0001319161-23-000009 | 10-Q | XBRL Viewer

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Cover - shares	3 Months Ended
Cover - shares	Dec. 31, 2022	Feb. 06, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 2022
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001319161
Current Fiscal Year End Date	--09-30
Class A Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		138,288,424
Class B Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		377,650,449

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Dec. 31, 2022	Sep. 30, 2022
Current assets:
Cash and equivalents	$ 720	$ 584
Accounts receivable, net of allowances of $21 million and $19 million	1,004	984
Inventories	102	108
Royalty advances expected to be recouped within one year	405	372
Prepaid and other current assets	109	91
Total current assets	2,340	2,139
Royalty advances expected to be recouped after one year	546	503
Property, plant and equipment, net of accumulated depreciation of $489 million and $461 million	430	415
Operating lease right-of-use assets, net	220	226
Goodwill	1,951	1,920
Intangible assets subject to amortization, net	2,266	2,239
Intangible assets not subject to amortization	149	145
Deferred tax assets, net	29	29
Other assets	198	212
Total assets	8,129	7,828
Current liabilities:
Accounts payable	220	268
Accrued royalties	2,091	1,918
Accrued liabilities	477	457
Accrued interest	29	17
Operating lease liabilities, current	39	40
Deferred revenue	327	423
Other current liabilities	158	245
Total current liabilities	3,341	3,368
Long-term debt	3,946	3,732
Operating lease liabilities, noncurrent	234	241
Deferred tax liabilities, net	223	220
Other noncurrent liabilities	103	99
Total liabilities	7,847	7,660
Equity:
Additional paid-in capital	1,984	1,975
Accumulated deficit	(1,439)	(1,477)
Accumulated other comprehensive loss, net	(276)	(347)
Total Warner Music Group Corp. equity	270	152
Noncontrolling interest	12	16
Total equity	282	168
Total liabilities and equity	8,129	7,828
Class A Common Stock
Equity:
Common stock	0	0
Class B Common Stock
Equity:
Common stock	$ 1	$ 1

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2022	Sep. 30, 2022
Accounts receivable, allowances	$ 21	$ 19
Accumulated depreciation	$ 489	$ 461
Class A Common Stock
Par value (in dollars per share)	$ 0.001	$ 0.001
Shares authorized (in shares)	1,000,000,000	1,000,000,000
Shares issued (in shares)	138,073,000	137,199,000
Shares outstanding (in shares)	138,073,000	137,199,000
Class B Common Stock
Par value (in dollars per share)	$ 0.001	$ 0.001
Shares authorized (in shares)	1,000,000,000	1,000,000,000
Shares issued (in shares)	377,650,000	377,650,000
Shares outstanding (in shares)	377,650,000	377,650,000

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

3 Months Ended

Dec. 31, 2022

Dec. 31, 2021

Revenue

$ 1,488

$ 1,614

Costs and expenses:

Cost of revenue

(761)

(818)

Selling, general and administrative expenses

^[1]

(440)

(497)

Amortization expense

(63)

(60)

Total costs and expenses

(1,264)

(1,375)

Net gain on divestiture

Operating income

265

239

Interest expense, net

(32)

(30)

Other (expense) income

(61)

Income before income taxes

172

263

Income tax expense

(48)

(75)

Net income

124

188

Less: Income attributable to noncontrolling interest

(2)

(1)

Net income attributable to Warner Music Group Corp.

122

187

Class A Common Stock

Costs and expenses:

Net income attributable to Warner Music Group Corp.

$ 34

$ 47

Net income per share attributable to common stockholders:

Basic (in dollars per share)

$ 0.23

$ 0.36

Diluted (in dollars per share)

$ 0.23

$ 0.36

Weighted average common shares:

Basic (in shares)

137,424,000

123,969,000

Diluted (in shares)

137,424,000

123,969,000

Class B Common Stock

Costs and expenses:

Net income attributable to Warner Music Group Corp.

$ 88

$ 140

Net income per share attributable to common stockholders:

Basic (in dollars per share)

$ 0.23

$ 0.36

Diluted (in dollars per share)

$ 0.23

$ 0.36

Weighted average common shares:

Basic (in shares)

377,650,000

390,952,000

Diluted (in shares)

377,650,000

390,952,000

[1]	Includes depreciation expense of $(21) and $(21) for the three months ended December 31, 2022 and 2021, respectively.

Condensed Consolidated Statements of Operations (Unaudited) (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Statement [Abstract]
Depreciation expense	$ (21)	$ (21)

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 124	$ 188
Other comprehensive income (loss), net of tax:
Foreign currency adjustment	72	(25)
Deferred (loss) gain on derivative financial instruments	(1)	7
Other comprehensive income (loss), net of tax	71	(18)
Total comprehensive income	195	170
Less: Income attributable to noncontrolling interest	(2)	(1)
Comprehensive income attributable to Warner Music Group Corp.	$ 193	$ 169

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax of income (loss) from continuing operations including portion attributable to the noncontrolling interest.

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+ Details

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities
Net income	$ 124	$ 188
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	84	81
Unrealized (gains) losses and remeasurement of foreign-denominated loans and foreign currency forward exchange contracts	79	(36)
Deferred income taxes	(5)	19
Net loss (gain) on divestitures and investments	(41)	(11)
Non-cash interest expense	2	1
Non-cash stock-based compensation expense	14	24
Changes in operating assets and liabilities:
Accounts receivable, net	7	(100)
Inventories	13	12
Royalty advances	(55)	(177)
Accounts payable and accrued liabilities	(61)	(2)
Royalty payables	117	107
Accrued interest	12	16
Operating lease liabilities	(2)	(2)
Deferred revenue	(104)	(50)
Other balance sheet changes	25	59
Net cash provided by operating activities	209	129
Cash flows from investing activities
Acquisition of music publishing rights and music catalogs, net	(33)	(165)
Capital expenditures	(21)	(34)
Investments and acquisitions of businesses, net of cash received	(8)	(425)
Proceeds from the sale of investments	10	0
Proceeds from divestitures	42	0
Net cash used in investing activities	(10)	(624)
Cash flows from financing activities
Deferred financing costs paid	(2)	(4)
Distribution to noncontrolling interest holders	(6)	(1)
Dividends paid	(84)	(78)
Payment of deferred and contingent consideration	(125)	(4)
Net cash (used in) provided by financing activities	(70)	448
Effect of exchange rate changes on cash and equivalents	7	(2)
Net increase (decrease) in cash and equivalents	136	(49)
Cash and equivalents at beginning of period	584	499
Cash and equivalents at end of period	720	450
3.750% Senior Secured Notes due 2029
Cash flows from financing activities
Proceeds from issuance of secured debt	$ 0	$ 535
Interest rate	3.75%	3.75%
Senior Term Loan Facility due 2023
Cash flows from financing activities
Proceeds from issuance of secured debt	$ 147	$ 0

Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical)	Dec. 31, 2022	Dec. 31, 2021
3.750% Senior Secured Notes due 2029
Interest rate	3.75%	3.75%

