Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 10, 2016 | Jun. 30, 2015 | |
Class of Stock [Line Items] | |||
Entity Registrant Name | WORLD WRESTLING ENTERTAINMENTINC | ||
Entity Central Index Key | 1,091,907 | ||
Entity Filer Category | Accelerated Filer | ||
Trading Symbol | wwe | ||
Entity Current Reporting Status | Yes | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Amendment Flag | false | ||
Document Type | 10-K | ||
Document Fiscal Period Focus | FY | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Public Float | $ 536,218,337 | ||
Common Class A [Member] | |||
Class of Stock [Line Items] | |||
Entity Common Stock, Shares Outstanding (in Shares) | 34,256,834 | ||
Common Class B [Member] | |||
Class of Stock [Line Items] | |||
Entity Common Stock, Shares Outstanding (in Shares) | 41,688,704 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Consolidated Statements Of Operations [Abstract] | |||
Net revenues | $ 658,768 | $ 542,620 | $ 507,970 |
Cost of revenues | 397,316 | 377,615 | 323,028 |
Selling, general and administrative expenses | 192,773 | 180,457 | 154,582 |
Depreciation and amortization | 22,760 | 26,705 | 24,469 |
Loss on an abandonment | 7,125 | ||
Operating income (loss) | 38,794 | (42,157) | 5,891 |
Loss on equity investment | 0 | (3,962) | 0 |
Investment income, net | 1,792 | 679 | 1,426 |
Interest expense | (2,367) | (2,084) | (1,746) |
Other expense, net | (1,993) | (1,780) | (968) |
Income (loss) before income taxes | 36,226 | (49,304) | 4,603 |
Provision for (benefit from) income taxes | 12,082 | (19,232) | 1,839 |
Net income (loss) | $ 24,144 | $ (30,072) | $ 2,764 |
Earnings (loss) per share: basic and diluted | $ 0.32 | $ (0.40) | $ 0.04 |
Weighted average common shares outstanding: | |||
Basic | 75,696 | 75,294 | 74,939 |
Diluted | 76,333 | 75,294 | 75,379 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Consolidated Statements Of Comprehensive Income (Loss) [Abstract] | |||
Net income (loss) | $ 24,144 | $ (30,072) | $ 2,764 |
Other comprehensive income (loss): | |||
Foreign currency translation adjustments | (168) | (172) | (141) |
Unrealized holding losses on available-for-sale securities (net of tax benefit of $(30), $(83) and $(232), respectively) | (49) | (135) | (377) |
Reclassification adjustment for losses (gains) realized in net income from available-for-sale securities (net of tax expense (benefit) of $0, $(14), and $0, respectively) | 23 | (1) | |
Total other comprehensive loss | (217) | (284) | (519) |
Comprehensive income (loss) | $ 23,927 | $ (30,356) | $ 2,245 |
Consolidated Statements Of Com4
Consolidated Statements Of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Consolidated Statements Of Comprehensive Income (Loss) [Abstract] | |||
(Losses) gains on unrealized holding gains on available-for-sale securities, tax (benefit) expense | $ (30) | $ (83) | $ (232) |
Reclassification adjustment for losses (gains) realized in net income available-for-sale securities, tax expense (benefit) | $ 0 | $ (14) | $ 0 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 38,019 | $ 47,227 |
Short-term investments, net | 64,357 | 68,186 |
Accounts receivable (net of allowance for doubtful accounts and returns of $10,311 and $7,726, respectively) | 58,437 | 40,088 |
Inventory | 6,167 | 4,735 |
Deferred income tax assets | 24,120 | |
Prepaid expenses and other current assets | 12,778 | 12,865 |
Total current assets | 179,758 | 197,221 |
PROPERTY AND EQUIPMENT, NET | 105,217 | 114,048 |
FEATURE FILM PRODUCTION ASSETS, NET | 26,353 | 26,471 |
TELEVISION PRODUCTION ASSETS, NET | 11,416 | 5,832 |
INVESTMENT SECURITIES | 22,278 | 7,200 |
NON-CURRENT DEFERRED INCOME TAX ASSETS | 44,709 | 10,915 |
OTHER ASSETS, NET | 19,414 | 20,867 |
TOTAL ASSETS | 409,145 | 382,554 |
CURRENT LIABILITIES: | ||
Current portion of long-term debt | 4,440 | 4,345 |
Accounts payable and accrued expenses | 70,001 | 57,578 |
Deferred income | 57,152 | 38,652 |
Total current liabilities | 131,593 | 100,575 |
LONG-TERM DEBT | 17,135 | 21,575 |
NON-CURRENT INCOME TAX LIABILITIES | 1,117 | 1,668 |
NON-CURRENT DEFERRED INCOME | 49,983 | 52,875 |
Total liabilities | $ 199,828 | $ 176,693 |
COMMITMENTS AND CONTINGENCIES | ||
STOCKHOLDERS’ EQUITY: | ||
Additional paid-in-capital | $ 369,643 | $ 353,706 |
Accumulated other comprehensive income | 3,011 | 3,228 |
Accumulated deficit | (164,096) | (151,828) |
Total stockholders’ equity | 209,317 | 205,861 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | 409,145 | 382,554 |
Common Class A [Member] | ||
STOCKHOLDERS’ EQUITY: | ||
Common stock | 342 | 332 |
Common Class B [Member] | ||
STOCKHOLDERS’ EQUITY: | ||
Common stock | $ 417 | $ 423 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Accounts receivable, allowance for doubtful accounts and returns | $ 10,311 | $ 7,726 |
