0001319161-24-000010 | 10-Q | XBRL Viewer

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Segment Information - Schedule of Components of Adjusted OIBDA to Operating Income (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Segment Reporting [Abstract]
Operating income	$ 354	$ 265	$ 790	$ 714	$ 609
Amortization expense	55	63	245	263	229
Depreciation expense	26	21	87	76	77
Restructuring	19	12	42	8	18
Transformation initiatives and other related costs			53	46	36
Executive transition costs			7	0	0
Net loss (gain) on divestitures	(17)	(41)	(41)	0	0
COVID-19 related costs			0	0	1
Non-cash stock-based compensation and other related costs	14	15	52	42	48
Adjusted OIBDA	$ 451	$ 335	$ 1,235	$ 1,149	$ 1,018

Fair Value Measurements (Tables)

3 Months Ended

Dec. 31, 2023

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, 2023 and September 30, 2023.


	Fair Value Measurements as of December 31, 2023
	(Level 1)		(Level 2)		(Level 3)		Total
	(in millions)



Other Current Liabilities:

Foreign Currency Forward Exchange Contracts (a)	$	—	$	(6)	$	—	$	(6)

Other Noncurrent Assets:


Equity Investments with Readily Determinable Fair Value (c)	13		—		—		13
Other Noncurrent Liabilities:
Contractual Obligations (b)	—		—		(1)		(1)


	Fair Value Measurements as of September 30, 2023
	(Level 1)		(Level 2)		(Level 3)		Total
	(in millions)
Other Current Assets:
Interest Rate Swap (d)	$	—	$	2	$	—	$	2
Other Noncurrent Assets:
Equity Investment with Readily Determinable Fair Value (c)	15		—		—		15
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 primarily 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 each reporting period for contracts involving the same attributes and maturity dates.

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, 2023	$	(1)
Additions	—
Reductions	—
Payments	—
Balance at December 31, 2023	$	(1)

Debt

3 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Debt

Debt Capitalization

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


	December 31, 2023		September 30, 2023
	(in millions)
Revolving Credit Facility (a)	$	—	$	—
Senior Term Loan Facility due 2028	1,295		1,295
2.750% Senior Secured Notes due 2028 (€325 face amount)	360		343
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)	493		471
3.000% Senior Secured Notes due 2031	800		800
Mortgage Term Loan due 2033	18		$	18
Total long-term debt, including the current portion	$	4,041	$	4,002
Issuance premium less unamortized discount and unamortized deferred financing costs	(37)		(38)
Total long-term debt, including the current portion, net	$	4,004	$	3,964

______________________________________

(a)Reflects $350 million and $300 million of commitments under the Revolving Credit Facility, less letters of credit outstanding of approximately $4 million and $2 million as of December 31, 2023 and September 30, 2023, respectively. There were no loans outstanding under the Revolving Credit Facility at December 31, 2023 or September 30, 2023.

The Company is the direct parent of Holdings, which is the direct parent of Acquisition Corp. Acquisition Corp. is party to a $1,295 million senior secured term loan credit facility, pursuant to a credit agreement dated November 1, 2012, as amended or supplemented (the “Senior Term Loan Credit Agreement”) with JPMorgan Chase Bank NA, as administrative agent and collateral agent, and the other financial institutions and lenders from time to time party thereto (the “Senior Term Loan Facility”). Additionally, as of December 31, 2023 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 (as defined below) 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, 2023.

Fiscal 2024 Transactions

Revolving Credit Agreement Amendment

On November 30, 2023, Acquisition Corp. entered into an amendment (the “Revolving Credit Agreement Amendment”) to the revolving credit agreement, dated January 31, 2018, as amended, among Acquisition Corp., the several banks and other financial institutions party thereto and Credit Suisse AG, Cayman Islands Branch, as predecessor administrative agent, governing Acquisition Corp.’s revolving credit facility (the “Revolving Credit Facility”) with JPMorgan Chase Bank, N.A., as administrative agent, and the other financial institutions and lenders from time to time party thereto. The Revolving Credit Agreement Amendment (among other changes): (i) increased the commitments under the Revolving Credit Facility from an aggregate principal amount of $300 million to an aggregate principal amount of $350 million, (ii) extended the final maturity date of the Revolving Credit Facility from April 3, 2025 to November 30, 2028, (iii) appointed JPMorgan Chase Bank, N.A. as administrative agent in the place of Credit Suisse AG, Cayman Islands Branch, (iv) modified the existing springing Secured Indebtedness to EBITDA Ratio financial maintenance covenant by increasing the springing threshold from $105,000,000 to $140,000,000, and (v) included provisions that allow Acquisition Corp. to terminate the security interests securing the obligations under the Revolving Credit Facility upon the satisfaction of the Collateral Suspension Conditions (as defined below) and, in the event that the security interests are so terminated, the existing springing Secured Indebtedness to EBITDA Ratio financial maintenance covenant (which is calculated net of up to $250 million of cash and cash equivalents held by Acquisition Corp. and its restricted subsidiaries) shall automatically be replaced with a new financial maintenance covenant prohibiting Acquisition Corp. from permitting the Total Indebtedness to EBITDA Ratio to be greater than 3.60:1.00 (calculated net of all cash and cash equivalents held by Acquisition Corp. and its restricted subsidiaries) as of the end of any fiscal quarter.

In the event that the security interests securing the obligations under the Facility are reinstated as a result of the occurrence of a Collateral Suspension Reversion Date (as defined below), the Total Indebtedness to EBITDA Ratio financial maintenance covenant shall revert back to a springing Secured Indebtedness to EBITDA Ratio financial maintenance covenant set at 5.00:1.00.

For purposes the Revolving Credit Agreement Amendment, (i) “Collateral Suspension Conditions” means conditions that are satisfied if (x) the investment grade condition has been satisfied and (y) the aggregate outstanding principal amount of senior secured indebtedness incurred by Acquisition Corp. and its restricted subsidiaries is not in excess of $500,000,000 and (ii) “Collateral Suspension Reversion Date” means, the earlier of (x) the date on which the Collateral Suspension Conditions cease to be satisfied or (y) the date on which Acquisition Corp. delivers a collateral suspension reversion notice to the Administrative Agent.

December 2023 Senior Term Loan Credit Agreement Amendment

On December 29, 2023, Acquisition Corp. entered into an amendment (the “Thirteenth Amendment”) to the Senior Term Loan Credit Agreement among Acquisition Corp., the other loan parties, Holdings, each lender party hereto, Credit Suisse AG, Cayman Islands Branch as the resigning administrative agent, and JPMorgan Chase Bank, N.A, as the successor administrative agent. The Thirteenth Amendment appointed JPMorgan Chase Bank, N.A. as administrative agent in the place of Credit Suisse AG, Cayman Islands Branch.

Interest Rates

The loans under the Revolving Credit Facility bear interest at Acquisition Corp.’s election at a rate equal to (i) the secured overnight financing rate as administered by the Federal Reserve Bank of New York for the applicable interest period (“Revolving Term SOFR”), and other rates for alternate currencies, such as EURIBOR and SONIA, as provided in the Revolving Credit Agreement, 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 Term SOFR plus 1.0% per annum, plus, in each case, 0.75% per annum in the case of Initial Revolving Loans, or 0.875% per annum in the case of 2020 Revolving Loans; provided that, in respect of 2020 Revolving Loans, the applicable margin with respect to such loans is subject to adjustment as set forth in the pricing grid in the Revolving Credit Agreement. Based on the Senior Secured Indebtedness to EBITDA Ratio of 2.66x at December 31, 2023, the applicable margin for SOFR loans and RFR loans would be 1.375% instead of 1.875% and the applicable margin for ABR loans would be 0.375% instead of 0.875% in the case of 2020 Revolving Loans. If there is a payment default at any time, then the interest rate applicable to overdue principal will be the rate otherwise applicable to such loan plus 2.0% per annum. Default interest will also be payable on other overdue amounts at a rate of 2.0% per annum above the amount that would apply to an alternative base rate loan.

The loans under the Senior Term Loan Facility bear interest at Acquisition Corp.’s election at a rate equal to (i) the 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”) plus an adjustment based on the applicable interest period 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 SOFR, 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 term loan entered into on January 27, 2023 (the “Term Loan Mortgage”) bears interest at a rate of 30-day SOFR plus the applicable margin of 1.40%, subject to a zero floor.

The Company has entered into, and in the future may enter into, interest rate swaps to manage interest rate risk. Please refer to Note 13 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 November 30, 2028.