Condensed Consolidated Statements of Equity (Unaudited) - USD ($) $ in Millions	Total	Class A Common Stock	Class B Common Stock	Total Warner Music Group Corp. Equity	Common Stock Class A Common Stock	Common Stock Class B Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Loss	Non-controlling Interest
Beginning balance (in shares) at Sep. 30, 2021					122,415,000	391,971,000
Beginning balance at Sep. 30, 2021	$ 46			$ 31	$ 0	$ 1	$ 1,942	$ (1,710)	$ (202)	$ 15
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	188			187				187		1
Other comprehensive income, net of tax	(18)			(18)					(18)
Dividends	(78)			(78)				(78)
Stock-based compensation expense	31			31			31
Distribution to noncontrolling interest holders	(1)									(1)
Conversion of Class B shares for Class A shares (in shares)					4,671,000	4,671,000
Shares issued under Omnibus Incentive Plan (in shares)					151,000
Other	4									4
Ending balance (in shares) at Dec. 31, 2021					127,237,000	387,300,000
Ending balance at Dec. 31, 2021	172			153	$ 0	$ 1	1,973	(1,601)	(220)	19
Beginning balance (in shares) at Sep. 30, 2022		137,199,000	377,650,000		137,199,000	377,650,000
Beginning balance at Sep. 30, 2022	168			152	$ 0	$ 1	1,975	(1,477)	(347)	16
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	124			122				122		2
Other comprehensive income, net of tax	71			71					71
Dividends	(84)			(84)				(84)
Stock-based compensation expense	9			9			9
Distribution to noncontrolling interest holders	(6)									(6)
Shares issued under the Plan (in shares)					869,000
Shares issued under Omnibus Incentive Plan (in shares)					5,000
Ending balance (in shares) at Dec. 31, 2022		138,073,000	377,650,000		138,073,000	377,650,000
Ending balance at Dec. 31, 2022	$ 282			$ 270	$ 0	$ 1	$ 1,984	$ (1,439)	$ (276)	$ 12

Condensed Consolidated Statements of Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Statement of Stockholders' Equity [Abstract]
Dividends (in dollars per share)	$ 0.16	$ 0.15

Description of Business	3 Months Ended
Description of Business	Dec. 31, 2022
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. We classify our business interests into two fundamental operations: Recorded Music and Music Publishing. 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	3 Months Ended
Summary of Significant Accounting Policies	Dec. 31, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Interim Financial Statements The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all the information and notes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three months ended December 31, 2022 are not necessarily indicative of the results that may be expected for the fiscal year ending September 30, 2023. The consolidated balance sheet at September 30, 2022 has been derived from the audited consolidated financial statements at that date but does not include all the information and notes required by U.S. GAAP for complete financial statements. For further information, refer to the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended September 30, 2022 (File No. 001-32502). Change in Fiscal Year End On September 29, 2022, the Board of Directors approved a change, effective for the 2023 fiscal year, to the Company’s fiscal year from a modified 52-53-week calendar, in which reporting periods ended on the last Friday of the calendar quarter, to a reporting calendar in which the reporting periods end on the last day of the calendar quarter. Effective for the 2023 fiscal year, the Company’s fiscal year will begin on October 1 and end on September 30 of each year. Prior to the start of the 2023 fiscal year, the Company maintained a 52-53 week fiscal year ending on the last Friday in each reporting period. The fiscal year ended September 30, 2022 included 53 weeks, with the additional week falling in the fiscal quarter ended December 31, 2021. Accordingly, the results of operations for the three months ended December 31, 2021 reflect 14 weeks, or 98 days, compared to 92 days for the three months ended December 31, 2022. For the three months ended December 31, 2021, the revenue benefit of the additional week was approximately $73 million, primarily reflected in Recorded Music streaming revenue. 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. Income Taxes The Company uses the estimated annual effective tax rate method in computing its interim tax provision. Certain items, including those deemed to be unusual and infrequent are excluded from the estimated annual effective tax rate. In such cases, the actual tax expense or benefit is reported in the same period as the related item. Certain tax effects are also not reflected in the estimated annual effective tax rate, primarily certain changes in the realizability of deferred tax assets and uncertain tax positions. New Accounting Pronouncements Recently Adopted Accounting Pronouncements In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). The amendment provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships and other transactions affected by the discontinuation of the London Interbank Offered Rate (“LIBOR”) or by another reference rate expected to be discontinued because of reference rate reform, if certain criteria are met. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope, which clarified that certain optional expedients and exceptions in Topic 848 apply to derivative instruments that are affected by the discounting transition due to reference rate reform. In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date, which extended the period in which Topic 848 may be applied until December 31, 2024. These ASUs were effective upon issuance and may be applied prospectively to contract modifications and hedging relationships entered into or evaluated through December 31, 2024. The discontinuation of LIBOR will impact the Senior Term Loan Facility and Revolving Credit Facility as well as a pay-fixed receive-variable interest rate swap which will be outstanding as of the effective date of the discontinuation. The Company is in the process of evaluating the effect that the adoption of these standards will have on its consolidated financial statements, but does not expect it will have a material effect.

Earnings per Share

3 Months Ended

Dec. 31, 2022

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. The potentially dilutive common shares did not have a dilutive effect on the Company’s EPS calculation for the three months ended December 31, 2022 and 2021, respectively.

The following table sets forth the calculation of basic and diluted net income per common share under the two-class method for the three months ended December 31, 2022 and 2021 (in millions, except share amounts, which are reflected in thousands, and per share data):


	Three Months Ended December 31,
	2022				2021
	Class A		Class B		Class A		Class B
Basic and Diluted EPS:
Numerator
Net income attributable to Warner Music Group Corp.	$	34	$	88	$	47	$	140
Less: Net income attributable to participating securities	(2)		—		(2)		—
Net income attributable to common stockholders	$	32	$	88	$	45	$	140
Denominator
Weighted average shares outstanding	137,424		377,650		123,969		390,952
Basic and Diluted EPS	$	0.23	$	0.23	$	0.36	$	0.36

Revenue Recognition

3 Months Ended

Dec. 31, 2022

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Disaggregation of Revenue

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


	Three Months Ended December 31,
	2022		2021
	(in millions)
Revenue by Type
Digital	$	803	$	870
Physical	133		195
Total Digital and Physical	936		1,065
Artist services and expanded-rights	206		232
Licensing	97		89
Total Recorded Music	1,239		1,386
Performance	45		38
Digital	149		133
Mechanical	14		14
Synchronization	39		42
Other	3		2
Total Music Publishing	250		229
Intersegment eliminations	(1)		(1)
Total Revenues	$	1,488	$	1,614
Revenue by Geographical Location
U.S. Recorded Music	$	539	$	608
U.S. Music Publishing	133		115
Total U.S.	672		723
International Recorded Music	700		778
International Music Publishing	117		114
Total International	817		892
Intersegment eliminations	(1)		(1)
Total Revenues	$	1,488	$	1,614

Sales Returns and Uncollectible Accounts

Based on management’s analysis of sales returns, refund liabilities of $26 million and $19 million were established at December 31, 2022 and September 30, 2022, respectively.

Based on management’s analysis of estimated credit losses, reserves of $21 million and $19 million were established at December 31, 2022 and September 30, 2022, respectively.

Deferred Revenue

Deferred revenue increased by $103 million during the three months ended December 31, 2022 related to cash received from customers for fixed fees and minimum guarantees in advance of performance, including amounts recognized in the period. Revenues of $144 million were recognized during the three months ended December 31, 2022 related to the balance of deferred revenue at September 30, 2022. There were no other significant changes to deferred revenue during the reporting period.

Performance Obligations

For the three months ended December 31, 2022 and December 31, 2021, the Company recognized revenue of $27 million and $37 million, respectively, from performance obligations satisfied in previous periods.

Revenues expected to be recognized in the future related to performance obligations that are unsatisfied at December 31, 2022 are as follows:


	Rest of FY23		FY24		FY25		Thereafter		Total
	(in millions)
Remaining performance obligations	$	547	$	367	$	5	$	1	$	920
Total	$	547	$	367	$	5	$	1	$	920

- 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 https://asc.fasb.org/topic&trid=49130388

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-Name Accounting Standards Codification
-Topic 606
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+ Details

Acquisition of 300 Entertainment	3 Months Ended
Acquisition of 300 Entertainment	Dec. 31, 2022
Business Combination and Asset Acquisition [Abstract]
Acquisition of 300 Entertainment	Acquisition of 300 Entertainment On December 16, 2021, the Company purchased all outstanding shares of Theory Entertainment LLC d/b/a 300 Entertainment (“300 Entertainment”), an independent U.S. record label. The final consideration paid was determined to be $394 million, which reflects the base purchase price of $400 million, adjusted for, among other items, working capital. At December 31, 2022, the Company updated and finalized the purchase price allocation recorded at September 30, 2022, which resulted in a decrease to intangible assets of approximately $1 million and a net decrease to other acquired assets and liabilities of approximately $2 million, with a corresponding net increase to goodwill of approximately $3 million. See Note 5, “Acquisition of 300 Entertainment,” to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2022 for the preliminary purchase price allocation, valuation methodology, and other information related to the 300 Entertainment acquisition.