Common Class A [Member] | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 180,000,000 | 180,000,000 |
Common stock, shares issued | 34,215,459 | 33,179,499 |
Common stock, shares outstanding | 34,215,459 | 33,179,499 |
Common Class B [Member] | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 60,000,000 | 60,000,000 |
Common stock, shares issued | 41,688,704 | 42,298,437 |
Common stock, shares outstanding | 41,688,704 | 42,298,437 |
Consolidated Statements Of Stoc
Consolidated Statements Of Stockholders' Equity - USD ($) $ in Thousands | Common Stock [Member]Common Class A [Member] | Common Stock [Member]Common Class B [Member] | Additional Paid-In Capital [Member] | Accumulated Other Comprehensive Income [Member] | Accumulated Deficit [Member] | Common Class A [Member] | Common Class B [Member] | Total |
Balance, Shares at Dec. 31, 2012 | 29,254,000 | 45,501,000 | ||||||
Balance at Dec. 31, 2012 | $ 293 | $ 455 | $ 341,762 | $ 4,031 | $ (51,815) | $ 294,726 | ||
Net income (loss) | 2,764 | 2,764 | ||||||
Other comprehensive income (loss) | (519) | (519) | ||||||
Stock issuances net, Shares | 346,000 | |||||||
Stock issuances, net | $ 3 | (795) | (792) | |||||
Conversion of Class B common stock by shareholder (See Note 16), Shares | 1,703,000 | (1,703,000) | ||||||
Conversion of Class B common stock by shareholder (See Note 16) | $ 17 | $ (17) | ||||||
Tax effect from stock-based payment arrangements | 223 | 223 | ||||||
Cash dividends declared | 259 | (36,238) | (35,979) | |||||
Stock-based compensation | 5,525 | 5,525 | ||||||
Balance, Shares at Dec. 31, 2013 | 31,303,000 | 43,798,000 | ||||||
Balance at Dec. 31, 2013 | $ 313 | $ 438 | 346,974 | 3,512 | (85,289) | 265,948 | ||
Net income (loss) | (30,072) | (30,072) | ||||||
Other comprehensive income (loss) | (284) | (284) | ||||||
Stock issuances net, Shares | 376,000 | |||||||
Stock issuances, net | $ 4 | (1,050) | (1,046) | |||||
Conversion of Class B common stock by shareholder (See Note 16), Shares | 1,500,000 | (1,500,000) | ||||||
Conversion of Class B common stock by shareholder (See Note 16) | $ 15 | $ (15) | ||||||
Tax effect from stock-based payment arrangements | (79) | (79) | ||||||
Cash dividends declared | 317 | (36,467) | (36,150) | |||||
Stock-based compensation | 7,544 | 7,544 | ||||||
Balance, Shares at Dec. 31, 2014 | 33,179,000 | 42,298,000 | 33,179,499 | 42,298,437 | ||||
Balance at Dec. 31, 2014 | $ 332 | $ 423 | 353,706 | 3,228 | (151,828) | 205,861 | ||
Net income (loss) | 24,144 | 24,144 | ||||||
Other comprehensive income (loss) | (217) | (217) | ||||||
Stock issuances net, Shares | 427,000 | |||||||
Stock issuances, net | $ 4 | (1,793) | (1,789) | |||||
Conversion of Class B common stock by shareholder (See Note 16), Shares | 609,000 | (609,000) | ||||||
Conversion of Class B common stock by shareholder (See Note 16) | $ 6 | $ (6) | ||||||
Tax effect from stock-based payment arrangements | 431 | 431 | ||||||
Cash dividends declared | 67 | (36,412) | (36,345) | |||||
Stock-based compensation | 17,232 | 17,232 | ||||||
Balance, Shares at Dec. 31, 2015 | 34,215,000 | 41,689,000 | 34,215,459 | 41,688,704 | ||||
Balance at Dec. 31, 2015 | $ 342 | $ 417 | $ 369,643 | $ 3,011 | $ (164,096) | $ 209,317 |
Consolidated Statements Of Sto8
Consolidated Statements Of Stockholder's Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Consolidated Statements Of Stockholders' Equity [Abstract] | |||
Cash dividends declared, per share | $ 0.48 | $ 0.48 | $ 0.48 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
OPERATING ACTIVITIES: | |||
Net income (loss) | $ 24,144 | $ (30,072) | $ 2,764 |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||
Amortization and impairments of feature film production assets | 3,891 | 5,515 | 19,058 |
Amortization of television production assets | 30,591 | 25,867 | 7,012 |
Depreciation and amortization | 26,630 | 29,007 | 24,469 |
Loss on an abandonment | 7,125 | ||
Loss on equity investment | 0 | 3,962 | 0 |
Services provided in exchange for equity instruments | (2,430) | ||
Equity in earnings of affiliate, net of dividends received | (53) | ||
Other amortization | 2,135 | 1,941 | 2,495 |
Stock-based compensation | 17,232 | 7,544 | 5,525 |
Provision for (recovery from) doubtful accounts | 630 | 1,164 | (6) |
(Benefit from) provision for deferred income taxes | (9,674) | (25,479) | 1,422 |
Other non-cash adjustments | (693) | (494) | (1,049) |
Cash (used in)/provided by changes in operating assets and liabilities: | |||
Accounts receivable | (19,147) | 17,908 | (8,972) |
Inventory | (1,432) | (1,861) | (1,103) |
Prepaid expenses and other assets | (3,480) | (9,259) | (2,113) |
