POWERPOINT PROJECT:

Item 9A. Controls and Procedures
(a) Evaluation of Disclosure Controls and Procedures
Our management, with the participation of our co-Chief Executive Officers and Chief Financial Officer, evaluated the effectiveness of our disclosure
controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act as of the end of the period covered by this Annual Report on Form
10-K. Based on that evaluation, our co-Chief Executive Officers and Chief Financial Officer concluded that our disclosure controls and procedures as of the end of
the period covered by this Annual Report on Form 10-K were effective in providing reasonable assurance that information required to be disclosed by us in reports
that we file or submit under the Exchange Act, is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange
Commission’s rules and forms, and that such information is accumulated and communicated to our management, including our co-Chief Executive Officers and
Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosures.
Our management, including our co-Chief Executive Officers and Chief Financial Officer, does not expect that our disclosure controls and procedures or our
internal controls will prevent all error and all fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute,
assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the
benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide
absolute assurance that all control issues and instances of fraud, if any, within Netflix have been detected.
(b) Management’s Annual Report on Internal Control Over Financial Reporting
Our management is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Rule 13a-15(f) of the
Exchange Act. Our management assessed the effectiveness of our internal control over financial reporting as of December 31, 2020. In making this assessment, our
management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”) in Internal Control—Integrated
Framework (2013 framework). Based on our assessment under the framework in Internal Control—Integrated Framework (2013 framework), our management
concluded that our internal control over financial reporting was effective as of December 31, 2020. The effectiveness of our internal control over financial
reporting as of December 31, 2020 has been audited by Ernst & Young LLP, an independent registered public accounting firm, as stated in their report that is
included herein.
(c) Changes in Internal Control Over Financial Reporting
There was no change in our internal control over financial reporting that occurred during the quarter ended December 31, 2020 that has materially affected,
or is reasonably likely to materially affect, our internal control over financial reporting.
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Report of Independent Registered Public Accounting Firm
To the Stockholders and the Board of Directors of Netflix, Inc.
Opinion on Internal Control Over Financial Reporting
We have audited Netflix, Inc.’s internal control over financial reporting as of December 31, 2020, based on criteria established in Internal Control – Integrated
Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria). In our opinion, Netflix,
Inc. (the Company) maintained, in all material respects, effective internal control over financial reporting as of December 31, 2020, based on the COSO criteria.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance
sheets of the Company as of December 31, 2020 and 2019, the related consolidated statements of operations, comprehensive income, stockholders’ equity and cash
flows for each of the three years in the period ended December 31, 2020, and the related notes and our report dated January 28, 2021 expressed an unqualified
opinion thereon.
Basis for Opinion
The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal
control over financial reporting included in the accompanying Management’s Annual Report on Internal Control Over Financial Reporting. Our responsibility is to
express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and
are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the
Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance
about whether effective internal control over financial reporting was maintained in all material respects.
Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating
the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the
circumstances. We believe that our audit provides a reasonable basis for our opinion.
Definition and Limitations of Internal Control Over Financial Reporting
A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial
reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the
transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of
financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in
accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of
unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of
effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with
the policies or procedures may deteriorate.
/s/ Ernst & Young LLP
San Jose, California
January 28, 2021
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Item 9B. Other Information
None.
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PART III
Item 10. Directors, Executive Officers and Corporate Governance
Information regarding our directors and executive officers is incorporated by reference from the information contained under the sections “Proposal One:
Election of Directors,” “Delinquent Section 16(a) Reports” and “Code of Ethics” in our Proxy Statement for the Annual Meeting of Stockholders.
Item 11. Executive Compensation
Information required by this item is incorporated by reference from information contained under the section “Compensation of Executive Officers and Other
Matters” in our Proxy Statement for the Annual Meeting of Stockholders.
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
Information required by this item is incorporated by reference from information contained under the sections “Security Ownership of Certain Beneficial
Owners and Management” and “Equity Compensation Plan Information” in our Proxy Statement for the Annual Meeting of Stockholders.
Item 13. Certain Relationships and Related Transactions, and Director Independence
Information required by this item is incorporated by reference from information contained under the section “Certain Relationships and Related
Transactions” and “Director Independence” in our Proxy Statement for the Annual Meeting of Stockholders.
Item 14. Principal Accounting Fees and Services
Information with respect to principal independent registered public accounting firm fees and services is incorporated by reference from the information
under the caption “Proposal Two: Ratification of Appointment of Independent Registered Public Accounting Firm” in our Proxy Statement for the Annual Meeting
of Stockholders.
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PART IV
Item 15. Exhibits, Financial Statement Schedules
(a) The following documents are filed as part of this Annual Report on Form 10-K:
(1) Financial Statements:
The financial statements are filed as part of this Annual Report on Form 10-K under “Item 8. Financial Statements and Supplementary Data.”
(2) Financial Statement Schedules:
The financial statement schedules are omitted as they are either not applicable or the information required is presented in the financial statements and
notes thereto under “Item 8. Financial Statements and Supplementary Data.”
(3) Exhibits:
See Exhibit Index immediately following the signature page of this Annual Report on Form 10-K.
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Item 16. Form 10-K Summary
None.
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NETFLIX, INC.
INDEX TO FINANCIAL STATEMENTS
Page
Report of Independent Registered Public Accounting Firm 40
Consolidated Statements of Operations 42
Consolidated Statements of Comprehensive Income 43
Consolidated Statements of Cash Flows 44
Consolidated Balance Sheets 45
Consolidated Statements of Stockholders’ Equity 46
Notes to Consolidated Financial Statements 47
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Report of Independent Registered Public Accounting Firm
To the Stockholders and the Board of Directors of Netflix, Inc.
