XML 54 R16.htm IDEA: XBRL DOCUMENT v3.25.0.1
REVENUES
 12 Months Ended
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
StudiosNetworksDTCCorporate and Inter-segment EliminationsTotal
Revenues:
Distribution$8 $10,680 $9,022 $(9)$19,701 
Advertising5 7,306 855 (76)8,090 
Content 10,717 1,848 428 (2,696)10,297 
Other877 341 8 7 1,233 
Totals$11,607 $20,175 $10,313 $(2,774)$39,321 
Year Ended December 31, 2023
StudiosNetworksDTCCorporate and Inter-segment EliminationsTotal
Revenues:
Distribution$17 $11,521 $8,703 $(4)$20,237 
Advertising15 8,342 548 (205)8,700 
Content11,358 1,005 886 (2,046)11,203 
Other802 376 17 (14)1,181 
Totals$12,192 $21,244 $10,154 $(2,269)$41,321 
Year Ended December 31, 2022
StudiosNetworksDTCCorporate and Inter-segment EliminationsTotal
Revenues:
Distribution$12 $9,759 $6,371 $— $16,142 
Advertising15 8,224 371 (86)8,524 
Content9,156 1,120 522 (2,438)8,360 
Other548 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).
CategoryBalance Sheet LocationDecember 31, 2024December 31, 2023
Contract liabilitiesDeferred revenues$1,569 $1,924 
Contract liabilitiesOther noncurrent liabilities206 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 TypeDecember 31, 2024Duration
Distribution - fixed price or minimum guarantee$2,407 
Through 2031
Content licensing and sports sublicensing4,416 
Through 2032
Brand licensing3,006 
Through 2052
Advertising757 
Through 2030
Other133 
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.