10-Q Filing

WARNER MUSIC GROUP CORP. CIK: 1319161 Q1 2015

Filing Information

Form Type	10-Q
Accession Number	`0001564590-15-000645`
Period End Date	20141231
Filing Date	20150212
Fiscal Year	2015
Fiscal Period	Q1
XBRL Instance	wmg-20141231.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 80 Income Statement 28 Cash Flow Statement 60 Stockholders Equity 17 Comprehensive Income 12

Balance Sheet 80 line items

Line Item	Tag	Value	Unit	Period
Accounts receivable, allowances	`AllowanceForDoubtfulAccountsReceivableCurrent`	$65.00M	USD	Point-in-time
Accounts receivable, allowances	`AllowanceForDoubtfulAccountsReceivableCurrent`	$86.00M	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`	$129.00M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	10,000.00	shares	Point-in-time
Cash and equivalents	`CashAndCashEquivalentsAtCarryingValue`	$157.00M	USD	Point-in-time
Cash and equivalents	`CashAndCashEquivalentsAtCarryingValue`	$145.00M	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
Accounts receivable, net of allowances of $86 million and $65 million	`AccountsReceivableNetCurrent`	$436.00M	USD	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, net of allowances of $86 million and $65 million	`AccountsReceivableNetCurrent`	$383.00M	USD	Point-in-time
Inventories	`InventoryNet`	$39.00M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	1,055.00	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	1,055.00	shares	Point-in-time
Inventories	`InventoryNet`	$39.00M	USD	Point-in-time
Royalty advances expected to be recouped within one year	`AdvanceRoyaltiesCurrent`	$103.00M	USD	Point-in-time
Royalty advances expected to be recouped within one year	`AdvanceRoyaltiesCurrent`	$102.00M	USD	Point-in-time
Deferred tax assets	`DeferredTaxAssetsNetCurrent`	$46.00M	USD	Point-in-time
Deferred tax assets	`DeferredTaxAssetsNetCurrent`	$46.00M	USD	Point-in-time
Prepaid and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$56.00M	USD	Point-in-time
Prepaid and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$55.00M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$825.00M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$782.00M	USD	Point-in-time
Royalty advances expected to be recouped after one year	`AdvanceRoyaltiesNoncurrent`	$190.00M	USD	Point-in-time
Royalty advances expected to be recouped after one year	`AdvanceRoyaltiesNoncurrent`	$190.00M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$227.00M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$233.00M	USD	Point-in-time
Goodwill	`Goodwill`	$1.66B	USD	Point-in-time
Goodwill	`Goodwill`	$1.65B	USD	Point-in-time
Intangible assets subject to amortization, net	`FiniteLivedIntangibleAssetsNet`	$2.88B	USD	Point-in-time
Intangible assets subject to amortization, net	`FiniteLivedIntangibleAssetsNet`	$2.75B	USD	Point-in-time
Intangible assets not subject to amortization	`IndefiniteLivedIntangibleAssetsExcludingGoodwill`	$119.00M	USD	Point-in-time
Intangible assets not subject to amortization	`IndefiniteLivedIntangibleAssetsExcludingGoodwill`	$120.00M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$83.00M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$90.00M	USD	Point-in-time
Total assets	`Assets`	$5.85B	USD	Point-in-time
Total assets	`Assets`	$5.95B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$215.00M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$162.00M	USD	Point-in-time
Accrued royalties	`AccruedRoyaltiesCurrent`	$1.15B	USD	Point-in-time
Accrued royalties	`AccruedRoyaltiesCurrent`	$1.13B	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$250.00M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$243.00M	USD	Point-in-time
Accrued interest	`InterestPayableCurrent`	$60.00M	USD	Point-in-time
Accrued interest	`InterestPayableCurrent`	$48.00M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$255.00M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$219.00M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$13.00M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$13.00M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$30.00M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$3.00M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.90B	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.89B	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$3.02B	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$3.00B	USD	Point-in-time
Deferred tax liabilities, net	`DeferredTaxLiabilitiesNoncurrent`	$383.00M	USD	Point-in-time
Deferred tax liabilities, net	`DeferredTaxLiabilitiesNoncurrent`	$375.00M	USD	Point-in-time
Other noncurrent liabilities	`OtherLiabilitiesNoncurrent`	$256.00M	USD	Point-in-time
Other noncurrent liabilities	`OtherLiabilitiesNoncurrent`	$279.00M	USD	Point-in-time
Total liabilities	`Liabilities`	$5.56B	USD	Point-in-time
Total liabilities	`Liabilities`	$5.54B	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	`AdditionalPaidInCapitalCommonStock`	$1.13B	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$1.13B	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-691.00M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-649.00M	USD	Point-in-time
Accumulated other comprehensive loss, net	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-142.00M	USD	Point-in-time
Accumulated other comprehensive loss, net	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-108.00M	USD	Point-in-time
Total Warner Music Group Corp. equity	`StockholdersEquity`	$371.00M	USD	Point-in-time
Total Warner Music Group Corp. equity	`StockholdersEquity`	$295.00M	USD	Point-in-time
Noncontrolling interest	`MinorityInterest`	$19.00M	USD	Point-in-time
Noncontrolling interest	`MinorityInterest`	$19.00M	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$390.00M	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$314.00M	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$5.95B	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$5.85B	USD	Point-in-time