Opinion on the Financial Statements
We have audited the accompanying consolidated balance sheets of Netflix, Inc. (the Company) as of December 31, 2020 and 2019, the related consolidated
statements of operations, comprehensive income, stockholders’ equity and cash flows for each of the three years in the period ended December 31, 2020, and the
related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material
respects, the financial position of the Company at December 31, 2020 and 2019, and the results of its operations and its cash flows for each of the three years in the
period ended December 31, 2020, in conformity with U.S. generally accepted accounting principles.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal
control over financial reporting as of December 31, 2020, based on criteria established in Internal Control – Integrated Framework issued by the Committee of
Sponsoring Organizations of the Treadway Commission (2013 framework) and our report dated January 28, 2021 expressed an unqualified opinion thereon.
Adoption of ASU No. 2016-02
As discussed in Note 5 to the consolidated financial statements, the Company changed its method of accounting for leases in 2019 due to the adoption of
Accounting Standards Update (ASU) No. 2016-02, Leases (Topic 842), and the related amendments.
Basis for Opinion
These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements
based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance
with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to
assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such
procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the
accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe
that our audits provide a reasonable basis for our opinion.
Critical Audit Matter
The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to be
communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially
challenging, subjective or complex judgments. The communication of the critical audit matter does not alter in any way our opinion on the consolidated financial
statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the
accounts or disclosures to which it relates.
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Content Amortization
Description of the Matter As disclosed in Note 1 to the consolidated financial statements “Organization and Summary of Significant
Accounting Policies”, the Company acquires, licenses and produces content, including original programming
(“Content”). The Company amortizes Content based on factors including historical and estimated viewing patterns.
Auditing the amortization of the Company’s Content is complex and subjective due to the judgmental nature of
amortization which is based on an estimate of future viewing patterns. Estimated viewing patterns are based on
historical and forecasted viewing. If actual viewing patterns differ from these estimates, the pattern and/or period of
amortization would be changed and could affect the timing of recognition of content amortization.
How We Addressed the
Matter in Our Audit
We obtained an understanding, evaluated the design and tested the operating effectiveness of controls over the
content amortization process. For example, we tested controls over management’s review of the content amortization
method and the significant assumptions, including the historical and forecasted viewing hour consumption, used to
develop estimated viewing patterns. We also tested management’s controls to determine that the data used in the
model was complete and accurate.
To test content amortization, our audit procedures included, among others, evaluating the content amortization
method, testing the significant assumptions used to develop the estimated viewing patterns and testing the
completeness and accuracy of the underlying data. For example, we assessed management’s assumptions by
comparing them to current viewing trends and current operating information including comparing previous estimates
of viewing patterns to actual results. We also performed sensitivity analyses to evaluate the potential changes in the
content amortization recorded that could result from changes in the assumptions.
/s/ Ernst & Young LLP
We have served as the Company’s auditor since 2012.
San Jose, California
January 28, 2021
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NETFLIX, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
Year ended December 31,
2020 2019 2018
Revenues $ 24,996,056 $ 20,156,447 $ 15,794,341
Cost of revenues 15,276,319 12,440,213 9,967,538
Marketing 2,228,362 2,652,462 2,369,469
Technology and development 1,829,600 1,545,149 1,221,814
General and administrative 1,076,486 914,369 630,294
Operating income 4,585,289 2,604,254 1,605,226
Other income (expense):
Interest expense (767,499) (626,023) (420,493)
Interest and other income (expense) (618,441) 84,000 41,725
Income before income taxes 3,199,349 2,062,231 1,226,458
Provision for income taxes (437,954) (195,315) (15,216)
Net income $ 2,761,395 $ 1,866,916 $ 1,211,242
Earnings per share:
Basic $ 6.26 $ 4.26 $ 2.78
Diluted $ 6.08 $ 4.13 $ 2.68
Weighted-average common shares outstanding:
Basic 440,922 437,799 435,374
Diluted 454,208 451,765 451,244
See accompanying notes to consolidated financial statements.
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NETFLIX, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in thousands)
Year ended December 31,
2020 2019 2018
Net income $ 2,761,395 $ 1,866,916 $ 1,211,242
Other comprehensive income (loss):
Foreign currency translation adjustments 67,919 (3,939) 975
Comprehensive income $ 2,829,314 $ 1,862,977 $ 1,212,217
See accompanying notes to consolidated financial statements.
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NETFLIX, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Year Ended December 31,
2020 2019 2018
Cash flows from operating activities:
Net income $ 2,761,395 $ 1,866,916 $ 1,211,242
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Additions to content assets (11,779,284) (13,916,683) (13,043,437)
Change in content liabilities (757,433) (694,011) 999,880
Amortization of content assets 10,806,912 9,216,247 7,532,088
Depreciation and amortization of property, equipment and intangibles 115,710 103,579 83,157
Stock-based compensation expense 415,180 405,376 320,657
Foreign currency remeasurement loss (gain) on debt 533,278 (45,576) (73,953)
Other non-cash items 293,126 228,230 81,640
Deferred income taxes 70,066 (94,443) (85,520)
Changes in operating assets and liabilities:
Other current assets (187,623) (252,113) (200,192)
Accounts payable (41,605) 96,063 199,198
Accrued expenses and other liabilities 198,183 157,778 150,422
Deferred revenue 193,247 163,846 142,277
Other non-current assets and liabilities (194,075) (122,531) 2,062
Net cash provided by (used in) operating activities 2,427,077 (2,887,322) (2,680,479)
Cash flows from investing activities:
Purchases of property and equipment (497,923) (253,035) (173,946)
Change in other assets (7,431) (134,029) (165,174)
Net cash used in investing activities (505,354) (387,064) (339,120)
Cash flows from financing activities:
Proceeds from issuance of debt 1,009,464 4,469,306 3,961,852
Debt issuance costs (7,559) (36,134) (35,871)
Proceeds from issuance of common stock 235,406 72,490 124,502
Other financing activities — — (1,956)
Net cash provided by financing activities 1,237,311 4,505,662 4,048,527
Effect of exchange rate changes on cash, cash equivalents and restricted cash 36,050 469 (39,682)
Net increase in cash, cash equivalents and restricted cash 3,195,084 1,231,745 989,246
Cash, cash equivalents and restricted cash, beginning of year 5,043,786 3,812,041 2,822,795
Cash, cash equivalents and restricted cash, end of year $ 8,238,870 $ 5,043,786 $ 3,812,041
Supplemental disclosure:
Income taxes paid $ 291,582 $ 400,658 $ 131,069
Interest paid 762,904 599,132 375,831
See accompanying notes to consolidated financial statements.
