$WMG
Warner Music Group Corp

2020 Q2 Form 10-Q Financial Statement

#000131916120000024 Filed on August 04, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q2
Revenue $1.010B $1.058B
YoY Change -4.54% 10.44%
Cost Of Revenue $527.0M $577.0M
YoY Change -8.67% 8.66%
Gross Profit $483.0M $481.0M
YoY Change 0.42% 12.65%
Gross Profit Margin 47.82% 45.46%
Selling, General & Admin $869.0M $372.0M
YoY Change 133.6% 8.45%
% of Gross Profit 179.92% 77.34%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $15.00M $15.00M
YoY Change 0.0% 0.0%
% of Gross Profit 3.11% 3.12%
Operating Expenses $869.0M $372.0M
YoY Change 133.6% 8.45%
Operating Profit -$433.0M $58.00M
YoY Change -846.55% 107.14%
Interest Expense -$32.00M -$36.00M
YoY Change -11.11% 9.09%
% of Operating Profit -62.07%
Other Income/Expense, Net -$3.000M -$16.00M
YoY Change -81.25% -104.06%
Pretax Income -$468.0M $2.000M
YoY Change -23500.0% -99.48%
Income Tax $51.00M -$12.00M
% Of Pretax Income -600.0%
Net Earnings -$520.0M $13.00M
YoY Change -4100.0% -95.94%
Net Earnings / Revenue -51.49% 1.23%
Basic Earnings Per Share
Diluted Earnings Per Share -$1.020M $25.49K
COMMON SHARES
Basic Shares Outstanding 1.060K
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q2 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $532.0M $541.0M
YoY Change -1.66% -40.22%
Cash & Equivalents $532.0M $541.0M
Short-Term Investments
Other Short-Term Assets $259.0M $228.0M
YoY Change 13.6% 16.33%
Inventory $59.00M $67.00M
Prepaid Expenses
Receivables $732.0M $744.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.582B $1.580B
YoY Change 0.13% -0.32%
LONG-TERM ASSETS
Property, Plant & Equipment $310.0M $296.0M
YoY Change 4.73% 45.81%
Goodwill $1.770B $1.772B
YoY Change -0.11%
Intangibles $1.776B $1.933B
YoY Change -8.12% -4.78%
Long-Term Investments
YoY Change
Other Assets $145.0M $158.0M
YoY Change -8.23% -39.23%
Total Long-Term Assets $4.566B $4.375B
YoY Change 4.37% 4.69%
TOTAL ASSETS
Total Short-Term Assets $1.582B $1.580B
Total Long-Term Assets $4.566B $4.375B
Total Assets $6.148B $5.955B
YoY Change 3.24% 3.31%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $205.0M $208.0M
YoY Change -1.44% 23.81%
Accrued Expenses $346.0M $448.0M
YoY Change -22.77% -76.27%
Deferred Revenue $182.0M $170.0M
YoY Change 7.06%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.525B $2.544B
YoY Change -0.75% 11.24%
LONG-TERM LIABILITIES
Long-Term Debt $3.000B $3.006B
YoY Change -0.2% 6.82%
Other Long-Term Liabilities $181.0M $302.0M
YoY Change -40.07% 9.82%
Total Long-Term Liabilities $3.181B $3.308B
YoY Change -3.84% 7.09%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.525B $2.544B
Total Long-Term Liabilities $3.181B $3.308B
Total Liabilities $6.169B $6.088B
YoY Change 1.33% 8.93%
SHAREHOLDERS EQUITY
Retained Earnings -$1.685B -$1.061B
YoY Change 58.81%
Common Stock $1.899B $1.128B
YoY Change 68.35%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$38.00M -$152.0M
YoY Change
Total Liabilities & Shareholders Equity $6.148B $5.955B
YoY Change 3.24% 3.31%

Cashflow Statement

Concept 2020 Q2 2019 Q2
OPERATING ACTIVITIES
Net Income -$520.0M $13.00M
YoY Change -4100.0% -95.94%
Depreciation, Depletion And Amortization $15.00M $15.00M
YoY Change 0.0% 0.0%
Cash From Operating Activities $123.0M $150.0M
YoY Change -18.0% 16.28%
INVESTING ACTIVITIES
Capital Expenditures -$30.00M -$31.00M
YoY Change -3.23% 82.35%
Acquisitions
YoY Change
Other Investing Activities -$6.000M -$16.00M
YoY Change -62.5% -103.23%
Cash From Investing Activities -$36.00M -$47.00M
YoY Change -23.4% -109.81%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -43.00M -32.00M
YoY Change 34.38% -89.47%
NET CHANGE
Cash From Operating Activities 123.0M 150.0M
Cash From Investing Activities -36.00M -47.00M
Cash From Financing Activities -43.00M -32.00M
Net Change In Cash 44.00M 71.00M
YoY Change -38.03% -76.64%
FREE CASH FLOW
Cash From Operating Activities $123.0M $150.0M
Capital Expenditures -$30.00M -$31.00M
Free Cash Flow $153.0M $181.0M
YoY Change -15.47% 23.97%

Facts In Submission

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Description of Business<div style="text-indent:36pt;margin-top:6pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">Warner Music Group Corp. (the “Company”) was formed on November 21, 2003. The Company is the direct parent of WMG Holdings Corp. (“Holdings”), which is the direct parent of WMG Acquisition Corp. (“Acquisition Corp.”). Acquisition Corp. is one of the world’s major music entertainment companies.</span></div><div style="margin-top:18pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%;">Acquisition of Warner Music Group by Access Industries</span></div><div style="text-indent:36pt;margin-top:6pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">Pursuant to the Agreement and Plan of Merger, dated as of May 6, 2011 (the “Merger Agreement”), by and among the Company, AI Entertainment Holdings LLC (formerly Airplanes Music LLC), a Delaware limited liability company (“Parent”) and an affiliate of Access Industries, Inc., and Airplanes Merger Sub, Inc., a Delaware corporation and a wholly owned subsidiary of Parent (“Merger Sub”), on July 20, 2011 (the “Merger Closing Date”), Merger Sub merged with and into the Company with the Company surviving as a wholly owned subsidiary of Parent (the “Merger”). In connection with the Merger, the Company delisted its common stock from the New York Stock Exchange (the “NYSE”).