0001319161-21-000036 | 10-K | XBRL Viewer

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Cover - USD ($) $ in Billions	12 Months Ended
Cover - USD ($) $ in Billions	Sep. 30, 2021	Nov. 18, 2021	Mar. 26, 2021
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Sep. 30, 2021
Current Fiscal Year End Date	--09-30
Document Transition Report	false
Entity File Number	001-32502
Entity Registrant Name	Warner Music Group Corp.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	13-4271875
Entity Address, Address Line One	1633 Broadway
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10019
City Area Code	(212)
Local Phone Number	275-2000
Title of 12(b) Security	Class A Common Stock, $0.001 par value per share
Trading Symbol	WMG
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 3.4
Amendment Flag	false
Entity Central Index Key	0001319161
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCEPortions of the registrant's Proxy Statement for the 2021 Annual Meeting of Stockholders are incorporated herein by reference in Part III of this Annual Report on Form 10-K to the extent stated herein. Such proxy statement will be filed with the Securities and Exchange Commission within 120 days of the registrant's fiscal year ended September 24, 2021.
Common Class A
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		123,074,992
Common Class B
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		391,460,831

Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2021	Sep. 30, 2020
Current assets:
Cash and equivalents	$ 499	$ 553
Accounts receivable, net of allowances of $20 million and $23 million	839	771
Inventories	99	79
Royalty advances expected to be recouped within one year	373	220
Prepaid and other current assets	86	55
Total current assets	1,896	1,678
Royalty advances expected to be recouped after one year	457	269
Property, plant and equipment, net	364	331
Operating lease right-of-use assets, net	268	273
Goodwill	1,830	1,831
Intangible assets subject to amortization, net	2,017	1,653
Intangible assets not subject to amortization	154	154
Deferred tax assets, net	31	68
Other assets	194	153
Total assets	7,211	6,410
Current liabilities:
Accounts payable	302	264
Accrued royalties	1,880	1,628
Accrued liabilities	461	382
Accrued interest	14	30
Operating lease liabilities, current	43	39
Deferred revenue	348	297
Other current liabilities	102	80
Total current liabilities	3,150	2,720
Long-term debt	3,346	3,104
Operating lease liabilities, noncurrent	287	299
Deferred tax liabilities, net	207	163
Other noncurrent liabilities	175	169
Total liabilities	7,165	6,455
Equity (deficit):
Additional paid-in capital	1,942	1,907
Accumulated deficit	(1,710)	(1,749)
Accumulated other comprehensive loss, net	(202)	(222)
Total Warner Music Group Corp. equity (deficit)	31	(63)
Noncontrolling interest	15	18
Total equity (deficit)	46	(45)
Total liabilities and equity (deficit)	7,211	6,410
Common Class A
Equity (deficit):
Common stock, value, issued	0	0
Common Class B
Equity (deficit):
Common stock, value, issued	$ 1	$ 1

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2021	Sep. 30, 2020
Accounts receivable, net of allowance	$ 20	$ 23
Common Class A
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	122,414,827	88,578,361
Common stock outstanding (in shares)	122,414,827	88,578,361
Common Class B
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	391,970,996	421,450,000
Common stock outstanding (in shares)	391,970,996	421,450,000

Consolidated Statements of Operations - USD ($)
$ in Millions

12 Months Ended

Sep. 30, 2021

Sep. 30, 2020

Sep. 30, 2019

Revenue

$ 5,301

$ 4,463

$ 4,475

Costs and expenses:

Cost of revenue

(2,742)

(2,333)

(2,401)

Selling, general and administrative expenses

^[1]

(1,721)

(2,169)

(1,510)

Amortization expense

(229)

(190)

(208)

Total costs and expenses

(4,692)

(4,119)

Operating income (loss)

609

(229)

356

Loss on extinguishment of debt

(22)

(34)

(7)

Interest expense, net

(122)

(127)

(142)

Other (expense) income

(9)

(57)

Income (loss) before income taxes

456

(447)

267

Income tax expense

(149)

(23)

(9)

Net income (loss)

307

(470)

258

Less: Income attributable to noncontrolling interest

(3)

(5)

(2)

Net income (loss) attributable to Warner Music Group Corp.

304

(475)

256

Common Class A

Costs and expenses:

Net income (loss) attributable to Warner Music Group Corp.

$ 68

$ (21)

$ 0

Net income (loss) per share attributable to common stockholders:

Basic (in dollars per share)

$ 0.58

$ (0.82)

$ 0

Diluted (in dollars per share)

$ 0.58

$ (0.82)

$ 0

Weighted average common shares:

Basic (in shares)

110,560,517

26,897,115

Diluted (in shares)

110,560,517

26,897,115

Common Class B

Costs and expenses:

Net income (loss) attributable to Warner Music Group Corp.

$ 236

$ (454)

$ 256

Net income (loss) per share attributable to common stockholders:

Basic (in dollars per share)

$ 0.58

$ (0.95)

$ 0.51

Diluted (in dollars per share)

$ 0.58

$ (0.95)

$ 0.51

Weighted average common shares:

Basic (in shares)

402,911,743

477,624,846

501,991,944

Diluted (in shares)

402,911,743

477,624,846

501,991,944

[1]	Includes depreciation expense of $(77), $(71), and $(61) for the fiscal years ended September 30, 2021, 2020, and 2019 respectively.

Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019
Income Statement [Abstract]
Depreciation	$ (77)	$ (71)	$ (61)

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 307	$ (470)	$ 258
Other comprehensive (loss) income, net of tax
Foreign currency adjustment	7	37	(34)
Deferred gain (loss) on derivative financial instruments	12	(21)	(11)
Minimum pension liability	1	2	(5)
Other comprehensive income (loss), net of tax	20	18	(50)
Total comprehensive income (loss)	327	(452)	208
Less: Income attributable to noncontrolling interest	(3)	(5)	(2)
Comprehensive income (loss) attributable to Warner Music Group Corp.	$ 324	$ (457)	$ 206

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019
Cash flows from operating activities
Net income (loss)	$ 307	$ (470)	$ 258
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	306	261	269
Unrealized losses (gains) and remeasurement of foreign-denominated loans and foreign currency forward exchange contracts	3	54	(28)
Deferred income taxes	27	(57)	(68)
Loss on extinguishment of debt	22	34	7
Net (gain) loss on divestitures and investments	4	(2)	(20)
Non-cash interest expense	5	5	6
Non-cash stock-based compensation expense	45	608	50
Changes in operating assets and liabilities:
Accounts receivable, net	(58)	18	(90)
Inventories	(19)	(2)	3
Royalty advances	(332)	(108)	(110)
Accounts payable and accrued liabilities	91	(32)	3
Royalty payables	217	36	130
Accrued interest	(16)	(4)	3
Operating lease liabilities	(3)	(3)	0
Deferred revenue	47	114	(4)
Other balance sheet changes	(8)	11	(9)
Net cash provided by operating activities	638	463	400
Cash flows from investing activities
Acquisition of music publishing rights and music catalogs, net	(481)	(40)	(41)
Capital expenditures	(93)	(85)	(104)
Investments and acquisitions of businesses, net of cash received	(64)	(94)	(231)
Net cash used in investing activities	(638)	(219)	(376)
Cash flows from financing activities
Deferred financing costs paid	(12)	(17)	(7)
Call premiums paid on early redemption of debt	(21)	(23)	(5)
Distribution to noncontrolling interest holders	(7)	(7)	(3)
Dividends paid	(265)	(344)	(94)
Net cash (used in) provided by financing activities	(61)	(316)	88
Effect of exchange rate changes on cash and equivalents	7	6	(7)
Net (decrease) increase in cash and equivalents	(54)	(66)	105
Cash and equivalents at beginning of period	553	619	514
Cash and equivalents at end of period	499	553	619
3.000% Senior Secured Notes
Cash flows from financing activities
Proceeds from issuance of secured note	244	550	0
Senior Term Loan Facility
Cash flows from financing activities
Proceeds from issuance of secured note	325	0	0
2.250% Senior Secured Notes
Cash flows from financing activities
Proceeds from issuance of secured note	524	0	0
5.500% Senior Notes due 2026
Cash flows from financing activities
Repayment of senior secured notes	(325)	0	0
3.625% Senior Secured Notes
Cash flows from financing activities
Repayment of senior secured notes	(524)	0	0
3.875% Senior Secured Notes
Cash flows from financing activities
Proceeds from issuance of secured note	0	535	0
2.750% Senior Secured Notes
Cash flows from financing activities
Proceeds from issuance of secured note	0	365	0
5.000% Senior Secured Notes
Cash flows from financing activities
Repayment of senior secured notes	0	(300)	0
4.875% Senior Secured Notes
Cash flows from financing activities
Repayment of senior secured notes	0	(220)	0
4.125% Senior Secured Notes
Cash flows from financing activities
Repayment of senior secured notes	0	(349)	0
Senior Term Loan Facility
Cash flows from financing activities
Repayment of senior secured notes	0	(506)	0
3.625% Senior Secured Notes
Cash flows from financing activities
Proceeds from issuance of secured note	0	0	514
4.125% Senior Secured Notes
Cash flows from financing activities
Repayment of senior secured notes	0	0	(40)
4.875% Senior Secured Notes
Cash flows from financing activities
Repayment of senior secured notes	0	0	(30)
5.625% Senior Secured Notes
Cash flows from financing activities
Repayment of senior secured notes	$ 0	$ 0	$ (247)

Consolidated Statements of Cash Flows (Parenthetical)	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019
3.000% Senior Secured Notes
Interest rate	3.00%	3.00%	3.00%
2.250% Senior Secured Notes
Interest rate	2.25%	2.25%	2.25%
5.500% Senior Notes due 2026
Interest rate	5.50%	5.50%	5.50%
3.625% Senior Secured Notes
Interest rate	3.625%	3.625%	3.625%
3.875% Senior Secured Notes
Interest rate	3.875%	3.875%	3.875%
2.750% Senior Secured Notes
Interest rate	2.75%	2.75%	2.75%
5.000% Senior Secured Notes
Interest rate	5.00%	5.00%	5.00%
4.875% Senior Secured Notes
Interest rate	4.875%	4.875%	4.875%
4.125% Senior Secured Notes
Interest rate	4.125%	4.125%	4.125%
3.625% Senior Secured Notes
Interest rate	3.625%	3.625%	3.625%
4.125% Senior Secured Notes due 2024
Interest rate	4.125%	4.125%	4.125%
4.875% Senior Secured Notes
Interest rate	4.875%	4.875%	4.875%
5.625% Senior Secured Notes
Interest rate	5.625%	5.625%	5.625%

Consolidated Statements of Equity (Deficit) - USD ($) $ in Millions	Total	Revision of Prior Period, Accounting Standards Update, Adjustment	Cumulative Effect, Period of Adoption, Adjustment	Common Class A	Common Class B	Total Warner Music Group Corp. Equity	Total Warner Music Group Corp. Equity Revision of Prior Period, Accounting Standards Update, Adjustment	Total Warner Music Group Corp. Equity Cumulative Effect, Period of Adoption, Adjustment	Common Stock Common Class A	Common Stock Common Class B	Additional Paid-in Capital	Accumulated Deficit	Accumulated Deficit Revision of Prior Period, Accounting Standards Update, Adjustment	Accumulated Deficit Cumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Loss	Noncontrolling Interest	Noncontrolling Interest Revision of Prior Period, Accounting Standards Update, Adjustment
Beginning balance (in shares) at Sep. 30, 2018									0	501,991,944
Beginning balance at Sep. 30, 2018	$ (320)	$ 150				$ (334)	$ 139		$ 0	$ 1	$ 1,127	$ (1,272)	$ 139		$ (190)	$ 14	$ 11
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	258					256						256				2
Other comprehensive loss, net of tax	(50)					(50)									(50)
Dividends	(300)					(300)						(300)
Distribution to noncontrolling interest holders	(3)															(3)
Other (in shares)										(3,838,078)
Other	(4)															(4)
Ending balance (in shares) at Sep. 30, 2019									0	505,830,022
Ending balance at Sep. 30, 2019	(269)					(289)			$ 0	$ 1	1,127	(1,177)			(240)	20
Ending balance (Accounting Standards Update 2016-02) at Sep. 30, 2019			$ 7					$ 7						$ 7
Ending balance (Accounting Standards Update 2016-09) at Sep. 30, 2019			$ 33					$ 33						$ 33
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	(470)					(475)						(475)				5
Other comprehensive loss, net of tax	18					18									18
Dividends	(137)					(137)						(137)
Stock-based compensation expense	11					11					11
Distribution to noncontrolling interest holders	(7)															(7)
Modification of stock-based compensation plan	769					769					769
Stock issued during period (in shares)									88,550,000	88,550,000
Shares issued under Omnibus Incentive Plan (in shares)									28,361
Other (in shares)										(4,169,978)
Ending balance (in shares) at Sep. 30, 2020				88,578,361	421,450,000				88,578,361	421,450,000
Ending balance at Sep. 30, 2020	(45)					(63)			$ 0	$ 1	1,907	(1,749)			(222)	18
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	307					304						304				3
Other comprehensive loss, net of tax	20					20									20
Dividends	(265)					(265)						(265)
Stock-based compensation expense	35					35					35
Distribution to noncontrolling interest holders	(7)															(7)
Exchange of Class B shares for Class A shares (in shares)									19,234,103	19,234,106
Stock issued during period (in shares)									4,321,259
Conversion of Class B shares					10,244,898				10,244,898	10,244,898
Shares issued under Omnibus Incentive Plan (in shares)									36,206
Other	1															1
Ending balance (in shares) at Sep. 30, 2021				122,414,827	391,970,996				122,414,827	391,970,996
Ending balance at Sep. 30, 2021	$ 46					$ 31			$ 0	$ 1	$ 1,942	$ (1,710)			$ (202)	$ 15

Consolidated Statements of Equity (Deficit) (Parenthetical) - $ / shares	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019
Common stock dividends (in dollars per share)	$ 0.51
Common Class A
Common stock dividends (in dollars per share)		$ 0.12
Common Class B
Common stock dividends (in dollars per share)		$ 0.27	$ 0.59

Description of Business	12 Months Ended
Description of Business	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	Description of Business 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. Initial Public Offering 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. 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. Recorded Music Operations 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. Music Publishing Operations 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.

Summary of Significant Accounting Policies	12 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”). In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The Company maintains a 52-53 week fiscal year ending on the last Friday in each reporting period. The fiscal year ended September 30, 2021 ended on September 24, 2021, the fiscal year ended September 30, 2020 ended on September 25, 2020 and the fiscal year ended September 30, 2019 ended on September 27, 2019. For convenience purposes, the Company continues to date its financial statements as of September 30. Basis of Consolidation The accompanying financial statements present the consolidated accounts of all entities in which the Company has a controlling voting interest and/or variable interest required to be consolidated in accordance with U.S. GAAP. All intercompany balances and transactions have been eliminated. Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810, Consolidation (“ASC 810”) requires the Company first evaluate its investments to determine if any investments qualify as a variable interest entity (“VIE”). A VIE is consolidated if the Company is deemed to be the primary beneficiary of the VIE, which is the party involved with the VIE that has both (i) the power to control the most significant activities of the VIE and (ii) either the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. If an entity is not deemed to be a VIE, the Company consolidates the entity if the Company has a controlling voting interest. The Company has performed a review of all subsequent events through the date the financial statements were issued and has determined that no additional disclosures are necessary. Common Stock On February 28, 2020, the Company amended its certificate of incorporation to increase its authorized capital stock to 2,100,000,000 shares, consisting of 1,000,000,000 shares of Class A Common Stock, 1,000,000,000 shares of Class B Common Stock, and 100,000,000 shares of preferred stock, par value $1.00 per share. In addition, the February 28, 2020 amendment to the Company’s certificate of incorporation also gave effect to the reclassification and 477,242.614671815-for-1 stock split of the Company’s existing common stock outstanding into 510,000,000 shares of Class B Common Stock. This stock split has been retrospectively presented throughout the financial statements. Upon completion of the IPO and the exercise in full of the underwriters’ option to purchase additional shares, 88,550,000 shares of Class A Common Stock, 421,450,000 shares of Class B Common Stock and no shares of preferred stock were outstanding. During the fiscal year ended September 30, 2021, Access converted 10,244,898 shares of Class B Common Stock to the same number of shares of Class A Common Stock, which it subsequently sold through open market sales, which is reflected as a conversion of Class B Common Stock for Class A Common Stock in the consolidated statements of equity. Earnings per Share The consolidated statements of operations present basic and diluted earnings per share (“EPS”). Prior to the completion of the IPO, basic and diluted earnings per share were computed by dividing net income available to common stockholders by the weighted average number of outstanding common shares less shares issued for the exercise of the deferred equity units since these units were mandatorily redeemable in cash. As such, the deferred equity units were excluded from the denominator of the basic and diluted EPS calculation prior to the IPO completion. Subsequent to the completion of the IPO, the Company utilizes the two-class method to report earnings per share. The two-class method is an earnings allocation formula that determines earnings per share for each class of common stock according to dividends declared and participation rights in undistributed earnings. Undistributed earnings allocated to participating securities are subtracted from net income in determining net income attributable to common stockholders. See also Note 3, Earnings Per Share. Use of Estimates 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. Business Combinations The Company accounts for its business acquisitions under the FASB ASC Topic 805, Business Combinations (“ASC 805”) guidance for business combinations. The total cost of acquisitions is allocated to the underlying identifiable net assets based on their respective estimated fair values. The excess of the purchase price over the estimated fair values of the net assets acquired is recorded as goodwill. Determining the fair value of assets acquired and liabilities assumed requires management’s judgment and often involves the use of significant estimates and assumptions, including assumptions with respect to future cash inflows and outflows, discount rates, asset lives and market multiples, among other items. Cash and Equivalents The Company considers all highly liquid investments with maturities of three months or less at the date of purchase to be cash equivalents. The Company includes checks outstanding at year end as a component of accounts payable, instead of a reduction in its cash balance where there is not a right of offset in the related bank accounts. Accounts Receivable Credit is extended to customers based upon an evaluation of the customer’s financial condition. Accounts receivable are recorded at net realizable value. Refund Liabilities and Allowance for Doubtful Accounts Management’s estimate of Recorded Music physical products that will be returned, and the amount of receivables that will ultimately be collected is an area of judgment affecting reported revenues and operating income. In determining the estimate of physical product sales that will be returned, management analyzes vendor sales of product, historical return trends, current economic conditions, changes in customer demand and commercial acceptance of the Company’s products. Based on this information, management reserves a percentage of each dollar of physical product sales that provide the customer with the right of return. The provision for such sales returns is reflected as a reduction in the revenues from the related sale. Similarly, the Company monitors customer credit risk related to accounts receivable. Significant judgments and estimates are involved in evaluating if such amounts will ultimately be fully collected. On an ongoing basis, the Company tracks customer exposure based on news reports, ratings agency information, reviews of customer financial data and direct dialogue with customers. Counterparties that are determined to be of a higher risk are evaluated to assess whether the payment terms previously granted to them should be modified. The Company also monitors payment levels from customers, and a provision for estimated uncollectible amounts is maintained based on such payment levels, historical experience, management’s views on trends in the overall receivable agings and, for larger accounts, analyses of specific risks on a customer-specific basis. Concentration of Credit Risk 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. 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. Inventories Inventories consist of merchandise, vinyl, CDs, DVDs and other related music products. Inventories are stated at the lower of cost or estimated realizable value. Cost is determined using first-in, first-out (“FIFO”) and average cost methods, which approximate cost under the FIFO method. Returned goods included in inventory are valued at estimated realizable value, but not in excess of cost. Derivative and Financial Instruments The Company accounts for these investments as required by the FASB ASC Topic 815, Derivatives and Hedging (“ASC 815”), which requires that all derivative instruments be recognized on the balance sheet at fair value. ASC 815 also provides that, for derivative instruments that qualify for hedge accounting, changes in the fair value are either (a) offset against the change in fair value of the hedged assets, liabilities or firm commitments through earnings or (b) recognized in equity until the hedged item is recognized in earnings, depending on whether the derivative is being used to hedge changes in fair value or cash flows. In addition, the ineffective portion of a derivative’s change in fair value is immediately recognized in earnings. The carrying value of the Company’s financial instruments approximates fair value, except for certain differences relating to long-term, fixed-rate debt (see Note 18) and other financial instruments that are not significant. The fair value of financial instruments is generally determined by reference to market values resulting from trading on a national securities exchange or an over-the-counter market. In cases where quoted market prices are not available, fair value is based on estimates using present value or other valuation techniques. Property, Plant and Equipment Property, plant and equipment acquired in conjunction with business combinations are recorded at fair value. All other additions are recorded at historical cost. Depreciation is calculated using the straight-line method based upon the estimated useful lives of depreciable assets commencing at the date assets are placed in service as follows: five to seven years for furniture and fixtures, periods of up to five years for computer equipment and software and periods of up to thirteen years for machinery and equipment. Buildings are depreciated over periods of up to forty years. Leasehold improvements are depreciated over the life of the lease or estimated useful lives of the improvements, whichever period is shorter. The Company accounts for costs incurred to develop or purchase computer software for internal use in accordance with FASB ASC Subtopic 350-40, Internal-Use Software (“ASC 350-40”). As required by ASC 350-40, the Company capitalizes the costs incurred during the application development stage, which include costs to design the software configuration and interfaces, coding, installation, and testing. Accounting for Goodwill and Other Intangible Assets In accordance with FASB ASC Topic 350, Intangibles—Goodwill and Other (“ASC 350”), the Company accounts for business combinations using the acquisition method of accounting and accordingly, the assets and liabilities of the acquired entities are recorded at their estimated fair values at the acquisition date. Goodwill represents the excess of the purchase price over the fair value of net assets, including the amount assigned to identifiable intangible assets. Pursuant to this guidance, the Company does not amortize the goodwill balance and instead, performs an annual impairment test to assess the fair value of goodwill over its carrying value. Identifiable intangible assets with finite lives are amortized over their useful lives. Goodwill is tested annually for impairment on July 1 and at any time upon occurrence of certain events or changes in circumstances. ASC 350 gives an entity the option to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit or intangible asset is less than its carrying amount. If an entity determines it is not more likely than not that the fair value of a reporting unit or intangible asset is less than its carrying amount, then performing the quantitative impairment test is unnecessary. However, if an entity concludes otherwise, then the quantitative impairment test shall be used to identify the impairment and measure the amount of an impairment loss to be recognized (if applicable). The Company performs an annual impairment test of its indefinite-lived intangible assets as of July 1 of each fiscal year, unless events occur which trigger the need for an earlier impairment test. The Company has the option to perform a qualitative assessment to determine if an impairment is more likely than not to have occurred. In the qualitative assessment, the Company must evaluate the totality of qualitative factors, including any recent fair value measurements, that impact whether an indefinite-lived intangible asset other than goodwill has a carrying amount that more likely than not exceeds its fair value. The Company must proceed to conduct a quantitative analysis if the Company (i) determines that such an impairment is more likely than not to exist or (ii) forgoes the qualitative assessment entirely. The impairment tests require management to make assumptions about future conditions impacting the value of the indefinite-lived intangible assets, including projected growth rates, cost of capital, effective tax rates, tax amortization periods, royalty rates, market share and others. Valuation of Long-Lived Assets The Company periodically reviews the carrying value of its long-lived assets, including finite-lived intangibles, property, plant and equipment and amortizable intangible assets, whenever events or changes in circumstances indicate that the carrying value may not be recoverable or that the lives assigned may no longer be appropriate. To the extent the estimated future cash inflows attributable to the asset, less estimated future cash outflows, are less than the carrying amount, an impairment loss is recognized in an amount equal to the difference between the carrying value of such asset and its fair value. Assets to be disposed of and for which there is a committed plan to dispose of the assets, whether through sale or abandonment, are reported at the lower of carrying value or fair value less costs to sell. If it is determined that events and circumstances warrant a revision to the remaining period of amortization, an asset’s remaining useful life would be changed, and the remaining carrying amount of the asset would be amortized prospectively over that revised remaining useful life. Foreign Currency Translation The financial position and operating results of substantially all foreign operations are consolidated using the local currency as the functional currency. Local currency assets and liabilities are translated at the rates of exchange on the balance sheet date, and local currency revenues and expenses are translated at average rates of exchange during the period. Resulting translation gains or losses are included in the accompanying consolidated statements of equity (deficit) as a component of accumulated other comprehensive loss. Revenues Recorded Music As required by FASB ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”), the Company recognizes revenue when, or as, control of the promised services or goods is transferred to our customers and in an amount that reflects the consideration the Company is contractually due in exchange for those services or goods. The Company’s revenue recognition process involves several applications that are responsible for the initiation and processing of transactions in order to recognize revenue in accordance with the Company’s policy and ASC 606. Revenues from the sale or license of Recorded Music products through digital distribution channels are typically recognized when sale or usage occurs based on usage reports received from the customer. These licenses typically contain a single performance obligation, which is ongoing access to all intellectual property in an evolving content library, predicated on: (1) the business practice and contractual ability to remove specific content without a requirement to replace the content and without impact to minimum royalty guarantees and (2) the contracts not containing a specific listing of content subject to the license. For certain licenses where the consideration is fixed and the intellectual property being licensed is static, revenue is recognized at the point in time when control of the licensed content is transferred to the customer. Certain contracts contain minimum guarantees, which are recoupable against royalties. Upon contract inception, the Company will assess whether a shortfall or breakage is expected (i.e., where the minimum guarantee will not be recouped through royalties) in order to determine timing of revenue recognition for the minimum guarantee. For fixed fee contracts and minimum guarantee contracts where breakage is expected, the total transaction price (fixed fee or minimum guarantee) is recognized using an appropriate measure of progress over the contractual term. The Company updates its assessment of the transaction price each reporting period to see if anticipated royalty earnings exceed the minimum guarantee. For contracts where breakage is not expected, royalties are recognized as revenue as sales or usage occurs based upon the licensee’s usage reports and, when these reports are not available, revenue is based on historical data, industry information and other relevant trends. Music Publishing Music Publishing revenues are earned from the receipt of royalties relating to the licensing of rights in musical compositions and the sale of published sheet music and songbooks. The receipt of royalties principally relates to amounts earned from the public performance of musical compositions, the mechanical reproduction of musical compositions on recorded media, including digital formats and the use of musical compositions in synchronization with visual images. Music publishing royalties, except for synchronization royalties, generally are recognized when the sale or usage occurs. The most common form of consideration for publishing contracts is sales- and usage-based royalties. The collecting societies submit usage reports, typically with payment for royalties due, often on a quarterly or biannual reporting period, in arrears. Royalties are recognized as the sale or usage occurs based upon usage reports and, when these reports are not available, royalties are estimated based on historical data, such as recent royalties reported, company-specific information with respect to changes in repertoire, industry information and other relevant trends. Synchronization revenue is typically recognized as revenue when control of the license is transferred to the customer in accordance with ASC 606. See also Note 4, Revenue Recognition. Royalty Costs and Royalty Advances The Company incurs royalty costs that are payable to our recording artists and songwriters generated from the sale or license of our Recorded Music catalog and Music Publishing copyrights. Royalties are calculated using negotiated rates in accordance with recording artist and songwriter contracts. Calculations are based on revenue earned or usage measures or a combination of these. There are instances where such data is not available to be processed and royalty cost calculations may be complex or involve judgments about significant volumes of data to be processed. In many instances, the Company commits to pay our recording artists and songwriters royalties in advance of future sales. The Company accounts for these advances under the related guidance in FASB ASC Topic 928, Entertainment—Music (“ASC 928”). Under ASC 928, the Company capitalizes as assets certain advances that it believes are recoverable from future royalties to be earned by the recording artist or songwriter. Recoverability is assessed upon initial commitment of the advance based upon the Company’s forecast of anticipated revenue from the sale of future and existing albums or musical compositions. In determining whether the advance is recoverable, the Company evaluates the current and past popularity of the recording artist or songwriter, the sales history of the recording artist or songwriter, the initial or expected commercial acceptability of the product, the current and past popularity of the genre of music that the product is designed to appeal to, and other relevant factors. Advances vary in both amount and expected life based on the underlying recording artist or songwriter. To the extent that a portion of an outstanding advance is no longer deemed recoverable, that amount will be expensed in the period the determination is made. Advertising As required by the FASB ASC Subtopic 720-35, Advertising Costs (“ASC 720-35”), advertising costs are expensed as incurred. Advertising expense amounted to approximately $149 million, $115 million and $108 million for the fiscal years ended September 30, 2021, September 30, 2020 and September 30, 2019, respectively. Deferred advertising costs, which principally relate to advertisements that have been paid for but not been exhibited or services that have not been received, were not material for all periods presented. Stock-Based Compensation The Company accounts for stock-based payments in accordance with ASC 718, Compensation—Stock Compensation (“ASC 718”). Stock-based compensation consists primarily of restricted stock units (“RSUs”) granted to eligible employees and executives under the Omnibus Incentive Plan. The Company measures compensation expense for RSUs based on the fair value of the award on the date of grant. The grant date fair value is based on the closing market price of the Company’s Class A Common Stock on the date of grant. The Company accounts for forfeitures as they occur. Stock-based compensation is recognized on a straight-line basis over the requisite service period, which is generally four years except for certain one-year awards issued in connection with the IPO. The Company also grants unvested restricted stock to the Company’s directors. The Company recognizes stock-based compensation expense equal to the grant date fair value of the restricted stock, based on the closing stock price on grant date, on a straight-line basis over the requisite service period of the awards, which is generally one year. The Company also recognizes stock-based compensation under the Second Amended and Restated Warner Music Group Corp. Senior Management Free Cash Flow Plan (the “Plan”). The awards outstanding under the Plan are equity-classified. Prior to the Company’s IPO in June 2020, these awards were liability-classified under the recognition provision of ASC 718 and were re-measured at each reporting date until settlement. Under the provision of ASC 718, the Company determined the Plan was modified as of June 3, 2020, and as such, converted the awards from liability-classified to equity-classified. Prior to conversion, the Company performed a final measurement of its stock-based compensation liability under the fair value method. Subsequent to the amendment, the awards issued under the Plan will no longer be adjusted for changes in the value of the Company’s common stock. Upon modification of the Plan, the Company reclassified a $769 million stock-based compensation liability to additional paid-in capital, which included $57 million associated with the awards settled through the IPO tag-along right on June 5, 2020. In addition, the Company recognized approximately $11 million of stock-based compensation expense under the Plan for the period of June 3, 2020 through September 30, 2020 for the unvested share awards that were granted prior to the IPO, which is included in additional paid-in capital. The Company will continue to incur non-cash stock-based compensation expense for awards that were unvested as of the modification date of the Plan. Income Taxes Income taxes are provided using the asset and liability method presented by FASB ASC Topic 740, Income Taxes (“ASC 740”). Under this method, income taxes (i.e., deferred tax assets, deferred tax liabilities, taxes currently payable/refunds receivable and tax expense) are recorded based on amounts refundable or payable in the current fiscal year and include the results of any differences between U.S. GAAP and tax reporting. Deferred income taxes reflect the tax effect of net operating loss, capital loss and general business credit carryforwards and the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial statements and income tax purposes, as determined under enacted tax laws and rates. Valuation allowances are established when management determines that it is more likely than not that some portion or the entire deferred tax asset will not be realized. The financial effect of changes in tax laws or rates is accounted for in the period of enactment. On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (the “Tax Act”). In accordance with ASC 740, the Company recorded the impacts in the period of enactment. From time to time, the Company engages in transactions in which the tax consequences may be subject to uncertainty. Significant judgment is required in assessing and estimating the tax consequences of these transactions. The Company prepares and files tax returns based on its interpretation of tax laws and regulations. In the normal course of business, the Company’s tax returns are subject to examination by various taxing authorities. Such examinations may result in future tax and interest assessments by these taxing authorities. In determining the Company’s tax provision for financial reporting purposes, the Company establishes a reserve for uncertain tax positions, unless such positions are determined to be more likely than not of being sustained upon examination based on their technical merits. There is considerable judgment involved in determining whether positions taken on the Company’s tax returns are more likely than not of being sustained. New Accounting Pronouncements Recently Adopted Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses: Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). ASU 2016-13 requires that expected credit losses relating to financial assets measured on an amortized cost basis and available-for-sale debt securities be recorded through an allowance for credit losses. ASU 2016-13 limits the amount of credit losses to be recognized for available-for-sale debt securities to the amount by which carrying value exceeds fair value and also requires the reversal of previously recognized credit losses if fair value increases. The Company adopted ASU 2016-13 in the first quarter of fiscal 2021 and this adoption did not have a material impact on the Company’s consolidated financial statements. Accounting Pronouncements Not Yet Adopted In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes (“ASU 2019-12”). This ASU eliminates certain exceptions to the general principles in ASC 740, Income Taxes. Specifically, it eliminates the exception to (1) the incremental approach for intraperiod tax allocation when there is a loss from continuing operations, and income or a gain from other items; (2) the requirement to recognize a deferred tax liability for equity method investments when a foreign subsidiary becomes an equity method investment; (3) the ability not to recognize a deferred tax liability for a foreign subsidiary when a foreign equity method investment becomes a subsidiary; and (4) the general methodology for calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year. ASU 2019-12 also simplifies U.S. GAAP by making other changes. ASU 2019-12 will be effective for the annual periods beginning after December 15, 2020, and for interim periods beginning after December 15, 2021. Earlier adoption is permitted. The Company will adopt ASU 2019-12 beginning October 1, 2021 and this adoption is not expected to have a material impact on the Company’s financial statements. In August 2020, the FASB issued ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity's Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”). This ASU simplifies the accounting for convertible instruments by eliminating the cash conversion and beneficial conversion feature models used to separately account for embedded conversion features as a component of equity. Instead, the entity will account for the convertible debt or convertible preferred stock securities as a single unit of account, unless the conversion feature requires bifurcation and recognition as derivatives. Additionally, the guidance requires entities to use the if-converted method for all convertible instruments in the diluted earnings per share calculation and include the effect of potential share settlement for instruments that may be settled in cash or shares. ASU 2020-06 will be effective for the interim and annual periods beginning after December 15, 2021. Earlier adoption is permitted for periods beginning after December 15, 2020. The Company will adopt ASU 2020-06 beginning October 1, 2021, and is evaluating the impact of the adoption of this standard on its financial statements.