Maturities of Senior Secured Notes

As of December 31, 2023, there are no scheduled maturities of notes until 2028, when $360 million is scheduled to mature. Thereafter, $2.368 billion is scheduled to mature.

Maturity of Term Loan Mortgage

The maturity date of the Term Loan Mortgage is January 27, 2033, subject to a call option exercisable by Truist Bank at any time after January 27, 2028 if certain criteria relating to the Company’s creditworthiness are met.

Interest Expense, net

Total interest expense, net was $39 million and $32 million for the three months ended December 31, 2023 and 2022, respectively. Interest expense, net includes interest expense related to our outstanding indebtedness of $45 million and $36 million for the three months ended December 31, 2023 and 2022, respectively. The weighted-average interest rate of the Company’s total debt was 4.6% at December 31, 2023, 4.1% at September 30, 2023, and 3.7% at December 31, 2022.

- Definition

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

+ References

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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Segment Information - Schedule of Segment Information (Detail) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Segment Reporting Information [Line Items]
Revenue	$ 1,748	$ 1,488	$ 6,037	$ 5,919	$ 5,301
Adjusted OIBDA	451	335	1,235	1,149	1,018
Operating Segments \| Recorded Music
Segment Reporting Information [Line Items]
Revenue	1,445	1,239	4,955	4,966	4,544
Adjusted OIBDA	412	299	1,093	1,046	975
Operating Segments \| Music Publishing
Segment Reporting Information [Line Items]
Revenue	304	250	1,088	958	761
Adjusted OIBDA	86	72	296	233	179
Corporate expenses and eliminations
Segment Reporting Information [Line Items]
Revenue	(1)	(1)	(6)	(5)	(4)
Adjusted OIBDA	$ (47)	$ (36)	$ (154)	$ (130)	$ (136)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
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-Paragraph 1
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+ Details

Revenue Recognition - Summary of Disaggregation of Revenue (Detail) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Disaggregation of Revenue [Line Items]
Total Revenues	$ 1,748	$ 1,488	$ 6,037	$ 5,919	$ 5,301
Operating Segments \| U.S.
Disaggregation of Revenue [Line Items]
Total Revenues	799	672
Operating Segments \| International
Disaggregation of Revenue [Line Items]
Total Revenues	950	817
Intersegment eliminations
Disaggregation of Revenue [Line Items]
Total Revenues	(1)	(1)
Recorded Music \| Operating Segments
Disaggregation of Revenue [Line Items]
Total Revenues	1,445	1,239	4,955	4,966	4,544
Recorded Music \| Operating Segments \| U.S.
Disaggregation of Revenue [Line Items]
Total Revenues	627	539
Recorded Music \| Operating Segments \| International
Disaggregation of Revenue [Line Items]
Total Revenues	818	700
Recorded Music \| Digital \| Operating Segments
Disaggregation of Revenue [Line Items]
Total Revenues	908	803
Recorded Music \| Physical \| Operating Segments
Disaggregation of Revenue [Line Items]
Total Revenues	154	133
Recorded Music \| Total Digital and Physical \| Operating Segments
Disaggregation of Revenue [Line Items]
Total Revenues	1,062	936
Recorded Music \| Artist services and expanded-rights \| Operating Segments
Disaggregation of Revenue [Line Items]
Total Revenues	204	206
Recorded Music \| Licensing \| Operating Segments
Disaggregation of Revenue [Line Items]
Total Revenues	179	97
Music Publishing \| Operating Segments
Disaggregation of Revenue [Line Items]
Total Revenues	304	250	$ 1,088	$ 958	$ 761
Music Publishing \| Operating Segments \| U.S.
Disaggregation of Revenue [Line Items]
Total Revenues	172	133
Music Publishing \| Operating Segments \| International
Disaggregation of Revenue [Line Items]
Total Revenues	132	117
Music Publishing \| Digital \| Operating Segments
Disaggregation of Revenue [Line Items]
Total Revenues	196	149
Music Publishing \| Performance \| Operating Segments
Disaggregation of Revenue [Line Items]
Total Revenues	51	45
Music Publishing \| Mechanical \| Operating Segments
Disaggregation of Revenue [Line Items]
Total Revenues	15	14
Music Publishing \| Synchronization \| Operating Segments
Disaggregation of Revenue [Line Items]
Total Revenues	39	39
Music Publishing \| Other \| Operating Segments
Disaggregation of Revenue [Line Items]
Total Revenues	$ 3	$ 3

Restructuring

3 Months Ended

Dec. 31, 2023

Restructuring and Related Activities [Abstract]

Restructuring

In March 2023, the Company announced a restructuring plan (the “Restructuring Plan”) intended to drive the evolution of the Company and position the Company for long-term growth, primarily through headcount reductions. The Restructuring Plan was substantially complete as of December 31, 2023, with related cash expenditures expected by the end of fiscal 2024. There were no restructuring costs recorded for the three months ended December 31, 2023. The following table sets forth the activity for the three months ended December 31, 2023 in the restructuring accrual included within accrued liabilities in the accompanying condensed consolidated balance sheets:


	Severance Costs
	(in millions)
Balance at September 30, 2023	$	19
Restructuring charges	$	—
Cash payments	$	(8)
Balance at December 31, 2023	$	11

Fair Value Measurements

3 Months Ended

Dec. 31, 2023

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, 2023 and September 30, 2023.


	Fair Value Measurements as of December 31, 2023
	(Level 1)		(Level 2)		(Level 3)		Total
	(in millions)



Other Current Liabilities:

Foreign Currency Forward Exchange Contracts (a)	$	—	$	(6)	$	—	$	(6)

Other Noncurrent Assets:


Equity Investments with Readily Determinable Fair Value (c)	13		—		—		13
Other Noncurrent Liabilities:
Contractual Obligations (b)	—		—		(1)		(1)


	Fair Value Measurements as of September 30, 2023
	(Level 1)		(Level 2)		(Level 3)		Total
	(in millions)
Other Current Assets:
Interest Rate Swap (d)	$	—	$	2	$	—	$	2
Other Noncurrent Assets:
Equity Investment with Readily Determinable Fair Value (c)	15		—		—		15
Other Noncurrent Liabilities:
Contractual Obligations (b)	—		—		(1)		(1)

______________________________________

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


	Total
	(in millions)
Balance at September 30, 2023	$	(1)
Additions	—
Reductions	—
Payments	—
Balance at December 31, 2023	$	(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 recorded approximately $1 million of impairment charges on these investments during the three months ended December 31, 2023. The Company did not record any impairment charges on these investments during the three months ended December 31, 2022. In addition, there were no observable price changes events that were completed during the three months ended December 31, 2023 and 2022.

Fair Value of Debt

Based on the level of interest rates prevailing at December 31, 2023, the fair value of the Company’s debt was $3.763 billion. Based on the level of interest rates prevailing at September 30, 2023, the fair value of the Company’s debt was $3.525 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

Goodwill and Intangible Assets - Schedule of Intangible Assets (Detail) - USD ($) $ in Millions	Dec. 31, 2023	Sep. 30, 2023
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Total gross intangible assets subject to amortization	$ 4,983	$ 4,839
Accumulated amortization	(2,593)	(2,486)
Total net intangible assets subject to amortization	2,390	2,353
Intangible assets not subject to amortization:
Trademarks and tradenames	151	149
Total net intangible assets	2,541	2,502
Trademarks and tradenames
Intangible assets not subject to amortization:
Trademarks and tradenames	$ 151	149
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	$ 1,540	1,507
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	$ 2,111	2,026
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	$ 1,113	1,091
Trademarks
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Weighted-Average Useful Life	14 years
Total gross intangible assets subject to amortization	$ 113	111
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	$ 106	$ 104

Acquisitions - Additional Information (Detail) - USD ($) $ in Millions		3 Months Ended
	Aug. 25, 2023	Dec. 31, 2023
TenThousand Projects
Business Acquisition [Line Items]
Percentage of voting interests acquired (as a percent)	51.00%
Purchase price of selected assets	$ 98
Final purchase price	102
Base price payable	$ 12
300 Entertainment
Business Acquisition [Line Items]
Decrease to intangible assets		$ 1
Increase to other acquired liabilities		3
Increase in goodwill		$ 2

