2021 Q3 Form 10-K Financial Statement

#000131916121000036 Filed on November 23, 2021

View on sec.gov

Income Statement

Concept 2021 Q3 2021 2020 Q3
Revenue $1.376B $5.301B $1.126B
YoY Change 22.2% 18.78% 0.18%
Cost Of Revenue $752.0M $2.742B $606.0M
YoY Change 24.09% 17.53% -5.16%
Gross Profit $624.0M $2.559B $520.0M
YoY Change 20.0% 20.14% 7.22%
Gross Profit Margin 45.35% 48.27% 46.18%
Selling, General & Admin $445.0M $1.721B $365.0M
YoY Change 21.92% -20.65% -10.54%
% of Gross Profit 71.31% 67.25% 70.19%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $79.00M $306.0M $67.00M
YoY Change 17.91% 17.24% 272.22%
% of Gross Profit 12.66% 11.96% 12.88%
Operating Expenses $524.0M $1.721B $432.0M
YoY Change 21.3% -20.65% 5.88%
Operating Profit $100.0M $609.0M $88.00M
YoY Change 13.64% -365.94% 203.45%
Interest Expense -$29.00M -$122.0M -$29.00M
YoY Change 0.0% -3.94% -14.71%
% of Operating Profit -29.0% -20.03% -32.95%
Other Income/Expense, Net -$9.000M -$9.000M -$45.00M
YoY Change -80.0% -84.21% -336.84%
Pretax Income $52.00M $456.0M -$20.00M
YoY Change -360.0% -202.01% -242.86%
Income Tax $22.00M $149.0M -$21.00M
% Of Pretax Income 42.31% 32.68%
Net Earnings $28.00M $304.0M -$1.000M
YoY Change -2900.0% -164.0% -101.11%
Net Earnings / Revenue 2.03% 5.73% -0.09%
Basic Earnings Per Share
Diluted Earnings Per Share $54.44K $592.0K -$1.961K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2021 Q3 2021 2020 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $499.0M $499.0M $553.0M
YoY Change -9.76% -9.76% -10.66%
Cash & Equivalents $499.0M $499.0M $553.0M
Short-Term Investments
Other Short-Term Assets $459.0M $459.0M $275.0M
YoY Change 66.91% 66.91% 23.32%
Inventory $99.00M $99.00M $79.00M
Prepaid Expenses
Receivables $839.0M $839.0M $771.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.896B $1.896B $1.678B
YoY Change 12.99% 12.99% -0.77%
LONG-TERM ASSETS
Property, Plant & Equipment $364.0M $632.0M $331.0M
YoY Change 9.97% 4.64% 10.33%
Goodwill $1.830B $1.831B
YoY Change -0.05% 3.98%
Intangibles $2.171B $1.807B
YoY Change 20.14% -3.58%
Long-Term Investments
YoY Change
Other Assets $194.0M $682.0M $153.0M
YoY Change 26.8% 39.18% 5.52%
Total Long-Term Assets $5.315B $5.315B $4.732B
YoY Change 12.32% 12.32% 9.39%
TOTAL ASSETS
Total Short-Term Assets $1.896B $1.896B $1.678B
Total Long-Term Assets $5.315B $5.315B $4.732B
Total Assets $7.211B $7.211B $6.410B
YoY Change 12.5% 12.5% 6.53%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $302.0M $302.0M $264.0M
YoY Change 14.39% 14.39% 1.54%
Accrued Expenses $461.0M $2.398B $382.0M
YoY Change 20.68% 15.34% -22.36%
Deferred Revenue $348.0M $297.0M
YoY Change 17.17% 65.0%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.150B $3.150B $2.720B
YoY Change 15.81% 15.81% -3.51%
LONG-TERM LIABILITIES
Long-Term Debt $3.346B $3.346B $3.104B
YoY Change 7.8% 7.8% 4.37%
Other Long-Term Liabilities $175.0M $462.0M $169.0M
YoY Change 3.55% -1.28% -47.35%
Total Long-Term Liabilities $3.521B $3.808B $3.273B
YoY Change 7.58% 6.61% -0.67%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.150B $3.150B $2.720B
Total Long-Term Liabilities $3.521B $3.808B $3.273B
Total Liabilities $7.165B $7.180B $6.455B
YoY Change 11.0% 10.92% 2.69%
SHAREHOLDERS EQUITY
Retained Earnings -$1.710B -$1.749B
YoY Change -2.23% 48.6%
Common Stock $1.942B $1.907B
YoY Change 1.84% 69.21%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $31.00M $31.00M -$63.00M
YoY Change
Total Liabilities & Shareholders Equity $7.211B $7.211B $6.410B
YoY Change 12.5% 12.5% 6.53%

Cashflow Statement

Concept 2021 Q3 2021 2020 Q3
OPERATING ACTIVITIES
Net Income $28.00M $304.0M -$1.000M
YoY Change -2900.0% -164.0% -101.11%
Depreciation, Depletion And Amortization $79.00M $306.0M $67.00M
YoY Change 17.91% 17.24% 272.22%
Cash From Operating Activities $228.0M $638.0M $176.0M
YoY Change 29.55% 37.8% 16.56%
INVESTING ACTIVITIES
Capital Expenditures -$57.00M -$574.0M -$49.00M
YoY Change 16.33% 359.2% 25.64%
Acquisitions $64.00M
YoY Change -31.91%
Other Investing Activities -$15.00M -$64.00M -$83.00M
YoY Change -81.93% -31.91% -2866.67%
Cash From Investing Activities -$72.00M -$638.0M -$132.0M
YoY Change -45.45% 191.32% 266.67%
FINANCING ACTIVITIES
Cash Dividend Paid $265.0M
YoY Change -22.97%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -96.00M -$61.00M -28.00M
YoY Change 242.86% -80.7% -9.68%
NET CHANGE
Cash From Operating Activities 228.0M $638.0M 176.0M
Cash From Investing Activities -72.00M -$638.0M -132.0M
Cash From Financing Activities -96.00M -$61.00M -28.00M
Net Change In Cash 60.00M -$54.00M 16.00M
YoY Change 275.0% -18.18% -80.95%
FREE CASH FLOW
Cash From Operating Activities $228.0M $638.0M $176.0M
Capital Expenditures -$57.00M -$574.0M -$49.00M
Free Cash Flow $285.0M $1.212B $225.0M
YoY Change 26.67% 106.12% 18.42%

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CY2021 us-gaap Nature Of Operations