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NETFLIX, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share data)
As of December 31,
2020 2019
Assets
Current assets:
Cash and cash equivalents $ 8,205,550 $ 5,018,437
Other current assets 1,556,030 1,160,067
Total current assets 9,761,580 6,178,504
Content assets, net 25,383,950 24,504,567
Property and equipment, net 960,183 565,221
Other non-current assets 3,174,646 2,727,420
Total assets $ 39,280,359 $ 33,975,712
Liabilities and Stockholders’ Equity
Current liabilities:
Current content liabilities $ 4,429,536 $ 4,413,561
Accounts payable 656,183 674,347
Accrued expenses and other liabilities 1,102,196 843,043
Deferred revenue 1,117,992 924,745
Short-term debt 499,878 — Total current liabilities 7,805,785 6,855,696
Non-current content liabilities 2,618,084 3,334,323
Long-term debt 15,809,095 14,759,260
Other non-current liabilities 1,982,155 1,444,276
Total liabilities 28,215,119 26,393,555
Commitments and contingencies (Note 7)
Stockholders’ equity:
Preferred stock, $0.001 par value; 10,000,000 shares authorized at December 31, 2020 and 2019; no shares
issued and outstanding at December 31, 2020 and 2019 — — Common stock, 0.001 par value; 4,990,000,000 shares authorized at December 31, 2020 and December 31,
2019, respectively; 442,895,261 and 438,806,649 issued and outstanding at December 31, 2020 and
December 31, 2019, respectively 3,447,698 2,793,929
Accumulated other comprehensive income (loss) 44,398 (23,521)
Retained earnings 7,573,144 4,811,749
Total stockholders’ equity 11,065,240 7,582,157
Total liabilities and stockholders’ equity $ 39,280,359 $ 33,975,712
See accompanying notes to consolidated financial statements.
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NETFLIX, INC.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(in thousands, except share data)
Common Stock and Additional
Paid-in Capital
Accumulated
Other
Comprehensive
Income (Loss)
Retained
Earnings
Total
Stockholders’
Equity
Shares Amount
Balances as of December 31, 2017 433,392,686 $ 1,871,396 $ (20,557) $ 1,731,117 $ 3,581,956
Net income — — — 1,211,242 1,211,242
Other comprehensive income — — 975 — 975
Issuance of common stock upon exercise of options 3,205,911 123,935 — — 123,935
Stock-based compensation expense — 320,657 — — 320,657
Balances as of December 31, 2018 436,598,597 $ 2,315,988 $ (19,582) $ 2,942,359 $ 5,238,765
Net income — — — 1,866,916 1,866,916
Other comprehensive loss — — (3,939) — (3,939)
Issuance of common stock upon exercise of options 2,208,052 72,565 — — 72,565
Stock-based compensation expense — 405,376 — — 405,376
Adoption of ASU 2016-02, Leases (Topic 842) — — — 2,474 2,474
Balances as of December 31, 2019 438,806,649 $ 2,793,929 $ (23,521) $ 4,811,749 $ 7,582,157
Net income — — — 2,761,395 2,761,395
Other comprehensive income — — 67,919 — 67,919
Issuance of common stock upon exercise of options 4,088,612 238,589 — — 238,589
Stock-based compensation expense — 415,180 — — 415,180
Balances as of December 31, 2020 442,895,261 $ 3,447,698 $ 44,398 $ 7,573,144 $ 11,065,240
See accompanying notes to consolidated financial statements.
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NETFLIX, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

  1. Organization and Summary of Significant Accounting Policies
    Description of Business
    Netflix, Inc. (the “Company”) was incorporated on August 29, 1997 and began operations on April 14, 1998. The Company is one of the world’s leading
    entertainment services with approximately 204 million paid memberships in over 190 countries enjoying TV series, documentaries and feature films across a wide
    variety of genres and languages. Members can watch as much as they want, anytime, anywhere, on any internet-connected screen. Members can play, pause and
    resume watching, all without commercials. Additionally, the Company continues to offer its DVD-by-mail service in the United States (“U.S.”).
    Basis of Presentation
    The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. Intercompany balances and transactions have
    been eliminated.
    Use of Estimates
    The preparation of consolidated financial statements in conformity with generally accepted accounting principles (“GAAP”) in the United States of America
    requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at
    the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Significant items subject to such estimates
    and assumptions include the content asset amortization policy and the recognition and measurement of income tax assets and liabilities. The Company bases its
    estimates on historical experience and on various other assumptions that the Company believes to be reasonable under the circumstances. On an ongoing basis, the
    Company evaluates these assumptions, judgments and estimates. Actual results may differ from these estimates.