Debt - Additional Information (Detail)				3 Months Ended
Debt - Additional Information (Detail)	Dec. 31, 2023 USD ($)	Dec. 30, 2023	Jan. 27, 2023	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Nov. 30, 2023 USD ($)	Nov. 29, 2023 USD ($)	Sep. 30, 2023 USD ($)
Debt Instrument [Line Items]
Total long-term debt, including the current portion	$ 4,041,000,000			$ 4,041,000,000				$ 4,002,000,000
Debt instrument, covenant, total indebtedness to EBITDA ratio	3.50			3.50
Interest expense, net				$ 39,000,000	$ 32,000,000
Interest expense, debt				$ 45,000,000	$ 36,000,000
Weighted-average interest rate of total debt	4.60%			4.60%	3.70%			4.10%
Senior Notes
Debt Instrument [Line Items]
Long-term debt, maturities, repayments of principal in next rolling twelve months	$ 0			$ 0
Long-term debt, maturities, repayments of principal in rolling year five	360,000,000			360,000,000
Long term debt maturities repayments of principal in rolling after year five	$ 2,368,000,000			$ 2,368,000,000
Revolving Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Debt instrument, covenant, total indebtedness to EBITDA ratio	3.50			3.50
2020 Revolving Loans \| Revolving Credit Facility \| Eurodollar Applicable Margin Rate
Debt Instrument [Line Items]
Debt instrument, marginal interest rate	1.375%	1.875%
2020 Revolving Loans \| Revolving Credit Facility \| ABR Applicable Margin Rate
Debt Instrument [Line Items]
Debt instrument, marginal interest rate	0.375%	0.875%
Acquisition Corp.
Debt Instrument [Line Items]
Total long-term debt, including the current portion	$ 1,295,000,000			$ 1,295,000,000
Acquisition Corp. \| Revolving Credit Facility
Debt Instrument [Line Items]
Total long-term debt, including the current portion	0			0				$ 0
Debt instrument, covenant, total indebtedness to EBITDA ratio						3.60
Commitments under revolving credit facility	$ 350,000,000			$ 350,000,000		$ 350,000,000	$ 300,000,000	300,000,000
Increase in secured indebtedness to EBITDA						140,000,000	$ 105,000,000
Secured indebtedness of EBITDA						$ 250,000,000
Senior secured indebtedness to EBITDA ratio						5.00
Senior secured indebtedness, maximum amount						$ 500,000,000
Term loan base rate plus election rate	1.00%			1.00%
Interest rate applicable to overdue principal				2.00%
Acquisition Corp. \| Revolving Credit Facility \| Federal Funds Effective Swap Rate
Debt Instrument [Line Items]
Debt instrument, marginal interest rate				0.50%
Acquisition Corp. \| 2.750% Senior Secured Notes due 2028
Debt Instrument [Line Items]
Total long-term debt, including the current portion	$ 360,000,000			$ 360,000,000				343,000,000
Interest rate	2.75%			2.75%
Acquisition Corp. \| 3.750% Senior Secured Notes due 2029
Debt Instrument [Line Items]
Total long-term debt, including the current portion	$ 540,000,000			$ 540,000,000				540,000,000
Interest rate	3.75%			3.75%
Acquisition Corp. \| 3.875% Senior Secured Notes due 2030
Debt Instrument [Line Items]
Total long-term debt, including the current portion	$ 535,000,000			$ 535,000,000				535,000,000
Interest rate	3.875%			3.875%
Acquisition Corp. \| 2.250% Senior Secured Notes due 2031
Debt Instrument [Line Items]
Total long-term debt, including the current portion	$ 493,000,000			$ 493,000,000				471,000,000
Interest rate	2.25%			2.25%
Acquisition Corp. \| 3.000% Senior Secured Notes due 2031
Debt Instrument [Line Items]
Total long-term debt, including the current portion	$ 800,000,000			$ 800,000,000				800,000,000
Interest rate	3.00%			3.00%
Acquisition Corp. \| Initial Revolving Loans \| Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument, marginal interest rate				0.75%
Acquisition Corp. \| Initial Revolving Loans \| Revolving Credit Facility \| London Interbank Offered Rate
Debt Instrument [Line Items]
Debt instrument, marginal interest rate				1.75%
Acquisition Corp. \| 2020 Revolving Loans \| Revolving Credit Facility
Debt Instrument [Line Items]
Senior secured indebtedness to EBITDA ratio	2.66			2.66
Debt instrument, marginal interest rate				0.875%
Acquisition Corp. \| 2020 Revolving Loans \| Revolving Credit Facility \| London Interbank Offered Rate
Debt Instrument [Line Items]
Debt instrument, marginal interest rate				1.875%
Acquisition Corp. \| Senior Term Loan Facility -Tranche G \| Federal Funds Effective Swap Rate
Debt Instrument [Line Items]
Debt instrument, marginal interest rate				0.50%
Acquisition Corp. \| Senior Term Loan Facility -Tranche G \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt instrument, marginal interest rate				2.125%
Acquisition Corp. \| Senior Term Loan Facility -Tranche G \| Base Rate
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. \| Mortgage Term Loan due 2033
Debt Instrument [Line Items]
Total long-term debt, including the current portion	$ 18,000,000			$ 18,000,000				$ 18,000,000
Acquisition Corp. \| Mortgage Term Loan due 2033 \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt instrument, marginal interest rate			1.40%

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities
Net income	$ 193	$ 124
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	81	84
Unrealized (gains) losses and remeasurement of foreign-denominated loans and foreign currency forward exchange contracts	61	79
Deferred income taxes	5	(5)
Net loss (gain) on investments	(3)	0
Net loss (gain) on divestitures	(17)	(41)	$ (41)	$ 0
Non-cash interest expense	0	2
Non-cash stock-based compensation expense	9	14
Changes in operating assets and liabilities:
Accounts receivable, net	(53)	7
Inventories	24	13
Royalty advances	(89)	(55)
Other non current assets	(81)	(3)
Accounts payable and accrued liabilities	(31)	(61)
Royalty payables	202	117
Accrued interest	11	12
Operating lease liabilities	(1)	(2)
Deferred revenue	(70)	(104)
Other balance sheet changes	52	28
Net cash provided by operating activities	293	209
Cash flows from investing activities
Acquisition of music publishing rights and music catalogs, net	(59)	(33)
Capital expenditures	(29)	(21)
Investments and acquisitions of businesses, net of cash received	(17)	(8)
Proceeds from the sale of investments	9	10
Proceeds from divestitures	4	42
Net cash used in investing activities	(92)	(10)
Cash flows from financing activities
Proceeds from incremental Senior Term Loan Facility	0	147
Deferred financing costs paid	0	(2)
Distribution to noncontrolling interest holders	(4)	(6)
Dividends paid	(89)	(84)
Payment of deferred and contingent consideration	0	(125)
Net cash used in financing activities	(93)	(70)
Effect of exchange rate changes on cash and equivalents	5	7
Net increase in cash and equivalents	113	136
Cash and equivalents at beginning of period	641	584	584
Cash and equivalents at end of period	$ 754	$ 720	$ 641	$ 584

Goodwill and Intangible Assets - Changes in Goodwill for Each Reportable Segment (Detail) $ in Millions	3 Months Ended
	Dec. 31, 2023 USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 1,993
Acquisitions	3
Other adjustments	19
Ending balance	2,015
Recorded Music
Goodwill [Roll Forward]
Beginning balance	1,529
Acquisitions	3
Other adjustments	19
Ending balance	1,551
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

Comprehensive Income

3 Months Ended

Dec. 31, 2023

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, 2023	$	(322)	$	(1)	$	1	$	(322)
Other comprehensive income (loss)	64		(1)		(1)		62
Balances at December 31, 2023	$	(258)	$	(2)	$	—	$	(260)

______________________________________

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

Comprehensive Income - Additional Information (Detail) $ in Millions	3 Months Ended
	Dec. 31, 2023 USD ($)
Equity [Abstract]
Changes in accumulated other comprehensive loss, net of related taxes amount less than	$ 1

Additional Financial Information	3 Months Ended
Additional Financial Information	Dec. 31, 2023
Additional Financial Information [Abstract]
Additional Financial Information	Additional Financial Information Supplemental Cash Flow Disclosures The Company made interest payments of approximately $33 million and $25 million during the three months ended December 31, 2023 and 2022, respectively. The Company paid approximately $39 million and $45 million of income and withholding taxes, net of refunds, for the three months ended December 31, 2023 and 2022, respectively. Noncash investing activities was approximately $18 million related to the acquisition of music publishing rights and music catalogs, net during the three months ended December 31, 2023. Net Gain on Divestitures The Company recognized a pre-tax gain of $17 million and $41 million, during the three months ended December 31, 2023 and December 31, 2022, respectively, in connection with the divestiture of certain sound recordings rights in the quarter and has been reflected 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 9, 2023, the Company’s board of directors declared a cash dividend of $0.17 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, 2023. The Company paid an aggregate of approximately $89 million, or $0.17 per share, in cash dividends to stockholders and participating security holders for the three months ended December 31, 2023.

