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Segment Information
6 Months Ended
Mar. 31, 2022
Segment Reporting [Abstract]  
Segment Information Segment Information
As discussed more fully in Note 1, based on the nature of its products and services, the Company classifies its business interests into two fundamental operations: Recorded Music and Music Publishing, which also represent the reportable segments of the Company. Information as to each of these operations is set forth below. The Company evaluates performance based on several factors, of which the primary financial measure is operating income (loss) before non-cash depreciation of tangible assets and non-cash amortization of intangible assets (“OIBDA”). The Company has supplemented its analysis of OIBDA results by segment with an analysis of operating income (loss) by segment.
The accounting policies of the Company’s business segments are the same as those described in the summary of significant accounting policies included elsewhere herein. The Company accounts for intersegment sales at fair value as if the sales were to third parties. While intercompany transactions are treated like third-party transactions to determine segment performance, the revenues (and corresponding expenses recognized by the segment that is counterparty to the transaction) are eliminated in consolidation, and therefore, do not themselves impact consolidated results.
Recorded
Music
Music
Publishing
Corporate
expenses and
eliminations
Total
Three Months Ended(in millions)
March 31, 2022    
Revenues$1,147 $230 $(1)$1,376 
Operating income (loss)189 38 (61)166 
Amortization of intangible assets47 22 — 69 
Depreciation of property, plant and equipment14 20 
OIBDA250 61 (56)255 
March 31, 2021
Revenues$1,059 $192 $(1)$1,250 
Operating income (loss)184 22 (55)151 
Amortization of intangible assets38 20 — 58 
Depreciation of property, plant and equipment13 19 
OIBDA235 43 (50)228 
Recorded
Music
Music
Publishing
Corporate
expenses and
eliminations
Total
Six Months Ended(in millions)
March 31, 2022
Revenues$2,533 $459 $(2)$2,990 
Operating income (loss)465 70 (130)405 
Amortization of intangible assets87 42 — 129 
Depreciation of property, plant and equipment28 10 41 
OIBDA580 115 (120)575 
March 31, 2021
Revenues$2,220 $367 $(2)$2,585 
Operating income (loss)407 40 (100)347 
Amortization of intangible assets71 39 — 110 
Depreciation of property, plant and equipment26 38 
OIBDA504 82 (91)495