Comprehensive Income

3 Months Ended

Dec. 31, 2022

Equity [Abstract]

Comprehensive Income

Comprehensive income, which is reported in the accompanying condensed consolidated statements of equity, 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 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. The following summary sets forth the changes in the components of accumulated other comprehensive loss, net of related tax benefit of less than $1 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, 2022	$	(358)	$	(2)	$	13	$	(347)
Other comprehensive income (loss)	72		—		(1)		71
Balances at December 31, 2022	$	(286)	$	(2)	$	12	$	(276)

______________________________________

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

Goodwill and Intangible Assets

3 Months Ended

Dec. 31, 2022

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, 2022	$	1,456	$	464	$	1,920
Acquisitions	3		—		3

Other adjustments (a)	28		—		28
Balances at December 31, 2022	$	1,487	$	464	$	1,951

______________________________________

(a)Other adjustments during the three months ended December 31, 2022 represent foreign currency movements.

The Company performs its annual goodwill impairment test in accordance with ASC 350, Intangibles—Goodwill and Other (“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. No indicators of

impairment were identified during the current period that required the Company to perform an interim assessment or recoverability test.

Intangible Assets

Intangible assets consist of the following:


	Weighted-Average Useful Life	December 31, 2022		September 30, 2022
		(in millions)
Intangible assets subject to amortization:
Recorded music catalog	12 years	$	1,379	$	1,316
Music publishing copyrights	25 years	1,958		1,889
Artist and songwriter contracts	13 years	1,046		1,014
Trademarks	14 years	106		103
Other intangible assets	6 years	92		89
Total gross intangible assets subject to amortization		4,581		4,411
Accumulated amortization		(2,315)		(2,172)
Total net intangible assets subject to amortization		2,266		2,239
Intangible assets not subject to amortization:
Trademarks and tradenames	Indefinite	149		145
Total net intangible assets		$	2,415	$	2,384

Debt

3 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Debt

Debt Capitalization

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


	December 31, 2022		September 30, 2022
	(in millions)
Revolving Credit Facility (a)	$	—	$	—
Senior Term Loan Facility due 2028	1,295		1,145
2.750% Senior Secured Notes due 2028 (€325 face amount)	346		318
3.750% Senior Secured Notes due 2029	540		540
3.875% Senior Secured Notes due 2030	535		535
2.250% Senior Secured Notes due 2031 (€445 face amount)	474		435
3.000% Senior Secured Notes due 2031	800		800
Total long-term debt, including the current portion	$	3,990	$	3,773
Issuance premium less unamortized discount and unamortized deferred financing costs	(44)		(41)
Total long-term debt, including the current portion, net	$	3,946	$	3,732

______________________________________

(a)Reflects $300 million of commitments under the Revolving Credit Facility, less letters of credit outstanding of approximately $4 million at both December 31, 2022 and September 30, 2022. There were no loans outstanding under the Revolving Credit Facility at December 31, 2022 or September 30, 2022.

The Company is the direct parent of Holdings, which is the direct parent of Acquisition Corp. As of December 31, 2022 Acquisition Corp. had issued and outstanding the 2.750% Senior Secured Notes due 2028, the 3.750% Senior Secured Notes due 2029, 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.

The Company and Holdings are holding companies that conduct substantially all of their business operations through Acquisition Corp. Accordingly, while Acquisition Corp. and its subsidiaries are not currently restricted from distributing funds to the Company and Holdings under the indentures for the Acquisition Corp. Notes or the credit agreements for the Acquisition Corp. Senior Credit Facilities, including the Revolving Credit Facility and the Senior Term Loan Facility, should Acquisition Corp.’s Total Indebtedness to EBITDA Ratio increase above 3.50:1.00 and the term loans not achieve an investment grade rating, the covenants under the Revolving Credit Facility, which are currently suspended, will be reinstated and the ability of the Company and Holdings to obtain funds from their subsidiaries will be restricted by the Revolving Credit Facility. The Company was in compliance with its covenants under its outstanding notes, the Revolving Credit Facility and the Senior Term Loan Facility as of December 31, 2022.

Fiscal 2023 Transactions

Senior Term Loan Facility Amendment

On November 1, 2022, Acquisition Corp. entered into a Seventh Incremental Commitment Amendment (the “Seventh Incremental Commitment Amendment”), with Credit Suisse AG, New York Branch, as Tranche H term lender, and Credit Suisse AG, as administrative agent, and acknowledged by the guarantors party thereto and WMG Holdings Corp., to the Senior Term Loan Credit Agreement, pursuant to which Acquisition Corp. borrowed additional term loans in the amount of $150 million for an aggregate principal amount outstanding under the Senior Term Loan Credit Agreement of $1,295 million. The Seventh Incremental Commitment Amendment was entered into to fund certain deferred payment obligations owing in respect of certain prior acquisitions, to pay fees and expenses relating thereto and for general corporate purposes.

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 3.18x at December 31, 2022, the applicable margin for Eurodollar loans would be 1.625% instead of 1.875% and the applicable margin for ABR loans would be 0.625% 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 Tranche G 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, subject to a 1.00% floor, 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 Tranche H loans under the Senior Term Loan Facility bear interest at Acquisition Corp.’s election at a rate equal to (i) the forward-looking term rate based on the secured overnight financing rate as administered by the Federal Reserve Bank of New York for the applicable interest period (“Term SOFR”) subject to a 0.50% floor, plus 3.00% 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 SOFR, plus 1.00% per annum, subject to a 1.50% floor, plus, in each case, 2.00% 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 12 of our condensed 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 December 31, 2022, there are no scheduled maturities of notes until 2028, when $346 million is scheduled to mature. Thereafter, $2.349 billion is scheduled to mature.

Interest Expense, net

Total interest expense, net was $32 million and $30 million for the three months ended December 31, 2022 and 2021, respectively. The weighted-average interest rate of the Company’s total debt was 3.7% at December 31, 2022, 3.5% at September 30, 2022 and 3.2% at December 31, 2021.

- 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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and ContingenciesFrom time to time the Company is involved in claims and legal proceedings that arise in the ordinary course of business. The Company is currently subject to several such claims and legal proceedings. Based on currently available information, the Company does not believe that resolution of pending matters will have a material adverse effect on its financial condition, cash flows or results of operations. However, litigation is subject to inherent uncertainties, and there can be no assurances that the Company’s defenses will be successful or that any such lawsuit or claim would not have a material adverse impact on the Company’s business, financial condition, cash flows and results of operations in a particular period. Any claims or proceedings against the Company, whether meritorious or not, can have an adverse impact because of defense costs, diversion of management and operational resources, negative publicity and other factors.

Equity	3 Months Ended
Equity	Dec. 31, 2022
Equity [Abstract]
Equity	Equity Stock-Based Compensation The Company’s stock-based compensation plans are described in Note 13, “Stock-Based Compensation Plans,” to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2022. Stock-based compensation consists primarily of restricted stock units (“RSUs”) granted to eligible employees and executives under the Omnibus Incentive Plan. During the three months ended December 31, 2022, the Company approved the issuance of RSUs under the Omnibus Incentive Plan to eligible employees and executives. For accounting purposes, vesting of such RSUs commenced during the period. Non-cash stock-based compensation associated with these RSUs was $8 million which has been classified as a share-based compensation liability as of December 31, 2022 as further described below. The Company recognized a total of $14 million of non-cash stock-based compensation expense for the three months ended December 31, 2022, of which $4 million was recorded to additional paid-in capital, and a remaining $10 million has been classified as a share-based compensation liability as of December 31, 2022. The share-based compensation liability represents awards under the Omnibus Incentive Plan where a total value is known and settlement will occur in a variable number of shares of Class A Common Stock and RSUs. During the three months ended December 31, 2022, $5 million was reclassified from share-based compensation liability to additional paid-in capital, representing the grant date fair value of RSUs granted which were previously classified as a share-based compensation liability as of September 30, 2022. The Company recognized approximately $24 million of non-cash stock-based compensation expense for the three months ended December 31, 2021. Common Stock During the three months ended December 31, 2022, in connection with the Senior Management Free Cash Flow Plan (the “Plan”), the Company issued a total of approximately 869,000 shares of Class A Common Stock to settle a portion of a participant’s deferred equity units previously issued under the Plan. During the three months ended December 31, 2022, the Company satisfied the vesting of RSUs issued to employees by issuing approximately 5,000 shares of Class A Common Stock under the Omnibus Incentive Plan, which is net of shares used to settle employee income tax obligations.