Debt - Long-term Debt (Detail) € in Millions	Dec. 31, 2023 USD ($)	Dec. 31, 2023 EUR (€)	Nov. 30, 2023 USD ($)	Nov. 29, 2023 USD ($)	Sep. 30, 2023 USD ($)
Debt Instrument [Line Items]
Total long-term debt, including the current portion	$ 4,041,000,000				$ 4,002,000,000
Issuance premium less unamortized discount and unamortized deferred financing costs	(37,000,000)				(38,000,000)
Total long-term debt, including the current portion, net	4,004,000,000				3,964,000,000
Acquisition Corp.
Debt Instrument [Line Items]
Total long-term debt, including the current portion	1,295,000,000
Acquisition Corp. \| Senior Term Loan Facility due 2028
Debt Instrument [Line Items]
Total long-term debt, including the current portion	$ 1,295,000,000				1,295,000,000
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	$ 360,000,000				343,000,000
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	$ 493,000,000				471,000,000
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. \| Mortgage Term Loan due 2033
Debt Instrument [Line Items]
Total long-term debt, including the current portion	18,000,000				18,000,000
Acquisition Corp. \| Revolving Credit Facility
Debt Instrument [Line Items]
Total long-term debt, including the current portion	0				0
Commitments under revolving credit facility	350,000,000		$ 350,000,000	$ 300,000,000	300,000,000
Letters of credit outstanding	4,000,000				2,000,000
Revolving credit facility outstanding	$ 0				$ 0

Revenue Recognition

3 Months Ended

Dec. 31, 2023

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,
	2023		2022
	(in millions)
Revenue by Type
Digital	$	908	$	803
Physical	154		133
Total Digital and Physical	1,062		936
Artist services and expanded-rights	204		206
Licensing	179		97
Total Recorded Music	1,445		1,239
Performance	51		45
Digital	196		149
Mechanical	15		14
Synchronization	39		39
Other	3		3
Total Music Publishing	304		250
Intersegment eliminations	(1)		(1)
Total Revenues	$	1,748	$	1,488
Revenue by Geographical Location
U.S. Recorded Music	$	627	$	539
U.S. Music Publishing	172		133
Total U.S.	799		672
International Recorded Music	818		700
International Music Publishing	132		117
Total International	950		817
Intersegment eliminations	(1)		(1)
Total Revenues	$	1,748	$	1,488

Sales Returns and Uncollectible Accounts

Based on management’s analysis of sales returns, refund liabilities of $25 million and $19 million were established at December 31, 2023 and September 30, 2023, respectively.

Based on management’s analysis of estimated credit losses, reserves of $19 million and $19 million were established at December 31, 2023 and September 30, 2023, respectively.

Deferred Revenue

Deferred revenue increased by $160 million during the three months ended December 31, 2023 related to cash received from customers for fixed fees and minimum guarantees in advance of performance, including amounts recognized in the period. Revenues of $151 million were recognized during the three months ended December 31, 2023 related to the balance of deferred revenue at September 30, 2023. There were no other significant changes to deferred revenue during the reporting period.

Performance Obligations

For the three months ended December 31, 2023 and December 31, 2022, the Company recognized revenue of $30 million and $27 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, 2023 are as follows:


	Rest of FY24		FY25		FY26		Thereafter		Total
	(in millions)
Remaining performance obligations	$	468	$	226	$	22	$	6	$	722
Total	$	468	$	226	$	22	$	6	$	722

- 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
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Goodwill and Intangible Assets

3 Months Ended

Dec. 31, 2023

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, 2023	$	1,529	$	464	$	1,993
Acquisitions	3		—		3

Other adjustments (a)	19		—		19
Balances at December 31, 2023	$	1,551	$	464	$	2,015

______________________________________

(a)Other adjustments during the three months ended December 31, 2023 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, 2023		September 30, 2023
		(in millions)
Intangible assets subject to amortization:
Recorded music catalog	12 years	$	1,540	$	1,507
Music publishing copyrights	25 years	2,111		2,026
Artist and songwriter contracts	13 years	1,113		1,091
Trademarks	14 years	113		111
Other intangible assets	6 years	106		104
Total gross intangible assets subject to amortization		4,983		4,839
Accumulated amortization		(2,593)		(2,486)
Total net intangible assets subject to amortization		2,390		2,353
Intangible assets not subject to amortization:
Trademarks and tradenames	Indefinite	151		149
Total net intangible assets		$	2,541	$	2,502

Revenue Recognition - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Refund liabilities	$ 25		$ 19
Uncollectible accounts, reserves	19		$ 19
Deferred revenue increased related to cash received from customers	160
Revenue recognized related to deferred revenue	151
Revenue recognized from performance obligations satisfied in previous periods	$ 30	$ 27

Derivative Financial Instruments (Tables)

3 Months Ended

Dec. 31, 2023

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, 2023 and September 30, 2023:


	December 31, 2023		September 30, 2023
	(in millions)
Other Current Assets:

Interest Rate Swap	$	—	$	2
Other Current Liabilities:
Foreign Currency Forward Exchange Contracts (a)	(6)		—

______________________________________

(a)Includes $9 million and $15 million of foreign exchange derivative contracts in asset and liability positions, respectively, which net to $6 million of current liabilities.

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies From 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.

Condensed Consolidated Statements of Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Statement of Stockholders' Equity [Abstract]
Dividends (in dollars per share)	$ 0.17	$ 0.16

Segment Information

3 Months Ended

Dec. 31, 2023

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 adjusted to exclude the impact of non-cash stock-based compensation and other related expenses and certain items that affect comparability including but not limited to gains or losses on divestitures and expenses related to restructuring and transformation initiatives, which includes costs associated with the Company’s financial transformation initiative to upgrade our information technology and finance infrastructure (“Adjusted OIBDA”). Items excluded are not viewed to contribute directly to management’s evaluation of operating results.

During the three months ended December 31, 2023, the Company changed the measure used to evaluate segment profitability from OIBDA to Adjusted OIBDA which is consistent with how the Company's CODM evaluates the results of operations and makes strategic decisions about the business. For these reasons, the Company believes that Adjusted OIBDA represents the most relevant measure of segment profit and loss. All disclosures relating to segment profitability, including those for the three months ended December 31, 2022, have been revised as a result of this change. Hereafter, the Company will revise other prior quarterly and year-to-date periods for fiscal year 2023 when they are subsequently reported in later filings for comparative purposes.

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, 2023. 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, 2023
Revenues	$	1,445	$	304	$	(1)	$	1,748
Adjusted OIBDA	412		86		(47)		451

December 31, 2022
Revenues	$	1,239	$	250	(1)		1,488
Adjusted OIBDA	299		72		(36)		335

Adjusted OIBDA is not a measure defined by U.S. GAAP but is computed using amounts that are determined in accordance with U.S. GAAP. A reconciliation of the Company’s Adjusted OIBDA to operating income is presented below.


	For the Three Months Ended December 31,
	2023		2022
Operating income	354		265
Amortization expense	55		63
Depreciation expense	26		21
Transformation initiatives and other related costs	19		12

Net gain on divestitures	(17)		(41)

Non-cash stock-based compensation and other related costs	14		15
Adjusted OIBDA	$	451	$	335

In connection with the aforementioned change in segment profitability measure, the Company has also revised disclosures relating to segment profitability for the fiscal years ended September 30, 2023, 2022 and 2021, as presented below, to be comparable to the current period presentation.


	Recorded Music		Music Publishing		Corporate expenses and eliminations		Total
Twelve Months Ended	(in millions)
September 30, 2023
Revenues	$	4,955	$	1,088	$	(6)	$	6,037
Adjusted OIBDA	1,093		296		(154)		1,235

September 30, 2022
Revenues	$	4,966	$	958	$	(5)	$	5,919
Adjusted OIBDA	1,046		233		(130)		1,149

September 30, 2021
Revenues	$	4,544	$	761	(4)		$	5,301
Adjusted OIBDA	975		179		(136)		1,018


	For the Twelve Months Ended September 30,
	2023		2022		2021
Operating income	790		714		609
Amortization expense	245		263		229
Depreciation expense	87		76		77
Restructuring	42		8		18
Transformation initiatives and other related costs	53		46		36
Executive transition costs	7		—		—
Net gain on divestitures	(41)		—		—
COVID-19 related costs	—		—		1
Non-cash stock-based compensation and other related costs	52		42		48
Adjusted OIBDA	$	1,235	$	1,149	$	1,018

- 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
-Topic 280
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-Name Accounting Standards Codification
-Section 50
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Description of Business	3 Months Ended
Description of Business	Dec. 31, 2023
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.