Feature film production assets | (3,812) | (15,968) | (9,128) |
Television production assets | (36,175) | (20,927) | (11,453) |
Accounts payable, accrued expenses and other liabilities | 9,834 | 4,424 | (6,668) |
Deferred income | 4,238 | 61,415 | 1,500 |
Net cash provided by operating activities | 49,554 | 54,687 | 23,753 |
INVESTING ACTIVITIES: | |||
Purchases of property and equipment and other assets | (20,010) | (11,901) | (25,032) |
Purchases of short-term investments | (21,624) | (35,440) | (37,071) |
Proceeds from sales and maturities of investments | 24,125 | 42,237 | 44,318 |
Purchase of equity investments | (1,210) | (2,204) | (2,200) |
Purchase of corporate aircraft and related improvements | (30,898) | ||
Proceeds from sale of corporate aircraft | 3,167 | ||
Net proceeds from infrastructure improvement incentives | 2,937 | ||
Proceeds from sales of property and equipment | 39 | ||
Net cash used in investing activities | (18,719) | (1,204) | (50,844) |
FINANCING ACTIVITIES: | |||
Repayment of long-term debt | (4,345) | (4,080) | (1,396) |
Dividends paid | (36,345) | (36,150) | (35,979) |
Debt issuance costs | (850) | (758) | (675) |
Proceeds from issuance of stock | 1,066 | 970 | 704 |
Excess tax benefits from stock-based payment arrangements | 431 | 487 | 268 |
Proceeds from the issuance of note payable | 364 | 31,032 | |
Net cash used in financing activities | (40,043) | (39,167) | (6,046) |
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (9,208) | 14,316 | (33,137) |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 47,227 | 32,911 | 66,048 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 38,019 | 47,227 | 32,911 |
SUPPLEMENTAL CASH FLOW INFORMATION: | |||
Cash paid for income taxes, net of refunds | 21,698 | 2,060 | 2,288 |
Cash paid for interest | 1,395 | 1,376 | 984 |
NON-CASH INVESTING TRANSACTIONS: | |||
Non-cash purchase of property and equipment | 1,096 | $ 1,452 | $ 1,700 |
Non-cash purchase of investment securities (See Note 4) | $ 13,800 |
Basis Of Presentation And Busin
Basis Of Presentation And Business Description | 12 Months Ended |
Dec. 31, 2015 | |
Basis Of Presentation And Business Description [Abstract] | |
Basis of Presentation and Business Description | 1. B asis 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” r efer to WWE . 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 and transactional on-demand 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. Consumer Products Division : Licensing · Revenues consist principally of royalties or license fees related to various WWE themed products such as video games, toys , and apparel. Venue Merchandise · Revenues consist of sales of merchandise at our live events. WWEShop · Revenues consist of sales of merchandise on our website s, including through our WWEShop I nternet storefront and on distribution platforms, including Amazon . WWE Studios : · Revenues consist of amounts earned from investing in , producing , and/or distributing filmed entertainment . |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Summary Of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Use of Estimates — 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 am ounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the financial statements , and the reported amounts of revenue s and expenses during the reporting period s . Actual results could differ from those estimates. Basis of Consolidation — The consolidated financial statements include the accounts of WWE and all of its domes tic and foreign subsidiaries. Included in Corporate and Other are intersegment eliminations recorded in consolidation. All intercompany accounts and transactions have been eliminated in consolidation. Cash and Cash Equivalents — Cash and cash equivalents include cash on deposit in overnight deposit accounts and investments in money market accounts with original maturities of three months or less at the time of purchase. Short-term Investments, Net — We classify all of our short-term investments as available-for-sale securities. Such investments consist primarily of corporate and municipal bonds, including pr e-refunded municipal bonds. T hese investments are stated at fair value, with unrealized gains and losses on such securities reflected, net of tax, as other comprehensive income (loss) in stockholders’ equity. 