Income Statement 28 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$815.00M	USD	1 Quarter
Revenues	`Revenues`	$829.00M	USD	1 Quarter
Depreciation expense	`Depreciation`	$14.00M	USD	1 Quarter
Depreciation expense	`Depreciation`	$12.00M	USD	1 Quarter
Cost of revenue	`CostOfRevenue`	$445.00M	USD	1 Quarter
Cost of revenue	`CostOfRevenue`	$441.00M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$296.00M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$293.00M	USD	1 Quarter
Amortization expense	`AmortizationOfIntangibleAssets`	$66.00M	USD	1 Quarter
Amortization expense	`AmortizationOfIntangibleAssets`	$65.00M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$806.00M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$800.00M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$23.00M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$15.00M	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNonoperatingNet`	$-55.00M	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNonoperatingNet`	$-46.00M	USD	1 Quarter
Other expense	`OtherNonoperatingIncomeExpense`	$-4.00M	USD	1 Quarter
Other expense	`OtherNonoperatingIncomeExpense`	$-9.00M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-44.00M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-32.00M	USD	1 Quarter
Income tax (expense) benefit	`IncomeTaxExpenseBenefit`	$-8.00M	USD	1 Quarter
Income tax (expense) benefit	`IncomeTaxExpenseBenefit`	$9.00M	USD	1 Quarter
Net loss	`ProfitLoss`	$-41.00M	USD	1 Quarter
Net loss	`ProfitLoss`	$-36.00M	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`	$-42.00M	USD	1 Quarter
Net loss attributable to Warner Music Group Corp.	`NetIncomeLoss`	$-37.00M	USD	1 Quarter

