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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2021
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ____________ to ____________
Commission File Number 001-09553
ViacomCBS Inc.
(Exact name of registrant as specified in its charter)
Delaware 04-2949533
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer Identification No.)
1515 Broadway New York, New York 10036
(Address of principal executive offices) (Zip Code)
(212) 258-6000
(Registrant’s telephone number, including area code)
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbols Name of each exchange on which registered
Class A Common Stock, $0.001 par value VIACA The Nasdaq Stock Market LLC
Class B Common Stock, $0.001 par value VIAC The Nasdaq Stock Market LLC
5.75% Series A Mandatory Convertible Preferred Stock, $0.001 par value VIACP The Nasdaq Stock Market LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes     No 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes     No 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer Accelerated filer 
Non-accelerated filer Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes     No 
Number of shares of common stock outstanding at August 2, 2021:
Class A Common Stock, par value $.001 per share— 40,707,517
Class B Common Stock, par value $.001 per share— 605,813,492



VIACOMCBS INC.
INDEX TO FORM 10-Q
Page
PART I – FINANCIAL INFORMATION
3
4
5
6
7
9
Item 1.
Item 1A.



PART I – FINANCIAL INFORMATION
Item 1. Financial Statements.
VIACOMCBS INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited; in millions, except per share amounts)
Three Months Ended Six Months Ended
June 30, June 30,
2021 2020 2021 2020
Revenues $ 6,564  $ 6,075  $ 13,976  $ 12,574 
Costs and expenses:    
Operating 3,865  3,361  8,228  7,317 
Selling, general and administrative 1,459  1,183  2,881  2,481 
Depreciation and amortization 95  122  194  234 
Restructuring and other corporate matters 35  158  35  389 
Total costs and expenses 5,454  4,824  11,338  10,421 
Net gain on sales 116  —  116  — 
Operating income 1,226  1,251  2,754  2,153 
Interest expense (243) (263) (502) (504)
Interest income 13  11  26  25 
Net gains from investments 32  32  52  32 
Loss on extinguishment of debt —  (103) (128) (103)
Other items, net (10) (26) (29) (54)
Earnings from continuing operations before income taxes and equity
   in loss of investee companies
1,018  902  2,173  1,549 
(Provision) benefit for income taxes 34  (192) (192) (326)
Equity in loss of investee companies, net of tax (44) (12) (62) (21)
Net earnings from continuing operations 1,008  698  1,919  1,202 
Net earnings from discontinued operations, net of tax 41  28  53  43 
Net earnings (ViacomCBS and noncontrolling interests) 1,049  726  1,972  1,245 
Net earnings attributable to noncontrolling interests (13) (245) (25) (248)
Net earnings attributable to ViacomCBS $ 1,036  $ 481  $ 1,947  $ 997 
Amounts attributable to ViacomCBS:
Net earnings from continuing operations $ 995  $ 453  $ 1,894  $ 954 
Net earnings from discontinued operations, net of tax 41  28  53  43 
Net earnings attributable to ViacomCBS $ 1,036  $ 481  $ 1,947  $ 997 
Basic net earnings per common share attributable to ViacomCBS:    
Net earnings from continuing operations $ 1.52  $ .74  $ 2.96  $ 1.55 
Net earnings from discontinued operations $ .06  $ .05  $ .08  $ .07 
Net earnings $ 1.58  $ .78  $ 3.05  $ 1.62 
Diluted net earnings per common share attributable to ViacomCBS:    
Net earnings from continuing operations $ 1.50  $ .73  $ 2.93  $ 1.55 
Net earnings from discontinued operations $ .06  $ .05  $ .08  $ .07 
Net earnings $ 1.56  $ .78  $ 3.01  $ 1.62 
Weighted average number of common shares outstanding:    
Basic 646  615  634  615 
Diluted 662  617  647  617 
See notes to consolidated financial statements.
-3-


VIACOMCBS INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited; in millions)
Three Months Ended Six Months Ended
June 30, June 30,
2021 2020 2021 2020
Net earnings (ViacomCBS and noncontrolling interests) $ 1,049  $ 726  $ 1,972  $ 1,245 
Other comprehensive income (loss), net of tax:
Cumulative translation adjustments 11  31  (55) (59)
Net actuarial loss and prior service costs 16  18  29  35 
Other comprehensive income (loss) from continuing operations,
net of tax (ViacomCBS and noncontrolling interests)
27  49  (26) (24)
Other comprehensive income (loss) from discontinued operations (8)
Comprehensive income 1,079  781  1,951  1,213 
Less: Comprehensive income attributable to noncontrolling interests 14  245  25  245 
Comprehensive income attributable to ViacomCBS $ 1,065  $ 536  $ 1,926  $ 968 
See notes to consolidated financial statements.

-4-


VIACOMCBS INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited; in millions, except per share amounts)
At At
June 30, 2021 December 31, 2020
ASSETS
Current Assets:
Cash and cash equivalents $ 5,375  $ 2,984 
Receivables, net 6,824  7,017 
Programming and other inventory 1,419  1,757 
Prepaid expenses and other current assets 1,089  1,391 
Current assets of discontinued operations 547  630 
Total current assets 15,254  13,779 
Property and equipment, net 1,979  1,994 
Programming and other inventory 11,421  10,363 
Goodwill 16,601  16,612 
Intangible assets, net 2,805  2,826 
Operating lease assets 1,440  1,602 
Deferred income tax assets, net 1,235  993 
Other assets 3,658  3,657 
Assets held for sale —  28 
Assets of discontinued operations 811  809 
Total Assets $ 55,204  $ 52,663 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Accounts payable $ 602  $ 571 
Accrued expenses 1,828  1,714 
Participants’ share and royalties payable 2,176  2,005 
Accrued programming and production costs 1,168  1,141 
Deferred revenues 1,104  978 
Debt 17  16 
Other current liabilities 1,230  1,391 
Current liabilities of discontinued operations 461  480 
Total current liabilities 8,586  8,296 
Long-term debt 17,703  19,717 
Participants’ share and royalties payable 1,326  1,317 
Pension and postretirement benefit obligations 2,025  2,098 
Deferred income tax liabilities, net 888  778 
Operating lease liabilities 1,472  1,583 
Program rights obligations 188  243 
Other liabilities 1,960  2,158 
Liabilities of discontinued operations 210  220 
Redeemable noncontrolling interest 190  197 
Commitments and contingencies (Note 15)
ViacomCBS stockholders’ equity:
5.75% Series A Mandatory Convertible Preferred Stock, par value $.001 per share;
    25 shares authorized and 10 shares issued (2021)
—  — 
Class A Common Stock, par value $.001 per share; 55 shares authorized;
41 (2021) and 52 (2020) shares issued
—  — 
Class B Common Stock, par value $.001 per share; 5,000 shares authorized;
1,108 (2021) and 1,068 (2020) shares issued
Additional paid-in capital 32,901  29,785 
Treasury stock, at cost; 503 (2021 and 2020) Class B shares
(22,958) (22,958)
Retained earnings 12,007  10,375 
Accumulated other comprehensive loss (1,853) (1,832)
Total ViacomCBS stockholders’ equity 20,098  15,371 
Noncontrolling interests 558  685 
Total Equity 20,656  16,056 
Total Liabilities and Equity $ 55,204  $ 52,663 
See notes to consolidated financial statements.
-5-


