Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Oct. 28, 2015 | |
Class of Stock [Line Items] | ||
Entity Registrant Name | WORLD WRESTLING ENTERTAINMENTINC | |
Entity Central Index Key | 1,091,907 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Trading Symbol | WWE | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2015 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2,015 | |
Common Class A | ||
Class of Stock [Line Items] | ||
Entity Common Stock, Shares Outstanding (in Shares) | 34,215,459 | |
Common Class B | ||
Class of Stock [Line Items] | ||
Entity Common Stock, Shares Outstanding (in Shares) | 41,688,704 |
CONSOLIDATED STATEMENT OF OPERA
CONSOLIDATED STATEMENT OF OPERATIONS - USD ($) shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Income Statement [Abstract] | ||||
Net revenues | $ 166,232,000 | $ 120,183,000 | $ 492,592,000 | $ 402,065,000 |
Cost of revenues | 98,270,000 | 78,417,000 | 295,283,000 | 284,880,000 |
Selling, general and administrative expenses | 44,513,000 | 39,075,000 | 139,686,000 | 136,279,000 |
Depreciation and amortization | 5,571,000 | 7,730,000 | 17,328,000 | 20,648,000 |
Operating income (loss) | 17,878,000 | (5,039,000) | 40,295,000 | (39,742,000) |
Loss on equity investment | 0 | (3,962,000) | 0 | (3,962,000) |
Investment income, net | 566,000 | 81,000 | 1,222,000 | 541,000 |
Interest expense | (615,000) | (546,000) | (1,726,000) | (1,536,000) |
Other expense, net | (609,000) | (1,061,000) | (1,032,000) | (1,100,000) |
Income (loss) before income taxes | 17,220,000 | (10,527,000) | 38,759,000 | (45,799,000) |
Provision for (benefit from) income taxes | 6,855,000 | (4,606,000) | 13,502,000 | (17,345,000) |
Net income (loss) | $ 10,365,000 | $ (5,921,000) | $ 25,257,000 | $ (28,454,000) |
Earnings (loss) per share: | ||||
Basic and diluted (in dollars per share) | $ 0.14 | $ (0.08) | $ 0.33 | $ (0.38) |
Weighted average common shares outstanding: | ||||
Basic (in shares) | 75,819 | 75,402 | 75,627 | 75,232 |
Diluted (in shares) | 76,488 | 75,402 | 76,240 | 75,232 |
Dividends declared per common share (Class A and B) | $ 0.12 | $ 0.12 | $ 0.36 | $ 0.36 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ 10,365 | $ (5,921) | $ 25,257 | $ (28,454) |
Other comprehensive income: | ||||
Foreign currency translation adjustment | (44) | (118) | (129) | (64) |
Change in unrealized holding gains on available-for-sale securities (net of tax (benefit)/expense of ($1) and ($64), and $51 and ($1), respectively) | (2) | (105) | 84 | (2) |
Reclassification adjustment for gains realized in net income - available-for-sale securities (net of tax benefit of ($15) and ($14) for the three and nine months ended September 30, 2014, respectively) | 0 | 25 | 0 | 23 |
Total other comprehensive loss | (46) | (198) | (45) | (43) |
Comprehensive income (loss) | $ 10,319 | $ (6,119) | $ 25,212 | $ (28,497) |
CONSOLIDATED STATEMENTS OF COM4
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
Tax (benefit)/expense on unrealized holding gains from available-for-sale investments | $ (1) | $ (64) | $ 51 | $ (1) |
Tax expense on realized in net income for reclassification adjustment for gains on available-for-sale investments | $ 0 | $ (15) | $ 0 | $ (14) |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 37,136 | $ 47,227 |
Short-term investments, net | 62,434 | 68,186 |
Accounts receivable (net of allowances for doubtful accounts and returns of $10,362 and $7,726 respectively) | 54,265 | 40,088 |
Inventory | 5,526 | 4,735 |
Deferred income tax assets | 16,263 | 24,120 |
Prepaid expenses and other current assets | 16,323 | 12,865 |
Total current assets | 191,947 | 197,221 |
PROPERTY AND EQUIPMENT, NET | 113,413 | 114,048 |
FEATURE FILM PRODUCTION ASSETS, NET | 27,810 | 26,471 |
TELEVISION PRODUCTION ASSETS, NET | 6,022 | 5,832 |
INVESTMENT SECURITIES | 22,375 | 7,200 |
NON-CURRENT DEFERRED INCOME TAX ASSETS | 29,330 | 10,915 |
OTHER ASSETS, NET | 20,756 | 20,867 |
TOTAL ASSETS | 411,653 | 382,554 |
CURRENT LIABILITIES: | ||
Current portion of long-term debt | 4,416 | 4,345 |
Accounts payable and accrued expenses | 67,847 | 57,578 |
Deferred income | 51,588 | 38,652 |
Total current liabilities | 123,851 | 100,575 |
LONG-TERM DEBT | 18,254 | 21,575 |
NON-CURRENT INCOME TAX LIABILITIES | 1,488 | 1,668 |
NON-CURRENT DEFERRED INCOME | 53,555 | 52,875 |
Total liabilities | $ 197,148 | $ 176,693 |
COMMITMENTS AND CONTINGENCIES | ||
STOCKHOLDERS’ EQUITY: | ||
Additional paid-in-capital | $ 364,436 | $ 353,706 |
Accumulated other comprehensive income | 3,183 | 3,228 |
Accumulated deficit | (153,873) | (151,828) |
Total stockholders’ equity | 214,505 | 205,861 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | 411,653 | 382,554 |
Common Class A | ||
STOCKHOLDERS’ EQUITY: | ||
Common stock | 342 | 332 |
Common Class B | ||
STOCKHOLDERS’ EQUITY: | ||
Common stock | $ 417 | $ 423 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Allowance for doubtful accounts receivable (in dollars) | $ 10,362 | $ 7,726 |
Common Class A | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 180,000,000 | 180,000,000 |
Common stock, shares issued (in shares) | 34,209,836 | 33,179,499 |
Common stock, shares outstanding (in shares) | 34,209,836 | 33,179,499 |
Common Class B | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 60,000,000 | 60,000,000 |
Common stock, shares issued (in shares) | 41,688,704 | 42,298,437 |
Common stock, shares outstanding (in shares) | 41,688,704 | 42,298,437 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - 9 months ended Sep. 30, 2015 - USD ($) $ in Thousands | Total | Common Class A | Common Class B | Additional Paid-in Capital | Comprehensive Income | Retained Earnings |
Common stock, shares outstanding (in shares) at Dec. 31, 2014 | 33,179,499 | 42,298,437 | ||||
Common stock, shares outstanding at Dec. 31, 2014 | $ 332 | $ 423 | ||||
Additional Paid in Capital at Dec. 31, 2014 | $ 353,706 | $ 353,706 | ||||
Accumulated Other Comprehensive Income at Dec. 31, 2014 | 3,228 | $ 3,228 | ||||
Accumulated Deficit at Dec. 31, 2014 | (151,828) | $ (151,828) | ||||
Total at Dec. 31, 2014 | 205,861 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income (loss) | 25,257 | |||||
Other comprehensive loss | (45) | (45) | ||||
Stock issuances, net (in shares) | 420,604 | |||||
Stock issuances, net | (1,849) | $ 4 | (1,853) | |||
Conversion of Class B common stock by Shareholder (in shares) | 609,733 | (609,733) | ||||
Conversion of Class B common stock by Shareholder | $ 6 | $ (6) | ||||
Tax effect from stock-based payment arrangements | 426 | 426 | ||||
Cash dividends declared | (27,237) | 65 | (27,302) | |||
Stock-based compensation | 12,092 | 12,092 | ||||
Common stock, shares outstanding (in shares) at Sep. 30, 2015 | 34,209,836 | 41,688,704 | ||||
Common stock, shares outstanding at Sep. 30, 2015 | $ 342 | $ 417 | ||||
Additional Paid in Capital at Sep. 30, 2015 | 364,436 | $ 364,436 | ||||
Accumulated Other Comprehensive Income at Sep. 30, 2015 | 3,183 | $ 3,183 | ||||
Accumulated Deficit at Sep. 30, 2015 | (153,873) | $ (153,873) | ||||
Total at Sep. 30, 2015 | $ 214,505 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
OPERATING ACTIVITIES: | ||
Net income (loss) | $ 25,257 | $ (28,454) |
Adjustments to reconcile net income (loss) to net cash provided by/(used in) operating activities: | ||
Amortization and impairments of feature film production assets | 2,933 | 3,210 |
Amortization of television production assets | 26,368 | 19,435 |
Depreciation and amortization | 20,121 | 22,042 |
Loss on equity investment | 0 | 3,962 |
Services provided in exchange for equity instruments | (1,680) | (439) |
Equity in earnings of affiliate, net of dividends received | (165) | 0 |
Other amortization | 1,564 | 1,485 |
Stock-based compensation | 12,092 | 6,497 |
Provision for (recovery from) doubtful accounts | 369 | (403) |
Benefit from deferred income taxes | (10,558) | (21,761) |
Other non-cash adjustments | (822) | (198) |
Cash provided by/(used in) changes in operating assets and liabilities: | ||
Accounts receivable | (14,675) | 3,002 |
Inventory | (791) | (1,665) |
Prepaid expenses and other assets | (6,625) | 1,404 |
Feature film production asset spend | (4,311) | (15,076) |
Television production asset spend | (26,558) | (14,868) |
Accounts payable, accrued expenses and other liabilities | 7,899 | 8,939 |
Deferred income | 1,496 | 7,652 |
Net cash provided by/(used in) operating activities | 31,914 | (5,236) |
INVESTING ACTIVITIES: | ||
Purchases of property and equipment and other assets | (15,850) | (9,181) |
Proceeds from sale of corporate aircraft | 0 | 3,167 |
Net proceeds from infrastructure improvement incentives | 0 | 2,937 |
Purchases of short-term investments | (14,721) | (2,511) |
Proceeds from sales and maturities of investments | 19,695 | 38,832 |
Purchase of investment securities | (1,210) | (2,204) |
Net cash (used in)/provided by investing activities | (12,086) | 31,040 |
FINANCING ACTIVITIES: | ||
Proceeds from the issuance of note payable | 0 | 364 |
Repayment of long-term debt | (3,250) | (3,009) |
Dividends paid | (27,237) | (27,093) |
Debt issuance costs | (850) | (758) |
Proceeds from issuance of stock | 992 | 895 |
Excess tax benefits from stock-based payment arrangements | 426 | 485 |
Net cash used in financing activities | (29,919) | (29,116) |
NET DECREASE IN CASH AND CASH EQUIVALENTS | (10,091) | (3,312) |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 47,227 | 32,911 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 37,136 | 29,599 |
NON-CASH INVESTING TRANSACTIONS: | ||
Non-cash purchase of property and equipment | 1,176 | 720 |
Non-cash purchase of investment securities (See Note 9) | $ 13,800 | $ 0 |
Basis of Presentation and Busin
Basis of Presentation and Business Description | 9 Months Ended |
Sep. 30, 2015 | |
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. 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. 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. Included in Corporate and Other are intersegment eliminations recorded in consolidation. All intercompany balances are eliminated in consolidation. Within the Consolidated Statements of Cash Flows from operating activities, certain prior year amounts were reclassified to conform to the current period presentation. 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, 2014 . We are an integrated media and entertainment company, principally engaged in the production and distribution of content through various channels, including our premium 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, fees for viewing our pay-per-view programming, and advertising fees. Television • Revenues consist principally of television rights fees and advertising. Home Entertainment • Revenues consist principally of sales of WWE produced content via home entertainment platforms, including DVD, Blu-Ray, and subscription outlets. Digital Media • Revenues consist principally of advertising sales on our websites and third party websites, including YouTube, and sales of various broadband and mobile content. Live Events • Revenues consist principally of ticket sales and travel packages for live events. 1. Basis of Presentation and Business Description (continued) 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 websites, including through our WWEShop Internet storefront. WWE Studios • Revenues consist of amounts earned from investing in, producing, and/or distributing filmed entertainment. |
Significant Accounting Policies
Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies Cost of Revenues Included within Costs of revenues are the following: Three Months Ended Nine Months Ended September 30, 2015 September 30, 2014 September 30, 2015 September 30, 2014 Amortization and impairment of feature film assets $ 1,524 $ 1,141 $ 2,933 3,210 Amortization of television production assets 16,314 5,121 26,368 19,435 Amortization of Network content delivery and technology assets 981 698 2,793 1,394 Total amortization and impairment included in costs of revenues $ 18,819 $ 6,960 $ 32,094 $ 24,039 Equity Method Investments Under applicable authoritative guidance, a variable interest entity ("VIE") is a business entity in which there is a disproportionate relationship between the voting interest in the entity and the exposure to the economic risks and potential rewards of that entity. A company must consolidate a VIE if it is determined to be the primary beneficiary of the VIE and possesses both of the following attributes: (i) the power to direct the activities of the VIE that most significantly impact the VIE's economic performance, and (ii) the obligation to absorb the losses or the right to receive the benefits from the VIE that could potentially be significant to the VIE. In March 2015, WWE and Authentic Brands Group ("ABG") formed a joint venture, Tapout LLC ("Tapout") to re-launch an apparel and lifestyle brand (the "Brand"). Under the terms of the agreement, WWE will provide certain promotional services, and ABG will provide intellectual property and services associated with the Brand. In exchange, both parties will hold a 50% interest, entitling it to 50% of the profits and losses and a 50% voting interest. Additionally, the agreement dictates that all significant activities must be approved by its board of managers, which the parties participate in equally, but do not control. Therefore, WWE does not have the unilateral ability to direct the activities of Tapout. Based on our analysis, we have classified Tapout as a VIE. However, because we do not satisfy the criteria to be considered the primary beneficiary of Tapout, we do not consolidate the entity. Instead, the investment in Tapout is accounted for under the equity method of accounting. See Note 9, Investment Securities and Short-Term Investments - Equity Method Investment , for further details regarding our investment. 2. Significant Accounting Policies (continued) Recent Accounting Pronouncements In July 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2015-12, “ Plan Accounting: Defined Benefit Pension Plans (Topic 960), Defined Contribution Plans (Topic 962), Health and Welfare Benefit Plans (Topic 965) ”. This three part ASU simplifies current benefit plan accounting and reduces disaggregation requirements on the presentation of plan investment information. The applicable Part I and Part II amendments should be applied retrospectively for all financial statements presented and are effective for reporting periods beginning after December 15, 2015, which for the Company will be effective for the fiscal year beginning January 1, 2016, with early adoption permitted. We are currently evaluating the impact of the adoption of this new standard and do not expect it to have a material impact on our consolidated financial statements. In July 2015, the FASB issued ASU No. 2015-11, “ Simplifying the Measurement of Inventory ,” which requires all inventory to be measured at the lower of cost and net realizable value, except for inventory that is accounted for using the LIFO or the retail inventory method which will be measured under existing accounting standards. The new guidance must be applied on a prospective basis and is effective for fiscal years beginning after December 15, 2016, which for the Company will be effective for the fiscal year beginning January 1, 2017, with early adoption permitted. We are currently evaluating the impact of the adoption of this new standard and do not expect it to have a material impact on our consolidated financial statements. In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers (Topic 606)." This standard will supersede the revenue recognition requirements in ASC 605, "Revenue Recognition," and most industry-specific guidance. The standard requires an entity to recognize revenue in an amount that reflects the consideration to which the entity expects to receive in exchange for goods or services. In July 2015, the FASB deferred the effective date for annual reporting periods beginning after December 15, 2017, and interim periods within those fiscal years, making it effective for our fiscal year beginning January 1, 2018. Early adoption is permitted to the original effective date for annual reporting periods beginning after December 15, 2016. The standard allows an entity to either apply the requirements retrospectively to all prior periods presented, or apply the requirements in the year of adoption, through a cumulative adjustment. We are currently evaluating the impact of adoption of this new standard on our consolidated financial statements. In April 2015, the FASB issued ASU No. 2015-03, "Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs." This standard requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. In August 2015, the FASB issued ASU No. 2015-15, "Interest - Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements." This standard clarifies the guidance issued in ASU No. 2015-03 as it relates to the treatment of debt issuance costs related to revolving lines of credit. ASU No. 2015-15 states that for debt issuance costs related to line-of credit arrangements, the SEC staff would not object to an entity deferring and presenting such costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. These updates are effective for financial statements issued for fiscal years beginning after December 31, 2015, and interim periods within those fiscal years, making it effective for our fiscal year beginning January 1, 2016. We are currently evaluating the impact of the adoption of this new standard on our consolidated financial statements. In February 2015, the FASB issued ASU No. 2015-02, "Consolidation - Amendments to the Consolidation Analysis." This standard modified the evaluation of whether certain limited partnerships and legal entities are variable interest entities, eliminated the presumption that the general partner should consolidate a limited partnership, affected the consolidation analysis of reporting entities that are involved with variable interest entities, and provided a scope exception from consolidation for entities with interests in legal entities that are similar to money market funds. This standard is effective for fiscal years beginning after December 15, 2016, and for interim periods within fiscal years beginning after December 15, 2017. This guidance is effective for our fiscal year beginning January 1, 2017 and for interim periods beginning January 1, 2018. We are currently evaluating the impact of the adoption of this new standard on our consolidated financial statements. 2. Significant Accounting Policies (continued) In August 2014, the FASB issued ASU No. 2014-15, "Presentation of Financial Statements - Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern." This standard requires that management evaluate and, if required, disclose conditions or events that raise substantial doubt about the entity's ability to continue as a going concern. The guidance is effective for the first annual period ending after December 15, 2016, and interim periods thereafter. The standard update is effective for our fiscal year beginning January 1, 2016. We are currently evaluating the impact of the adoption of this new standard and do not expect it to have a material impact on our consolidated financial statements. |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2015 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information The Company currently classifies its operations into ten reportable segments. The ten reportable segments of the Company include the following: Network (which includes our pay-per-view business), Television, Home Entertainment and Digital Media, which are individual segments that comprise the Media Division; Live Events; Licensing, Venue Merchandise, WWEShop, which are individual segments that comprise the Consumer Products Division; WWE Studios, and Corporate and Other (as defined below). The Company presents OIBDA as the primary measure of segment profit (loss). The Company defines OIBDA as operating income before depreciation and amortization, excluding feature film and television production asset amortization and impairments, as well as the amortization of costs related to content delivery and technology assets utilized for our WWE Network. The Company believes the presentation of OIBDA is relevant and useful for investors because it allows investors to view our segment performance in the same manner as the primary method used by management to evaluate segment performance and make decisions about allocating resources. We do not allocate certain costs included in OIBDA of our Corporate and Other segment to the other reportable segments. Corporate and Other expense primarily includes corporate overhead and certain expenses related to sales and marketing, including our international offices, and talent development functions, including costs associated with our WWE Performance Center. These costs benefit the Company as a whole and are therefore not allocated to individual businesses. Included in Corporate and Other are intersegment eliminations recorded in consolidation. We do not disclose assets by segment information. In general, assets of the Company are leveraged across its reportable segments and we do not provide assets by segment information to our chief operating decision maker, as that information is not typically used in the determination of resource allocation and assessing business performance of each reportable segment. 3. Segment Information (continued) The following tables present summarized financial information for each of the Company's reportable segments: Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, Net revenues: Network $ 40,883 $ 26,119 $ 118,618 $ 87,786 Television 65,247 42,198 175,532 126,277 Home Entertainment 2,937 3,625 10,756 19,488 Digital Media 5,809 5,001 13,888 16,879 Live Events 26,046 21,742 91,782 83,742 Licensing 11,557 10,011 39,325 29,534 Venue Merchandise 4,889 4,163 17,960 15,663 WWEShop 5,990 4,290 17,119 12,485 WWE Studios 1,751 1,928 5,334 8,009 Corporate & Other 1,123 1,106 2,278 2,202 Total net revenues $ 166,232 $ 120,183 $ 492,592 $ 402,065 OIBDA: Network $ 17,653 $ 2,317 $ 33,385 $ (8,619 ) Television 26,552 20,712 73,691 43,001 Home Entertainment 1,336 1,277 3,994 10,423 Digital Media 3,243 2,004 2,273 811 Live Events 6,432 3,850 30,683 23,149 Licensing 7,062 5,828 24,305 16,450 Venue Merchandise 1,753 1,632 7,009 6,325 WWEShop 1,052 729 3,590 2,400 WWE Studios (896 ) (421 ) (1,295 ) 940 Corporate & Other (40,738 ) (35,237 ) (120,012 ) (113,974 ) Total OIBDA $ 23,449 $ 2,691 $ 57,623 $ (19,094 ) Reconciliation of Total Operating Income (Loss) to Total OIBDA Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, Total operating income (loss) $ 17,878 $ (5,039 ) $ 40,295 $ (39,742 ) Depreciation and amortization 5,571 7,730 17,328 20,648 Total OIBDA $ 23,449 $ 2,691 $ 57,623 $ (19,094 ) 3. Segment Information (continued) Geographic Information Net revenues by major geographic region are based upon the geographic location of where our content is distributed. The information below summarizes net revenues to unaffiliated customers by geographic area: Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, North America $ 125,857 $ 93,866 $ 373,607 $ 318,842 Europe/Middle East/Africa 22,736 11,646 75,150 47,840 Asia Pacific 15,901 13,704 38,388 30,991 Latin America 1,738 967 5,447 4,392 Total net revenues $ 166,232 $ 120,183 $ 492,592 $ 402,065 Revenues generated from the United Kingdom, our largest international market, totaled $16,297 and $7,699 , and $49,609 and $27,606 for the three and nine months ended September 30, 2015 and 2014 , respectively. The Company’s property and equipment was almost entirely located in the United States at September 30, 2015 and 2014 . |
Earnings (Loss) Per Share
Earnings (Loss) Per Share | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) Per Share | Earnings (Loss) Per Share For purposes of calculating basic and diluted earnings (loss) per share, we used the following weighted average common shares outstanding (in thousands): Three Months Ended Nine Months Ended September 30, 2015 September 30, 2014 September 30, 2015 September 30, 2014 Net income (loss) $ 10,365 $ (5,921 ) $ 25,257 $ (28,454 ) Weighted-average basic common shares outstanding 75,819 75,402 75,627 75,232 Dilutive effect of restricted and performance stock units (a) 669 — 612 — Dilutive effect of employee share purchase plan (a) — — 1 — Weighted-average dilutive common shares outstanding 76,488 75,402 76,240 75,232 Earnings (loss) per share: Basic and diluted $ 0.14 $ (0.08 ) $ 0.33 $ (0.38 ) Anti-dilutive outstanding restricted and performance stock units (excluded from per-share calculations) — 346 — 346 (a) Due to a loss for the period, zero incremental shares are included for the three and nine months ended September 30, 2014 because the effect would be antidilutive. |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation Restricted Stock Units The Company grants restricted stock units ("RSUs") to officers and employees under the 2007 Amended and Restated Omnibus Incentive Plan (the "2007 Plan"). Stock-based compensation costs associated with our RSUs are determined using the fair market value of the Company’s common stock on the date of the grant. These costs are recognized over the requisite service period using the graded vesting method, net of estimated forfeitures. RSUs have a service requirement typically over a three and one half year vesting schedule and vest in equal annual installments. We estimate forfeitures based on historical trends when recognizing compensation expense and adjust the estimate of forfeitures when they are expected to differ or as forfeitures occur. Unvested RSUs accrue dividend equivalents at the same rate as are paid on our shares of Class A common stock. The dividend equivalents are subject to the same vesting schedule as the underlying RSUs. The following table summarizes the RSU activity during the nine months ended