$WMG
Warner Music Group Corp

2021 Q2 Form 10-Q Financial Statement

#000131916121000026 Filed on August 03, 2021

View on sec.gov

Income Statement

Concept 2021 Q2 2020 Q2
Revenue $1.340B $1.010B
YoY Change 32.67% -4.54%
Cost Of Revenue $681.0M $527.0M
YoY Change 29.22% -8.67%
Gross Profit $659.0M $483.0M
YoY Change 36.44% 0.42%
Gross Profit Margin 49.18% 47.82%
Selling, General & Admin $437.0M $869.0M
YoY Change -49.71% 133.6%
% of Gross Profit 66.31% 179.92%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $19.00M $15.00M
YoY Change 26.67% 0.0%
% of Gross Profit 2.88% 3.11%
Operating Expenses $437.0M $869.0M
YoY Change -49.71% 133.6%
Operating Profit $162.0M -$433.0M
YoY Change -137.41% -846.55%
Interest Expense -$30.00M -$32.00M
YoY Change -6.25% -11.11%
% of Operating Profit -18.52%
Other Income/Expense, Net -$18.00M -$3.000M
YoY Change 500.0% -81.25%
Pretax Income $102.0M -$468.0M
YoY Change -121.79% -23500.0%
Income Tax $41.00M $51.00M
% Of Pretax Income 40.2%
Net Earnings $61.00M -$520.0M
YoY Change -111.73% -4100.0%
Net Earnings / Revenue 4.55% -51.49%
Basic Earnings Per Share
Diluted Earnings Per Share $118.6K -$1.020M
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2021 Q2 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $442.0M $532.0M
YoY Change -16.92% -1.66%
Cash & Equivalents $442.0M $532.0M
Short-Term Investments
Other Short-Term Assets $379.0M $259.0M
YoY Change 46.33% 13.6%
Inventory $79.00M $59.00M
Prepaid Expenses
Receivables $834.0M $732.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.734B $1.582B
YoY Change 9.61% 0.13%
LONG-TERM ASSETS
Property, Plant & Equipment $347.0M $310.0M
YoY Change 11.94% 4.73%
Goodwill $1.836B $1.770B
YoY Change 3.73% -0.11%
Intangibles $2.217B $1.776B
YoY Change 24.83% -8.12%
Long-Term Investments
YoY Change
Other Assets $213.0M $145.0M
YoY Change 46.9% -8.23%
Total Long-Term Assets $5.306B $4.566B
YoY Change 16.21% 4.37%
TOTAL ASSETS
Total Short-Term Assets $1.734B $1.582B
Total Long-Term Assets $5.306B $4.566B
Total Assets $7.040B $6.148B
YoY Change 14.51% 3.24%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $226.0M $205.0M
YoY Change 10.24% -1.44%
Accrued Expenses $385.0M $346.0M
YoY Change 11.27% -22.77%
Deferred Revenue $275.0M $182.0M
YoY Change 51.1% 7.06%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.902B $2.525B
YoY Change 14.93% -0.75%
LONG-TERM LIABILITIES
Long-Term Debt $3.367B $3.000B
YoY Change 12.23% -0.2%
Other Long-Term Liabilities $172.0M $181.0M
YoY Change -4.97% -40.07%
Total Long-Term Liabilities $3.539B $3.181B
YoY Change 11.25% -3.84%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.902B $2.525B
Total Long-Term Liabilities $3.539B $3.181B
Total Liabilities $6.945B $6.169B
YoY Change 12.58% 1.33%
SHAREHOLDERS EQUITY
Retained Earnings -$1.660B -$1.685B
YoY Change -1.48% 58.81%
Common Stock $1.934B $1.899B
YoY Change 1.84% 68.35%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $81.00M -$38.00M
YoY Change
Total Liabilities & Shareholders Equity $7.040B $6.148B
YoY Change 14.51% 3.24%

Cashflow Statement

Concept 2021 Q2 2020 Q2
OPERATING ACTIVITIES
Net Income $61.00M -$520.0M
YoY Change -111.73% -4100.0%
Depreciation, Depletion And Amortization $19.00M $15.00M
YoY Change 26.67% 0.0%
Cash From Operating Activities $91.00M $123.0M
YoY Change -26.02% -18.0%
INVESTING ACTIVITIES
Capital Expenditures -$152.0M -$30.00M
YoY Change 406.67% -3.23%
Acquisitions
YoY Change
Other Investing Activities -$10.00M -$6.000M
YoY Change 66.67% -62.5%
Cash From Investing Activities -$162.0M -$36.00M
YoY Change 350.0% -23.4%
FINANCING ACTIVITIES
Cash Dividend Paid $62.00M
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -79.00M -43.00M
YoY Change 83.72% 34.38%
NET CHANGE
Cash From Operating Activities 91.00M 123.0M
Cash From Investing Activities -162.0M -36.00M
Cash From Financing Activities -79.00M -43.00M
Net Change In Cash -150.0M 44.00M
YoY Change -440.91% -38.03%
FREE CASH FLOW
Cash From Operating Activities $91.00M $123.0M
Capital Expenditures -$152.0M -$30.00M
Free Cash Flow $243.0M $153.0M
YoY Change 58.82% -15.47%