VIACOMCBS INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited; in millions)
Six Months Ended
June 30,
2021 2020
Operating Activities:
Net earnings (ViacomCBS and noncontrolling interests) $ 1,972  $ 1,245 
Less: Net earnings from discontinued operations, net of tax 53  43 
Net earnings from continuing operations 1,919  1,202 
Adjustments to reconcile net earnings from continuing operations to net cash flow provided
     by operating activities:
Depreciation and amortization 194  234 
Deferred tax (benefit) provision (110) 227 
Stock-based compensation 101  143 
Net gain on sales (116) — 
Gains from investments (52) (32)
Loss on extinguishment of debt 128  103 
Equity in loss of investee companies, net of tax and distributions 62  22 
Change in assets and liabilities (424) (741)
Net cash flow provided by operating activities from continuing operations 1,702  1,158 
Net cash flow provided by (used for) operating activities from discontinued operations 89  (7)
Net cash flow provided by operating activities 1,791  1,151 
Investing Activities:
Investments (114) (60)
Capital expenditures (138) (131)
Acquisitions, net of cash acquired —  (141)
Proceeds from dispositions 408  146 
Other investing activities (25) — 
Net cash flow provided by (used for) investing activities from continuing operations 131  (186)
Net cash flow used for investing activities from discontinued operations (2) (1)
Net cash flow provided by (used for) investing activities 129  (187)
Financing Activities:
Repayments of short-term debt borrowings, net —  (698)
Proceeds from issuance of long-term debt —  4,370 
Repayment of long-term debt (2,200) (2,535)
Dividends paid on common stock (302) (301)
Proceeds from issuance of preferred stock 983  — 
Proceeds from issuance of common stock 1,672  — 
Purchase of Company common stock —  (58)
Payment of payroll taxes in lieu of issuing shares for stock-based compensation (49) (59)
Proceeds from exercise of stock options 408  — 
Other financing activities (161) (70)
Net cash flow provided by financing activities 351  649 
Effect of exchange rate changes on cash, cash equivalents and restricted cash (8) (17)
Net increase in cash, cash equivalents and restricted cash 2,263  1,596 
Cash, cash equivalents and restricted cash at beginning of period
(includes $135 (2021) and $202 (2020) of restricted cash)
3,119  834 
Cash, cash equivalents and restricted cash at end of period
(includes $7 (2021) and $142 (2020) of restricted cash)
$ 5,382  $ 2,430 
See notes to consolidated financial statements.
-6-


VIACOMCBS INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Unaudited; in millions)
Three Months Ended June 30, 2021
Preferred Stock Class A and B Common Stock Additional Paid-In Capital Treasury
Stock
Retained Earnings Accumulated Other Comprehensive Loss Total ViacomCBS Stockholders’ Equity Noncontrolling Interests Total Equity
(Shares) (Shares)
March 31, 2021 10  —  646  $ $ 32,866  $ (22,958) $ 11,144  $ (1,882) $ 19,171  $ 672  $ 19,843 
Stock-based
compensation
activity
—  —  —  —  35  —  —  —  35  —  35 
Preferred stock
dividends
—  —  —  —  —  —  (14) —  (14) —  (14)
Common stock
dividends
—  —  —  —  —  —  (158) —  (158) —  (158)
Noncontrolling
interests
—  —  —  —  —  —  (1) —  (1) (128) (129)
Net earnings —  —  —  —  —  —  1,036  —  1,036  13  1,049 
Other comprehensive
income
—  —  —  —  —  —  —  29  29  30 
June 30, 2021 10  $ —  646  $ $ 32,901  $ (22,958) $ 12,007  $ (1,853) $ 20,098  $ 558  $ 20,656 
Six Months Ended June 30, 2021
Preferred Stock Class A and B Common Stock Additional Paid-In Capital Treasury
Stock
Retained Earnings Accumulated Other Comprehensive Loss Total ViacomCBS Stockholders’ Equity Noncontrolling Interests Total Equity
(Shares) (Shares)
December 31, 2020 —  $ —  617  $ $ 29,785  $ (22,958) $ 10,375  $ (1,832) $ 15,371  $ 685  $ 16,056 
Stock-based
compensation
activity
—  —  —  461  —  —  —  461  —  461 
Stock issuances 10  —  20  —  2,655  —  —  —  2,655  —  2,655 
Preferred stock
dividends
—  —  —  —  —  —  (15) —  (15) —  (15)
Common stock
dividends
—  —  —  —  —  —  (310) —  (310) —  (310)
Noncontrolling
interests
—  —  —  —  —  —  10  —  10  (152) (142)
Net earnings —  —  —  —  —  —  1,947  —  1,947  25  1,972 
Other comprehensive
loss
—  —  —  —  —  —  —  (21) (21) —  (21)
June 30, 2021 10  $ —  646  $ $ 32,901  $ (22,958) $ 12,007  $ (1,853) $ 20,098  $ 558  $ 20,656 
See notes to consolidated financial statements.
-7-


VIACOMCBS INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Continued)
(Unaudited; in millions)
Three Months Ended June 30, 2020
Class A and B Common Stock Additional Paid-In Capital Treasury
Stock
Retained Earnings Accumulated Other Comprehensive Loss Total ViacomCBS Stockholders’ Equity Noncontrolling Interests Total Equity
(Shares)
March 31, 2020 615  $ $ 29,633  $ (22,958) $ 8,827  $ (2,054) $ 13,449  $ 72  $ 13,521 
Stock-based compensation
activity
—  47  —  —  —  47  —  47 
Common stock dividends —  —  —  —  (150) —  (150) —  (150)
Noncontrolling interests —  —  —  —  (8) —  (8) 359 
(a)
351 
Net earnings —  —  —  —  481  —  481  245  726 
Other comprehensive income —  —  —  —  —  55  55  —  55 
June 30, 2020 616  $ $ 29,680  $ (22,958) $ 9,150  $ (1,999) $ 13,874  $ 676  $ 14,550 
Six Months Ended June 30, 2020
Class A and B Common Stock Additional Paid-In Capital Treasury
Stock
Retained Earnings Accumulated Other Comprehensive Loss Total ViacomCBS Stockholders’ Equity Noncontrolling Interests Total Equity
(Shares)
December 31, 2019 615  $ $ 29,590  $ (22,908) $ 8,494  $ (1,970) $ 13,207  $ 82  $ 13,289 
Stock-based compensation
activity
—  90  —  —  —  90  —  90 
Class B Common Stock
purchased
(1) —  —  (50) —  —  (50) —  (50)
Common stock
dividends
—  —  —  —  (300) —  (300) —  (300)
Noncontrolling interests —  —  —  (41) —  (41) 349 
(a)
308 
Net earnings —  —  —  —  997  —  997  248  1,245 
Other comprehensive
loss
—  —  —  —  —  (29) (29) (3) (32)
June 30, 2020 616  $ $ 29,680  $ (22,958) $ 9,150  $ (1,999) $ 13,874  $ 676  $ 14,550 
(a) Primarily reflects the acquisition of Miramax.
See notes to consolidated financial statements.