Earnings per Share

12 Months Ended

Sep. 30, 2021

Earnings Per Share [Abstract]

Earnings per Share

The Company utilizes the two-class method to report earnings per share. Basic earnings per share is computed by dividing net income available to each class of stock by the weighted average number of outstanding common shares for each class of stock. Diluted earnings per share is computed by dividing net income available to each class of stock by the weighted average number of outstanding common shares, plus dilutive potential common shares, which is calculated using the treasury-stock method. Under the treasury-stock method, potential common shares are excluded from the computation of EPS in periods in which they have an anti-dilutive effect. For the fiscal year ended September 30, 2020, the potentially dilutive common shares were excluded from the Class A Common Stock diluted loss per share calculation since their effects would have been anti-dilutive due to the net loss attributable to Class A Common Stock for the period. The potentially dilutive common shares did not have a dilutive effect on the Company’s EPS calculation for the fiscal year ended September 30, 2021. The Company did not have any dilutive securities for the fiscal year ended September 30, 2019.

In computing earnings per share subsequent to the completion of our IPO, the Company allocates dividends declared to Class A Common Stock and Class B Common Stock based on timing and amounts actually declared for each class of stock and the undistributed earnings are allocated to Class A Common Stock and Class B Common Stock pro rata on a basic weighted average shares outstanding basis since the two classes of stock participate equally on a per share basis upon liquidation. Prior to the completion of the IPO in fiscal 2020, the Company declared dividends totaling $75 million which were allocated solely to Class B Common Stock as there was no outstanding Class A Common Stock at the time these dividends were declared. While Class A and Class B Common Stock have the same dividend rights, the allocation of all dividends declared prior to the IPO to Class B Common Stock resulted in a different loss per share for the two classes of common stock for the fiscal year ended September 30, 2020.

Subsequent to the completion of the IPO, and modification of our stock-based compensation awards as described in Note 12, the Class B Common Stock issued to Management LLC for the exercise of the vested deferred equity units is included in the basic weighted average number of outstanding shares of Class B Common Stock. Upon issuance to the participants in the Plan, the Class B Common Stock will be converted into Class A Common Stock and included in the basic weighted average number of outstanding

shares of Class A Common Stock. Since the shares expected to satisfy the vested portion of the deferred equity units are already included in the basic weighted average number of outstanding common shares, there is no potential dilutive effect associated with the vested portion of these stock-based compensation awards.

The following table sets forth the calculation of basic and diluted net income (loss) per common share under the two-class method (in millions, except share and per share data):


	Fiscal Year Ended September 30,
	2021				2020				2019
	Class A		Class B		Class A		Class B		Class A		Class B
Basic and Diluted EPS:
Numerator
Net income (loss) attributable to Warner Music Group Corp.	$	68	$	236	$	(21)	$	(454)	$	—	$	256
Less: Net income attributable to participating securities	(4)		—		(1)		—		—		—
Net income (loss) attributable to common stockholders	$	64	$	236	$	(22)	$	(454)	$	—	$	256
Denominator
Weighted average shares outstanding	110,560,517		402,911,743		26,897,115		477,624,846		0		501,991,944
Basic and Diluted EPS	$	0.58	$	0.58	$	(0.82)	$	(0.95)	$	—	$	0.51

Revenue Recognition

12 Months Ended

Sep. 30, 2021

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Revenue RecognitionFor our operating segments, Recorded Music and Music Publishing, the Company accounts for a contract when it has legally enforceable rights and obligations and collectability of consideration is probable. The Company identifies the performance obligations and determines the transaction price associated with the contract, which is then allocated to each performance obligation, using management’s best estimate of standalone selling price for arrangements with multiple performance obligations. Revenue is recognized when, or as, control of the promised services or goods is transferred to the Company’s customers, and in an amount that reflects the consideration the Company is contractually due in exchange for those services or goods. An estimate of variable consideration is included in the transaction price if, in the Company’s judgment, it is probable that a significant future reversal of cumulative revenue under the contract will not occur. Certain of the Company’s arrangements include licenses of intellectual property with consideration in the form of sales- and usage-based royalties. Royalty revenue is recognized when the subsequent sale or usage occurs using the best estimates available of the amounts that will be received by the Company.

Disaggregation of Revenue

The Company’s revenue consists of the following categories, which aggregate into the segments – Recorded Music and Music Publishing:


	Fiscal Year Ended September 30,
	2021		2020		2019
	(in millions)
Revenue by Type
Digital	$	3,105	$	2,568	$	2,343
Physical	549		434		559
Total Physical and Digital	3,654		3,002		2,902
Artist services and expanded-rights	599		525		629
Licensing	291		283		309
Total Recorded Music	4,544		3,810		3,840
Performance	122		142		183
Digital	436		337		271
Mechanical	49		48		55
Synchronization	144		119		120
Other	10		11		14
Total Music Publishing	761		657		643
Intersegment eliminations	(4)		(4)		(8)
Total Revenues	$	5,301	$	4,463	$	4,475
Revenue by Geographical Location
U.S. Recorded Music	$	1,985	$	1,609	$	1,656
U.S. Music Publishing	378		325		300
Total U.S.	2,363		1,934		1,956
International Recorded Music	2,559		2,201		2,184
International Music Publishing	383		332		343
Total International	2,942		2,533		2,527
Intersegment eliminations	(4)		(4)		(8)
Total Revenues	$	5,301	$	4,463	$	4,475

Recorded Music

Recorded Music mainly involves selling, marketing, distribution and licensing of recorded music produced by the Company’s recording artists. Recorded Music revenues are derived from four main sources, which include digital, physical, artist services and expanded-rights and licensing.

Digital revenues are generated from the expanded universe of digital partners, including digital streaming services and download services. These licenses typically contain a single performance obligation, which is ongoing access to all intellectual property in an evolving content library, predicated on: (1) the business practice and contractual ability to remove specific content without a requirement to replace the content and without impact to minimum royalty guarantees and (2) the contracts not containing a specific listing of content subject to the license. Digital licensing contracts are generally long-term with consideration in the form of sales- and usage-based royalties that are typically received monthly. Certain contracts contain minimum guarantees, which are recoupable against royalties. Upon contract inception, the Company will assess whether a shortfall or breakage is expected (i.e., where the minimum guarantee will not be recouped through royalties) in order to determine timing of revenue recognition for the minimum guarantee.

For fixed fee contracts and minimum guarantee contracts where breakage is expected, the total transaction price (fixed fee or minimum guarantee) is recognized proportionately over the contract term using an appropriate measure of progress which is based on the Company’s digital partner’s subscribers or streaming activity as these are measures of access to an evolving catalog, or on a straight-line basis. The Company updates its assessment of the transaction price each reporting period to see if anticipated royalty earnings exceed the minimum guarantee. For contracts where breakage is not expected, royalties are recognized as revenue as sales or usage occurs based upon the licensee’s usage reports and, when these reports are not available, revenue is based on historical data, industry information and other relevant trends.

Additionally, for certain licenses where the consideration is fixed and the intellectual property being licensed is static, revenue is recognized at the point in time when control of the licensed content is transferred to the customer.

Physical revenues are generated from the sale of physical products such as vinyl, CDs and DVDs. Revenues from the sale of physical Recorded Music products are recognized upon transfer of control to the customer, which typically occurs once the product has been shipped and the ability to direct use and obtain substantially all of the benefit from the asset have been transferred. In accordance with industry practice and as is customary in many territories, certain products, such as vinyl, CDs and DVDs, are sold to customers with the right to return unsold items. Revenues from such sales are generally recognized upon shipment based on gross sales less a provision for future estimated returns.

Artist services and expanded-rights revenues are generated from artist services businesses and participation in expanded-rights associated with artists, including advertising, merchandising including direct-to-consumer sales, touring, concert promotion, ticketing, sponsorship, fan clubs, artist websites, social publishing, and artist and brand management. Artist services and expanded-rights contracts are generally short term. Revenue is recognized as or when services are provided (e.g., at time of an artist’s event) assuming collectability is probable. In some cases, the Company is reliant on the artist to report revenue generating activities. For certain artist services and expanded-rights contracts, collectability is not considered probable until notification is received from the artist’s management. Revenues from the sale of products sold through our e-commerce websites are recognized when control of the goods is transferred to the customer, which is upon receipt of finished goods by the customer.

Licensing revenues represent royalties or fees for the right to use sound recordings in combination with visual images such as in films or television programs, television commercials and video games. In certain territories, the Company may also receive royalties when sound recordings are performed publicly through broadcast of music on television, radio and cable and in public spaces such as shops, workplaces, restaurants, bars and clubs. Licensing contracts are generally short term. For fixed-fee contracts, revenue is recognized at the point in time when control of the licensed content is transferred to the customer. Royalty based contracts are recognized as the underlying sales or usage occurs.

Music Publishing

Music Publishing acts as a copyright owner and/or administrator of the musical compositions and generates revenues related to the exploitation of musical compositions (as opposed to recorded music). Music publishers generally receive royalties from the use of the musical compositions in public performances, digital and physical recordings and in combination with visual images. Music publishing revenues are derived from five main sources: mechanical, performance, synchronization, digital and other.

Digital revenues are generated with respect to the musical compositions being embodied in recordings licensed to digital streaming services and digital download services and for digital performance. Performance revenues are received when the musical composition is performed publicly through broadcast of music on television, radio and cable and in retail locations (e.g. bars and restaurants), live performance at a concert or other venue (e.g., arena concerts and nightclubs) and performance of musical compositions in staged theatrical productions. Mechanical revenues are generated with respect to the musical compositions embodied in recordings sold in any physical format or configuration such as vinyl, CDs and DVDs. Synchronization revenues represent the right to use the composition in combination with visual images such as in films or television programs, television commercials and video games as well as from other uses such as in toys or novelty items and merchandise. Other revenues represent earnings for use in printed sheet music and other uses. Digital and synchronization revenue recognition is similar for both Recorded Music and Music Publishing, therefore refer to the discussion within Recorded Music.

Included in these revenue streams, excluding synchronization and other, are licenses with performing rights organizations or collecting societies (e.g., ASCAP, BMI, SESAC and GEMA), which are long-term contracts containing a single performance obligation, which is ongoing access to all intellectual property in an evolving content library. The most common form of consideration for these contracts is sales- and usage-based royalties. The collecting societies submit usage reports, typically with payment for royalties due, often on a quarterly or biannual reporting period, in arrears. Royalties are recognized as the sale or usage occurs based upon usage reports and, when these reports are not available, royalties are estimated based on historical data, such as recent royalties reported, company-specific information with respect to changes in repertoire, industry information and other relevant trends. Also included in these revenue streams are smaller, short-term contracts for specified content, which generally involve a fixed fee. For fixed-fee contracts, revenue is recognized at the point in time when control of the license is transferred to the customer.

The Company excludes from the measurement of transaction price all taxes assessed by governmental authorities that are both (i) imposed on and concurrent with a specific revenue-producing transaction and (ii) collected from customers.

Sales Returns and Uncollectible Accounts

In accordance with practice in the recorded music industry and as customary in many territories, certain physical revenue products (such as vinyl, CDs and DVDs) are sold to customers with the right to return unsold items. Revenues from such sales are recognized when the products are shipped based on gross sales less a provision for future estimated returns.

In determining the estimate of physical product sales that will be returned, management analyzes vendor sales of product, historical return trends, current economic conditions, changes in customer demand and commercial acceptance of the Company’s products. Based on this information, management reserves a percentage of each dollar of physical product sales that provide the customer with the right of return and records an asset for the value of the returned goods and liability for the amounts expected to be refunded.

Similarly, management evaluates accounts receivables to determine if they will ultimately be collected. In performing this evaluation, significant judgments and estimates are involved, including an analysis of specific risks on a customer-by-customer basis for larger accounts and customers and a receivables aging analysis that determines the percent that has historically been uncollected by aged category, in addition to other factors to estimate an allowance for credit losses. The time between the Company’s issuance of an invoice and payment due date is not significant; customer payments that are not collected in advance of the transfer of promised services or goods are generally due no later than 30 days from invoice date. Based on this information, management provides a reserve for estimated credit losses.

Based on management’s analysis of sales returns, refund liabilities of $23 million and $24 million were established at September 30, 2021 and September 30, 2020, respectively.

Based on management’s analysis of estimated credit losses, reserves of $20 million and $23 million were established at September 30, 2021 and September 30, 2020, respectively.

Principal versus Agent Revenue Recognition

The Company reports revenue on a gross or net basis based on management’s assessment of whether the Company acts as a principal or agent in the transaction. The determination of whether the Company acts as a principal or an agent in a transaction is based on an evaluation of whether the Company controls the good or service before transfer to the customer. When the Company concludes that it controls the good or service before transfer to the customer, the Company is considered a principal in the transaction and records revenue on a gross basis. When the Company concludes that it does not control the good or service before transfer to the customer but arranges for another entity to provide the good or service, the Company acts as an agent and records revenue on a net basis in the amount it earns for its agency service.

In the normal course of business, the Company distributes music content on behalf of third-party record labels. Based on the above guidance, the Company records the distribution of content of third-party record labels on a gross basis, subject to the terms of the contract, as the Company controls the content before transfer to the customer. Conversely, recorded music distributed by other record companies where the Company has a right to participate in the profits are recorded on a net basis.

Deferred Revenue

Deferred revenue principally relates to fixed fees and minimum guarantees received in advance of the Company’s performance or usage by the licensee. Reductions in deferred revenue are a result of the Company’s performance under the contract or usage by the licensee.

Deferred revenue increased by $585 million during the fiscal year ended September 30, 2021 and $527 million during the fiscal year ended September 30, 2020 related to cash received from customers for fixed fees and minimum guarantees in advance of performance, including amounts recognized in the period. Revenue recognized during the fiscal years ended September 30, 2021 and 2020 which was included in the deferred revenue balance at the beginning of each respective period was $232 million and $157 million. There were no other significant changes to deferred revenue during the reporting period.

Performance Obligations

For the fiscal years ended September 30, 2021, 2020 and 2019, the Company recognized revenue of $64 million, $42 million and $51 million from performance obligations satisfied in previous periods.

Wholly and partially unsatisfied performance obligations represent future revenues not yet recorded under long-term intellectual property licensing contracts containing fixed fees, advances and minimum guarantees. Revenues expected to be recognized in the future related to performance obligations that are unsatisfied at September 30, 2021 are as follows:


	FY22		FY23		FY24		Thereafter		Total
	(in millions)
Remaining performance obligations	$	483	$	306	$	120	$	1	$	910
Total	$	483	$	306	$	120	$	1	$	910

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
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+ Details

Comprehensive Income (Loss)

12 Months Ended

Sep. 30, 2021

Equity [Abstract]

Comprehensive Income (Loss)

Comprehensive income (loss), which is reported in the accompanying consolidated statements of equity (deficit), consists of net income and other gains and losses affecting equity that, under U.S. GAAP, are excluded from net income. For the Company, the components of other comprehensive income (loss) primarily consist of foreign currency translation gains and losses, minimum pension liabilities, and deferred gains and losses on financial instruments designated as hedges under ASC 815, Derivatives and Hedging, which include foreign exchange contracts. The following summary sets forth the changes in the components of accumulated other comprehensive loss, net of related tax expense of approximately $4 million:


	Foreign Currency Translation Loss (a)		Minimum Pension Liability Adjustment		Deferred Gains (Losses) On Derivative Financial Instruments		Accumulated Other Comprehensive Loss, net
	(in millions)
Balances at September 30, 2018	$	(184)	$	(9)	$	3	$	(190)
Other comprehensive loss	(34)		(5)		(11)		(50)
Balances at September 30, 2019	$	(218)	$	(14)	$	(8)	$	(240)
Other comprehensive income	37		2		(21)		18
Balances at September 30, 2020	$	(181)	$	(12)	$	(29)	$	(222)
Other comprehensive income	7		1		12		20
Balances at September 30, 2021	$	(174)	$	(11)	$	(17)	$	(202)

______________________________________

(a)Includes historical foreign currency translation related to certain intra-entity transactions.

Property, Plant and Equipment

12 Months Ended

Sep. 30, 2021

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Property, plant and equipment consist of the following:


	September 30, 2021		September 30, 2020
	(in millions)
Land	$	12	$	12
Buildings and improvements	185		179
Furniture and fixtures	36		31
Computer hardware and software	427		371
Construction in progress	93		64
Machinery and equipment	30		29
Gross Property, Plant and Equipment	$	783	$	686
Less: Accumulated depreciation	(419)		(355)
Net Property, Plant and Equipment	$	364	$	331

Leases

12 Months Ended

Sep. 30, 2021

Leases [Abstract]

Leases

The Company’s lease portfolio consists operating real estate leases for its corporate offices and, to a lesser extent, storage and other equipment. The Company adopted FASB ASC Topic 842, Leases (“ASC 842”), on October 1, 2019 using the modified retrospective transition method. Under ASC 842, a contract is or contains a lease when (1) an explicitly or implicitly identified asset has been deployed in the contract and (2) the customer obtains substantially all of the economic benefits from the use of that underlying asset and directs how and for what purpose the asset is used during the term of the contract. The Company determines if an arrangement is or contains a lease at inception of the contract. For all leases (finance and operating), other than those that qualify for the short-term recognition exemption, the Company will recognize on the balance sheet a lease liability for its obligation to make lease payments arising from the lease and a corresponding ROU asset representing its right to use the underlying asset over the period of use based on the present value of lease payments over the lease term as of the lease commencement date. ROU assets are adjusted for initial direct costs, lease payments made and incentives. As the rates implicit in our leases are not readily determinable, the Company uses its incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments. This rate is based on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments. The lease term used to calculate the lease liability will include options to extend or terminate the lease when the option to extend or terminate is at the Company’s discretion and it is reasonably certain that the Company will exercise the option. Fixed payments are recognized as lease expense on a straight-line basis over the lease term. For leases with a term of one year or less (“short-term leases”), the lease payments are recognized in the consolidated statements of operations on a straight-line basis over the lease term.

ASC 842 requires that only limited types of variable payments be included in the determination of lease payments, which affects lease classification and measurement. Variable lease costs, if any, are recognized as incurred and such costs are excluded from lease balances recorded on the consolidated balance sheet. The initial measurement of the lease liability and ROU asset are determined based on fixed lease payments. Lease payments that depend on an index or a rate (such as the Consumer Price Index or a market interest rate) are variable and are recognized in the period in which the payments are incurred.

The Company’s operating ROU assets are included in operating lease right-of-use assets and the Company’s current and non-current operating lease liabilities are included in operating lease liabilities, current and operating lease liabilities, noncurrent, respectively, in the Company’s balance sheet.

Operating lease liabilities are amortized using the effective interest method. That is, in each period, the liability will be increased to reflect the interest that is accrued on the related liability by using the appropriate discount rate and decreased by the lease payments made during the period. The subsequent measurement of the ROU asset is linked to the amount recognized as the lease liability. Accordingly, the ROU asset is measured as the lease liability adjusted by (1) accrued or prepaid rents (i.e., the aggregate difference between the cash payment and straight-line lease cost), (2) remaining unamortized initial direct costs and lease incentives, and (3) impairments of the ROU asset. Operating lease costs are included in Selling, general and administrative expenses.

For lease agreements that contain both lease and non-lease components, the Company has elected the practical expedient provided by ASC 842 that permits the accounting for these components as a single lease component (rather than separating the lease from the non-lease components and accounting for the components individually).

The Company enters into operating leases for buildings, office equipment, production equipment, warehouses, and other types of equipment. Our leases have remaining lease terms of 1 year to 21 years, some of which include options to extend the leases for up to 10 years, and some of which include options to terminate the leases within 1 year.

