10-Q Filing

WARNER MUSIC GROUP CORP. CIK: 1319161 Q3 2012

Filing Information

Form Type	10-Q
Accession Number	`0001193125-12-345554`
Period End Date	20120630
Filing Date	20120809
Fiscal Year	2012
Fiscal Period	Q3
XBRL Instance	ck0001319161-20120630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 80 Income Statement 52 Cash Flow Statement 57 Stockholders Equity 20

Balance Sheet 80 line items

Line Item	Tag	Value	Unit	Period
Accounts receivables, allowances	`AllowanceForDoubtfulAccountsReceivableCurrent`	$40.00M	USD	Point-in-time
Accounts receivables, allowances	`AllowanceForDoubtfulAccountsReceivableCurrent`	$63.00M	USD	Point-in-time
Cash and equivalents	`CashAndCashEquivalentsAtCarryingValue`	$154.00M	USD	Point-in-time
Cash and equivalents	`CashAndCashEquivalentsAtCarryingValue`	$219.00M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash and equivalents	`CashAndCashEquivalentsAtCarryingValue`	$439.00M	USD	Point-in-time
Cash and equivalents	`CashAndCashEquivalentsAtCarryingValue`	$290.00M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	10.00B	shares	Point-in-time
Accounts receivable, less allowances of $63 and $40 million	`AccountsReceivableNetCurrent`	$385.00M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	10.00B	shares	Point-in-time
Accounts receivable, less allowances of $63 and $40 million	`AccountsReceivableNetCurrent`	$327.00M	USD	Point-in-time
Inventories	`InventoryNet`	$29.00M	USD	Point-in-time
Inventories	`InventoryNet`	$27.00M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	1.00B	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	1.00B	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	1.00B	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	1.00B	shares	Point-in-time
Royalty advances expected to be recouped within one year	`PrepaidRoyalties`	$121.00M	USD	Point-in-time
Royalty advances expected to be recouped within one year	`PrepaidRoyalties`	$135.00M	USD	Point-in-time
Deferred tax assets	`DeferredTaxAssetsNetCurrent`	$54.00M	USD	Point-in-time
Deferred tax assets	`DeferredTaxAssetsNetCurrent`	$54.00M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$45.00M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$50.00M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$798.00M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$802.00M	USD	Point-in-time
Royalty advances expected to be recouped after one year	`AdvanceRoyaltiesNoncurrent`	$148.00M	USD	Point-in-time
Royalty advances expected to be recouped after one year	`AdvanceRoyaltiesNoncurrent`	$173.00M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$156.00M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$182.00M	USD	Point-in-time
Goodwill	`Goodwill`	$1.37B	USD	Point-in-time
Goodwill	`Goodwill`	$1.38B	USD	Point-in-time
Intangible assets subject to amortization, net	`FiniteLivedIntangibleAssetsNet`	$2.68B	USD	Point-in-time
Intangible assets subject to amortization, net	`FiniteLivedIntangibleAssetsNet`	$2.51B	USD	Point-in-time
Intangible assets not subject to amortization	`IndefiniteLivedIntangibleAssetsExcludingGoodwill`	$102.00M	USD	Point-in-time
Intangible assets not subject to amortization	`IndefiniteLivedIntangibleAssetsExcludingGoodwill`	$102.00M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$71.00M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$68.00M	USD	Point-in-time
Total assets	`Assets`	$5.38B	USD	Point-in-time
Total assets	`Assets`	$5.16B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$117.00M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$165.00M	USD	Point-in-time
Accrued royalties	`AccruedRoyaltiesCurrent`	$974.00M	USD	Point-in-time
Accrued royalties	`AccruedRoyaltiesCurrent`	$1.02B	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$214.00M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$217.00M	USD	Point-in-time
Accrued interest	`InterestPayableCurrent`	$55.00M	USD	Point-in-time
Accrued interest	`InterestPayableCurrent`	$32.00M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$101.00M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$95.00M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$10.00M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$1.00M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.48B	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.52B	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$2.22B	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$2.21B	USD	Point-in-time
Deferred tax liabilities	`DeferredTaxLiabilitiesNoncurrent`	$411.00M	USD	Point-in-time
Deferred tax liabilities	`DeferredTaxLiabilitiesNoncurrent`	$374.00M	USD	Point-in-time
Other noncurrent liabilities	`OtherLiabilitiesNoncurrent`	$148.00M	USD	Point-in-time
Other noncurrent liabilities	`OtherLiabilitiesNoncurrent`	$144.00M	USD	Point-in-time
Total liabilities	`Liabilities`	$4.20B	USD	Point-in-time
Total liabilities	`Liabilities`	$4.30B	USD	Point-in-time
Commitments and Contingencies (See Note 8)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and Contingencies (See Note 8)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock ($0.001 par value; 10,000 shares authorized; 1,000 shares issued and outstanding)	`CommonStockValue`	-	USD	Point-in-time
Common stock ($0.001 par value; 10,000 shares authorized; 1,000 shares issued and outstanding)	`CommonStockValue`	-	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$1.13B	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$1.13B	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-125.00M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-31.00M	USD	Point-in-time
Accumulated other comprehensive loss, net	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-60.00M	USD	Point-in-time
Accumulated other comprehensive loss, net	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-33.00M	USD	Point-in-time
Total Warner Music Group Corp. equity	`StockholdersEquity`	$944.00M	USD	Point-in-time
Total Warner Music Group Corp. equity	`StockholdersEquity`	$1.06B	USD	Point-in-time
Noncontrolling interest	`MinorityInterest`	$17.00M	USD	Point-in-time
Noncontrolling interest	`MinorityInterest`	$17.00M	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.08B	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$961.00M	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$5.16B	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$5.38B	USD	Point-in-time

