Segment Information

3 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Segment Information

Segment InformationAs 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)
December 31, 2021
Revenues	$	1,386	$	229	$	(1)	$	1,614
Operating income (loss)	276		32		(69)		239
Amortization of intangible assets	40		20		—		60
Depreciation of property, plant and equipment	14		2		5		21
OIBDA	330		54		(64)		320
December 31, 2020
Revenues	$	1,161	$	175	$	(1)	$	1,335
Operating income (loss)	223		18		(45)		196
Amortization of intangible assets	33		19		—		52
Depreciation of property, plant and equipment	13		2		4		19
OIBDA	269		39		(41)		267