Among the Company’s operating leases are its leases for the Ford Factory Building, located at 777 S. Santa Fe Avenue in Los Angeles, California, and for 27 Wrights Lane, Kensington, London. The landlord for both leases is an affiliate of Access. As of September 30, 2021, the aggregate lease liability related to these leases was $125 million. See also Note 13, Related Party Transactions.

There are no restrictions or covenants, such as those relating to dividends or incurring additional financial obligations, relating to our lease portfolio, and residual value guarantees are not significant.

The components of lease expense were as follows:


	Fiscal Year Ended September 30,
	2021		2020
	(in millions)
Lease Cost
Operating lease cost	$	55	$	53
Short-term lease cost	2		1
Variable lease cost	11		8

Total lease cost	$	68	$	62

The Company incurred and recorded other occupancy expenses of $16 million and $18 million for the fiscal years ended September 30, 2021 and 2020, respectively.

Supplemental cash flow information related to leases was as follows:


	Fiscal Year Ended September 30,
	2021		2020
	(in millions)
Cash paid for amounts included in the measurement of operating lease liabilities	$	59	$	55
Right-of-use assets obtained in exchange for operating lease obligations	25		14

Supplemental balance sheet information related to leases was as follows:


	September 30, 2021			September 30, 2020
	(in millions)
Operating Leases
Operating lease right-of-use assets	$	268		$	273

Operating lease liabilities, current	$	43		$	39
Operating lease liabilities, noncurrent	287			299
Total operating lease liabilities	$	330		$	338

Weighted Average Remaining Lease Term
Operating leases	8 years			8 years
Weighted Average Discount Rate
Operating leases	4.69		%	4.58		%

Maturities of lease liabilities were as follows:


Fiscal Year Ended September 30,	Operating Leases
	(in millions)
2022	$	57
2023	56
2024	52
2025	50
2026	44
Thereafter	136
Total lease payments	395
Less: Imputed interest	(65)
Total	$	330

As of September 30, 2021, there have been no leases entered into that have not yet commenced.

Goodwill and Intangible Assets

12 Months Ended

Sep. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill

The following analysis details the changes in goodwill for each reportable segment:


	Recorded Music		Music Publishing		Total
	(in millions)
Balances at September 30, 2019	$	1,297	$	464	$	1,761
Acquisitions	47		—		47
Other adjustments	23		—		23
Balances at September 30, 2020	$	1,367	$	464	$	1,831
Acquisitions	(7)		—		(7)
Other adjustments	6		—		6
Balances at September 30, 2021	$	1,366	$	464	$	1,830

The decrease in goodwill during the fiscal year ended September 30, 2021 includes purchase price allocations for acquisitions closed during the fiscal year ended September 30, 2021 offset by measurement period adjustments for acquisitions which closed during the fiscal year ended September 30, 2020. The increase in goodwill during the fiscal year ended September 30, 2020 primarily relates to an acquisition in August 2020, which resulted in goodwill of $47 million. The other adjustments during both the fiscal years ended September 30, 2021 and September 30, 2020 primarily represent foreign currency movements.

The Company performs its annual goodwill impairment test in accordance with ASC 350 during the fourth quarter of each fiscal year as of July 1. The Company may conduct an earlier review if events or circumstances occur that would suggest the carrying value of the Company’s goodwill may not be recoverable. The performance of the annual fiscal 2021 impairment analysis did not result in an impairment of the Company’s goodwill.

Intangible Assets

Intangible assets consist of the following:


	Weighted-Average Useful Life	September 30, 2021		September 30, 2020
		(in millions)
Intangible assets subject to amortization:
Recorded music catalog	12 years	$	1,206	$	876
Music publishing copyrights	26 years	1,730		1,597
Artist and songwriter contracts	13 years	997		862
Trademarks	15 years	96		81
Other intangible assets	6 years	96		84
Total gross intangible assets subject to amortization		4,125		3,500
Accumulated amortization		(2,108)		(1,847)
Total net intangible assets subject to amortization		2,017		1,653
Intangible assets not subject to amortization:
Trademarks and tradenames	Indefinite	154		154
Total net intangible assets		$	2,171	$	1,807

The increase in intangible assets during the fiscal year ended September 30, 2021 primarily relates to certain acquisition transactions of music-related assets within recorded music catalogs, music publishing copyrights, and artist and songwriter contracts for approximately $471 million.

The Company performs its annual indefinite-lived intangible assets impairment test in accordance with ASC 350 during the fourth quarter of each fiscal year as of July 1. The Company may conduct an earlier review if events or circumstances occur that would suggest the carrying value of the Company’s indefinite-lived intangible assets may not be recoverable. The performance of the annual fiscal 2021 impairment analysis did not result in an impairment of the Company’s indefinite-lived intangible assets.

Amortization

Based on the amount of intangible assets subject to amortization at September 30, 2021, the expected amortization for each of the next five fiscal years and thereafter are as follows:


Fiscal Year Ended September 30,	Amortization Expense
	(in millions)
2022	$	233
2023	202
2024	162
2025	156
2026	140
Thereafter	1,124
Total	$	2,017

The life of all acquired intangible assets is evaluated based on the expected future cash flows associated with the asset. The expected amortization expense above reflects estimated useful lives assigned to the Company’s identifiable, finite-lived intangible assets primarily established in the accounting for the Merger and the acquisition of PLG.

Debt

12 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

Debt

Debt Capitalization

Long-term debt, all of which was issued by Acquisition Corp., consists of the following:


	September 30, 2021		September 30, 2020
	(in millions)
Revolving Credit Facility (a)	$	—	$	—
Senior Term Loan Facility due 2028	1,145		820
3.625% Senior Secured Notes due 2026 (€445 face amount) (b)	—		518
2.750% Senior Secured Notes due 2028 (€325 face amount)	381		379
3.875% Senior Secured Notes due 2030	535		535
2.250% Senior Secured Notes due 2031 (€445 face amount)	522		—
3.000% Senior Secured Notes due 2031	800		550
5.500% Senior Notes due 2026 (b)	—		325
Total long-term debt, including the current portion	$	3,383	$	3,127
Issuance premium less unamortized discount and unamortized deferred financing costs	$	(37)	$	(23)
Total long-term debt, including the current portion, net	$	3,346	$	3,104

______________________________________

(a)Reflects $300 million of commitments under the Revolving Credit Facility, less letters of credit outstanding of approximately $7 million and $10 million at September 30, 2021 and September 30, 2020, respectively. There were no loans outstanding under the Revolving Credit Facility at September 30, 2021 or September 30, 2020.

(b)In April 2021 the 5.500% Senior Notes due 2026 were redeemed in full, and in August 2021 the 3.625% Senior Secured Notes due 2026 were redeemed in full.

The Company is the direct parent of Holdings, which is the direct parent of Acquisition Corp. As of September 30, 2021 Acquisition Corp. had issued and outstanding the 2.750% Senior Secured Notes due 2028, the 3.875% Senior Secured Notes due 2030, the 2.250% Senior Secured Notes due 2031 and the 3.000% Senior Secured Notes due 2031 (together, the “Acquisition Corp. Notes”).

All of the Acquisition Corp. Notes are guaranteed by all of Acquisition Corp.’s domestic wholly-owned subsidiaries. The guarantee of the Acquisition Corp. Notes by Acquisition Corp.’s domestic wholly-owned subsidiaries is full, unconditional and joint and several. The secured notes are guaranteed on a senior secured basis and the unsecured notes were guaranteed on an unsecured senior basis.

The Company and Holdings are holding companies that conduct substantially all of their business operations through Acquisition Corp. Accordingly, the ability of the Company and Holdings to obtain funds from their subsidiaries is restricted by the indentures for the Acquisition Corp. Notes, as well as the credit agreements for the Acquisition Corp. Senior Credit Facilities, including the Revolving Credit Facility and the Senior Term Loan Facility.

Fiscal 2021 Transactions

Additional 3.000% Senior Secured Notes

On November 2, 2020, Acquisition Corp. issued and sold $250 million of additional 3.000% Senior Secured Notes (the “Additional Notes”). Interest on the Additional Notes will accrue at the rate of 3.000% per annum and will be payable semi-annually in arrears on February 15 and August 15, commencing on February 15, 2021. The Additional Notes have identical terms as (other than the issue date and the issue price) and are fungible with, and treated as a single series of senior secured debt securities with, the 3.000% Senior Secured Notes issued on August 12, 2020 (the “Original Notes”).

Senior Term Loan Facility Amendment

On January 20, 2021, Acquisition Corp. entered into an amendment (the “Senior Term Loan Credit Agreement Amendment”) to the credit agreement, dated November 1, 2012 (as amended by the amendments dated as of May 9, 2013, July 13, 2016, November 21, 2016, May 22, 2017, December 6, 2017 and June 7, 2018), among Acquisition Corp., the guarantors party thereto, the lenders party thereto and Credit Suisse AG, as administrative agent, governing the Senior Term Loan Facility with Credit Suisse AG, as administrative agent, and the other financial institutions and lenders from time to time party thereto (the “Senior Term Loan Credit Agreement”). The Senior Term Loan Credit Agreement Amendment (among other changes) (i) extends the maturity date of its outstanding term loans from November 1, 2023 to January 20, 2028 and (ii) removes a number of negative covenants limiting the ability of Acquisition Corp. to take various actions. The remaining negative covenants are limited to restrictions on liens, restrictions on fundamental changes and change of control, and are in a form substantially similar to the negative covenants in the 2.750% Senior Secured Notes due 2028, 3.875% Senior Secured Notes due 2030, 3.000% Senior Secured Notes due 2031 and 2.250% Senior Secured Notes due 2031. The Company recorded approximately $3 million of expenses associated with fees paid to third parties in connection with this debt modification and capitalized approximately $1 million in fees paid to lenders.

Revolving Credit Agreement Amendment

On March 1, 2021, Acquisition Corp. entered into an amendment (the “Revolving Credit Agreement Amendment”) to the revolving credit agreement, dated January 31, 2018 (as amended by the amendments dated as of October 9, 2019 and April 3, 2020), among Acquisition Corp., the several banks and other financial institutions party thereto and Credit Suisse AG, as administrative agent, governing Acquisition Corp.’s revolving credit facility with Credit Suisse AG, as administrative agent, and the other financial institutions and lenders from time to time party thereto. The Revolving Credit Agreement Amendment (among other changes) adds certain exceptions and increases the leverage ratio below which Acquisition Corp. can access certain baskets in connection with Acquisition Corp.’s negative covenants, including those related to incurrence of indebtedness, restricted payments and covenant suspension.

Senior Term Loan Facility Increase Supplement and Redemption of 5.500% Senior Notes due 2026

On March 8, 2021, Acquisition Corp. entered into an Increase Supplement (the “Increase Supplement”), dated as of March 8, 2021, among Acquisition Corp., the guarantors party thereto, WMG Holdings Corp., Credit Suisse AG, Cayman Islands Branch, as increasing lender, and Credit Suisse AG, as administrative agent, to the Senior Term Loan Credit Agreement, whereby prior to April 22, 2021 and subject to the satisfaction of certain conditions, Acquisition Corp. may borrow additional term loans in an amount up to $325 million for an aggregate principal amount outstanding under the Senior Term Loan Credit Agreement of up to $1,145 million. The Increase Supplement was entered into to provide for the redemption of Acquisition Corp.’s 5.500% Senior Notes due 2026 (the “5.500% Senior Notes”).

On April 14, 2021, Acquisition Corp. borrowed additional term loans in an amount of $325 million under the Increase Supplement. Following such borrowing, there was an aggregate principal amount outstanding under the Senior Term Loan Credit Agreement of $1,145 million.

On April 15, 2021, Acquisition Corp. redeemed all of the outstanding 5.500% Senior Notes. The redemption price for the 5.500% Senior Notes was approximately $343 million, equivalent to 102.750% of the principal amount of the 5.500% Senior Notes, plus accrued but unpaid interest thereon to, but excluding, the redemption date, which was April 15, 2021. The Company recorded a loss on extinguishment of debt of approximately $12 million, which represents the premium paid on early redemption and unamortized deferred financing costs.

2.250% Senior Secured Notes Offering

On August 16, 2021, Acquisition Corp. issued and sold €445 million in aggregate principal amount of its 2.250% Senior Secured Notes due 2031 (the “2.250% Senior Secured Notes”). Net proceeds of the offering, together with available cash, were used to redeem in full all of the outstanding 3.625% Senior Secured Notes due 2026 (the “3.625% Senior Secured Notes”), as described below.

Interest on the Notes will accrue at the rate of 2.250% per annum and will be payable semi-annually in arrears on February 15 and August 15, commencing on February 15, 2022. The 2.250% Senior Secured Notes are fully and unconditionally guaranteed on a senior secured basis by each of the Issuer’s existing direct or indirect wholly-owned domestic restricted subsidiaries and by any such subsidiaries that guarantee obligations of the Issuer under the Credit Facilities, subject to customary exceptions. The indenture governing the 2.250% Senior Secured Notes contains covenants limiting, among other things, Acquisition Corp.’s ability and the ability of most of its subsidiaries to create liens and consolidate, merge, sell or otherwise dispose of all or substantially all of its assets.

Redemption of 3.625% Senior Secured Notes

On August 16, 2021, Acquisition Corp. redeemed in full all of the outstanding 3.625% Senior Secured Notes. The redemption price for the 3.625% Senior Secured Notes was approximately €463 million, equivalent to 102.280% of the principal amount of the 3.625% Senior Secured Notes, plus accrued but unpaid interest thereon to, but excluding, the redemption date, which was August 16, 2021. The Company recorded a loss on extinguishment of debt of approximately $10 million, which represents the premium paid on early redemption, unamortized deferred financing costs and unamortized premium.

Historical Transactions

Revolving Credit Agreement Amendment

On April 3, 2020, Acquisition Corp. entered into an amendment (the “Second Amendment”) to the Revolving Credit Agreement, dated January 31, 2018 (as amended by the amendment dated October 9, 2019), among Acquisition Corp., the several banks and other financial institutions party thereto and Credit Suisse AG, as administrative agent, governing Acquisition Corp.’s senior secured revolving credit facility (the “Revolving Credit Facility”) with Credit Suisse AG, as administrative agent, and the other financial institutions and lenders from time to time party thereto. The Second Amendment (among other changes) (i) increases the commitments under the Revolving Credit Facility from an aggregate principal amount of $180 million to an aggregate principal amount of $300 million, (ii) extends the final maturity date of the Revolving Credit Facility from January 31, 2023 to April 3, 2025, (iii) reduces the interest margin applicable to the loans upon achievement of certain leverage ratios based on a leverage-based pricing grid, (iv) reduces the commitment fee based on a leverage-based pricing grid and limits commitment fees to be paid only on unused amounts of commitments, (v) increases the maximum letter of credit exposure permitted under the Revolving Credit Facility from $50 million to $90 million, (vi) increases the springing financial maintenance covenant from a Senior Secured Indebtedness to EBITDA Ratio of 4.75:1.00 to a Senior Secured Indebtedness to EBITDA Ratio of 5.00:1.00 and provides that the covenant shall not be tested, unless at the end of a fiscal quarter the outstanding amount of loans and drawings under letters of credit which have not been reimbursed exceeds $105 million, (vii) adds covenant suspension upon achievement of an investment grade rating or a Total Indebtedness to EBITDA Ratio of 3.25:1.00, and (viii) adds certain exceptions and increases certain baskets in connection with Acquisition Corp.’s negative covenants, including those related to the incurrence of indebtedness, liens and restricted payments. The Company incurred approximately $1 million in financing fees associated with the Second Amendment which were capitalized and will be amortized over the amended term of the Revolving Credit Facility.

Redemption of 4.125% Senior Secured Notes and 4.875% Senior Secured Notes

On June 30, 2020, Acquisition Corp. redeemed in full all of the outstanding aggregate principal amount of the 4.125% Senior Secured Notes and 4.875% Senior Secured Notes, equal to €311 million aggregate principal amount of the 4.125% Senior Secured Notes and $220 million aggregate principal amount of the 4.875% Senior Secured Notes, using a portion of the proceeds from the

offering of 3.875% Senior Secured Notes and 2.750% Senior Secured Notes described below. The redemption price for the 4.125% Senior Secured Notes was approximately €322 million, equivalent to 103.094% of the principal amount of the 4.125% Senior Secured Notes, plus accrued but unpaid interest thereon to, but excluding, the redemption date, which was June 30, 2020. The redemption price for the 4.875% Senior Secured Notes was approximately $230 million, equivalent to 103.656% of the principal amount of the 4.875% Senior Secured Notes, plus accrued but unpaid interest thereon to, but excluding, the redemption date, which was June 30, 2020. The Company recorded a loss on extinguishment of debt of approximately $24 million for the fiscal year ended 2020 as a result of these redemptions, which represents the premium paid on early redemption and unamortized deferred financing costs.

Tender Offer and Redemption of 5.000% Senior Secured Notes

On June 16, 2020, Acquisition Corp. announced a cash tender offer to purchase any and all of the 5.000% Senior Secured Notes. On June 30, 2020, Acquisition Corp. announced that $244 million of the aggregate principal amount of $300 million outstanding had tendered and been accepted in the tender offer. Also on June 30, 2020, Acquisition Corp. issued a notice of redemption calling the remaining outstanding 5.000% Senior Secured Notes not tendered in the tender offer for redemption on August 1, 2020. An additional $295,000 tendered and was accepted in the tender offer on July 14, 2020 and Acquisition Corp. redeemed all 5.000% Senior Secured Notes that were not tendered and accepted for purchase in the tender offer and consent solicitation on August 1, 2020 at the then-applicable redemption price of 101.250%. The Company recorded a loss on extinguishment of debt of approximately $6 million for the fiscal year ended 2020 as a result of this tender offer and redemption, which represents the premium to tender and unamortized deferred financing costs.

3.875% Senior Secured Notes and 2.750% Senior Secured Notes Offerings

On June 29, 2020, Acquisition Corp. issued and sold $535 million in aggregate principal amount of 3.875% Senior Secured Notes due 2030 (the “3.875% Senior Secured Notes”) and €325 million in aggregate principal amount of 2.750% Senior Secured Notes due 2028 (the “2.750% Senior Secured Notes”). Net proceeds of the offerings were used to redeem €311 million of the 4.125% Senior Secured Notes and $220 million of the 4.875% Senior Secured Notes (as described above), constituting the redemption of all of the outstanding aggregate principal amount of the 4.125% Senior Secured Notes and the 4.875% Senior Secured Notes, and the remaining proceeds were used towards the tender offer for $300 million aggregate principal amount of 5.000% Senior Secured Notes, $244 million of which was tendered and accepted on June 29, 2020 and $295,000 of which was tendered and accepted on July 14, 2020. The remainder of the 5.000% Senior Secured Notes not tendered in the tender offer were redeemed on August 1, 2020 (as described above).

Interest on the 3.875% Senior Secured Notes will accrue at the rate of 3.875% per annum and will be payable semi-annually in arrears on January 15 and July 15, commencing on January 15, 2021. Interest on the 2.750% Senior Secured Notes will accrue at the rate of 2.750% per annum and will be payable semi-annually in arrears on January 15 and July 15, commencing on January 15, 2021.

The 3.875% Senior Secured Notes and the 2.750% Senior Secured Notes are fully and unconditionally guaranteed on a senior secured basis by each of Acquisition Corp.’s existing direct or indirect wholly-owned domestic restricted subsidiaries and by any such subsidiaries that guarantee obligations of Acquisition Corp. under its existing credit facilities, subject to customary exceptions.

The indentures governing the 3.875% Senior Secured Notes and the 2.750% Senior Secured Notes (collectively, the “Secured Notes Indenture”) do not contain many of the restrictive covenants, certain events of default and other related provisions contained in the indentures previously governing the 4.125% Senior Secured Notes and 4.875% Senior Secured Notes. The Secured Notes Indenture contains covenants limiting, among other things, Acquisition Corp.’s ability and the ability of most of its subsidiaries to create liens and consolidate, merge, sell or otherwise dispose of all or substantially all of its assets.

3.000% Senior Secured Notes Offering

On August 12, 2020, Acquisition Corp. issued and sold $550 million in aggregate principal amount of 3.000% Senior Secured Notes due 2031 (the “3.000% Senior Secured Notes”). Net proceeds of the offering were used to repay a portion of the Senior Term Loan Facility and to pay certain other related fees and expenses. Interest on the Notes will accrue at the rate of 3.000% per annum and will be payable semi-annually in arrears on February 15 and August 15, commencing on February 15, 2021. The Company recorded a loss on extinguishment of debt of approximately $4 million which represented unamortized discount and unamortized deferred financing cost associated with the portion of the term loan repaid.

Interest on the 3.000% Senior Secured Notes will accrue at the rate of 3.000% per annum and will be payable semi-annually in arrears on February 15 and August 15, commencing on February 15, 2021.

The 3.000% Senior Secured Notes are fully and unconditionally guaranteed on a senior secured basis by each of Acquisition Corp.’s existing direct or indirect wholly-owned domestic restricted subsidiaries and by any such subsidiaries that guarantee obligations of Acquisition Corp. under its existing credit facilities, subject to customary exceptions.

The indenture governing the 3.000% Senior Secured Notes contains covenants limiting, among other things, Acquisition Corp.’s ability and the ability of most of its subsidiaries to create liens and consolidate, merge, sell or otherwise dispose of all or substantially all of its assets.

Interest Rates

The loans under the Revolving Credit Facility bear interest at Acquisition Corp.’s election at a rate equal to (i) the rate for deposits in the borrowing currency in the London interbank market (adjusted for maximum reserves) for the applicable interest period (“Revolving LIBOR”) subject to a zero floor, plus 1.75% per annum in the case of Initial Revolving Loans (as defined in the Revolving Credit Agreement), or 1.875% per annum in the case of 2020 Revolving Loans (as defined in the Revolving Credit Agreement), or (ii) the base rate, which is the highest of (x) the corporate base rate established by the administrative agent from time to time, (y) 0.50% in excess of the overnight federal funds rate and (z) the one-month Revolving LIBOR plus 1.0% per annum, plus, in each case, 0.75% per annum in the case of Initial Revolving Loans, or 0.875% per annum in the case of 2020 Revolving Loans; provided that, in respect of 2020 Revolving Loans, the applicable margin with respect to such loans is subject to adjustment as set forth in the pricing grid in the Revolving Credit Agreement. Based on the Senior Secured Indebtedness to EBITDA Ratio of 2.84x at September 30, 2021, the applicable margin for Eurodollar loans would be 1.375% instead of 1.875% and the applicable margin for ABR loans would be 0.375% instead of 0.875% in the case of 2020 Revolving Loans. If there is a payment default at any time, then the interest rate applicable to overdue principal will be the rate otherwise applicable to such loan plus 2.0% per annum. Default interest will also be payable on other overdue amounts at a rate of 2.0% per annum above the amount that would apply to an alternative base rate loan.

The loans under the Senior Term Loan Facility bear interest at Acquisition Corp.’s election at a rate equal to (i) the rate for deposits in U.S. dollars in the London interbank market (adjusted for maximum reserves) for the applicable interest period (“Term Loan LIBOR”) subject to a zero floor, plus 2.125% per annum or (ii) the base rate, which is the highest of (x) the corporate base rate established by the administrative agent as its prime rate in effect at its principal office in New York City from time to time, (y) 0.50% in excess of the overnight federal funds rate and (z) one-month Term Loan LIBOR, plus 1.00% per annum, plus, in each case, 1.125% per annum. If there is a payment default at any time, then the interest rate applicable to overdue principal and interest will be the rate otherwise applicable to such loan plus 2.0% per annum. Default interest will also be payable on other overdue amounts at a rate of 2.0% per annum above the amount that would apply to an alternative base rate loan.

The Company has entered into, and in the future may enter into, interest rate swaps to manage interest rate risk. Please refer to Note 15 of our consolidated financial statements for further discussion.

Maturity of Senior Term Loan Facility

The loans outstanding under the Senior Term Loan Facility mature on January 20, 2028.

Maturity of Revolving Credit Facility

The maturity date of the Revolving Credit Facility is April 3, 2025.

Maturities of Senior Secured Notes

As of September 30, 2021, there are no scheduled maturities of notes until 2028, when $381 million is scheduled to mature. Thereafter, $1.857 billion is scheduled to mature.

Interest Expense, net

Total interest expense, net was $122 million, $127 million and $142 million for the fiscal years ended September 30, 2021, September 30, 2020 and September 30, 2019, respectively. The weighted-average interest rate of the Company’s total debt was 3.2% at September 30, 2021, 3.7% at September 30, 2020 and 4.3% at September 30, 2019.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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+ Details

Income Taxes

12 Months Ended

Sep. 30, 2021

Income Tax Disclosure [Abstract]

Income Taxes

On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (“Tax Act”). The Tax Act significantly revised the U.S. federal corporate income tax provisions, including, but not limited to, a reduction of the U.S. federal corporate statutory tax rate from 35% to 21%, a one-time transition tax on accumulated foreign earnings, an income inclusion of global intangible low-taxed income (“GILTI”), a deduction against foreign-derived intangible income (“FDII”) and a new minimum tax, the base erosion anti-abuse tax (“BEAT”). In accordance with ASC 740, the Company recorded the effects of the Tax Act during the three months ended December 31, 2017.

The Company has not recorded any income tax liability related to the one-time transition tax on accumulated foreign earnings (“Transition Tax”) due to an overall deficit in accumulated foreign earnings. GILTI, FDII and BEAT are effective for the Company’s fiscal year ending September 30, 2019. The Company has elected to recognize the GILTI impact in the specific period in which it occurs.

The domestic and foreign pretax income (loss) from continuing operations is as follows:


	Fiscal Year Ended September 30,
	2021		2020		2019
	(in millions)
Domestic	$	182	$	(655)	$	84
Foreign	274		208		183
Income (loss) before income taxes	$	456	$	(447)	$	267

Current and deferred income tax expense provided are as follows:


	Fiscal Year Ended September 30,
	2021		2020		2019
	(in millions)
Federal:
Current	$	6	$	3	$	—
Deferred	31		(28)		(49)
Foreign:
Current (a)	107		74		74
Deferred	(5)		(28)		(18)
U.S. State:
Current	9		3		3
Deferred	1		(1)		(1)
Income tax expense	$	149	$	23	$	9

______________________________________

(a)Includes withholding taxes of $26 million, $15 million and $17 million for the fiscal years ended September 30, 2021, 2020 and 2019, respectively.