-8-



VIACOMCBS INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Tabular dollars in millions, except per share amounts)

1) BASIS OF PRESENTATION
Description of Business—ViacomCBS Inc. is comprised of the following segments: TV Entertainment (CBS Television Network; CBS Studios; CBS Media Ventures; streaming services, including Paramount+ and CBSN; CBS Sports Network; and CBS Television Stations), Cable Networks (premium and basic cable networks, including Showtime, BET, Nickelodeon, MTV, Comedy Central, Paramount Network, and Smithsonian channel; streaming services, including Pluto TV and Showtime Networks’ premium subscription streaming service (“Showtime OTT”); and ViacomCBS Networks International, including Channel 5, Telefe and Network 10) and Filmed Entertainment (Paramount Pictures, Paramount Players, Paramount Animation, Paramount Television Studios and Miramax). References to “ViacomCBS,” the “Company,” “we,” “us” and “our” refer to ViacomCBS Inc. and its consolidated subsidiaries, unless the context otherwise requires.

Basis of Presentation—The accompanying unaudited consolidated financial statements have been prepared on a basis consistent with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and pursuant to the rules of the Securities and Exchange Commission (“SEC”). These financial statements should be read in conjunction with the more detailed financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2020.

In the opinion of management, the accompanying unaudited consolidated financial statements reflect all adjustments, consisting only of normal and recurring adjustments, necessary for a fair statement of our financial position, results of operations and cash flows for the periods presented. Certain previously reported amounts have been reclassified to conform to the current presentation.

Discontinued Operations—On November 25, 2020, we entered into an agreement to sell our publishing business, Simon & Schuster, which was previously reported as the Publishing segment, to Penguin Random House LLC, a wholly owned subsidiary of Bertelsmann SE & Co. KGaA, for $2.175 billion in cash. As a result, Simon & Schuster has been presented as a discontinued operation in our consolidated financial statements for all periods presented (see Note 2).

Use of Estimates—The preparation of our consolidated financial statements in conformity with GAAP requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the periods presented. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may vary from these estimates under different assumptions or conditions.

Net Earnings per Common Share—Basic net earnings per share (“EPS”) is based upon net earnings available to common stockholders divided by the weighted average number of common shares outstanding during the period. Net earnings available to common stockholders is calculated as net earnings from continuing operations or net earnings, as applicable, adjusted to include preferred stock dividends accumulated during the period. During the three and six months ended June 30, 2021, we accumulated dividends of $14 million and $15 million, respectively, on the 5.75% Series A Mandatory Convertible Preferred Stock (“Mandatory Convertible Preferred Stock”) that was issued during the first quarter of 2021 (see Note 9).

Weighted average shares for diluted EPS reflects the effect of the assumed exercise of stock options and vesting of restricted stock units (“RSUs”) or performance stock units (“PSUs”) only in the periods in which such effect would have been dilutive. Diluted EPS also reflects the effect of the assumed conversion of preferred stock, if dilutive, which includes the issuance of common shares in the weighted average number of shares and excludes the above-
-9-



VIACOMCBS INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Tabular dollars in millions, except per share amounts)
mentioned accumulated preferred stock dividend adjustment to net earnings available to common stockholders. Excluded from the calculation of diluted EPS because their inclusion would have been anti-dilutive, were stock options and RSUs of 7 million and 5 million for the three and six months ended June 30, 2021, respectively, and stock options and RSUs of 25 million and 26 million for the three and six months ended June 30, 2020, respectively.

The table below presents a reconciliation of weighted average shares used in the calculation of basic and diluted EPS.
Three Months Ended Six Months Ended
June 30, June 30,
(in millions) 2021 2020 2021 2020
Weighted average shares for basic EPS 646  615  634  615 
Dilutive effect of shares issuable under stock-based
compensation plans
Dilutive effect of Mandatory Convertible Preferred Stock 12  —  — 
Weighted average shares for diluted EPS 662  617  647  617 
Recently Adopted Accounting Pronouncements
Simplifying the Accounting for Income Taxes
On January 1, 2021, we adopted Financial Accounting Standards Board (“FASB”) guidance on the accounting for income taxes that, among other provisions, eliminates certain exceptions to existing guidance related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. This guidance also requires an entity to reflect the effect of an enacted change in tax laws or rates in its effective income tax rate in the interim period that includes the enactment date. The adoption of this guidance did not have a material impact on our consolidated financial statements.

Accounting Pronouncements Not Yet Adopted
Reference Rate Reform
In March 2020, the FASB issued guidance providing optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by the discontinuation of the London Interbank Offered Rate (“LIBOR”) or by another reference rate expected to be discontinued. The guidance is effective immediately upon issuance and an entity may elect to apply it to contract modifications or hedging relationships entered into on or before December 31, 2022, with a few exceptions for certain hedging relationships existing as of December 31, 2022. We intend to apply this guidance when modifications of contracts that include LIBOR occur, which is not expected to have a material impact on our consolidated financial statements.

Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity
On August 5, 2020, the FASB issued amended guidance to reduce complexity associated with the accounting for convertible instruments with characteristics of liabilities and equity. Under this guidance, embedded conversion features associated with convertible instruments no longer need to be separated from the host contracts unless they are required to be accounted for as derivatives or have been issued at a substantial premium. For contracts in an entity’s own equity, this guidance removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exceptions. This guidance also amends certain EPS guidance for convertible instruments and expands disclosure requirements. This guidance is effective for fiscal years beginning after
-10-



VIACOMCBS INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Tabular dollars in millions, except per share amounts)
December 15, 2021, with early adoption permitted, and is not expected to have a material impact on our consolidated financial statements.
2) DISPOSITIONS
During the second quarter of 2021, we recognized a net gain on sales of $116 million, principally relating to the sale of a noncore trademark licensing operation.
During the fourth quarter of 2020, we entered into an agreement to sell our publishing business, Simon & Schuster, for $2.175 billion in cash. The transaction is subject to customary closing conditions, including regulatory approvals, and is expected to close in 2021. Simon & Schuster has been presented as a discontinued operation in our consolidated financial statements for all periods presented.

The following table sets forth details of net earnings from discontinued operations for the three and six months ended June 30, 2021 and 2020, which primarily reflects the results of Simon & Schuster.
Three Months Ended Six Months Ended
June 30, June 30,
2021 2020 2021 2020
Revenues $ 219  $ 200  $ 404  $ 370 
Costs and expenses:
Operating 127  120  247  219 
Selling, general and administrative 38  39  76  82 
Depreciation and amortization —  — 
Restructuring charges —  —  — 
Total costs and expenses (a)
165  161  323  306 
Operating income 54  39  81  64 
Other items, net —  —  (2) (5)
Earnings from discontinued operations 54  39  79  59 
Income tax provision (b)
(13) (11) (26) (16)
Net earnings from discontinued operations, net of tax $ 41  $ 28  $ 53  $ 43 
(a) Included in total costs and expenses are the release of indemnification obligations for leases relating to a previously disposed business of $2 million for each of the three and six months ended June 30, 2021 and $4 million and $14 million for the three and six months ended June 30, 2020, respectively.
(b) The tax provision includes amounts relating to previously disposed businesses of $7 million for the six months ended June 30, 2021 and $1 million and $3 million for the three and six months ended June 30, 2020, respectively.
-11-