Income Taxes	3 Months Ended
Income Taxes	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes For the three months ended December 31, 2022, the Company recorded an income tax expense of $48 million. The income tax expense for the three months ended December 31, 2022 is higher than the expected tax expense at the statutory rate of 21% primarily due to U.S. state and local taxes, withholding taxes, foreign income taxed at rates higher than the U.S., and non-deductible executive compensation under IRC Section 162(m), offset by a deduction against foreign derived intangible income (“FDII”). For the three months ended December 31, 2021, the Company recorded an income tax expense of $75 million. The income tax expense for the three months ended December 31, 2021 is higher than the expected tax benefit at the statutory tax rate of 21% primarily due to U.S. state and local taxes, withholding taxes, foreign income taxed at rates higher than the U.S., and non-deductible executive compensation under IRC Section 162(m), offset by a deduction against foreign derived intangible income (“FDII”). The Company has determined that it is reasonably possible that the gross unrecognized tax benefits as of December 31, 2022 could decrease by up to approximately $1 million related to various ongoing audits and settlement discussions in various foreign jurisdictions during the next twelve months.

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Derivative Financial Instruments

3 Months Ended

Dec. 31, 2022

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.

The Company’s hedged interest rate transactions as of December 31, 2022 are expected to be recognized within one year. 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 19, “Fair Value Measurements,” to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2022. 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.

As of December 31, 2022, the Company had outstanding foreign currency forward exchange contracts for the sale of $337 million and the purchase of $197 million of foreign currencies at fixed rates that will be settled by September 2023.

As of December 31, 2022, the Company had outstanding $820 million in pay-fixed receive-variable interest rate swaps with $12 million of unrealized deferred gains in comprehensive income related to the interest rate swaps. As of September 30, 2022, the Company had outstanding $820 million in pay-fixed receive-variable interest rate swaps with $13 million of unrealized deferred gains in comprehensive income related to the interest rate swaps.

The Company recorded realized pre-tax losses of $1 million and unrealized pre-tax losses of $7 million related to its foreign currency forward exchange contracts in the condensed consolidated statement of operations as other expense for the three months ended December 31, 2022. The Company recorded realized pre-tax gains of $1 million and unrealized pre-tax gains of $2 million related to its foreign currency forward exchange contracts in the condensed consolidated statement of operations as other income for the three months ended December 31, 2021.

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 three months ended December 31, 2022 were $2 million. The unrealized pre-tax gains of the Company’s derivative interest rate swaps designated as cash flow hedges recorded in other comprehensive income during the three months ended December 31, 2021 were $9 million.

The following is a summary of amounts recorded in the consolidated balance sheets pertaining to the Company’s derivative instruments at December 31, 2022 and September 30, 2022:


	December 31, 2022 (a)		September 30, 2022 (b)
	(in millions)
Other current assets	$	17	$	2
Other current liabilities	(8)		—
Other noncurrent assets	—		16
Other noncurrent liabilities	—		—

______________________________________

(a)Includes $13 million and $20 million of foreign exchange derivative contracts which net to $1 million of current assets and $8 million of current liabilities, respectively, and $16 million of interest rate swaps in current asset positions.

(b)Includes $2 million and $16 million of interest rate swaps in current and noncurrent asset positions, respectively.

Segment Information

3 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Segment Information

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 Note 2, “Summary of Significant Accounting Policies,” to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2022. 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
Three Months Ended	(in millions)
December 31, 2022
Revenues	$	1,239	$	250	$	(1)	$	1,488
Operating income (loss)	283		49		(67)		265
Amortization of intangible assets	41		22		—		63
Depreciation of property, plant and equipment	13		1		7		21
OIBDA	337		72		(60)		349
December 31, 2021
Revenues	$	1,386	$	229	$	(1)	$	1,614
Operating income (loss)	276		32		(69)		239
Amortization of intangible assets	40		20		—		60
Depreciation of property, plant and equipment	14		2		5		21
OIBDA	330		54		(64)		320

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Additional Financial Information	3 Months Ended
Additional Financial Information	Dec. 31, 2022
Additional Financial Information [Abstract]
Additional Financial Information	Additional Financial Information Cash Interest and Taxes The Company made interest payments of approximately $25 million and $13 million during the three months ended December 31, 2022 and 2021, respectively. The Company paid approximately $45 million and $29 million of income and withholding taxes, net of refunds, for the three months ended December 31, 2022 and 2021, respectively. Gain on Divestiture During the three months ended December 31, 2022, the Company sold its interest in certain sound recording rights and recorded a pre-tax gain of $41 million which was recorded as a net gain on divestiture in the accompanying condensed consolidated statement of operations. 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 November 10, 2022, the Company’s board of directors declared a cash dividend of $0.16 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 to stockholders on December 1, 2022. The Company paid an aggregate of approximately $84 million, or $0.16 per share, in cash dividends to stockholders and participating security holders for the three months ended December 31, 2022. Noncash Investment Activity Noncash investing activities was approximately $125 million related to the acquisition of music publishing rights and music catalogs, net during the three months ended December 31, 2021.

Fair Value Measurements

3 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

The following tables show the fair value of the Company’s financial instruments that are required to be measured at fair value as of December 31, 2022 and September 30, 2022.


	Fair Value Measurements as of December 31, 2022
	(Level 1)		(Level 2)		(Level 3)		Total
	(in millions)
Other Current Assets:
Foreign Currency Forward Exchange Contracts (a)	$	—	$	1	$	—	$	1
Interest Rate Swaps (d)	—		16		—		16
Other Current Liabilities:

Foreign Currency Forward Exchange Contracts (a)	—		(8)		—		(8)

Other Noncurrent Assets:


Equity Investments with Readily Determinable Fair Value (c)	25		—		—		25
Other Noncurrent Liabilities:
Contractual Obligations (b)	—		—		(1)		(1)


	Fair Value Measurements as of September 30, 2022
	(Level 1)		(Level 2)		(Level 3)		Total
	(in millions)
Other Current Assets:
Interest Rate Swap (d)	$	—	$	2	$	—	$	2
Other Noncurrent Assets:
Interest Rate Swap (d)	—		16		—		16
Equity Investment with Readily Determinable Fair Value (c)	36		—		—		36
Other Noncurrent Liabilities:
Contractual Obligations (b)	—		—		(1)		(1)

______________________________________

(a)The fair value of foreign currency forward exchange contracts is based on dealer quotes of market forward rates and reflects the amount that the Company would receive or pay at their maturity dates for contracts involving the same currencies and maturity dates.

(b)This represents contingent consideration related to acquisitions. 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 condensed 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 payments.

(c)These represent equity investments with a readily determinable fair value. The Company has measured its investments to fair value in accordance with ASC 321, Investments—Equity Securities, based on quoted prices in active markets.

(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 December 31, 2022 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, 2022	$	(1)
Additions	—
Reductions	—
Payments	—
Balance at December 31, 2022	$	(1)

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 three months ended December 31, 2022 and 2021. In addition, there were no observable price changes events that were completed during the three months ended December 31, 2022 and 2021.