The differences between the U.S. federal statutory income tax rate of 21.0% for each of the fiscal years ended September 30, 2021, 2020 and 2019 and income taxes provided are as follows:


	Fiscal Year Ended September 30,
	2021		2020		2019
	(in millions)
Taxes on income at the U.S. federal statutory rate	$	96	$	(94)	$	56
U.S. state and local taxes	10		2		2
Foreign income taxed at different rates, including withholding taxes	34		10		16
Increase in valuation allowance	2		1		1
Release of valuation allowance	(6)		(38)		(65)
Change in tax rates	10		4		(4)
Impact of GILTI and FDII	(4)		2		(4)
IPO Costs	—		22		—
Executive Compensation	2		2		—
Non-deductible long term incentive plan	3		112		6
Other	2		—		1
Income tax expense	$	149	$	23	$	9

During the fiscal year ended September 30, 2021, the Company recognized $10 million of income tax expense arising from an increase in our net U.K. deferred tax liability due to the change in the U.K. future statutory tax rate, which was offset by $4 million of excess tax benefits from long term incentive plan, and $6 million for the release of valuation allowances in Mexico and various foreign jurisdictions. During the fiscal year ended September 30, 2020, the Company recognized a net U.S. tax benefit of $25 million primarily related to the release of a U.S. deferred tax valuation allowance of $33 million offset by a write-off of expiring foreign tax credits of $10 million and a tax benefit of $15 million for the release of valuation allowances in Japan and various foreign jurisdictions. During the fiscal year ended September 30, 2019, the Company recognized a U.S. tax benefit of $59 million related to the release of valuation allowance on U.S. foreign tax credits.

For the fiscal years ended September 30, 2021 and September 30, 2020, the Company incurred losses in certain foreign territories and has offset the tax benefit associated with these losses with a valuation allowance as the Company has determined that it is more likely than not that these losses will not be utilized. For the fiscal year ended September 30, 2020, the Company released $33 million and of the U.S. valuation allowance related to foreign tax credit carryforwards. Significant components of the Company’s net deferred tax liabilities are summarized below:


	September 30, 2021		September 30, 2020
	(in millions)
Deferred tax assets:
Allowances and reserves	$	25	$	30
Employee benefits and compensation	78		80
Other accruals	14		19
Tax attribute carryforwards	135		168
Other	3		22
Total deferred tax assets	255		319
Less: Valuation allowance	(38)		(45)
Deferred tax assets, net of valuation allowance	217		274

Deferred tax liabilities:
Intangible assets	(393)		(369)
Total deferred tax liabilities	(393)		(369)
Net deferred tax liabilities	$	(176)	$	(95)

During the fiscal year ended September 30, 2021, the Company utilized a substantial portion of its foreign tax credit carryforwards in the U.S. The current levels of pre-tax income are sufficient to generate the minimum amount of future taxable income needed to support U.S. deferred tax assets realization. During the fiscal year ended September 30, 2020, as a result of final regulations regarding the interest expense allocation rules issued by the Internal Revenue Service in December of 2019, the Company concluded that it is more likely than not that the entire amount of the Company’s deferred tax assets related to foreign tax credits carryforwards in the U.S. will be realized.

At September 30, 2021, the Company has no remaining U.S. federal tax net operating loss carryforwards. The Company also has tax net operating loss carryforwards, with no expiration date, in France and Spain of $65 million and $25 million, respectively, and other tax net operating loss carryforwards in state, local and foreign jurisdictions that expire in various periods. In addition, the Company has foreign tax credit carryforwards for U.S. tax purposes of $68 million. The U.S. foreign tax credits will begin to expire in fiscal year 2022.

Deferred income taxes have not been recorded on indefinitely reinvested earnings of certain foreign subsidiaries of approximately $259 million at September 30, 2021. Distribution of these earnings may result in foreign withholding taxes and U.S. state taxes. However, variables existing if and when remittance occurs make it impracticable to estimate the amount of the ultimate tax liability, if any, on these accumulated foreign earnings.

The Company classifies interest and penalties related to uncertain tax position as a component of income tax expense. As of September 30, 2021 and September 30, 2020, the Company had accrued $4 million and $4 million of interest and penalties, respectively.

The following table reflects changes in the gross unrecognized tax benefits, including interest and penalties:


	Fiscal Year Ended September 30,
	2021		2020		2019
	(in millions)
Gross unrecognized tax benefits - beginning of period	$	12	$	12	$	18

Additions for prior year tax positions	3		3		1
Subtractions for prior year tax positions	(3)		(3)		(7)
Gross unrecognized tax benefits - end of period	$	12	$	12	$	12

Included in the total unrecognized tax benefits at September 30, 2021 and September 30, 2020 are $12 million and $12 million, respectively, that if recognized, would reduce the effective income tax rate. The Company has determined that it is reasonably possible that the gross unrecognized tax benefits as of September 30, 2021 could decrease by up to approximately $2 million related to various ongoing audits and settlement discussions in various foreign jurisdictions during the next twelve months.

The Company and its subsidiaries file income tax returns in the U.S. and various foreign jurisdictions. The Company has completed tax audits in the U.S. for tax years ended through September 30, 2013, in the U.K. for the tax years ended through September 30, 2016, in Germany for the tax years ended through September 30, 2014 and in France for the tax years ended through September 30, 2018. The Company is at various stages in the tax audit process in certain foreign and local jurisdictions.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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+ Details

Employee Benefit Plans	12 Months Ended
Employee Benefit Plans	Sep. 30, 2021
Retirement Benefits [Abstract]
Employee Benefit Plans	Employee Benefit Plans Certain international employees, such as those in Germany and Japan, participate in locally sponsored defined benefit plans, which are not considered to be material either individually or in the aggregate and have a combined projected benefit obligation of approximately $83 million and $83 million as of September 30, 2021 and September 30, 2020, respectively. Pension benefits under the plans are based on formulas that reflect the employees’ years of service and compensation levels during their employment period. The Company had unfunded pension liabilities relating to these plans of approximately $58 million and $57 million recorded in its balance sheets as of September 30, 2021 and September 30, 2020, respectively. The Company uses a September 30 measurement date for its plans. For each of the fiscal years ended September 30, 2021, September 30, 2020 and September 30, 2019, pension expense amounted to $4 million. Certain employees also participate in defined contribution plans. The Company’s contributions to the defined contribution plans are based upon a percentage of the employees’ elected contributions. The Company’s defined contribution plan expense amounted to approximately $9 million for the fiscal year ended September 30, 2021, $8 million for the fiscal year ended September 30, 2020 and $6 million for the fiscal year ended September 30, 2019.

- Definition

The entire disclosure for retirement benefits.

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+ Details

Stock-Based Compensation Plans

12 Months Ended

Sep. 30, 2021

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation Plans

Warner Music Group Corp. 2020 Omnibus Incentive Plan

In connection with the IPO, the Company’s board of directors and stockholders approved the Warner Music Group Corp. 2020 Omnibus Incentive Plan, or the “Omnibus Incentive Plan.” The Omnibus Incentive Plan provides for the grant of incentive stock options, restricted stock, restricted stock units (“RSUs”), performance awards and stock appreciation rights to employees, consultants and directors. The aggregate number of shares of common stock authorized for issuance under the Omnibus Incentive Plan is 31,169,099 shares of Class A Common Stock over the 10-year period from the date of adoption, including up to 1,000,000 shares of our Class A Common Stock in connection with the IPO.

To date, the Company has issued both RSUs and restricted stock under the Omnibus Incentive Plan. The RSUs were granted to eligible employees and executives, and the restricted stock was granted to members of the Company’s Board of Directors. Except in the case of certain awards issued in connection with the IPO, holders of RSUs and restricted stock are entitled to dividends during the vesting period.

As of September 30, 2021, there have been 64,567 shares of Class A Common Stock issued, which includes 64,424 shares of restricted stock issued under the Omnibus Incentive Plan. As of September 30, 2021, there were 31,104,532 shares of Class A Common Stock available to be issued.

Warner Music Group Corp. Senior Management Free Cash Flow Plan

Effective January 1, 2013, eligible individuals were invited to participate in the Plan. Eligible individuals include any employee, consultant or officer of the Company or any of its affiliates, who is selected by the Company’s Compensation Committee to participate in the Plan. In 2017, the Company’s Compensation Committee invited two additional employees to participate in the Plan. Under the Plan, participants are allocated a specific portion of the Company’s free cash flow to use to purchase the equivalent of Company stock through the acquisition of deferred equity units. Participants also receive a grant of profit interests in a purposely established LLC holding company (the “LLC”) that represent an economic entitlement to future appreciation over an equivalent number of shares of Company stock (“matching units”). The Company’s board of directors authorized the issuance of up to 39,255,429.54 shares of the Company’s common stock pursuant to the Plan, 19,612,714.77 in respect of deferred equity units and 19,612,714.77 in respect of matching units, as adjusted in accordance with the Plan. The LLC currently owns 4,406,819 shares of Class B Common Stock. Each deferred equity unit is equivalent to a share of Company stock. The Company credits units to active participants each Plan year at the time that annual free cash flow bonuses for such Plan year are determined (although certain participants have already received their complete allocations) and may grant unallocated units under the Plan to certain members of current or future management. At the time that annual free cash flow bonuses for such Plan year are determined, a participant is credited a number of deferred equity units based on their respective allocation divided by the grant date intrinsic value and an equal number of the related matching units is vested. The redemption price of the deferred equity units equals the fair market value of a share of the Company’s stock on the date of the settlement and the redemption price for the matching units equals the excess, if any, of the then fair market value of one Company fractional share over the grant date intrinsic value of one share. Dividend distributions, if any, are also paid out on vested deferred equity units and are calculated on the same basis as the Company’s common shares. The Company has applied a graded (tranche-by-tranche) attribution method and expenses stock-based compensation on an accelerated basis over the vesting period of the share award.

The Company accounts for stock-based payments as required by ASC 718. ASC 718 requires all stock-based payments to employees to be recognized as compensation expense. Under the recognition provision of ASC 718, liability-classified stock-based compensation costs are measured each reporting date until settlement. The Plan was liability-classified from inception through June 3, 2020, upon completion of the IPO, further discussed herein.

For accounting purposes, the grant date was established at the point the Company and the participant reached a mutual understanding of the key terms and conditions, in this case the date at which the participant accepted the invitation to participate in the Plan. For accounting purposes, deferred equity units are deemed to generally vest between one and seven years and matching equity units granted under the Plan are deemed to vest two years after the allocation to the participant’s account. The deferred and matching equity units have cash settlement dates that began in December 2018. Upon the scheduled settlement dates in December 2019 and December 2018, the Company settled 314,631.58 deferred equity units, including special deferred equity units, in cash totaling approximately $2 million, 8,359,629.35 in Company shares (which were contributed to the LLC in exchange for Class A units of the LLC) with an estimated value of $58 million and 217,312.53 matching equity units in cash totaling approximately $1 million.

Upon completion of the IPO in June 2020, the Plan was amended to remove the cash-settlement feature on all future redemptions. As a result, all awards previously issued under the Plan required settlement in equity. The participants in such plan were also allowed to sell a pro rata portion, consistent with Access’s percentage reduction in shares of Class B Common Stock as a result of the IPO, of their vested profits interests and acquired units of the LLC holding company, WMG Management Holdings, LLC (“Management LLC”), in the IPO through a “tag-along right.”

Under the provision of ASC 718, the Company determined the Plan was modified as of June 3, 2020, and as such, converted the awards from liability-classified to equity-classified. Prior to conversion, the Company performed a final measurement of its stock-based compensation liability under the fair value method. Subsequent to the amendment, the awards issued under the Plan will no longer be adjusted for changes in the value of the Company’s common stock. Upon modification of the Plan, the Company reclassified a $769 million stock-based compensation liability to additional paid-in capital, which included $57 million associated with the awards settled through the IPO tag-along right on June 5, 2020. The Company will continue to incur non-cash stock-based compensation expense for awards that were unvested as of the modification date of the Plan.

In December 2020, all of the outstanding equity interests held by certain participants in the Plan were settled or redeemed in accordance with the terms of the Plan. The Class A and Class B equity units held by certain participants in Management LLC were redeemed in exchange for 18,265,183 shares of Class B Common Stock. These shares of Class B Common Stock converted to shares of Class A Common Stock upon exchange. The Company also issued a total of 4,321,259 additional shares of Class A Common Stock to settle the participants’ remaining deferred equity units previously issued under the Plan. In March 2021, the Compensation Committee of the Board of Directors of the Company approved an amendment to the Plan that allowed certain remaining Plan participants to redeem a portion of their vested Class B equity units of Management LLC. These Class B equity units were redeemed in exchange for a total of 968,920 shares of Class B Common Stock, which shares of Class B Common Stock converted to shares of Class A Common Stock upon the exchange.

The following table summarizes the activity for the Company’s unvested share awards under the Plan:


	Deferred Equity Units	Matching Equity Units	Deferred Equity Units Weighted-Average Intrinsic Value		Matching Equity Units Weighted-Average Intrinsic Value		Deferred Equity Units Weighted-Average Grant-Date Intrinsic Value		Matching Equity Units Weighted-Average Grant-Date Intrinsic Value
Unvested units at September 30, 2019	1,900,747	6,681,397	$	7.71	$	4.60	$	3.13	$	—
Granted	—	—	—		—		—		—
Vested	(1,351,293)	(2,369,536)	27.01		24.04		23.91		—
Forfeited	—	—	—		—		—		—
Unvested units at September 30, 2020	549,454	4,311,861	$	27.01	$	23.82	$	23.82	$	—
Granted	—	—	—		—		—		—
Vested	(549,454)	(2,303,578)	44.21		41.02		41.02		—
Forfeited	—	—	—		—		—		—
Unvested units at September 30, 2021	—	2,008,283	$	—	$	41.02	$	—	$	—

As of September 30, 2021, there were no remaining unvested deferred equity unit awards outstanding. The weighted-average grant date intrinsic value of deferred equity unit awards for the fiscal year ended September 30, 2020 was $23.82. The fair value of these deferred equity units at September 30, 2020 was $27.01. The weighted-average grant date intrinsic value of deferred equity unit awards for the fiscal year ended September 30, 2019 was $3.13. The fair value of these deferred equity units at September 30, 2019 was $7.71.

As September 30, 2021, 2020 and 2019, the Company had approximately $4 million, $14 million and $16 million, respectively, of unrecognized compensation costs related to its unvested share awards. As of September 30, 2021, the remaining weighted-average period over which total compensation related to unvested awards is expected to be recognized is less than 1 year.

Restricted Stock Units

The following table summarizes the activity for the Company’s unvested RSUs:


	Number of Share Units	Weighted-Average Grant Date Fair Value		Aggregate Intrinsic Value (in thousands)
Unvested and outstanding balance as of September 30, 2020	—	$	—	$	—
Granted	1,604,922	32.23
Vested	(217)	36.87
Forfeited/canceled	(69,338)	30.83
Unvested and outstanding balance as of September 30, 2021	1,535,367	$	32.29	$	67,879

As of September 30, 2021, total unrecognized compensation cost related to unvested RSUs was approximately $26 million, which is expected to be recognized over a weighted-average period of approximately 2.9 years. The Company expects to satisfy the vesting of RSUs by issuing new shares of its Class A Common Stock.

Stock-Based Compensation Expense

Stock-based compensation expense is included in the consolidated statements of operations as selling, general and administrative expenses. The Company recognized non-cash stock-based compensation expense of $45 million and free cash flow compensation expense of $5 million for the fiscal year ended September 30, 2021. The Company recognized non-cash stock-based compensation expense of $608 million, free cash flow compensation expense of $16 million and dividend expense related to the equity units of $1 million for the fiscal year ended September 30, 2020. The Company recognized non-cash stock-based compensation expense of $50 million, free cash flow compensation expense of $15 million and dividend expense related to the equity units of $7 million for the fiscal year ended September 30, 2019.

Related Party Transactions	12 Months Ended
Related Party Transactions	Sep. 30, 2021
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Management Agreement Upon completion of the Merger, the Company and Holdings entered into the Management Agreement, dated as of the Merger Closing Date, pursuant to which Access provided the Company and its subsidiaries with financial, investment banking, management, advisory and other services. Pursuant to the Management Agreement, the Company paid to Access an annual fee on quarterly basis and reimbursed Access for certain expenses incurred performing services under the agreement. The Company and Holdings agreed to indemnify Access and certain of its affiliates against all liabilities arising out of performance of the Management Agreement. As a result of the completion of the IPO, the Management Agreement terminated in accordance with its terms and the Company paid to Access a one-time termination fee and a fee for transaction services in an aggregate amount of $60 million. The Company recorded these fees within selling, general and administrative expenses in the consolidated statements of operations for the fiscal year ended September 30, 2020. As the Management Agreement was terminated in June 2020, the Company incurred no costs associated with the Management Agreement for the fiscal year ended September 30, 2021. Prior to the termination of the Management Agreement, the Company incurred costs associated with the Management Agreement of approximately $7 million and $11 million for the fiscal years ended September 30, 2020 and September 30, 2019, respectively. Such amounts have been included as a component of selling, general and administrative expense in the accompanying consolidated statements of operations. Lease Arrangements with Related Parties On March 29, 2019, an affiliate of Access acquired the Ford Factory Building, located on 777 S. Santa Fe Avenue in Los Angeles, California from an unaffiliated third party. The building is the Company’s new Los Angeles, California headquarters and as such, the Company is the sole tenant of the building acquired by Access. The existing lease agreement was assumed by Access upon purchase of the building and was not modified as a result of the purchase. Rental payments by the Company under the existing lease for the fiscal 2021 year were approximately $13 million and are subject to annual fixed increases throughout the remainder of the lease term. The remaining lease term is approximately 9 years, after which the Company may exercise a single option to extend the term of the lease for 10 years thereafter. On July 29, 2014, AI Wrights Holdings Limited, an affiliate of Access, entered into a lease and related agreements with Warner Chappell Music Limited and WMG Acquisition (UK) Limited, subsidiaries of the Company, for the lease of 27 Wrights Lane, Kensington, London. The Company had been the tenant of the building which Access acquired. Subsequent to the change in ownership, the parties entered into the lease and related agreements pursuant to which, on January 1, 2015, the rent was increased to £3,460,250 per year and the term was extended for an additional five years from December 24, 2020 to December 24, 2025, with a market rate rent review which began on December 25, 2020. License Agreements with Deezer Access owns an equity interest in Deezer S.A., which was formerly known as Odyssey Music Group (“Odyssey”), a French company that controls and operates a music streaming service, formerly through Odyssey’s subsidiary, Blogmusik SAS (“Blogmusik”), under the name Deezer (“Deezer”), and is represented on Deezer S.A.’s Board of Directors. Subsidiaries of the Company have been a party to license arrangements with Deezer since 2008, which provide for the use of the Company’s sound recordings on Deezer’s ad-supported and subscription streaming services worldwide (excluding China, North Korea, and Japan (included for subscription services only)) in exchange for fees paid by Deezer. The Company has also authorized Deezer to include the Company’s sound recordings in Deezer’s streaming services where such services are offered as a bundle with third-party services or products (e.g., telco services or hardware products), for which Deezer is also required to make payments to the Company. Deezer paid to the Company an aggregate amount of approximately $42 million, $42 million and $49 million in connection with the foregoing arrangements during the fiscal years ended September 30, 2021, 2020 and 2019, respectively. In addition, in connection with these arrangements, (i) the Company was issued, and currently holds, warrants to purchase shares of Deezer S.A. and (ii) the Company purchased a small number of shares of Deezer S.A., which collectively represent a small minority interest in Deezer S.A. The Company also has various publishing agreements with Deezer. Warner Chappell has licenses with Deezer for use of repertoire on the service in Europe, which the Company refers to as a PEDL license (referencing the Company’s Pan European Digital Licensing initiative), and for territories in Latin America. For the PEDL and Latin American licenses for the fiscal years ended September 30, 2021, 2020 and 2019, Deezer paid the Company an additional approximately $2 million, $2 million and $1 million, respectively. Deezer also licenses other publishing rights controlled by Warner Chappell through statutory licenses or through various collecting societies. Investment in Tencent Music Entertainment Group On October 1, 2018, WMG China LLC (“WMG China”), an affiliate of the Company, entered into a share subscription agreement with Tencent Music Entertainment Group pursuant to which WMG China purchased 37,162,288 ordinary shares of Tencent Music Entertainment Group for $100 million. WMG China is 80% owned by AI New Holdings 5 LLC, an affiliate of Access, and 20% owned by the Company. On November 4, 2021, WMG China distributed to the Company, the Company’s equity interest in Tencent Music Entertainment Group.

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Talent Advances The Company routinely enters into long-term commitments with recording artists, songwriters and publishers for the future delivery of music. Such commitments generally become due only upon delivery and Company acceptance of albums from the recording artists or future musical compositions from songwriters and publishers. Additionally, such commitments are typically cancellable at the Company’s discretion, generally without penalty. Based on contractual obligations and the Company’s expected release schedule, aggregate firm commitments to such talent approximated $537 million and $442 million as of September 30, 2021 and September 30, 2020, respectively. Other Other off-balance sheet firm commitments, which primarily include minimum funding commitments to investees, amounted to approximately $23 million and $12 million at September 30, 2021 and September 30, 2020, respectively. Litigation The Company is involved in various litigation and regulatory proceedings arising in the normal course of business. Where it is determined, in consultation with counsel based on litigation and settlement risks, that a loss is probable and estimable in a given matter, the Company establishes an accrual. In the currently pending proceedings, the amount of accrual is not material. An estimate of the reasonably possible loss or range of loss in excess of the amounts already accrued cannot be made at this time due to various factors typical in contested proceedings, including (1) the results of ongoing discovery; (2) uncertain damage theories and demands; (3) a less than complete factual record; (4) uncertainty concerning legal theories and their resolution by courts or regulators; and (5) the unpredictable nature of the opposing party and its demands. However, the Company cannot predict with certainty the outcome of any litigation or the potential for future litigation. As such, the Company continuously monitors these proceedings as they develop and adjusts any accrual or disclosure as needed. Regardless of the outcome, litigation could have an adverse impact on the Company, including the Company’s brand value, because of defense costs, diversion of management resources and other factors and it could have a material effect on the Company’s results of operations for a given reporting period.

Derivative Financial Instruments

12 Months Ended

Sep. 30, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

The Company uses derivative financial instruments, primarily foreign currency forward exchange contracts and interest rate swaps, for the purposes of managing foreign currency exchange rate risk and interest rate risk on expected future cash flows. However, the Company may choose not to hedge certain exposures for a variety of reasons including, but not limited to, accounting considerations and the prohibitive economic cost of hedging particular exposures. There can be no assurance the hedges will offset more than a portion of the financial impact resulting from movements in foreign currency exchange or interest rates.

The Company enters into foreign currency forward exchange contracts primarily to hedge the risk that unremitted or future royalties and license fees owed to its U.S. companies for the sale or licensing of U.S.-based music and merchandise abroad may be adversely affected by changes in foreign currency exchange rates. The Company focuses on managing the level of exposure to the risk of foreign currency exchange rate fluctuations on its major currencies, which include the Euro, British pound sterling, Japanese yen, Canadian dollar, Swedish krona, Australian dollar, Brazilian real, Korean won and Norwegian krone. The Company also may at times choose to hedge foreign currency risk associated with financing transactions such as third-party debt and other balance sheet items. The Company’s foreign currency forward exchange contracts have not been designated as hedges under the criteria prescribed in ASC 815. The Company records these contracts at fair value on its balance sheet and the related gains and losses are immediately recognized in the consolidated statement of operations where there is an offsetting entry related to the underlying exposure.

The Company has entered into, and in the future may enter into, interest rate swaps to manage interest rate risk. These instruments may offset a portion of changes in income or expense, or changes in fair value of the Company’s long-term debt. The interest rate swap instruments are designated and qualify as cash flow hedges under the criteria prescribed in ASC 815. The Company records these contracts at fair value on its balance sheet and gains or losses on these contracts are deferred in equity (as a component of comprehensive income (loss)).

The fair value of foreign currency forward exchange contracts is determined by using observable market transactions of spot and forward rates (i.e., Level 2 inputs) which is discussed further in Note 18. Additionally, netting provisions are provided for in existing International Swap and Derivative Association Inc. agreements in situations where the Company executes multiple contracts with the same counterparty. As a result, net assets or liabilities resulting from foreign exchange derivatives subject to these netting agreements are classified within other current assets or other current liabilities in the Company’s consolidated balance sheets.

The Company’s hedged interest rate transactions as of September 30, 2021 are expected to be recognized within three years. The fair value of interest rate swaps is based on dealer quotes of market rates (i.e., Level 2 inputs) which is discussed further in Note 18. Interest income or expense related to interest rate swaps is recognized in interest income (expense), net in the same period as the related expense is recognized. The ineffective portions of interest rate swaps are recognized in other income (expense) in the period measured.

The Company monitors its positions with, and the credit quality of, the financial institutions that are party to any of its financial transactions.

As of September 30, 2021, the Company had no outstanding hedge contracts and no deferred gains or losses in comprehensive loss related to foreign exchange hedging. As of September 30, 2020, the Company had no outstanding hedge contracts and no deferred gains or losses in comprehensive loss related to foreign exchange hedging.

As of September 30, 2021, the Company had outstanding $820 million in pay-fixed receive-variable interest rate swaps with $17 million of unrealized deferred losses in comprehensive loss related to the interest rate swaps. As of September 30, 2020, the Company had outstanding $820 million in pay-fixed receive-variable interest rate swaps with $29 million of unrealized deferred losses in comprehensive income related to the interest rate swaps.

The Company recorded realized pre-tax losses of $3 million related to its foreign currency forward exchange contracts in the consolidated statement of operations as other expense for the fiscal year ended September 30, 2021. The Company recorded realized pre-tax losses of $4 million related to its foreign currency forward exchange contracts in the consolidated statement of operations as other income for the fiscal year ended September 30, 2020.

The unrealized pre-tax losses of the Company’s derivative interest rate swaps designated as cash flow hedges recorded in other comprehensive income during the fiscal year ended September 30, 2021 were $15 million. The unrealized pre-tax losses of the Company’s derivative interest rate swaps designated as cash flow hedges recorded in other comprehensive loss during the fiscal year ended September 30, 2020 were $27 million.

The following is a summary of amounts recorded in the consolidated balance sheets pertaining to the Company’s derivative instruments at September 30, 2021 and September 30, 2020:


	September 30, 2021 (a)		September 30, 2020 (b)
	(in millions)
Other noncurrent assets	$	—	$	—
Other noncurrent liabilities	(22)		(38)

______________________________________

(a)$22 million of interest rate swaps in liability positions.

(b)$38 million of interest rate swaps in liability positions.

Segment Information

12 Months Ended

Sep. 30, 2021

Segment Reporting [Abstract]

Segment Information

As discussed more fully in Note 1, based on the nature of its products and services, the Company classifies its business interests into two fundamental operations: Recorded Music and Music Publishing, which also represent the reportable segments of the Company. Information as to each of these operations is set forth below. The Company evaluates performance based on several factors, of which the primary financial measure is operating income (loss) before non-cash depreciation of tangible assets and non-cash amortization of intangible assets (“OIBDA”). The Company has supplemented its analysis of OIBDA results by segment with an analysis of operating income (loss) by segment.