September 30, 2015 : Units Weighted-Average Grant-Date Fair Value Unvested at January 1, 2015 119,220 $ 20.39 Granted 220,970 $ 14.48 Vested (42,835 ) $ 19.24 Forfeited (36,403 ) $ 15.28 Dividend equivalents 6,688 $ 16.48 Unvested at September 30, 2015 267,640 $ 16.29 Performance Stock Units Stock-based compensation costs associated with our performance stock units ("PSUs") are initially determined using the fair market value of the Company’s common stock on the date the awards are approved by our Compensation Committee (service inception date) and are granted under the 2007 Plan. The vesting of these PSUs are subject to certain performance conditions and a service requirement of three and one half years. Until such time as the performance conditions are met, stock compensation costs associated with these PSUs are re-measured each reporting period based upon the fair market value of the Company's common stock and the probability of attainment on the reporting date. The ultimate number of PSUs that are issued to an employee is the result of the actual performance of the Company at the end of the performance period compared to the performance conditions. Stock compensation costs for our PSUs are recognized over the requisite service period using the graded vesting method, net of estimated forfeitures. Unvested PSUs accrue dividend equivalents once the performance conditions are met at the same rate as are paid on our shares of Class A common stock. The dividend equivalents are subject to the same vesting schedule as the underlying PSUs. During the first quarter of 2015, the Compensation Committee approved agreements to grant PSUs to three executive management members for an aggregate value of $15,000 . These awards vary from the typical PSU grant in that the awards vest in three annual tranches of 20% , 30% , and 50% , compared to the typical 33%, 33%, 33% vesting schedule. These agreements provide for two $7,500 awards, the first with performance conditions tied to 2015 results, and the second with performance conditions tied to 2016 results. The Company began expensing the second award of $7,500 concurrent with the first award beginning in February 2015. There are no units associated with this award in the table below as of September 30, 2015 since the targeted number of shares will be determined when the 2016 performance targets are determined (the targeted number of shares will be based on the $7,500 communicated value). We recorded $533 and $1,333 of stock compensation expense related to the second award during the three and nine months ended September 30, 2015 , respectively. 5. Stock-Based Compensation (continued) The following table summarizes the PSU activity during the nine months ended September 30, 2015 : Units Weighted-Average Grant-Date Fair Value Unvested at January 1, 2015 733,768 $ 14.89 Granted 1,000,146 $ 16.90 Achievement adjustment 7,056 $ 14.36 Vested (443,982 ) $ 13.69 Forfeited (54,146 ) $ 17.27 Dividend equivalents 12,184 $ 15.97 Unvested at September 30, 2015 1,255,026 $ 17.22 During the three months ended March 31, 2015, we granted 1,000,146 PSUs which are subject to certain performance conditions. During the year ended December 31, 2014, we granted 278,281 PSUs which were subject to performance conditions. During the three months ended March 31, 2015, the performance conditions related to these PSUs were exceeded, which resulted in an increase of 7,056 PSUs in 2015 relating to the initial 2014 PSU grant. Stock-based compensation costs, which includes costs related to RSUs, PSUs and the Company's Employee Stock Purchase Plan, totaled $4,305 and $1,597 , and $12,092 and $6,497 for the three and nine months ended September 30, 2015 and 2014 , respectively. |
Property and Equipment
Property and Equipment | 9 Months Ended |
Sep. 30, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and Equipment Property and equipment consisted of the following: As of September 30, December 31, Land, buildings and improvements $ 107,501 $ 106,058 Equipment 121,717 107,753 Corporate aircraft 31,277 31,277 Vehicles 244 244 260,739 245,332 Less accumulated depreciation (147,326 ) (131,284 ) Total $ 113,413 $ 114,048 Depreciation expense for property and equipment totaled $5,147 and $7,314 , and $16,052 and $19,420 for the three and nine months ended September 30, 2015 and 2014 , respectively. Depreciation expense for the third quarter of 2014 includes an impairment charge of $1,757 related to a change in business strategy during 2014 related to our gamification platform. In addition to the aforementioned impairment charge, depreciation expense for the nine months ended September 30, 2014 includes an adjustment of $1,600 to reduce the carrying value of the Company's former Corporate Aircraft to its estimated fair value prior to its sale. |
Feature File Production Assets,
Feature File Production Assets, Net | 9 Months Ended |
Sep. 30, 2015 | |
Feature Film Production Assets [Abstract] | |
Feature Film Production Assets, Net | Feature Film Production Assets, Net Feature film production assets consisted of the following: As of September 30, December 31, In release $ 13,502 $ 12,063 Completed but not released 4,177 3,865 In production 9,540 10,036 In development 591 507 Total $ 27,810 $ 26,471 Approximately 37% of “In release” film production assets are estimated to be amortized over the next 12 months, and approximately 72% of “In release” film production assets are estimated to be amortized over the next three years. We anticipate amortizing approximately 80% of our "In release" film production asset within four years as we receive revenues associated with television distribution of our licensed films. During the three and nine months ended September 30, 2015 and 2014 , we amortized $1,254 and $1,141 , and $2,663 and $3,210 , respectively, of feature film production assets. During the nine months ended September 30, 2015 , we released two feature films direct via limited theatrical distribution, Vendetta and 12 Rounds 3: Lockdown , and two films direct to DVD, The Flintstones & WWE: Stone Age SmackDown and The Marine 4: Moving Target . These four films comprise approximately $4,500 of our "In release" feature film assets as of September 30, 2015 . Third-party distributors control the distribution and marketing of co-distributed films, and as a result, we recognize revenue on a net basis after the third-party distributor recoups distribution fees and expenses and results are reported to us. Results are typically reported to us in periods subsequent to the initial release of the film. We currently have three films designated as “Completed but not released” and have seven films “In production.” We also have capitalized certain script development costs for various other film projects designated as “In development.” Capitalized script development costs are evaluated at each reporting period for impairment and to determine if a project is deemed to be abandoned. During the nine months ended September 30, 2014 , we expensed $339 related to previously capitalized development costs related to abandoned projects. We did no t incur any comparable expense in the current year periods. Unamortized feature film production assets are evaluated for impairment each reporting period. We review and revise estimates of ultimate revenue and participation costs at each reporting period to reflect the most current information available. If estimates for a film’s ultimate revenue and/or costs are revised and indicate a significant decline in a film’s profitability or if events or circumstances change that indicate we should assess whether the fair value of a film is less than its unamortized film costs, we calculate the film's estimated fair value using a discounted cash flows model. If fair value is less than unamortized cost, the film asset is written down to fair value. We recorded an impairment charge of $270 related to our feature film, Oculus , during the three and nine months ended September 30, 2015. This impairment charge represents the excess of the recorded net carrying value over the estimated fair value. We did no t record any impairment charges during the three and nine months ended September 30, 2014 related to our feature films. |
Television Production Assets, N
Television Production Assets, Net | 9 Months Ended |
Sep. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Television Production Assets, Net | Television Production Assets, Net Television production assets consisted of the following: As of September 30, 2015 December 31, 2014 In release $ 2,726 $ 1,035 Completed but not released — 1,259 In production 3,296 3,538 Total $ 6,022 $ 5,832 Television production assets consist primarily of episodic television content series we have produced for distribution through a variety of platforms including on our WWE Network. Amounts capitalized include development costs, production costs, production overhead and employee salaries. Costs to produce episodic programming for television or distribution on WWE Network are amortized in the proportion that revenues bear to management's estimates of the ultimate revenue expected to be recognized from exploitation, exhibition or sale. Amortization of television production assets consisted of the following: Three Months Ended Nine Months Ended September 30, 2015 September 30, 2014 September 30, 2015 September 30, 2014 Network programming $ 1,856 $ 1,621 $ 4,765 $ 9,668 Television programming 14,458 3,500 21,603 9,767 Total $ 16,314 $ 5,121 $ 26,368 $ 19,435 Costs to produce our live event programming are expensed when the event is first broadcast and are not included in the capitalized costs or amortization tables noted above. Unamortized television production assets are evaluated for impairment each reporting period. If conditions indicate a potential impairment, and the estimated future cash flows are not sufficient to recover the unamortized asset, the asset is written down to fair value. In addition, if we determine that a program will not likely air, we will write-off the remaining unamortized asset. During the three and nine months ended September 30, 2015 and 2014 , we did no t record any impairments related to our television production assets. |
Investment Securities and Short
Investment Securities and Short-Term Investments | 9 Months Ended |
Sep. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities and Short-Term Investments | Investment Securities and Short-Term Investments Included in Investment Securities in our Consolidated Balance Sheets as of September 30, 2015 are $8,100 of cost method investments and $14,275 related to an equity method investment. As of December 31, 2014 , Investment Securities included $7,200 in cost method investments. Cost Method Investments: WWE maintains several cost method investments. On March 14, 2014, the Company invested $2,000 in Series E Preferred Stock of a software application developer. On May 30, 2013, the Company made an investment of $2,200 in a live event touring business. During the nine months ended September 30, 2015, we made additional investments of $385 and $515 in the software application developer and live event touring business, respectively. We evaluate our cost method investments for impairment if factors indicate that a significant decrease in value has occurred. The Company did no t record any impairment charges on our cost method investments during the three and nine months ended September 30, 2015 . During the three and nine months ended September 30, 2014 , the Company recorded an impairment charge of $3,962 on our investment in a mobile video publishing business for the excess of the carrying value over the estimated fair value of $3,000 . This impairment charge resulted from a reassessment of the fair value of the investment following a change in the capital structure of the business. Equity Method Investment: In March 2015, WWE entered into an agreement with ABG to form a joint venture, Tapout. ABG has agreed to contribute certain intangible assets for the Brand, licensing contracts, systems, and other administrative functions to Tapout. The Company has agreed to contribute promotional and marketing services related to the venture for a period of at least five years in exchange for a 50% interest in the profits and losses and voting interest in Tapout. The Company valued its initial investment based on the fair value of the existing licensing contracts contributed by ABG. Our interest on the inception date of the agreement was determined to be $13,800 . As discussed in Note 2, Significant Accounting Policies , although this investment is characterized as a variable interest entity, we do not meet the requirements of having a controlling financial interest, and therefore, we do not consolidate our investment. Instead, we account for our interest in Tapout using the equity method of accounting. To the extent that Tapout records income or losses, we will record our share proportionate to our ownership percentage, and any dividends received would reduce the carrying amount of the investment. No indicators of impairment were noted during the three and nine months ended September 30, 2015 . Classified within Investment Securities as of September 30, 2015 was $14,275 of assets related to our investment in Tapout. We also recorded a liability for the service obligation to Tapout, which is measured net of the services provided to date. As promotional services are provided to Tapout, we will record revenue and reduce the existing service obligation. During the three and nine months ended September 30, 2015 , we recorded revenues of $1,580 and $1,680 , respectively, related to our fulfillment of our promotional services obligation to Tapout. The remaining service obligation as of September 30, 2015 was $12,120 , and was included in Deferred Income and Non-Current Deferred Income for $1,080 and $11,040 , respectively. Our known maximum exposure to loss approximates the remaining service obligation to Tapout, which was $12,120 as of September 30, 2015 . Creditors of Tapout do not have recourse against the general credit of the Company. 