Derivative Financial Instruments

3 Months Ended

Dec. 31, 2023

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 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 20, “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, 2023. 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, 2023, the Company had outstanding foreign currency forward exchange contracts for the sale of $366 million and the purchase of $219 million of foreign currencies at fixed rates that will be settled by September 2024.

As of December 31, 2023, the Company had no outstanding interest rate swaps and no unrealized deferred gains or losses in comprehensive income related to the interest rate swaps. As of September 30, 2023, the Company had outstanding $500 million in a pay-fixed receive-variable interest rate swap with $1 million of unrealized deferred gains in comprehensive income related to the interest rate swaps.

The Company recorded no realized pre-tax gains or losses and unrealized pre-tax losses of $6 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, 2023. 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 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, 2023 and December 31, 2022 were $1 million and $2 million, respectively.

The following is a summary of amounts recorded in the consolidated balance sheets pertaining to the Company’s derivative instruments at December 31, 2023 and September 30, 2023:


	December 31, 2023		September 30, 2023
	(in millions)
Other Current Assets:

Interest Rate Swap	$	—	$	2
Other Current Liabilities:
Foreign Currency Forward Exchange Contracts (a)	(6)		—

______________________________________

(a)Includes $9 million and $15 million of foreign exchange derivative contracts in asset and liability positions, respectively, which net to $6 million of current liabilities.

Goodwill and Intangible Assets (Tables)

3 Months Ended

Dec. 31, 2023

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, 2023	$	1,529	$	464	$	1,993
Acquisitions	3		—		3

Other adjustments (a)	19		—		19
Balances at December 31, 2023	$	1,551	$	464	$	2,015

______________________________________

(a)Other adjustments during the three months ended December 31, 2023 represent foreign currency movements.

Schedule of Indefinite Intangible Assets

Intangible assets consist of the following:


	Weighted-Average Useful Life	December 31, 2023		September 30, 2023
		(in millions)
Intangible assets subject to amortization:
Recorded music catalog	12 years	$	1,540	$	1,507
Music publishing copyrights	25 years	2,111		2,026
Artist and songwriter contracts	13 years	1,113		1,091
Trademarks	14 years	113		111
Other intangible assets	6 years	106		104
Total gross intangible assets subject to amortization		4,983		4,839
Accumulated amortization		(2,593)		(2,486)
Total net intangible assets subject to amortization		2,390		2,353
Intangible assets not subject to amortization:
Trademarks and tradenames	Indefinite	151		149
Total net intangible assets		$	2,541	$	2,502

Schedule of Finite-Lived Intangible Assets

Intangible assets consist of the following:


	Weighted-Average Useful Life	December 31, 2023		September 30, 2023
		(in millions)
Intangible assets subject to amortization:
Recorded music catalog	12 years	$	1,540	$	1,507
Music publishing copyrights	25 years	2,111		2,026
Artist and songwriter contracts	13 years	1,113		1,091
Trademarks	14 years	113		111
Other intangible assets	6 years	106		104
Total gross intangible assets subject to amortization		4,983		4,839
Accumulated amortization		(2,593)		(2,486)
Total net intangible assets subject to amortization		2,390		2,353
Intangible assets not subject to amortization:
Trademarks and tradenames	Indefinite	151		149
Total net intangible assets		$	2,541	$	2,502

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
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-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2023
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, 2023 are not necessarily indicative of the results that may be expected for the fiscal year ending September 30, 2024. The consolidated balance sheet at September 30, 2023 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, 2023 (File No. 001-32502).
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. As of December 31, 2023 and September 30, 2023, there were approximately $74 million and $5 million of assets and $2 million and $2 million of liabilities, respectively, related to VIEs included in our condensed consolidated balance sheets.
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, and are recorded in the period in which the change occurs. Global Intangible Low-Taxed Income (“GILTI”) imposes U.S. taxes on the excess of a deemed return on tangible assets of certain foreign subsidiaries. The Company made an election to recognize GILTI tax in the specific period in which it occurs.
New Accounting Pronouncements	New Accounting Pronouncements Accounting Pronouncements Not Yet Adopted In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendment enhances reportable segment disclosure requirements, primarily by requiring enhanced disclosures about significant segment expenses, reporting for interim periods, and Chief Operating Decision Maker (“CODM”) related information. The amendments in this ASU are effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. The Company is in the process of evaluating the effect that the adoption of these standards will have on its consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendment enhances income tax disclosure requirements, by requiring enhanced disclosures on the income tax rate reconciliation and income taxes paid. The amendments in this ASU are effective for fiscal years beginning after December 15, 2024. The Company is in the process of evaluating the effect that the adoption of these standards will have on its consolidated financial statements.

- 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

Subsequent Events	3 Months Ended
Subsequent Events	Dec. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events January 2024 Senior Term Loan Credit Agreement Amendment On January 24, 2024, Acquisition Corp. entered into an amendment (the “Fourteenth Amendment”) to the credit agreement, dated November 1, 2012, as amended or supplemented, among Acquisition Corp., the guarantors party thereto, the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent, governing Acquisition Corp.’s senior secured term loan facility with JPMorgan Chase Bank N.A., as administrative agent, and the other financial institutions and lenders from time to time party thereto. The Fourteenth Amendment (among other changes) extended the maturity date of its outstanding term loans from January 20, 2028 to January 24, 2031 through the issuance of tranche I term loans and refinancing of the existing tranche G term loans. The tranche I term loans shall bear interest at a rate equal to, at Acquisition Corp.’s election (i) the forward-looking term rate based on Term SOFR as administered by the Federal Reserve Bank of New York for the applicable interest period subject to a zero floor, plus 2.000% 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, in each case, subject to a 1.00% floor, plus 1.000% per annum. Strategic Restructuring Plan On February 6, 2024, the Company’s board of directors approved and the Company subsequently announced a strategic restructuring plan (the “Strategic Restructuring Plan”) designed to free up more funds to invest in music and accelerate the Company's growth for the next decade. The Company expects the Strategic Restructuring Plan to generate pre-tax cost savings by the end of fiscal year 2025 and anticipates allocating a majority of the cost savings to increase investment in the Company’s core Recorded Music and Music Publishing businesses, new skill sets and tech capabilities. The cost savings under the Strategic Restructuring Plan will be achieved through a combination of the disposal or winding down of certain of the Company’s non-core owned and operated media properties including the Company’s in-house ad sales function (the “O&O Media Properties”), continuing to manage overhead, sharpening focus, expanding shared services, and implementing previously disclosed expected operational efficiencies made possible by the Company’s financial transformation initiative. The Strategic Restructuring Plan anticipates a reduction in headcount, a majority of which will be related to the O&O Media Properties, Corporate and various support functions. The Strategic Restructuring Plan is expected to result in approximately $140 million of total non-recurring pre-tax charges and approximately $105 million in total after tax charges. The pre-tax charges include approximately $85 million representing severance payments and other related termination costs, and approximately $55 million represents non-cash impairment charges primarily in connection with the disposal or winding down of the O&O Media Properties. The majority of the charges associated with the Strategic Restructuring Plan are expected to be incurred by the end of fiscal year 2024 and the actions related to those charges will commence immediately. The severance payments and other termination costs are expected to be paid by the end of fiscal year 2026 with approximately $35 million of those payments and costs expected to be paid by the end of fiscal year 2024.