VIACOMCBS INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Tabular dollars in millions, except per share amounts)
The following table presents the major classes of assets and liabilities of our discontinued operations.
At At
June 30, 2021 December 31, 2020
Receivables, net $ 339  $ 447 
Other current assets 208  183 
Goodwill 435  435 
Property and equipment, net 43  42 
Operating lease assets 192  191 
Other assets 141  141 
Total Assets $ 1,358  $ 1,439 
Royalties payable $ 129  $ 131 
Other current liabilities 332  349 
Operating lease liabilities 189  194 
Other liabilities 21  26 
Total Liabilities $ 671  $ 700 
3) PROGRAMMING AND OTHER INVENTORY
The following table presents our programming and other inventory at June 30, 2021 and December 31, 2020, grouped by type and predominant monetization strategy.
At At
June 30, 2021 December 31, 2020
Film Group Monetization:
Acquired program rights, including prepaid sports rights $ 2,983  $ 3,413 
Film inventory:
In process and other 47  — 
Internally-produced television programming:
Released 2,760  2,558 
In process and other 2,467  1,682 
Individual Monetization:
Acquired libraries 468  483 
Film inventory:
Released 542  374 
Completed, not yet released 353  543 
In process and other 870  816 
Internally-produced television programming:
Released 1,431  1,206 
In process and other 884  1,013 
Home entertainment 35  32 
Total programming and other inventory 12,840  12,120 
Less current portion 1,419  1,757 
Total noncurrent programming and other inventory $ 11,421  $ 10,363 
-12-



VIACOMCBS INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Tabular dollars in millions, except per share amounts)
The following table presents amortization of television and film programming and production costs, which is included within “Operating expenses” in the Consolidated Statements of Operations.
Three Months Ended Six Months Ended
June 30, June 30,
2021 2020 2021 2020
Programming costs, acquired programming $ 1,098  $ 713  $ 2,600  $ 1,686 
Production costs, internally-produced television and film programming:
Individual monetization $ 750  $ 753  $ 1,510  $ 1,523 
Film group monetization $ 651  $ 731  $ 1,301  $ 1,420 
Included in the table above for the three and six months ended June 30, 2020, are programming charges of $121 million primarily related to the abandonment of certain incomplete programs resulting from production shutdowns related to the coronavirus pandemic (“COVID-19”). Programming charges of $66 million, $50 million and $5 million are included within the TV Entertainment, Cable Networks and Filmed Entertainment segments, respectively.
4) RESTRUCTURING, IMPAIRMENT AND OTHER CORPORATE MATTERS
During the three and six months ended June 30, 2021 and 2020, we recorded the following for costs associated with restructuring, impairment and other corporate matters.
Three Months Ended Six Months Ended
June 30, June 30,
2021 2020 2021 2020
Severance $ —  $ 128  $ —  $ 302 
Exit costs 35  35  32 
Restructuring charges 35  134  35  334 
Merger-related costs —  10  —  41 
Other corporate matters —  14  —  14 
Restructuring and other corporate matters $ 35  $ 158  $ 35  $ 389 
Impairment charges $ —  $ 25  $ —  $ 25 
Depreciation of abandoned technology $ —  $ —  $ —  $ 12 
Restructuring Charges
During the second quarter of 2021, we recorded charges of $35 million for the impairment of lease assets that we determined we will not use and began actively marketing for sublease. This determination was made in connection with cost-transformation initiatives related to the merger of Viacom Inc. with and into CBS Corporation (the “Merger”). The impairment is the result of a decline in market conditions since inception of these leases and reflects the difference between the estimated fair values, which were determined based on the expected discounted future cash flows of the lease assets, and the carrying values.

During the three and six months ended June 30, 2020, we recorded restructuring charges of $134 million and $334 million, respectively, associated with cost-transformation initiatives in connection with the Merger in an effort to reduce redundancies across our businesses. These charges consisted of severance costs, including the accelerated vesting of stock-based compensation, and exit costs resulting from the termination of contractual obligations.
-13-



VIACOMCBS INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Tabular dollars in millions, except per share amounts)
The following table presents a rollforward of our restructuring liability, which is recorded in “Other current liabilities” and “Other liabilities” on the Consolidated Balance Sheets. The majority of the restructuring liability at June 30, 2021, which primarily relates to severance payments, is expected to be paid by the end of 2021.
Balance at 2021 Activity Balance at
December 31, 2020 Payments Other June 30, 2021
TV Entertainment $ 112  $ (32) $ (7) $ 73 
Cable Networks 144  (57) (3) 84 
Filmed Entertainment 30  (8) (4) 18 
Corporate 86  (42) (3) 41 
Total $ 372  $ (139) $ (17) $ 216 
Merger-related Costs and Other Corporate Matters
During the three and six months ended June 30, 2020, in addition to the above-mentioned restructuring charges, we incurred merger-related costs of $10 million and $41 million, respectively, consisting of transaction-related bonuses and professional fees mainly associated with integration activities. In addition, we recorded a charge of $14 million to write down property and equipment to its fair value less costs to sell.

Impairment Charges
During the second quarter of 2020, we recorded an impairment charge of $25 million within “Depreciation and amortization” to write down the carrying values of FCC licenses in two markets to their aggregate estimated fair value. The impairment resulted from declines in industry projections in the markets where these FCC licenses are held, which were further accelerated by COVID-19, and was recorded within the TV Entertainment segment.

Accelerated Depreciation
During the six months ended June 30, 2020, we recorded accelerated depreciation expense of $12 million resulting from the abandonment of technology in connection with synergy plans related to the Merger, which is recorded in “Depreciation and amortization” in the Consolidated Statement of Operations.
5) RELATED PARTIES
National Amusements, Inc.
National Amusements, Inc. (“NAI”) is the controlling stockholder of ViacomCBS. At June 30, 2021, NAI directly or indirectly owned approximately 77.4% of our voting Class A Common Stock and 9.7% of our Class A Common Stock and non-voting Class B Common Stock on a combined basis. NAI is controlled by the Sumner M. Redstone National Amusements Part B General Trust (the “General Trust”), which owns 80% of the voting interest of NAI and acts by majority vote of seven voting trustees (subject to certain exceptions), including with respect to the NAI shares held by the General Trust. Shari E. Redstone, Chairperson, CEO and President of NAI and non-executive Chair of our Board of Directors, is one of the seven voting trustees for the General Trust and is one of two voting trustees who are beneficiaries of the General Trust. No member of our management or other member of our Board of Directors is a trustee of the General Trust.