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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%">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 Class A common stock of the Company, par value $0.001 per share (“Class A Common Stock”). 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.</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, Access and its affiliates continue to hold all of the Class B common stock of the Company, par value $0.001 per share (“Class B Common Stock”), representing approximately 98% of the total combined voting power of the Company’s outstanding common stock and approximately 76% 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="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: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 shares the revenues generated from use of the musical compositions with the songwriter or other rightsholders.</span></div>
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<div style="margin-top:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Use of Estimates</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%">The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and the accompanying notes. Actual results could differ from those estimates.</span></div>
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<div style="margin-top:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Concentration of Credit Risk</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%">Customer credit risk represents the potential for financial loss if a customer is unwilling or unable to meet its agreed upon contractual payment obligations. As of September 30, 2021 and September 30, 2020, Spotify represented 18% and 16%, respectively, of the Company’s accounts receivable balance. No other single customer accounted for more than 10% of accounts receivable in either period. The Company, by policy, routinely assesses the financial strength of its customers. As such, the Company does not believe there is any significant collection risk.</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 Music Publishing business, the Company collects a significant portion of its royalties from copyright collecting societies around the world. Collecting societies and associations generally are not-for-profit organizations that represent composers, songwriters and music publishers. These organizations seek to protect the rights of their members by licensing, collecting license fees and distributing royalties for the use of the members’ works. Accordingly, the Company does not believe there is any significant collection risk from such societies.</span></div>
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CY2020Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
273000000 USD
CY2021Q3 us-gaap Operating Lease Liability Current
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43000000 USD
CY2020Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
39000000 USD
CY2021Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
287000000 USD
CY2020Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
299000000 USD
CY2021Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
330000000 USD
CY2020Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
338000000 USD
CY2021Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P8Y
CY2020Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P8Y
CY2021Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0469
CY2020Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0458
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
57000000 USD
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
56000000 USD
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
52000000 USD
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
50000000 USD
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
44000000 USD
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
136000000 USD
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
395000000 USD
CY2021Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
65000000 USD
CY2021Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
330000000 USD
CY2019Q3 us-gaap Goodwill
Goodwill
1761000000 USD
CY2020 us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
47000000 USD
CY2020 us-gaap Goodwill Other Increase Decrease
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23000000 USD
CY2020Q3 us-gaap Goodwill
Goodwill
1831000000 USD
CY2021 wmg Goodwill Acquired During Period Including Purchase Accounting Adjustments
GoodwillAcquiredDuringPeriodIncludingPurchaseAccountingAdjustments
-7000000 USD
CY2021 us-gaap Goodwill Other Increase Decrease
GoodwillOtherIncreaseDecrease
6000000 USD
CY2021Q3 us-gaap Goodwill
Goodwill
1830000000 USD
CY2020 us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
47000000 USD
CY2021Q3 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
4125000000 USD
CY2020Q3 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
3500000000 USD
CY2021Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
2108000000 USD
CY2020Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
1847000000 USD
CY2021Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
2017000000 USD
CY2020Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
1653000000 USD
CY2021Q3 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
2171000000 USD
CY2020Q3 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
1807000000 USD
CY2021 us-gaap Finitelived Intangible Assets Acquired1
