result in the payable receiving seniority with respect to other payables of the Company. Invoices processed through the program are subject to a one-year maximum tenor. The Company does not incur any fees or expenses associated with the paying agent services, and this service may be terminated by the Company or the financial institution upon 30 days’ notice. At, or near, the production completion date (invoice due date), the Company pays the financial institution the stated amounts for confirmed producer invoices. These payments are reported as cash flows from operating activities. Changes in confirmed accrued content producer liabilities were as follows (in millions). These amounts were outstanding and unpaid by the Company and were recorded in accrued liabilities on the consolidated balance sheets, given the principal purpose of the arrangement is to allow producers access to funds prior to the typical payment due date and the arrangement does not significantly change the nature of the payables and does not significantly extend the payment terms beyond the industry norms.
|  | Year Ended December 31,
|  | 2024 |  | 2023
Obligations outstanding at the beginning of the year |  | $ | 338 |  |  | $ | 273 |
Invoices confirmed during the year |  | 949 |  |  | 735 |
Invoices paid during the year |  | (980) |  |  | (671) |
Foreign currency translation and other adjustments |  | — |  |  | 1 |
Obligations outstanding at the end of the year |  | $ | 307 |  |  | $ | 338 |
Accumulated Other Comprehensive Loss The table below presents the changes in the components of accumulated other comprehensive loss, net of taxes (in millions).
|  | Currency Translation |  | Derivative Adjustments |  | Pension Plans |  | Accumulated Other Comprehensive Income (Loss)
December 31, 2021 |  | $ | (845) |  |  | $ | 28 |  |  | $ | (13) |  |  | $ | (830) |
Other comprehensive income (loss) before reclassifications |  | (651) |  |  | 4 |  |  | (26) |  |  | (673) |
Reclassifications from accumulated other comprehensive loss to net income |  | (2) |  |  | (18) |  |  | — |  |  | (20) |
Other comprehensive income (loss) |  | (653) |  |  | (14) |  |  | (26) |  |  | (693) |
December 31, 2022 |  | (1,498) |  |  | 14 |  |  | (39) |  |  | (1,523) |
Other comprehensive income (loss) before reclassifications |  | 799 |  |  | 16 |  |  | (21) |  |  | 794 |
Reclassifications from accumulated other comprehensive loss to net income |  | — |  |  | (12) |  |  | — |  |  | (12) |
Other comprehensive income (loss) |  | 799 |  |  | 4 |  |  | (21) |  |  | 782 |
December 31, 2023 |  | (699) |  |  | 18 |  |  | (60) |  |  | (741) |
Other comprehensive income (loss) before reclassifications |  | (358) |  |  | 32 |  |  | (14) |  |  | (340) |
Reclassifications from accumulated other comprehensive loss to net income |  | 49 |  |  | (35) |  |  | — |  |  | 14 |
Other comprehensive income (loss) |  | (309) |  |  | (3) |  |  | (14) |  |  | (326) |
December 31, 2024 |  | $ | (1,008) |  |  | $ | 15 |  |  | $ | (74) |  |  | $ | (1,067) |

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