Fair Value of Debt

Based on the level of interest rates prevailing at December 31, 2022, the fair value of the Company’s debt was $3.542 billion. Based on the level of interest rates prevailing at September 30, 2022, the fair value of the Company’s debt was $3.181 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

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2022
Accounting Policies [Abstract]
Interim Financial Statements	Interim Financial Statements The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all the information and notes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three months ended December 31, 2022 are not necessarily indicative of the results that may be expected for the fiscal year ending September 30, 2023. The consolidated balance sheet at September 30, 2022 has been derived from the audited consolidated financial statements at that date but does not include all the information and notes required by U.S. GAAP for complete financial statements. For further information, refer to the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended September 30, 2022 (File No. 001-32502).
Change in Fiscal Year End	Change in Fiscal Year End On September 29, 2022, the Board of Directors approved a change, effective for the 2023 fiscal year, to the Company’s fiscal year from a modified 52-53-week calendar, in which reporting periods ended on the last Friday of the calendar quarter, to a reporting calendar in which the reporting periods end on the last day of the calendar quarter. Effective for the 2023 fiscal year, the Company’s fiscal year will begin on October 1 and end on September 30 of each year. Prior to the start of the 2023 fiscal year, the Company maintained a 52-53 week fiscal year ending on the last Friday in each reporting period. The fiscal year ended September 30, 2022 included 53 weeks, with the additional week falling in the fiscal quarter ended December 31, 2021. Accordingly, the results of operations for the three months ended December 31, 2021 reflect 14 weeks, or 98 days, compared to 92 days for the three months ended December 31, 2022. For the three months ended December 31, 2021, the revenue benefit of the additional week was approximately $73 million, primarily reflected in Recorded Music streaming revenue.
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.
Income Taxes	Income Taxes The Company uses the estimated annual effective tax rate method in computing its interim tax provision. Certain items, including those deemed to be unusual and infrequent are excluded from the estimated annual effective tax rate. In such cases, the actual tax expense or benefit is reported in the same period as the related item. Certain tax effects are also not reflected in the estimated annual effective tax rate, primarily certain changes in the realizability of deferred tax assets and uncertain tax positions.
New Accounting Pronouncements	New Accounting Pronouncements Recently Adopted Accounting Pronouncements In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). The amendment provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships and other transactions affected by the discontinuation of the London Interbank Offered Rate (“LIBOR”) or by another reference rate expected to be discontinued because of reference rate reform, if certain criteria are met. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope, which clarified that certain optional expedients and exceptions in Topic 848 apply to derivative instruments that are affected by the discounting transition due to reference rate reform. In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date, which extended the period in which Topic 848 may be applied until December 31, 2024. These ASUs were effective upon issuance and may be applied prospectively to contract modifications and hedging relationships entered into or evaluated through December 31, 2024. The discontinuation of LIBOR will impact the Senior Term Loan Facility and Revolving Credit Facility as well as a pay-fixed receive-variable interest rate swap which will be outstanding as of the effective date of the discontinuation. The Company is in the process of evaluating the effect that the adoption of these standards will have on its consolidated financial statements, but does not expect it will have a material effect.

- Definition

Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements.

+ References + Details

Earnings per Share (Tables)

3 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Schedule of Earnings Per Share


	Three Months Ended December 31,
	2022				2021
	Class A		Class B		Class A		Class B
Basic and Diluted EPS:
Numerator
Net income attributable to Warner Music Group Corp.	$	34	$	88	$	47	$	140
Less: Net income attributable to participating securities	(2)		—		(2)		—
Net income attributable to common stockholders	$	32	$	88	$	45	$	140
Denominator
Weighted average shares outstanding	137,424		377,650		123,969		390,952
Basic and Diluted EPS	$	0.23	$	0.23	$	0.36	$	0.36

Revenue Recognition (Tables)

3 Months Ended

Dec. 31, 2022

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:


	Three Months Ended December 31,
	2022		2021
	(in millions)
Revenue by Type
Digital	$	803	$	870
Physical	133		195
Total Digital and Physical	936		1,065
Artist services and expanded-rights	206		232
Licensing	97		89
Total Recorded Music	1,239		1,386
Performance	45		38
Digital	149		133
Mechanical	14		14
Synchronization	39		42
Other	3		2
Total Music Publishing	250		229
Intersegment eliminations	(1)		(1)
Total Revenues	$	1,488	$	1,614
Revenue by Geographical Location
U.S. Recorded Music	$	539	$	608
U.S. Music Publishing	133		115
Total U.S.	672		723
International Recorded Music	700		778
International Music Publishing	117		114
Total International	817		892
Intersegment eliminations	(1)		(1)
Total Revenues	$	1,488	$	1,614

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 December 31, 2022 are as follows:


	Rest of FY23		FY24		FY25		Thereafter		Total
	(in millions)
Remaining performance obligations	$	547	$	367	$	5	$	1	$	920
Total	$	547	$	367	$	5	$	1	$	920

Comprehensive Income (Tables)

3 Months Ended

Dec. 31, 2022

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 benefit of less than $1 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, 2022	$	(358)	$	(2)	$	13	$	(347)
Other comprehensive income (loss)	72		—		(1)		71
Balances at December 31, 2022	$	(286)	$	(2)	$	12	$	(276)

______________________________________

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

Goodwill and Intangible Assets (Tables)

3 Months Ended

Dec. 31, 2022

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, 2022	$	1,456	$	464	$	1,920
Acquisitions	3		—		3

Other adjustments (a)	28		—		28
Balances at December 31, 2022	$	1,487	$	464	$	1,951

______________________________________

(a)Other adjustments during the three months ended December 31, 2022 represent foreign currency movements.

Schedule of Indefinite Intangible Assets

Intangible assets consist of the following:


	Weighted-Average Useful Life	December 31, 2022		September 30, 2022
		(in millions)
Intangible assets subject to amortization:
Recorded music catalog	12 years	$	1,379	$	1,316
Music publishing copyrights	25 years	1,958		1,889
Artist and songwriter contracts	13 years	1,046		1,014
Trademarks	14 years	106		103
Other intangible assets	6 years	92		89
Total gross intangible assets subject to amortization		4,581		4,411
Accumulated amortization		(2,315)		(2,172)
Total net intangible assets subject to amortization		2,266		2,239
Intangible assets not subject to amortization:
Trademarks and tradenames	Indefinite	149		145
Total net intangible assets		$	2,415	$	2,384

Schedule of Finite-Lived Intangible Assets

Intangible assets consist of the following:


	Weighted-Average Useful Life	December 31, 2022		September 30, 2022
		(in millions)
Intangible assets subject to amortization:
Recorded music catalog	12 years	$	1,379	$	1,316
Music publishing copyrights	25 years	1,958		1,889
Artist and songwriter contracts	13 years	1,046		1,014
Trademarks	14 years	106		103
Other intangible assets	6 years	92		89
Total gross intangible assets subject to amortization		4,581		4,411
Accumulated amortization		(2,315)		(2,172)
Total net intangible assets subject to amortization		2,266		2,239
Intangible assets not subject to amortization:
Trademarks and tradenames	Indefinite	149		145
Total net intangible assets		$	2,415	$	2,384

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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+ Details

Debt (Tables)

3 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Long-term Debt

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


	December 31, 2022		September 30, 2022
	(in millions)
Revolving Credit Facility (a)	$	—	$	—
Senior Term Loan Facility due 2028	1,295		1,145
2.750% Senior Secured Notes due 2028 (€325 face amount)	346		318
3.750% Senior Secured Notes due 2029	540		540
3.875% Senior Secured Notes due 2030	535		535
2.250% Senior Secured Notes due 2031 (€445 face amount)	474		435
3.000% Senior Secured Notes due 2031	800		800
Total long-term debt, including the current portion	$	3,990	$	3,773
Issuance premium less unamortized discount and unamortized deferred financing costs	(44)		(41)
Total long-term debt, including the current portion, net	$	3,946	$	3,732

______________________________________

- 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.

