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Segment Information
9 Months Ended
Jun. 30, 2023
Segment Reporting [Abstract]  
Segment Information Segment InformationBased on the nature of its products and services, the Company classifies its business interests into two fundamental operations: Recorded Music and Music Publishing, which also represent the reportable segments of the Company. Information as to each of these operations is set forth below. The Company evaluates performance based on several factors, of which the primary financial measure is operating income (loss) before non-cash depreciation of tangible assets and non-cash amortization of intangible assets (“OIBDA”). The Company has supplemented its analysis of OIBDA results by segment with an analysis of operating income (loss) by segment.
The accounting policies of the Company’s business segments are the same as those described in Note 2, “Summary of Significant Accounting Policies,” to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2022. The Company accounts for intersegment sales at fair value as if the sales were to third parties. While intercompany transactions are treated like third-party transactions to determine segment performance, the revenues (and corresponding expenses recognized by the segment that is counterparty to the transaction) are eliminated in consolidation, and therefore, do not themselves impact consolidated results.
Recorded
Music
Music
Publishing
Corporate
expenses and
eliminations
Total
Three Months Ended(in millions)
June 30, 2023    
Revenues$1,282 $283 $(1)$1,564 
Operating income (loss)207 50 (68)189 
Amortization of intangible assets41 23 — 64 
Depreciation of property, plant and equipment13 — 22 
OIBDA261 73 (59)275 
June 30, 2022
Revenues$1,189 $245 $(2)$1,432 
Operating income (loss)166 33 (53)146 
Amortization of intangible assets46 23 — 69 
Depreciation of property, plant and equipment12 18 
OIBDA224 57 (48)233 
Recorded
Music
Music
Publishing
Corporate
expenses and
eliminations
Total
Nine Months Ended(in millions)
June 30, 2023
Revenues$3,664 $790 $(3)$4,451 
Operating income (loss)641 151 (214)578 
Amortization of intangible assets121 67 — 188 
Depreciation of property, plant and equipment39 24 65 
OIBDA801 220 (190)831 
June 30, 2022
Revenues$3,722 $704 $(4)$4,422 
Operating income (loss)631 103 (183)551 
Amortization of intangible assets133 65 — 198 
Depreciation of property, plant and equipment40 15 59 
OIBDA804 172 (168)808