Basis of Presentation and Business Description | 3 Months Ended |
Mar. 31, 2014 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Basis of Presentation and Business Description | ' |
Basis of Presentation and Business Description |
The accompanying consolidated financial statements include the accounts of WWE. “WWE” refers to World Wrestling Entertainment, Inc. and its subsidiaries, unless the context otherwise requires. References to “we,” “us,” “our” and the “Company” refer to WWE and its subsidiaries. We are an integrated media and entertainment company, principally engaged in the production and distribution of content through various channels including our recently launched digital over-the-top WWE Network, television rights agreements, pay-per-view event programming, live events, feature films, licensing of various WWE themed products and the sale of consumer products featuring our brands. Our operations are organized around the following four principal activities: |
Media Division: |
Network |
| |
• | Revenues consist principally of subscriptions to WWE Network and fees for viewing our pay-per-view and video-on-demand programming. |
Television |
•Revenues consist principally of television rights fees and television advertising fees. |
Home Entertainment |
•Revenues consist principally of sales of WWE produced content via home entertainment platforms. |
Digital Media |
| |
• | Revenues consist principally of advertising sales on our websites, rights fees received for digital content, sales of various broadband and mobile content and magazine publishing. |
|
Live Events |
•Revenues consist principally of ticket sales and travel packages for live events. |
|
Consumer Products Division: |
Licensing |
| |
• | Revenues consist principally of royalties or license fees related to various WWE themed products such as video games, toys and apparel. |
Venue Merchandise |
•Revenues consist of sales of merchandise at our live events. |
WWEShop |
•Revenues consist of sales of merchandise on our website through our WWEShop internet storefront. |
|
WWE Studios |
•Revenues consist of amounts earned from the production and/or distribution of filmed entertainment. |
|
In our prior reports filed with the Securities Exchange Commission ("SEC") through fiscal year 2013, we presented five reportable segments: Live and Televised Entertainment, Consumer Products, Digital Media, WWE Studios and Unallocated Corporate and Other. Effective January 1, 2014, we now present ten reportable segments. Information presented for the three months ended March 31, 2013 included in the unaudited consolidated financial statements herein and elsewhere in this Quarterly Report has been recast to reflect our new segment presentation. See Note 2, Segment Information, for further details on our reportable segments. Such revisions have no impact on our consolidated financial condition, results of operations or cash flows for the periods presented. |
Within the Consolidated Statements of Cash Flows from operating activities, certain prior year amounts were reclassified to conform to the current period presentation. |
The accompanying consolidated financial statements are unaudited. All adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation of financial position, results of operations and cash flows at the dates and for the periods presented have been included. The results of operations of any interim period are not necessarily indicative of the results of operations for the full year. All intercompany balances are eliminated in consolidation. |
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires our management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. |
Certain information and note disclosures normally included in annual financial statements have been condensed or omitted from these interim financial statements; these financial statements should be read in conjunction with the financial statements and notes thereto included in our Form 10-K for the year ended December 31, 2013. |
Recent Accounting Pronouncements |
There are no accounting standards or interpretations that have been issued, but which we have not yet adopted, that we believe will have a material impact on our financial statements. |