Facts In Submission

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Description of Business<div style="margin-top:6pt;text-indent:36pt"><span style="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="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Acquisition of Warner Music Group by Access Industries</span></div><div style="margin-top:6pt;text-indent:36pt"><span style="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.</span></div><div style="margin-top:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Initial Public Offering</span></div><div style="margin-top:6pt;text-indent:36pt"><span style="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 (collectively with its affiliates, “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="margin-top:12pt;text-indent:36pt"><span style="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 held 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.</span></div><div style="margin-top:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Recorded Music Operations</span></div><div style="margin-top:6pt;text-indent:36pt"><span style="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="margin-top:12pt;text-indent:36pt"><span style="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="margin-top:12pt;text-indent:36pt"><span style="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 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="margin-top:12pt;text-indent:36pt"><span style="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="margin-top:12pt;text-indent:36pt"><span style="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="margin-top:12pt;text-indent:36pt"><span style="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 artists 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="margin-top:12pt;text-indent:36pt"><span style="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="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Music Publishing Operations</span></div><div style="margin-top:6pt;text-indent:36pt"><span style="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="margin-top:12pt;text-indent:36pt"><span style="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 one million musical compositions, including numerous pop hits, American standards, folk songs and motion picture and theatrical compositions. 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CY2021Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
13000000 USD
CY2020Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
14000000 USD
us-gaap Operating Lease Cost
OperatingLeaseCost
41000000 USD
us-gaap Operating Lease Cost
OperatingLeaseCost
40000000 USD
CY2021Q2 us-gaap Short Term Lease Cost
ShortTermLeaseCost
1000000 USD
CY2020Q2 us-gaap Short Term Lease Cost
ShortTermLeaseCost
0 USD
us-gaap Short Term Lease Cost
ShortTermLeaseCost
2000000 USD
us-gaap Short Term Lease Cost
ShortTermLeaseCost
0 USD
CY2021Q2 us-gaap Variable Lease Cost
VariableLeaseCost
3000000 USD
CY2020Q2 us-gaap Variable Lease Cost
VariableLeaseCost
2000000 USD
us-gaap Variable Lease Cost
VariableLeaseCost
8000000 USD
us-gaap Variable Lease Cost
VariableLeaseCost
7000000 USD
CY2021Q2 us-gaap Sublease Income
SubleaseIncome
0 USD
CY2020Q2 us-gaap Sublease Income
SubleaseIncome
0 USD
us-gaap Sublease Income
SubleaseIncome
0 USD
us-gaap Sublease Income
SubleaseIncome
0 USD
CY2021Q2 us-gaap Lease Cost
LeaseCost
17000000 USD
CY2020Q2 us-gaap Lease Cost
LeaseCost
16000000 USD
us-gaap Lease Cost
LeaseCost
51000000 USD
us-gaap Lease Cost
LeaseCost
47000000 USD
CY2021Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
3000000 USD
us-gaap Operating Lease Expense
OperatingLeaseExpense
11000000 USD
CY2020Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
4000000 USD
us-gaap Operating Lease Expense
OperatingLeaseExpense
13000000 USD
us-gaap Operating Lease Payments
OperatingLeasePayments
44000000 USD
us-gaap Operating Lease Payments
OperatingLeasePayments
41000000 USD
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
24000000 USD
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
12000000 USD
CY2021Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
273000000 USD
CY2020Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
273000000 USD
CY2021Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
43000000 USD
CY2020Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
39000000 USD
CY2021Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
293000000 USD
CY2020Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
299000000 USD
CY2021Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
336000000 USD
CY2020Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
338000000 USD
CY2021Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P8Y
CY2020Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P8Y
CY2021Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0467
CY2020Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0458
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
43000000 USD
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
55000000 USD
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
52000000 USD
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
49000000 USD
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
47000000 USD
CY2021Q2 wmg Lessee Operating Lease Liability To Be Paid After Year Four
LesseeOperatingLeaseLiabilityToBePaidAfterYearFour
160000000 USD
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
406000000 USD
CY2021Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
70000000 USD
CY2021Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
336000000 USD
CY2020Q3 us-gaap Goodwill
Goodwill
1831000000 USD
us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
7000000 USD
