10-Q Filing

WARNER MUSIC GROUP CORP. CIK: 1319161 Q1 2014

Filing Information

Form Type	10-Q
Accession Number	`0001564590-14-000160`
Period End Date	20131231
Filing Date	20140206
Fiscal Year	2014
Fiscal Period	Q1
XBRL Instance	wmg-20131231.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 80 Income Statement 30 Cash Flow Statement 61 Stockholders Equity 17 Comprehensive Income 12

Balance Sheet 80 line items

Line Item	Tag	Value	Unit	Period
Accounts receivable, allowances	`AllowanceForDoubtfulAccountsReceivableCurrent`	$79.00M	USD	Point-in-time
Accounts receivable, allowances	`AllowanceForDoubtfulAccountsReceivableCurrent`	$55.00M	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
Cash and equivalents	`CashAndCashEquivalentsAtCarryingValue`	$189.00M	USD	Point-in-time
Cash and equivalents	`CashAndCashEquivalentsAtCarryingValue`	$155.00M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	10,000.00	shares	Point-in-time
Cash and equivalents	`CashAndCashEquivalentsAtCarryingValue`	$129.00M	USD	Point-in-time
Cash and equivalents	`CashAndCashEquivalentsAtCarryingValue`	$302.00M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	10,000.00	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	1,055.00	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	1,055.00	shares	Point-in-time
Accounts receivable, less allowances of $79 and $55 million	`AccountsReceivableNetCurrent`	$511.00M	USD	Point-in-time
Accounts receivable, less allowances of $79 and $55 million	`AccountsReceivableNetCurrent`	$566.00M	USD	Point-in-time
Inventories	`InventoryNet`	$33.00M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	1,055.00	shares	Point-in-time
Inventories	`InventoryNet`	$34.00M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	1,055.00	shares	Point-in-time
Royalty advances expected to be recouped within one year	`AdvanceRoyaltiesCurrent`	$105.00M	USD	Point-in-time
Royalty advances expected to be recouped within one year	`AdvanceRoyaltiesCurrent`	$93.00M	USD	Point-in-time
Deferred tax assets	`DeferredTaxAssetsNetCurrent`	$43.00M	USD	Point-in-time
Deferred tax assets	`DeferredTaxAssetsNetCurrent`	$43.00M	USD	Point-in-time
Prepaid and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$59.00M	USD	Point-in-time
Prepaid and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$61.00M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$894.00M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$938.00M	USD	Point-in-time
Royalty advances expected to be recouped after one year	`AdvanceRoyaltiesNoncurrent`	$195.00M	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`	$181.00M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$180.00M	USD	Point-in-time
Goodwill	`Goodwill`	$1.68B	USD	Point-in-time
Goodwill	`Goodwill`	$1.67B	USD	Point-in-time
Intangible assets subject to amortization, net	`FiniteLivedIntangibleAssetsNet`	$3.11B	USD	Point-in-time
Intangible assets subject to amortization, net	`FiniteLivedIntangibleAssetsNet`	$3.07B	USD	Point-in-time
Intangible assets not subject to amortization	`IndefiniteLivedIntangibleAssetsExcludingGoodwill`	$120.00M	USD	Point-in-time
Intangible assets not subject to amortization	`IndefiniteLivedIntangibleAssetsExcludingGoodwill`	$120.00M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$103.00M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$110.00M	USD	Point-in-time
Total assets	`Assets`	$6.25B	USD	Point-in-time
Total assets	`Assets`	$6.29B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$280.00M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$246.00M	USD	Point-in-time
Accrued royalties	`AccruedRoyaltiesCurrent`	$1.20B	USD	Point-in-time
Accrued royalties	`AccruedRoyaltiesCurrent`	$1.15B	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$288.00M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$321.00M	USD	Point-in-time
Accrued interest	`InterestPayableCurrent`	$58.00M	USD	Point-in-time
Accrued interest	`InterestPayableCurrent`	$75.00M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$192.00M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$139.00M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$13.00M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$68.00M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$25.00M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$21.00M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.08B	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.00B	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$2.85B	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$2.86B	USD	Point-in-time
Deferred tax liabilities, net	`DeferredTaxLiabilitiesNoncurrent`	$439.00M	USD	Point-in-time
Deferred tax liabilities, net	`DeferredTaxLiabilitiesNoncurrent`	$422.00M	USD	Point-in-time
Other noncurrent liabilities	`OtherLiabilitiesNoncurrent`	$216.00M	USD	Point-in-time
Other noncurrent liabilities	`OtherLiabilitiesNoncurrent`	$234.00M	USD	Point-in-time
Total liabilities	`Liabilities`	$5.59B	USD	Point-in-time
Total liabilities	`Liabilities`	$5.51B	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`	$-378.00M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-341.00M	USD	Point-in-time
Accumulated other comprehensive loss, net	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-61.00M	USD	Point-in-time
Accumulated other comprehensive loss, net	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-69.00M	USD	Point-in-time
Total Warner Music Group Corp. equity	`StockholdersEquity`	$681.00M	USD	Point-in-time
Total Warner Music Group Corp. equity	`StockholdersEquity`	$726.00M	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`	$743.00M	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$698.00M	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$6.29B	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$6.25B	USD	Point-in-time