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. Accounts Receivable, Net — Accounts receivable relate principally to amounts due to us from distributors of our WWE Network, pay-per-view providers and television networks for pay-per-view presentations and television programming, respectively, and balances due from the sale of home videos, as well as from licensees that produce consumer products containing our intellectual property and/or trademarks. We estimate the collectability of our receivables and establish allowances for the amount of accounts receivable that we estimate to be uncollectible. We base these allowances on our historical collection experience, the length of time our accounts receivable are outstanding and the financial condition of individual customers. An individual balance is charged to the allowance when all collection efforts have been exhausted and it is deemed likely to be uncollectible, taking into consideration the financial condition of the customer and other factors. Inventory — Inventory consists of merchandise sold on our website s and on distribution platforms, including Amazon , merchandise so ld at live events and DVDs/Blu-R ays, which are sold via a distributor to retailers. Substantially all of our inventory is comprised of finished goods. Inventory is stated at the lower of cost or market. The valuation of our inventories requires management to make market estimates assessing the quantities and the prices at which we believe the inventory can be sold. Property and Equipment, Net — Property and equipment are stated at historical cost net of benefits associated with tax incentives less accumulated depreciation and amortization. Depreciation and amortization is computed on a straight-line basis over the estimated useful lives of the assets or, when applicable, the life of the lease, whichever is shorter. Vehicles and equipment are depreciated based on estimated useful lives varying from three to five years. Buildings and related improvements are depreciated based on estimated useful lives varying from five to thirty-nine years. Our corporate aircraft is depreciated over ten years on a straight-line basis less an estimated residual value. Feature Film Production Assets, Net — Feature film production assets are recorded at the cost of production, including production overhead and net of production incentives. The costs for an individual film 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. 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 revenues 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 the unamortized cost, the film is written down to fair value. Impairment charges are recorded as an increase in amortization expense included in cost of revenues in the Consolidated Statements of Operations. Our estimate of ultimate revenues for feature films includes revenues from all sources for ten years from the date of a film’s initial release. We estimate the ultimate revenues based on industry and Company specific trends, the historical performance of similar films, the star power of the lead actors, and the genre of the film. Prior to the release of a feature film and throughout its life, we revise our estimates of revenues based on expected future results, actual results and other known factors affecting the various distribution markets. Television Production Assets, Net — Television production assets consist primarily of non-live event episodic television 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. Costs to produce our live event programming are expensed when the event is first broadcast and are not included in the capitalized costs or in the related amortization . Unamortized television production assets are evaluated for imp airment 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 expense the remaining unamortized asset. Valuation of Long-Lived Assets — We periodically evaluate the carrying amount of long-lived assets for impairment when events and circumstances warrant such a review. Investment Securities — We maintain several investments accounted for under the cost method of accounting and one investment accounted for under the equity method of accounting. Our cost method investments are carried at cost and adjusted for other-than-temporary declines in fair value . Our equity method investment relates to a joint venture with Authentic Brands Group (“ABG”) in an apparel and lifestyle brand, Tapout LLC (“Tapout”). Under the equity method of accounting, to the extent that Tapout records income or losses, we will record our share proportionate to our ownership percentage of 50% , and any dividends received would reduce the carrying amount of the investment. T he Company's share of the income or losses in Tapout is included as a component of Investment income, net, in the Consolidated Statements of Operations , and is also included, net of cash dividends received in Equity in earnings of affiliate, net of dividends received, in the Consolidated Statements of Cash Flows. We evaluate our investments for impairment annually, and when factors indicate that a significant decrease in value has