    Recently adopted accounting pronouncements
    In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments – Credit
    Losses (Topic 326), in order to improve financial reporting of expected credit losses on financial instruments and other commitments to extend credit. ASU 2016-
    13 requires that an entity measure and recognize expected credit losses for financial assets held at amortized cost and replaces the incurred loss impairment
    methodology in prior GAAP with a methodology that requires consideration of a broader range of information to estimate credit losses. The Company adopted
    ASU 2016-13 in the first quarter of 2020 and the impact of the adoption was not material to the Company’s consolidated financial statements as credit losses are
    not expected to be significant based on historical collection trends, the financial condition of payment partners, and external market factors.
    Recently issued accounting pronouncements not yet adopted
    In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes (Topic 740). ASU 2019-12 removes certain exceptions for
    performing intraperiod tax allocations, recognizing deferred taxes for investments, and calculating income taxes in interim periods. The guidance also simplifies
    the accounting for franchise taxes, transactions that result in a step-up in the tax basis of goodwill, and the effect of enacted changes in tax laws or rates in interim
    periods. ASU 2019-12 is effective for fiscal years beginning after December 15, 2020 and early adoption is permitted. While the Company is continuing to assess
    the potential impacts of ASU 2019-12, it does not expect ASU 2019-12 to have a material effect, if any, on its financial statements.
    Cash Equivalents
    The Company considers investments in instruments purchased with an original maturity of 90 days or less to be cash equivalents. The Company also
    classifies amounts in transit from payment processors for customer credit card and debit card transactions as cash equivalents.
    Content
    The Company acquires, licenses and produces content, including original programming, in order to offer members unlimited viewing of video entertainment.
    The content licenses are for a fixed fee and specific windows of availability.
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    Payment terms for certain content licenses and the production of content require more upfront cash payments relative to the amortization expense. Payments for
    content, including additions to content assets and the changes in related liabilities, are classified within “Net cash provided by (used in) operating activities” on the
    Consolidated Statements of Cash Flows.
    The Company recognizes content assets (licensed and produced) as “Content assets, net” on the Consolidated Balance Sheets. For licensed content, the
    Company capitalizes the fee per title and records a corresponding liability at the gross amount of the liability when the license period begins, the cost of the title is
    known and the title is accepted and available for streaming. For produced content, the Company capitalizes costs associated with the production, including
    development costs, direct costs and production overhead. Participations and residuals are expensed in line with the amortization of production costs.
    Based on factors including historical and estimated viewing patterns, the Company amortizes the content assets (licensed and produced) in “Cost of
    revenues” on the Consolidated Statements of Operations over the shorter of each title’s contractual window of availability or estimated period of use or ten years,
    beginning with the month of first availability. The amortization is on an accelerated basis, as the Company typically expects more upfront viewing, for instance due
    to additional merchandising and marketing efforts and film amortization is more accelerated than TV series amortization. On average, over 90% of a licensed or
    produced content asset is expected to be amortized within four years after its month of first availability. The Company reviews factors impacting the amortization
    of the content assets on an ongoing basis. The Company’s estimates related to these factors require considerable management judgment.
    The Company’s business model is subscription based as opposed to a model generating revenues at a specific title level. Content assets (licensed and
    produced) are predominantly monetized as a group and therefore are reviewed in aggregate at a group level when an event or change in circumstances indicates a
    change in the expected usefulness of the content or that the fair value may be less than unamortized cost. To date, the Company has not identified any such event or
    changes in circumstances. If such changes are identified in the future, these aggregated content assets will be stated at the lower of unamortized cost or fair value.
    In addition, unamortized costs for assets that have been, or are expected to be, abandoned are written off.
    Property and Equipment
    Property and equipment are carried at cost less accumulated depreciation. Depreciation is calculated using the straight-line method over the shorter of the
    estimated useful lives of the respective assets, generally up to 30 years, or the expected lease term for leasehold improvements, if applicable.
    Trade Receivables
    Trade receivables consist primarily of amounts related to members and payment partners that collect membership fees on the Company’s behalf. The
    Company evaluates the need for an allowance for doubtful accounts based on historical collection trends, the financial condition of its payment partners, and
    external market factors.
    Marketing
    Marketing expenses consist primarily of advertising expenses and certain payments made to the Company’s partners, including consumer electronics (“CE”)
    manufacturers, multichannel video programming distributors (“MVPDs”), mobile operators and internet service providers (“ISPs”). Advertising expenses include
    promotional activities such as digital and television advertising. Advertising costs are expensed as incurred. Advertising expenses were $1,447 million, $1,879
    million and $1,808 million for the years ended December 31, 2020, 2019 and 2018, respectively. Marketing expenses also include payroll and related expenses for
    personnel that support the Company’s marketing activities.
    Research and Development
    Research and development expenses consist of payroll and related costs incurred in making improvements to our service offerings. Research and
    development expenses were $1,984 million, $1,673 million and $1,218 million for the years ended December 31, 2020, 2019 and 2018, respectively.
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    Income Taxes
    The Company records a provision for income taxes for the anticipated tax consequences of the reported results of operations using the asset and liability
    method. Deferred income taxes are recognized by applying enacted statutory tax rates applicable to future years to differences between the financial statement
    carrying amounts of existing assets and liabilities and their respective tax bases as well as net operating loss and tax credit carryforwards. The effect on deferred
    tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The measurement of deferred tax assets is
    reduced, if necessary, by a valuation allowance for any tax benefits for which future realization is uncertain.
    The Company did not recognize certain tax benefits from uncertain tax positions within the provision for income taxes. The Company may recognize a tax
    benefit only if it is more likely than not the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position.