</span></div><div style="text-indent:36pt;margin-top:12pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">The Company continued to voluntarily file with the U.S. Securities and Exchange Commission (the “SEC”) current and periodic reports that would be required to be filed with the SEC pursuant to Section 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) as provided for in certain covenants contained in the instruments covering its outstanding indebtedness.</span></div><div style="margin-top:18pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%;">Initial Public Offering</span></div><div style="text-indent:36pt;margin-top:6pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">On June 5, 2020, the Company completed an initial public offering (“IPO”) of 77,000,000 shares of Class A common stock of the Company, par value $0.001 per share (“Class A Common Stock”) at a public offering price of $25 per share. The Company listed these shares on the NASDAQ stock market under the ticker symbol “WMG.” The offering consisted entirely of secondary shares sold by Access Industries, LLC (“Access”) and certain related selling stockholders. On July 7, 2020, the Company completed the sale of an additional 11,550,000 shares of Class A Common Stock from the selling stockholders to the underwriters of the Company’s IPO pursuant to the exercise by the underwriters of their option to purchase additional shares of Class A Common Stock. The Company did not receive any of the proceeds of the IPO or exercise of the underwriters’ option.</span></div><div style="text-indent:36pt;margin-top:12pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">Following the completion of the IPO and the exercise in full of the underwriters’ option to purchase additional shares, Access and its affiliates hold an aggregate of 421,450,000 shares of Class B common stock of the Company, par value $0.001 per share (“Class B Common Stock”), representing approximately 99% of the total combined voting power of the Company’s outstanding common stock and approximately 83% of the economic interest. As a result, the Company is a “controlled company” within the meaning of the corporate governance standards of NASDAQ. See Item 1A. Risk Factors — Risks Related to Our Controlling Stockholder.</span></div><div style="margin-top:18pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%;">Recorded Music Operations</span></div><div style="text-indent:36pt;margin-top:6pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">Our Recorded Music business primarily consists of the discovery and development of recording artists and the related marketing, promotion, distribution, sale and licensing of music created by such recording artists. We play an integral role in virtually all aspects of the recorded music value chain from discovering and developing talent to producing, distributing and selling music to marketing and promoting recording artists and their music.</span></div><div style="text-indent:36pt;margin-top:12pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">In the United States, our Recorded Music business is conducted principally through our major record labels—Atlantic Records and Warner Records. In October 2018, we launched Elektra Music Group in the United States as a standalone label group, which comprises the Elektra, Fueled by Ramen and Roadrunner labels. Our Recorded Music business also includes Rhino Entertainment, a division that specializes in marketing our recorded music catalog through compilations, reissuances of previously released music and video titles and releasing previously unreleased material from our vault. We also conduct our Recorded Music business through a collection of additional record labels including Asylum, Big Beat, Canvasback, East West, Erato, FFRR, Nonesuch, Parlophone, Reprise, Sire, Spinnin’ Records, Warner Classics and Warner Music Nashville.</span></div><div style="text-indent:36pt;margin-top:12pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">Outside the United States, our Recorded Music business is conducted in more than 70 countries through various subsidiaries, affiliates and non-affiliated licensees. Internationally, we engage in the same activities as in the United States: discovering and signing artists and distributing, selling, marketing and promoting their music. In most cases, we also market, promote, distribute and sell the </span></div><div style="margin-top:12pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">music of those recording artists for whom our domestic record labels have international rights. In certain smaller markets, we license the right to distribute and sell our music to non-affiliated third-party record labels.