Income Statement 30 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$769.00M	USD	1 Quarter
Revenues	`Revenues`	$815.00M	USD	1 Quarter
Depreciation expense	`CostOfGoodsSoldDepreciation`	$12.00M	USD	1 Quarter
Depreciation expense	`CostOfGoodsSoldDepreciation`	$13.00M	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$441.00M	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$408.00M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$293.00M	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`	$66.00M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$718.00M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$800.00M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$51.00M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$15.00M	USD	1 Quarter
Loss on extinguishment of debt	`GainsLossesOnExtinguishmentOfDebt`	$-83.00M	USD	1 Quarter
Loss on extinguishment of debt	`GainsLossesOnExtinguishmentOfDebt`	-	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNonoperatingNet`	$-53.00M	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNonoperatingNet`	$-55.00M	USD	1 Quarter
Other expense, net	`OtherNonoperatingIncomeExpense`	$-4.00M	USD	1 Quarter
Other expense, net	`OtherNonoperatingIncomeExpense`	$-5.00M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-44.00M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-90.00M	USD	1 Quarter
Income tax benefit	`IncomeTaxExpenseBenefit`	$-11.00M	USD	1 Quarter
Income tax benefit	`IncomeTaxExpenseBenefit`	$-8.00M	USD	1 Quarter
Net loss	`ProfitLoss`	$-36.00M	USD	1 Quarter
Net loss	`ProfitLoss`	$-79.00M	USD	1 Quarter
Less: income attributable to noncontrolling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	$1.00M	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`	$-37.00M	USD	1 Quarter