Derivative Financial Instruments - Summary of Amounts Recorded in Consolidated Balance Sheets (Detail) - USD ($) $ in Millions	Dec. 31, 2023	Sep. 30, 2023
Derivatives, Fair Value [Line Items]
Foreign exchange derivative contracts in asset	$ 9
Foreign exchange derivative contracts in liability	15
Other Current Assets \| Interest Rate Swap
Derivatives, Fair Value [Line Items]
Other assets	0	$ 2
Other Current Liabilities \| Interest Rate Swap
Derivatives, Fair Value [Line Items]
Foreign currency forward exchange contract	(6)	$ 0
Other Current Liabilities \| Foreign Exchange Contract
Derivatives, Fair Value [Line Items]
Foreign currency forward exchange contract	$ (6)

Equity - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Non-cash stock-based compensation expense	$ 9	$ 14
Share-Based Payment Arrangement, Tranche Two
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation liability		10
Additional Paid-in Capital
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Non-cash stock-based compensation expense	$ 15	$ 4
Common Stock \| Class A Common Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares issued under the plan (in shares)	1,738,016	869,000
Shares issued under omnibus incentive plan (in shares)	7,000	5,000
Common Stock \| Class B Common Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares issued under the plan (in shares)	547,249

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Dec. 31, 2023
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, 2023 are not necessarily indicative of the results that may be expected for the fiscal year ending September 30, 2024. The consolidated balance sheet at September 30, 2023 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, 2023 (File No. 001-32502). 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. As of December 31, 2023 and September 30, 2023, there were approximately $74 million and $5 million of assets and $2 million and $2 million of liabilities, respectively, related to VIEs included in our condensed consolidated balance sheets. 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, and are recorded in the period in which the change occurs. Global Intangible Low-Taxed Income (“GILTI”) imposes U.S. taxes on the excess of a deemed return on tangible assets of certain foreign subsidiaries. The Company made an election to recognize GILTI tax in the specific period in which it occurs. New Accounting Pronouncements Accounting Pronouncements Not Yet Adopted In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendment enhances reportable segment disclosure requirements, primarily by requiring enhanced disclosures about significant segment expenses, reporting for interim periods, and Chief Operating Decision Maker (“CODM”) related information. The amendments in this ASU are effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. The Company is in the process of evaluating the effect that the adoption of these standards will have on its consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendment enhances income tax disclosure requirements, by requiring enhanced disclosures on the income tax rate reconciliation and income taxes paid. The amendments in this ASU are effective for fiscal years beginning after December 15, 2024. The Company is in the process of evaluating the effect that the adoption of these standards will have on its consolidated financial statements.

Cover - shares	3 Months Ended
Cover - shares	Dec. 31, 2023	Feb. 05, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 2023
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	2024
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		140,777,952
Class B Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		377,103,200

Fair Value Measurements - Reconciliation of Net Liabilities Classified as Level 3 (Detail) $ in Millions	3 Months Ended
	Dec. 31, 2023 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)

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 193	$ 124
Other comprehensive income, net of tax:
Foreign currency adjustment	64	72
Deferred loss on derivative financial instruments	(1)	(1)
Minimum pension liability	(1)	0
Other comprehensive income, net of tax	62	71
Total comprehensive income	255	195
Less: Income attributable to noncontrolling interest	(34)	(2)
Comprehensive income attributable to Warner Music Group Corp.	$ 221	$ 193

Earnings per Share

3 Months Ended

Dec. 31, 2023

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, 2023 and 2022, 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, 2023 and 2022 (in millions, except share amounts, which are reflected in thousands, and per share data):


	Three Months Ended December 31,
	2023				2022
	Class A		Class B		Class A		Class B
Basic and Diluted EPS:
Numerator
Net income attributable to Warner Music Group Corp.	$	44	$	115	$	34	$	88
Less: Net income attributable to participating securities	(2)		—		(2)		—
Net income attributable to common stockholders	$	42	$	115	$	32	$	88
Denominator
Weighted average shares outstanding	138,972		377,490		137,424		377,650
Basic and Diluted EPS	$	0.30	$	0.30	$	0.23	$	0.23

Subsequent Events (Details) - Subsequent Event - USD ($) $ in Millions	Feb. 06, 2024	Jan. 24, 2024
Subsequent Event [Line Items]
Restructuring charges, pretax	$ 140
Restructuring charges	105
Employee Severance and Other Restructuring
Subsequent Event [Line Items]
Restructuring charges, pretax	85
Restructuring cash payments	35
Property Wind Down
Subsequent Event [Line Items]
Restructuring charges, pretax	$ 55
Acquisition Corp.
Subsequent Event [Line Items]
Debt instrument, marginal interest rate		2.00%
Federal Funds Effective Swap Rate \| Acquisition Corp.
Subsequent Event [Line Items]
Debt instrument, marginal interest rate		0.50%
Secured Overnight Financing Rate (SOFR) \| Acquisition Corp.
Subsequent Event [Line Items]
Debt instrument, marginal interest rate		1.00%
Base Rate \| Acquisition Corp.
Subsequent Event [Line Items]
Debt instrument, marginal interest rate		1.00%

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

3 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Revenue

$ 1,748

$ 1,488

Costs and expenses:

Cost of revenue

(880)

(761)

Selling, general and administrative expenses

^[1]

(476)

(440)

Amortization expense

(55)

(63)

Total costs and expenses

(1,411)

(1,264)

Net loss (gain) on divestitures

Operating income

354

265

Interest expense, net

(39)

(32)

Other expense

(50)

(61)

Income before income taxes

265

172

Income tax expense

(72)

(48)

Net income

193

124

Less: Income attributable to noncontrolling interest

(34)

(2)

Net income attributable to Warner Music Group Corp.

159

122

Class A Common Stock

Costs and expenses:

Net income attributable to Warner Music Group Corp.

$ 44

$ 34

Net income per share attributable to common stockholders:

Basic (in dollars per share)

$ 0.30

$ 0.23

Diluted (in dollars per share)

$ 0.30

$ 0.23

Weighted average common shares:

Basic (in shares)

138,972,000

137,424,000

Diluted (in shares)

138,972,000

137,424,000

Class B Common Stock

Costs and expenses:

Net income attributable to Warner Music Group Corp.

$ 115

$ 88

Net income per share attributable to common stockholders:

Basic (in dollars per share)

$ 0.30

$ 0.23

Diluted (in dollars per share)

$ 0.30

$ 0.23

Weighted average common shares:

Basic (in shares)

377,490,000

377,650,000

Diluted (in shares)

377,490,000

377,650,000

[1]	Includes depreciation expense of $(26) and $(21) for the three months ended December 31, 2023 and 2022, respectively.

Fair Value Measurements - Schedule of Fair Value of Financial Instruments (Detail) - USD ($) $ in Millions	Dec. 31, 2023	Sep. 30, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investment with readily determinable fair value	$ 13	$ 15
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investment with readily determinable fair value	13	15
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investment with readily determinable fair value	0	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investment with readily determinable fair value	0	$ 0
Other Noncurrent Assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset, Statement of Financial Position [Extensible Enumeration]		Other assets
Interest Rate Swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contractual obligations	(1)	$ (1)
Interest Rate Swap \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contractual obligations	0	0
Interest Rate Swap \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contractual obligations	0	0
Interest Rate Swap \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contractual obligations	(1)	(1)
Foreign Exchange Contract \| Interest Rate Swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency forward exchange contract	(6)
Foreign Exchange Contract \| Interest Rate Swap \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency forward exchange contract	0
Foreign Exchange Contract \| Interest Rate Swap \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency forward exchange contract	(6)
Foreign Exchange Contract \| Interest Rate Swap \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency forward exchange contract	0
Interest Rate Swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investment with readily determinable fair value		2
Interest Rate Swap \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investment with readily determinable fair value		0
Interest Rate Swap \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investment with readily determinable fair value		2
Interest Rate Swap \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investment with readily determinable fair value		0
Interest Rate Swap \| Other Current Assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other assets	0	$ 2
Interest Rate Swap \| Other Current Assets \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset, Statement of Financial Position [Extensible Enumeration]		Prepaid and other current assets
Interest Rate Swap \| Interest Rate Swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency forward exchange contract	$ (6)	$ 0

Income Taxes	3 Months Ended
Income Taxes	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes For the three months ended December 31, 2023, the Company recorded an income tax expense of $72 million. The income tax expense for the three months ended December 31, 2023 is higher than the expected tax expense at the statutory rate of 21% primarily due to withholding taxes, foreign income taxed at rates higher than the United States, U.S. state and local taxes, non-deductible executive compensation under IRC Section 162(m), and unrecognized tax benefit related to uncertain tax positions. These charges were partially offset by non-controlling interest, the net impact of GILTI and foreign derived intangible income (“FDII”), and tax benefits associated with Research and Development (“R&D”) credits. 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 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 FDII. The Company has determined that it is reasonably possible that the gross unrecognized tax benefits as of December 31, 2023 could decrease by up to approximately $4 million related to various ongoing audits and settlement discussions in various jurisdictions during the next twelve months. The Organization for Economic Co-operation and Development (“OECD”) introduced Base Erosion and Profit Shifting (“BEPS”) Pillar 2 rules that impose a global minimum tax rate of 15%. Numerous countries, including European Union member states, have enacted or are expected to enact legislation to be effective as early as January 1, 2024, with general implementation of a global minimum tax rate by January 1, 2025. We are currently evaluating the potential impact of the rules on our consolidated financial statements and related disclosures. The Inflation Reduction Act of 2022 (H.R. 5376) includes a 15 percent corporate alternative minimum tax (CAMT) on adjusted financial statement income for corporations with average profits over $1 billion over a three-year period. Although the U.S. Treasury and Internal Revenue Service (IRS) issued interim CAMT guidance during 2023, many details and specifics of application of the CAMT remain subject to future guidance. The Company is not expecting to be subject to CAMT for our fiscal year 2024.