-14-



VIACOMCBS INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Tabular dollars in millions, except per share amounts)
Other Related Parties
In the ordinary course of business, we are involved in transactions with our equity-method investees, primarily for the licensing of television and film programming. The following tables present the amounts recorded in our consolidated financial statements related to these transactions.
Three Months Ended Six Months Ended
June 30, June 30,
2021 2020 2021 2020
Revenues $ 73  $ 24  $ 138  $ 76 
Operating expenses $ $ $ $
At At
June 30, 2021 December 31, 2020
Accounts receivable $ 43  $ 69 
Through the normal course of business, we are involved in transactions with other related parties that have not been material in any of the periods presented.
6) REVENUES
The table below presents our revenues disaggregated into categories based on the nature of such revenues. Beginning in the first quarter of 2021, and for all comparable prior-year periods, these categories include streaming revenues, which aligns with management’s increased focus on this revenue stream. Streaming revenues are comprised of streaming advertising and streaming subscription revenues. Streaming advertising revenues are earned from advertisements on our pay and free streaming services, including Paramount+ and Pluto TV, and from digital video advertisements on our websites and in our video content on third-party platforms (“other digital video platforms”). Streaming subscription revenues include fees for our pay streaming services, including Paramount+, Showtime OTT, BET+ and Noggin, as well as premium subscriptions to access certain video content on our websites. Accordingly, our advertising and affiliate revenue categories exclude revenues earned by our streaming services and on other digital video platforms.
Three Months Ended Six Months Ended
June 30, June 30,
2021 2020 2021 2020
Revenues by Type:
Advertising (a)
$ 2,097  $ 1,686  $ 4,778  $ 3,905 
Affiliate (b)
2,107  1,929  4,182  3,897 
Streaming 983  513  1,799  1,007 
Theatrical 134  135  170 
Licensing and other 1,243  1,944  3,082  3,595 
Total Revenues $ 6,564  $ 6,075  $ 13,976  $ 12,574 
(a) Excludes streaming advertising revenues.
(b) Excludes streaming subscription revenues.
Receivables
Reserves for accounts receivable reflect our expected credit losses based on historical experience as well as current and expected economic conditions. Our allowance for credit losses was $84 million and $85 million at June 30, 2021 and December 31, 2020, respectively.

-15-



VIACOMCBS INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Tabular dollars in millions, except per share amounts)
Included in “Other assets” on the Consolidated Balance Sheets are noncurrent receivables of $1.83 billion and $2.02 billion at June 30, 2021 and December 31, 2020, respectively. Noncurrent receivables primarily relate to revenues recognized under long-term content licensing arrangements. Revenues from the licensing of content are recognized at the beginning of the license period in which programs are made available to the licensee for exhibition, while the related cash is generally collected over the term of the license period.

Contract Liabilities
Contract liabilities are included within “Deferred revenues” and “Other liabilities” on the Consolidated Balance Sheets and were $1.21 billion and $1.12 billion at June 30, 2021 and December 31, 2020, respectively. For the six months ended June 30, 2021, we recognized revenues of $627 million that were included in deferred revenues at December 31, 2020. For the six months ended June 30, 2020, we recognized revenues of $405 million that were included in deferred revenues at December 31, 2019.

Unrecognized Revenues Under Contract
At June 30, 2021, unrecognized revenues attributable to unsatisfied performance obligations under our long-term contracts were $6.3 billion, of which $2.3 billion is expected to be recognized for the remainder of 2021, $2.5 billion in 2022, $1.1 billion in 2023, and $0.5 billion thereafter. These amounts only include contracts subject to a guaranteed fixed amount or the guaranteed minimum under variable contracts, primarily consisting of television and film licensing contracts and affiliate agreements that are subject to a fixed or guaranteed minimum fee. Such amounts change on a regular basis as we renew existing agreements or enter into new agreements. Unrecognized revenues under contracts disclosed above do not include (i) contracts with an original expected term of one year or less, mainly consisting of advertising contracts, (ii) contracts for which variable consideration is determined based on the customer’s subsequent sale or usage, mainly consisting of affiliate agreements and (iii) long-term licensing agreements for multiple programs for which variable consideration is determined based on the value of the programs delivered to the customer and our right to invoice corresponds with the value delivered.

Performance Obligations Satisfied in Previous Periods
Under certain licensing arrangements, the amount and timing of our revenue recognition is determined based on our licensees’ subsequent sale to its end customers. As a result, under such arrangements, which primarily include licensing of our content to distributors of transactional video-on-demand and electronic sell-through services, we often satisfy our performance obligation of delivery of our content in advance of revenue recognition. Revenues recognized in our Filmed Entertainment segment for performance obligations satisfied or partially satisfied in a prior period were $75 million and $119 million for the three months ended June 30, 2021 and 2020, respectively, and $145 million and $141 million for the six months ended June 30, 2021 and 2020, respectively.
-16-



VIACOMCBS INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Tabular dollars in millions, except per share amounts)
7) DEBT
Our debt consists of the following:
At At
June 30, 2021 December 31, 2020
2.250% Senior Notes due 2022
$ —  $ 35 
3.375% Senior Notes due 2022
—  415 
3.125% Senior Notes due 2022
—  117 
2.50% Senior Notes due 2023
—  196 
3.25% Senior Notes due 2023
—  141 
2.90% Senior Notes due 2023
—  242 
4.25% Senior Notes due 2023
—  837 
7.875% Debentures due 2023
139  139 
7.125% Senior Notes due 2023
35  35 
3.875% Senior Notes due 2024
490  490 
3.70% Senior Notes due 2024
599  598 
3.50% Senior Notes due 2025
597  596 
4.75% Senior Notes due 2025
1,240  1,239 
4.0% Senior Notes due 2026
792  791 
3.45% Senior Notes due 2026
123  123 
2.90% Senior Notes due 2027
692  691 
3.375% Senior Notes due 2028
495  495 
3.70% Senior Notes due 2028
492  492 
4.20% Senior Notes due 2029
494  493 
7.875% Senior Debentures due 2030
831  831 
4.95% Senior Notes due 2031
1,221  1,220 
4.20% Senior Notes due 2032
971  969 
5.50% Senior Debentures due 2033
427  427 
4.85% Senior Debentures due 2034
87  87 
6.875% Senior Debentures due 2036
1,070  1,069 
6.75% Senior Debentures due 2037
75  75 
5.90% Senior Notes due 2040
298  298 
4.50% Senior Debentures due 2042
45  45 
4.85% Senior Notes due 2042
488  487 
4.375% Senior Debentures due 2043
1,119  1,116 
4.875% Senior Debentures due 2043
18  18 
5.85% Senior Debentures due 2043
1,232  1,232 
5.25% Senior Debentures due 2044
345  345 
4.90% Senior Notes due 2044
540  540 
4.60% Senior Notes due 2045
589  589 
4.95% Senior Notes due 2050
943  942 
5.875% Junior Subordinated Debentures due 2057
514  514 
6.25% Junior Subordinated Debentures due 2057
643  643 
Other bank borrowings 45  95 
Obligations under finance leases 31  26 
Total debt (a)
17,720  19,733 
Less current portion of long-term debt
17  16 
Total long-term debt, net of current portion $ 17,703  $ 19,717 
(a) At June 30, 2021 and December 31, 2020, the senior and junior subordinated debt balances included (i) a net unamortized discount of $476 million and $491 million, respectively, and (ii) unamortized deferred financing costs of $99 million and $107 million, respectively. The face value of our total debt was $18.30 billion and $20.33 billion at June 30, 2021 and December 31, 2020, respectively.

During the six months ended June 30, 2021, we redeemed senior notes totaling $1.99 billion, prior to maturity, for an aggregate redemption price of $2.11 billion resulting in a pre-tax loss on extinguishment of debt of $128 million.

-17-



VIACOMCBS INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Tabular dollars in millions, except per share amounts)
During the second quarter of 2020, we issued $4.50 billion of senior notes and used the net proceeds from these issuances for the redemption, prior to maturity, of long-term debt totaling $2.43 billion for a redemption price of $2.52 billion, as well as for general corporate purposes. As a result, we recognized a pre-tax loss on extinguishment of debt of $103 million.