FinitelivedIntangibleAssetsAcquired1
471000000 USD
CY2021Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
233000000 USD
CY2021Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
202000000 USD
CY2021Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
162000000 USD
CY2021Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
156000000 USD
CY2021Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
140000000 USD
CY2021Q3 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
1124000000 USD
CY2021Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
2017000000 USD
CY2021Q3 us-gaap Debt Instrument Carrying Amount
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3383000000 USD
CY2020Q3 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
3127000000 USD
CY2021Q3 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
37000000 USD
CY2020Q3 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
23000000 USD
CY2021Q3 us-gaap Long Term Debt
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3346000000 USD
CY2020Q3 us-gaap Long Term Debt
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3104000000 USD
CY2021Q2 us-gaap Gains Losses On Extinguishment Of Debt
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-12000000 USD
CY2021Q3 us-gaap Gains Losses On Extinguishment Of Debt
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-10000000 USD
CY2021 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-122000000 USD
CY2020 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-127000000 USD
CY2019 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-142000000 USD
CY2021Q3 us-gaap Longterm Debt Weighted Average Interest Rate
LongtermDebtWeightedAverageInterestRate
0.032
CY2020Q3 us-gaap Longterm Debt Weighted Average Interest Rate
LongtermDebtWeightedAverageInterestRate
0.037
CY2019Q3 us-gaap Longterm Debt Weighted Average Interest Rate
LongtermDebtWeightedAverageInterestRate
0.043
CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
182000000 USD
CY2020 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
-655000000 USD
CY2019 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
84000000 USD
CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
274000000 USD
CY2020 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
208000000 USD
CY2019 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
183000000 USD
CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
456000000 USD
CY2020 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-447000000 USD
CY2019 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
267000000 USD
CY2021 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
6000000 USD
CY2020 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
3000000 USD
CY2019 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
0 USD
CY2021 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
31000000 USD
CY2020 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-28000000 USD
CY2019 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-49000000 USD
CY2021 us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
107000000 USD
CY2020 wmg Cash Withholding Taxes
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15000000 USD
CY2020 us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
74000000 USD
CY2019 us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
74000000 USD
CY2021 us-gaap Deferred Foreign Income Tax Expense Benefit
DeferredForeignIncomeTaxExpenseBenefit
-5000000 USD
CY2020 us-gaap Deferred Foreign Income Tax Expense Benefit
DeferredForeignIncomeTaxExpenseBenefit
-28000000 USD
CY2019 us-gaap Deferred Foreign Income Tax Expense Benefit
DeferredForeignIncomeTaxExpenseBenefit
-18000000 USD
CY2021 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
9000000 USD
CY2020 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
3000000 USD
CY2019 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
3000000 USD
CY2021 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
1000000 USD
CY2020 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
-1000000 USD
CY2019 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
-1000000 USD
CY2021 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
149000000 USD
CY2020 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
23000000 USD
CY2019 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
9000000 USD
CY2021 wmg Cash Withholding Taxes
CashWithholdingTaxes
26000000 USD
CY2019 wmg Cash Withholding Taxes
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17000000 USD
CY2021 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2021 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
96000000 USD
CY2020 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
-94000000 USD
CY2019 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
56000000 USD
CY2021 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
10000000 USD
CY2020 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
2000000 USD
CY2019 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
2000000 USD
CY2021 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
IncomeTaxReconciliationForeignIncomeTaxRateDifferential
34000000 USD
CY2020 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
IncomeTaxReconciliationForeignIncomeTaxRateDifferential