The accounting policies of the Company’s business segments are the same as those described in the summary of significant accounting policies included elsewhere herein. The Company accounts for intersegment sales at fair value as if the sales were to third parties. While intercompany transactions are treated like third-party transactions to determine segment performance, the revenues (and corresponding expenses recognized by the segment that is counterparty to the transaction) are eliminated in consolidation, and therefore, do not themselves impact consolidated results.


	Recorded Music		Music Publishing		Corporate expenses and eliminations		Total
	(in millions)
2021
Revenues	$	4,544	$	761	$	(4)	$	5,301
Operating income (loss)	733		89		(213)		609
Amortization of intangible assets	150		79		—		229
Depreciation of property, plant and equipment	53		6		18		77
OIBDA	936		174		(195)		915
Total assets	3,278		2,843		1,090		7,211
Capital expenditures	33		1		59		93
2020
Revenues	$	3,810	$	657	$	(4)	$	4,463
Operating income (loss)	175		81		(485)		(229)
Amortization of intangible assets	119		71		—		190
Depreciation of property, plant and equipment	55		5		11		71
OIBDA	349		157		(474)		32
Total assets	2,483		2,656		1,271		6,410
Capital expenditures	28		1		56		85
2019
Revenues	$	3,840	$	643	$	(8)	$	4,475
Operating income (loss)	439		92		(175)		356
Amortization of intangible assets	139		69		—		208
Depreciation of property, plant and equipment	45		5		11		61
OIBDA	623		166		(164)		625
Capital expenditures	29		3		72		104

Revenues relating to operations in different geographical areas are set forth below for the fiscal years ended September 30, 2021, September 30, 2020 and September 30, 2019. Total long-lived assets relating to operations in different geographical areas, which consist of property, plant and equipment, net and operating lease right-of-use assets, net, are set forth below as of September 30, 2021 and September 30, 2020.


	2021				2020				2019
	Revenues		Long-lived Assets		Revenues		Long-lived Assets		Revenues
	(in millions)
United States	$	2,363	$	439	$	1,934	$	426	$	1,956
Germany	662		52		511		43		504
United Kingdom	620		43		551		49		596
All other territories	1,656		98		1,467		86		1,419
Total	$	5,301	$	632	$	4,463	$	604	$	4,475

Customer Concentration

In the fiscal year ended September 30, 2021, the Company had three customers, Spotify, Apple and YouTube, that individually represented 10% or more of total revenues, whereby Spotify represented 18%, Apple represented 13% and YouTube represented 11% of total revenues. In the fiscal year ended September 30, 2020, the Company had two customers, Spotify and Apple, that individually represented 10% or more of total revenues, whereby Spotify represented 17% and Apple represented 14% of total revenues. In the fiscal year ended September 30, 2019, the Company had two customers, Spotify and Apple, that individually represented 10% or more of total revenues, whereby Spotify represented 14% and Apple represented 13% of total revenues. These customers’ revenues are included in both the Company’s Recorded Music and Music Publishing segments and the Company expects that the Company’s license agreements with these customers will be renewed in the normal course of business.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

Additional Financial Information	12 Months Ended
Additional Financial Information	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Additional Financial Information	Additional Financial Information Cash Interest and Taxes The Company made interest payments of approximately $137 million, $128 million and $138 million during the fiscal years ended September 30, 2021, September 30, 2020 and September 30, 2019, respectively. The Company paid approximately $124 million, $81 million and $63 million of income and withholding taxes, net of refunds, for the fiscal years ended September 30, 2021, September 30, 2020 and September 30, 2019, respectively. Dividends The Company’s ability to pay dividends may be restricted by covenants in the credit agreement for the Revolving Credit Facility which are currently suspended but which will be reinstated if Acquisition Corp.’s Total Indebtedness to EBITDA Ratio increases above 3.50:1.00 and the term loans do not achieve an investment grade rating. The Company intends to pay quarterly cash dividends to holders of its Class A Common Stock and Class B Common Stock. The declaration of each dividend will continue to be at the discretion of the Company’s board of directors and will depend on the Company’s financial condition, earnings, liquidity and capital requirements, level of indebtedness, contractual restrictions with respect to payment of dividends, restrictions imposed by Delaware law, general business conditions and any other factors that the Company’s board of directors deems relevant in making such a determination. Therefore, there can be no assurance that the Company will pay any dividends to holders of the Company’s common stock, or as to the amount of any such dividends. On August 13, 2021, the Company’s board of directors declared a cash dividend of $0.15 per share on the Company’s Class A Common Stock and Class B Common Stock, as well as related payments under certain stock-based compensation plans, which was paid on September 1, 2021. The Company paid cash dividends to stockholders and participating security holders of $265 million, $344 million and $94 million for the fiscal years ended September 30, 2021, 2020 and 2019, respectively. On November 9, 2021, the Company’s board of directors declared a cash dividend of $0.15 per share on the Company’s Class A Common Stock and Class B Common Stock, as well as related payments under certain stock-based compensation plans, payable on December 1, 2021 to stockholders of record as of the close of business on November 23, 2021. COVID-19 Pandemic On March 11, 2020, the COVID-19 outbreak was declared a global pandemic by the World Health Organization. Government-imposed mandates limiting public assembly and restrictions on non-essential businesses have adversely impacted the Company’s operations for the fiscal year ended September 30, 2021, including touring and live events. As global vaccination efforts are underway and businesses are beginning to reopen, revenues improved due to the partial recovery of certain COVID-19 impacted revenue streams despite a rise in COVID-19 cases associated with the Delta variant. The continued impact of COVID-19, including increases in infection rates, new variants, renewed governmental action to slow the spread of COVID-19 and to what extent it will impact the Company’s music and related services cannot be predicted. The Company is not presently aware of any events or circumstances arising from the global pandemic that would require us to update any estimates, judgments or materially revise the carrying value of our assets or liabilities. The Company’s estimates may change, however, as new events occur and additional information is obtained, and any such changes will be recognized in the consolidated financial statements. Actual results could differ from estimates, and any such differences may be material to our consolidated financial statements.

Fair Value Measurements

12 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

ASC 820, Fair Value Measurement (“ASC 820”) defines fair value as the price that would be received upon sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date and in the principal or most advantageous market for that asset or liability. The fair value should be calculated based on assumptions that market participants would use in pricing the asset or liability, not on assumptions specific to the entity.

In addition to defining fair value, ASC 820 expands the disclosure requirements around fair value and establishes a fair value hierarchy for valuation inputs. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market. Each fair value measurement is reported in one of the three levels which is determined by the lowest level input that is significant to the fair value measurement in its entirety. These levels are:

•Level 1—inputs are based upon unadjusted quoted prices for identical instruments traded in active markets.

•Level 2—inputs are based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

•Level 3—inputs are generally unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are therefore determined using model-based techniques that include option pricing models, discounted cash flow models and similar techniques.

In accordance with the fair value hierarchy, described above, the following tables show the fair value of the Company’s financial instruments that are required to be measured at fair value as of September 30, 2021 and September 30, 2020.


	Fair Value Measurements as of September 30, 2021
	(Level 1)		(Level 2)		(Level 3)		Total
	(in millions)
Other Current Liabilities:
Contractual Obligations (a)	$	—	$	—	$	(4)	$	(4)
Other Noncurrent Assets:
Equity Method Investment (b)	26		—		—		26
Equity Investment with Readily Determinable Fair Value (c)	37		—		—		37
Other Noncurrent Liabilities:
Contractual Obligations (a)	—		—		(15)		(15)
Interest Rate Swaps (d)	—		(22)		—		(22)
Total	$	63	$	(22)	$	(19)	$	22


	Fair Value Measurements as of September 30, 2020
	(Level 1)		(Level 2)		(Level 3)		Total
	(in millions)
Other Current Liabilities:
Contractual Obligations (a)	$	—	$	—	$	(2)	$	(2)
Other Noncurrent Assets:
Equity Method Investment (b)	—		47		—		47
Other Noncurrent Liabilities:
Contractual Obligations (a)	—		—		(4)		(4)
Interest Rate Swaps (d)	—		(38)		—		(38)
Total	$	—	$	9	$	(6)	$	3

______________________________________

(a)This represents contingent consideration related to a fiscal 2020 acquisition. This is based on a probability weighted performance approach and it is adjusted to fair value on a recurring basis and any adjustments are typically included as a component of operating income in the consolidated statements of operations. This amount was mainly calculated using unobservable inputs such as future earnings performance of the acquiree and the expected timing of the payment.

(b)This represents an equity method investment acquired in fiscal 2019 whereby the Company has elected the fair value option under ASC 825, Financial Instruments (“ASC 825”). The valuation is based upon quoted prices in active markets.

(c)This represents an equity investment with a readily determinable fair value that was acquired and subsequently became publicly traded during the fiscal year ended September 30, 2021. The Company has measured its investment to fair value in accordance with ASC 321, Investments—Equity Securities, based on quoted prices in active markets. The Company recognized an unrealized gain on this equity investment of $17 million for the fiscal year ended September 30, 2021, which was recorded as other income in the consolidated statements of operations.

(d)The fair value of the interest rate swaps is based on dealer quotes of market forward rates and reflects the amount that the Company would receive or pay as of September 30, 2021 for contracts involving the same attributes and maturity dates.

The following table reconciles the beginning and ending balances of net liabilities classified as Level 3:


	Total
	(in millions)
Balance at September 30, 2020	$	(6)
Additions	(13)
Reductions	—
Payments	—
Balance at September 30, 2021	$	(19)

Additions to net liabilities during the fiscal year ended September 30, 2021 include a measurement period adjustment of $7 million to contingent consideration for a fiscal 2020 acquisition.

The majority of the Company’s non-financial instruments, which include goodwill, intangible assets, inventories and property, plant and equipment, are not required to be re-measured to fair value on a recurring basis. These assets are evaluated for impairment if certain triggering events occur. If such evaluation indicates that impairment exists, the asset is written down to its fair value. In addition, an impairment analysis is performed at least annually for goodwill and indefinite-lived intangible assets.

Equity Investments Without Readily Determinable Fair Value

The Company evaluates its equity investments without readily determinable fair values for impairment if factors indicate that a significant decrease in value has occurred. The Company has elected to use the measurement alternative to fair value that will allow these investments to be recorded at cost, less impairment, and adjusted for subsequent observable price changes. The Company did not record any impairment charges on these investments during the fiscal year ended September 30, 2021. In addition, there were no observable price changes events that were completed during the fiscal year ended September 30, 2021.

Fair Value of Debt

Based on the level of interest rates prevailing at September 30, 2021, the fair value of the Company’s debt was $3.412 billion. Based on the level of interest rates prevailing at September 30, 2020, the fair value of the Company’s debt was $3.137 billion. The fair value of the Company’s debt instruments is determined using quoted market prices from less active markets or by using quoted market prices for instruments with identical terms and maturities; both approaches are considered a Level 2 measurement.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Subsequent Events	12 Months Ended
Subsequent Events	Sep. 30, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events 3.750% Senior Secured Notes Offering On November 17, 2021, Acquisition Corp. priced $540 million in aggregate principal amount of its 3.750% Senior Secured Notes due 2029 (the “3.750% Senior Secured Notes”). We expect the issuance to close on November 24, 2021. Net proceeds of the offering are expected to be used to fund a portion of the aggregate cash consideration for potential acquisitions of certain music and music-related assets, or if any of such potential acquisitions are not completed, for general corporate purposes. The Company may also use the net proceeds of the Offering to redeem all or a portion of the 3.750% Senior Secured Notes (so long as, in the case of a partial redemption, at least $250 million of the 3.750% Senior Secured Notes remain outstanding following such redemption) at any time on one or more occasions on or prior to the fifth business day following December 20, 2021 by giving notice at least five business days prior to such time at the special optional redemption price equal to the issue price of the 3.750% Senior Secured Notes plus 1% of the principal amount thereof together with accrued and unpaid interest on such 3.750% Senior Secured Notes from the date of issuance to but excluding the redemption date. Interest on the 3.750% Senior Secured Notes will accrue at the rate of 3.750% per annum and will be payable semi-annually in arrears on June 1 and December 1, commencing on June 1, 2022. The 3.750% Senior Secured Notes are fully and unconditionally guaranteed on a senior secured basis by each of Acquisition Corp.’s existing direct or indirect wholly-owned domestic restricted subsidiaries and by any such subsidiaries that guarantee obligations of Acquisition Corp. under its existing credit facilities, subject to customary exceptions. The indenture governing the 3.750% Senior Secured Notes contains covenants limiting, among other things, Acquisition Corp.’s ability and the ability of most of its subsidiaries to create liens and consolidate, merge, sell or otherwise dispose of all or substantially all of its assets.

Schedule II - Valuation and Qualifying Accounts

12 Months Ended

Sep. 30, 2021

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

Schedule II - Valuation and Qualifying Accounts


Description	Balance at Beginning of Period		Additions Charged to Cost and Expenses		Deductions		Balance at End of Period
	(in millions)
Fiscal Year Ended September 30, 2021
Allowance for doubtful accounts	$	23	$	1	$	(4)	$	20
Reserves for sales returns	24		53		(54)		23
Allowance for deferred tax asset	45		2		(9)		38
Fiscal Year Ended September 30, 2020
Allowance for doubtful accounts	$	17	$	11	$	(5)	$	23
Reserves for sales returns	23		66		(65)		24
Allowance for deferred tax asset	91		1		(47)		45
Fiscal Year Ended September 30, 2019
Allowance for doubtful accounts	$	18	$	3	$	(4)	$	17
Reserves for sales returns	28		88		(93)		23
Allowance for deferred tax asset	206		4		(119)		91

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”). In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The Company maintains a 52-53 week fiscal year ending on the last Friday in each reporting period. The fiscal year ended September 30, 2021 ended on September 24, 2021, the fiscal year ended September 30, 2020 ended on September 25, 2020 and the fiscal year ended September 30, 2019 ended on September 27, 2019. For convenience purposes, the Company continues to date its financial statements as of September 30.
Basis of Consolidation	Basis of Consolidation The accompanying financial statements present the consolidated accounts of all entities in which the Company has a controlling voting interest and/or variable interest required to be consolidated in accordance with U.S. GAAP. All intercompany balances and transactions have been eliminated. Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810, Consolidation (“ASC 810”) requires the Company first evaluate its investments to determine if any investments qualify as a variable interest entity (“VIE”). A VIE is consolidated if the Company is deemed to be the primary beneficiary of the VIE, which is the party involved with the VIE that has both (i) the power to control the most significant activities of the VIE and (ii) either the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. If an entity is not deemed to be a VIE, the Company consolidates the entity if the Company has a controlling voting interest. The Company has performed a review of all subsequent events through the date the financial statements were issued and has determined that no additional disclosures are necessary.
Common Stock	Common Stock On February 28, 2020, the Company amended its certificate of incorporation to increase its authorized capital stock to 2,100,000,000 shares, consisting of 1,000,000,000 shares of Class A Common Stock, 1,000,000,000 shares of Class B Common Stock, and 100,000,000 shares of preferred stock, par value $1.00 per share. In addition, the February 28, 2020 amendment to the Company’s certificate of incorporation also gave effect to the reclassification and 477,242.614671815-for-1 stock split of the Company’s existing common stock outstanding into 510,000,000 shares of Class B Common Stock. This stock split has been retrospectively presented throughout the financial statements. Upon completion of the IPO and the exercise in full of the underwriters’ option to purchase additional shares, 88,550,000 shares of Class A Common Stock, 421,450,000 shares of Class B Common Stock and no shares of preferred stock were outstanding. During the fiscal year ended September 30, 2021, Access converted 10,244,898 shares of Class B Common Stock to the same number of shares of Class A Common Stock, which it subsequently sold through open market sales, which is reflected as a conversion of Class B Common Stock for Class A Common Stock in the consolidated statements of equity.
Earnings per Share	Earnings per Share The consolidated statements of operations present basic and diluted earnings per share (“EPS”). Prior to the completion of the IPO, basic and diluted earnings per share were computed by dividing net income available to common stockholders by the weighted average number of outstanding common shares less shares issued for the exercise of the deferred equity units since these units were mandatorily redeemable in cash. As such, the deferred equity units were excluded from the denominator of the basic and diluted EPS calculation prior to the IPO completion. Subsequent to the completion of the IPO, the Company utilizes the two-class method to report earnings per share. The two-class method is an earnings allocation formula that determines earnings per share for each class of common stock according to dividends declared and participation rights in undistributed earnings. Undistributed earnings allocated to participating securities are subtracted from net income in determining net income attributable to common stockholders. See also Note 3, Earnings Per Share.
Use of Estimates	Use of Estimates 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.
Business Combinations	Business Combinations The Company accounts for its business acquisitions under the FASB ASC Topic 805, Business Combinations (“ASC 805”) guidance for business combinations. The total cost of acquisitions is allocated to the underlying identifiable net assets based on their respective estimated fair values. The excess of the purchase price over the estimated fair values of the net assets acquired is recorded as goodwill. Determining the fair value of assets acquired and liabilities assumed requires management’s judgment and often involves the use of significant estimates and assumptions, including assumptions with respect to future cash inflows and outflows, discount rates, asset lives and market multiples, among other items.
Cash and Equivalents	Cash and Equivalents The Company considers all highly liquid investments with maturities of three months or less at the date of purchase to be cash equivalents. The Company includes checks outstanding at year end as a component of accounts payable, instead of a reduction in its cash balance where there is not a right of offset in the related bank accounts.
Accounts Receivable	Accounts Receivable Credit is extended to customers based upon an evaluation of the customer’s financial condition. Accounts receivable are recorded at net realizable value.
Refund Liabilities and Allowance for Doubtful Accounts	Refund Liabilities and Allowance for Doubtful Accounts Management’s estimate of Recorded Music physical products that will be returned, and the amount of receivables that will ultimately be collected is an area of judgment affecting reported revenues and operating income. In determining the estimate of physical product sales that will be returned, management analyzes vendor sales of product, historical return trends, current economic conditions, changes in customer demand and commercial acceptance of the Company’s products. Based on this information, management reserves a percentage of each dollar of physical product sales that provide the customer with the right of return. The provision for such sales returns is reflected as a reduction in the revenues from the related sale. Similarly, the Company monitors customer credit risk related to accounts receivable. Significant judgments and estimates are involved in evaluating if such amounts will ultimately be fully collected. On an ongoing basis, the Company tracks customer exposure based on news reports, ratings agency information, reviews of customer financial data and direct dialogue with customers. Counterparties that are determined to be of a higher risk are evaluated to assess whether the payment terms previously granted to them should be modified. The Company also monitors payment levels from customers, and a provision for estimated uncollectible amounts is maintained based on such payment levels, historical experience, management’s views on trends in the overall receivable agings and, for larger accounts, analyses of specific risks on a customer-specific basis.
Concentration of Credit Risk	Concentration of Credit Risk 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. 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.
Inventories	Inventories Inventories consist of merchandise, vinyl, CDs, DVDs and other related music products. Inventories are stated at the lower of cost or estimated realizable value. Cost is determined using first-in, first-out (“FIFO”) and average cost methods, which approximate cost under the FIFO method. Returned goods included in inventory are valued at estimated realizable value, but not in excess of cost.
Derivative and Financial Instruments	Derivative and Financial Instruments The Company accounts for these investments as required by the FASB ASC Topic 815, Derivatives and Hedging (“ASC 815”), which requires that all derivative instruments be recognized on the balance sheet at fair value. ASC 815 also provides that, for derivative instruments that qualify for hedge accounting, changes in the fair value are either (a) offset against the change in fair value of the hedged assets, liabilities or firm commitments through earnings or (b) recognized in equity until the hedged item is recognized in earnings, depending on whether the derivative is being used to hedge changes in fair value or cash flows. In addition, the ineffective portion of a derivative’s change in fair value is immediately recognized in earnings. The carrying value of the Company’s financial instruments approximates fair value, except for certain differences relating to long-term, fixed-rate debt (see Note 18) and other financial instruments that are not significant. The fair value of financial instruments is generally determined by reference to market values resulting from trading on a national securities exchange or an over-the-counter market. In cases where quoted market prices are not available, fair value is based on estimates using present value or other valuation techniques.
Property, Plant and Equipment	Property, Plant and Equipment Property, plant and equipment acquired in conjunction with business combinations are recorded at fair value. All other additions are recorded at historical cost. Depreciation is calculated using the straight-line method based upon the estimated useful lives of depreciable assets commencing at the date assets are placed in service as follows: five to seven years for furniture and fixtures, periods of up to five years for computer equipment and software and periods of up to thirteen years for machinery and equipment. Buildings are depreciated over periods of up to forty years. Leasehold improvements are depreciated over the life of the lease or estimated useful lives of the improvements, whichever period is shorter. The Company accounts for costs incurred to develop or purchase computer software for internal use in accordance with FASB ASC Subtopic 350-40, Internal-Use Software (“ASC 350-40”). As required by ASC 350-40, the Company capitalizes the costs incurred during the application development stage, which include costs to design the software configuration and interfaces, coding, installation, and testing.
Accounting for Goodwill and Other Intangible Assets	Accounting for Goodwill and Other Intangible Assets In accordance with FASB ASC Topic 350, Intangibles—Goodwill and Other (“ASC 350”), the Company accounts for business combinations using the acquisition method of accounting and accordingly, the assets and liabilities of the acquired entities are recorded at their estimated fair values at the acquisition date. Goodwill represents the excess of the purchase price over the fair value of net assets, including the amount assigned to identifiable intangible assets. Pursuant to this guidance, the Company does not amortize the goodwill balance and instead, performs an annual impairment test to assess the fair value of goodwill over its carrying value. Identifiable intangible assets with finite lives are amortized over their useful lives. Goodwill is tested annually for impairment on July 1 and at any time upon occurrence of certain events or changes in circumstances. ASC 350 gives an entity the option to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit or intangible asset is less than its carrying amount. If an entity determines it is not more likely than not that the fair value of a reporting unit or intangible asset is less than its carrying amount, then performing the quantitative impairment test is unnecessary. However, if an entity concludes otherwise, then the quantitative impairment test shall be used to identify the impairment and measure the amount of an impairment loss to be recognized (if applicable). The Company performs an annual impairment test of its indefinite-lived intangible assets as of July 1 of each fiscal year, unless events occur which trigger the need for an earlier impairment test. The Company has the option to perform a qualitative assessment to determine if an impairment is more likely than not to have occurred. In the qualitative assessment, the Company must evaluate the totality of qualitative factors, including any recent fair value measurements, that impact whether an indefinite-lived intangible asset other than goodwill has a carrying amount that more likely than not exceeds its fair value. The Company must proceed to conduct a quantitative analysis if the Company (i) determines that such an impairment is more likely than not to exist or (ii) forgoes the qualitative assessment entirely. The impairment tests require management to make assumptions about future conditions impacting the value of the indefinite-lived intangible assets, including projected growth rates, cost of capital, effective tax rates, tax amortization periods, royalty rates, market share and others.
Valuation of Long-Lived Assets	Valuation of Long-Lived Assets The Company periodically reviews the carrying value of its long-lived assets, including finite-lived intangibles, property, plant and equipment and amortizable intangible assets, whenever events or changes in circumstances indicate that the carrying value may not be recoverable or that the lives assigned may no longer be appropriate. To the extent the estimated future cash inflows attributable to the asset, less estimated future cash outflows, are less than the carrying amount, an impairment loss is recognized in an amount equal to the difference between the carrying value of such asset and its fair value. Assets to be disposed of and for which there is a committed plan to dispose of the assets, whether through sale or abandonment, are reported at the lower of carrying value or fair value less costs to sell. If it is determined that events and circumstances warrant a revision to the remaining period of amortization, an asset’s remaining useful life would be changed, and the remaining carrying amount of the asset would be amortized prospectively over that revised remaining useful life.
Foreign Currency Translation	Foreign Currency Translation The financial position and operating results of substantially all foreign operations are consolidated using the local currency as the functional currency. Local currency assets and liabilities are translated at the rates of exchange on the balance sheet date, and local currency revenues and expenses are translated at average rates of exchange during the period. Resulting translation gains or losses are included in the accompanying consolidated statements of equity (deficit) as a component of accumulated other comprehensive loss.
Revenues	Revenues Recorded Music As required by FASB ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”), the Company recognizes revenue when, or as, control of the promised services or goods is transferred to our customers and in an amount that reflects the consideration the Company is contractually due in exchange for those services or goods. The Company’s revenue recognition process involves several applications that are responsible for the initiation and processing of transactions in order to recognize revenue in accordance with the Company’s policy and ASC 606. Revenues from the sale or license of Recorded Music products through digital distribution channels are typically recognized when sale or usage occurs based on usage reports received from the customer. These licenses typically contain a single performance obligation, which is ongoing access to all intellectual property in an evolving content library, predicated on: (1) the business practice and contractual ability to remove specific content without a requirement to replace the content and without impact to minimum royalty guarantees and (2) the contracts not containing a specific listing of content subject to the license. For certain licenses where the consideration is fixed and the intellectual property being licensed is static, revenue is recognized at the point in time when control of the licensed content is transferred to the customer. Certain contracts contain minimum guarantees, which are recoupable against royalties. Upon contract inception, the Company will assess whether a shortfall or breakage is expected (i.e., where the minimum guarantee will not be recouped through royalties) in order to determine timing of revenue recognition for the minimum guarantee. For fixed fee contracts and minimum guarantee contracts where breakage is expected, the total transaction price (fixed fee or minimum guarantee) is recognized using an appropriate measure of progress over the contractual term. The Company updates its assessment of the transaction price each reporting period to see if anticipated royalty earnings exceed the minimum guarantee. For contracts where breakage is not expected, royalties are recognized as revenue as sales or usage occurs based upon the licensee’s usage reports and, when these reports are not available, revenue is based on historical data, industry information and other relevant trends. Music Publishing Music Publishing revenues are earned from the receipt of royalties relating to the licensing of rights in musical compositions and the sale of published sheet music and songbooks. The receipt of royalties principally relates to amounts earned from the public performance of musical compositions, the mechanical reproduction of musical compositions on recorded media, including digital formats and the use of musical compositions in synchronization with visual images. Music publishing royalties, except for synchronization royalties, generally are recognized when the sale or usage occurs. The most common form of consideration for publishing contracts is sales- and usage-based royalties. The collecting societies submit usage reports, typically with payment for royalties due, often on a quarterly or biannual reporting period, in arrears. Royalties are recognized as the sale or usage occurs based upon usage reports and, when these reports are not available, royalties are estimated based on historical data, such as recent royalties reported, company-specific information with respect to changes in repertoire, industry information and other relevant trends. Synchronization revenue is typically recognized as revenue when control of the license is transferred to the customer in accordance with ASC 606. See also Note 4, Revenue Recognition.
Royalty Costs and Royalty Advances	Royalty Costs and Royalty Advances The Company incurs royalty costs that are payable to our recording artists and songwriters generated from the sale or license of our Recorded Music catalog and Music Publishing copyrights. Royalties are calculated using negotiated rates in accordance with recording artist and songwriter contracts. Calculations are based on revenue earned or usage measures or a combination of these. There are instances where such data is not available to be processed and royalty cost calculations may be complex or involve judgments about significant volumes of data to be processed. In many instances, the Company commits to pay our recording artists and songwriters royalties in advance of future sales. The Company accounts for these advances under the related guidance in FASB ASC Topic 928, Entertainment—Music (“ASC 928”). Under ASC 928, the Company capitalizes as assets certain advances that it believes are recoverable from future royalties to be earned by the recording artist or songwriter. Recoverability is assessed upon initial commitment of the advance based upon the Company’s forecast of anticipated revenue from the sale of future and existing albums or musical compositions. In determining whether the advance is recoverable, the Company evaluates the current and past popularity of the recording artist or songwriter, the sales history of the recording artist or songwriter, the initial or expected commercial acceptability of the product, the current and past popularity of the genre of music that the product is designed to appeal to, and other relevant factors. Advances vary in both amount and expected life based on the underlying recording artist or songwriter. To the extent that a portion of an outstanding advance is no longer deemed recoverable, that amount will be expensed in the period the determination is made.
Advertising	Advertising As required by the FASB ASC Subtopic 720-35, Advertising Costs (“ASC 720-35”), advertising costs are expensed as incurred. Advertising expense amounted to approximately $149 million, $115 million and $108 million for the fiscal years ended September 30, 2021, September 30, 2020 and September 30, 2019, respectively. Deferred advertising costs, which principally relate to advertisements that have been paid for but not been exhibited or services that have not been received, were not material for all periods presented.
Share-Based Compensation	Stock-Based Compensation The Company accounts for stock-based payments in accordance with ASC 718, Compensation—Stock Compensation (“ASC 718”). Stock-based compensation consists primarily of restricted stock units (“RSUs”) granted to eligible employees and executives under the Omnibus Incentive Plan. The Company measures compensation expense for RSUs based on the fair value of the award on the date of grant. The grant date fair value is based on the closing market price of the Company’s Class A Common Stock on the date of grant. The Company accounts for forfeitures as they occur. Stock-based compensation is recognized on a straight-line basis over the requisite service period, which is generally four years except for certain one-year awards issued in connection with the IPO. The Company also grants unvested restricted stock to the Company’s directors. The Company recognizes stock-based compensation expense equal to the grant date fair value of the restricted stock, based on the closing stock price on grant date, on a straight-line basis over the requisite service period of the awards, which is generally one year. The Company also recognizes stock-based compensation under the Second Amended and Restated Warner Music Group Corp. Senior Management Free Cash Flow Plan (the “Plan”). The awards outstanding under the Plan are equity-classified. Prior to the Company’s IPO in June 2020, these awards were liability-classified under the recognition provision of ASC 718 and were re-measured at each reporting date until settlement. Under the provision of ASC 718, the Company determined the Plan was modified as of June 3, 2020, and as such, converted the awards from liability-classified to equity-classified. Prior to conversion, the Company performed a final measurement of its stock-based compensation liability under the fair value method. Subsequent to the amendment, the awards issued under the Plan will no longer be adjusted for changes in the value of the Company’s common stock. Upon modification of the Plan, the Company reclassified a $769 million stock-based compensation liability to additional paid-in capital, which included $57 million associated with the awards settled through the IPO tag-along right on June 5, 2020. In addition, the Company recognized approximately $11 million of stock-based compensation expense under the Plan for the period of June 3, 2020 through September 30, 2020 for the unvested share awards that were granted prior to the IPO, which is included in additional paid-in capital. The Company will continue to incur non-cash stock-based compensation expense for awards that were unvested as of the modification date of the Plan.
Income Taxes	Income Taxes Income taxes are provided using the asset and liability method presented by FASB ASC Topic 740, Income Taxes (“ASC 740”). Under this method, income taxes (i.e., deferred tax assets, deferred tax liabilities, taxes currently payable/refunds receivable and tax expense) are recorded based on amounts refundable or payable in the current fiscal year and include the results of any differences between U.S. GAAP and tax reporting. Deferred income taxes reflect the tax effect of net operating loss, capital loss and general business credit carryforwards and the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial statements and income tax purposes, as determined under enacted tax laws and rates. Valuation allowances are established when management determines that it is more likely than not that some portion or the entire deferred tax asset will not be realized. The financial effect of changes in tax laws or rates is accounted for in the period of enactment. On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (the “Tax Act”). In accordance with ASC 740, the Company recorded the impacts in the period of enactment. From time to time, the Company engages in transactions in which the tax consequences may be subject to uncertainty. Significant judgment is required in assessing and estimating the tax consequences of these transactions. The Company prepares and files tax returns based on its interpretation of tax laws and regulations. In the normal course of business, the Company’s tax returns are subject to examination by various taxing authorities. Such examinations may result in future tax and interest assessments by these taxing authorities. In determining the Company’s tax provision for financial reporting purposes, the Company establishes a reserve for uncertain tax positions, unless such positions are determined to be more likely than not of being sustained upon examination based on their technical merits. There is considerable judgment involved in determining whether positions taken on the Company’s tax returns are more likely than not of being sustained.
New Accounting Pronouncements	New Accounting Pronouncements Recently Adopted Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses: Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). ASU 2016-13 requires that expected credit losses relating to financial assets measured on an amortized cost basis and available-for-sale debt securities be recorded through an allowance for credit losses. ASU 2016-13 limits the amount of credit losses to be recognized for available-for-sale debt securities to the amount by which carrying value exceeds fair value and also requires the reversal of previously recognized credit losses if fair value increases. The Company adopted ASU 2016-13 in the first quarter of fiscal 2021 and this adoption did not have a material impact on the Company’s consolidated financial statements. Accounting Pronouncements Not Yet Adopted In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes (“ASU 2019-12”). This ASU eliminates certain exceptions to the general principles in ASC 740, Income Taxes. Specifically, it eliminates the exception to (1) the incremental approach for intraperiod tax allocation when there is a loss from continuing operations, and income or a gain from other items; (2) the requirement to recognize a deferred tax liability for equity method investments when a foreign subsidiary becomes an equity method investment; (3) the ability not to recognize a deferred tax liability for a foreign subsidiary when a foreign equity method investment becomes a subsidiary; and (4) the general methodology for calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year. ASU 2019-12 also simplifies U.S. GAAP by making other changes. ASU 2019-12 will be effective for the annual periods beginning after December 15, 2020, and for interim periods beginning after December 15, 2021. Earlier adoption is permitted. The Company will adopt ASU 2019-12 beginning October 1, 2021 and this adoption is not expected to have a material impact on the Company’s financial statements. In August 2020, the FASB issued ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity's Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”). This ASU simplifies the accounting for convertible instruments by eliminating the cash conversion and beneficial conversion feature models used to separately account for embedded conversion features as a component of equity. Instead, the entity will account for the convertible debt or convertible preferred stock securities as a single unit of account, unless the conversion feature requires bifurcation and recognition as derivatives. Additionally, the guidance requires entities to use the if-converted method for all convertible instruments in the diluted earnings per share calculation and include the effect of potential share settlement for instruments that may be settled in cash or shares. ASU 2020-06 will be effective for the interim and annual periods beginning after December 15, 2021. Earlier adoption is permitted for periods beginning after December 15, 2020. The Company will adopt ASU 2020-06 beginning October 1, 2021, and is evaluating the impact of the adoption of this standard on its financial statements.
Leases	The Company’s lease portfolio consists operating real estate leases for its corporate offices and, to a lesser extent, storage and other equipment. The Company adopted FASB ASC Topic 842, Leases (“ASC 842”), on October 1, 2019 using the modified retrospective transition method. Under ASC 842, a contract is or contains a lease when (1) an explicitly or implicitly identified asset has been deployed in the contract and (2) the customer obtains substantially all of the economic benefits from the use of that underlying asset and directs how and for what purpose the asset is used during the term of the contract. The Company determines if an arrangement is or contains a lease at inception of the contract. For all leases (finance and operating), other than those that qualify for the short-term recognition exemption, the Company will recognize on the balance sheet a lease liability for its obligation to make lease payments arising from the lease and a corresponding ROU asset representing its right to use the underlying asset over the period of use based on the present value of lease payments over the lease term as of the lease commencement date. ROU assets are adjusted for initial direct costs, lease payments made and incentives. As the rates implicit in our leases are not readily determinable, the Company uses its incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments. This rate is based on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments. The lease term used to calculate the lease liability will include options to extend or terminate the lease when the option to extend or terminate is at the Company’s discretion and it is reasonably certain that the Company will exercise the option. Fixed payments are recognized as lease expense on a straight-line basis over the lease term. For leases with a term of one year or less (“short-term leases”), the lease payments are recognized in the consolidated statements of operations on a straight-line basis over the lease term. ASC 842 requires that only limited types of variable payments be included in the determination of lease payments, which affects lease classification and measurement. Variable lease costs, if any, are recognized as incurred and such costs are excluded from lease balances recorded on the consolidated balance sheet. The initial measurement of the lease liability and ROU asset are determined based on fixed lease payments. Lease payments that depend on an index or a rate (such as the Consumer Price Index or a market interest rate) are variable and are recognized in the period in which the payments are incurred. The Company’s operating ROU assets are included in operating lease right-of-use assets and the Company’s current and non-current operating lease liabilities are included in operating lease liabilities, current and operating lease liabilities, noncurrent, respectively, in the Company’s balance sheet. Operating lease liabilities are amortized using the effective interest method. That is, in each period, the liability will be increased to reflect the interest that is accrued on the related liability by using the appropriate discount rate and decreased by the lease payments made during the period. The subsequent measurement of the ROU asset is linked to the amount recognized as the lease liability. Accordingly, the ROU asset is measured as the lease liability adjusted by (1) accrued or prepaid rents (i.e., the aggregate difference between the cash payment and straight-line lease cost), (2) remaining unamortized initial direct costs and lease incentives, and (3) impairments of the ROU asset. Operating lease costs are included in Selling, general and administrative expenses. For lease agreements that contain both lease and non-lease components, the Company has elected the practical expedient provided by ASC 842 that permits the accounting for these components as a single lease component (rather than separating the lease from the non-lease components and accounting for the components individually).