</span></div><div style="text-indent:36pt;margin-top:12pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">Our Recorded Music business’ distribution operations include Warner-Elektra-Atlantic Corporation (“WEA Corp.”), which markets, distributes and sells music and video products to retailers and wholesale distributors; Alternative Distribution Alliance (“ADA”), which markets, distributes and sells the products of independent labels to retail and wholesale distributors; and various distribution centers and ventures operated internationally.</span></div><div style="text-indent:36pt;margin-top:12pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">In addition to our music being sold in physical retail outlets, our music is also sold in physical form to online physical retailers, such as Amazon.com, barnesandnoble.com and bestbuy.com, and distributed in digital form to an expanded universe of digital partners, including streaming services such as those of Amazon, Apple, Deezer, SoundCloud, Spotify, Tencent Music Entertainment Group and YouTube, radio services such as iHeart Radio and SiriusXM and download services.</span></div><div style="text-indent:36pt;margin-top:12pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">We have integrated the marketing of digital content into all aspects of our business, including artist and repertoire (“A&amp;R”) and distribution. Our business development executives work closely with A&amp;R departments to ensure that while music is being produced, digital assets are also created with all distribution channels in mind, including streaming services, social networking sites, online portals and music-centered destinations. We also work side-by-side with our online and mobile partners to test new concepts. We believe existing and new digital businesses will be a significant source of growth and will provide new opportunities to successfully monetize our assets and create new revenue streams. The proportion of digital revenues attributable to each distribution channel varies by region and proportions may change as the introduction of new technologies continues. As one of the world’s largest music entertainment companies, we believe we are well positioned to take advantage of growth in digital distribution and emerging technologies to maximize the value of our assets.</span></div><div style="text-indent:36pt;margin-top:12pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">We have diversified our revenues beyond our traditional businesses by entering into expanded-rights deals with recording artists in order to partner with such artists in other aspects of their careers. Under these agreements, we provide services to and participate in recording artists’ activities outside the traditional recorded music business such as touring, merchandising and sponsorships. We have built and acquired artist services capabilities and platforms for marketing and distributing this broader set of music-related rights and participating more widely in the monetization of the artist brands we help create. We believe that entering into expanded-rights deals and enhancing our artist services capabilities in areas such as merchandising, VIP ticketing, fan clubs, concert promotion and management has permitted us to diversify revenue streams and capitalize on other revenue opportunities. This provides for improved long-term relationships with our recording artists and allows us to more effectively connect recording artists and fans.</span></div><div style="margin-top:18pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%;">Music Publishing Operations</span></div><div style="text-indent:36pt;margin-top:6pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">While Recorded Music is focused on marketing, promoting, distributing and licensing a particular recording of a musical composition, Music Publishing is an intellectual property business focused on generating revenue from uses of the musical composition itself. In return for promoting, placing, marketing and administering the creative output of a songwriter, or engaging in those activities for other rightsholders, our Music Publishing business garners a share of the revenues generated from use of the musical compositions.</span></div><div style="text-indent:36pt;margin-top:12pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">The operations of our Music Publishing business are conducted principally through Warner Chappell Music, our global music publishing company headquartered in Los Angeles, with operations in over 70 countries through various subsidiaries, affiliates and non-affiliated licensees and sub-publishers. We own or control rights to more than 1.4 million musical compositions, including numerous pop hits, American standards, folk songs and motion picture and theatrical compositions. Assembled over decades, our award-winning catalog includes over 80,000 songwriters and composers and a diverse range of genres including pop, rock, jazz, classical, country, R&amp;B, hip-hop, rap, reggae, Latin, folk, blues, symphonic, soul, Broadway, techno, alternative and gospel. Warner Chappell Music also administers the music and soundtracks of several third-party television and film producers and studios. We have an extensive production music catalog collectively branded as Warner Chappell Production Music.</span></div>