10000000 USD
CY2019 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
IncomeTaxReconciliationForeignIncomeTaxRateDifferential
16000000 USD
CY2021 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
2000000 USD
CY2020 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
1000000 USD
CY2019 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
1000000 USD
CY2021 us-gaap Income Tax Reconciliation Deductions
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6000000 USD
CY2020 us-gaap Income Tax Reconciliation Deductions
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38000000 USD
CY2019 us-gaap Income Tax Reconciliation Deductions
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65000000 USD
CY2021 us-gaap Income Tax Reconciliation Change In Enacted Tax Rate
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10000000 USD
CY2020 us-gaap Income Tax Reconciliation Change In Enacted Tax Rate
IncomeTaxReconciliationChangeInEnactedTaxRate
4000000 USD
CY2019 us-gaap Income Tax Reconciliation Change In Enacted Tax Rate
IncomeTaxReconciliationChangeInEnactedTaxRate
-4000000 USD
CY2021 wmg Effective Income Tax Rate Reconciliation Foreign Intangible Income Amount
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-4000000 USD
CY2020 wmg Effective Income Tax Rate Reconciliation Foreign Intangible Income Amount
EffectiveIncomeTaxRateReconciliationForeignIntangibleIncomeAmount
2000000 USD
CY2019 wmg Effective Income Tax Rate Reconciliation Foreign Intangible Income Amount
EffectiveIncomeTaxRateReconciliationForeignIntangibleIncomeAmount
-4000000 USD
CY2021 wmg Income Tax Reconciliation Foreign Currency Losses On Intra Entity Loans
IncomeTaxReconciliationForeignCurrencyLossesOnIntraEntityLoans
0 USD
CY2020 wmg Income Tax Reconciliation Foreign Currency Losses On Intra Entity Loans
IncomeTaxReconciliationForeignCurrencyLossesOnIntraEntityLoans
-22000000 USD
CY2019 wmg Income Tax Reconciliation Foreign Currency Losses On Intra Entity Loans
IncomeTaxReconciliationForeignCurrencyLossesOnIntraEntityLoans
0 USD
CY2021 wmg Income Tax Reconciliation Executive Compensation
IncomeTaxReconciliationExecutiveCompensation
-2000000 USD
CY2020 wmg Income Tax Reconciliation Executive Compensation
IncomeTaxReconciliationExecutiveCompensation
-2000000 USD
CY2019 wmg Income Tax Reconciliation Executive Compensation
IncomeTaxReconciliationExecutiveCompensation
0 USD
CY2021 us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
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3000000 USD
CY2020 us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost
112000000 USD
CY2019 us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost
6000000 USD
CY2021 wmg Income Tax Reconciliation Other Deductions And Nondeductible Expenses
IncomeTaxReconciliationOtherDeductionsAndNondeductibleExpenses
2000000 USD
CY2020 wmg Income Tax Reconciliation Other Deductions And Nondeductible Expenses
IncomeTaxReconciliationOtherDeductionsAndNondeductibleExpenses
0 USD
CY2019 wmg Income Tax Reconciliation Other Deductions And Nondeductible Expenses
IncomeTaxReconciliationOtherDeductionsAndNondeductibleExpenses
1000000 USD
CY2021 us-gaap Income Tax Expense Benefit
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149000000 USD
CY2020 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
23000000 USD
CY2019 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
9000000 USD
CY2021 wmg Effective Income Tax Rate Reconciliation Foreign Intangible Income Amount
EffectiveIncomeTaxRateReconciliationForeignIntangibleIncomeAmount
-4000000 USD
CY2020 wmg Income Tax Benefit Related To Release Of Valuation Allowance
IncomeTaxBenefitRelatedToReleaseOfValuationAllowance
25000000 USD
CY2019 us-gaap Tax Cuts And Jobs Act Of2017 Change In Tax Rate Deferred Tax Asset Income Tax Expense
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59000000 USD
CY2021Q3 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Allowance For Doubtful Accounts
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25000000 USD
CY2020Q3 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Allowance For Doubtful Accounts
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30000000 USD
CY2021Q3 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Employee Benefits
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsEmployeeBenefits
78000000 USD
CY2020Q3 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Employee Benefits
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsEmployeeBenefits
80000000 USD
CY2021Q3 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Other
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsOther
14000000 USD
CY2020Q3 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Other
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsOther
19000000 USD
CY2021Q3 us-gaap Deferred Tax Assets Tax Credit Carryforwards
DeferredTaxAssetsTaxCreditCarryforwards
135000000 USD
CY2020Q3 us-gaap Deferred Tax Assets Tax Credit Carryforwards
DeferredTaxAssetsTaxCreditCarryforwards
168000000 USD
CY2021Q3 us-gaap Deferred Tax Assets Other
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3000000 USD
CY2020Q3 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