Income Statement 52 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$2.15B	USD	3 Qtrs
Revenues	`Revenues`	$688.00M	USD	1 Quarter
Revenues	`Revenues`	$654.00M	USD	1 Quarter
Revenues	`Revenues`	$2.06B	USD	3 Qtrs
Cost of revenues	`CostOfRevenue`	$356.00M	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$1.17B	USD	3 Qtrs
Cost of revenues	`CostOfRevenue`	$380.00M	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$1.10B	USD	3 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$745.00M	USD	3 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$244.00M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$755.00M	USD	3 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$237.00M	USD	1 Quarter
Transaction costs	`MergerAndAcquisitionCosts`	$5.00M	USD	1 Quarter
Transaction costs	`MergerAndAcquisitionCosts`	$7.00M	USD	3 Qtrs
Amortization expense	`AmortizationOfIntangibleAssets`	$165.00M	USD	3 Qtrs
Amortization expense	`AmortizationOfIntangibleAssets`	$145.00M	USD	3 Qtrs
Amortization expense	`AmortizationOfIntangibleAssets`	$47.00M	USD	1 Quarter
Amortization expense	`AmortizationOfIntangibleAssets`	$56.00M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$678.00M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$647.00M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$1.99B	USD	3 Qtrs
Total costs and expenses	`CostsAndExpenses`	$2.10B	USD	3 Qtrs
Operating income	`OperatingIncomeLoss`	$53.00M	USD	3 Qtrs
Operating income	`OperatingIncomeLoss`	$10.00M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$68.00M	USD	3 Qtrs
Operating income	`OperatingIncomeLoss`	$7.00M	USD	1 Quarter
Interest expense, net	`InterestExpense`	$169.00M	USD	3 Qtrs
Interest expense, net	`InterestExpense`	$141.00M	USD	3 Qtrs
Interest expense, net	`InterestExpense`	$56.00M	USD	1 Quarter
Interest expense, net	`InterestExpense`	$47.00M	USD	1 Quarter
Other income, net	`OtherNonoperatingIncomeExpense`	$6.00M	USD	3 Qtrs
Other income, net	`OtherNonoperatingIncomeExpense`	$5.00M	USD	3 Qtrs
Other income, net	`OtherNonoperatingIncomeExpense`	$6.00M	USD	1 Quarter
Other income, net	`OtherNonoperatingIncomeExpense`	$6.00M	USD	1 Quarter
(Loss) income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-95.00M	USD	3 Qtrs
(Loss) income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-43.00M	USD	1 Quarter
(Loss) income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-83.00M	USD	3 Qtrs
(Loss) income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-31.00M	USD	1 Quarter
Income tax benefit (expense)	`IncomeTaxExpenseBenefit`	$-3.00M	USD	3 Qtrs
Income tax benefit (expense)	`IncomeTaxExpenseBenefit`	$20.00M	USD	3 Qtrs
Income tax benefit (expense)	`IncomeTaxExpenseBenefit`	$15.00M	USD	1 Quarter
Income tax benefit (expense)	`IncomeTaxExpenseBenefit`	$-11.00M	USD	1 Quarter
Net loss	`ProfitLoss`	$-103.00M	USD	3 Qtrs
Net loss	`ProfitLoss`	$-32.00M	USD	1 Quarter
Net loss	`ProfitLoss`	$-46.00M	USD	1 Quarter
Net loss	`ProfitLoss`	$-92.00M	USD	3 Qtrs
Less: (income) loss attributable to noncontrolling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	$-1.00M	USD	3 Qtrs
Less: (income) loss attributable to noncontrolling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	$2.00M	USD	3 Qtrs
Net loss attributable to Warner Music Group Corp.	`NetIncomeLoss`	$-94.00M	USD	3 Qtrs
Net loss attributable to Warner Music Group Corp.	`NetIncomeLoss`	$-46.00M	USD	1 Quarter
Net loss attributable to Warner Music Group Corp.	`NetIncomeLoss`	$-32.00M	USD	1 Quarter
Net loss attributable to Warner Music Group Corp.	`NetIncomeLoss`	$-102.00M	USD	3 Qtrs

