10-Q Filing

WARNER MUSIC GROUP CORP. CIK: 1319161 Q1 2013

Filing Information

Form Type	10-Q
Accession Number	`0001193125-13-057575`
Period End Date	20121231
Filing Date	20130214
Fiscal Year	2013
Fiscal Period	Q1
XBRL Instance	wmg-20121231.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 80 Income Statement 30 Cash Flow Statement 54 Stockholders Equity 18 Comprehensive Income 16

Balance Sheet 80 line items

Line Item	Tag	Value	Unit	Period
Accounts receivable, allowances	`AllowanceForDoubtfulAccountsReceivableCurrent`	$91.00M	USD	Point-in-time
Accounts receivable, allowances	`AllowanceForDoubtfulAccountsReceivableCurrent`	$63.00M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	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
Cash and equivalents	`CashAndCashEquivalentsAtCarryingValue`	$154.00M	USD	Point-in-time
Cash and equivalents	`CashAndCashEquivalentsAtCarryingValue`	$189.00M	USD	Point-in-time
Cash and equivalents	`CashAndCashEquivalentsAtCarryingValue`	$168.00M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	10.00B	shares	Point-in-time
Cash and equivalents	`CashAndCashEquivalentsAtCarryingValue`	$302.00M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	1.05B	shares	Point-in-time
Accounts receivable, less allowances of $91 and $63 million	`AccountsReceivableNetCurrent`	$418.00M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	1.00B	shares	Point-in-time
Accounts receivable, less allowances of $91 and $63 million	`AccountsReceivableNetCurrent`	$398.00M	USD	Point-in-time
Inventories	`InventoryNet`	$27.00M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	1.05B	shares	Point-in-time
Inventories	`InventoryNet`	$28.00M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	1.00B	shares	Point-in-time
Royalty advances expected to be recouped within one year	`PrepaidRoyalties`	$116.00M	USD	Point-in-time
Royalty advances expected to be recouped within one year	`PrepaidRoyalties`	$132.00M	USD	Point-in-time
Deferred tax assets	`DeferredTaxAssetsNetCurrent`	$51.00M	USD	Point-in-time
Deferred tax assets	`DeferredTaxAssetsNetCurrent`	$51.00M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$44.00M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$52.00M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$939.00M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$869.00M	USD	Point-in-time
Royalty advances expected to be recouped after one year	`AdvanceRoyaltiesNoncurrent`	$162.00M	USD	Point-in-time
Royalty advances expected to be recouped after one year	`AdvanceRoyaltiesNoncurrent`	$142.00M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$152.00M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$147.00M	USD	Point-in-time
Goodwill	`Goodwill`	$1.38B	USD	Point-in-time
Goodwill	`Goodwill`	$1.38B	USD	Point-in-time
Intangible assets subject to amortization, net	`FiniteLivedIntangibleAssetsNet`	$2.50B	USD	Point-in-time
Intangible assets subject to amortization, net	`FiniteLivedIntangibleAssetsNet`	$2.45B	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`	$82.00M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$64.00M	USD	Point-in-time
Total assets	`Assets`	$5.28B	USD	Point-in-time
Total assets	`Assets`	$5.20B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$156.00M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$149.00M	USD	Point-in-time
Accrued royalties	`AccruedRoyaltiesCurrent`	$997.00M	USD	Point-in-time
Accrued royalties	`AccruedRoyaltiesCurrent`	$1.03B	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$215.00M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$258.00M	USD	Point-in-time
Accrued interest	`InterestPayableCurrent`	$89.00M	USD	Point-in-time
Accrued interest	`InterestPayableCurrent`	$40.00M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$101.00M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$158.00M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	-	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$30.00M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$22.00M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$5.00M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.64B	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.61B	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$2.21B	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$2.19B	USD	Point-in-time
Deferred tax liabilities	`DeferredTaxLiabilitiesNoncurrent`	$375.00M	USD	Point-in-time
Deferred tax liabilities	`DeferredTaxLiabilitiesNoncurrent`	$358.00M	USD	Point-in-time
Other noncurrent liabilities	`OtherLiabilitiesNoncurrent`	$147.00M	USD	Point-in-time
Other noncurrent liabilities	`OtherLiabilitiesNoncurrent`	$141.00M	USD	Point-in-time
Total liabilities	`Liabilities`	$4.33B	USD	Point-in-time
Total liabilities	`Liabilities`	$4.33B	USD	Point-in-time
Common stock ($0.001 par value; 10,000 shares authorized; 1,055 shares issued and outstanding)	`CommonStockValue`	-	USD	Point-in-time
Common stock ($0.001 par value; 10,000 shares authorized; 1,055 shares issued and outstanding)	`CommonStockValue`	-	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$1.13B	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$1.13B	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-223.00M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-143.00M	USD	Point-in-time
Accumulated other comprehensive loss, net	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-57.00M	USD	Point-in-time
Accumulated other comprehensive loss, net	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-59.00M	USD	Point-in-time
Total Warner Music Group Corp. equity	`StockholdersEquity`	$847.00M	USD	Point-in-time
Total Warner Music Group Corp. equity	`StockholdersEquity`	$927.00M	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`	$944.00M	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$864.00M	USD	Point-in-time
Total liabilities and equity (deficit)	`LiabilitiesAndStockholdersEquity`	$5.28B	USD	Point-in-time
Total liabilities and equity (deficit)	`LiabilitiesAndStockholdersEquity`	$5.20B	USD	Point-in-time