occurred. Variables considered in making such assessments may include near-term prospects of the investees, subsequent rounds of financing activities of the investees, and the investees’ capital structure as well as other economic variables, which reflect assumptions market participants m ay use in pricing these assets. If an investment is deemed to have experienced an other-than-temporary decline below its cost basis, we reduce the carrying amount of the investment to its quoted or estimated fair value, as applicable, and establish a new cost basis for the investment. We record these other-than-temporary impairment charges in Loss on equity investments in the Consoli dated Statements of Operations. Income Taxes — Deferred tax liabilities and assets are recognized for the expected future tax consequences of events that have been reflected in the consolidated financial statements. Amounts are determined based on the differences between the book and tax bases of particular assets and liabilities and operating loss carry forwards, using tax rates in effect for the years in which the differences are expected to reverse. A valuation allowance is provided to offset deferred tax assets if, based upon the available evidence, it is more-likely-than-not that some or all of the deferred tax assets will not be realized. In evaluating our ability to recover our deferred tax assets within the jurisdiction from which they arise, we consider all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax-planning strategies, and results of recent operations. If we determine that we would be able to realize our deferred tax assets in the future in excess of their net recorded amount, we would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes, conversely, if we determine we might not be able to realize our deferred tax assets we would record a valuation allowa nce which would result in a char ge to the provision for income taxes. We use a two-step approach to recognizing and measuring uncertain tax positions. The first step is to evaluate tax positions taken or expected to be taken in a tax return by assessing whether they are more likely than not sustainable, based solely on their technical merits, upon examination, and including resolution of any related appeals or litigation process. The second step is to measure the associated tax benefit of each position, as the largest amount that we believe is more likely than not realizable. Differences between the amount of tax benefits taken or expected to be taken in our income tax returns and the amount of tax benefits recognized in our financial statements represent our unrecognized income tax benefits, which we record as a liability. Our policy is to include interest and penalties related to unrecognized income tax benefits as a component of income tax expense. Revenue Recognition — Revenues are generally recognized when products are shipped or as services are performed. However, due to the nature of several of our business lines, there are additional steps in the revenue recognition process, as described below. · WWE Network Subscriptions: Revenues are recognized ratably over each paid monthly membership period. Deferred revenue consists of subscription fees billed to members that have not been recognized and gift memberships that have not been redeemed. · Pay-per-view programming: Revenues from our pay-per-view programming are recorded when the event is aired and are based upon our initial estimate of the number of buys achieved. This initial estimate is based on preliminary buy information received from our pay-per-view distributors. Final reconciliation of the pay-per-view buys generally occurs within one year and any subsequent adjustments to the buys are recognized in the period new information is received. · Sponsorships: Through our sponsorship packages, we offer advertisers a full range of our promotional vehicles, including online and print advertising, on-air announcements and special appearances by our Superstars and Divas . We allocate revenue to all deliverables contained within a sponsorship arrangement based upon their relative selling price. In most instances, we determine relative selling price used for allocating revenue to a specific deliverable using vendor specific objective evidence ("VSOE"). VSOE is the selling price that a vendor charges when it sells similar products or services on a stand-alone basis. After allocating revenue to each deliverable, we recognize revenue from our sponsorship arrangements when each element is delivered. · Licensing: Revenues from our licensed products are recognized upon receipt of reports from the individual licensees that detail the royalties generated by related product sales. If