Earnings per Share (Tables)

12 Months Ended

Sep. 30, 2021

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The following table sets forth the calculation of basic and diluted net income (loss) per common share under the two-class method (in millions, except share and per share data):


	Fiscal Year Ended September 30,
	2021				2020				2019
	Class A		Class B		Class A		Class B		Class A		Class B
Basic and Diluted EPS:
Numerator
Net income (loss) attributable to Warner Music Group Corp.	$	68	$	236	$	(21)	$	(454)	$	—	$	256
Less: Net income attributable to participating securities	(4)		—		(1)		—		—		—
Net income (loss) attributable to common stockholders	$	64	$	236	$	(22)	$	(454)	$	—	$	256
Denominator
Weighted average shares outstanding	110,560,517		402,911,743		26,897,115		477,624,846		0		501,991,944
Basic and Diluted EPS	$	0.58	$	0.58	$	(0.82)	$	(0.95)	$	—	$	0.51

Revenue Recognition (Tables)

12 Months Ended

Sep. 30, 2021

Revenue from Contract with Customer [Abstract]

Summary of Disaggregation of Revenue

The Company’s revenue consists of the following categories, which aggregate into the segments – Recorded Music and Music Publishing:


	Fiscal Year Ended September 30,
	2021		2020		2019
	(in millions)
Revenue by Type
Digital	$	3,105	$	2,568	$	2,343
Physical	549		434		559
Total Physical and Digital	3,654		3,002		2,902
Artist services and expanded-rights	599		525		629
Licensing	291		283		309
Total Recorded Music	4,544		3,810		3,840
Performance	122		142		183
Digital	436		337		271
Mechanical	49		48		55
Synchronization	144		119		120
Other	10		11		14
Total Music Publishing	761		657		643
Intersegment eliminations	(4)		(4)		(8)
Total Revenues	$	5,301	$	4,463	$	4,475
Revenue by Geographical Location
U.S. Recorded Music	$	1,985	$	1,609	$	1,656
U.S. Music Publishing	378		325		300
Total U.S.	2,363		1,934		1,956
International Recorded Music	2,559		2,201		2,184
International Music Publishing	383		332		343
Total International	2,942		2,533		2,527
Intersegment eliminations	(4)		(4)		(8)
Total Revenues	$	5,301	$	4,463	$	4,475

Summary of Revenues Expected to be Recognized in Future Related to Performance Obligations

Revenues expected to be recognized in the future related to performance obligations that are unsatisfied at September 30, 2021 are as follows:


	FY22		FY23		FY24		Thereafter		Total
	(in millions)
Remaining performance obligations	$	483	$	306	$	120	$	1	$	910
Total	$	483	$	306	$	120	$	1	$	910

Comprehensive Income (Loss) (Tables)

12 Months Ended

Sep. 30, 2021

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Loss

The following summary sets forth the changes in the components of accumulated other comprehensive loss, net of related tax expense of approximately $4 million:


	Foreign Currency Translation Loss (a)		Minimum Pension Liability Adjustment		Deferred Gains (Losses) On Derivative Financial Instruments		Accumulated Other Comprehensive Loss, net
	(in millions)
Balances at September 30, 2018	$	(184)	$	(9)	$	3	$	(190)
Other comprehensive loss	(34)		(5)		(11)		(50)
Balances at September 30, 2019	$	(218)	$	(14)	$	(8)	$	(240)
Other comprehensive income	37		2		(21)		18
Balances at September 30, 2020	$	(181)	$	(12)	$	(29)	$	(222)
Other comprehensive income	7		1		12		20
Balances at September 30, 2021	$	(174)	$	(11)	$	(17)	$	(202)

______________________________________

(a)Includes historical foreign currency translation related to certain intra-entity transactions.

Property, Plant and Equipment (Tables)

12 Months Ended

Sep. 30, 2021

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment

Property, plant and equipment consist of the following:


	September 30, 2021		September 30, 2020
	(in millions)
Land	$	12	$	12
Buildings and improvements	185		179
Furniture and fixtures	36		31
Computer hardware and software	427		371
Construction in progress	93		64
Machinery and equipment	30		29
Gross Property, Plant and Equipment	$	783	$	686
Less: Accumulated depreciation	(419)		(355)
Net Property, Plant and Equipment	$	364	$	331

Leases (Tables)

12 Months Ended

Sep. 30, 2021

Leases [Abstract]

Lease, Cost

The components of lease expense were as follows:


	Fiscal Year Ended September 30,
	2021		2020
	(in millions)
Lease Cost
Operating lease cost	$	55	$	53
Short-term lease cost	2		1
Variable lease cost	11		8

Total lease cost	$	68	$	62

Schedule of Cash Flow, Supplemental Disclosures

Supplemental cash flow information related to leases was as follows:


	Fiscal Year Ended September 30,
	2021		2020
	(in millions)
Cash paid for amounts included in the measurement of operating lease liabilities	$	59	$	55
Right-of-use assets obtained in exchange for operating lease obligations	25		14

Assets And Liabilities, Lessee

Supplemental balance sheet information related to leases was as follows:


	September 30, 2021			September 30, 2020
	(in millions)
Operating Leases
Operating lease right-of-use assets	$	268		$	273

Operating lease liabilities, current	$	43		$	39
Operating lease liabilities, noncurrent	287			299
Total operating lease liabilities	$	330		$	338

Weighted Average Remaining Lease Term
Operating leases	8 years			8 years
Weighted Average Discount Rate
Operating leases	4.69		%	4.58		%

Lessee, Operating Lease, Liability, Maturity

Maturities of lease liabilities were as follows:


Fiscal Year Ended September 30,	Operating Leases
	(in millions)
2022	$	57
2023	56
2024	52
2025	50
2026	44
Thereafter	136
Total lease payments	395
Less: Imputed interest	(65)
Total	$	330

Goodwill and Intangible Assets (Tables)

12 Months Ended

Sep. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Changes in Goodwill for Each Reportable Segment

The following analysis details the changes in goodwill for each reportable segment:


	Recorded Music		Music Publishing		Total
	(in millions)
Balances at September 30, 2019	$	1,297	$	464	$	1,761
Acquisitions	47		—		47
Other adjustments	23		—		23
Balances at September 30, 2020	$	1,367	$	464	$	1,831
Acquisitions	(7)		—		(7)
Other adjustments	6		—		6
Balances at September 30, 2021	$	1,366	$	464	$	1,830

Schedule of Intangible Assets

Intangible assets consist of the following:


	Weighted-Average Useful Life	September 30, 2021		September 30, 2020
		(in millions)
Intangible assets subject to amortization:
Recorded music catalog	12 years	$	1,206	$	876
Music publishing copyrights	26 years	1,730		1,597
Artist and songwriter contracts	13 years	997		862
Trademarks	15 years	96		81
Other intangible assets	6 years	96		84
Total gross intangible assets subject to amortization		4,125		3,500
Accumulated amortization		(2,108)		(1,847)
Total net intangible assets subject to amortization		2,017		1,653
Intangible assets not subject to amortization:
Trademarks and tradenames	Indefinite	154		154
Total net intangible assets		$	2,171	$	1,807

Expected Amortization of Intangible Assets

Based on the amount of intangible assets subject to amortization at September 30, 2021, the expected amortization for each of the next five fiscal years and thereafter are as follows:


Fiscal Year Ended September 30,	Amortization Expense
	(in millions)
2022	$	233
2023	202
2024	162
2025	156
2026	140
Thereafter	1,124
Total	$	2,017

Debt (Tables)

12 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

Long-term Debt

Long-term debt, all of which was issued by Acquisition Corp., consists of the following:


	September 30, 2021		September 30, 2020
	(in millions)
Revolving Credit Facility (a)	$	—	$	—
Senior Term Loan Facility due 2028	1,145		820
3.625% Senior Secured Notes due 2026 (€445 face amount) (b)	—		518
2.750% Senior Secured Notes due 2028 (€325 face amount)	381		379
3.875% Senior Secured Notes due 2030	535		535
2.250% Senior Secured Notes due 2031 (€445 face amount)	522		—
3.000% Senior Secured Notes due 2031	800		550
5.500% Senior Notes due 2026 (b)	—		325
Total long-term debt, including the current portion	$	3,383	$	3,127
Issuance premium less unamortized discount and unamortized deferred financing costs	$	(37)	$	(23)
Total long-term debt, including the current portion, net	$	3,346	$	3,104

______________________________________

(b)In April 2021 the 5.500% Senior Notes due 2026 were redeemed in full, and in August 2021 the 3.625% Senior Secured Notes due 2026 were redeemed in full.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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-Topic 835
-SubTopic 30
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=123599511&loc=d3e64711-112823

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+ Details

Income Taxes (Tables)

12 Months Ended

Sep. 30, 2021

Income Tax Disclosure [Abstract]

Schedule of Domestic and Foreign Pretax (Loss) Income from Continuing Operations

The domestic and foreign pretax income (loss) from continuing operations is as follows:


	Fiscal Year Ended September 30,
	2021		2020		2019
	(in millions)
Domestic	$	182	$	(655)	$	84
Foreign	274		208		183
Income (loss) before income taxes	$	456	$	(447)	$	267

Current and Deferred Income Taxes

Current and deferred income tax expense provided are as follows:


	Fiscal Year Ended September 30,
	2021		2020		2019
	(in millions)
Federal:
Current	$	6	$	3	$	—
Deferred	31		(28)		(49)
Foreign:
Current (a)	107		74		74
Deferred	(5)		(28)		(18)
U.S. State:
Current	9		3		3
Deferred	1		(1)		(1)
Income tax expense	$	149	$	23	$	9

______________________________________

(a)Includes withholding taxes of $26 million, $15 million and $17 million for the fiscal years ended September 30, 2021, 2020 and 2019, respectively.

Differences between U.S. Federal Statutory Income Tax Rate of 35% and Income Taxes Provided

The differences between the U.S. federal statutory income tax rate of 21.0% for each of the fiscal years ended September 30, 2021, 2020 and 2019 and income taxes provided are as follows:


	Fiscal Year Ended September 30,
	2021		2020		2019
	(in millions)
Taxes on income at the U.S. federal statutory rate	$	96	$	(94)	$	56
U.S. state and local taxes	10		2		2
Foreign income taxed at different rates, including withholding taxes	34		10		16
Increase in valuation allowance	2		1		1
Release of valuation allowance	(6)		(38)		(65)
Change in tax rates	10		4		(4)
Impact of GILTI and FDII	(4)		2		(4)
IPO Costs	—		22		—
Executive Compensation	2		2		—
Non-deductible long term incentive plan	3		112		6
Other	2		—		1
Income tax expense	$	149	$	23	$	9

Significant Components of Company's Net Deferred Tax Assets/(Liabilities)

Significant components of the Company’s net deferred tax liabilities are summarized below:


	September 30, 2021		September 30, 2020
	(in millions)
Deferred tax assets:
Allowances and reserves	$	25	$	30
Employee benefits and compensation	78		80
Other accruals	14		19
Tax attribute carryforwards	135		168
Other	3		22
Total deferred tax assets	255		319
Less: Valuation allowance	(38)		(45)
Deferred tax assets, net of valuation allowance	217		274

Deferred tax liabilities:
Intangible assets	(393)		(369)
Total deferred tax liabilities	(393)		(369)
Net deferred tax liabilities	$	(176)	$	(95)

Reconciliation of Unrecognized Tax Benefits Including Interest and Penalties

The following table reflects changes in the gross unrecognized tax benefits, including interest and penalties:


	Fiscal Year Ended September 30,
	2021		2020		2019
	(in millions)
Gross unrecognized tax benefits - beginning of period	$	12	$	12	$	18

Additions for prior year tax positions	3		3		1
Subtractions for prior year tax positions	(3)		(3)		(7)
Gross unrecognized tax benefits - end of period	$	12	$	12	$	12

Stock-Based Compensation Plans (Tables)

12 Months Ended

Sep. 30, 2021

Share-based Payment Arrangement [Abstract]

Summary of Company's Share Awards

The following table summarizes the activity for the Company’s unvested share awards under the Plan:


	Deferred Equity Units	Matching Equity Units	Deferred Equity Units Weighted-Average Intrinsic Value		Matching Equity Units Weighted-Average Intrinsic Value		Deferred Equity Units Weighted-Average Grant-Date Intrinsic Value		Matching Equity Units Weighted-Average Grant-Date Intrinsic Value
Unvested units at September 30, 2019	1,900,747	6,681,397	$	7.71	$	4.60	$	3.13	$	—
Granted	—	—	—		—		—		—
Vested	(1,351,293)	(2,369,536)	27.01		24.04		23.91		—
Forfeited	—	—	—		—		—		—
Unvested units at September 30, 2020	549,454	4,311,861	$	27.01	$	23.82	$	23.82	$	—
Granted	—	—	—		—		—		—
Vested	(549,454)	(2,303,578)	44.21		41.02		41.02		—
Forfeited	—	—	—		—		—		—
Unvested units at September 30, 2021	—	2,008,283	$	—	$	41.02	$	—	$	—

Schedule of Unvested Restricted Stock Units Roll Forward

The following table summarizes the activity for the Company’s unvested RSUs:


	Number of Share Units	Weighted-Average Grant Date Fair Value		Aggregate Intrinsic Value (in thousands)
Unvested and outstanding balance as of September 30, 2020	—	$	—	$	—
Granted	1,604,922	32.23
Vested	(217)	36.87
Forfeited/canceled	(69,338)	30.83
Unvested and outstanding balance as of September 30, 2021	1,535,367	$	32.29	$	67,879

Derivative Financial Instruments (Tables)

12 Months Ended

Sep. 30, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Amounts Recorded in Consolidated Balance Sheet

The following is a summary of amounts recorded in the consolidated balance sheets pertaining to the Company’s derivative instruments at September 30, 2021 and September 30, 2020:


	September 30, 2021 (a)		September 30, 2020 (b)
	(in millions)
Other noncurrent assets	$	—	$	—
Other noncurrent liabilities	(22)		(38)

______________________________________

(a)$22 million of interest rate swaps in liability positions.

(b)$38 million of interest rate swaps in liability positions.

Segment Information (Tables)

12 Months Ended

Sep. 30, 2021

Segment Reporting [Abstract]

Schedule of Segment Information


	Recorded Music		Music Publishing		Corporate expenses and eliminations		Total
	(in millions)
2021
Revenues	$	4,544	$	761	$	(4)	$	5,301
Operating income (loss)	733		89		(213)		609
Amortization of intangible assets	150		79		—		229
Depreciation of property, plant and equipment	53		6		18		77
OIBDA	936		174		(195)		915
Total assets	3,278		2,843		1,090		7,211
Capital expenditures	33		1		59		93
2020
Revenues	$	3,810	$	657	$	(4)	$	4,463
Operating income (loss)	175		81		(485)		(229)
Amortization of intangible assets	119		71		—		190
Depreciation of property, plant and equipment	55		5		11		71
OIBDA	349		157		(474)		32
Total assets	2,483		2,656		1,271		6,410
Capital expenditures	28		1		56		85
2019
Revenues	$	3,840	$	643	$	(8)	$	4,475
Operating income (loss)	439		92		(175)		356
Amortization of intangible assets	139		69		—		208
Depreciation of property, plant and equipment	45		5		11		61
OIBDA	623		166		(164)		625
Capital expenditures	29		3		72		104

Long-Lived Assets and Revenue by Geographical Areas

Total long-lived assets relating to operations in different geographical areas, which consist of property, plant and equipment, net and operating lease right-of-use assets, net, are set forth below as of September 30, 2021 and September 30, 2020.


