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Restructuring and Other Related Charges | 9 Months Ended
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Sep. 30, 2023
Restructuring and Related Activities [Abstract] |
Restructuring and Other Related Charges | Restructuring and Other Related ChargesOn November 28, 2022, the Company commenced a restructuring plan (the “Plan”) designed to achieve significant cost reductions in light of “cord cutting” and the related impacts being felt across the media industry as well as the broader economic outlook. The Plan encompasses initiatives that include, among other things, strategic programming assessments and organizational restructuring costs. The Plan is intended to improve the organizational design of the Company through the elimination of certain roles and centralization of certain functional areas of the Company. The programming assessments pertain to a broad mix of owned and licensed content, including legacy television series and films that will no longer be in active rotation on the Company’s linear or streaming platforms. During the third quarter of 2023, the Company substantially completed the Plan and exited a portion of its office space in its corporate headquarters in New York and office space in Silver Spring, Maryland and Woodland Hills, California. In connection with exiting a portion of the New York office, the Company recorded impairment charges of $11.6 million, consisting of $9.1 million for operating lease right-of use assets and $2.5 million for leasehold improvements. Fair values used to determine the impairment charge were determined using an income approach, specifically a discounted cash flow ("DCF") model. The DCF model includes significant assumptions about sublease income and enterprise specific discount rates. Given the uncertainty in determining assumptions underlying the DCF approach, actual results may differ from those used in the valuations. As a result of the Plan, the Company recorded r estructuring and other related charges of $10.6 million and $22.5 million for the three and nine months ended September 30, 2023, consisting primarily of charges relating to exiting a portion of office space in New York and severance and other personnel costs. There were no restructuring and other related charges for the three and nine months ended September 30, 2022. The following table summarizes the restructuring and other related charges (credits) recognized by operating segment:
(In thousands) | Three Months Ended September 30, |  | Nine Months Ended September 30,
2023 |  |  |  | 2023
Domestic Operations | $ | (783) |  |  |  |  | $ | 3,940 |  |  |
International and Other | (4) |  |  |  |  | 1,642 |  |  |
Corporate / Inter-segment eliminations | 11,350 |  |  |  |  | 16,955 |  |  |
Total restructuring and other related charges | $ | 10,563 |  |  |  |  | $ | 22,537 |  |  |
The following table summarizes the accrued restructuring and other related costs:
(In thousands) | Severance and Employee-Related Costs |  | Content Impairments and Other Exit Costs |  | Total
Balance at December 31, 2022 | $ | 37,150 |  |  | $ | 74,724 |  |  | $ | 111,874 |
Charges (credits), net | 13,444 |  |  | 9,093 |  |  | 22,537 |
Cash payments | (40,285) |  |  | (61,305) |  |  | (101,590) |
Non-cash adjustments | — |  |  | (11,916) |  |  | (11,916) |
Other | (56) |  |  | 1,481 |  |  | 1,425 |
Balance at September 30, 2023 | $ | 10,253 |  |  | $ | 12,077 |  |  | $ | 22,330 |
Accrued restructuring and other related costs of $20.1 million and $2.2 million are included in Accrued liabilities and Other liabilities, respectively, in the consolidated balance sheet at September 30, 2023. Accrued restructuring and other related costs of $108.0 million and $3.9 million are included in Accrued liabilities and Other liabilities, respectively, in the consolidated balance sheet at December 31, 2022.

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- Definition The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482017/420-10-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482017/420-10-50-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//420/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482017/420-10-50-1 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4(e)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479823/420-10-S99-2 + Details
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