9. Investment Securities and Short-Term Investments (continued) Short-Term Investments: Short-term investments measured at fair value consisted of the following: September 30, 2015 December 31, 2014 Gross Unrealized Gross Unrealized Amortized Cost Gain (Loss) Fair Value Amortized Cost Gain (Loss) Fair Value Municipal bonds $ 19,036 $ 38 $ (7 ) $ 19,067 $ 19,962 $ 39 $ (9 ) $ 19,992 Corporate bonds 40,927 38 (98 ) 40,867 43,388 20 (199 ) 43,209 Government agency bonds 2,500 — — 2,500 5,000 — (15 ) 4,985 Total $ 62,463 $ 76 $ (105 ) $ 62,434 $ 68,350 $ 59 $ (223 ) $ 68,186 We classify the investments listed in the above table as available-for-sale securities. Such investments consist primarily of corporate and municipal bonds, including pre-refunded municipal bonds. These investments are stated at fair value as required by the applicable accounting guidance. Unrealized gains and losses on such securities are reflected, net of tax, as other comprehensive income (loss) in the Consolidated Statements of Comprehensive Income. Our municipal, corporate and government agency bonds are included in Short-term investments, net on our Consolidated Balance Sheets. Realized gains and losses on investments are included in earnings and are derived using the specific identification method for determining the cost of securities sold. As of September 30, 2015 , contractual maturities of these bonds are as follows: Maturities Municipal bonds 1 month - 3 years Corporate bonds 1 year - 3 years Government agency bonds 3 years The following table summarizes the short-term investment activity: Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, Proceeds from sale of short-term investments $ — $ 14,794 $ — $ 22,572 Proceeds from maturities and calls of short-term investments 13,605 7,225 $ 19,695 $ 16,260 Purchases of short-term investments 10,100 — $ 14,721 $ 2,511 Gross realized loss on sale of short-term investments — (40 ) $ — $ (37 ) |
Fair Value Measurement
Fair Value Measurement | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | Fair Value Measurement Fair value is determined based on the exchange price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between "market participants" at the measurement date. Fair value is a market-based measurement based on assumptions that market participants would use to price the asset or liability. Accordingly, the framework considers markets or observable inputs as the preferred source of value followed by assumptions based on hypothetical transactions, in the absence of market inputs. The fair value should be calculated based on assumptions that market participants would use in pricing the asset or liability, not on assumptions specific to the entity. In addition, the fair value of assets and liabilities should include consideration of non-performance risk, including the Company's own credit risk. 10. Fair Value Measurement (continued) Additionally, the accounting guidance establishes a three-level hierarchy that ranks the quality and reliability of information used in developing fair value estimates. The hierarchy gives the highest priority to quoted prices in active markets and the lowest priority to unobservable data. In cases where two or more levels of inputs are used to determine fair value, a financial instrument's level is determined based on the lowest level input that is considered significant to the fair value measurement in its entirety. The three input levels of the fair value hierarchy are summarized as follows: Level 1- Observable inputs such as quoted prices in active markets for identical assets or liabilities; Level 2- Inputs other than quoted prices in active markets for similar assets and liabilities that are directly or indirectly observable; or Level 3- Unobservable inputs, such as discounted cash flow models or valuations, in which little or no market data exists. The following assets are required to be measured at fair value on a recurring basis and the classification within the hierarchy was as follows: Fair Value at September 30, 2015 Fair Value at December 31, 2014 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Municipal bonds $ 19,067 $ — $ 19,067 $ — $ 19,992 $ — $ 19,992 $ — Corporate bonds 40,867 — 40,867 — 43,209 — 43,209 — Government agency bonds 2,500 — 2,500 — 4,985 — 4,985 — Total $ 62,434 $ — $ 62,434 $ — $ 68,186 $ — $ 68,186 $ — Certain financial instruments are carried at cost on the Consolidated Balance Sheets, which approximates fair value due to their short-term, highly liquid nature. The carrying amounts of cash and cash equivalents, money market accounts, accounts receivable, and accounts payable approximate fair value because of the short-term nature of such instruments. We have classified our investment in municipal, corporate, and government agency bonds within Level 2, as their valuation requires quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and/or model-based valuation techniques for which all significant inputs are observable in the market or can be corroborated by observable market data. The municipal, corporate, and government agency bonds are valued based on model-driven valuations. A third party service provider assists the Company with compiling market prices from a variety of industry standard data sources, security master files from large financial institutions and other third-party sources that are used to value our municipal, and corporate, and government agency bond investments. The Company did not have any transfers between Level 1, Level 2, and Level 3 fair value investments during the periods presented. The fair value measurements of our cost method investments are classified within Level 3, as significant unobservable inputs are used to measure the fair value of these assets due to the absence of quoted market prices and inherent lack of liquidity. Significant unobservable inputs include variables such as near-term prospects of the investees, recent financing activities of the investees, and the investees' capital structure, as well as other economic variables, which reflect assumptions market participants would use in pricing these assets. Our investments are recorded at fair value only if an impairment charge is recognized. The Company did no t record an impairment charge on these assets during the three and nine months ended September 30, 2015 . During the three and nine months ended September 30, 2014 , the Company recorded an impairment charge of $3,962 on our investment in a mobile video publishing business for the excess of the carrying value over the estimated fair value of $3,000 . See Note 9, Investment Securities and Short-Term Investments , for further discussion. The Company's long lived property and equipment, feature film and television production assets are required to be measured at fair value on a non-recurring basis if it is determined that indicators of impairment exist. These assets are recorded at fair value only when an impairment is recognized. During the three and nine months ended September 30, 2015 , the Company recorded impairment charges of $270 on feature film production assets based upon fair value measurements of $1,430 . See Note 7, Feature Film Production Assets , for further discussion. During the nine months ended September 30, 2014 , the Company recorded an adjustment of $1,600 to reduce the carrying value of our former Corporate Aircraft to its estimated fair value of $3,400 and recorded an impairment charge of $1,757 related to the write-down of certain assets of our gamification business in connection with a change 10. Fair Value Measurement (continued) in business strategy. The Company classifies these assets as Level 3 within the fair value hierarchy due to significant unobservable inputs. The fair value of the Company’s long-term debt, consisting of a promissory note secured by the Company's Corporate Jet, is estimated based upon quoted price estimates for similar debt arrangements. At September 30, 2015 , the face amount of the note approximates its fair value. |
Accounts Payable and Accrued Ex
Accounts Payable and Accrued Expenses | 9 Months Ended |
Sep. 30, 2015 | |
Payables and Accruals [Abstract] | |
Accounts Payable and Accrued Expenses | Accounts Payable and Accrued Expenses Accounts payable and accrued expenses consisted of the following: As of September 30, December 31, Trade related $ 8,206 $ 6,721 Staff related 6,232 6,558 Management incentive compensation 16,289 13,279 Talent related 4,245 6,446 Accrued WWE Network related expenses 4,471 5,155 Accrued event and television production 6,401 5,612 Accrued home entertainment expenses 276 953 Accrued legal and professional 2,458 1,483 Accrued purchases of property and equipment and other assets 1,176 1,452 Accrued film liability 2,513 2,521 Accrued income taxes (a) 5,760 — Accrued other 9,820 7,398 Total $ 67,847 $ 57,578 (a) At December 31, 2014, income taxes had a refundable balance of $1,141 and was included in prepaid expenses and other current assets on our Consolidated Balance Sheets. Accrued other includes accruals for our international and licensing business activities, as well as other miscellaneous accruals, none of which categories individually exceeds 5% of current liabilities. The increase in accrued expenses is primarily due to the change in the Company's tax position and an increase in management incentive compensation based on the Company's performance. |
Debt
Debt | 9 Months Ended |
Sep. 30, 2015 | |
Debt Disclosure [Abstract] | |
Debt | Debt Film Credit Facility In May 2015, two domestic subsidiaries of the Company, WWE Studios Finance Corp. and WWE Studios Finance Holding Corp. (collectively, the “Loan Parties”) entered into a $35,000 secured asset based revolving credit agreement with Bank of America, N.A., as Administrative Agent and lender (the “Film Credit Facility”). Funds under the Film Credit Facility can be used for, among other things, development of films and television projects. Under the Film Credit Facility, the WWE Studios Finance Corp. is allowed to borrow amounts of up to an aggregate of $35,000 based on a borrowing base formula. As of September 30, 2015 , there have been no borrowings under the Film Credit Facility. The Film Credit Facility has a five -year term, and it is secured by substantially all the assets of the Loan Parties. The applicable interest rate for borrowings under the Film Credit Facility is a LIBOR-based rate plus 2.50% on LIBOR-based borrowings or an alternate base rate plus 1.50% for alternate base rate borrowings, in all cases subject to adjustment downward based on the status of film projects. As of September 30, 2015 , the LIBOR-based rate plus margin was 2.83% . The Loan Parties are required to pay certain fees, including a commitment fee, calculated at a rate per annum of 0.50% on the average daily unutilized portion of the Film Credit Facility. Under the terms of the Film Credit Facility, 12. Debt (continued) the Loan Parties are subject to certain financial covenants and restrictions, including limitations with respect to indebtedness, liens, mergers and acquisitions, dispositions of assets, investments, capital expenditures, and transactions with affiliates. As of September 30, 2015 , the Company was in compliance with the Film Credit Facility, and had available capacity under the terms of the Film Credit Facility of approximately $7,200 . Revolving Credit Facility In September 2011, the Company entered into a $200,000 senior unsecured revolving credit facility with a syndicated group of banks, with JPMorgan Chase acting as administrative agent (the "Revolving Credit Facility"). Applicable interest rates for the borrowings under the Revolving Credit Facility are based on the Company's current consolidated leverage ratio. As of September 30, 2015 , the LIBOR-based rate plus margin was 2.08% . The Company is required to pay a commitment fee calculated at a rate per annum of 0.375% on the average daily unused portion of the credit facility. Under the terms of the Revolving Credit Facility, the Company is subject to certain financial covenants and restrictions, including restrictions on our ability to pay dividends and limitations with respect to our indebtedness, liens, mergers and acquisitions, dispositions of assets, investments, capital expenditures and transactions with affiliates. During 2013 and 2014, the Company entered into amendments to the Revolving Credit Facility whereby (i) the maturity date was extended to September 9, 2016, (ii) changes were made to the applicable margin for borrowings under the facility, and (iii) restrictions on certain financial covenants were amended to provide for greater financial flexibility. The amendments also included certain additional allowances for the Company to make investments in special film entities. As of September 30, 2015 , the Company was in compliance with the Revolving Credit Facility, as amended, and had available capacity under the terms of the Revolving Credit Facility of approximately $178,000 . As of September 30, 2015 and December 31, 2014 , there were no amounts outstanding under the Revolving Credit Facility. Aircraft Financing On August 7, 2013, the Company entered into a $31,568 promissory note (the “Note”) with Citizens Asset Finance, Inc., for the purchase of a 2007 Bombardier Global 5000 aircraft and refurbishments. The Note bears interest at a rate of 2.18% per annum, is payable in monthly installments of $406 , inclusive of interest, beginning in September 2013, and has a final maturity of August 7, 2020. The Note is secured by a first priority perfected security interest in the purchased aircraft. As of September 30, 2015 and December 31, 2014 , the amounts outstanding related to the Note were $22,670 and $25,920 , respectively. |