    The tax benefits recognized in the financial statements from such positions are then measured based on the largest benefit that has a greater than 50% likelihood of
    being realized upon settlement. The Company recognizes interest and penalties related to uncertain tax positions in income tax expense. See Note 10 to the
    consolidated financial statements for further information regarding income taxes.
    Foreign Currency
    The functional currency for the Company’s subsidiaries is determined based on the primary economic environment in which the subsidiary operates. The
    Company translates the assets and liabilities of its non-U.S. dollar functional currency subsidiaries into U.S. dollars using exchange rates in effect at the end of
    each period. Revenues and expenses for these subsidiaries are translated using rates that approximate those in effect during the period. Gains and losses from these
    translations are recognized in cumulative translation adjustment included in “Accumulated other comprehensive income (loss)” in Stockholders’ equity on the
    Consolidated Balance Sheets.
    The Company remeasures monetary assets and liabilities that are not denominated in the functional currency at exchange rates in effect at the end of each
    period. Gains and losses from these remeasurements are recognized in interest and other income (expense). Foreign currency transactions resulted in a loss of $660
    million, a gain of $7 million, and a loss of $1 million for the years ended December 31, 2020, 2019 and 2018, respectively. These gains and losses were primarily
    due to the non-cash remeasurement of our Senior Notes denominated in euros and the remeasurement of cash and content liability positions denominated in
    currencies other than functional currencies.
    Stock-Based Compensation
    The Company grants fully vested non-qualified stock options to its employees on a monthly basis. As a result of immediate vesting, stock-based
    compensation expense is fully recognized on the grant date, and no estimate is required for post-vesting option forfeitures. See Note 9 to the consolidated financial
    statements for further information regarding stock-based compensation.
  2. Revenue Recognition
    The Company’s primary source of revenues is from monthly membership fees. Members are billed in advance of the start of their monthly membership and
    revenues are recognized ratably over each monthly membership period. Revenues are presented net of the taxes that are collected from members and remitted to
    governmental authorities. The Company is the principal in all its relationships where partners, including CE manufacturers, MVPDs, mobile operators and ISPs,
    provide access to the service as the Company retains control over service delivery to its members. Typically, payments made to the partners, such as for marketing,
    are expensed. However, if there is no distinct service provided in exchange for the payments made to the partners or if the price that the member pays is established
    by the partners and there is no standalone price for the Netflix service (for instance, in a bundle), these payments are recognized as a reduction of revenues.
    The following tables summarize streaming revenues, paid net membership additions, and ending paid memberships by region for the years December 31,
    2020, 2019 and 2018, respectively:
    49
    Table of Contents
    United States and Canada (UCAN)
    As of/ Year Ended December 31,
    2020 2019 2018
    (in thousands)
    Revenues $ 11,455,396 $ 10,051,208 $ 8,281,532
    Paid net membership additions 6,274 2,905 6,335
    Paid memberships at end of period 73,936 67,662 64,757
    Europe, Middle East, and Africa (EMEA)
    As of/ Year Ended December 31,
    2020 2019 2018
    (in thousands)
    Revenues $ 7,772,252 $ 5,543,067 $ 3,963,707
    Paid net membership additions 14,920 13,960 11,814
    Paid memberships at end of period 66,698 51,778 37,818
    Latin America (LATAM)
    As of/ Year Ended December 31,
    2020 2019 2018
    (in thousands)
    Revenues $ 3,156,727 $ 2,795,434 $ 2,237,697
    Paid net membership additions 6,120 5,340 6,360
    Paid memberships at end of period 37,537 31,417 26,077
    Asia-Pacific (APAC)
    As of/ Year Ended December 31,
    2020 2019 2018
    (in thousands)
    Revenues $ 2,372,300 $ 1,469,521 $ 945,816
    Paid net membership additions 9,259 5,626 4,106
    Paid memberships at end of period 25,492 16,233 10,607
    A paid membership (also referred to as a paid subscription) is defined as a membership that has the right to receive Netflix service following sign-up and a method
    of payment being provided, and that is not part of a free trial or certain other promotions that may be offered by the Company to new or rejoining members. A
    membership is canceled and ceases to be reflected in the above metrics as of the effective cancellation date. Voluntary cancellations generally become effective at
    the end of the prepaid membership period. Involuntary cancellations, as a result of a failed method of payment, become effective immediately. Memberships are
    assigned to territories based on the geographic location used at time of sign-up as determined by the Company’s internal systems, which utilize industry standard
    geo-location technology.
    Total U.S. revenues, inclusive of DVD revenues not reported in the tables above, were $10.8 billion, $9.5 billion and $8.0 billion for the years ended
    December 31, 2020, 2019 and 2018, respectively. DVD revenues were $0.2 billion, $0.3 billion, and $0.4 billion for the years ended December 31, 2020, 2019 and
    2018, respectively.
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    Table of Contents
    Deferred revenue consists of membership fees billed that have not been recognized, as well as gift and other prepaid memberships that have not been fully
    redeemed. As of December 31, 2020, total deferred revenue was $1,118 million, the vast majority of which was related to membership fees billed that are expected
    to be recognized as revenue within the next month. The remaining deferred revenue balance, which is related to gift cards and other prepaid memberships, will be
    recognized as revenue over the period of service after redemption, which is expected to occur over the next 12 months. The $193 million increase in deferred
    revenue as compared to the balance of $925 million for the year ended December 31, 2019, is a result of the increase in membership fees billed due to increased
    memberships.