Income Statement 30 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$775.00M	USD	1 Quarter
Depreciation expense	`CostOfGoodsSoldDepreciation`	$12.00M	USD	1 Quarter
Depreciation expense	`CostOfGoodsSoldDepreciation`	$13.00M	USD	1 Quarter
Revenues	`Revenues`	$769.00M	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$420.00M	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$408.00M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$268.00M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$262.00M	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$48.00M	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$48.00M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$736.00M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$718.00M	USD	1 Quarter
Operating income (loss)	`OperatingIncomeLoss`	$51.00M	USD	1 Quarter
Operating income (loss)	`OperatingIncomeLoss`	$39.00M	USD	1 Quarter
Loss on extinguishment of debt	`GainsLossesOnExtinguishmentOfDebt`	-	USD	1 Quarter
Loss on extinguishment of debt	`GainsLossesOnExtinguishmentOfDebt`	$-83.00M	USD	1 Quarter
Interest expense, net	`InterestExpense`	$57.00M	USD	1 Quarter
Interest expense, net	`InterestExpense`	$53.00M	USD	1 Quarter
Other expense, net	`OtherNonoperatingIncomeExpense`	$-2.00M	USD	1 Quarter
Other expense, net	`OtherNonoperatingIncomeExpense`	$-5.00M	USD	1 Quarter
(Loss) income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-90.00M	USD	1 Quarter
(Loss) income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-20.00M	USD	1 Quarter
Income tax benefit (expense)	`IncomeTaxExpenseBenefit`	$-11.00M	USD	1 Quarter
Income tax benefit (expense)	`IncomeTaxExpenseBenefit`	$6.00M	USD	1 Quarter
Net loss	`ProfitLoss`	$-79.00M	USD	1 Quarter
Net loss	`ProfitLoss`	$-26.00M	USD	1 Quarter
Less: income attributable to noncontrolling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	-	USD	1 Quarter
Less: income attributable to noncontrolling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	$1.00M	USD	1 Quarter
Net loss attributable to Warner Music Group Corp.	`NetIncomeLoss`	$-80.00M	USD	1 Quarter
Net loss attributable to Warner Music Group Corp.	`NetIncomeLoss`	$-26.00M	USD	1 Quarter

Cash Flow Statement 54 line items

Line Item	Tag	Value	Unit	Period
Net loss	`ProfitLoss`	$-79.00M	USD	1 Quarter
Net loss	`ProfitLoss`	$-26.00M	USD	1 Quarter
Loss on extinguishment of debt	`GainsLossesOnExtinguishmentOfDebt`	-	USD	1 Quarter
Loss on extinguishment of debt	`GainsLossesOnExtinguishmentOfDebt`	$-83.00M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$61.00M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$60.00M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-10.00M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-2.00M	USD	1 Quarter
Non-cash interest (income) expense	`NonCashInterestIncomeExpense`	$1.00M	USD	1 Quarter
Non-cash interest (income) expense	`NonCashInterestIncomeExpense`	$-2.00M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$42.00M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$23.00M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-1.00M	USD	1 Quarter
Royalty advances	`IncreaseDecreaseInAdvanceRoyalties`	$35.00M	USD	1 Quarter
Royalty advances	`IncreaseDecreaseInAdvanceRoyalties`	$13.00M	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-53.00M	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-25.00M	USD	1 Quarter
Royalty payables	`IncreaseDecreaseInRoyaltiesPayable`	$66.00M	USD	1 Quarter
Royalty payables	`IncreaseDecreaseInRoyaltiesPayable`	$32.00M	USD	1 Quarter
Accrued interest	`IncreaseDecreaseInInterestPayableNet`	$-49.00M	USD	1 Quarter
Accrued interest	`IncreaseDecreaseInInterestPayableNet`	$-23.00M	USD	1 Quarter
Deferred income	`RecognitionOfDeferredRevenue`	$55.00M	USD	1 Quarter
Deferred income	`RecognitionOfDeferredRevenue`	$30.00M	USD	1 Quarter
Other balance sheet changes	`IncreaseDecreaseInOtherOperatingCapitalNet`	$-5.00M	USD	1 Quarter
Other balance sheet changes	`IncreaseDecreaseInOtherOperatingCapitalNet`	$-1.00M	USD	1 Quarter
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$25.00M	USD	1 Quarter
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-10.00M	USD	1 Quarter
Acquisition of publishing rights	`PaymentsToAcquireIntangibleAssets`	$8.00M	USD	1 Quarter
Acquisition of publishing rights	`PaymentsToAcquireIntangibleAssets`	$7.00M	USD	1 Quarter
Proceeds from the sale of music catalog	`PaymentsForProceedsFromInvestments`	$-2.00M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquireProductiveAssets`	$6.00M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquireProductiveAssets`	$7.00M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-15.00M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-11.00M	USD	1 Quarter
Proceeds from draw down of the New Revolving Credit Facility	`ProceedsFromLinesOfCredit`	$31.00M	USD	1 Quarter
Repayment of the New Revolving Credit Facility	`RepaymentOfRevolvingCreditFacility`	$31.00M	USD	1 Quarter
Proceeds from Acquisition Corp Term Loan Facility, net	`ProceedsFromTermLoanFacility`	$594.00M	USD	1 Quarter
Financing fees paid for early redemption of debt	`EarlyRedemptionFees`	$127.00M	USD	1 Quarter
Deferred financing costs paid	`PaymentsOfFinancingCosts`	$30.00M	USD	1 Quarter
Distribution to noncontrolling interest holder	`PaymentsToMinorityShareholders`	$1.00M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-86.00M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-1.00M	USD	1 Quarter
Effect of exchange rate changes on cash and equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$1.00M	USD	1 Quarter
Effect of exchange rate changes on cash and equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-2.00M	USD	1 Quarter
Net (decrease) increase in cash and equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$14.00M	USD	1 Quarter
Net (decrease) increase in cash and equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-113.00M	USD	1 Quarter
Cash and equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$154.00M	USD	Point-in-time
Cash and equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$189.00M	USD	Point-in-time
Cash and equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$168.00M	USD	Point-in-time
Cash and equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$302.00M	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`	$189.00M	USD	Point-in-time
Cash and equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$168.00M	USD	Point-in-time
Cash and equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$302.00M	USD	Point-in-time