Concentration of Credit Risk
Concentration of Credit Risk | 9 Months Ended |
Sep. 30, 2015 | |
Risks and Uncertainties [Abstract] | |
Concentration of Credit Risk | Concentration of Credit Risk We continually monitor our position with, and the credit quality of, the financial institutions that are counterparties to our financial instruments. Our accounts receivable relate principally to a limited number of distributors, including our Network, television, pay-per-view, and home video distributors, and licensees that produce consumer products containing our intellectual property. We closely monitor the status of receivables with these customers and maintain allowances for anticipated losses as deemed appropriate. At September 30, 2015 , our two largest receivable balances from customers were 16% and 13% , respectively, of our gross accounts receivable. At December 31, 2014 , we had one customer that made up 14% of our gross accounts receivable. No other customers individually exceeded 10% of our gross accounts receivable balance. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes As of September 30, 2015 , we had $16,263 of deferred tax assets, net, included in current assets and $29,330 included in non-current income tax assets in our Consolidated Balance Sheets. As of December 31, 2014 , we had $24,120 of deferred tax assets, net, included in current assets and $10,915 included in non-current income tax assets in our Consolidated Balance Sheets. The net increase in our deferred tax asset balances was primarily driven by the recognition of taxable income associated with deferred income receipts. 14. Income Taxes (continued) The Company considers all available evidence, both positive and negative, to determine whether, based on the weight of that evidence, a valuation allowance is required to reduce the net deferred tax assets to the amount that is more likely than not to be realized in future periods. The Company believes that based on past performance, expected future taxable income and prudent and feasible tax planning strategies, it is more likely than not that the net deferred tax asset will be realized. Changes in these factors may cause us to increase our valuation allowance on deferred tax assets, which would impact our income tax expense in the period we determine that these factors have changed. |
Film and Television Production
Film and Television Production Incentives | 9 Months Ended |
Sep. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Film and Television Production Incentives | Film and Television Production Incentives The Company has access to various governmental programs that are designed to promote film and television production within the United States of America and certain international jurisdictions. Incentives earned with respect to expenditures on qualifying film production activities and capital projects are recorded as an offset to the related asset balances. Incentives earned with respect to television and other production activities are recorded as an offset to production expenses. The Company recognizes these benefits when we have reasonable assurance regarding the realizable amount of the incentives. We recorded the following incentives during the three and nine months ended September 30, 2015 and 2014: Three Months Ended Nine Months Ended September 30, 2015 September 30, 2014 September 30, 2015 September 30, 2014 Television production activities $ 9,886 $ 10,833 $ 11,100 $ 10,833 Film production activities 50 1,515 108 1,971 Infrastructure improvements on qualifying capital projects (a) — 427 — 3,080 Total $ 9,936 $ 12,775 $ 11,208 $ 15,884 (a) Of the $3,080 received, the Company recorded $2,937 as a reduction in property and equipment. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Legal Proceedings On October 23, 2014, a lawsuit was filed in the U. S. District Court for the District of Oregon, entitled William Albert Haynes III, on behalf of himself and others similarly situated, v. World Wrestling Entertainment, Inc. This complaint was amended on January 30, 2015 and alleges that the Company ignored, downplayed, and/or failed to disclose the risks associated with traumatic brain injuries suffered by WWE’s performers. On March 31, 2015, the Company filed a motion to dismiss the first amended class action complaint in its entirety or, if not dismissed, to transfer the lawsuit to the U.S. District Court for the District of Connecticut. Without addressing the merits of the Company's motion to dismiss, the Court transferred the case to Connecticut on June 25, 2015. The plaintiffs filed an objection to such transfer, which was denied on July 27, 2015. On January 16, 2015 a second lawsuit was filed in the U. S. District Court for the Eastern District of Pennsylvania, entitled Evan Singleton and Vito LoGrasso, individually and on behalf of all others similarly situated, v. World Wrestling Entertainment, Inc., alleging many of the same allegations as Haynes . On February 27, 2015, the Company moved to transfer venue to the U.S. District Court for the District of Connecticut due to forum-selection clauses in the contracts between WWE and the plaintiffs and that motion was granted on March 23, 2015. The plaintiffs filed an amended complaint on May 22, 2015 and, following a scheduling conference in which the court ordered the plaintiffs to cure various pleading deficiencies, the plaintiffs filed a second amended complaint on June 15, 2015. On June 29, 2015, WWE moved to dismiss the second amended complaint in its entirety. On April 9, 2015, a third lawsuit was filed in the U. S. District Court for the Central District of California, entitled Russ McCullough, a/k/a “Big Russ McCullough,” Ryan Sakoda, and Matthew R. Wiese a/k/a “Luther Reigns,” individually and on behalf of all others similarly situated, v. World Wrestling Entertainment, Inc., asserting similar allegations to Haynes . The Company again moved to transfer the lawsuit to Connecticut 16. Commitments and Contingencies (continued) due to forum-selection clauses in the contracts between WWE and the plaintiffs, which the California court granted on July 10, 2015. On September 21, 2015, the plaintiffs amended this complaint. Each of these suits seeks unspecified actual, compensatory and punitive damages and injunctive relief, including ordering medical monitoring. The Haynes and McCullough cases purport to be class actions. On February 18, 2015, a lawsuit was filed in Tennessee state court and subsequently removed to the U.S. District Court for the Western District of Tennessee, entitled Cassandra Frazier, individually and as next of kin to her deceased husband, Nelson Lee Frazier, Jr., and as personal representative of the Estate of Nelson Lee Frazier, Jr. Deceased, v. World Wrestling Entertainment, Inc. A similar suit was filed in the U. S. District Court for the Northern District of Texas entitled Michelle James, as mother and next friend of Matthew Osborne, minor child, and Teagan Osborne, a minor child v. World Wrestling Entertainment, Inc . These lawsuits contain many of the same allegations as the other lawsuits alleging traumatic brain injuries and further allege that the injuries contributed to these former talents’ deaths. WWE moved to transfer the Frazier and Osborne lawsuits to the U.S. District Court for the District of Connecticut based on forum-selection clauses in the decedents’ contracts with WWE, which motions were granted by the respective courts. Lastly, on June 29, 2015, the Company filed a declaratory judgment action in the U. S. District Court for the District of Connecticut entitled World Wrestling Entertainment, Inc. v. Robert Windham, Thomas Billington, James Ware, Oreal Perras and various John and Jane Does seeking a declaration against these former performers that their threatened claims related to alleged traumatic brain injuries and/or other tort claims are time-barred. On September 21, 2015, the defendants filed a motion to dismiss this complaint. The Company believes all claims and threatened claims against the Company in these various lawsuits are being prompted by the same plaintiffs’ lawyer and are without merit. The Company intends to continue to defend itself against these lawsuits vigorously. On July 26, 2014, the Company received notice of a lawsuit filed in the United States District Court for the District of Connecticut, entitled Warren Ganues and Dominic Varriale, on behalf of themselves and all others similarly situated, v. World Wrestling Entertainment, Inc., Vincent K. McMahon and George A. Barrios , alleging violations of federal securities laws based on certain statements relating to the negotiation of WWE’s domestic television license. The complaint seeks certain unspecified damages. A nearly identical lawsuit was filed one month later entitled Curtis Swanson, on behalf of himself and all others similarly situated, v. World Wrestling Entertainment, Inc., Vincent K. McMahon and George A. Barrios . Both lawsuits are purported securities class actions subject to the Private Securities Litigation Reform Act of 1995 (“PSLRA”). On September 23-24, five putative plaintiffs filed motions to be appointed lead plaintiff and to consolidate the two cases pursuant to the PSLRA. Following a hearing on October 29, 2014, the Court issued an order dated November 5, 2014 appointing Mohsin Ansari as lead plaintiff and consolidating the two actions. On January 5, 2015, the lead plaintiff filed an amended complaint. Among other things, the amended complaint adds Stephanie McMahon Levesque and Michelle D. Wilson as named defendants. The Company has filed a motion to dismiss the amended complaint in its entirety. The Company believes the claims are without merit and intends to defend itself against these lawsuits vigorously. In addition to the foregoing, we are involved in several other lawsuits and claims that we consider to be in the ordinary course of our business. By its nature, the outcome of litigation is not known, but the Company does not currently expect this ordinary course litigation to have a material adverse effect on our financial condition, results of operations or liquidity. We may from time to time become a party to other legal proceedings. |
Significant Accounting Polici25
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Cost of Revenues | Cost of Revenues Included within Costs of revenues are the following: Three Months Ended Nine Months Ended September 30, 2015 September 30, 2014 September 30, 2015 September 30, 2014 Amortization and impairment of feature film assets $ 1,524 $ 1,141 $ 2,933 3,210 Amortization of television production assets 16,314 5,121 26,368 19,435 Amortization of Network content delivery and technology assets 981 698 2,793 1,394 Total amortization and impairment included in costs of revenues $ 18,819 $ 6,960 $ 32,094 $ 24,039 |