Cash Flow Statement 61 line items

Line Item	Tag	Value	Unit	Period
Net loss	`ProfitLoss`	$-36.00M	USD	1 Quarter
Net loss	`ProfitLoss`	$-79.00M	USD	1 Quarter
Loss on extinguishment of debt	`GainsLossesOnExtinguishmentOfDebt`	$-83.00M	USD	1 Quarter
Loss on extinguishment of debt	`GainsLossesOnExtinguishmentOfDebt`	-	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$61.00M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$78.00M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-10.00M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-16.00M	USD	1 Quarter
Non-cash share-based compensation expense	`ShareBasedCompensation`	$3.00M	USD	1 Quarter
Non-cash interest expense	`AmortizationOfFinancingCostsAndDiscounts`	$2.00M	USD	1 Quarter
Non-cash interest expense	`AmortizationOfFinancingCostsAndDiscounts`	$4.00M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$23.00M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$56.00M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$1.00M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-1.00M	USD	1 Quarter
Royalty advances	`IncreaseDecreaseInPrepaidRoyalties`	$35.00M	USD	1 Quarter
Royalty advances	`IncreaseDecreaseInPrepaidRoyalties`	$35.00M	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-79.00M	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-53.00M	USD	1 Quarter
Royalty payables	`IncreaseDecreaseInRoyaltiesPayable`	$56.00M	USD	1 Quarter
Royalty payables	`IncreaseDecreaseInRoyaltiesPayable`	$32.00M	USD	1 Quarter
Accrued interest	`IncreaseDecreaseInInterestPayableNet`	$49.00M	USD	1 Quarter
Accrued interest	`IncreaseDecreaseInInterestPayableNet`	$17.00M	USD	1 Quarter
Deferred income	`RecognitionOfDeferredRevenue`	$55.00M	USD	1 Quarter
Deferred income	`RecognitionOfDeferredRevenue`	$60.00M	USD	1 Quarter
Other balance sheet changes	`IncreaseDecreaseInOtherOperatingCapitalNet`	$13.00M	USD	1 Quarter
Other balance sheet changes	`IncreaseDecreaseInOtherOperatingCapitalNet`	$-5.00M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-10.00M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-52.00M	USD	1 Quarter
Acquisition of music publishing rights	`PaymentsToAcquireIntangibleAssets`	$8.00M	USD	1 Quarter
Acquisition of music publishing rights	`PaymentsToAcquireIntangibleAssets`	$10.00M	USD	1 Quarter
Investments and acquisitions of businesses, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$4.00M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquireProductiveAssets`	$7.00M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquireProductiveAssets`	$12.00M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-15.00M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-26.00M	USD	1 Quarter
Proceeds from draw down of the Revolving Credit Facility	`ProceedsFromLinesOfCredit`	$155.00M	USD	1 Quarter
Proceeds from draw down of the Revolving Credit Facility	`ProceedsFromLinesOfCredit`	$31.00M	USD	1 Quarter
Repayment of the Revolving Credit Facility	`RepaymentsOfLinesOfCredit`	$31.00M	USD	1 Quarter
Repayment of the Revolving Credit Facility	`RepaymentsOfLinesOfCredit`	$100.00M	USD	1 Quarter
Proceeds from Acquisition Corp Term Loan Facility	`ProceedsFromIssuanceOfLongTermDebt`	$594.00M	USD	1 Quarter
Proceeds from Acquisition Corp Term Loan Facility	`ProceedsFromIssuanceOfLongTermDebt`	-	USD	1 Quarter
Financing costs paid	`PaymentsOfFinancingCosts`	$127.00M	USD	1 Quarter
Financing costs paid	`PaymentsOfFinancingCosts`	-	USD	1 Quarter
Deferred financing costs paid	`PaymentsOfDeferredFinancingCosts`	-	USD	1 Quarter
Deferred financing costs paid	`PaymentsOfDeferredFinancingCosts`	$30.00M	USD	1 Quarter
Distributions to noncontrolling interest holder	`PaymentsToMinorityShareholders`	$1.00M	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$54.00M	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-86.00M	USD	1 Quarter
Effect of exchange rate changes on cash and equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-2.00M	USD	1 Quarter
Effect of exchange rate changes on cash and equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-2.00M	USD	1 Quarter
Net decrease in cash and equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-26.00M	USD	1 Quarter
Net decrease in cash and equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-113.00M	USD	1 Quarter
Cash and equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$189.00M	USD	Point-in-time
Cash and equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$155.00M	USD	Point-in-time
Cash and equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$129.00M	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`	$189.00M	USD	Point-in-time
Cash and equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$155.00M	USD	Point-in-time
Cash and equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$129.00M	USD	Point-in-time
Cash and equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$302.00M	USD	Point-in-time

Stockholders Equity 17 line items

Line Item	Tag	Value	Unit	Period
Beginning balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$743.00M	USD	Point-in-time
Beginning balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$698.00M	USD	Point-in-time
Beginning balance, shares	`CommonStockSharesOutstanding`	1,055.00	shares	Point-in-time
Beginning balance, shares	`CommonStockSharesOutstanding`	1,055.00	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`	$-36.00M	USD	1 Quarter
Net (loss) income	`ProfitLoss`	$-79.00M	USD	1 Quarter
Other comprehensive loss, net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$2.00M	USD	1 Quarter
Other comprehensive loss, net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$-8.00M	USD	1 Quarter
Distribution to noncontrolling interest	`MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders`	$1.00M	USD	1 Quarter
Ending balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$743.00M	USD	Point-in-time
Ending balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$698.00M	USD	Point-in-time
Ending balance, shares	`CommonStockSharesOutstanding`	1,055.00	shares	Point-in-time
Ending balance, shares	`CommonStockSharesOutstanding`	1,055.00	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 12 line items

Line Item	Tag	Value	Unit	Period
Net loss	`ProfitLoss`	$-36.00M	USD	1 Quarter
Net loss	`ProfitLoss`	$-79.00M	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$2.00M	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-8.00M	USD	1 Quarter
Total other comprehensive (loss) income, net of tax:	`OtherComprehensiveIncomeLossNetOfTax`	$2.00M	USD	1 Quarter
Total other comprehensive (loss) income, net of tax:	`OtherComprehensiveIncomeLossNetOfTax`	$-8.00M	USD	1 Quarter
Total comprehensive loss	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$-77.00M	USD	1 Quarter
Total comprehensive loss	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$-44.00M	USD	1 Quarter
Less: comprehensive income attributable to noncontrolling interest	`ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest`	$1.00M	USD	1 Quarter
Less: comprehensive income attributable to noncontrolling interest	`ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest`	$1.00M	USD	1 Quarter
Comprehensive loss attributable to Warner Music Group Corp.	`ComprehensiveIncomeNetOfTax`	$-45.00M	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.