22000000 USD
CY2021Q3 us-gaap Deferred Tax Assets Gross
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255000000 USD
CY2020Q3 us-gaap Deferred Tax Assets Gross
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319000000 USD
CY2021Q3 us-gaap Deferred Tax Assets Valuation Allowance
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38000000 USD
CY2020Q3 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
45000000 USD
CY2021Q3 us-gaap Deferred Tax Assets Net
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217000000 USD
CY2020Q3 us-gaap Deferred Tax Assets Net
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274000000 USD
CY2021Q3 us-gaap Deferred Tax Liabilities Goodwill And Intangible Assets Intangible Assets
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393000000 USD
CY2020Q3 us-gaap Deferred Tax Liabilities Goodwill And Intangible Assets Intangible Assets
DeferredTaxLiabilitiesGoodwillAndIntangibleAssetsIntangibleAssets
369000000 USD
CY2021Q3 us-gaap Deferred Income Tax Liabilities
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393000000 USD
CY2020Q3 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
369000000 USD
CY2021Q3 us-gaap Deferred Tax Liabilities
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176000000 USD
CY2020Q3 us-gaap Deferred Tax Liabilities
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95000000 USD
CY2021Q3 us-gaap Undistributed Earnings Of Foreign Subsidiaries
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259000000 USD
CY2021Q3 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
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4000000 USD
CY2020Q3 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
4000000 USD
CY2020Q3 us-gaap Unrecognized Tax Benefits
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12000000 USD
CY2019Q3 us-gaap Unrecognized Tax Benefits
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12000000 USD
CY2018Q3 us-gaap Unrecognized Tax Benefits
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18000000 USD
CY2018Q3 us-gaap Unrecognized Tax Benefits
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18000000 USD
CY2021 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
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3000000 USD
CY2021 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
3000000 USD
CY2020 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
3000000 USD
CY2020 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
3000000 USD
CY2019 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
1000000 USD
CY2019 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
1000000 USD
CY2021 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions
3000000 USD
CY2021 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions
3000000 USD
CY2020 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions
3000000 USD
CY2020 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions
3000000 USD
CY2019 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions
7000000 USD
CY2019 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions
7000000 USD
CY2021Q3 us-gaap Unrecognized Tax Benefits
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12000000 USD
CY2020Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
12000000 USD
CY2019Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
12000000 USD
CY2021Q3 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
12000000 USD
CY2020Q3 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
12000000 USD
CY2021 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities
2000000 USD
CY2021Q3 us-gaap Defined Benefit Plan Benefit Obligation
DefinedBenefitPlanBenefitObligation
83000000 USD
CY2021Q3 us-gaap Derivative Notional Amount
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0 USD
CY2020Q3 us-gaap Defined Benefit Plan Benefit Obligation
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83000000 USD
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodIntrinsicValue
23.82
CY2019 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodIntrinsicValue
3.13
CY2021Q3 us-gaap Defined Benefit Pension Plan Current And Noncurrent Liabilities
DefinedBenefitPensionPlanCurrentAndNoncurrentLiabilities
58000000 USD
CY2020Q3 us-gaap Defined Benefit Pension Plan Current And Noncurrent Liabilities
DefinedBenefitPensionPlanCurrentAndNoncurrentLiabilities
57000000 USD
CY2021Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
4000000 USD
CY2021 us-gaap Pension Expense
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4000000 USD
CY2020 us-gaap Pension Expense
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4000000 USD
CY2019 us-gaap Pension Expense
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4000000 USD
CY2021 us-gaap Defined Contribution Plan Cost Recognized
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9000000 USD
CY2020 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
8000000 USD
CY2019 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
6000000 USD
CY2017Q4 wmg Number Of Additional Employees To Participate In Plan
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2 employee
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1