	2021				2020				2019
	Revenues		Long-lived Assets		Revenues		Long-lived Assets		Revenues
	(in millions)
United States	$	2,363	$	439	$	1,934	$	426	$	1,956
Germany	662		52		511		43		504
United Kingdom	620		43		551		49		596
All other territories	1,656		98		1,467		86		1,419
Total	$	5,301	$	632	$	4,463	$	604	$	4,475

Fair Value Measurements (Tables)

12 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

Schedule of Fair Value of Financial Instruments


	Fair Value Measurements as of September 30, 2021
	(Level 1)		(Level 2)		(Level 3)		Total
	(in millions)
Other Current Liabilities:
Contractual Obligations (a)	$	—	$	—	$	(4)	$	(4)
Other Noncurrent Assets:
Equity Method Investment (b)	26		—		—		26
Equity Investment with Readily Determinable Fair Value (c)	37		—		—		37
Other Noncurrent Liabilities:
Contractual Obligations (a)	—		—		(15)		(15)
Interest Rate Swaps (d)	—		(22)		—		(22)
Total	$	63	$	(22)	$	(19)	$	22


	Fair Value Measurements as of September 30, 2020
	(Level 1)		(Level 2)		(Level 3)		Total
	(in millions)
Other Current Liabilities:
Contractual Obligations (a)	$	—	$	—	$	(2)	$	(2)
Other Noncurrent Assets:
Equity Method Investment (b)	—		47		—		47
Other Noncurrent Liabilities:
Contractual Obligations (a)	—		—		(4)		(4)
Interest Rate Swaps (d)	—		(38)		—		(38)
Total	$	—	$	9	$	(6)	$	3

______________________________________

Reconciliation of Net Liabilities Classified as Level 3

The following table reconciles the beginning and ending balances of net liabilities classified as Level 3:


	Total
	(in millions)
Balance at September 30, 2020	$	(6)
Additions	(13)
Reductions	—
Payments	—
Balance at September 30, 2021	$	(19)

Description of Business - Narrative (Details) - $ / shares	Jun. 05, 2020	Sep. 30, 2021	Sep. 30, 2020
Access Industries
Subsidiary, Sale of Stock [Line Items]
Sale of stock, percentage of ownership after transaction	98.00%
Sale of stock, percentage of economic interest	76.00%
Common Class A
Subsidiary, Sale of Stock [Line Items]
Common stock, par value (in dollars per share)		$ 0.001	$ 0.001
Common Class A \| IPO
Subsidiary, Sale of Stock [Line Items]
Common stock, par value (in dollars per share)	$ 0.001
Common Class B
Subsidiary, Sale of Stock [Line Items]
Common stock, par value (in dollars per share)		$ 0.001	$ 0.001
Common Class B \| Access Industries
Subsidiary, Sale of Stock [Line Items]
Common stock, par value (in dollars per share)	$ 0.001

Summary of Significant Accounting Policies - Additional Information (Details) $ / shares in Units, $ in Millions			4 Months Ended	12 Months Ended
	Jun. 05, 2020 USD ($) shares	Feb. 28, 2020 $ / shares shares	Sep. 30, 2020 USD ($) shares	Sep. 30, 2021 USD ($) shares	Sep. 30, 2020 USD ($) shares	Sep. 30, 2019 USD ($)
Accounting Policies [Line Items]
Capital stock authorized (in shares)		2,100,000,000
Preferred stock,, authorized (in shares)		100,000,000
Preferred stock, par value (in dollars per share) \| $ / shares		$ 1.00
Stockholders' equity note, stock split, conversion ratio		477,242.614671815
Advertising expense \| $				$ 149	$ 115	$ 108
Award requisite service period				4 years
Modification of stock-based compensation plan \| $					769
Non-cash compensation expense \| $				$ 45	608	$ 50
Share-based Payment Arrangement
Accounting Policies [Line Items]
Non-cash compensation expense \| $			$ 11
IPO
Accounting Policies [Line Items]
Preferred stock, outstanding (in shares)	0
Award requisite service period				1 year
Modification of stock-based compensation plan \| $	$ 769
Additional Paid-in Capital
Accounting Policies [Line Items]
Modification of stock-based compensation plan \| $	769				$ 769
Additional Paid-in Capital \| IPO Tag-Along Right
Accounting Policies [Line Items]
Modification of stock-based compensation plan \| $	$ 57
Furniture and fixtures \| Minimum
Accounting Policies [Line Items]
Property plant and equipment useful life				5 years
Furniture and fixtures \| Maximum
Accounting Policies [Line Items]
Property plant and equipment useful life				7 years
Computer Equipment \| Maximum
Accounting Policies [Line Items]
Property plant and equipment useful life				5 years
Machinery and equipment \| Maximum
Accounting Policies [Line Items]
Property plant and equipment useful life				13 years
Building \| Maximum
Accounting Policies [Line Items]
Property plant and equipment useful life				40 years
Spotify \| Credit Concentration Risk \| Accounts Receivable
Accounting Policies [Line Items]
Customer concentration percentage				18.00%	16.00%
Common Class A
Accounting Policies [Line Items]
Common stock authorized (in shares)		1,000,000,000	1,000,000,000	1,000,000,000	1,000,000,000
Common stock outstanding (in shares)			88,578,361	122,414,827	88,578,361
Common Class A \| IPO
Accounting Policies [Line Items]
Common stock outstanding (in shares)	88,550,000
Common Class B
Accounting Policies [Line Items]
Common stock authorized (in shares)		1,000,000,000	1,000,000,000	1,000,000,000	1,000,000,000
Common stock outstanding (in shares)		510,000,000	421,450,000	391,970,996	421,450,000
Conversion of Class B shares				10,244,898
Common Class B \| IPO
Accounting Policies [Line Items]
Common stock outstanding (in shares)	421,450,000

Earnings per Share (Details) $ in Millions	12 Months Ended
Earnings per Share (Details) $ in Millions	Sep. 30, 2020 USD ($)
Earnings Per Share [Abstract]
Cash dividends declared	$ 75

Earnings per Share - Schedule of Earnings per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net income (loss) attributable to Warner Music Group Corp.	$ 304	$ (475)	$ 256
Common Class A
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net income (loss) attributable to Warner Music Group Corp.	68	(21)	0
Less: Net income attributable to participating securities - Basic	(4)	(1)	0
Less: Net income attributable to participating securities - Diluted	(4)	(1)	0
Net income (loss) attributable to common stockholders - Basic	64	(22)	0
Net income (loss) attributable to common stockholders - Diluted	$ 64	$ (22)	$ 0
Weighted average shares outstanding - Basic (in shares)	110,560,517	26,897,115	0
Weighted average shares outstanding - Diluted (in shares)	110,560,517	26,897,115	0
Basic EPS (in dollars per share)	$ 0.58	$ (0.82)	$ 0
Diluted EPS (in dollars per share)	$ 0.58	$ (0.82)	$ 0
Common Class B
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net income (loss) attributable to Warner Music Group Corp.	$ 236	$ (454)	$ 256
Less: Net income attributable to participating securities - Basic	0	0	0
Less: Net income attributable to participating securities - Diluted	0	0	0
Net income (loss) attributable to common stockholders - Basic	236	(454)	256
Net income (loss) attributable to common stockholders - Diluted	$ 236	$ (454)	$ 256
Weighted average shares outstanding - Basic (in shares)	402,911,743	477,624,846	501,991,944
Weighted average shares outstanding - Diluted (in shares)	402,911,743	477,624,846	501,991,944
Basic EPS (in dollars per share)	$ 0.58	$ (0.95)	$ 0.51
Diluted EPS (in dollars per share)	$ 0.58	$ (0.95)	$ 0.51

Revenue Recognition - Summary of Disaggregation of Revenue (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019
Disaggregation of Revenue [Line Items]
Total Revenues	$ 5,301	$ 4,463	$ 4,475
United States
Disaggregation of Revenue [Line Items]
Total Revenues	2,363	1,934	1,956
Operating Segments \| United States
Disaggregation of Revenue [Line Items]
Total Revenues	2,363	1,934	1,956
Operating Segments \| International
Disaggregation of Revenue [Line Items]
Total Revenues	2,942	2,533	2,527
Intersegment eliminations
Disaggregation of Revenue [Line Items]
Total Revenues	(4)	(4)	(8)
Recorded Music \| Operating Segments
Disaggregation of Revenue [Line Items]
Total Revenues	4,544	3,810	3,840
Recorded Music \| Operating Segments \| United States
Disaggregation of Revenue [Line Items]
Total Revenues	1,985	1,609	1,656
Recorded Music \| Operating Segments \| International
Disaggregation of Revenue [Line Items]
Total Revenues	2,559	2,201	2,184
Recorded Music \| Digital \| Operating Segments
Disaggregation of Revenue [Line Items]
Total Revenues	3,105	2,568	2,343
Recorded Music \| Physical \| Operating Segments
Disaggregation of Revenue [Line Items]
Total Revenues	549	434	559
Recorded Music \| Total Physical and Digital \| Operating Segments
Disaggregation of Revenue [Line Items]
Total Revenues	3,654	3,002	2,902
Recorded Music \| Artist services and expanded-rights \| Operating Segments
Disaggregation of Revenue [Line Items]
Total Revenues	599	525	629
Recorded Music \| Licensing \| Operating Segments
Disaggregation of Revenue [Line Items]
Total Revenues	291	283	309
Music Publishing \| Operating Segments
Disaggregation of Revenue [Line Items]
Total Revenues	761	657	643
Music Publishing \| Operating Segments \| United States
Disaggregation of Revenue [Line Items]
Total Revenues	378	325	300
Music Publishing \| Operating Segments \| International
Disaggregation of Revenue [Line Items]
Total Revenues	383	332	343
Music Publishing \| Performance \| Operating Segments
Disaggregation of Revenue [Line Items]
Total Revenues	122	142	183
Music Publishing \| Digital \| Operating Segments
Disaggregation of Revenue [Line Items]
Total Revenues	436	337	271
Music Publishing \| Mechanical \| Operating Segments
Disaggregation of Revenue [Line Items]
Total Revenues	49	48	55
Music Publishing \| Synchronization \| Operating Segments
Disaggregation of Revenue [Line Items]
Total Revenues	144	119	120
Music Publishing \| Other \| Operating Segments
Disaggregation of Revenue [Line Items]
Total Revenues	$ 10	$ 11	$ 14

Revenue Recognition - Additional Information (Details) $ in Millions	12 Months Ended
	Sep. 30, 2021 USD ($) source	Sep. 30, 2020 USD ($)	Sep. 30, 2019 USD ($)
Disaggregation of Revenue [Line Items]
Refund liabilities	$ 23	$ 24
Uncollectible accounts, reserves	20	23
Deferred revenue increased related to cash received from customers	585	527
Revenue recognized related to deferred revenue	232	157
Revenue recognized from performance obligations satisfied in previous periods	$ 64	$ 42	$ 51
Recorded Music
Disaggregation of Revenue [Line Items]
Number of revenue sources \| source	4
Music Publishing
Disaggregation of Revenue [Line Items]
Number of revenue sources \| source	5

Revenue Recognition - Summary of Revenues Expected to be Recognized in Future Related to Performance Obligations (Details) $ in Millions	Sep. 30, 2021 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 910
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 483
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 306
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 120
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 1
Revenue, remaining performance obligation, expected timing of satisfaction, period

Comprehensive Income (Loss) - Additional Information (Details) $ in Millions	12 Months Ended
	Sep. 30, 2021 USD ($)
Equity [Abstract]
Changes in accumulated other comprehensive loss, net of related taxes	$ 4

Comprehensive Income (Loss) - Schedule of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ (45)	$ (269)	$ (320)
Other comprehensive income (loss)	20	18	(50)
Ending balance	46	(45)	(269)
Foreign Currency Translation Loss
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(181)	(218)	(184)
Other comprehensive income (loss)	7	37	(34)
Ending balance	(174)	(181)	(218)
Minimum Pension Liability Adjustment
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(12)	(14)	(9)
Other comprehensive income (loss)	1	2	(5)
Ending balance	(11)	(12)	(14)
Deferred Gains (Losses) On Derivative Financial Instruments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(29)	(8)	3
Other comprehensive income (loss)	12	(21)	(11)
Ending balance	(17)	(29)	(8)
Accumulated Other Comprehensive Loss, net
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(222)	(240)	(190)
Ending balance	$ (202)	$ (222)	$ (240)

- Definition

Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 30
-Section 45
-Paragraph 20
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=118261656&loc=d3e32211-110900

Reference 24: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=123454820&loc=SL4568447-111683

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 65
-Paragraph 15
-Subparagraph (f)(1)
-URI http://asc.fasb.org/extlink&oid=121322162&loc=SL121327923-165333

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(3)
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22499-107794

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 65
-Paragraph 15
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121322162&loc=SL121327923-165333

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 848
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Publisher FASB
-Subparagraph (a)(3)(iii)(03)

+ Details

Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Millions	Sep. 30, 2021	Sep. 30, 2020
Property, Plant and Equipment [Line Items]
Gross Property, Plant and Equipment	$ 783	$ 686
Less: Accumulated depreciation	(419)	(355)
Net Property, Plant and Equipment	364	331
Land
Property, Plant and Equipment [Line Items]
Gross Property, Plant and Equipment	12	12
Buildings and improvements
Property, Plant and Equipment [Line Items]
Gross Property, Plant and Equipment	185	179
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Gross Property, Plant and Equipment	36	31
Computer hardware and software
Property, Plant and Equipment [Line Items]
Gross Property, Plant and Equipment	427	371
Construction in progress
Property, Plant and Equipment [Line Items]
Gross Property, Plant and Equipment	93	64
Machinery and equipment
Property, Plant and Equipment [Line Items]
Gross Property, Plant and Equipment	$ 30	$ 29

Leases - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Lessee, Lease, Description [Line Items]
Extended lease term	10 years
Lessee, operating lease, termination period	1 year
Operating lease liabilities	$ 330	$ 338
Operating lease expense	16	$ 18
Affiliated entity
Lessee, Lease, Description [Line Items]
Operating lease liabilities	$ 125
Minimum
Lessee, Lease, Description [Line Items]
Lessee, operating lease, term of contract	1 year
Maximum
Lessee, Lease, Description [Line Items]
Lessee, operating lease, term of contract	21 years

Leases - Lease Cost (Details) - USD ($) $ in Millions	12 Months Ended
Leases - Lease Cost (Details) - USD ($) $ in Millions	Sep. 30, 2021	Sep. 30, 2020
Leases [Abstract]
Operating lease cost	$ 55	$ 53
Short-term lease cost	2	1
Variable lease cost	11	8
Total lease cost	$ 68	$ 62

Leases - Supplemental Disclosures (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Leases [Abstract]
Cash paid for amounts included in the measurement of operating lease liabilities	$ 59	$ 55
Right-of-use assets obtained in exchange for operating lease obligations	$ 25	$ 14

Leases - Assets and Liabilities Lease (Details) - USD ($) $ in Millions	Sep. 30, 2021	Sep. 30, 2020
Leases [Abstract]
Operating lease right-of-use assets, net	$ 268	$ 273
Operating lease liabilities, current	43	39
Operating lease liabilities, noncurrent	287	299
Operating lease liabilities	$ 330	$ 338
Operating lease, weighted average remaining lease term	8 years	8 years
Operating lease, weighted average discount rate, percent	4.69%	4.58%

Leases - Schedule of Operating Lease Liability Maturity (Details) - USD ($) $ in Millions	Sep. 30, 2021	Sep. 30, 2020
Leases [Abstract]
2022	$ 57
2023	56
2024	52
2025	50
2026	44
Thereafter	136
Total lease payments	395
Less: Imputed interest	(65)
Operating lease liabilities	$ 330	$ 338

Goodwill and Intangible Assets - Changes in Goodwill for Each Reportable Segment (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Goodwill [Roll Forward]
Beginning balance	$ 1,831	$ 1,761
Acquisitions		47
Acquisitions	(7)
Other adjustments	6	23
Ending balance	1,830	1,831
Recorded Music
Goodwill [Roll Forward]
Beginning balance	1,367	1,297
Acquisitions		47
Acquisitions	(7)
Other adjustments	6	23
Ending balance	1,366	1,367
Music Publishing
Goodwill [Roll Forward]
Beginning balance	464	464
Acquisitions		0
Acquisitions	0
Other adjustments	0	0
Ending balance	$ 464	$ 464

Goodwill and Intangible Assets - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill acquired during period		$ 47
Finite-lived intangible assets acquired	$ 471

Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Total gross intangible assets subject to amortization	$ 4,125	$ 3,500
Accumulated amortization	(2,108)	(1,847)
Total net intangible assets subject to amortization	2,017	1,653
Intangible assets not subject to amortization	154	154
Total net intangible assets	2,171	1,807
Trademarks and tradenames
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Intangible assets not subject to amortization	$ 154	154
Recorded music catalog
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Weighted-Average Useful Life	12 years
Total gross intangible assets subject to amortization	$ 1,206	876
Music publishing copyrights
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Weighted-Average Useful Life	26 years
Total gross intangible assets subject to amortization	$ 1,730	1,597
Artist and songwriter contracts
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Weighted-Average Useful Life	13 years
Total gross intangible assets subject to amortization	$ 997	862
Trademarks
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Weighted-Average Useful Life	15 years
Total gross intangible assets subject to amortization	$ 96	81
Other intangible assets
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Weighted-Average Useful Life	6 years
Total gross intangible assets subject to amortization	$ 96	$ 84

Goodwill and Intangible Assets - Expected Amortization of Intangible Assets (Details) - USD ($) $ in Millions	Sep. 30, 2021	Sep. 30, 2020
Expected Intangible Amortization
2022	$ 233
2023	202
2024	162
2025	156
2026	140
Thereafter	1,124
Total net intangible assets subject to amortization	$ 2,017	$ 1,653

Debt - Long-term Debt (Details) € in Millions, $ in Millions	Sep. 30, 2021 USD ($)	Sep. 30, 2021 EUR (€)	Aug. 31, 2021	Aug. 16, 2021 EUR (€)	Apr. 30, 2021	Apr. 15, 2021	Mar. 08, 2021	Jan. 20, 2021	Nov. 02, 2020 USD ($)	Sep. 30, 2020 USD ($)	Aug. 12, 2020 USD ($)	Jun. 30, 2020	Jun. 29, 2020 USD ($)	Jun. 29, 2020 EUR (€)	Sep. 30, 2019
Debt Instrument [Line Items]
Total long-term debt, including the current portion	$ 3,383									$ 3,127
Issuance premium less unamortized discount and unamortized deferred financing costs	(37)									(23)
Total long-term debt, including the current portion, net	$ 3,346									$ 3,104
3.625% Senior Secured Notes
Debt Instrument [Line Items]
Interest rate	3.625%	3.625%								3.625%					3.625%
2.250% Senior Secured Notes
Debt Instrument [Line Items]
Interest rate	2.25%	2.25%								2.25%					2.25%
5.500% Senior Notes due 2026
Debt Instrument [Line Items]
Interest rate	5.50%	5.50%								5.50%					5.50%
Acquisition Corp. \| Senior Term Loan Facility due 2028
Debt Instrument [Line Items]
Total long-term debt, including the current portion	$ 1,145									$ 820
Acquisition Corp. \| 3.625% Senior Secured Notes
Debt Instrument [Line Items]
Interest rate	3.625%	3.625%	3.625%	3.625%
Face or principal amount of debt instrument \| €		€ 445
Total long-term debt, including the current portion	$ 0									518
Acquisition Corp. \| 2.750% Senior Secured Notes due 2028
Debt Instrument [Line Items]
Interest rate	2.75%	2.75%						2.75%				2.75%	2.75%	2.75%
Face or principal amount of debt instrument \| €		€ 325												€ 325
Total long-term debt, including the current portion	$ 381									379
Acquisition Corp. \| 3.875% Senior Secured Notes due 2030
Debt Instrument [Line Items]
Interest rate	3.875%	3.875%						3.875%				3.875%	3.875%	3.875%
Face or principal amount of debt instrument													$ 535
Total long-term debt, including the current portion	$ 535									535
Acquisition Corp. \| 2.250% Senior Secured Notes
Debt Instrument [Line Items]
Interest rate	2.25%	2.25%		2.25%				2.25%
Face or principal amount of debt instrument \| €		€ 445		€ 445
Total long-term debt, including the current portion	$ 522									0
Acquisition Corp. \| 3.000% Senior Secured Notes due 2031
Debt Instrument [Line Items]
Interest rate	3.00%	3.00%						3.00%	3.00%		3.00%
Face or principal amount of debt instrument									$ 250		$ 550
Total long-term debt, including the current portion	$ 800									550
Acquisition Corp. \| 5.500% Senior Notes due 2026
Debt Instrument [Line Items]
Interest rate	5.50%	5.50%			5.50%	5.50%	5.50%
Total long-term debt, including the current portion	$ 0									325
Acquisition Corp. \| Revolving Credit Facility
Debt Instrument [Line Items]
Total long-term debt, including the current portion	0									0
Line of credit facility, current borrowing capacity	300									300			$ 300
Letters of credit outstanding	7									10
Revolving credit facility outstanding	$ 0									$ 0

Debt - Narrative (Details) € in Millions, $ in Millions				12 Months Ended
Debt - Narrative (Details) € in Millions, $ in Millions	Aug. 16, 2021 USD ($)	Apr. 15, 2021 USD ($)	Mar. 08, 2021 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2020 USD ($)	Sep. 30, 2019 USD ($)	Sep. 30, 2021 EUR (€)	Aug. 31, 2021	Aug. 16, 2021 EUR (€)	Apr. 30, 2021	Apr. 14, 2021 USD ($)	Jan. 20, 2021 USD ($)	Nov. 02, 2020 USD ($)	Aug. 12, 2020 USD ($)	Jun. 30, 2020	Jun. 29, 2020 USD ($)	Jun. 29, 2020 EUR (€)
Debt Instrument [Line Items]
Gain (loss) on extinguishment of debt	$ 10	$ 12		$ 22	$ 34	$ 7
2.750% Senior Secured Notes due 2028 \| Acquisition Corp.
Debt Instrument [Line Items]
Interest rate							2.75%					2.75%			2.75%	2.75%	2.75%
Face or principal amount of debt instrument \| €							€ 325										€ 325
3.875% Senior Secured Notes due 2030 \| Acquisition Corp.
Debt Instrument [Line Items]
Interest rate							3.875%					3.875%			3.875%	3.875%	3.875%
Face or principal amount of debt instrument																$ 535
3.000% Senior Secured Notes due 2031 \| Acquisition Corp.
Debt Instrument [Line Items]
Interest rate							3.00%					3.00%	3.00%	3.00%
Face or principal amount of debt instrument													$ 250	$ 550
Debt issuance costs														$ 4
5.500% Senior Notes due 2026
Debt Instrument [Line Items]
Interest rate					5.50%	5.50%	5.50%
5.500% Senior Notes due 2026 \| Acquisition Corp.
Debt Instrument [Line Items]
Interest rate		5.50%	5.50%				5.50%			5.50%
Debt instrument remaining outstanding amount		$ 343
Redemption price, percentage of principal amount redeemed		102.75%
Senior Term Loan Facility
Debt Instrument [Line Items]
Debt instrument, fee amount												$ 3
Debt issuance costs												$ 1
Senior Term Loan Facility \| Acquisition Corp.
Debt Instrument [Line Items]
Face or principal amount of debt instrument		$ 1,145									$ 325
Line of credit facility, increase (decrease), net			$ 325
Line of credit facility, maximum borrowing capacity			$ 1,145
2.250% Senior Secured Notes
Debt Instrument [Line Items]
Interest rate					2.25%	2.25%	2.25%
2.250% Senior Secured Notes \| Acquisition Corp.
Debt Instrument [Line Items]
Interest rate							2.25%		2.25%			2.25%
Face or principal amount of debt instrument \| €							€ 445		€ 445
3.625% Senior Secured Notes
Debt Instrument [Line Items]
Interest rate					3.625%	3.625%	3.625%
3.625% Senior Secured Notes \| Acquisition Corp.
Debt Instrument [Line Items]
Interest rate							3.625%	3.625%	3.625%
Face or principal amount of debt instrument \| €							€ 445
Debt instrument remaining outstanding amount \| €									€ 463
Redemption price, percentage of principal amount redeemed	102.28%

Debt - Revolving Credit Agreement Amendment (Details) - Line of Credit $ in Millions	Sep. 30, 2021	Apr. 03, 2020 USD ($)	Apr. 02, 2020 USD ($)
Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 300	$ 180
Debt instrument, covenant terms, senior secured indebtedness to EBITDA ratio		5.00	4.75
Letter of credit outstanding, minimum amount to test covenant		$ 105
Debt instrument, covenant, total indebtedness to EBITDA ratio	3.50	3.25
Unamortized deferred financing costs		$ 1
Letter of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 90	$ 50

Debt - Redemption of 4.125% Senior Secured Notes and 4.875% Senior Secured Notes (Details) € in Millions, $ in Millions				12 Months Ended
	Aug. 16, 2021 USD ($)	Apr. 15, 2021 USD ($)	Jun. 30, 2020 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2020 USD ($)	Sep. 30, 2019 USD ($)	Sep. 30, 2021 EUR (€)	Jan. 20, 2021	Jun. 30, 2020 EUR (€)	Jun. 29, 2020 USD ($)	Jun. 29, 2020 EUR (€)
Debt Instrument [Line Items]
Loss on extinguishment of debt	$ 10	$ 12		$ 22	$ 34	$ 7
4.125% Senior Secured Notes due 2024
Debt Instrument [Line Items]
Interest rate					4.125%	4.125%	4.125%
4.125% Senior Secured Notes due 2024 \| Acquisition Corp.
Debt Instrument [Line Items]
Interest rate			4.125%				4.125%		4.125%	4.125%	4.125%
Face or principal amount of debt instrument \| €									€ 311		€ 311
Debt instrument remaining outstanding amount \| €									€ 322
Redemption price, percentage of principal amount redeemed			103.094%
4.875% Senior Secured Notes
Debt Instrument [Line Items]
Interest rate					4.875%	4.875%	4.875%
4.875% Senior Secured Notes \| Acquisition Corp.
Debt Instrument [Line Items]
Interest rate			4.875%				4.875%		4.875%	4.875%	4.875%
Face or principal amount of debt instrument			$ 220							$ 220
Debt instrument remaining outstanding amount			$ 230
Redemption price, percentage of principal amount redeemed			103.656%
Loss on extinguishment of debt					$ 24
3.875% Senior Secured Notes due 2030 \| Acquisition Corp.
Debt Instrument [Line Items]
Interest rate			3.875%				3.875%	3.875%	3.875%	3.875%	3.875%
Face or principal amount of debt instrument										$ 535
2.750% Senior Secured Notes due 2028 \| Acquisition Corp.
Debt Instrument [Line Items]
Interest rate			2.75%				2.75%	2.75%	2.75%	2.75%	2.75%
Face or principal amount of debt instrument \| €							€ 325				€ 325

Debt - Tender Offer and Redemption of 5.000% Senior Secured Notes (Details) $ in Thousands, € in Millions					12 Months Ended
	Aug. 16, 2021 USD ($)	Apr. 15, 2021 USD ($)	Aug. 01, 2020	Jul. 14, 2020 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2020 USD ($)	Sep. 30, 2019 USD ($)	Sep. 30, 2021 EUR (€)	Jun. 30, 2021 USD ($)	Jan. 20, 2021	Jun. 30, 2020	Jun. 29, 2020 USD ($)	Jun. 29, 2020 EUR (€)	Jun. 16, 2020
Debt Instrument [Line Items]
Loss on extinguishment of debt	$ 10,000	$ 12,000			$ 22,000	$ 34,000	$ 7,000
5.000% Senior Secured Notes due 2023 \| Acquisition Corp.
Debt Instrument [Line Items]
Interest rate				5.00%					5.00%			5.00%	5.00%	5.00%
Face or principal amount of debt instrument									$ 244,000			$ 244,000
Debt instrument remaining outstanding amount									$ 300,000
Redemptions of senior notes				$ 295,000
Redemption price, percentage of principal amount redeemed			101.25%
Loss on extinguishment of debt						$ 6,000
3.875% Senior Secured Notes due 2030 \| Acquisition Corp.
Debt Instrument [Line Items]
Interest rate								3.875%		3.875%	3.875%	3.875%	3.875%
Face or principal amount of debt instrument												$ 535,000
2.750% Senior Secured Notes due 2028 \| Acquisition Corp.
Debt Instrument [Line Items]
Interest rate								2.75%		2.75%	2.75%	2.75%	2.75%
Face or principal amount of debt instrument \| €								€ 325					€ 325