  3. Earnings per Share
    Basic earnings per share is computed using the weighted-average number of outstanding shares of common stock during the period. Diluted earnings per
    share is computed using the weighted-average number of outstanding shares of common stock and, when dilutive, potential common shares outstanding during the
    period. Potential common shares consist of incremental shares issuable upon the assumed exercise of stock options. The computation of earnings per share is as
    follows:
    Year ended December 31,
    2020 2019 2018
    (in thousands, except per share data)
    Basic earnings per share:
    Net income $ 2,761,395 $ 1,866,916 $ 1,211,242
    Shares used in computation:
    Weighted-average common shares outstanding 440,922 437,799 435,374
    Basic earnings per share $ 6.26 $ 4.26 $ 2.78
    Diluted earnings per share:
    Net income $ 2,761,395 $ 1,866,916 $ 1,211,242
    Shares used in computation:
    Weighted-average common shares outstanding 440,922 437,799 435,374
    Employee stock options 13,286 13,966 15,870
    Weighted-average number of shares 454,208 451,765 451,244
    Diluted earnings per share $ 6.08 $ 4.13 $ 2.68
    Employee stock options with exercise prices greater than the average market price of the common stock were excluded from the diluted calculation as their
    inclusion would have been anti-dilutive. The following table summarizes the potential common shares excluded from the diluted calculation:
    Year ended December 31,
    2020 2019 2018
    (in thousands)
    Employee stock options 484 1,588 330
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  4. Cash, Cash Equivalents and Restricted Cash
    The following tables summarize the Company’s cash, cash equivalents and restricted cash as of December 31, 2020 and 2019:
    As of December 31, 2020
    Cash and cash
    equivalents
    Other Current
    Assets
    Non-current
    Assets Total
    (in thousands)
    Cash $ 3,331,860 $ 1,783 $ 31,284 $ 3,364,927
    Level 1 securities:
    Money market funds 4,573,690 — 253 4,573,943
    Level 2 securities:
    Foreign Time Deposits 300,000 — 300,000
    $ 8,205,550 $ 1,783 $ 31,537 $ 8,238,870
    As of December 31, 2019
    Cash and cash
    equivalents
    Other Current
    Assets
    Non-current
    Assets Total
    (in thousands)
    Cash $ 3,103,525 $ 1,863 $ 22,161 $ 3,127,549
    Level 1 securities:
    Money market funds 1,614,912 — 1,325 1,616,237
    Level 2 securities:
    Foreign Time Deposits 300,000 — — 300,000
    $ 5,018,437 $ 1,863 $ 23,486 $ 5,043,786
    Other current assets include restricted cash for deposits related to self insurance. Non-current assets include restricted cash related to letter of credit
    agreements. Foreign time deposits of $300 million, classified as Level 2 securities, were included in Cash and cash equivalents on the Company’s Balance Sheet as
    of December 31, 2020 and December 31, 2019. The fair value of cash equivalents included in the Level 2 category is based on observable inputs, such as quoted
    prices for similar assets at the measurement date; quoted prices in markets that are not active; or other inputs that are observable, either directly or indirectly.
    See Note 6 to the consolidated financial statements for further information regarding the fair value of the Company’s senior notes.
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    Table of Contents
  5. Balance Sheet Components
    Content Assets, Net
    Content assets consisted of the following:
    As of December 31,
    2020 2019
    (in thousands)
    Licensed content, net $ 13,747,607 $ 14,703,352
    Produced content, net
    Released, less amortization 5,809,681 4,382,685
    In production 4,827,455 4,750,664
    In development and pre-production 999,207 667,866
    11,636,343 9,801,215
    Content assets, net $ 25,383,950 $ 24,504,567
    As of December 31, 2020, approximately $5,637 million, $3,494 million, and $2,134 million of the $13,748 million unamortized cost of the licensed content
    is expected to be amortized in each of the next three years. As of December 31, 2020, approximately $2,183 million, $1,629 million, and $1,092 million of the
    $5,810 million unamortized cost of the produced content that has been released is expected to be amortized in each of the next three years.
    As of December 31, 2020, the amount of accrued participations and residuals was not material.
    The following table represents the amortization of content assets:
    Year ended December 31,
    2020 2019 2018
    (in thousands)
    Licensed content $ 7,544,631 $ 7,242,799 $ 6,511,689
    Produced content 3,262,281 1,973,448 1,020,399
    Total $ 10,806,912 $ 9,216,247 $ 7,532,088
    Property and Equipment, Net
    Property and equipment and accumulated depreciation consisted of the following:
    As of December 31,
    2020 2019 Estimated Useful Lives (in Years)
    (in thousands)
    Land $ 50,700 $ 6,125
    Buildings 42,717 33,141 30 years
    Leasehold improvements 524,537 354,999 Over life of lease
    Furniture and fixtures 110,185 87,465 3-15 years
    Information technology 283,014 243,565 3 years
    Corporate aircraft 110,629 108,995 8 years
    Machinery and equipment 34,633 46,415 3-5 years
    Capital work-in-progress 298,558 100,521
    Property and equipment, gross 1,454,973 981,226
    Less: Accumulated depreciation (494,790) (416,005)
    Property and equipment, net $ 960,183 $ 565,221
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    Leases
    The Company has entered into operating leases primarily for real estate. These leases generally have terms which range from 1 year to 15 years, and often
    include one or more options to renew. These renewal terms can extend the lease term from 1 year to 20 years, and are included in the lease term when it is
    reasonably certain that the Company will exercise the option. These operating leases are included in “Other non-current assets” on the Company’s Consolidated
    Balance Sheets, and represent the Company’s right to use the underlying asset for the lease term. The Company’s obligations to make lease payments are included
    in “Accrued expenses and other liabilities” and “Other non-current liabilities” on the Company’s Consolidated Balance Sheets. Operating lease right-of-use assets
    and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. The Company has entered into various
    short-term operating leases, primarily for marketing billboards, with an initial term of twelve months or less. These leases are not recorded on the Company’s
    Consolidated Balance Sheets. All operating lease expense is recognized on a straight-line basis over the lease term. For the year ended December 31, 2020, the
    Company recognized approximately $441 million in total lease costs, which was comprised of $324 million in operating lease costs for right-of-use assets and
    $117 million in short-term lease costs related to short-term operating leases. For the year ended December 31, 2019, the Company recognized approximately
    $448 million in total lease costs, which was comprised of $218 million in operating lease costs for right-of-use assets and $230 million in short-term lease costs
    related to short-term operating leases.