Cash Flow Statement 57 line items

Line Item	Tag	Value	Unit	Period
Net loss	`ProfitLoss`	$-103.00M	USD	3 Qtrs
Net loss	`ProfitLoss`	$-32.00M	USD	1 Quarter
Net loss	`ProfitLoss`	$-46.00M	USD	1 Quarter
Net loss	`ProfitLoss`	$-92.00M	USD	3 Qtrs
Depreciation and amortization expense	`DepreciationDepletionAndAmortization`	$196.00M	USD	3 Qtrs
Depreciation and amortization expense	`DepreciationDepletionAndAmortization`	$182.00M	USD	3 Qtrs
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-11.00M	USD	3 Qtrs
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-11.00M	USD	3 Qtrs
Gain on sale of building	`GainLossOnSaleOfProperties`	$1.00M	USD	3 Qtrs
Non-cash interest (income) expense	`PaidInKindInterest`	$-2.00M	USD	3 Qtrs
Non-cash interest (income) expense	`PaidInKindInterest`	$9.00M	USD	3 Qtrs
Non-cash share-based compensation expense	`ShareBasedCompensation`	$10.00M	USD	3 Qtrs
Other non-cash items	`OtherNoncashIncomeExpense`	$2.00M	USD	3 Qtrs
Other non-cash items	`OtherNoncashIncomeExpense`	$1.00M	USD	3 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-93.00M	USD	3 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-49.00M	USD	3 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$-1.00M	USD	3 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$-10.00M	USD	3 Qtrs
Royalty advances	`IncreaseDecreaseInAdvanceRoyalties`	$15.00M	USD	3 Qtrs
Royalty advances	`IncreaseDecreaseInAdvanceRoyalties`	$-33.00M	USD	3 Qtrs
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-79.00M	USD	3 Qtrs
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-146.00M	USD	3 Qtrs
Royalties payable	`IncreaseDecreaseInRoyaltiesPayable`	$58.00M	USD	3 Qtrs
Royalties payable	`IncreaseDecreaseInRoyaltiesPayable`	$-23.00M	USD	3 Qtrs
Accrued interest	`IncreaseDecreaseInInterestPayableNet`	$-23.00M	USD	3 Qtrs
Accrued interest	`IncreaseDecreaseInInterestPayableNet`	$-44.00M	USD	3 Qtrs
Other balance sheet changes	`IncreaseDecreaseInOtherOperatingCapitalNet`	$7.00M	USD	3 Qtrs
Other balance sheet changes	`IncreaseDecreaseInOtherOperatingCapitalNet`	$-8.00M	USD	3 Qtrs
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-18.00M	USD	3 Qtrs
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$107.00M	USD	3 Qtrs
Investments and acquisitions of businesses	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$59.00M	USD	3 Qtrs
Investments and acquisitions of businesses	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$5.00M	USD	3 Qtrs
Acquisition of publishing rights	`PaymentsToAcquireIntangibleAssets`	$58.00M	USD	3 Qtrs
Acquisition of publishing rights	`PaymentsToAcquireIntangibleAssets`	$21.00M	USD	3 Qtrs
Proceeds from the sale of music catalog	`PaymentsForProceedsFromInvestments`	$-2.00M	USD	3 Qtrs
Proceeds from sale of building	`ProceedsFromSaleOfBuildings`	$12.00M	USD	3 Qtrs
Capital expenditures	`PaymentsToAcquireProductiveAssets`	$24.00M	USD	3 Qtrs
Capital expenditures	`PaymentsToAcquireProductiveAssets`	$34.00M	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-151.00M	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-36.00M	USD	3 Qtrs
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$6.00M	USD	3 Qtrs