Equity Method Investments | Equity Method Investments Under applicable authoritative guidance, a variable interest entity ("VIE") is a business entity in which there is a disproportionate relationship between the voting interest in the entity and the exposure to the economic risks and potential rewards of that entity. A company must consolidate a VIE if it is determined to be the primary beneficiary of the VIE and possesses both of the following attributes: (i) the power to direct the activities of the VIE that most significantly impact the VIE's economic performance, and (ii) the obligation to absorb the losses or the right to receive the benefits from the VIE that could potentially be significant to the VIE. In March 2015, WWE and Authentic Brands Group ("ABG") formed a joint venture, Tapout LLC ("Tapout") to re-launch an apparel and lifestyle brand (the "Brand"). Under the terms of the agreement, WWE will provide certain promotional services, and ABG will provide intellectual property and services associated with the Brand. In exchange, both parties will hold a 50% interest, entitling it to 50% of the profits and losses and a 50% voting interest. Additionally, the agreement dictates that all significant activities must be approved by its board of managers, which the parties participate in equally, but do not control. Therefore, WWE does not have the unilateral ability to direct the activities of Tapout. Based on our analysis, we have classified Tapout as a VIE. However, because we do not satisfy the criteria to be considered the primary beneficiary of Tapout, we do not consolidate the entity. Instead, the investment in Tapout is accounted for under the equity method of accounting. See Note 9, Investment Securities and Short-Term Investments - Equity Method Investment , for further details regarding our investment. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In July 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2015-12, “ Plan Accounting: Defined Benefit Pension Plans (Topic 960), Defined Contribution Plans (Topic 962), Health and Welfare Benefit Plans (Topic 965) ”. This three part ASU simplifies current benefit plan accounting and reduces disaggregation requirements on the presentation of plan investment information. The applicable Part I and Part II amendments should be applied retrospectively for all financial statements presented and are effective for reporting periods beginning after December 15, 2015, which for the Company will be effective for the fiscal year beginning January 1, 2016, with early adoption permitted. We are currently evaluating the impact of the adoption of this new standard and do not expect it to have a material impact on our consolidated financial statements. In July 2015, the FASB issued ASU No. 2015-11, “ Simplifying the Measurement of Inventory ,” which requires all inventory to be measured at the lower of cost and net realizable value, except for inventory that is accounted for using the LIFO or the retail inventory method which will be measured under existing accounting standards. The new guidance must be applied on a prospective basis and is effective for fiscal years beginning after December 15, 2016, which for the Company will be effective for the fiscal year beginning January 1, 2017, with early adoption permitted. We are currently evaluating the impact of the adoption of this new standard and do not expect it to have a material impact on our consolidated financial statements. In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers (Topic 606)." This standard will supersede the revenue recognition requirements in ASC 605, "Revenue Recognition," and most industry-specific guidance. The standard requires an entity to recognize revenue in an amount that reflects the consideration to which the entity expects to receive in exchange for goods or services. In July 2015, the FASB deferred the effective date for annual reporting periods beginning after December 15, 2017, and interim periods within those fiscal years, making it effective for our fiscal year beginning January 1, 2018. Early adoption is permitted to the original effective date for annual reporting periods beginning after December 15, 2016. The standard allows an entity to either apply the requirements retrospectively to all prior periods presented, or apply the requirements in the year of adoption, through a cumulative adjustment. We are currently evaluating the impact of adoption of this new standard on our consolidated financial statements. In April 2015, the FASB issued ASU No. 2015-03, "Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs." This standard requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. In August 2015, the FASB issued ASU No. 2015-15, "Interest - Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements." This standard clarifies the guidance issued in ASU No. 2015-03 as it relates to the treatment of debt issuance costs related to revolving lines of credit. ASU No. 2015-15 states that for debt issuance costs related to line-of credit arrangements, the SEC staff would not object to an entity deferring and presenting such costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. These updates are effective for financial statements issued for fiscal years beginning after December 31, 2015, and interim periods within those fiscal years, making it effective for our fiscal year beginning January 1, 2016. We are currently evaluating the impact of the adoption of this new standard on our consolidated financial statements. In February 2015, the FASB issued ASU No. 2015-02, "Consolidation - Amendments to the Consolidation Analysis." This standard modified the evaluation of whether certain limited partnerships and legal entities are variable interest entities, eliminated the presumption that the general partner should consolidate a limited partnership, affected the consolidation analysis of reporting entities that are involved with variable interest entities, and provided a scope exception from consolidation for entities with interests in legal entities that are similar to money market funds. This standard is effective for fiscal years beginning after December 15, 2016, and for interim periods within fiscal years beginning after December 15, 2017. This guidance is effective for our fiscal year beginning January 1, 2017 and for interim periods beginning January 1, 2018. We are currently evaluating the impact of the adoption of this new standard on our consolidated financial statements. 2. Significant Accounting Policies (continued) In August 2014, the FASB issued ASU No. 2014-15, "Presentation of Financial Statements - Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern." This standard requires that management evaluate and, if required, disclose conditions or events that raise substantial doubt about the entity's ability to continue as a going concern. The guidance is effective for the first annual period ending after December 15, 2016, and interim periods thereafter. The standard update is effective for our fiscal year beginning January 1, 2016. We are currently evaluating the impact of the adoption of this new standard and do not expect it to have a material impact on our consolidated financial statements. |
Significant Accounting Polici26
Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Cost of Revenues | Included within Costs of revenues are the following: Three Months Ended Nine Months Ended September 30, 2015 September 30, 2014 September 30, 2015 September 30, 2014 Amortization and impairment of feature film assets $ 1,524 $ 1,141 $ 2,933 3,210 Amortization of television production assets 16,314 5,121 26,368 19,435 Amortization of Network content delivery and technology assets 981 698 2,793 1,394 Total amortization and impairment included in costs of revenues $ 18,819 $ 6,960 $ 32,094 $ 24,039 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Segment Reporting [Abstract] | |
Schedule of Net Revenue by Segment | The following tables present summarized financial information for each of the Company's reportable segments: Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, Net revenues: Network $ 40,883 $ 26,119 $ 118,618 $ 87,786 Television 65,247 42,198 175,532 126,277 Home Entertainment 2,937 3,625 10,756 19,488 Digital Media 5,809 5,001 13,888 16,879 Live Events 26,046 21,742 91,782 83,742 Licensing 11,557 10,011 39,325 29,534 Venue Merchandise 4,889 4,163 17,960 15,663 WWEShop 5,990 4,290 17,119 12,485 WWE Studios 1,751 1,928 5,334 8,009 Corporate & Other 1,123 1,106 2,278 2,202 Total net revenues $ 166,232 $ 120,183 $ 492,592 $ 402,065 OIBDA: Network $ 17,653 $ 2,317 $ 33,385 $ (8,619 ) Television 26,552 20,712 73,691 43,001 Home Entertainment 1,336 1,277 3,994 10,423 Digital Media 3,243 2,004 2,273 811 Live Events 6,432 3,850 30,683 23,149 Licensing 7,062 5,828 24,305 16,450 Venue Merchandise 1,753 1,632 7,009 6,325 WWEShop 1,052 729 3,590 2,400 WWE Studios (896 ) (421 ) (1,295 ) 940 Corporate & Other (40,738 ) (35,237 ) (120,012 ) (113,974 ) Total OIBDA $ 23,449 $ 2,691 $ 57,623 $ (19,094 ) |
Reconciliation of Net Income to OIBDA | Reconciliation of Total Operating Income (Loss) to Total OIBDA Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, Total operating income (loss) $ 17,878 $ (5,039 ) $ 40,295 $ (39,742 ) Depreciation and amortization 5,571 7,730 17,328 20,648 Total OIBDA $ 23,449 $ 2,691 $ 57,623 $ (19,094 ) |
Schedule of Net Revenues by Geography | The information below summarizes net revenues to unaffiliated customers by geographic area: Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, North America $ 125,857 $ 93,866 $ 373,607 $ 318,842 Europe/Middle East/Africa 22,736 11,646 75,150 47,840 Asia Pacific 15,901 13,704 38,388 30,991 Latin America 1,738 967 5,447 4,392 Total net revenues $ 166,232 $ 120,183 $ 492,592 $ 402,065 |
Earnings (Loss) Per Share (Tabl
Earnings (Loss) Per Share (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | For purposes of calculating basic and diluted earnings (loss) per share, we used the following weighted average common shares outstanding (in thousands): Three Months Ended Nine Months Ended September 30, 2015 September 30, 2014 September 30, 2015 September 30, 2014 Net income (loss) $ 10,365 $ (5,921 ) $ 25,257 $ (28,454 ) Weighted-average basic common shares outstanding 75,819 75,402 75,627 75,232 Dilutive effect of restricted and performance stock units (a) 669 — 612 — Dilutive effect of employee share purchase plan (a) — — 1 — Weighted-average dilutive common shares outstanding 76,488 75,402 76,240 75,232 Earnings (loss) per share: Basic and diluted $ 0.14 $ (0.08 ) $ 0.33 $ (0.38 ) Anti-dilutive outstanding restricted and performance stock units (excluded from per-share calculations) — 346 — 346 (a) Due to a loss for the period, zero incremental shares are included for the three and nine months ended September 30, 2014 because the effect would be antidilutive. |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity | The following table summarizes the RSU activity during the nine months ended September 30, 2015 : Units Weighted-Average Grant-Date Fair Value Unvested at January 1, 2015 119,220 $ 20.39 Granted 220,970 $ 14.48 Vested (42,835 ) $ 19.24 Forfeited (36,403 ) $ 15.28 Dividend equivalents 6,688 $ 16.48 Unvested at September 30, 2015 267,640 $ 16.29 |
Schedule of Nonvested Performance-based Units Activity | The following table summarizes the PSU activity during the nine months ended September 30, 2015 : Units Weighted-Average Grant-Date Fair Value Unvested at January 1, 2015 733,768 $ 14.89 Granted 1,000,146 $ 16.90 Achievement adjustment 7,056 $ 14.36 Vested (443,982 ) $ 13.69 Forfeited (54,146 ) $ 17.27 Dividend equivalents 12,184 $ 15.97 Unvested at September 30, 2015 1,255,026 $ 17.22 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment | Property and equipment consisted of the following: As of September 30, December 31, Land, buildings and improvements $ 107,501 $ 106,058 Equipment 121,717 107,753 Corporate aircraft 31,277 31,277 Vehicles 244 244 260,739 245,332 Less accumulated depreciation (147,326 ) (131,284 ) Total $ 113,413 $ 114,048 |
Feature Film Production Assets,
Feature Film Production Assets, Net (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Feature Film Production Assets [Abstract] | |
Feature Film Production Assets | Feature film production assets consisted of the following: As of September 30, December 31, In release $ 13,502 $ 12,063 Completed but not released 4,177 3,865 In production 9,540 10,036 In development 591 507 Total $ 27,810 $ 26,471 |
Television Production Assets,32
Television Production Assets, Net (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Television Production Assets | Television production assets consisted of the following: As of September 30, 2015 December 31, 2014 In release $ 2,726 $ 1,035 Completed but not released — 1,259 In production 3,296 3,538 Total $ 6,022 $ 5,832 |
Amortization of Television Production Assets | Amortization of television production assets consisted of the following: Three Months Ended Nine Months Ended September 30, 2015 September 30, 2014 September 30, 2015 September 30, 2014 Network programming $ 1,856 $ 1,621 $ 4,765 $ 9,668 Television programming 14,458 3,500 21,603 9,767 Total $ 16,314 $ 5,121 $ 26,368 $ 19,435 |
Investment Securities and Sho33