- Definition

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

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+ Details

Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions	Dec. 31, 2023	Sep. 30, 2023
Variable Interest Entity [Line Items]
Assets	$ 8,991	$ 8,545
Liabilities	8,375	8,115
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Assets	74	5
Liabilities	$ 2	$ 2

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

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Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.

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+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Revenue Recognition (Tables)

3 Months Ended

Dec. 31, 2023

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,
	2023		2022
	(in millions)
Revenue by Type
Digital	$	908	$	803
Physical	154		133
Total Digital and Physical	1,062		936
Artist services and expanded-rights	204		206
Licensing	179		97
Total Recorded Music	1,445		1,239
Performance	51		45
Digital	196		149
Mechanical	15		14
Synchronization	39		39
Other	3		3
Total Music Publishing	304		250
Intersegment eliminations	(1)		(1)
Total Revenues	$	1,748	$	1,488
Revenue by Geographical Location
U.S. Recorded Music	$	627	$	539
U.S. Music Publishing	172		133
Total U.S.	799		672
International Recorded Music	818		700
International Music Publishing	132		117
Total International	950		817
Intersegment eliminations	(1)		(1)
Total Revenues	$	1,748	$	1,488

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, 2023 are as follows:


	Rest of FY24		FY25		FY26		Thereafter		Total
	(in millions)
Remaining performance obligations	$	468	$	226	$	22	$	6	$	722
Total	$	468	$	226	$	22	$	6	$	722

Restructuring - Schedule of Restructuring Accrual Activity (Details) - Employee Severance $ in Millions	3 Months Ended
	Dec. 31, 2023 USD ($)
Restructuring Reserve [Roll Forward]
Beginning balance	$ 19
Restructuring charges	0
Cash payments	(8)
Ending Balance	$ 11

Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Sep. 30, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment charges	$ 1	$ 0
Level 2 measurement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of debt	$ 3,763		$ 3,525

Condensed Consolidated Statements of Operations (Unaudited) (Parenthetical) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Income Statement [Abstract]
Depreciation expense	$ (26)	$ (21)	$ (87)	$ (76)	$ (77)

Derivative Financial Instruments - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Sep. 30, 2023
Interest Rate Swap
Derivatives, Fair Value [Line Items]
Outstanding hedge contracts			$ 500
Deferred (losses) gains on derivative financial instruments			$ 1
Unrealized pre-tax (losses) gains on derivative financial instruments	$ (1)	$ (2)
Foreign Exchange Contract \| Other Income (Expense)
Derivatives, Fair Value [Line Items]
Unrealized foreign exchange forward contract gain (loss)	(6)	(7)
Realized foreign exchange forward contract gain (loss)		$ (1)
Sale
Derivatives, Fair Value [Line Items]
Outstanding hedge contracts	366
Purchase
Derivatives, Fair Value [Line Items]
Outstanding hedge contracts	$ 219

Segment Information - Additional Information (Detail)	3 Months Ended
Segment Information - Additional Information (Detail)	Dec. 31, 2023 segment
Segment Reporting [Abstract]
Number of fundamental operations	2

Earnings per Share (Tables)

3 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Schedule of Earnings Per Share


	Three Months Ended December 31,
	2023				2022
	Class A		Class B		Class A		Class B
Basic and Diluted EPS:
Numerator
Net income attributable to Warner Music Group Corp.	$	44	$	115	$	34	$	88
Less: Net income attributable to participating securities	(2)		—		(2)		—
Net income attributable to common stockholders	$	42	$	115	$	32	$	88
Denominator
Weighted average shares outstanding	138,972		377,490		137,424		377,650
Basic and Diluted EPS	$	0.30	$	0.30	$	0.23	$	0.23

Additional Financial Information - Additional Information (Detail) $ / shares in Units, $ in Millions	3 Months Ended		12 Months Ended
	Dec. 31, 2023 USD ($) $ / shares	Dec. 31, 2022 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Nov. 09, 2023 $ / shares
Dividends Payable [Line Items]
Interest payments	$ 33	$ 25
Income and withholding taxes paid	39	45
Noncash acquisition activities	18
Net loss (gain) on divestitures	$ 17	41	$ 41	$ 0	$ 0
Debt instrument, covenant, total indebtedness to EBITDA ratio	3.50
Dividends paid	$ 89	$ 84
Dividends paid (in dollars per share) \| $ / shares	$ 0.17
Common Stock
Dividends Payable [Line Items]
Cash dividends declared (in dollars per share) \| $ / shares						$ 0.17

Comprehensive Income (Tables)

3 Months Ended

Dec. 31, 2023

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, 2023	$	(322)	$	(1)	$	1	$	(322)
Other comprehensive income (loss)	64		(1)		(1)		62
Balances at December 31, 2023	$	(258)	$	(2)	$	—	$	(260)

______________________________________

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

Segment Information (Tables)

3 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Schedule of Segment Information

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, 2023
Revenues	$	1,445	$	304	$	(1)	$	1,748
Adjusted OIBDA	412		86		(47)		451

December 31, 2022
Revenues	$	1,239	$	250	(1)		1,488
Adjusted OIBDA	299		72		(36)		335


	Recorded Music		Music Publishing		Corporate expenses and eliminations		Total
Twelve Months Ended	(in millions)
September 30, 2023
Revenues	$	4,955	$	1,088	$	(6)	$	6,037
Adjusted OIBDA	1,093		296		(154)		1,235

September 30, 2022
Revenues	$	4,966	$	958	$	(5)	$	5,919
Adjusted OIBDA	1,046		233		(130)		1,149

September 30, 2021
Revenues	$	4,544	$	761	(4)		$	5,301
Adjusted OIBDA	975		179		(136)		1,018

Schedule of Components of Adjusted OIBDA to Operating Income


	For the Three Months Ended December 31,
	2023		2022
Operating income	354		265
Amortization expense	55		63
Depreciation expense	26		21
Transformation initiatives and other related costs	19		12

Net gain on divestitures	(17)		(41)

Non-cash stock-based compensation and other related costs	14		15
Adjusted OIBDA	$	451	$	335


	For the Twelve Months Ended September 30,
	2023		2022		2021
Operating income	790		714		609
Amortization expense	245		263		229
Depreciation expense	87		76		77
Restructuring	42		8		18
Transformation initiatives and other related costs	53		46		36
Executive transition costs	7		—		—
Net gain on divestitures	(41)		—		—
COVID-19 related costs	—		—		1
Non-cash stock-based compensation and other related costs	52		42		48
Adjusted OIBDA	$	1,235	$	1,149	$	1,018

Restructuring (Tables)

3 Months Ended

Dec. 31, 2023

Restructuring and Related Activities [Abstract]

Schedule of Restructuring Accrual Activity

The following table sets forth the activity for the three months ended December 31, 2023 in the restructuring accrual included within accrued liabilities in the accompanying condensed consolidated balance sheets:


	Severance Costs
	(in millions)
Balance at September 30, 2023	$	19
Restructuring charges	$	—
Cash payments	$	(8)
Balance at December 31, 2023	$	11

Revenue Recognition - Summary of Revenues Expected to be Recognized in Future Related to Performance Obligations (Detail) $ in Millions	Dec. 31, 2023 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 722
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 468
Revenue, remaining performance obligation, expected timing of satisfaction, period	9 months
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	$ 226
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	$ 22
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2026-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 6
Revenue, remaining performance obligation, expected timing of satisfaction, period

