Paramount Global (NASDAQ:PARA)

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Paramount Global, adjusted total assets

US$ in millions

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
As Reported
Total assets	58,393)	58,620)	52,663)	49,519)	21,859)
Adjustments
Add: Operating lease right-of-use asset (before adoption of FASB Topic 842)¹	—)	—)	—)	—)	931)
Add: Allowance for credit losses	111)	80)	85)	86)	41)
Less: Deferred income tax assets, net²	1,242)	1,206)	993)	939)	29)
After Adjustment
Adjusted total assets	57,262)	57,494)	51,755)	48,666)	22,802)

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

¹ Operating lease right-of-use asset (before adoption of FASB Topic 842). See details »

² Deferred income tax assets, net. See details »

Total assets and adjusted total assets exhibit a significant growth trajectory between 2018 and 2021, followed by a period of stabilization in 2022. The most substantial increase occurred between December 31, 2018, and December 31, 2019, where total assets more than doubled, rising from 21,859 million USD to 49,519 million USD.

Asset Growth and Stabilization: A consistent upward trend is observed from 2018 through 2021, with total assets peaking at 58,620 million USD. By December 31, 2022, a slight contraction occurred, with total assets decreasing to 58,393 million USD, indicating a plateau in asset accumulation.
Adjustment Variance Analysis: The relationship between total assets and adjusted total assets shifted fundamentally after 2018. In 2018, adjusted total assets were higher than reported total assets by 943 million USD. However, from 2019 through 2022, adjusted total assets remained consistently lower than total assets.
Trend in Adjustment Magnitude: The negative variance between total and adjusted assets widened over the analyzed period. The adjustment was 853 million USD in 2019, increasing to 908 million USD in 2020, 1,126 million USD in 2021, and reaching 1,131 million USD by 2022. This suggests a growing divergence between the reported statutory asset base and the adjusted financial metrics.

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Paramount Global, adjusted current liabilities

US$ in millions

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
As Reported
Current liabilities	11,191)	9,479)	8,296)	9,048)	4,573)
Adjustments
Less: Current deferred revenues	973)	1,091)	978)	739)	222)
After Adjustment
Adjusted current liabilities	10,218)	8,388)	7,318)	8,309)	4,351)

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

An overall upward trajectory in both current and adjusted current liabilities is observed from 2018 through 2022. The most significant increase occurred between 2018 and 2019, where current liabilities nearly doubled, followed by a period of volatility and subsequent growth.

Current Liabilities Growth Trends: Total current liabilities rose from 4,573 million US$ in 2018 to 11,191 million US$ by 2022. A sharp increase is noted in 2019, reaching 9,048 million US$, before a moderate decline to 8,296 million US$ in 2020. From 2021 onward, a consistent growth pattern resumed, peaking in 2022.
Adjusted Current Liabilities Performance: Adjusted current liabilities mirror the movement of the total liabilities, increasing from 4,351 million US$ in 2018 to 10,218 million US$ in 2022. Similar to the primary figures, a substantial spike occurred in 2019, followed by a contraction in 2020 and a steady climb through 2022.
Analysis of Adjustment Variance: The variance between current and adjusted current liabilities has expanded over the analyzed period. In 2018, the difference was 222 million US$, which grew significantly to 1,091 million US$ by 2021. This indicates that a larger proportion of current liabilities is being adjusted out of the primary balance over time, although the variance slightly decreased to 973 million US$ in 2022.

The correlation between the two metrics remains strong, as both figures exhibit synchronized peaks and troughs. However, the widening gap between total and adjusted figures suggests a change in the composition of short-term obligations or a shift in the application of financial adjustments during this five-year window.

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Paramount Global, adjusted total liabilities

US$ in millions

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
As Reported
Total liabilities	34,787)	35,543)	36,410)	35,976)	19,055)
Adjustments
Add: Operating lease liability (before adoption of FASB Topic 842)¹	—)	—)	—)	—)	931)
Less: Deferred income tax liabilities²	1,077)	1,063)	778)	500)	399)
Less: Deferred revenues	1,060)	1,200)	1,120)	910)	274)
Less: Restructuring liability	302)	190)	372)	400)	72)
After Adjustment
Adjusted total liabilities	32,348)	33,090)	34,140)	34,166)	19,241)

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

¹ Operating lease liability (before adoption of FASB Topic 842). See details »

² Deferred income tax liabilities. See details »

Between 2018 and 2022, total liabilities experienced a significant structural shift, characterized by a sharp increase in 2019 followed by a period of relative stability and marginal contraction. Total liabilities rose from 19,055 million USD in 2018 to a peak of 36,410 million USD in 2020, before trending slightly downward to 34,787 million USD by the end of 2022.

