10-Q Filing

WARNER MUSIC GROUP CORP. CIK: 1319161 Q1 2016

Filing Information

Form Type	10-Q
Accession Number	`0001564590-16-012299`
Period End Date	20151231
Filing Date	20160204
Fiscal Year	2016
Fiscal Period	Q1
XBRL Instance	wmg-20151231.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 78 Income Statement 28 Cash Flow Statement 53 Stockholders Equity 13 Comprehensive Income 13

Balance Sheet 78 line items

Line Item	Tag	Value	Unit	Period
Accounts receivable, allowances	`AllowanceForDoubtfulAccountsReceivableCurrent`	$56.00M	USD	Point-in-time
Accounts receivable, allowances	`AllowanceForDoubtfulAccountsReceivableCurrent`	$74.00M	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`	10,000.00	shares	Point-in-time
Cash and equivalents	`CashAndCashEquivalentsAtCarryingValue`	$145.00M	USD	Point-in-time
Cash and equivalents	`CashAndCashEquivalentsAtCarryingValue`	$246.00M	USD	Point-in-time
Cash and equivalents	`CashAndCashEquivalentsAtCarryingValue`	$157.00M	USD	Point-in-time
Cash and equivalents	`CashAndCashEquivalentsAtCarryingValue`	$278.00M	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
Accounts receivable, net of allowances of $74 million and $56 million	`AccountsReceivableNetCurrent`	$408.00M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	1,055.00	shares	Point-in-time
Accounts receivable, net of allowances of $74 million and $56 million	`AccountsReceivableNetCurrent`	$349.00M	USD	Point-in-time
Inventories	`InventoryNet`	$42.00M	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`	$41.00M	USD	Point-in-time
Royalty advances expected to be recouped within one year	`AdvanceRoyaltiesCurrent`	$130.00M	USD	Point-in-time
Royalty advances expected to be recouped within one year	`AdvanceRoyaltiesCurrent`	$135.00M	USD	Point-in-time
Prepaid and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$60.00M	USD	Point-in-time
Prepaid and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$60.00M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$827.00M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$922.00M	USD	Point-in-time
Royalty advances expected to be recouped after one year	`AdvanceRoyaltiesNoncurrent`	$202.00M	USD	Point-in-time
Royalty advances expected to be recouped after one year	`AdvanceRoyaltiesNoncurrent`	$195.00M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$217.00M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$220.00M	USD	Point-in-time
Goodwill	`Goodwill`	$1.63B	USD	Point-in-time
Goodwill	`Goodwill`	$1.62B	USD	Point-in-time
Intangible assets subject to amortization, net	`FiniteLivedIntangibleAssetsNet`	$2.51B	USD	Point-in-time
Intangible assets subject to amortization, net	`FiniteLivedIntangibleAssetsNet`	$2.42B	USD	Point-in-time
Intangible assets not subject to amortization	`IndefiniteLivedIntangibleAssetsExcludingGoodwill`	$119.00M	USD	Point-in-time
Intangible assets not subject to amortization	`IndefiniteLivedIntangibleAssetsExcludingGoodwill`	$119.00M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$114.00M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$105.00M	USD	Point-in-time
Total assets	`Assets`	$5.62B	USD	Point-in-time
Total assets	`Assets`	$5.61B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$173.00M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$161.00M	USD	Point-in-time
Accrued royalties	`AccruedRoyaltiesCurrent`	$1.09B	USD	Point-in-time
Accrued royalties	`AccruedRoyaltiesCurrent`	$1.13B	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$297.00M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$296.00M	USD	Point-in-time
Accrued interest	`InterestPayableCurrent`	$47.00M	USD	Point-in-time
Accrued interest	`InterestPayableCurrent`	$58.00M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$206.00M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$202.00M	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`	$36.00M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$24.00M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.89B	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.86B	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$2.97B	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$2.98B	USD	Point-in-time
Deferred tax liabilities, net	`DeferredTaxLiabilitiesNoncurrent`	$286.00M	USD	Point-in-time
Deferred tax liabilities, net	`DeferredTaxLiabilitiesNoncurrent`	$302.00M	USD	Point-in-time
Other noncurrent liabilities	`OtherLiabilitiesNoncurrent`	$228.00M	USD	Point-in-time
Other noncurrent liabilities	`OtherLiabilitiesNoncurrent`	$242.00M	USD	Point-in-time
Total liabilities	`Liabilities`	$5.37B	USD	Point-in-time
Total liabilities	`Liabilities`	$5.38B	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`	$-740.00M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-713.00M	USD	Point-in-time
Accumulated other comprehensive loss, net	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-192.00M	USD	Point-in-time
Accumulated other comprehensive loss, net	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-167.00M	USD	Point-in-time
Total Warner Music Group Corp. equity	`StockholdersEquity`	$223.00M	USD	Point-in-time
Total Warner Music Group Corp. equity	`StockholdersEquity`	$221.00M	USD	Point-in-time
Noncontrolling interest	`MinorityInterest`	$18.00M	USD	Point-in-time
Noncontrolling interest	`MinorityInterest`	$16.00M	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$239.00M	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$239.00M	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$5.61B	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$5.62B	USD	Point-in-time