P2Y
CY2020Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
14000000 USD
CY2019Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
16000000 USD
CY2021 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P1Y
CY2020 us-gaap Allocated Share Based Compensation Expense
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608000000 USD
CY2021 us-gaap Long Term Purchase Commitment Amount
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537000000 USD
CY2021 us-gaap Allocated Share Based Compensation Expense
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45000000 USD
CY2021 wmg Free Cash Flow Compensation Expense
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5000000 USD
CY2020 wmg Free Cash Flow Compensation Expense
FreeCashFlowCompensationExpense
16000000 USD
CY2020 us-gaap Dividends Sharebased Compensation Stock
DividendsSharebasedCompensationStock
1000000 USD
CY2019 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
50000000 USD
CY2019 wmg Free Cash Flow Compensation Expense
FreeCashFlowCompensationExpense
15000000 USD
CY2019 us-gaap Dividends Sharebased Compensation Stock
DividendsSharebasedCompensationStock
7000000 USD
CY2020 us-gaap Long Term Purchase Commitment Amount
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442000000 USD
CY2021Q3 us-gaap Other Commitment
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23000000 USD
CY2020Q3 us-gaap Other Commitment
OtherCommitment
12000000 USD
CY2021 us-gaap Maximum Length Of Time Hedged In Interest Rate Cash Flow Hedge1
MaximumLengthOfTimeHedgedInInterestRateCashFlowHedge1
P3Y
CY2021Q3 wmg Deferred Gains Losses In Comprehensive Loss Related To Foreign Exchange Hedging
DeferredGainsLossesInComprehensiveLossRelatedToForeignExchangeHedging
0 USD
CY2020Q3 us-gaap Derivative Notional Amount
DerivativeNotionalAmount
0 USD
CY2020Q3 wmg Deferred Gains Losses In Comprehensive Loss Related To Foreign Exchange Hedging
DeferredGainsLossesInComprehensiveLossRelatedToForeignExchangeHedging
0 USD
CY2021 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2 segment
CY2021 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 segment
CY2021 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
5301000000 USD
CY2021 us-gaap Operating Income Loss
OperatingIncomeLoss
609000000 USD
CY2021 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
229000000 USD
CY2021 us-gaap Depreciation
Depreciation
77000000 USD
CY2021 wmg Income Loss From Continuing Operations Before Income Taxes Depreciation And Amortization
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDepreciationAndAmortization
915000000 USD
CY2021Q3 us-gaap Assets
Assets
7211000000 USD
CY2021 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
93000000 USD
CY2020 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
4463000000 USD
CY2021Q3 us-gaap Noncurrent Assets
NoncurrentAssets
632000000 USD
CY2020 us-gaap Operating Income Loss
OperatingIncomeLoss
-229000000 USD
CY2020 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
190000000 USD
CY2020 us-gaap Depreciation
Depreciation
71000000 USD
CY2020 wmg Income Loss From Continuing Operations Before Income Taxes Depreciation And Amortization
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDepreciationAndAmortization
32000000 USD
CY2020Q3 us-gaap Assets
Assets
6410000000 USD
CY2020 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
85000000 USD
CY2019 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
4475000000 USD
CY2019 us-gaap Operating Income Loss
OperatingIncomeLoss
356000000 USD
CY2019 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
208000000 USD
CY2019 us-gaap Depreciation
Depreciation
61000000 USD
CY2019 wmg Income Loss From Continuing Operations Before Income Taxes Depreciation And Amortization
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDepreciationAndAmortization
625000000 USD
CY2019 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
104000000 USD
CY2021 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
5301000000 USD
CY2020 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
4463000000 USD
CY2020Q3 us-gaap Noncurrent Assets
NoncurrentAssets
604000000 USD
CY2019 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
4475000000 USD
CY2021 us-gaap Interest Paid Net
InterestPaidNet
137000000 USD
CY2020 us-gaap Interest Paid Net
InterestPaidNet
128000000 USD
CY2019 us-gaap Interest Paid Net
InterestPaidNet
138000000 USD
CY2021 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
124000000 USD
CY2020 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
81000000 USD
CY2019 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
63000000 USD
CY2021 us-gaap Payments Of Dividends
PaymentsOfDividends
265000000 USD
CY2020 us-gaap Payments Of Dividends
PaymentsOfDividends
344000000 USD
CY2019 us-gaap Payments Of Dividends
PaymentsOfDividends
94000000 USD
CY2021Q3 us-gaap Fair Value Net Asset Liability
FairValueNetAssetLiability
22000000 USD
CY2020Q3 us-gaap Fair Value Net Asset Liability
FairValueNetAssetLiability
3000000 USD
CY2021 us-gaap Debt And Equity Securities Unrealized Gain Loss
DebtAndEquitySecuritiesUnrealizedGainLoss
17000000 USD

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