Debt - 3.875% Senior Secured Notes and 2.750% Senior Secured Notes Offerings (Details) $ in Thousands, € in Millions	Jul. 14, 2020 USD ($)	Sep. 30, 2021 EUR (€)	Jun. 30, 2021 USD ($)	Jan. 20, 2021	Sep. 30, 2020	Jun. 30, 2020 USD ($)	Jun. 30, 2020 EUR (€)	Jun. 29, 2020 USD ($)	Jun. 29, 2020 EUR (€)	Jun. 16, 2020	Sep. 30, 2019
3.875% Senior Secured Notes due 2030 \| Acquisition Corp.
Debt Instrument [Line Items]
Interest rate		3.875%		3.875%		3.875%	3.875%	3.875%	3.875%
Face or principal amount of debt instrument								$ 535,000
2.750% Senior Secured Notes due 2028 \| Acquisition Corp.
Debt Instrument [Line Items]
Interest rate		2.75%		2.75%		2.75%	2.75%	2.75%	2.75%
Face or principal amount of debt instrument \| €		€ 325							€ 325
4.125% Senior Secured Notes due 2024
Debt Instrument [Line Items]
Interest rate		4.125%			4.125%						4.125%
4.125% Senior Secured Notes due 2024 \| Acquisition Corp.
Debt Instrument [Line Items]
Interest rate		4.125%				4.125%	4.125%	4.125%	4.125%
Face or principal amount of debt instrument \| €							€ 311		€ 311
4.875% Senior Secured Notes
Debt Instrument [Line Items]
Interest rate		4.875%			4.875%						4.875%
4.875% Senior Secured Notes \| Acquisition Corp.
Debt Instrument [Line Items]
Interest rate		4.875%				4.875%	4.875%	4.875%	4.875%
Face or principal amount of debt instrument						$ 220,000		$ 220,000
5.000% Senior Secured Notes due 2023 \| Acquisition Corp.
Debt Instrument [Line Items]
Interest rate	5.00%		5.00%					5.00%	5.00%	5.00%
Face or principal amount of debt instrument			$ 244,000					$ 244,000
Redemptions of senior notes	$ 295,000

Debt - 3.000% Senior Secured Notes Offering (Details) - 3.000% Senior Secured Notes due 2031 - Acquisition Corp. - USD ($) $ in Millions	Sep. 30, 2021	Jan. 20, 2021	Nov. 02, 2020	Aug. 12, 2020
Debt Instrument [Line Items]
Interest rate	3.00%	3.00%	3.00%	3.00%
Face or principal amount of debt instrument			$ 250	$ 550
Unamortized deferred financing costs				$ 4

Debt - Interest Rates (Details)			12 Months Ended
Debt - Interest Rates (Details)	Sep. 30, 2021	Sep. 29, 2021	Sep. 30, 2021
Acquisition Corp. \| Senior Term Loan Facility Due In Two Thousand And Twenty
Debt Instrument [Line Items]
Term loan borrower alternate base rate election rate	1.00%		1.00%
Additional interest on overdue principal			2.00%
London Interbank Offered Rate (LIBOR) \| Acquisition Corp. \| Senior Term Loan Facility Due In Two Thousand And Twenty
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate			2.125%
Fed Funds Effective Rate Overnight Index Swap Rate \| Acquisition Corp. \| Senior Term Loan Facility Due In Two Thousand And Twenty
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate			0.50%
Base Rate \| Acquisition Corp. \| Senior Term Loan Facility Due In Two Thousand And Twenty
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate			1.125%
Additional interest rate on other overdue amounts			2.00%
Revolving Credit Facility \| Acquisition Corp.
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate			0.75%
Additional interest on overdue principal			2.00%
Revolving Credit Facility \| Acquisition Corp. \| 2020 Revolving Loans
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate			0.875%
Debt instrument, covenant, senior secured indebtedness to EBITDA ratio	2.84		2.84
Revolving Credit Facility \| London Interbank Offered Rate (LIBOR) \| Acquisition Corp.
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate			1.75%
Revolving Credit Facility \| London Interbank Offered Rate (LIBOR) \| Acquisition Corp. \| 2020 Revolving Loans
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate			1.875%
Revolving Credit Facility \| Fed Funds Effective Rate Overnight Index Swap Rate \| Acquisition Corp.
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate			0.50%
Revolving Credit Facility \| Eurodollar Applicable Margin Rate \| 2020 Revolving Loans
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.375%	1.875%
Revolving Credit Facility \| ABR Applicable Margin Rate \| 2020 Revolving Loans
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	0.375%	0.875%
Revolving Credit Facility \| Base Rate \| Acquisition Corp.
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate			1.00%
Additional interest rate on other overdue amounts			2.00%

Debt - Maturities of Senior Notes and Senior Secured Notes (Details) - Senior Notes	Sep. 30, 2021 USD ($)
Debt Instrument [Line Items]
Long-term debt, maturities, repayments of principal in next rolling twelve months	$ 0
Long-term debt, maturities, repayments of principal in rolling year five	381,000,000
Long term debt maturities repayments of principal in rolling after year five	$ 1,857,000,000

Debt - Interest Expense, net (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019
Debt Disclosure [Abstract]
Interest expense, net	$ 122	$ 127	$ 142
Long-term debt, weighted average interest rate, at point in time	3.20%	3.70%	4.30%

Income Taxes - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019
Income Tax Contingency [Line Items]
Change in tax rates	$ 10	$ 4	$ (4)
Impact of GILTI and FDII	4	(2)	4
Release of valuation allowance	6	38	65
Deferred foreign income tax benefit	5	28	18
Income tax benefit related to release of valuation allowance		25
Tax expense related to the reduction of deferred tax assets			$ 59
Reinvested earnings at foreign subsidiaries	259
Accrued interest and penalties	4	4
Uncertain income tax position not recognized	12	12
Decrease in uncertain tax positions resulting from ongoing audits and settlements	2
France Tax Authority
Income Tax Contingency [Line Items]
Net operating loss carryforward	65
Spain Tax Authority
Income Tax Contingency [Line Items]
Net operating loss carryforward	25
Foreign Tax Authority
Income Tax Contingency [Line Items]
Change in tax rates	10
Release of valuation allowance	6
Deferred foreign income tax benefit		15
Release of valuation allowance		33
Deferred tax assets, tax credit carryforwards, foreign		$ 10
Foreign tax credit carryforward	68
Domestic Tax Authority
Income Tax Contingency [Line Items]
Net operating loss carryforward	$ 0

Income Taxes - Schedule of Domestic and Foreign Pretax (Loss) Income from Continuing Operations (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019
Income Tax Disclosure [Abstract]
Domestic	$ 182	$ (655)	$ 84
Foreign	274	208	183
Income (loss) before income taxes	$ 456	$ (447)	$ 267

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

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+ Details

Income Taxes - Current and Deferred Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019
Federal:
Current	$ 6	$ 3	$ 0
Deferred	31	(28)	(49)
Foreign:
Current	107	74	74
Deferred	(5)	(28)	(18)
U.S. State:
Current	9	3	3
Deferred	1	(1)	(1)
Income tax expense	149	23	9
Cash withholding taxes	$ 26	$ 15	$ 17

Income Taxes - Differences between U.S. Federal Statutory Income Tax Rate and Income Taxes Provided (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019
Income Tax Disclosure [Abstract]
U.S. federal corporate statutory tax rate	21.00%
Taxes on income at the U.S. federal statutory rate	$ 96	$ (94)	$ 56
U.S. state and local taxes	10	2	2
Foreign income taxed at different rates, including withholding taxes	34	10	16
Increase in valuation allowance	2	1	1
Release of valuation allowance	(6)	(38)	(65)
Change in tax rates	10	4	(4)
Impact of GILTI and FDII	(4)	2	(4)
IPO Costs	0	22	0
Executive Compensation	2	2	0
Non-deductible long term incentive plan	3	112	6
Other	2	0	1
Income tax expense	$ 149	$ 23	$ 9

Income Taxes - Significant Components of Company's Net Deferred Tax Assets/(Liabilities) (Details) - USD ($) $ in Millions	Sep. 30, 2021	Sep. 30, 2020
Deferred tax assets:
Allowances and reserves	$ 25	$ 30
Employee benefits and compensation	78	80
Other accruals	14	19
Tax attribute carryforwards	135	168
Other	3	22
Total deferred tax assets	255	319
Less: Valuation allowance	(38)	(45)
Deferred tax assets, net of valuation allowance	217	274
Deferred tax liabilities:
Intangible assets	(393)	(369)
Total deferred tax liabilities	(393)	(369)
Net deferred tax liabilities	$ (176)	$ (95)

Income Taxes - Reconciliation of Unrecognized Tax Benefits Including Interest and Penalties (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Beginning Balance	$ 12	$ 12	$ 18
Additions for prior year tax positions	3	3	1
Subtractions for prior year tax positions	(3)	(3)	(7)
Ending Balance	$ 12	$ 12	$ 12

Employee Benefit Plans - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019
Retirement Benefits [Abstract]
Employee benefit plan obligation	$ 83	$ 83
Aggregate pension liability recorded in balance sheet	58	57
Pension expense	4	4	$ 4
Employers contribution plan expense	$ 9	$ 8	$ 6

Stock-Based Compensation Plans - Additional Information (Details) $ / shares in Units, $ in Millions		1 Months Ended				12 Months Ended
	Jun. 05, 2020 USD ($)	Mar. 31, 2021 shares	Dec. 31, 2020 shares	Dec. 31, 2019 shares	Dec. 31, 2018 USD ($) shares	Sep. 30, 2021 USD ($) $ / shares shares	Sep. 30, 2020 USD ($) $ / shares	Sep. 30, 2019 USD ($) $ / shares	Sep. 30, 2017 shares	Dec. 31, 2017 employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share awards vesting period						2 years
Number of additional employees to participate in plan \| employee										2
Modification of stock-based compensation plan \| $							$ 769
Weighted-average grant date intrinsic value of share awards (in dollars per share) \| $ / shares							$ 23.82	$ 3.13
Unrecognized compensation costs \| $						$ 4	$ 14	$ 16
Total compensation of unvested awards expected to be recognized, weighted average period						1 year
Non-cash compensation expense \| $						$ 45	608	50
Free cash flow compensation expense \| $						$ 5	16	15
Dividend expense related to equity units \| $							$ 1	$ 7
IPO
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Modification of stock-based compensation plan \| $	$ 769
Proceeds from issuance initial public offering \| $	$ 57
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average grant date intrinsic value of share awards (in dollars per share) \| $ / shares
Fair value of deferred equity units (in dollars per share) \| $ / shares						$ 32.29	$ 0
Unrecognized compensation costs \| $						$ 26
Total compensation of unvested awards expected to be recognized, weighted average period						2 years 10 months 24 days
Omnibus Incentive Plan \| Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares held in employee stock option plan, allocated (in shares)						64,424
Senior Management Free Cash Flow Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, number of shares authorized (in shares)									39,255,429.54
Deferred equity unit share (in shares)				314,631.58	314,631.58				19,612,714.77
Senior Management Free Cash Flow Plan \| LLC
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, number of shares authorized (in shares)									4,406,819
Common Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued in period (in shares)			4,321,259
Common Class A \| Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, number of shares available for grant (in shares)						31,169,099
Share awards vesting period						10 years
Shares held in employee stock option plan, allocated (in shares)						64,567
Common stock available for issuance (in shares)						31,104,532
Common Class A \| Omnibus Incentive Plan \| IPO
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, number of shares authorized (in shares)						1,000,000
Common Class B
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exchange of Class B shares for Class A shares (in shares)		968,920	18,265,183
Deferred Equity Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average grant date intrinsic value of share awards (in dollars per share) \| $ / shares						$ 0	0
Fair value of deferred equity units (in dollars per share) \| $ / shares							27.01	$ 7.71
Deferred Equity Units \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share awards vesting period						1 year
Deferred Equity Units \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share awards vesting period						7 years
Fractional Shares \| Common Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cash paid to settle awards \| $					$ 2
Awards settled (in shares)					8,359,629.35
Matching Equity Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cash paid to settle awards \| $					$ 1
Weighted-average grant date intrinsic value of share awards (in dollars per share) \| $ / shares						$ 0	$ 0
Matching Equity Units \| Common Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cash paid to settle awards \| $					$ 58
Awards settled (in shares)					217,312.53

Stock-Based Compensation Plans - Summary of Company's Share Awards (Details) - $ / shares	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019
Equity Units Weighted-Average Intrinsic Value
Granted (in dollars per share)		$ 23.82	$ 3.13
Deferred Equity Units
Equity Units
Unvested units beginning balance (in shares)	549,454	1,900,747
Granted (in shares)	0	0
Vested (in shares)	(549,454)	(1,351,293)
Forfeited (in shares)	0	0
Unvested units ending balance (in shares)	0	549,454	1,900,747
Equity Units Weighted-Average Intrinsic Value
Unvested units beginning balance (in dollars per share)	$ 27.01	$ 7.71
Granted (in dollars per share)	0	0
Vested (in dollars per share)	44.21	27.01
Forfeited (in dollars per share)	0	0
Unvested units ending balance (in dollars per share)	0	27.01	$ 7.71
Equity Units Weighted-Average Grant-Date Intrinsic Value
Unvested units beginning balance (in usd per share)	23.82	3.13
Granted (in usd per share)	0	0
Vested (in usd per share)	41.02	23.91
Forfeited (in usd per share)	0	0
Unvested units ending balance (in usd per share)	$ 0	$ 23.82	$ 3.13
Matching Equity Units
Equity Units
Unvested units beginning balance (in shares)	4,311,861	6,681,397
Granted (in shares)	0	0
Vested (in shares)	(2,303,578)	(2,369,536)
Forfeited (in shares)	0	0
Unvested units ending balance (in shares)	2,008,283	4,311,861	6,681,397
Equity Units Weighted-Average Intrinsic Value
Unvested units beginning balance (in dollars per share)	$ 23.82	$ 4.60
Granted (in dollars per share)	0	0
Vested (in dollars per share)	41.02	24.04
Forfeited (in dollars per share)	0	0
Unvested units ending balance (in dollars per share)	41.02	23.82	$ 4.60
Equity Units Weighted-Average Grant-Date Intrinsic Value
Unvested units beginning balance (in usd per share)	0	0
Granted (in usd per share)	0	0
Vested (in usd per share)	0	0
Forfeited (in usd per share)	0	0
Unvested units ending balance (in usd per share)	$ 0	$ 0	$ 0

Stock-Based Compensation Plans - Schedule of Unvested RSUs (Details) - $ / shares	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019
Aggregate Intrinsic Value
Granted (in dollars per share)		$ 23.82	$ 3.13
Restricted Stock Units (RSUs)
Number of Share Units
Unvested units beginning balance (in shares)	0
Granted (in shares)	1,604,922
Vested (in shares)	(217)
Forfeited/canceled (in shares)	(69,338)
Unvested units ending balance (in shares)	1,535,367	0
Weighted-Average Grant Date Fair Value
Unvested and outstanding beginning balance (in dollars per share)	$ 0
Granted (in dollars per share)	32.23
Vested (in dollars per share)	36.87
Forfeited/canceled (in dollars per share)	30.83
Unvested and outstanding ending balance (in dollars per share)	32.29	$ 0
Aggregate Intrinsic Value
Unvested units beginning balance (in dollars per share)	0
Granted (in dollars per share)
Vested (in dollars per share)
Forfeited/canceled\ (in dollars per share)
Unvested units ending balance (in dollars per share)	$ 67,879,000	$ 0

Related Party Transactions - Additional Information (Details)		12 Months Ended
	Jan. 01, 2015 GBP (£)	Sep. 30, 2021 USD ($)	Sep. 30, 2020 USD ($)	Sep. 30, 2019 USD ($)	Oct. 01, 2018 USD ($) shares
Related Party Transaction [Line Items]
Remaining lease term		8 years	8 years
Extended lease term		10 years
Warner and Chappell Music Limited and WMG Acquisition Limited
Related Party Transaction [Line Items]
Extended lease term	5 years
Payments for rent \| £	£ 3,460,250
WMG China
Related Party Transaction [Line Items]
Ownership percentage					20.00%
WMG China \| AI New Holdings 5 LLC
Related Party Transaction [Line Items]
Noncontrolling interest, ownership percentage by parent					80.00%
WMG China \| Tencent Music Entertainment Group
Related Party Transaction [Line Items]
Purchase of ordinary shares (in shares) \| shares					37,162,288
Purchase of ordinary shares, value					$ 100,000,000
Access Industries
Related Party Transaction [Line Items]
Management fees and reimbursed expenses		$ 0	$ 7,000,000	$ 11,000,000
Building
Related Party Transaction [Line Items]
Related party transactions, annual rent payments		$ 13,000,000
Remaining lease term		9 years
Extended lease term		10 years
Streaming Service License \| Deezer
Related Party Transaction [Line Items]
Related party revenue		$ 42,000,000	42,000,000	49,000,000
PEDL And Latin America Licenses \| Deezer
Related Party Transaction [Line Items]
Related party revenue		$ 2,000,000	2,000,000	$ 1,000,000
One-Time Termination Fee \| Affiliated entity
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party			$ 60,000,000

Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Firm's expected commitments	$ 537	$ 442
Other off-balance sheet commitments to investees	$ 23	$ 12

Derivative Financial Instruments - Additional Information (Details) - USD ($)	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Derivatives, Fair Value [Line Items]
Company's hedged interest rate transactions	3 years
Derivative, notional amount	$ 0	$ 0
Deferred gains (losses) in comprehensive loss related to foreign exchange hedging	0	0
Interest Rate Swap
Derivatives, Fair Value [Line Items]
Derivative, notional amount	820,000,000	820,000,000
Other comprehensive income (loss), cash flow hedge, gain (loss), after reclassification and tax	17,000,000	29,000,000
Pre-tax gains (losses) of the company derivative interest rate swaps	15,000,000	(27,000,000)
Foreign Exchange Forward
Derivatives, Fair Value [Line Items]
Derivative, gain (loss) on derivative, net	$ 3,000,000
Pre-tax gains (losses) of the company derivative interest rate swaps		$ (4,000,000)

Derivative Financial Instruments - Summary of Amounts Recorded in Consolidated Balance Sheet (Details) - USD ($) $ in Millions	Sep. 30, 2021	Sep. 30, 2020
Interest Rate Swap
Derivatives, Fair Value [Line Items]
Foreign exchange derivative contracts in liability	$ 22	$ 38
Other noncurrent assets
Derivatives, Fair Value [Line Items]
Other noncurrent assets	0	0
Other noncurrent liabilities
Derivatives, Fair Value [Line Items]
Other noncurrent liabilities	$ (22)	$ (38)

Segment Information - Narrative (Details)	12 Months Ended
Segment Information - Narrative (Details)	Sep. 30, 2021 segment customer	Sep. 30, 2020 customer	Sep. 30, 2019 customer
Segment Reporting Information [Line Items]
Number of fundamental operations	2
Number of reportable segments	2
Recorded Music And Music Publishing Segments \| Sales Revenue, Net \| Credit Concentration Risk
Segment Reporting Information [Line Items]
Number of customers \| customer	3	2	2
Recorded Music And Music Publishing Segments \| Sales Revenue, Net \| Credit Concentration Risk \| Spotify
Segment Reporting Information [Line Items]
Customer concentration percentage	18.00%	17.00%	14.00%
Recorded Music And Music Publishing Segments \| Sales Revenue, Net \| Credit Concentration Risk \| Apple
Segment Reporting Information [Line Items]
Customer concentration percentage	13.00%	14.00%	13.00%
Recorded Music And Music Publishing Segments \| Sales Revenue, Net \| Credit Concentration Risk \| YouTube
Segment Reporting Information [Line Items]
Customer concentration percentage	11.00%

Segment Information - Schedule of Segment Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019
Segment Reporting Information [Line Items]
Revenue	$ 5,301	$ 4,463	$ 4,475
Operating income (loss)	609	(229)	356
Amortization of intangible assets	229	190	208
Depreciation of property, plant and equipment	77	71	61
OIBDA	915	32	625
Total assets	7,211	6,410
Capital expenditures	93	85	104
Operating Segments \| Recorded Music
Segment Reporting Information [Line Items]
Revenue	4,544	3,810	3,840
Operating income (loss)	733	175	439
Amortization of intangible assets	150	119	139
Depreciation of property, plant and equipment	53	55	45
OIBDA	936	349	623
Total assets	3,278	2,483
Capital expenditures	33	28	29
Operating Segments \| Music Publishing
Segment Reporting Information [Line Items]
Revenue	761	657	643
Operating income (loss)	89	81	92
Amortization of intangible assets	79	71	69
Depreciation of property, plant and equipment	6	5	5
OIBDA	174	157	166
Total assets	2,843	2,656
Capital expenditures	1	1	3
Corporate Expenses and Eliminations
Segment Reporting Information [Line Items]
Revenue	(4)	(4)	(8)
Operating income (loss)	(213)	(485)	(175)
Amortization of intangible assets	0	0	0
Depreciation of property, plant and equipment	18	11	11
OIBDA	(195)	(474)	(164)
Total assets	1,090	1,271
Capital expenditures	$ 59	$ 56	$ 72

Segment Information - Long-Lived Assets and Revenue by Geographical Areas (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019
Segment Reporting Information [Line Items]
Revenues	$ 5,301	$ 4,463	$ 4,475
Long-lived Assets	632	604
United States
Segment Reporting Information [Line Items]
Revenues	2,363	1,934	1,956
Long-lived Assets	439	426
Germany
Segment Reporting Information [Line Items]
Revenues	662	511	504
Long-lived Assets	52	43
United Kingdom
Segment Reporting Information [Line Items]
Revenues	620	551	596
Long-lived Assets	43	49
All other territories
Segment Reporting Information [Line Items]
Revenues	1,656	1,467	$ 1,419
Long-lived Assets	$ 98	$ 86

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Additional Financial Information - Narrative (Details) $ / shares in Units, $ in Millions	12 Months Ended
	Sep. 30, 2021 USD ($)	Sep. 30, 2020 USD ($)	Sep. 30, 2019 USD ($)	Nov. 09, 2021 $ / shares	Aug. 13, 2021 $ / shares	Apr. 03, 2020
Supplemental Cash Flow Information [Line Items]
Interest payments \| $	$ 137	$ 128	$ 138
Foreign income and withholding taxes \| $	124	81	63
Dividends paid \| $	$ 265	$ 344	$ 94
Revolving Credit Facility \| Line of Credit
Supplemental Cash Flow Information [Line Items]
Debt instrument, covenant, total indebtedness to EBITDA ratio	3.50					3.25
Common Class A
Supplemental Cash Flow Information [Line Items]
Dividends payable, amount per share (in dollars per share)					$ 0.15
Common Class A \| Subsequent Event
Supplemental Cash Flow Information [Line Items]
Dividends payable, amount per share (in dollars per share)				$ 0.15
Common Class B
Supplemental Cash Flow Information [Line Items]
Dividends payable, amount per share (in dollars per share)					$ 0.15
Common Class B \| Subsequent Event
Supplemental Cash Flow Information [Line Items]
Dividends payable, amount per share (in dollars per share)				$ 0.15

Fair Value Measurements - Schedule of Fair Value of Financial Instruments (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	$ 22	$ 3
Equity investment, unrealized gain	17
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	63	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	(22)	9
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	(19)	(6)
Other Current Liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contractual Obligations	(4)	(2)
Other Current Liabilities \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contractual Obligations	0	0
Other Current Liabilities \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contractual Obligations	0	0
Other Current Liabilities \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contractual Obligations	(4)	(2)
Other noncurrent assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity Method Investments	26
Derivative Asset	37
Other noncurrent assets \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity Method Investments	26
Derivative Asset	37
Other noncurrent assets \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity Method Investments	0
Derivative Asset	0
Other noncurrent assets \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity Method Investments	0
Derivative Asset	0
Other Non-Current Liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contractual Obligations	(15)	(4)
Other Non-Current Liabilities \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contractual Obligations	0	0
Other Non-Current Liabilities \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contractual Obligations	0	0
Other Non-Current Liabilities \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contractual Obligations	(15)	(4)
Interest Rate Swap \| Other noncurrent assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity Method Investments		47
Interest Rate Swap \| Other noncurrent assets \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity Method Investments		0
Interest Rate Swap \| Other noncurrent assets \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity Method Investments		47
Interest Rate Swap \| Other noncurrent assets \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity Method Investments		0
Interest Rate Swap \| Other Non-Current Liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liability	(22)	(38)
Interest Rate Swap \| Other Non-Current Liabilities \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liability	0	0
Interest Rate Swap \| Other Non-Current Liabilities \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liability	(22)	(38)
Interest Rate Swap \| Other Non-Current Liabilities \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liability	$ 0	$ 0

Fair Value Measurements - Reconciliation of Net Liabilities Classified as Level 3 (Details) - Level 3 $ in Millions	12 Months Ended
	Sep. 30, 2021 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ (6)
Additions	(13)
Reductions	0
Payments	0
Ending balance	$ (19)

Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Level 2 measurement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, fair value disclosure	$ 3,412	$ 3,137
Level 3 \| Acquisition-related Costs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration, measurement period adjustment	$ 7

Subsequent Events - Additional Information (Details) - 3.750% Senior Secured Notes - Acquisition Corp. - Forecast - Subsequent Event $ in Millions	Nov. 24, 2021 USD ($)
Subsequent Event [Line Items]
Aggregate principal amount of debt instrument	$ 540
Interest rate	3.75%
Debt instrument remaining outstanding amount	$ 250
Debt instrument redemption notice period	5 days
Debt instrument, percentage of principal amount	1.00%

Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019
Allowance for doubtful accounts
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	$ 23	$ 17	$ 18
Additions Charged to Cost and Expenses	1	11	3
Deductions	(4)	(5)	(4)
Balance at End of period	20	23	17
Reserves for sales returns
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	24	23	28
Additions Charged to Cost and Expenses	53	66	88
Deductions	(54)	(65)	(93)
Balance at End of period	23	24	23
Allowance for deferred tax asset
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	45	91	206
Additions Charged to Cost and Expenses	2	1	4
Deductions	(9)	(47)	(119)
Balance at End of period	$ 38	$ 45	$ 91

Label	Element	Value
Accounting Standards Update [Extensible Enumeration]	us-gaap_AccountingStandardsUpdateExtensibleList	Accounting Standards Update 2014-09 [Member]

- Definition

Indicates amendment to accounting standards.

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+ Details