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+ Details

Derivative Financial Instruments (Tables)

3 Months Ended

Dec. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Amounts Recorded in Consolidated Balance Sheets

The following is a summary of amounts recorded in the consolidated balance sheets pertaining to the Company’s derivative instruments at December 31, 2022 and September 30, 2022:


	December 31, 2022 (a)		September 30, 2022 (b)
	(in millions)
Other current assets	$	17	$	2
Other current liabilities	(8)		—
Other noncurrent assets	—		16
Other noncurrent liabilities	—		—

______________________________________

(b)Includes $2 million and $16 million of interest rate swaps in current and noncurrent asset positions, respectively.

Segment Information (Tables)

3 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Schedule of Segment Information


	Recorded Music		Music Publishing		Corporate expenses and eliminations		Total
Three Months Ended	(in millions)
December 31, 2022
Revenues	$	1,239	$	250	$	(1)	$	1,488
Operating income (loss)	283		49		(67)		265
Amortization of intangible assets	41		22		—		63
Depreciation of property, plant and equipment	13		1		7		21
OIBDA	337		72		(60)		349
December 31, 2021
Revenues	$	1,386	$	229	$	(1)	$	1,614
Operating income (loss)	276		32		(69)		239
Amortization of intangible assets	40		20		—		60
Depreciation of property, plant and equipment	14		2		5		21
OIBDA	330		54		(64)		320

Fair Value Measurements (Tables)

3 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Schedule of Fair Value of Financial Instruments

The following tables show the fair value of the Company’s financial instruments that are required to be measured at fair value as of December 31, 2022 and September 30, 2022.


	Fair Value Measurements as of December 31, 2022
	(Level 1)		(Level 2)		(Level 3)		Total
	(in millions)
Other Current Assets:
Foreign Currency Forward Exchange Contracts (a)	$	—	$	1	$	—	$	1
Interest Rate Swaps (d)	—		16		—		16
Other Current Liabilities:

Foreign Currency Forward Exchange Contracts (a)	—		(8)		—		(8)

Other Noncurrent Assets:


Equity Investments with Readily Determinable Fair Value (c)	25		—		—		25
Other Noncurrent Liabilities:
Contractual Obligations (b)	—		—		(1)		(1)


	Fair Value Measurements as of September 30, 2022
	(Level 1)		(Level 2)		(Level 3)		Total
	(in millions)
Other Current Assets:
Interest Rate Swap (d)	$	—	$	2	$	—	$	2
Other Noncurrent Assets:
Interest Rate Swap (d)	—		16		—		16
Equity Investment with Readily Determinable Fair Value (c)	36		—		—		36
Other Noncurrent Liabilities:
Contractual Obligations (b)	—		—		(1)		(1)

______________________________________

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, 2022	$	(1)
Additions	—
Reductions	—
Payments	—
Balance at December 31, 2022	$	(1)

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue	$ 1,488	$ 1,614
Revision of Prior Period, Change in Accounting Principle, Adjustment \| Recorded Music
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue		$ 73

- 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.

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+ Details

Earnings per Share (Detail) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Numerator
Net income attributable to Warner Music Group Corp.	$ 122	$ 187
Class A Common Stock
Numerator
Net income attributable to Warner Music Group Corp.	34	47
Less: Net income attributable to participating securities	(2)	(2)
Net income attributable to common stockholders	$ 32	$ 45
Denominator
Weighted average shares outstanding, basic (in shares)	137,424,000	123,969,000
Weighted average shares outstanding, diluted (in shares)	137,424,000	123,969,000
Basic (in dollars per share)	$ 0.23	$ 0.36
Diluted (in dollars per share)	$ 0.23	$ 0.36
Class B Common Stock
Numerator
Net income attributable to Warner Music Group Corp.	$ 88	$ 140
Less: Net income attributable to participating securities	0	0
Net income attributable to common stockholders	$ 88	$ 140
Denominator
Weighted average shares outstanding, basic (in shares)	377,650,000	390,952,000
Weighted average shares outstanding, diluted (in shares)	377,650,000	390,952,000
Basic (in dollars per share)	$ 0.23	$ 0.36
Diluted (in dollars per share)	$ 0.23	$ 0.36

Revenue Recognition - Summary of Disaggregation of Revenue (Detail) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Total Revenues	$ 1,488	$ 1,614
Operating Segments \| U.S.
Disaggregation of Revenue [Line Items]
Total Revenues	672	723
Operating Segments \| International
Disaggregation of Revenue [Line Items]
Total Revenues	817	892
Intersegment eliminations
Disaggregation of Revenue [Line Items]
Total Revenues	(1)	(1)
Recorded Music \| Operating Segments
Disaggregation of Revenue [Line Items]
Total Revenues	1,239	1,386
Recorded Music \| Operating Segments \| U.S.
Disaggregation of Revenue [Line Items]
Total Revenues	539	608
Recorded Music \| Operating Segments \| International
Disaggregation of Revenue [Line Items]
Total Revenues	700	778
Recorded Music \| Digital \| Operating Segments
Disaggregation of Revenue [Line Items]
Total Revenues	803	870
Recorded Music \| Physical \| Operating Segments
Disaggregation of Revenue [Line Items]
Total Revenues	133	195
Recorded Music \| Total Digital and Physical \| Operating Segments
Disaggregation of Revenue [Line Items]
Total Revenues	936	1,065
Recorded Music \| Artist services and expanded-rights \| Operating Segments
Disaggregation of Revenue [Line Items]
Total Revenues	206	232
Recorded Music \| Licensing \| Operating Segments
Disaggregation of Revenue [Line Items]
Total Revenues	97	89
Music Publishing \| Operating Segments
Disaggregation of Revenue [Line Items]
Total Revenues	250	229
Music Publishing \| Operating Segments \| U.S.
Disaggregation of Revenue [Line Items]
Total Revenues	133	115
Music Publishing \| Operating Segments \| International
Disaggregation of Revenue [Line Items]
Total Revenues	117	114
Music Publishing \| Digital \| Operating Segments
Disaggregation of Revenue [Line Items]
Total Revenues	149	133
Music Publishing \| Performance \| Operating Segments
Disaggregation of Revenue [Line Items]
Total Revenues	45	38
Music Publishing \| Mechanical \| Operating Segments
Disaggregation of Revenue [Line Items]
Total Revenues	14	14
Music Publishing \| Synchronization \| Operating Segments
Disaggregation of Revenue [Line Items]
Total Revenues	39	42
Music Publishing \| Other \| Operating Segments
Disaggregation of Revenue [Line Items]
Total Revenues	$ 3	$ 2

Revenue Recognition - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Refund liabilities	$ 26		$ 19
Uncollectible accounts, reserves	21		$ 19
Deferred revenue increased related to cash received from customers	103
Revenue recognized related to deferred revenue	144
Revenue recognized from performance obligations satisfied in previous periods	$ 27	$ 37

Revenue Recognition - Summary of Revenues Expected to be Recognized in Future Related to Performance Obligations (Detail) $ in Millions	Dec. 31, 2022 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 920
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 547
Revenue, remaining performance obligation, expected timing of satisfaction, period	9 months
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	$ 367
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	$ 5
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 1
Revenue, remaining performance obligation, expected timing of satisfaction, period

Acquisition of 300 Entertainment - Narrative (Detail) - 300 Entertainment - USD ($) $ in Millions	Sep. 30, 2022	Dec. 16, 2021
Business Acquisition [Line Items]
Purchase price of selected assets		$ 394
Final purchase price		$ 400
Decrease to intangible assets	$ 1
Decrease to other acquired assets	2
Decrease to other acquired Liabilities	2
Increase in goodwill	$ 3

Comprehensive Income - Additional Information (Detail) $ in Millions	3 Months Ended
	Dec. 31, 2022 USD ($)
Equity [Abstract]
Changes in accumulated other comprehensive loss, net of related taxes	$ 1

