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Additional Financial Information | 6 Months Ended
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Mar. 31, 2024
Additional Financial Information [Abstract] |
Additional Financial Information | Additional Financial Information Supplemental Cash Flow Disclosures The Company made interest payments of approximately $57 million and $50 million during the three months ended March 31, 2024 and 2023, respectively, and approximately $90 million and $75 million during the six months ended March 31, 2024 and 2023, respectively. The Company paid approximately $33 million and $72 million of income and withholding taxes, net of refunds, for the three months ended March 31, 2024 and 2023, respectively, and approximately $72 million and $117 million of income and withholding taxes, net of refunds, for the six months ended March 31, 2024 and 2023, respectively. Non-cash investing activities was approximately $18 million related to the acquisition of music publishing rights and music catalogs, net during the six months ended March 31, 2024. Net Gain on Divestitures During the three months ended March 31, 2024 and 2023, the Company recognized a pre-tax gain of $14 million and no pre-tax gains or losses, respectively, in connection with the divestiture of certain publishing rights. During the six months ended March 31, 2024 and 2023, the Company recognized a pre-tax gain of $31 million and $41 million, respectively, in connection with the divestiture of certain sound recording and publishing rights. For each period, the divestiture 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 February 12, 2024, 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 March 1, 2024. The Company paid an aggregate of approximately $89 million and $178 million, or $0.17 and $0.34 per share, in cash dividends to stockholders and participating security holders for the three and six months ended March 31, 2024, respectively.

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