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CY2020Q2 us-gaap Revenue Remaining Performance Obligation
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CY2020Q2 us-gaap Revenue Remaining Performance Obligation
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65000000 USD
CY2020Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
0 USD
CY2020Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
1109000000 USD
CY2020Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
206000000 USD
CY2020Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
838000000 USD
CY2020Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
65000000 USD
CY2020Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
0 USD
CY2020Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
1109000000 USD
wmg Changes In Accumulated Other Comprehensive Income Loss Net Of Related Tax
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7000000 USD
us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
-13000000 USD
CY2020Q2 us-gaap Lessee Operating Lease Renewal Term
LesseeOperatingLeaseRenewalTerm
P10Y
wmg Lessee Operating Lease Termination Period
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P1Y
CY2020Q2 us-gaap Operating Lease Cost
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14000000 USD
us-gaap Operating Lease Cost
OperatingLeaseCost
40000000 USD
CY2020Q2 us-gaap Short Term Lease Cost
ShortTermLeaseCost
0 USD
us-gaap Short Term Lease Cost
ShortTermLeaseCost
0 USD
CY2020Q2 us-gaap Variable Lease Cost
VariableLeaseCost
2000000 USD
us-gaap Variable Lease Cost
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7000000 USD
CY2020Q2 us-gaap Sublease Income
SubleaseIncome
0 USD
us-gaap Sublease Income
SubleaseIncome
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CY2020Q2 us-gaap Lease Cost
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16000000 USD
us-gaap Lease Cost
LeaseCost
47000000 USD
us-gaap Operating Lease Payments
OperatingLeasePayments
41000000 USD
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
12000000 USD
CY2020Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
278000000 USD
CY2020Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
40000000 USD
CY2020Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
306000000 USD
CY2020Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
346000000 USD
CY2020Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P8Y
CY2020Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0457
CY2020Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0457
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
27000000 USD
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
54000000 USD
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
51000000 USD
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
48000000 USD
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
47000000 USD
CY2020Q2 wmg Lessee Operating Lease Liability To Be Paid After Year Four
LesseeOperatingLeaseLiabilityToBePaidAfterYearFour
192000000 USD
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
419000000 USD
CY2020Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
73000000 USD
CY2020Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
346000000 USD
CY2019Q3 us-gaap Goodwill
Goodwill
1761000000 USD
us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
0 USD
us-gaap Goodwill Other Increase Decrease
GoodwillOtherIncreaseDecrease
9000000 USD
CY2020Q2 us-gaap Goodwill
Goodwill
1770000000 USD
CY2020Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
3398000000 USD
CY2019Q3 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
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CY2020Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
1774000000 USD
CY2019Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
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CY2020Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
1624000000 USD
CY2019Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
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CY2020Q2 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
1776000000 USD
CY2019Q3 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
1874000000 USD
CY2020Q2 us-gaap Long Term Debt
LongTermDebt
3000000000 USD
CY2019Q3 us-gaap Long Term Debt
LongTermDebt
2974000000 USD
CY2020Q2 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-32000000 USD
CY2019Q2 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-36000000 USD
us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-98000000 USD
us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-108000000 USD
CY2020Q2 us-gaap Longterm Debt Weighted Average Interest Rate
LongtermDebtWeightedAverageInterestRate
0.040