Comprehensive Income - Schedule of Accumulated Other Comprehensive Loss (Detail) $ in Millions	3 Months Ended
	Dec. 31, 2022 USD ($)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 168
Other comprehensive income (loss)	71
Ending balance	282
Foreign Currency Translation Loss
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(358)
Other comprehensive income (loss)	72
Ending balance	(286)
Minimum Pension Liability Adjustment
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(2)
Other comprehensive income (loss)	0
Ending balance	(2)
Deferred Gains (Losses) On Derivative Financial Instruments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	13
Other comprehensive income (loss)	(1)
Ending balance	12
Accumulated Other Comprehensive Loss, net
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(347)
Ending balance	$ (276)

- 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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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Goodwill and Intangible Assets - Changes in Goodwill for Each Reportable Segment (Detail) $ in Millions	3 Months Ended
	Dec. 31, 2022 USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 1,920
Acquisitions	3
Other adjustments	28
Ending balance	1,951
Recorded Music
Goodwill [Roll Forward]
Beginning balance	1,456
Acquisitions	3
Other adjustments	28
Ending balance	1,487
Music Publishing
Goodwill [Roll Forward]
Beginning balance	464
Acquisitions	0
Other adjustments	0
Ending balance	$ 464

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Goodwill and Intangible Assets - Schedule of Intangible Assets (Detail) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2022	Sep. 30, 2022
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Total gross intangible assets subject to amortization	$ 4,581	$ 4,411
Accumulated amortization	(2,315)	(2,172)
Total net intangible assets subject to amortization	2,266	2,239
Intangible assets not subject to amortization:
Trademarks and tradenames	149	145
Total net intangible assets	2,415	2,384
Trademarks and tradenames
Intangible assets not subject to amortization:
Trademarks and tradenames	$ 149	145
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	$ 1,379	1,316
Music publishing copyrights
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Weighted-Average Useful Life	25 years
Total gross intangible assets subject to amortization	$ 1,958	1,889
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	$ 1,046	1,014
Trademarks
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Weighted-Average Useful Life	14 years
Total gross intangible assets subject to amortization	$ 106	103
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	$ 92	$ 89

Debt - Long-term Debt (Detail) € in Millions	Dec. 31, 2022 USD ($)	Dec. 31, 2022 EUR (€)	Sep. 30, 2022 USD ($)	Dec. 31, 2021
Debt Instrument [Line Items]
Total long-term debt, including the current portion	$ 3,990,000,000		$ 3,773,000,000
Issuance premium less unamortized discount and unamortized deferred financing costs	(44,000,000)		(41,000,000)
Total long-term debt, including the current portion, net	$ 3,946,000,000		3,732,000,000
3.750% Senior Secured Notes due 2029
Debt Instrument [Line Items]
Interest rate	3.75%	3.75%		3.75%
Acquisition Corp. \| Senior Term Loan Facility due 2023
Debt Instrument [Line Items]
Total long-term debt, including the current portion	$ 1,295,000,000		1,145,000,000
Acquisition Corp. \| 2.750% Senior Secured Notes due 2028
Debt Instrument [Line Items]
Interest rate	2.75%	2.75%
Face or principal amount of debt instrument \| €		€ 325
Total long-term debt, including the current portion	$ 346,000,000		318,000,000
Acquisition Corp. \| 3.750% Senior Secured Notes due 2029
Debt Instrument [Line Items]
Interest rate	3.75%	3.75%
Total long-term debt, including the current portion	$ 540,000,000		540,000,000
Acquisition Corp. \| 3.875% Senior Secured Notes due 2030
Debt Instrument [Line Items]
Interest rate	3.875%	3.875%
Total long-term debt, including the current portion	$ 535,000,000		535,000,000
Acquisition Corp. \| 2.250% Senior Secured Notes due 2031
Debt Instrument [Line Items]
Interest rate	2.25%	2.25%
Face or principal amount of debt instrument \| €		€ 445
Total long-term debt, including the current portion	$ 474,000,000		435,000,000
Acquisition Corp. \| 3.000% Senior Secured Notes due 2031
Debt Instrument [Line Items]
Interest rate	3.00%	3.00%
Total long-term debt, including the current portion	$ 800,000,000		800,000,000
Acquisition Corp. \| Revolving Credit Facility
Debt Instrument [Line Items]
Total long-term debt, including the current portion	0		0
Commitments under revolving credit facility	300,000,000		300,000,000
Letters of credit outstanding	4,000,000		4,000,000
Revolving credit facility outstanding	$ 0		$ 0

Debt - Additional Information (Detail) € in Millions		3 Months Ended
Debt - Additional Information (Detail) € in Millions	Nov. 01, 2022 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2022 EUR (€)	Sep. 30, 2022
Debt Instrument [Line Items]
Debt instrument, covenant, total indebtedness to EBITDA ratio		3.50		3.50
Interest expense, net		$ 32,000,000	$ 30,000,000
Weighted-average interest rate of total debt		3.70%	3.20%	3.70%	3.50%
2.750% Senior Secured Notes due 2028 \| Acquisition Corp.
Debt Instrument [Line Items]
Interest rate		2.75%		2.75%
Face or principal amount of debt instrument \| €				€ 325
3.875% Senior Secured Notes due 2030 \| Acquisition Corp.
Debt Instrument [Line Items]
Interest rate		3.875%		3.875%
3.000% Senior Secured Notes due 2031 \| Acquisition Corp.
Debt Instrument [Line Items]
Interest rate		3.00%		3.00%
3.750% Senior Secured Notes due 2029
Debt Instrument [Line Items]
Interest rate		3.75%	3.75%	3.75%
3.750% Senior Secured Notes due 2029 \| Acquisition Corp.
Debt Instrument [Line Items]
Interest rate		3.75%		3.75%
2.250% Senior Secured Notes due 2031 \| Acquisition Corp.
Debt Instrument [Line Items]
Interest rate		2.25%		2.25%
Face or principal amount of debt instrument \| €				€ 445
Senior Term Loan Facility \| Acquisition Corp.
Debt Instrument [Line Items]
Line of credit facility, increase	$ 150,000,000
Maximum commitments under the facility	$ 1,295,000,000
Senior Notes
Debt Instrument [Line Items]
Scheduled maturities of long-term debt in 2023		$ 0
Scheduled maturities of long-term debt in 2024		0
Scheduled maturities of long-term debt in 2025		0
Scheduled maturities of long-term debt in 2026		0
Scheduled maturities of long-term debt, 2027		0
Scheduled maturities of long-term debt, 2028		346,000,000
Scheduled maturities of long-term debt, thereafter		$ 2,349,000,000
Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument, covenant, total indebtedness to EBITDA ratio		3.50		3.50