Our 5.875% junior subordinated debentures due February 2057 and 6.25% junior subordinated debentures due February 2057 accrue interest at the stated fixed rates until February 28, 2022 and February 28, 2027, respectively, on which dates the rates will switch to floating rates based on three-month LIBOR plus 3.895% and 3.899%, respectively, reset quarterly. These debentures can be called by us at any time after the expiration of the fixed-rate period.

Commercial Paper
At both June 30, 2021 and December 31, 2020, we had no outstanding commercial paper borrowings under our commercial paper program.

Credit Facility
At June 30, 2021, we had a $3.50 billion revolving credit facility with a maturity in January 2025 (the “Credit Facility”). The Credit Facility is used for general corporate purposes and to support commercial paper borrowings, if any. We may, at our option, also borrow in certain foreign currencies up to specified limits under the Credit Facility. Borrowing rates under the Credit Facility are determined at the time of each borrowing and are generally based on either the prime rate in the U.S. or LIBOR plus a margin based on our senior unsecured debt rating, depending on the type and tenor of the loans entered. The Credit Facility has one principal financial covenant that requires our Consolidated Total Leverage Ratio to be less than 4.5x (which we may elect to increase to 5.0x for up to four consecutive quarters following a qualified acquisition) at the end of each quarter. The Consolidated Total Leverage Ratio reflects the ratio of our Consolidated Indebtedness at the end of a quarter, to our Consolidated EBITDA (each as defined in the amended credit agreement) for the trailing twelve-month period. We met the covenant as of June 30, 2021.

At June 30, 2021, we had no borrowings outstanding under the Credit Facility and the remaining availability under the Credit Facility, net of outstanding letters of credit, was $3.50 billion.

Other Bank Borrowings
At June 30, 2021 and December 31, 2020, we had bank borrowings under Miramax’s $300 million credit facility, which matures in April 2023, of $45 million and $95 million, respectively, with a weighted average interest rate of 3.50%.
8) FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS
The carrying value of our financial instruments approximates fair value, except for notes and debentures. At June 30, 2021 and December 31, 2020, the carrying value of our notes and debentures was $17.64 billion and $19.61 billion, respectively, and the fair value, which is determined based on quoted prices in active markets (Level 1 in the fair value hierarchy) was $21.9 billion and $24.5 billion, respectively.

Investments
The fair value of our marketable securities was $15 million at June 30, 2021 which is included within “Other assets” on the Consolidated Balance Sheet.
-18-



VIACOMCBS INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Tabular dollars in millions, except per share amounts)
During the three and six months ended June 30, 2021, we recorded an unrealized loss of $5 million and an unrealized gain of $15 million, respectively, resulting from changes in the fair value of our marketable securities.

The carrying value of our investments without a readily determinable fair value for which we have no significant influence was $58 million and $65 million at June 30, 2021 and December 31, 2020, respectively. These investments are included in “Other assets” on the Consolidated Balance Sheets. During the second quarter of 2021, we sold an investment for proceeds of $43 million and recognized a gain of $37 million. During the second quarter of 2020, we recorded an unrealized gain of $32 million for a change in the fair value of an investment as indicated by the market price of a similar investment.

Foreign Exchange Contracts
We use derivative financial instruments primarily to modify our exposure to market risks from fluctuations in foreign currency exchange rates. We do not use derivative instruments unless there is an underlying exposure and therefore we do not hold or enter into derivative financial instruments for speculative trading purposes. Foreign exchange forward contracts have principally been used to hedge projected cash flows, in currencies such as the British Pound, the Euro, the Canadian Dollar and the Australian Dollar, generally for periods up to 24 months. We designate foreign exchange forward contracts used to hedge committed and forecasted foreign currency transactions as cash flow hedges. Additionally, we enter into non-designated forward contracts to hedge non-U.S. dollar denominated cash flows.

At June 30, 2021 and December 31, 2020, the notional amount of all foreign exchange contracts was $1.68 billion and $1.27 billion, respectively. At June 30, 2021, $1.16 billion related to future production costs and $521 million related to our foreign currency balances and other expected foreign currency cash flows. At December 31, 2020, $740 million related to future production costs and $529 million related to our foreign currency balances and other expected foreign currency cash flows.

Gains (losses) recognized on derivative financial instruments were as follows:
Three Months Ended Six Months Ended
June 30, June 30,
2021 2020 2021 2020 Financial Statement Account
Non-designated foreign exchange contracts $ (2) $ (11) $ (1) $ 18  Other items, net
The fair value of our derivative instruments was not material to the Consolidated Balance Sheets for any of the periods presented.
-19-



VIACOMCBS INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Tabular dollars in millions, except per share amounts)
Fair Value Measurements
The following tables set forth our assets and liabilities measured at fair value on a recurring basis at June 30, 2021 and December 31, 2020. These assets and liabilities have been categorized according to the three-level fair value hierarchy established by the FASB, which prioritizes the inputs used in measuring fair value. Level 1 is based on publicly quoted prices for the asset or liability in active markets. Level 2 is based on inputs that are observable other than quoted market prices in active markets, such as quoted prices for the asset or liability in inactive markets or quoted prices for similar assets or liabilities. Level 3 is based on unobservable inputs reflecting our own assumptions about the assumptions that market participants would use in pricing the asset or liability. We do not have any assets or liabilities that are measured at fair value on a recurring basis using level 3 inputs.
At June 30, 2021 Level 1 Level 2 Total
Assets:
Marketable securities $ 15  $ —  $ 15 
Foreign currency hedges —  16  16 
Total Assets $ 15  $ 16  $ 31 
Liabilities:
Deferred compensation $ —  $ 429  $ 429 
Foreign currency hedges —  24  24 
Total Liabilities $ —  $ 453  $ 453 
At December 31, 2020 Level 1 Level 2 Total
Assets:
Foreign currency hedges $ —  $ 20  $ 20 
Total Assets $ —  $ 20  $ 20 
Liabilities:
Deferred compensation $ —  $ 529  $ 529 
Foreign currency hedges —  39  39 
Total Liabilities $ —  $ 568  $ 568 
The fair value of foreign currency hedges is determined based on the present value of future cash flows using observable inputs including foreign currency exchange rates. The fair value of deferred compensation liabilities is determined based on the fair value of the investments elected by employees. The fair value of marketable securities at June 30, 2021 was determined based on quoted market prices in active markets.
9) STOCKHOLDERS’ EQUITY
Stock Offerings
On March 26, 2021, we completed offerings of 20 million shares of our Class B Common Stock at a price to the public of $85 per share and 10 million shares of 5.75% Series A Mandatory Convertible Preferred Stock at a price to the public and liquidation preference of $100 per share. The net proceeds from the Class B Common Stock offering and the Mandatory Convertible Preferred Stock offering were approximately $1.67 billion and $983 million, respectively, in each case after deducting underwriting discounts, commissions and estimated offering expenses. We have used and intend to continue to use the net proceeds for general corporate purposes, including investments in streaming.