Equity	3 Months Ended
Equity	Dec. 31, 2023
Equity [Abstract]
Equity	Equity Stock-Based Compensation The Company’s stock-based compensation plans are described in Note 14, “Equity,” to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2023. Stock-based compensation consists primarily of common stock, restricted stock units and market-based performance share units granted to eligible employees and executives under the Omnibus Incentive Plan. For the three months ended December 31, 2023, the Company recognized a total of $9 million of non-cash stock-based compensation expense which was recorded to additional paid-in capital. For the three months ended December 31, 2022, the Company recognized a total of $14 million of non-cash stock-based compensation expense, of which $4 million was recorded to additional paid-in capital and $10 million was recorded as a share-based compensation liability. During the three months ended December 31, 2023, $15 million of share-based compensation liabilities were reclassified to additional paid-in capital. Common Stock During the three months ended December 31, 2023, in connection with the Senior Management Free Cash Flow Plan (the “Plan”), the Company issued a total of 1,738,016 shares of Class A Common Stock to settle a portion of participants’ deferred equity units previously issued under the Plan. Additionally, a Plan participant redeemed a portion of their vested Class B equity units of WMG Management Holdings LLC in exchange for a total of 547,249 shares of Class B Common Stock which were converted to shares of Class A Common Stock upon the exchange. During the three months ended December 31, 2023, the Company issued approximately 7,000 shares of Class A Common Stock, under the Omnibus Incentive Plan.

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2023	Sep. 30, 2023
Accounts receivable, allowances	$ 19	$ 19
Accumulated depreciation	$ 551	$ 523
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)	140,637,000	138,345,000
Shares outstanding (in shares)	140,637,000	138,345,000
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)	377,103,000	377,650,000
Shares outstanding (in shares)	377,103,000	377,650,000

Comprehensive Income - Schedule of Accumulated Other Comprehensive Loss (Detail) $ in Millions	3 Months Ended
	Dec. 31, 2023 USD ($)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 430
Other comprehensive income (loss)	62
Ending balance	616
Foreign Currency Translation Loss
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(322)
Other comprehensive income (loss)	64
Ending balance	(258)
Minimum Pension Liability Adjustment
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(1)
Other comprehensive income (loss)	(1)
Ending balance	(2)
Deferred Gains (Losses) On Derivative Financial Instruments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	1
Other comprehensive income (loss)	(1)
Ending balance	0
Accumulated Other Comprehensive Loss, net
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(322)
Ending balance	$ (260)

- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

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, 2022					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
Ending balance at Dec. 31, 2022	282			270	$ 0	$ 1	1,984	(1,439)	(276)	12
Beginning balance (in shares) at Sep. 30, 2023		138,345,000	377,650,000		138,345,000	377,650,000
Beginning balance at Sep. 30, 2023	430			307	$ 0	$ 1	2,015	(1,387)	(322)	123
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	193			159				159		34
Other comprehensive income, net of tax	62			62					62
Dividends	(89)			(89)				(89)
Stock-based compensation expense	24			24			24
Distribution to noncontrolling interest holders	(4)									(4)
Shares issued under the plan (in shares)					1,738,016	547,249
Exchange of Class B shares for Class A shares (in shares)					547,000	(547,000)
Shares issued under omnibus incentive plan (in shares)					7,000
Ending balance (in shares) at Dec. 31, 2023		140,637,000	377,103,000		140,637,000	377,103,000
Ending balance at Dec. 31, 2023	$ 616			$ 463	$ 0	$ 1	$ 2,039	$ (1,317)	$ (260)	$ 153

Earnings per Share (Detail) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Numerator
Net income attributable to Warner Music Group Corp.	$ 159	$ 122
Class A Common Stock
Numerator
Net income attributable to Warner Music Group Corp.	44	34
Less: Net income attributable to participating securities	(2)	(2)
Net income attributable to common stockholders	$ 42	$ 32
Denominator
Weighted average shares outstanding, basic (in shares)	138,972,000	137,424,000
Weighted average shares outstanding, diluted (in shares)	138,972,000	137,424,000
Basic (in dollars per share)	$ 0.30	$ 0.23
Diluted (in dollars per share)	$ 0.30	$ 0.23
Class B Common Stock
Numerator
Net income attributable to Warner Music Group Corp.	$ 115	$ 88
Less: Net income attributable to participating securities	0	0
Net income attributable to common stockholders	$ 115	$ 88
Denominator
Weighted average shares outstanding, basic (in shares)	377,490,000	377,650,000
Weighted average shares outstanding, diluted (in shares)	377,490,000	377,650,000
Basic (in dollars per share)	$ 0.30	$ 0.23
Diluted (in dollars per share)	$ 0.30	$ 0.23

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Dec. 31, 2023	Sep. 30, 2023
Current assets:
Cash and equivalents	$ 754	$ 641
Accounts receivable, net of allowances of $19 million and $19 million	1,195	1,120
Inventories	106	126
Royalty advances expected to be recouped within one year	453	413
Prepaid and other current assets	108	102
Total current assets	2,616	2,402
Royalty advances expected to be recouped after one year	755	688
Property, plant and equipment, net of accumulated depreciation of $551 million and $523 million	466	458
Operating lease right-of-use assets, net	242	245
Goodwill	2,015	1,993
Intangible assets subject to amortization, net	2,390	2,353
Intangible assets not subject to amortization	151	149
Deferred tax assets, net	31	32
Other assets	325	225
Total assets	8,991	8,545
Current liabilities:
Accounts payable	246	300
Accrued royalties	2,460	2,219
Accrued liabilities	538	533
Accrued interest	29	18
Operating lease liabilities, current	43	41
Deferred revenue	305	371
Other current liabilities	124	57
Total current liabilities	3,745	3,539
Long-term debt	4,004	3,964
Operating lease liabilities, noncurrent	249	255
Deferred tax liabilities, net	223	216
Other noncurrent liabilities	154	141
Total liabilities	8,375	8,115
Equity:
Additional paid-in capital	2,039	2,015
Accumulated deficit	(1,317)	(1,387)
Accumulated other comprehensive loss, net	(260)	(322)
Total Warner Music Group Corp. equity	463	307
Noncontrolling interest	153	123
Total equity	616	430
Total liabilities and equity	8,991	8,545
Class A Common Stock
Equity:
Common stock	0	0
Class B Common Stock
Equity:
Common stock	$ 1	$ 1

Debt (Tables)

3 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of Long-term Debt

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


	December 31, 2023		September 30, 2023
	(in millions)
Revolving Credit Facility (a)	$	—	$	—
Senior Term Loan Facility due 2028	1,295		1,295
2.750% Senior Secured Notes due 2028 (€325 face amount)	360		343
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)	493		471
3.000% Senior Secured Notes due 2031	800		800
Mortgage Term Loan due 2033	18		$	18
Total long-term debt, including the current portion	$	4,041	$	4,002
Issuance premium less unamortized discount and unamortized deferred financing costs	(37)		(38)
Total long-term debt, including the current portion, net	$	4,004	$	3,964

______________________________________

- 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

Acquisitions	3 Months Ended
Acquisitions	Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract]
Acquisitions	Acquisitions On August 25, 2023, the Company purchased 51% of the issued and outstanding equity securities of TenThousand Projects Holdings LLC (“TenThousand Projects”), an independent U.S. record label pursuant to the terms of the unit purchase agreement of the same date among Warner Music Inc., a wholly-owned subsidiary of the Company, TenThousand Projects LLC, and Ten Thousand Projects Holdings LLC (the “Unit Purchase Agreement”). The consideration transferred on the acquisition date was approximately $98 million which was comprised of the base purchase price of $102 million and the preliminary working capital adjustments, primarily comprised of cash acquired, net of a deferred purchase price of $12 million which is payable on or prior to one year from the acquisition date. At December 31, 2023, the Company updated the purchase price allocation recorded at September 30, 2023, which resulted in a decrease to intangible assets of approximately $1 million and a net increase to other acquired assets and liabilities of approximately $3 million, with a corresponding net decrease to goodwill of approximately $2 million. The acquisition accounting is subject to revision based on final determinations of fair value and allocations of purchase price to the identifiable assets and liabilities acquired, in addition to the determination of the final consideration, including the determination of the final working capital adjustment pursuant to the mechanism set forth in the Unit Purchase Agreement. See Note 5, “Acquisitions,” to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2023 for the preliminary purchase price allocation, valuation methodology, and other information related to the TenThousand Projects acquisition.

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 72	$ 48
Reasonably possible decrease in gross unrecognized tax benefits from ongoing audits and settlement	$ 4

- Definition

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

+ References + Details