    Prior to the adoption of ASU 2016-02 in the first quarter of 2019, the Company recognized minimum rental expense on a straight-line basis over the lease
    term. The Company used the date of initial possession to begin amortization, which is generally when the Company entered the space and began to make
    improvements in preparation for intended use. For scheduled rent escalation clauses during the lease terms or for rental payments commencing at a date other than
    the date of initial occupancy, the Company recorded minimum rental expenses on a straight-line basis over the terms of the leases in the Consolidated Statements
    of Operations. Rent expense associated with operating leases was $107 million for the year ended December 31, 2018.
    Because the rate implicit in each lease is not readily determinable, the Company uses its incremental borrowing rate to determine the present value of the
    lease payments. The Company has certain contracts for real estate and marketing which may contain lease and non-lease components which it has elected to treat
    as a single lease component.
    Information related to the Company’s operating right-of-use assets and related operating lease liabilities were as follows:
    Year ended December 31,
    2020 2019
    (in thousands)
    Cash paid for operating lease liabilities $ 259,559 $ 192,084
    Right-of-use assets obtained in exchange for new operating lease obligations (1) 729,942 1,672,462
    (1) Balance as of December 31, 2019 includes $743 million for operating leases existing on January 1, 2019.
    As of December 31,
    2020 2019
    (in thousands, except lease term and discount rate)
    Operating lease right-of-use assets, net $ 2,037,726 $ 1,532,285
    Current operating lease liabilities $ 256,222 $ 190,622
    Non-current operating lease liabilities 1,945,631 1,422,612
    Total operating lease liabilities $ 2,201,853 $ 1,613,234
    Weighted-average remaining lease term 8.9 years 8.8 years
    Weighted-average discount rate 3.6 % 5.0 %
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    Table of Contents
    Maturities of operating lease liabilities as of December 31, 2020 were as follows (in thousands):
    Due in 12 month period ended December 31,
    2021 $ 320,245
    2022 312,154
    2023 300,014
    2024 279,037
    2025 258,348
    Thereafter 1,100,115
    2,569,913
    Less imputed interest (368,060)
    Total operating lease liabilities 2,201,853
    Current operating lease liabilities 256,222
    Non-current operating lease liabilities 1,945,631
    Total operating lease liabilities $ 2,201,853
    The Company has additional operating leases for real estate of $256 million which have not commenced as of December 31, 2020, and as such, have not been
    recognized on the Company’s Consolidated Balance Sheets. These operating leases are expected to commence in 2021 with lease terms between 1 year and 15
    years.
    Other Current Assets
    Other current assets consisted of the following:
    As of
    December 31,
    2020
    December 31,
    2019
    (in thousands)
    Trade receivables $ 610,819 $ 454,399
    Prepaid expenses 203,042 180,999
    Other 742,169 524,669
    Total other current assets $ 1,556,030 $ 1,160,067
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    Table of Contents
  6. Debt
    As of December 31, 2020, the Company had aggregate outstanding notes of $16,309 million, net of $107 million of issuance costs, with varying maturities
    (the “Notes”). Of the outstanding balance, $500 million, net of issuance costs, is classified as short-term debt on the Consolidated Balance Sheets. As of
    December 31, 2019, the Company had aggregate outstanding long-term notes of $14,759 million, net of $114 million of issuance costs. Each of the Notes were
    issued at par and are senior unsecured obligations of the Company. Interest is payable semi-annually at fixed rates. A portion of the outstanding Notes is
    denominated in foreign currency (comprised of €5,170 million) and is remeasured into U.S. dollars at each balance sheet date (with remeasurement loss totaling
    $533 million for the year ended December 31, 2020).
    The following table provides a summary of the Company’s outstanding debt and the fair values based on quoted market prices in less active markets as of
    December 31, 2020 and December 31, 2019:
    Principal Amount at Par Level 2 Fair Value as of
    December 31,
    2020
    December 31,
    2019 Issuance Date Maturity
    December 31,
    2020
    December 31,
    2019
    (in millions) (in millions)
    5.375% Senior Notes $ 500 $ 500 February 2013 February 2021 $ 502 $ 518
    5.500% Senior Notes 700 700 February 2015 February 2022 735 744
    5.750% Senior Notes 400 400 February 2014 March 2024 449 444
    5.875% Senior Notes 800 800 February 2015 February 2025 921 896
    3.000% Senior Notes (1) 574 — April 2020 June 2025 616 — 3.625% Senior Notes 500 — April 2020 June 2025 535 — 4.375% Senior Notes 1,000 1,000 October 2016 November 2026 1,110 1,026
    3.625% Senior Notes (1) 1,588 1,459 May 2017 May 2027 1,776 1,565
    4.875% Senior Notes 1,600 1,600 October 2017 April 2028 1,807 1,670
    5.875% Senior Notes 1,900 1,900 April 2018 November 2028 2,280 2,111
    4.625% Senior Notes (1) 1,344 1,234 October 2018 May 2029 1,630 1,378
    6.375% Senior Notes 800 800 October 2018 May 2029 995 916
    3.875% Senior Notes (1) 1,466 1,346 April 2019 November 2029 1,700 1,429
    5.375% Senior Notes 900 900 April 2019 November 2029 1,061 960
    3.625% Senior Notes (1) 1,344 1,234 October 2019 June 2030 1,533 1,273
    4.875% Senior Notes 1,000 1,000 October 2019 June 2030 1,155 1,019
    $ 16,416 $ 14,873 $ 18,805 $ 15,949
    (1) The following Senior Notes have a principal amount denominated in euro: 3.000% Senior Notes for €470 million, 3.625% Senior Notes for €1,300 million,
    4.625% Senior Notes for €1,100 million, 3.875% Senior Notes for €1,200 million, and 3.625% Senior Notes for €1,100 million.
