Do any of your kids actually send or receive that on their social networking?
And, if you haven’t heard it quite yet, you have to supply a definition before searching it up. 
Nothing yet? What, too new?
I don’t think that this is generally something that kids would be sharing with their parents, unless the conversation goes something like this:
Parent: “What does “Netflix and Chill” mean?”
Child: Gives definition
Whoa. I Googled that. Not what I was expecting. I’ll ask the students in my next class.
ETA. Just texted my 19 yr-old kid. She’s not into hookup culture, but she knows the phrase from social networking.
Fun video: https://www.youtube.com/watch?v=Z20VcAGHUqc
DD is also under the impression that the meme was short-lived and it’s mostly used as a joke these days. But she haunts the more jaded corners of the interwebz. I suppose less “sophisticated” kids might still use it seriously. Don’t know.
Wouldn’t that be considered Basic behavior?
I can second @WasatchWriter’s daughter. It is used a joke. I don’t know if it is ever used seriously to be honest…
@BPearlman97 How would one find out if it is ever used seriously?
Input from an actual teenager: it’s never used without at least a humorous undertone. In my experience, it’s mostly used as a funny caption to a picture of a celebrity making a dumb, vaguely suggestive face or with their tongue sticking out. I’ve never heard any one use it in the “hey, you wanna Netflix and chill?” way, as a genuine pickup line.
Why do you ask?
Because my college student relates that it is used.
Never heard of it before your post @JustOneDad, I had to Google it.
lol. I would say about 90% of students under 24 know this phase, at least.
It’s used in 2 main ways.
90% - As a joke (a meme of sorts for those informed with the youingin’s lingo). Many variations (personal favorite? Blockbuster and kick it)
10% - As a serious dating strategy. Basically, it’s a way people create a more relaxed dating environment, and if someone actually does use this strategy, they will not use the actual phrase. The idea is to invite someone over to hang out and watch something, and if you have, well, other motives, people will refer to that as “Netflix and Chill”. No parents, it doesn’t always mean sex. It could range from cuddling to making out to then, yes, sex. The general take on the idea is that if both parties have the same idea, it’s all well and good. If someone is using “Netflix and Chill” as a dating strategy consistently with many people, then it comes off as rude and slightly predatory. Overall, those types of situations are the same people who would be a jerk on dates anyway: they’re just evolving their methods.
Overall, the idea of Netflix and Chill is a relaxing way of hanging out with someone and leading to more, certainly tied to hookup culture. This is then extrapolated to the joke, which is now most common.
Hope this helps some confused parents out there 
I actually prefer Hulu Plus and Hangout (as a teen)
80% of the time when it’s used among teens at my school, they’re being serious.