Liability Trends: A substantial increase in total obligations is observed between 2018 and 2019, where liabilities grew by approximately 88.8%. Following this surge, the figures remained elevated but exhibited a gradual decline from 2020 through 2022.
Adjusted Liability Patterns: Adjusted total liabilities followed a similar trajectory to reported liabilities but maintained lower absolute values from 2019 onward. After an initial spike to 34,166 million USD in 2019, adjusted liabilities showed a consistent downward trend, ending at 32,348 million USD in 2022.
Analysis of Adjustments: The variance between total liabilities and adjusted total liabilities expanded significantly over the five-year period. In 2018, the adjusted figure was slightly higher than the reported total. However, starting in 2019, the adjustments consistently reduced the total liability balance. This divergence widened from 1,810 million USD in 2019 to 2,439 million USD in 2022, indicating a growing gap between the reported accounting liabilities and the adjusted financial metrics.

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Paramount Global, adjusted total Paramount stockholders’ equity

US$ in millions

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
As Reported
Total Paramount stockholders’ equity	23,036)	22,402)	15,371)	13,207)	2,804)
Adjustments
Less: Deferred income tax assets (liabilities), net¹	165)	143)	215)	439)	(370)
Add: Allowance for credit losses	111)	80)	85)	86)	41)
Add: Deferred revenues	1,060)	1,200)	1,120)	910)	274)
Add: Restructuring liability	302)	190)	372)	400)	72)
Add: Redeemable noncontrolling interest	—)	107)	197)	254)	—)
Add: Noncontrolling interests	570)	568)	685)	82)	—)
After Adjustment
Adjusted total equity	24,914)	24,404)	17,615)	14,500)	3,561)

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

¹ Deferred income tax assets (liabilities), net. See details »

A consistent upward trajectory is observed in both total stockholders' equity and adjusted total equity from 2018 through 2022. The most significant expansion occurred between 2018 and 2019, marking a substantial increase in the company's equity base, which continued to grow at a steady pace through the end of the period.

Equity Growth Trajectory: Total stockholders' equity rose from 2,804 million US dollars in 2018 to 23,036 million US dollars by 2022. This represents a significant accumulation of capital over the five-year period, with the most aggressive growth phase occurring in 2019, where equity increased by approximately 371%.
Adjusted Equity Variance: Adjusted total equity remained consistently higher than total stockholders' equity throughout the entire analyzed period. The variance between these two figures expanded over time, growing from 757 million US dollars in 2018 to 1,878 million US dollars in 2022, indicating a persistent and increasing set of adjustments to the reported equity figures.
Recent Stabilization: While growth was rapid between 2018 and 2021, a trend toward stabilization is evident in 2022. The increase in total stockholders' equity between 2021 and 2022 was approximately 2.8%, a marked deceleration compared to the growth rates observed in previous years.

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Paramount Global, adjusted capitalization table

US$ in millions

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
As Reported
Current debt	239)	11)	16)	717)	687)
Long-term debt, net of current portion	15,607)	17,698)	19,717)	18,002)	9,465)
Total reported debt	15,846)	17,709)	19,733)	18,719)	10,152)
Total Paramount stockholders’ equity	23,036)	22,402)	15,371)	13,207)	2,804)
Total reported capital	38,882)	40,111)	35,104)	31,926)	12,956)
Adjustments to Debt
Add: Operating lease liability (before adoption of FASB Topic 842)¹	—)	—)	—)	—)	931)
Add: Operating lease liabilities (included in Other current liabilities)²	292)	325)	306)	292)	—)
Add: Noncurrent operating lease liabilities³	1,428)	1,598)	1,583)	1,909)	—)
Adjusted total debt	17,566)	19,632)	21,622)	20,920)	11,083)
Adjustments to Equity
Less: Deferred income tax assets (liabilities), net⁴	165)	143)	215)	439)	(370)
Add: Allowance for credit losses	111)	80)	85)	86)	41)
Add: Deferred revenues	1,060)	1,200)	1,120)	910)	274)
Add: Restructuring liability	302)	190)	372)	400)	72)
Add: Redeemable noncontrolling interest	—)	107)	197)	254)	—)
Add: Noncontrolling interests	570)	568)	685)	82)	—)
Adjusted total equity	24,914)	24,404)	17,615)	14,500)	3,561)
After Adjustment
Adjusted total capital	42,480)	44,036)	39,237)	35,420)	14,644)

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

¹ Operating lease liability (before adoption of FASB Topic 842). See details »

² Operating lease liabilities (included in Other current liabilities). See details »

³ Noncurrent operating lease liabilities. See details »

⁴ Deferred income tax assets (liabilities), net. See details »

The capitalization structure from 2018 to 2022 exhibits a significant shift in the balance between debt and equity, characterized by a peak in leverage around 2020 and a subsequent trend toward equity-led capitalization.