CY2019Q3 us-gaap Longterm Debt Weighted Average Interest Rate
LongtermDebtWeightedAverageInterestRate
0.043
CY2019Q2 us-gaap Longterm Debt Weighted Average Interest Rate
LongtermDebtWeightedAverageInterestRate
0.045
CY2019Q4 wmg Income Tax Benefit Related To Release Of Valuation Allowance
IncomeTaxBenefitRelatedToReleaseOfValuationAllowance
33000000 USD
CY2020Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
51000000 USD
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2020Q2 us-gaap Decrease In Unrecognized Tax Benefits Is Reasonably Possible
DecreaseInUnrecognizedTaxBenefitsIsReasonablyPossible
2000000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
44000000 USD
CY2020Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
51000000 USD
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
44000000 USD
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2019Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
86000000 USD
us-gaap Maximum Length Of Time Hedged In Interest Rate Cash Flow Hedge1
MaximumLengthOfTimeHedgedInInterestRateCashFlowHedge1
P4Y
CY2020Q2 wmg Deferred Gains Losses In Comprehensive Loss Related To Foreign Exchange Hedging
DeferredGainsLossesInComprehensiveLossRelatedToForeignExchangeHedging
0 USD
CY2019Q3 us-gaap Derivative Notional Amount
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0 USD
CY2019Q3 wmg Deferred Gains Losses In Comprehensive Loss Related To Foreign Exchange Hedging
DeferredGainsLossesInComprehensiveLossRelatedToForeignExchangeHedging
0 USD
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2 segment
CY2020Q2 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
2000000 USD
CY2020Q2 us-gaap Derivative Fair Value Of Derivative Liability
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2000000 USD
CY2020Q2 us-gaap Revenues
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1010000000 USD
CY2020Q2 us-gaap Operating Income Loss
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CY2020Q2 us-gaap Amortization Of Intangible Assets
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47000000 USD
CY2020Q2 us-gaap Depreciation
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15000000 USD
CY2020Q2 wmg Income Loss From Continuing Operations Before Income Taxes Depreciation And Amortization
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDepreciationAndAmortization
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CY2019Q2 us-gaap Revenues
Revenues
1058000000 USD
CY2019Q2 us-gaap Operating Income Loss
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58000000 USD
CY2019Q2 us-gaap Amortization Of Intangible Assets
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51000000 USD
CY2019Q2 us-gaap Depreciation
Depreciation
15000000 USD
CY2019Q2 wmg Income Loss From Continuing Operations Before Income Taxes Depreciation And Amortization
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDepreciationAndAmortization
124000000 USD
us-gaap Revenues
Revenues
3337000000 USD
us-gaap Operating Income Loss
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-317000000 USD
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
141000000 USD
us-gaap Depreciation
Depreciation
53000000 USD
CY2019Q3 wmg Dividends Cash Quarterly
DividendsCashQuarterly
206000000 USD
CY2020Q2 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
18000000 USD
wmg Income Loss From Continuing Operations Before Income Taxes Depreciation And Amortization
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDepreciationAndAmortization
-123000000 USD
us-gaap Revenues
Revenues
3351000000 USD
us-gaap Operating Income Loss
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327000000 USD
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
160000000 USD
us-gaap Depreciation
Depreciation
43000000 USD
wmg Income Loss From Continuing Operations Before Income Taxes Depreciation And Amortization
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDepreciationAndAmortization
530000000 USD
CY2020Q2 us-gaap Interest Paid Net
InterestPaidNet
43000000 USD
CY2019Q2 us-gaap Interest Paid Net
InterestPaidNet
50000000 USD
us-gaap Interest Paid Net
InterestPaidNet
108000000 USD
us-gaap Interest Paid Net
InterestPaidNet
120000000 USD
CY2019Q2 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
22000000 USD
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
58000000 USD
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
40000000 USD
wmg Common Stock Quarterly Dividends Per Share
CommonStockQuarterlyDividendsPerShare
0.12
CY2019Q4 wmg Dividends Cash Quarterly
DividendsCashQuarterly
37500000 USD
CY2020Q1 wmg Dividends Cash Quarterly
DividendsCashQuarterly
37500000 USD
CY2019Q2 wmg Dividends Cash Quarterly
DividendsCashQuarterly
31250000 USD
us-gaap Depreciation
Depreciation
53000000 USD
us-gaap Tangible Asset Impairment Charges
TangibleAssetImpairmentCharges
10000000 USD
CY2020Q2 us-gaap Fair Value Net Asset Liability
FairValueNetAssetLiability
2000000 USD
CY2019Q3 us-gaap Fair Value Net Asset Liability
FairValueNetAssetLiability
20000000 USD

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