Income Statement 28 line items

Line Item	Tag	Value	Unit	Period
Depreciation expense	`Depreciation`	$13.00M	USD	1 Quarter
Depreciation expense	`Depreciation`	$14.00M	USD	1 Quarter
Revenue	`Revenues`	$849.00M	USD	1 Quarter
Revenue	`Revenues`	$829.00M	USD	1 Quarter
Cost of revenue	`CostOfRevenue`	$449.00M	USD	1 Quarter
Cost of revenue	`CostOfRevenue`	$445.00M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$276.00M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$296.00M	USD	1 Quarter
Amortization expense	`AmortizationOfIntangibleAssets`	$65.00M	USD	1 Quarter
Amortization expense	`AmortizationOfIntangibleAssets`	$62.00M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$806.00M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$787.00M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$23.00M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$62.00M	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNonoperatingNet`	$-45.00M	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNonoperatingNet`	$-46.00M	USD	1 Quarter
Other income (expense)	`OtherNonoperatingIncomeExpense`	$8.00M	USD	1 Quarter
Other income (expense)	`OtherNonoperatingIncomeExpense`	$-9.00M	USD	1 Quarter
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-32.00M	USD	1 Quarter
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$25.00M	USD	1 Quarter
Income tax benefit (expense)	`IncomeTaxExpenseBenefit`	$-3.00M	USD	1 Quarter
Income tax benefit (expense)	`IncomeTaxExpenseBenefit`	$9.00M	USD	1 Quarter
Net income (loss)	`ProfitLoss`	$-41.00M	USD	1 Quarter
Net income (loss)	`ProfitLoss`	$28.00M	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 income (loss) attributable to Warner Music Group Corp.	`NetIncomeLoss`	$-42.00M	USD	1 Quarter
Net income (loss) attributable to Warner Music Group Corp.	`NetIncomeLoss`	$27.00M	USD	1 Quarter