Debt Trends and Management: Total reported debt increased sharply from 10,152 million US$ in 2018 to a peak of 19,733 million US$ in 2020. Following this peak, a consistent downward trend is observed, with reported debt declining to 15,846 million US$ by the end of 2022. Adjusted debt follows a similar trajectory, peaking at 21,622 million US$ in 2020 before reducing to 17,566 million US$ in 2022.
Equity Growth and Capitalization: A substantial and sustained increase in stockholders' equity is evident over the five-year period. Total reported equity grew from 2,804 million US$ in 2018 to 23,036 million US$ in 2022. This represents a significant expansion of the equity base, which transitioned from being a minority component of the total capital in 2018 to becoming the dominant component by 2022.
Total Capital Evolution: Total reported capital grew from 12,956 million US$ in 2018 to a peak of 40,111 million US$ in 2021, before experiencing a slight contraction to 38,882 million US$ in 2022. The adjusted total capital mirrored this pattern, reaching its maximum value of 44,036 million US$ in 2021.
Impact of Financial Adjustments: A consistent positive variance is observed between reported and adjusted figures across all categories. Adjusted debt, equity, and total capital are systematically higher than their reported counterparts in every year analyzed. The gap between reported and adjusted equity widened over time, moving from a difference of 757 million US$ in 2018 to 878 million US$ in 2022, suggesting a persistent adjustment factor in the capitalization valuation.

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Paramount Global, adjusted revenues

US$ in millions

12 months ended:	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
As Reported
Revenues	30,154)	28,586)	25,285)	27,812)	14,514)
Adjustment
Add: Increase (decrease) in deferred revenues	(140)	80)	212)	165)	(10)
After Adjustment
Adjusted revenues	30,014)	28,666)	25,497)	27,977)	14,504)

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

Revenue figures demonstrate a significant upward trajectory from 2018 to 2022, characterized by a substantial increase between the first two reporting periods and a phase of stabilization and subsequent growth thereafter.

Revenue Growth Patterns: A marked increase in revenues is observed between December 31, 2018, and December 31, 2019, where figures nearly doubled from 14,514 million to 27,812 million US dollars. A moderate contraction occurred in 2020, followed by a consistent recovery in 2021 and 2022, with total revenues reaching a peak of 30,154 million US dollars by the end of the period.
Revenue Adjustment Variance: Adjustments to revenues remain minimal relative to the total volume of earnings, indicating that the reported figures closely align with the adjusted metrics. The variance between reported and adjusted revenues shifted from a slight negative adjustment in 2018 to positive adjustments during 2019, 2020, and 2021, before returning to a negative variance in 2022.
Correlation Between Reported and Adjusted Metrics: The adjusted revenue trend mirrors the reported revenue trend precisely, exhibiting the same growth surge in 2019, the dip in 2020, and the subsequent growth phase. The narrow margin of difference suggests that these adjustments do not materially alter the perceived financial performance or the overall growth narrative during the analyzed five-year period.

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Paramount Global, adjusted net earnings attributable to Paramount

US$ in millions

12 months ended:	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
As Reported
Net earnings attributable to Paramount	1,104)	4,543)	2,422)	3,308)	1,960)
Adjustments
Add: Deferred income tax expense (benefit)¹	(106)	90)	122)	(769)	44)
Add: Increase (decrease) in allowance for credit losses	31)	(5)	5)	—)	(8)
Add: Increase (decrease) in deferred revenues	(140)	80)	212)	165)	(10)
Add: Increase (decrease) in restructuring liability	112)	(182)	(24)	114)	6)
Less: Net earnings from discontinued operations, net of tax	379)	162)	117)	38)	—)
Add: Other comprehensive income (loss) from continuing operations, net of tax, Paramount and noncontrolling interests	97)	(68)	132)	(130)	(113)
Add: Comprehensive income (loss), net of tax, attributable to noncontrolling interest	105)	87)	278)	33)	—)
After Adjustment
Adjusted net earnings, Paramount and noncontrolling interests	824)	4,383)	3,030)	2,683)	1,879)

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

¹ Deferred income tax expense (benefit). See details »

The financial results between 2018 and 2022 exhibit significant volatility in both reported net earnings and adjusted net earnings, characterized by a peak in 2021 followed by a sharp contraction in 2022.

Net Earnings Trajectory: Net earnings attributable to the company showed an upward trend from 2018 to 2019, increasing from 1,960 million USD to 3,308 million USD. Following a dip to 2,422 million USD in 2020, earnings reached a five-year peak of 4,543 million USD in 2021. However, a substantial decline occurred in 2022, with earnings falling to 1,104 million USD, representing a decrease of approximately 75.7% from the previous year.
Comparative Analysis of Adjusted Earnings: Adjusted net earnings generally followed the trajectory of reported net earnings but diverged in magnitude across the period. In 2018, 2019, 2021, and 2022, adjusted net earnings remained lower than the reported net earnings attributable to the company. A notable exception occurred in 2020, where adjusted net earnings of 3,030 million USD exceeded the reported net earnings of 2,422 million USD, indicating that adjustments in that fiscal year had a positive impact on the adjusted bottom line.
Convergence and Contraction in 2022: The year 2022 marked a synchronized downturn for both metrics. Adjusted net earnings fell to 824 million USD, the lowest point in the analyzed period. The gap between reported net earnings and adjusted net earnings narrowed in absolute terms during this period, although both figures indicate a severe reduction in profitability compared to the 2021 peak.

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