Investment Securities and Short-Term Investments (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Available-for-sale Securities Reconciliation | Short-term investments measured at fair value consisted of the following: September 30, 2015 December 31, 2014 Gross Unrealized Gross Unrealized Amortized Cost Gain (Loss) Fair Value Amortized Cost Gain (Loss) Fair Value Municipal bonds $ 19,036 $ 38 $ (7 ) $ 19,067 $ 19,962 $ 39 $ (9 ) $ 19,992 Corporate bonds 40,927 38 (98 ) 40,867 43,388 20 (199 ) 43,209 Government agency bonds 2,500 — — 2,500 5,000 — (15 ) 4,985 Total $ 62,463 $ 76 $ (105 ) $ 62,434 $ 68,350 $ 59 $ (223 ) $ 68,186 |
Contractual Obligation, Fiscal Year Maturity Schedule | As of September 30, 2015 , contractual maturities of these bonds are as follows: Maturities Municipal bonds 1 month - 3 years Corporate bonds 1 year - 3 years Government agency bonds 3 years |
Available-for-sale Securities | The following table summarizes the short-term investment activity: Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, Proceeds from sale of short-term investments $ — $ 14,794 $ — $ 22,572 Proceeds from maturities and calls of short-term investments 13,605 7,225 $ 19,695 $ 16,260 Purchases of short-term investments 10,100 — $ 14,721 $ 2,511 Gross realized loss on sale of short-term investments — (40 ) $ — $ (37 ) |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Inputs, Assets, Quantitative Information | The following assets are required to be measured at fair value on a recurring basis and the classification within the hierarchy was as follows: Fair Value at September 30, 2015 Fair Value at December 31, 2014 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Municipal bonds $ 19,067 $ — $ 19,067 $ — $ 19,992 $ — $ 19,992 $ — Corporate bonds 40,867 — 40,867 — 43,209 — 43,209 — Government agency bonds 2,500 — 2,500 — 4,985 — 4,985 — Total $ 62,434 $ — $ 62,434 $ — $ 68,186 $ — $ 68,186 $ — |
Accounts Payable and Accrued 35
Accounts Payable and Accrued Expenses (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Liabilities and Accrued Expenses | Accounts payable and accrued expenses consisted of the following: As of September 30, December 31, Trade related $ 8,206 $ 6,721 Staff related 6,232 6,558 Management incentive compensation 16,289 13,279 Talent related 4,245 6,446 Accrued WWE Network related expenses 4,471 5,155 Accrued event and television production 6,401 5,612 Accrued home entertainment expenses 276 953 Accrued legal and professional 2,458 1,483 Accrued purchases of property and equipment and other assets 1,176 1,452 Accrued film liability 2,513 2,521 Accrued income taxes (a) 5,760 — Accrued other 9,820 7,398 Total $ 67,847 $ 57,578 (a) At December 31, 2014, income taxes had a refundable balance of $1,141 and was included in prepaid expenses and other current assets on our Consolidated Balance Sheets. |
Film and Television Productio36
Film and Television Production Incentives (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Film and Television Production Incentives | We recorded the following incentives during the three and nine months ended September 30, 2015 and 2014: Three Months Ended Nine Months Ended September 30, 2015 September 30, 2014 September 30, 2015 September 30, 2014 Television production activities $ 9,886 $ 10,833 $ 11,100 $ 10,833 Film production activities 50 1,515 108 1,971 Infrastructure improvements on qualifying capital projects (a) — 427 — 3,080 Total $ 9,936 $ 12,775 $ 11,208 $ 15,884 (a) Of the $3,080 received, the Company recorded $2,937 as a reduction in property and equipment. |
Basis of Presentation and Bus37
Basis of Presentation and Business Description Basis of Presentation and Business Description (Details) | Sep. 30, 2015activity |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of Principle Activities | 4 |
Significant Accounting Polici38
Significant Accounting Policies - Cost of Revenues (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Accounting Policies [Abstract] | ||||
Amortization and impairment of feature film assets | $ 1,524 | $ 1,141 | $ 2,933 | $ 3,210 |
Amortization of television production assets | 16,314 | 5,121 | 26,368 | 19,435 |
Amortization of Network content delivery and technology assets | 981 | 698 | 2,793 | 1,394 |
Total amortization and impairment included in costs of revenues | $ 18,819 | $ 6,960 | $ 32,094 | $ 24,039 |
Significant Accounting Polici39
Significant Accounting Policies - Equity Method Investments (Details) | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Ownership interest | 50.00% |
Percentage of profits and losses | 0.5 |
Segment Information - Additiona
Segment Information - Additional Information (Details) | 9 Months Ended |
Sep. 30, 2015Segment | |
Segment Reporting [Abstract] | |
Number of Reportable Segments | 10 |
Segment Information - Schedule
Segment Information - Schedule of Revenue and OIBDA by Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Segment Reporting Information [Line Items] | ||||
Total net revenues | $ 166,232 | $ 120,183 | $ 492,592 | $ 402,065 |
Total OIBDA | 23,449 | 2,691 | 57,623 | (19,094) |
Network | ||||
Segment Reporting Information [Line Items] | ||||
Total net revenues | 40,883 | 26,119 | 118,618 | 87,786 |
Total OIBDA | 17,653 | 2,317 | 33,385 | (8,619) |
Television | ||||
Segment Reporting Information [Line Items] | ||||
Total net revenues | 65,247 | 42,198 | 175,532 | 126,277 |
Total OIBDA | 26,552 | 20,712 | 73,691 | 43,001 |
Home Entertainment | ||||
Segment Reporting Information [Line Items] | ||||
Total net revenues | 2,937 | 3,625 | 10,756 | 19,488 |
Total OIBDA | 1,336 | 1,277 | 3,994 | 10,423 |
Digital Media | ||||
Segment Reporting Information [Line Items] | ||||
Total net revenues | 5,809 | 5,001 | 13,888 | 16,879 |
Total OIBDA | 3,243 | 2,004 | 2,273 | 811 |
Live Events | ||||
Segment Reporting Information [Line Items] | ||||
Total net revenues | 26,046 | 21,742 | 91,782 | 83,742 |
Total OIBDA | 6,432 | 3,850 | 30,683 | 23,149 |
Licensing | ||||
Segment Reporting Information [Line Items] | ||||
Total net revenues | 11,557 | 10,011 | 39,325 | 29,534 |
Total OIBDA | 7,062 | 5,828 | 24,305 | 16,450 |
Venue Merchandise | ||||
Segment Reporting Information [Line Items] | ||||
Total net revenues | 4,889 | 4,163 | 17,960 | 15,663 |
Total OIBDA | 1,753 | 1,632 | 7,009 | 6,325 |
WWEShop | ||||
Segment Reporting Information [Line Items] | ||||
Total net revenues | 5,990 | 4,290 | 17,119 | 12,485 |
Total OIBDA | 1,052 | 729 | 3,590 | 2,400 |
WWE Studios | ||||
Segment Reporting Information [Line Items] | ||||
Total net revenues | 1,751 | 1,928 | 5,334 | 8,009 |
Total OIBDA | (896) | (421) | (1,295) | 940 |
Corporate & Other | ||||
Segment Reporting Information [Line Items] | ||||
Total net revenues | 1,123 | 1,106 | 2,278 | 2,202 |
Total OIBDA | $ (40,738) | $ (35,237) | $ (120,012) | $ (113,974) |
Segment Information - Reconcili
Segment Information - Reconciliation of OIBDA to Operating Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Segment Reporting [Abstract] | ||||
Operating income (loss) | $ 17,878 | $ (5,039) | $ 40,295 | $ (39,742) |
Depreciation and amortization | 5,571 | 7,730 | 17,328 | 20,648 |
Total OIBDA | $ 23,449 | $ 2,691 | $ 57,623 | $ (19,094) |
Segment Information - Net Reven
Segment Information - Net Revenues by Geographic Region (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total net revenues | $ 166,232 | $ 120,183 | $ 492,592 | $ 402,065 |
North America | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total net revenues | 125,857 | 93,866 | 373,607 | 318,842 |
EMEA | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total net revenues | 22,736 | 11,646 | 75,150 | 47,840 |
Asia Pacific | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total net revenues | 15,901 | 13,704 | 38,388 | 30,991 |
Latin America | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total net revenues | $ 1,738 | $ 967 | $ 5,447 | $ 4,392 |
Segment Information - Revenues
Segment Information - Revenues Generated from the United Kingdom (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total net revenues | $ 166,232 | $ 120,183 | $ 492,592 | $ 402,065 |
UNITED KINGDOM | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total net revenues | $ 16,297 | $ 7,699 | $ 49,609 | $ 27,606 |
Earnings (Loss) Per Share - Sch
Earnings (Loss) Per Share - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |||
Earnings Per Share [Abstract] | ||||||
Net income (loss) | $ 10,365 | $ (5,921) | $ 25,257 | $ (28,454) | ||
Weighted-average basic common shares outstanding | 75,819 | 75,402 | 75,627 | 75,232 | ||
Dilutive effect of restricted and performance stock units | 669 | 0 | [1] | 612 | 0 | [1] |
Dilutive effect of employee share purchase plan | 0 | 0 | [1] | 1 | 0 | [1] |
Weighted-average dilutive common shares outstanding | 76,488 | 75,402 | 76,240 | 75,232 | ||
Basic and diluted (in dollars per share) | $ 0.14 | $ (0.08) | $ 0.33 | $ (0.38) | ||
Anti-dilutive outstanding restricted and performance stock units (excluded from per-share calculations) | 0 | 346 | 0 | 346 | ||
[1] | Due to a loss for the period, zero incremental shares are included for the three and nine months ended September 30, 2014 because the effect would be antidilutive. |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of RSUs (Details) - Restricted Stock Units (RSUs) | 9 Months Ended |
Sep. 30, 2015$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
RSU vesting period | 3 years 6 months |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares [Roll Forward] | |
Unvested stock units, January 1, 2015 (in shares) | shares | 119,220 |
Stock units, granted (in shares) | shares | 220,970 |
Stock units, vested (in shares) | shares | (42,835) |
Stock units, forfeited (in shares) | shares | (36,403) |
Stock units, dividend equivalent (in shares) | shares | 6,688 |
Unvested stock units, September 30, 2015 (in shares) | shares | 267,640 |
Unvested stock units, January 1, 2015 (in usd per share) | $ 20.39 |
Stock units, granted (in usd per share) | 14.48 |
Stock units, vested (in usd per share) | 19.24 |
Stock units, forfeited (in usd per share) | 15.28 |
Stock units, dividend equivalent (in usd per share) | 16.48 |
Unvested stock units, September 30, 2015 (in usd per share) | $ 16.29 |
Stock-Based Compensation - PSU
Stock-Based Compensation - PSU Grants (Details) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2015USD ($) | Mar. 31, 2015USD ($)executiveshares | Mar. 31, 2014USD ($) | Sep. 30, 2015USD ($)shares | Sep. 30, 2014USD ($) | Dec. 31, 2014shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of Executive Members | executive | 3 | |||||
Executive PSU award, total value | $ 15,000,000 | |||||
Executive PSU award, number of awards | 2 | |||||
Executive PSU award, per year value | 7,500,000 | |||||
Executive PSU award, second year value | $ 7,500,000 | |||||
Executive PSU award, current period expense | $ 533,000 | $ 1,333,000 | ||||
Stock-based compensation | $ 4,305,000 | $ 1,597,000 | $ 12,092,000 | $ 6,497,000 | ||
Performance Stock Units (PSUs) | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
PSU performance conditions and service requirement | 3 years 6 months | |||||
Stock issued during period, shares, other | shares | 1,000,146 | 278,281 | ||||
Share-based compensation arrangement by share-based payment award, equity instruments other than options, achievement adjustment, number | shares | 7,056 | |||||
20% Vested in First Year | Performance Stock Units (PSUs) | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Executive PSU award, vesting tranches | 20.00% | |||||
30% Vested in Second Year | Performance Stock Units (PSUs) | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Executive PSU award, vesting tranches | 30.00% | |||||
50% Vested in Third Year | Performance Stock Units (PSUs) | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Executive PSU award, vesting tranches | 50.00% |
Stock-Based Compensation - Sc48
Stock-Based Compensation - Schedule of PSUs (Details) - Performance Stock Units (PSUs) | 9 Months Ended |
Sep. 30, 2015$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares [Roll Forward] | |
Unvested stock units, January 1, 2015 (in shares) | shares | 733,768 |
Stock units, granted (in shares) | shares | 1,000,146 |
Stock units, achievement adjustment (in shares) | shares | 7,056 |
Stock units, vested (in shares) | shares | (443,982) |
Stock units, forfeited (in shares) | shares | (54,146) |
Stock units, dividend equivalent (in shares) | shares | 12,184 |
Unvested stock units, September 30, 2015 (in shares) | shares | 1,255,026 |
Unvested stock units, January 1, 2015 (in usd per share) | $ 14.89 |
Stock units, granted (in usd per share) | 16.90 |
Stock units, achievement adjustment (in usd per share) | 14.36 |
Stock units, vested (in usd per share) | 13.69 |
Stock units, forfeited (in usd per share) | 17.27 |
Stock units, dividend equivalent (in usd per share) | 15.97 |
Unvested stock units, September 30, 2015 (in usd per share) | $ 17.22 |
Property and Equipment - Proper