Debt - Interest Rates (Detail)			3 Months Ended
Debt - Interest Rates (Detail)	Dec. 31, 2022	Dec. 30, 2022	Dec. 31, 2022
Acquisition Corp. \| London Interbank Offered Rate (LIBOR) \| Senior Term Loan Facility due 2020, Tranche G Loans
Debt Instrument [Line Items]
Debt instrument, marginal interest rate			2.125%
Acquisition Corp. \| London Interbank Offered Rate (LIBOR) \| Senior Term Loan Facility due 2020, Tranche H Loans
Debt Instrument [Line Items]
Debt instrument, marginal interest rate			3.00%
Acquisition Corp. \| London Interbank Offered Rate (LIBOR) \| Senior Term Loan Facility due 2020, Tranche H Loans \| Minimum
Debt Instrument [Line Items]
Debt instrument, marginal interest rate			0.50%
Acquisition Corp. \| Federal Funds Effective Swap Rate \| Senior Term Loan Facility due 2020, Tranche G Loans
Debt Instrument [Line Items]
Debt instrument, marginal interest rate			0.50%
Acquisition Corp. \| Federal Funds Effective Swap Rate \| Senior Term Loan Facility due 2020, Tranche H Loans
Debt Instrument [Line Items]
Debt instrument, marginal interest rate			0.50%
Acquisition Corp. \| Base Rate \| Senior Term Loan Facility due 2020, Tranche G Loans
Debt Instrument [Line Items]
Debt instrument, marginal interest rate			1.125%
Term loan base rate plus election rate	1.00%		1.00%
Additional Interest rate on other overdue amounts			2.00%
Acquisition Corp. \| Base Rate \| Senior Term Loan Facility due 2020, Tranche G Loans \| Minimum
Debt Instrument [Line Items]
Debt instrument, marginal interest rate			1.00%
Acquisition Corp. \| Base Rate \| Senior Term Loan Facility due 2020, Tranche H Loans
Debt Instrument [Line Items]
Debt instrument, marginal interest rate			2.00%
Term loan base rate plus election rate	1.00%		1.00%
Additional Interest rate on other overdue amounts			2.00%
Acquisition Corp. \| Base Rate \| Senior Term Loan Facility due 2020, Tranche H Loans \| Minimum
Debt Instrument [Line Items]
Debt instrument, marginal interest rate			1.50%
Revolving Credit Facility \| Eurodollar Applicable Margin Rate \| 2020 Revolving Loans
Debt Instrument [Line Items]
Debt instrument, marginal interest rate	1.625%	1.875%
Revolving Credit Facility \| ABR Applicable Margin Rate \| 2020 Revolving Loans
Debt Instrument [Line Items]
Debt instrument, marginal interest rate	0.625%	0.875%
Revolving Credit Facility \| Acquisition Corp.
Debt Instrument [Line Items]
Term loan base rate plus election rate	1.00%		1.00%
Interest rate applicable to overdue principal			2.00%
Revolving Credit Facility \| Acquisition Corp. \| Initial Revolving Loans
Debt Instrument [Line Items]
Debt instrument, marginal interest rate			0.75%
Revolving Credit Facility \| Acquisition Corp. \| 2020 Revolving Loans
Debt Instrument [Line Items]
Debt instrument, marginal interest rate			0.875%
Senior secured indebtedness to EBITDA ratio	3.18		3.18
Revolving Credit Facility \| Acquisition Corp. \| London Interbank Offered Rate (LIBOR) \| Initial Revolving Loans
Debt Instrument [Line Items]
Debt instrument, marginal interest rate			1.75%
Revolving Credit Facility \| Acquisition Corp. \| London Interbank Offered Rate (LIBOR) \| 2020 Revolving Loans
Debt Instrument [Line Items]
Debt instrument, marginal interest rate			1.875%
Revolving Credit Facility \| Acquisition Corp. \| Federal Funds Effective Swap Rate
Debt Instrument [Line Items]
Debt instrument, marginal interest rate			0.50%

Equity - Narrative (Detail) - USD ($) $ in Millions	3 Months Ended
Equity - Narrative (Detail) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Non-cash stock-based compensation expense	$ 14	$ 24
Share-based compensation liability	10
Restricted Stock Units (RSUs)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Non-cash stock-based compensation expense	8
Additional Paid-in Capital
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Non-cash stock-based compensation expense	4
Share-based compensation liability	$ 5
Common Stock \| Class A Common Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares issued under the Plan (in shares)	869,000
Vesting of restricted stock units, net of shares withheld for employee taxes (in shares)	5,000

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 48	$ 75
Reasonably possible decrease in gross unrecognized tax benefits from ongoing audits and settlement	$ 1

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Derivative Financial Instruments - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Sep. 30, 2022
Derivatives, Fair Value [Line Items]
Companys hedged interest rate transactions	1 year
Deferred (losses) gains on derivative financial instruments	$ (1)	$ 7
Interest Rate Swap
Derivatives, Fair Value [Line Items]
Outstanding hedge contracts	820		$ 820
Deferred gain (loss) on derivative financial instruments	12
Deferred (losses) gains on derivative financial instruments			$ 13
Unrealized pre-tax (losses) gains on derivative financial instruments	(2)	9
Foreign Exchange Contract \| Other Income (Expense)
Derivatives, Fair Value [Line Items]
Realized foreign exchange forward contract gain (loss)	(1)	1
Unrealized foreign exchange forward contract gain (loss)	(7)	$ 2
Sale
Derivatives, Fair Value [Line Items]
Outstanding hedge contracts	337
Purchase
Derivatives, Fair Value [Line Items]
Outstanding hedge contracts	$ 197

Derivative Financial Instruments - Summary of Amounts Recorded in Consolidated Balance Sheets (Detail) - USD ($) $ in Millions	Dec. 31, 2022	Sep. 30, 2022
Derivatives, Fair Value [Line Items]
Foreign exchange derivative contracts in asset	$ 13
Foreign exchange derivative contracts in liability	20
Foreign Exchange Contract
Derivatives, Fair Value [Line Items]
Foreign exchange derivative contracts in asset	1
Foreign exchange derivative contracts in liability	8
Other current assets
Derivatives, Fair Value [Line Items]
Other assets	17	$ 2
Other current assets \| Interest Rate Swap
Derivatives, Fair Value [Line Items]
Foreign exchange derivative contracts in asset	16	2
Other current assets \| Foreign Exchange Contract
Derivatives, Fair Value [Line Items]
Other assets	1
Other current liabilities
Derivatives, Fair Value [Line Items]
Other liabilities	(8)	0
Other current liabilities \| Foreign Exchange Contract
Derivatives, Fair Value [Line Items]
Other liabilities	(8)
Other noncurrent assets
Derivatives, Fair Value [Line Items]
Other assets	0	16
Other noncurrent assets \| Interest Rate Swap
Derivatives, Fair Value [Line Items]
Foreign exchange derivative contracts in asset		16
Other noncurrent liabilities
Derivatives, Fair Value [Line Items]
Other liabilities	$ 0	$ 0

Segment Information - Additional Information (Detail)	3 Months Ended
Segment Information - Additional Information (Detail)	Dec. 31, 2022 segment
Segment Reporting [Abstract]
Number of fundamental operations	2

Segment Information - Schedule of Segment Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Revenue	$ 1,488	$ 1,614
Operating income (loss)	265	239
Amortization of intangible assets	63	60
Depreciation of property, plant and equipment	21	21
OIBDA	349	320
Operating Segments \| Recorded Music
Segment Reporting Information [Line Items]
Revenue	1,239	1,386
Operating income (loss)	283	276
Amortization of intangible assets	41	40
Depreciation of property, plant and equipment	13	14
OIBDA	337	330
Operating Segments \| Music Publishing
Segment Reporting Information [Line Items]
Revenue	250	229
Operating income (loss)	49	32
Amortization of intangible assets	22	20
Depreciation of property, plant and equipment	1	2
OIBDA	72	54
Corporate expenses and eliminations
Segment Reporting Information [Line Items]
Revenue	(1)	(1)
Operating income (loss)	(67)	(69)
Amortization of intangible assets	0	0
Depreciation of property, plant and equipment	7	5
OIBDA	$ (60)	$ (64)

Additional Financial Information - Additional Information (Detail) $ / shares in Units, $ in Millions	3 Months Ended
	Dec. 31, 2022 USD ($) $ / shares	Dec. 31, 2021 USD ($)	Nov. 10, 2022 $ / shares
Dividends Payable [Line Items]
Interest payments	$ 25	$ 13
Income and withholding taxes paid	45	29
Net gain on divestiture	$ 41	0
Debt instrument, covenant, total indebtedness to EBITDA ratio	3.50
Dividends paid	$ 84	78
Dividends paid (in dollars per share) \| $ / shares	$ 0.16
Noncash investing activities related to acquisition of music publishing rights and music catalogs		$ 125
Common Stock
Dividends Payable [Line Items]
Cash dividends declared (in dollars per share) \| $ / shares			$ 0.16

Fair Value Measurements - Reconciliation of Net Liabilities Classified as Level 3 (Detail) - Level 3 $ in Millions	3 Months Ended
	Dec. 31, 2022 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ (1)
Additions	0
Reductions	0
Payments	0
Ending balance	$ (1)

Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Millions	Dec. 31, 2022	Sep. 30, 2022
Level 2 measurement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of debt	$ 3,542	$ 3,181