us-gaap Goodwill Other Increase Decrease
GoodwillOtherIncreaseDecrease
12000000 USD
CY2021Q2 us-gaap Goodwill
Goodwill
1836000000 USD
CY2021Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
4122000000 USD
CY2020Q3 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
3500000000 USD
CY2021Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
2061000000 USD
CY2020Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
1847000000 USD
CY2021Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
2061000000 USD
CY2021Q2 us-gaap Long Term Debt
LongTermDebt
3367000000 USD
CY2020Q3 us-gaap Long Term Debt
LongTermDebt
3104000000 USD
CY2020Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
1653000000 USD
CY2021Q2 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
2217000000 USD
CY2020Q3 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
1807000000 USD
us-gaap Finitelived Intangible Assets Acquired1
FinitelivedIntangibleAssetsAcquired1
470000000 USD
CY2021Q2 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
3398000000 USD
CY2020Q3 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
3127000000 USD
CY2021Q2 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
31000000 USD
CY2020Q3 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
23000000 USD
CY2021Q2 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-12000000 USD
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-12000000 USD
CY2021Q2 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-30000000 USD
CY2020Q2 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-32000000 USD
us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-93000000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
44000000 USD
CY2020Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
51000000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
127000000 USD
us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-98000000 USD
CY2021Q2 us-gaap Longterm Debt Weighted Average Interest Rate
LongtermDebtWeightedAverageInterestRate
0.034
CY2020Q3 us-gaap Longterm Debt Weighted Average Interest Rate
LongtermDebtWeightedAverageInterestRate
0.037
CY2020Q2 us-gaap Longterm Debt Weighted Average Interest Rate
LongtermDebtWeightedAverageInterestRate
0.040
CY2019Q3 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
-33000000 USD
CY2019Q4 wmg Income Tax Benefit Related To Release Of Valuation Allowance
IncomeTaxBenefitRelatedToReleaseOfValuationAllowance
33000000 USD
CY2021Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
41000000 USD
CY2021Q2 us-gaap Decrease In Unrecognized Tax Benefits Is Reasonably Possible
DecreaseInUnrecognizedTaxBenefitsIsReasonablyPossible
2000000 USD
us-gaap Maximum Length Of Time Hedged In Interest Rate Cash Flow Hedge1
MaximumLengthOfTimeHedgedInInterestRateCashFlowHedge1
P3Y
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2 segment
CY2021Q2 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
4000000 USD
CY2021Q2 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
4000000 USD
CY2021Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1340000000 USD
CY2021Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
162000000 USD
CY2021Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
60000000 USD
CY2021Q2 us-gaap Depreciation
Depreciation
19000000 USD
CY2021Q2 wmg Income Loss From Continuing Operations Before Income Taxes Depreciation And Amortization
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDepreciationAndAmortization
241000000 USD
CY2020Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1010000000 USD
CY2020Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-433000000 USD
CY2020Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
47000000 USD
CY2020Q2 us-gaap Depreciation
Depreciation
15000000 USD
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
58000000 USD
CY2020Q2 wmg Income Loss From Continuing Operations Before Income Taxes Depreciation And Amortization
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDepreciationAndAmortization
-371000000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
3925000000 USD
CY2021Q2 us-gaap Payments Of Dividends
PaymentsOfDividends
62000000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
509000000 USD
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
170000000 USD
us-gaap Depreciation
Depreciation
57000000 USD
wmg Income Loss From Continuing Operations Before Income Taxes Depreciation And Amortization
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDepreciationAndAmortization
736000000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
3337000000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
-317000000 USD
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
141000000 USD
us-gaap Depreciation
Depreciation
53000000 USD
wmg Income Loss From Continuing Operations Before Income Taxes Depreciation And Amortization
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDepreciationAndAmortization
-123000000 USD
CY2021Q2 us-gaap Interest Paid Net
InterestPaidNet
28000000 USD
CY2020Q2 us-gaap Interest Paid Net
InterestPaidNet
43000000 USD
us-gaap Interest Paid Net
InterestPaidNet
92000000 USD
us-gaap Interest Paid Net
InterestPaidNet
108000000 USD
CY2021Q2 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
37000000 USD
CY2020Q2 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
18000000 USD
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
89000000 USD
CY2021Q2 us-gaap Fair Value Net Asset Liability
FairValueNetAssetLiability
50000000 USD
CY2020Q3 us-gaap Fair Value Net Asset Liability
FairValueNetAssetLiability
3000000 USD
us-gaap Payments Of Dividends
PaymentsOfDividends
187000000 USD
CY2021Q2 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.12

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