Property and Equipment - Property and Equipment Table (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment | $ 260,739 | $ 245,332 |
Less accumulated depreciation | (147,326) | (131,284) |
Total | 113,413 | 114,048 |
Land, Buildings and Improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 107,501 | 106,058 |
Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 121,717 | 107,753 |
Corporate aircraft | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 31,277 | 31,277 |
Vehicles | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | $ 244 | $ 244 |
Property and Equipment - Deprec
Property and Equipment - Depreciation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation | $ 5,147 | $ 7,314 | $ 16,052 | $ 19,420 |
Impairment charge on gamification assets | $ 1,757 | |||
Reduction of carrying value of corporate aircraft | $ 1,600 |
Feature Film Production Asset51
Feature Film Production Assets, Net - Schedule of Feature Film Production Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Feature Film Production Assets [Abstract] | ||
In release | $ 13,502 | $ 12,063 |
Completed but not released | 4,177 | 3,865 |
In production | 9,540 | 10,036 |
In development | 591 | 507 |
Total | $ 27,810 | $ 26,471 |
Feature Film Production Asset52
Feature Film Production Assets, Net - Amortization of Film Production Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Future amortization expense, percentage, within twelve months | 37.00% | |||
Future amortization expense, percentage, one through three years | 72.00% | |||
Future amortization expense, percentage, one through four years | 80.00% | 80.00% | ||
Artistic-Related Intangible Assets [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of Feature Film Production Assets | $ 1,254 | $ 1,141 | $ 2,663 | $ 3,210 |
Feature Film Production Asset53
Feature Film Production Assets, Net - Film Production Assets Recognition (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($)Film | Sep. 30, 2014USD ($) | |
Finite-Lived Intangible Assets [Line Items] | ||||
Number of feature films | 2 | |||
Number of films direct to DVD | 2 | |||
Theatrical film costs released during period | $ | $ 4,500,000 | $ 4,500,000 | ||
Number of theatrical films, completed | 3 | |||
Number of theatrical films, in production | 7 | |||
Cost of theatrical film development | $ | 0 | $ 0 | $ 339,000 | |
Feature Films | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Asset impairment charges | $ | $ 270,000 | $ 0 | $ 270,000 | $ 0 |
Television Production Assets,54
Television Production Assets, Net - Television Production Assets Table (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
In release | $ 2,726 | $ 1,035 |
Completed but not released | 0 | 1,259 |
In production | 3,296 | 3,538 |
Television production assets | $ 6,022 | $ 5,832 |
Television Production Assets,55
Television Production Assets, Net - Amortization of Television Production Assets (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of television production assets | $ 16,314,000 | $ 5,121,000 | $ 26,368,000 | $ 19,435,000 |
Television Production | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Asset impairment charges | 0 | 0 | 0 | 0 |
Network | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of television production assets | 14,458,000 | 3,500,000 | 21,603,000 | 9,767,000 |
Television | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of television production assets | $ 1,856,000 | $ 1,621,000 | $ 4,765,000 | $ 9,668,000 |
Investment Securities and Sho56
Investment Securities and Short-Term Investments - Investments (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 14, 2014 | May. 30, 2013 | |
Investment [Line Items] | ||||||||
Investment revenue | $ 1,580 | $ 1,680 | ||||||
Long-term investments | 22,375,000 | 22,375,000 | $ 7,200,000 | |||||
Loss on equity investment | 0 | $ 3,962,000 | $ 0 | $ 3,962,000 | ||||
Duration of joint venture | 5 years | |||||||
Ownership interest | 50.00% | |||||||
Equity method investments | 13,800,000 | $ 13,800,000 | ||||||
Deferred revenue, current | 51,588,000 | 51,588,000 | 38,652,000 | |||||
Deferred revenue, noncurrent | 53,555,000 | 53,555,000 | 52,875,000 | |||||
Cost Method Investment, Software Application Developer | ||||||||
Investment [Line Items] | ||||||||
Cost method investments | $ 2,000,000 | |||||||
Cost method investment, additional investment | $ 385,000 | |||||||
Cost Method Investment, Live Event Touring Business | ||||||||
Investment [Line Items] | ||||||||
Cost method investments | $ 2,200,000 | |||||||
Cost method investment, additional investment | $ 515,000 | |||||||
Cost Method Investment, Mobile Video Publishing | ||||||||
Investment [Line Items] | ||||||||
Cost method investments | 3,000,000 | 3,000,000 | ||||||
Loss on equity investment | $ 3,962,000 | $ 3,962,000 | ||||||
Tapout | ||||||||
Investment [Line Items] | ||||||||
Deferred revenue | 12,120,000 | 12,120,000 | ||||||
Deferred revenue, current | 1,080,000 | 1,080,000 | ||||||
Deferred revenue, noncurrent | 11,040,000 | 11,040,000 | ||||||
Investment Securities [Member] | ||||||||
Investment [Line Items] | ||||||||
Cost method investments | 8,100,000 | 8,100,000 | ||||||
Long-term investments | $ 7,200,000 | |||||||
Investment Securities [Member] | Tapout | ||||||||
Investment [Line Items] | ||||||||
Equity method assets | $ 14,275,000 | $ 14,275,000 |
Investment Securities and Sho57
Investment Securities and Short-Term Investments - Short Term Investments Fair Value (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | $ 62,463 | $ 68,350 |
Gain | 76 | 59 |
(Loss) | (105) | (223) |
Fair Value | 62,434 | 68,186 |
Municipal Bonds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 19,036 | 19,962 |
Gain | 38 | 39 |
(Loss) | (7) | (9) |
Fair Value | 19,067 | 19,992 |
Corporate Bond Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 40,927 | 43,388 |
Gain | 38 | 20 |
(Loss) | (98) | (199) |
Fair Value | 40,867 | 43,209 |
US Government Agencies Debt Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 2,500 | 5,000 |
Gain | 0 | 0 |
(Loss) | 0 | (15) |
Fair Value | $ 2,500 | $ 4,985 |
Investment Securities and Sho58
Investment Securities and Short-Term Investments - Debt Security Maturity Table (Details) | 9 Months Ended |
Sep. 30, 2015 | |
Municipal Bonds | |
Short-term Debt [Line Items] | |
Short-term investments | 1 month |
Maximum period contractual maturities of debt investments | 3 years |
Corporate Debt Securities | |
Short-term Debt [Line Items] | |
Short-term investments | 1 year |
Maximum period contractual maturities of debt investments | 3 years |
US Government Agencies Debt Securities | |
Short-term Debt [Line Items] | |
Maximum period contractual maturities of debt investments | 3 years |
Investment Securities and Sho59
Investment Securities and Short-Term Investments - Short-Term Investment Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Proceeds from sale of short-term investments | $ 0 | $ 14,794 | $ 0 | $ 22,572 |
Proceeds from maturities and calls of short-term investments | 13,605 | 7,225 | 19,695 | 16,260 |
Purchases of short-term investments | 10,100 | 0 | 14,721 | 2,511 |
Gross realized loss on sale of short-term investments | $ 0 | $ (40) | $ 0 | $ (37) |
Fair Value Measurement - Fair V
Fair Value Measurement - Fair Value Leveling Table (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | $ 62,434 | $ 68,186 |
Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 62,434 | 68,186 |
Municipal Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 19,067 | 19,992 |
Municipal Bonds | Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 19,067 | 19,992 |
Corporate Debt Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 40,867 | 43,209 |
Corporate Debt Securities | Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 40,867 | 43,209 |
US Government Agencies Debt Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 2,500 | 4,985 |
US Government Agencies Debt Securities | Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | $ 2,500 | $ 4,985 |
Fair Value Measurement - Additi
Fair Value Measurement - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | May. 30, 2013 | |
Investment [Line Items] | |||||
Loss on equity investment | $ 0 | $ 3,962,000 | $ 0 | $ 3,962,000 | |
Cost Method Investment, Live Event Touring Business | |||||
Investment [Line Items] | |||||
Asset impairment charges | 0 | 0 | |||
Cost method investments | $ 2,200,000 | ||||
Cost Method Investment, Mobile Video Publishing | |||||
Investment [Line Items] | |||||
Loss on equity investment | 3,962,000 | 3,962,000 | |||
Cost method investments | 3,000,000 | 3,000,000 | |||
Long Lived Assets | |||||
Investment [Line Items] | |||||
Asset impairment charges | 0 | 1,600,000 | |||
Corporate aircraft | |||||
Investment [Line Items] | |||||
Corporate Aircraft estimated fair value | 3,400,000 | 3,400,000 | |||
Gamificication Platform | |||||
Investment [Line Items] | |||||
Asset impairment charges | 1,757,000 | ||||
Feature Films | |||||
Investment [Line Items] | |||||
Asset impairment charges | $ 270,000 | 0 | $ 270,000 | 0 | |
Cost method investments | $ 1,430,000 | $ 1,430,000 |
Accounts Payable and Accrued 62
Accounts Payable and Accrued Expenses - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | |
Payables and Accruals [Abstract] | |||
Trade related | $ 8,206 | $ 6,721 | |
Staff related | 6,232 | 6,558 | |
Management incentive compensation | 16,289 | 13,279 | |
Talent related | 4,245 | 6,446 | |
Accrued WWE Network related expenses | 4,471 | 5,155 | |
Accrued event and television production | 6,401 | 5,612 | |
Accrued home entertainment expenses | 276 | 953 | |
Accrued legal and professional | 2,458 | 1,483 | |
Accrued purchases of property and equipment and other assets | 1,176 | 1,452 | |
Accrued film liability | 2,513 | 2,521 | |
Accrued income taxes | 5,760 | 0 | [1] |
Accrued other | 9,820 | 7,398 | |
Total | $ 67,847 | 57,578 | |
Refundable Income Tax Included in Prepaid Expenses and Other Current Assets | $ 1,141 | ||
[1] | (a) At December 31, 2014, income taxes had a refundable balance of $1,141 and was included in prepaid expenses and other current assets on our Consolidated Balance Sheets. |
Debt (Details)
Debt (Details) | 9 Months Ended | ||
Sep. 30, 2015USD ($) | May. 31, 2015 | Dec. 31, 2014USD ($) | |
Debt Instrument [Line Items] | |||
Number of domestic subsidiaries | 2 | ||
Long-term line of credit, noncurrent | $ 200,000,000 | ||
Credit facility, interest rate at period end | 2.08% | ||
Credit facility, unused capacity, commitment fee percentage | 0.375% | ||
Credit facility, remaining borrowing capacity | $ 178,000,000 | ||
Debt instrument, face amount | $ 31,568,000 | ||
Debt instrument, interest rate, stated percentage | 2.18% | ||
Debt instrument, periodic payment | $ 406,000 | ||
Long-term debt | 22,670,000 | $ 25,920,000 | |
Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Credit facility, amount outstanding | 0 | $ 0 | |
Revolving Credit Facility | Film Financing Facility | |||
Debt Instrument [Line Items] | |||
Credit facility, borrowing capacity | 35,000,000 | ||
Credit facility, amount outstanding | $ 0 | ||
Credit facility term | 5 years | ||
Credit facility, commitment fee percentage | 0.50% | ||
Credit facility | $ 7,200,000 | ||
Credit facility, interest rate at period end | 2.83% | ||
Revolving Credit Facility | Film Financing Facility | London Interbank Offered Rate (LIBOR) | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 2.50% | ||
Revolving Credit Facility | Film Financing Facility | Base Rate | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 1.50% |
Concentration of Credit Risk (D
Concentration of Credit Risk (Details) - Customer Concentration Risk - Accounts Receivable - Customer | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Concentration Risk [Line Items] | ||
Concentration risk, number of customers | 2 | 1 |
Customer 1 | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 13.00% | |
Customer 2 | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 16.00% | 14.00% |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Income Tax Disclosure [Abstract] | ||
Deferred income tax assets | $ 16,263 | $ 24,120 |
Deferred tax assets, net of valuation allowance, noncurrent | $ 29,330 | $ 10,915 |
Film and Television Productio66
Film and Television Production Incentives (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||
Television production activities | $ 9,886 | $ 10,833 | $ 11,100 | $ 10,833 | |
Film production activities | 50 | 1,515 | 108 | 1,971 | |
Infrastructure improvements | 0 | 427 | 0 | 3,080 | [1] |
Total | $ 9,936 | $ 12,775 | 11,208 | 15,884 | |
Proceeds from infrastructure incentives | $ 0 | $ 2,937 | |||
[1] | Of the $3,080 received, the Company recorded $2,937 as a reduction in property and equipment. |
Commitments and Contingencies (
Commitments and Contingencies (Details) | Sep. 24, 2014caseplantiff |
Commitments and Contingencies Disclosure [Abstract] | |
Loss contingency, number of plaintiffs | plantiff | 5 |
Loss contingency, new claims filed, number | 2 |