Mandatory Convertible Preferred Stock
Unless earlier converted, each share of Mandatory Convertible Preferred Stock will automatically and mandatorily convert on the mandatory conversion date, expected to be April 1, 2024, into between 1.0013 and 1.1765 shares of our Class B Common Stock, subject to customary anti-dilution adjustments. The number of shares of Class B
-20-



VIACOMCBS INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Tabular dollars in millions, except per share amounts)
Common Stock issuable upon conversion will be determined based on the average of the volume-weighted average price per share of our Class B Common Stock over the 20 consecutive trading day period commencing on, and including, the 21st scheduled trading day immediately preceding April 1, 2024. Holders of the Mandatory Convertible Preferred Stock (“Holders”) have the right to convert all or any portion of their shares of Mandatory Convertible Preferred Stock at any time prior to April 1, 2024 at the minimum conversion rate of 1.0013 shares of our Class B Common Stock. In addition, the conversion rate applicable to such an early conversion may, in certain circumstances, be increased to compensate Holders for certain unpaid accumulated dividends. However, if a fundamental change (as defined in the Certificate of Designations governing the Mandatory Convertible Preferred Stock) occurs on or prior to April 1, 2024, then Holders will, in certain circumstances, be entitled to convert all or a portion of their shares of Mandatory Convertible Preferred Stock at an increased conversion rate for a specified period of time and receive an amount to compensate them for unpaid accumulated dividends and any remaining future scheduled dividend payments.

The Mandatory Convertible Preferred Stock is not redeemable. However, at our option, we may purchase or otherwise acquire (including in an exchange transaction) the Mandatory Convertible Preferred Stock from time to time in the open market, by tender or exchange offer or otherwise, without the consent of, or notice to, Holders. Holders have no voting rights, with certain exceptions.

If declared, dividends on the Mandatory Convertible Preferred Stock are payable quarterly through April 1, 2024. Dividends on the Mandatory Convertible Preferred Stock accumulate from the most recent dividend payment date, and will be payable on a cumulative basis when, as and if declared by our Board of Directors, or an authorized committee thereof, at an annual rate of 5.75% of the liquidation preference of $100 per share, payable in cash or, subject to certain limitations, by delivery of shares of Class B Common Stock or through any combination of cash and shares of Class B Common Stock, at our election. If we have not declared any portion of the accumulated and unpaid dividends by April 1, 2024, the conversion rate will be adjusted so that Holders receive an additional number of shares of our Class B Common Stock, with certain limitations.

Dividends
We declared cash dividends of $.24 per share on our Class A and Class B Common Stock during each of the three months ended June 30, 2021 and 2020, resulting in total dividends of $158 million and $150 million, respectively. We declared cash dividends of $.48 per share on our Class A and Class B Common Stock, during each of the six months ended June 30, 2021 and 2020, resulting in total dividends of $310 million and $300 million, respectively.

Additionally, during the second quarter of 2021 we declared a cash dividend of $1.5493 per share on our Mandatory Convertible Preferred Stock, representing a dividend period from March 26, 2021 through July 1, 2021. Accordingly, we accumulated dividends on the Mandatory Convertible Preferred Stock of $14 million and $15 million during the three and six months ended June 30, 2021, respectively. For each subsequent quarter, we expect to declare a dividend of $1.4375 per share.
-21-



VIACOMCBS INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Tabular dollars in millions, except per share amounts)
Accumulated Other Comprehensive Income (Loss)
The following tables summarize the changes in the components of accumulated other comprehensive loss.
Continuing Operations Discontinued Operations
Cumulative
Translation
Adjustments
Net Actuarial
Loss and Prior
Service Cost
Other Comprehensive Income (Loss) (a)
Accumulated
Other
Comprehensive Loss
At December 31, 2020 $ (303) $ (1,509) $ (20) $ (1,832)
Other comprehensive income (loss)
before reclassifications
(55) —  (50)
Reclassifications to net earnings
—  29 
(b)
—  29 
Other comprehensive income (loss) (55) 29  (21)
At June 30, 2021 $ (358) $ (1,480) $ (15) $ (1,853)
Continuing Operations Discontinued Operations
Cumulative
Translation
Adjustments
Net Actuarial
Loss and Prior
Service Cost
Other Comprehensive Income (Loss) (a)
Accumulated
Other
Comprehensive Loss
At December 31, 2019 $ (438) $ (1,507) $ (25) $ (1,970)
Other comprehensive loss before
reclassifications
(56) —  (8) (64)
Reclassifications to net earnings
—  35 
(b)
—  35 
Other comprehensive income (loss) (56) 35  (8) (29)
At June 30, 2020 $ (494) $ (1,472) $ (33) $ (1,999)
(a) Reflects cumulative translation adjustments.
(b) Reflects amortization of net actuarial losses (see Note 12). Amounts are net of tax benefits of $10 million and $11 million for the six months ended June 30, 2021 and 2020, respectively.
10) STOCK-BASED COMPENSATION
The following table summarizes our stock-based compensation expense for the three and six months ended June 30, 2021 and 2020.
Three Months Ended Six Months Ended
June 30, June 30,
2021 2020 2021 2020
RSUs and PSUs $ 46  $ 39  $ 95  $ 86 
Stock options 11 
Compensation cost included in operating and SG&A expense 49  44  101  97 
Compensation cost included in restructuring and other
corporate matters (a)
—  12  —  46 
Stock-based compensation expense, before income taxes 49  56  101  143 
Related tax benefit (10) (11) (21) (26)
Stock-based compensation expense, net of tax benefit $ 39  $ 45  $ 80  $ 117 
(a) Reflects accelerations as a result of restructuring activities.
-22-



VIACOMCBS INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Tabular dollars in millions, except per share amounts)
Included in net earnings from discontinued operations was stock-based compensation expense of $1 million for each of the three-month periods ended June 30, 2021 and 2020, and $2 million for each of the six-month periods ended June 30, 2021 and 2020.
11) INCOME TAXES
The provision/benefit for income taxes represents federal, state and local, and foreign taxes on earnings from continuing operations before income taxes and equity in loss of investee companies. For the three months ended June 30, 2021, we recorded a benefit for income taxes of $34 million, reflecting a negative effective income tax rate of 3.3%, and for the six months ended June 30, 2021, we recorded a provision for income taxes of $192 million, reflecting an effective income tax rate of 8.8%. Included in income taxes for the three and six months ended June 30, 2021 are discrete tax benefits of $268 million and $289 million, respectively, primarily consisting of a benefit of $260 million to remeasure our UK net deferred income tax asset as a result of the enactment during the second quarter of an increase in the UK corporate income tax rate from 19% to 25% beginning April 1, 2023, as well as a net tax benefit in connection with the settlement of income tax audits. For the three months ended June 30, 2021, these items, together with a net tax provision of $26 million, relating to net gains from sales and investments and restructuring charges during the period, decreased our effective income tax rate by 26.3 percentage points. For the six months ended June 30, 2021, the aforementioned discrete tax benefits of $289 million decreased our effective income tax rate by 13.3 percentage points.