Distributions to noncontrolling interest holders	`PaymentsToMinorityShareholders`	$1.00M	USD	3 Qtrs
Distributions to noncontrolling interest holders	`PaymentsToMinorityShareholders`	$2.00M	USD	3 Qtrs
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-2.00M	USD	3 Qtrs
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$5.00M	USD	3 Qtrs
Effect of exchange rate changes on cash and equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-4.00M	USD	3 Qtrs
Effect of exchange rate changes on cash and equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$15.00M	USD	3 Qtrs
Net increase (decrease) in cash and equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$65.00M	USD	3 Qtrs
Net increase (decrease) in cash and equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-149.00M	USD	3 Qtrs
Cash and equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$154.00M	USD	Point-in-time
Cash and equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$219.00M	USD	Point-in-time
Cash and equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$439.00M	USD	Point-in-time
Cash and equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$290.00M	USD	Point-in-time
Cash and equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$154.00M	USD	Point-in-time
Cash and equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$219.00M	USD	Point-in-time
Cash and equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$439.00M	USD	Point-in-time
Cash and equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$290.00M	USD	Point-in-time

Stockholders Equity 20 line items

Line Item	Tag	Value	Unit	Period
Balance, shares	`CommonStockSharesOutstanding`	1.00B	shares	Point-in-time
Balance, shares	`CommonStockSharesOutstanding`	1.00B	shares	Point-in-time
Balance, per share value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Balance, per share value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Balance, shares	`CommonStockSharesOutstanding`	1.00B	shares	Point-in-time
Balance, shares	`CommonStockSharesOutstanding`	1.00B	shares	Point-in-time
Balance, per share value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Balance, per share value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Balance, value	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.08B	USD	Point-in-time
Balance, value	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$961.00M	USD	Point-in-time
Net loss	`ProfitLoss`	$-103.00M	USD	3 Qtrs
Net loss	`ProfitLoss`	$-32.00M	USD	1 Quarter
Net loss	`ProfitLoss`	$-46.00M	USD	1 Quarter
Net loss	`ProfitLoss`	$-92.00M	USD	3 Qtrs
Foreign currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-28.00M	USD	3 Qtrs
Deferred loss on derivative financial instruments	`OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax`	$1.00M	USD	3 Qtrs
Total comprehensive loss	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$-119.00M	USD	3 Qtrs
Noncontrolling interests	`MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders`	$2.00M	USD	3 Qtrs
Balance, value	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.08B	USD	Point-in-time
Balance, value	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$961.00M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.