Stockholders Equity 18 line items

Line Item	Tag	Value	Unit	Period
Beginning balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$944.00M	USD	Point-in-time
Beginning balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$864.00M	USD	Point-in-time
Beginning balance, shares	`CommonStockSharesOutstanding`	1.05B	shares	Point-in-time
Beginning balance, shares	`CommonStockSharesOutstanding`	1.00B	shares	Point-in-time
Beginning balance, per share value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Beginning balance, per share value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Net (loss) income	`ProfitLoss`	$-79.00M	USD	1 Quarter
Net (loss) income	`ProfitLoss`	$-26.00M	USD	1 Quarter
Deconsolidation of entity	`DeconsolidationOfEntityEquityImpact`	$-2.00M	USD	1 Quarter
Other comprehensive loss	`OtherComprehensiveIncomeLossNetOfTax`	$2.00M	USD	1 Quarter
Other comprehensive loss	`OtherComprehensiveIncomeLossNetOfTax`	$-14.00M	USD	1 Quarter
Noncontrolling interests	`MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders`	$1.00M	USD	1 Quarter
Ending balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$944.00M	USD	Point-in-time
Ending balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$864.00M	USD	Point-in-time
Ending balance, shares	`CommonStockSharesOutstanding`	1.05B	shares	Point-in-time
Ending balance, shares	`CommonStockSharesOutstanding`	1.00B	shares	Point-in-time
Ending balance, per share value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Ending balance, per share value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time

Comprehensive Income 16 line items

Line Item	Tag	Value	Unit	Period
Net loss	`ProfitLoss`	$-79.00M	USD	1 Quarter
Net loss	`ProfitLoss`	$-26.00M	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-14.00M	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$2.00M	USD	1 Quarter
Deferred gains on derivative financial instruments	`OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax`	-	USD	1 Quarter
Deferred gains on derivative financial instruments	`OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax`	-	USD	1 Quarter
Minimum pension liability	`OtherComprehensiveIncomeMinimumPensionLiabilityNetAdjustmentNetOfTaxes`	-	USD	1 Quarter
Minimum pension liability	`OtherComprehensiveIncomeMinimumPensionLiabilityNetAdjustmentNetOfTaxes`	-	USD	1 Quarter
Other comprehensive loss, net of tax:	`OtherComprehensiveIncomeLossNetOfTax`	$2.00M	USD	1 Quarter
Other comprehensive loss, net of tax:	`OtherComprehensiveIncomeLossNetOfTax`	$-14.00M	USD	1 Quarter
Total comprehensive loss	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$-77.00M	USD	1 Quarter
Total comprehensive loss	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$-40.00M	USD	1 Quarter
Less: comprehensive income attributable to noncontrolling interest	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToNoncontrollingInterest`	$1.00M	USD	1 Quarter
Less: comprehensive income attributable to noncontrolling interest	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToNoncontrollingInterest`	-	USD	1 Quarter
Comprehensive loss attributable to Warner Music Group Corp.	`ComprehensiveIncomeNetOfTax`	$-40.00M	USD	1 Quarter
Comprehensive loss attributable to Warner Music Group Corp.	`ComprehensiveIncomeNetOfTax`	$-78.00M	USD	1 Quarter

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