For the three and six months ended June 30, 2020, we recorded a provision for income taxes of $192 million and $326 million, respectively, reflecting effective income tax rates of 21.3% and 21.0%, respectively.
ViacomCBS and its subsidiaries file income tax returns with the Internal Revenue Service (“IRS”) and various state and local and foreign jurisdictions. For periods prior to the Merger, Viacom and CBS filed separate tax returns. For CBS, we are currently under examination by the IRS for the 2017 and 2018 tax years. For Viacom, the Company and the IRS settled the income tax audit for the 2014 and 2015 tax years during the second quarter of 2021. We anticipate that the IRS will commence its examination of Viacom’s 2016 through 2019 tax years in the latter part of 2021. Various tax years are also currently under examination by state and local and foreign tax authorities. With respect to open tax years in all jurisdictions, we currently do not believe that it is reasonably possible that the reserve for uncertain tax positions will significantly change within the next 12 months; however, it is difficult to predict the final outcome or timing of resolution of any particular tax matter and events could cause our current expectation to change in the future.
-23-



VIACOMCBS INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Tabular dollars in millions, except per share amounts)
12) PENSION AND OTHER POSTRETIREMENT BENEFITS
The following tables present the components of net periodic cost for our pension and postretirement benefit plans.
Pension Benefits Postretirement Benefits
Three Months Ended June 30, 2021 2020 2021 2020
Components of net periodic cost (a):
Service cost $ —  $ $ —  $ — 
Interest cost 36  41 
Expected return on plan assets (47) (49) —  — 
Amortization of actuarial loss (gain) (b)
23  26  (4) (4)
Net periodic cost $ 12  $ 26  $ (2) $ (1)
Pension Benefits Postretirement Benefits
Six Months Ended June 30, 2021 2020 2021 2020
Components of net periodic cost (a):
Service cost $ —  $ 15  $ —  $
Interest cost 72  82 
Expected return on plan assets (94) (97) —  — 
Amortization of actuarial loss (gain) (b)
47  52  (7) (8)
Net periodic cost $ 25  $ 52  $ (3) $ (1)
(a) Amounts reflect our domestic plans only.
(b) Reflects amounts reclassified from accumulated other comprehensive loss to net earnings.
The service cost component of net periodic cost is presented in the Consolidated Statements of Operations within operating income and all other components of net periodic cost are presented within “Other items, net.”
13) REDEEMABLE NONCONTROLLING INTERESTS
We are subject to a redeemable put option, payable in a foreign currency, with respect to an international subsidiary. The put option expires in December 2022 and is classified as “Redeemable noncontrolling interest” on the Consolidated Balance Sheets. The activity reflected within redeemable noncontrolling interest for the six months ended June 30, 2021 and 2020 is presented below.
Six Months Ended
June 30,
2021 2020
Beginning balance $ 197  $ 254 
Net earnings
Distributions (2) (7)
Translation adjustment (17)
Redemption value adjustment (10) 41 
Ending balance $ 190  $ 274 
14) REPORTABLE SEGMENTS
The following tables set forth our financial information by reportable segment. Our operating segments, which are the same as our reportable segments, have been determined in accordance with our internal management structure, which is organized based upon products and services.
-24-



VIACOMCBS INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Tabular dollars in millions, except per share amounts)
In the first quarter of 2021, we began separately presenting streaming revenues in the categories we use to disaggregate our revenues (see Note 6).
Three Months Ended Six Months Ended
June 30, June 30,
2021 2020 2021 2020
Revenues:
Advertising $ 1,088  $ 880  $ 2,895  $ 2,168 
Affiliate 691  629  1,384  1,252 
Streaming 350  193  672  397 
Licensing and other 680  585  1,369  1,417 
TV Entertainment 2,809  2,287  6,320  5,234 
Advertising 1,011  815  1,889  1,760 
Affiliate 1,416  1,300  2,798  2,645 
Streaming 633  320  1,127  610 
Licensing and other 415  797  920  1,075 
Cable Networks 3,475  3,232  6,734  6,090 
Theatrical 134  135  170 
Licensing and other 533  644  1,529  1,288 
Filmed Entertainment 667  647  1,664  1,458 
Corporate/Eliminations (387) (91) (742) (208)
Total Revenues $ 6,564  $ 6,075  $ 13,976  $ 12,574 
Revenues generated between segments are principally from the licensing of Filmed Entertainment and Cable Networks content to Paramount+ and licensing of Filmed Entertainment and TV Entertainment content to Cable Networks. These transactions are recorded at market value as if the sales were to third parties and are eliminated in consolidation. Revenues earned from the licensing of content within segments, including licensing to Paramount+ within the TV Entertainment segment, are eliminated within the segment. Intercompany revenues associated with the licensing of programming to Paramount+ after the initial exhibition on our broadcast or cable networks are recorded on a straight-line basis over the term of the agreement and eliminated in consolidation.
Three Months Ended Six Months Ended
June 30, June 30,
2021 2020 2021 2020
Intercompany Revenues:
TV Entertainment $ 67  $ 43  $ 139  $ 118 
Cable Networks 153  231  18 
Filmed Entertainment 167  46  372  72 
Total Intercompany Revenues $ 387  $ 91  $ 742  $ 208 
We present operating income excluding depreciation and amortization, stock-based compensation, costs for restructuring and other corporate matters, programming charges and net gain on sales, each where applicable (“Adjusted OIBDA”), as the primary measure of profit and loss for our operating segments in accordance with FASB guidance for segment reporting since it is the primary method used by our management. Stock-based compensation is excluded from our segment measure of profit and loss because it is set and approved by our Board of Directors in consultation with corporate executive management.
-25-



VIACOMCBS INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Tabular dollars in millions, except per share amounts)
Three Months Ended Six Months Ended
June 30, June 30,
2021 2020 2021 2020
Adjusted OIBDA:
TV Entertainment $ 216  $ 392  $ 665  $ 965 
Cable Networks 1,125  1,285  2,309  2,079 
Filmed Entertainment 72  116  276  143 
Corporate/Eliminations (124) (97) (282) (193)
Stock-based compensation (49) (44) (101) (97)
Depreciation and amortization (95) (122) (194) (234)
Restructuring and other corporate matters (35) (158) (35) (389)
Programming charges —  (121) —  (121)
Net gain on sales 116  —  116  — 
Operating income 1,226  1,251  2,754  2,153 
Interest expense (243) (263) (502) (504)
Interest income 13  11  26  25 
Net gains from investments 32  32  52  32 
Loss on extinguishment of debt —  (103) (128) (103)
Other items, net (10) (26) (29) (54)
Earnings from continuing operations before income taxes and
    equity in loss of investee companies
1,018  902  2,173  1,549 
(Provision) benefit for income taxes 34  (192) (192) (326)
Equity in loss of investee companies, net of tax (44) (12) (62) (21)
Net earnings from continuing operations 1,008  698  1,919  1,202 
Net earnings from discontinued operations, net of tax 41  28  53  43 
Net earnings (ViacomCBS and noncontrolling interests) 1,049  726  1,972  1,245 
Net earnings attributable to noncontrolling interests (13) (245) (25) (248)
Net earnings attributable to ViacomCBS $ 1,036  $ 481  $ 1,947  $ 997 
At At
June 30, 2021 December 31, 2020
Assets:
TV Entertainment $ 19,176  $ 19,443 
Cable Networks 23,666  23,139 
Filmed Entertainment
6,621  6,440 
Corporate/Eliminations 4,383  2,202 
Discontinued Operations 1,358  1,439 
Total Assets $ 55,204