Cash Flow Statement 53 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`ProfitLoss`	$-41.00M	USD	1 Quarter
Net income (loss)	`ProfitLoss`	$28.00M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$75.00M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$79.00M	USD	1 Quarter
Unrealized (gains)/losses and remeasurement of foreign denominated loans	`ForeignCurrencyTransactionGainLossBeforeTax`	$8.00M	USD	1 Quarter
Unrealized (gains)/losses and remeasurement of foreign denominated loans	`ForeignCurrencyTransactionGainLossBeforeTax`	$-14.00M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-9.00M	USD	1 Quarter
Non-cash interest expense	`AmortizationOfFinancingCostsAndDiscounts`	$2.00M	USD	1 Quarter
Non-cash interest expense	`AmortizationOfFinancingCostsAndDiscounts`	$2.00M	USD	1 Quarter
Non-cash share-based compensation expense	`ShareBasedCompensation`	$1.00M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$63.00M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$67.00M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$1.00M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$1.00M	USD	1 Quarter
Royalty advances	`IncreaseDecreaseInPrepaidRoyalties`	$16.00M	USD	1 Quarter
Royalty advances	`IncreaseDecreaseInPrepaidRoyalties`	$7.00M	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-47.00M	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-11.00M	USD	1 Quarter
Royalty payables	`IncreaseDecreaseInRoyaltiesPayable`	$46.00M	USD	1 Quarter
Royalty payables	`IncreaseDecreaseInRoyaltiesPayable`	$58.00M	USD	1 Quarter
Accrued interest	`IncreaseDecreaseInInterestPayableNet`	$-11.00M	USD	1 Quarter
Accrued interest	`IncreaseDecreaseInInterestPayableNet`	$-12.00M	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$1.00M	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$39.00M	USD	1 Quarter
Other balance sheet changes	`IncreaseDecreaseInOtherOperatingCapitalNet`	$-30.00M	USD	1 Quarter
Other balance sheet changes	`IncreaseDecreaseInOtherOperatingCapitalNet`	$-15.00M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$35.00M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$61.00M	USD	1 Quarter
Acquisition of music publishing rights, net	`PaymentsToAcquireIntangibleAssets`	$7.00M	USD	1 Quarter
Acquisition of music publishing rights, net	`PaymentsToAcquireIntangibleAssets`	$5.00M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquireProductiveAssets`	$10.00M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquireProductiveAssets`	$24.00M	USD	1 Quarter
Investments and acquisitions of businesses, net	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$1.00M	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`	$-18.00M	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`	$3.00M	USD	1 Quarter
Distribution to noncontrolling interest holder	`PaymentsToMinorityShareholders`	$3.00M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-6.00M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-3.00M	USD	1 Quarter
Effect of exchange rate changes on cash and equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-5.00M	USD	1 Quarter
Effect of exchange rate changes on cash and equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-7.00M	USD	1 Quarter
Net increase (decrease) in cash and equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-12.00M	USD	1 Quarter
Net increase (decrease) in cash and equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$32.00M	USD	1 Quarter
Cash and equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$145.00M	USD	Point-in-time
Cash and equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$246.00M	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`	$278.00M	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`	$246.00M	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`	$278.00M	USD	Point-in-time

Stockholders Equity 13 line items

Line Item	Tag	Value	Unit	Period
Beginning balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$239.00M	USD	Point-in-time
Beginning balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$239.00M	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
Net income	`ProfitLoss`	$-41.00M	USD	1 Quarter
Net income	`ProfitLoss`	$28.00M	USD	1 Quarter
Other comprehensive loss, net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$-25.00M	USD	1 Quarter
Other comprehensive loss, net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$-34.00M	USD	1 Quarter
Distribution to noncontrolling interest holders	`MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders`	$3.00M	USD	1 Quarter
Ending balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$239.00M	USD	Point-in-time
Ending balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$239.00M	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

Comprehensive Income 13 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`ProfitLoss`	$-41.00M	USD	1 Quarter
Net income (loss)	`ProfitLoss`	$28.00M	USD	1 Quarter
Foreign currency adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-24.00M	USD	1 Quarter
Foreign currency adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-34.00M	USD	1 Quarter
Deferred losses on derivative financial instruments	`OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax`	$-1.00M	USD	1 Quarter
Other comprehensive loss, net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$-25.00M	USD	1 Quarter
Other comprehensive loss, net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$-34.00M	USD	1 Quarter
Total comprehensive income (loss)	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$3.00M	USD	1 Quarter
Total comprehensive income (loss)	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$-75.00M	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 income (loss) attributable to Warner Music Group Corp.	`ComprehensiveIncomeNetOfTax`	$-76.00M	USD	1 Quarter
Comprehensive income (loss) attributable to Warner Music Group Corp.	`ComprehensiveIncomeNetOfTax`	$2.00M	USD	1 Quarter

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