    The expected timing of principal and interest payments for these Notes are as follows:
    As of
    December 31,
    2020
    December 31, 2019
    (in thousands)
    Less than one year $ 1,264,020 $ 736,969
    Due after one year and through three years 2,136,997 2,581,471
    Due after three years and through five years 3,614,906 1,705,201
    Due after five years 14,841,164 15,699,800
    Total debt obligations $ 21,857,087 $ 20,723,441
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    Table of Contents
    Each of the Notes are repayable in whole or in part upon the occurrence of a change of control, at the option of the holders, at a purchase price in cash equal
    to 101% of the principal plus accrued interest. The Company may redeem the Notes prior to maturity in whole or in part at an amount equal to the principal amount
    thereof plus accrued and unpaid interest and an applicable premium. The Notes include, among other terms and conditions, limitations on the Company’s ability to
    create, incur or allow certain liens; enter into sale and lease-back transactions; create, assume, incur or guarantee additional indebtedness of certain of the
    Company’s subsidiaries; and consolidate or merge with, or convey, transfer or lease all or substantially all of the Company’s and its subsidiaries assets, to another
    person. As of December 31, 2020 and December 31, 2019, the Company was in compliance with all related covenants.
    Revolving Credit Facility
    As of December 31, 2020, the Company has a $750 million unsecured revolving credit facility (“Revolving Credit Agreement”), which matures on March 29,
  7. Revolving loans may be borrowed, repaid and reborrowed until March 29, 2024, at which time all amounts borrowed must be repaid. The Company may use
    the proceeds of future borrowings under the Revolving Credit Agreement for working capital and general corporate purposes. As of December 31, 2020, no
    amounts have been borrowed under the Revolving Credit Agreement.
    The borrowings under the Revolving Credit Agreement bear interest, at the Company’s option, of either (i) a floating rate equal to a base rate (the “Alternate
    Base Rate”) or (ii) a rate equal to an adjusted London interbank offered rate (the “Adjusted LIBO Rate”), plus a margin of 0.75%. The Alternate Base Rate is
    defined as the greatest of (A) the rate of interest published by the Wall Street Journal, from time to time, as the prime rate, (B) the federal funds rate,
    plus 0.500% and (C) the Adjusted LIBO Rate for a one-month interest period, plus 1.00%. The Adjusted LIBO Rate is defined as the London interbank offered rate
    for deposits in U.S. dollars, for the relevant interest period, adjusted for statutory reserve requirements, but in no event shall the Adjusted LIBO Rate be less
    than 0.00% per annum. Regulatory authorities that oversee financial markets have announced that after the end of 2021, they would no longer compel banks
    currently reporting information used to set the LIBO Rate to continue to make rate submissions. As a result, it is possible that beginning in 2022, the LIBO Rate
    will no longer be available as a reference rate. Under the terms of the Company’s Revolving Credit Agreement, in the event of the discontinuance of the LIBO
    Rate, a mutually agreed-upon alternate benchmark rate will be established to replace the LIBO Rate. The Company and Lenders shall in good faith establish an
    alternate benchmark rate which places the Lenders and the Company in the same economic position that existed immediately prior to the discontinuation of the
    LIBO Rate. The Company does not anticipate that the discontinuance of the LIBO Rate will materially impact its liquidity or financial position.
    The Company is also obligated to pay a commitment fee on the undrawn amounts of the Revolving Credit Agreement at an annual rate of 0.10%. The
    Revolving Credit Agreement requires the Company to comply with certain covenants, including covenants that limit or restrict the ability of the Company’s
    subsidiaries to incur debt and limit or restrict the ability of the Company and its subsidiaries to grant liens and enter into sale and leaseback transactions; and, in the
    case of the Company or a guarantor, merge, consolidate, liquidate, dissolve or sell, transfer, lease or otherwise dispose of all or substantially all of the assets of the
    Company and its subsidiaries, taken as a whole. As of December 31, 2020 and December 31, 2019, the Company was in compliance with all related covenants.
  8. Commitments and Contingencies
    Content
    At December 31, 2020, the Company had $19.2 billion of obligations comprised of $4.4 billion included in “Current content liabilities” and $2.6 billion of
    “Non-current content liabilities” on the Consolidated Balance Sheets and $12.2 billion of obligations that are not reflected on the Consolidated Balance Sheets as
    they did not yet meet the criteria for asset recognition.
    At December 31, 2019, the Company had $19.5 billion of obligations comprised of $4.4 billion included in “Current content liabilities” and $3.3 billion of
    “Non-current content liabilities” on the Consolidated Balance Sheets and $11.8 billion of obligations that are not reflected on the Consolidated Balance Sheets as
    they did not yet meet the criteria for asset recognition.
    The expected timing of payments for these content obligations is as follows:

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