Cash Flow Statement 60 line items

Line Item	Tag	Value	Unit	Period
Net loss	`ProfitLoss`	$-41.00M	USD	1 Quarter
Net loss	`ProfitLoss`	$-36.00M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$79.00M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$78.00M	USD	1 Quarter
Unrealized gains/losses and remeasurement of foreign denominated loans	`UnrealizedGainLossAndRemeasurementOfForeignDenominatedLoans`	$-14.00M	USD	1 Quarter
Unrealized gains/losses and remeasurement of foreign denominated loans	`UnrealizedGainLossAndRemeasurementOfForeignDenominatedLoans`	$20.00M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-16.00M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	-	USD	1 Quarter
Non-cash interest expense	`NonCashInterestIncomeExpense`	$-2.00M	USD	1 Quarter
Non-cash interest expense	`NonCashInterestIncomeExpense`	$-4.00M	USD	1 Quarter
Non-cash share-based compensation expense	`ShareBasedCompensation`	-	USD	1 Quarter
Non-cash share-based compensation expense	`ShareBasedCompensation`	$3.00M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$67.00M	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`	$7.00M	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`	$-47.00M	USD	1 Quarter
Royalty payables	`IncreaseDecreaseInRoyaltiesPayable`	$46.00M	USD	1 Quarter
Royalty payables	`IncreaseDecreaseInRoyaltiesPayable`	$56.00M	USD	1 Quarter
Accrued interest	`IncreaseDecreaseInInterestPayableNet`	$-17.00M	USD	1 Quarter
Accrued interest	`IncreaseDecreaseInInterestPayableNet`	$-12.00M	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$60.00M	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$39.00M	USD	1 Quarter
Other balance sheet changes	`IncreaseDecreaseInOtherOperatingCapitalNet`	$-7.00M	USD	1 Quarter
Other balance sheet changes	`IncreaseDecreaseInOtherOperatingCapitalNet`	$-30.00M	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$35.00M	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-52.00M	USD	1 Quarter
Acquisition of music publishing rights, net	`PaymentsToAcquireIntangibleAssets`	$10.00M	USD	1 Quarter
Acquisition of music publishing rights, net	`PaymentsToAcquireIntangibleAssets`	$5.00M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquireProductiveAssets`	$12.00M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquireProductiveAssets`	$24.00M	USD	1 Quarter
Investments and acquisitions of businesses, net	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$4.00M	USD	1 Quarter
Investments and acquisitions of businesses, net	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$8.00M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-37.00M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-26.00M	USD	1 Quarter
Proceeds from the Revolving Credit Facility	`ProceedsFromLinesOfCredit`	$100.00M	USD	1 Quarter
Proceeds from the Revolving Credit Facility	`ProceedsFromLinesOfCredit`	$155.00M	USD	1 Quarter
Repayment of the Revolving Credit Facility	`RepaymentsOfLinesOfCredit`	$100.00M	USD	1 Quarter
Repayment of the Revolving Credit Facility	`RepaymentsOfLinesOfCredit`	$100.00M	USD	1 Quarter
Repayment of Acquisition Corp. Senior Term Loan Facility	`RepaymentsOfLongTermDebt`	$3.00M	USD	1 Quarter
Repayment of Acquisition Corp. Senior Term Loan Facility	`RepaymentsOfLongTermDebt`	-	USD	1 Quarter
Distribution to noncontrolling interest holder	`PaymentsToMinorityShareholders`	$1.00M	USD	1 Quarter
Distribution to noncontrolling interest holder	`PaymentsToMinorityShareholders`	-	USD	1 Quarter
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$54.00M	USD	1 Quarter
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-3.00M	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`	$-7.00M	USD	1 Quarter
Net decrease in cash and equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-26.00M	USD	1 Quarter
Net decrease in cash and equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-12.00M	USD	1 Quarter
Cash and equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$129.00M	USD	Point-in-time
Cash and equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$157.00M	USD	Point-in-time
Cash and equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$145.00M	USD	Point-in-time
Cash and equivalents at beginning 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`	$157.00M	USD	Point-in-time
Cash and equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$145.00M	USD	Point-in-time
Cash and equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$155.00M	USD	Point-in-time

Stockholders Equity 17 line items

Line Item	Tag	Value	Unit	Period
Beginning balance, per share value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Beginning balance, per share value	`CommonStockParOrStatedValuePerShare`	$0.00	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	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$390.00M	USD	Point-in-time
Beginning balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$314.00M	USD	Point-in-time
Net (loss) income	`ProfitLoss`	$-41.00M	USD	1 Quarter
Net (loss) income	`ProfitLoss`	$-36.00M	USD	1 Quarter
Other comprehensive loss, net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$-34.00M	USD	1 Quarter
Other comprehensive loss, net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$-8.00M	USD	1 Quarter
Distribution to noncontrolling interest holders	`MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders`	$1.00M	USD	1 Quarter
Ending balance, per share value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Ending balance, per share value	`CommonStockParOrStatedValuePerShare`	$0.00	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	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$390.00M	USD	Point-in-time
Ending balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$314.00M	USD	Point-in-time

Comprehensive Income 12 line items

Line Item	Tag	Value	Unit	Period
Net loss	`ProfitLoss`	$-41.00M	USD	1 Quarter
Net loss	`ProfitLoss`	$-36.00M	USD	1 Quarter
Foreign currency adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-8.00M	USD	1 Quarter
Foreign currency adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-34.00M	USD	1 Quarter
Other comprehensive loss, net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$-34.00M	USD	1 Quarter
Other comprehensive loss, net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$-8.00M	USD	1 Quarter
Total comprehensive loss	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$-75.00M	USD	1 Quarter
Total comprehensive loss	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$-44.00M	USD	1 Quarter
Less: Income attributable to noncontrolling interest	`ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest`	$1.00M	USD	1 Quarter
Less: Income attributable to noncontrolling interest	`ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest`	$1.00M	USD	1 Quarter
Comprehensive loss attributable to Warner Music Group Corp.	`ComprehensiveIncomeNetOfTax`	$-76.00M	USD	1 Quarter
Comprehensive loss attributable to Warner Music Group Corp.	`ComprehensiveIncomeNetOfTax`	$-45.00M	USD	1 Quarter

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