we receive licensing advances, such payments are recorded as deferred revenue and are recognized as income when earned. · Home entertainment: Revenues from the sales of home video titles are recorded net of an allowance for estimated returns, at the later of delivery by our distributor to retailers, or the date that these products are made widely available for sale by retailers. The allowance for estimated returns is based on historical information, current industry trends and demand for our titles. · TV rights: Rights fees received from distributors of our television programming, both domestically and internationally, are recorded when the program has been delivered to the distributor and is available for exhibition. Our typical distribution agreement is between one and five years in length and frequently provides for contractual increases over its term. Expenses incurred in the production of our weekly television programming are expensed when the programming is first available for exhibition. Included in deferred income as of December 31, 2015 and 2014 is $46.2 million and $50.0 million , respectively, related to an advance payment associated with our domestic television rights deal. · Films: Revenue recognition for our feature films varies depending on the method of distribution and the extent of control the Company exercises over the distribution and related expenses. We exercise significant control over our self-distributed films and as a result, we record distribution revenue and related expenses on a gross basis in our financial statements. Third-party distribution partners control the distribution and marketing of our 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. This typically occurs in periods subsequent to the initial release of the film. Revenues generated from our films through the various distribution channels, including home video, video-on-demand and television are recognized consistent with the policies described above. Cost of Revenues — Included within cost of revenues is the amortization and impairments of feature film and television production assets. Television production assets consist primarily of non-live event episodic television series we have produced for distribution through a variety of platforms, including on our WWE Network. We amortize feature film production assets based on the estimated future cash flows. 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. Unamortized feature film and television production assets are evaluated for impairment each reporting period. Cost of revenues also includes the amortization of costs related to content delivery and technology assets utilized for our WWE Network. These costs are amortized on a straight line basis over the term of the respective service agreement. Included within Cost of revenues are the following: Year Ended December 31, 2015 2014 2013 Amortization and impairment of feature film assets $ 3,891 $ 5,515 $ 19,058 Amortization of television productions assets 30,591 25,867 7,012 Amortization of WWE Network content delivery and technology assets 3,870 2,302 — Total amortization and impairment included in cost of revenues $ 38,352 $ 33,684 $ 26,070 Costs to produce our live event programming are expensed when the event is first broadcast, and are not included in the amortization table noted above. Programming Amortization for WWE Network — For episodic programming debuting and currently expected to air exclusively on WWE Network, the cost of the programming is expensed upon initial release, as our expectation is that the vast majority of viewership will occur in close proximity to the initial release. We will monitor this assumption and revise this policy if actual viewership patterns vary. Program amortization for WWE Network is included in cost of revenues as a component of amortization of television production assets. 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 and certain international jurisdictions. Tax credits earned with respect to expenditures on qualifying film, television and other production activities, including qualifying capital projects, are included as an offset to the related asset or as an offset to production expenses when we have reasonable assurance regarding the realizable amount of the tax credits. Advertising Expense — Advertising costs are expensed as incurred, except for costs related to the development of a major commercial or media campaign , which are expensed in the period in which the commercial or campaign is first presented. For the years ended December 31, 2015 , 2014 and 2013 , we recorded advertising expenses of $25,260 , $30,198 and $14,414 , respectively. Foreign Currency Translation — For the translation of the financial statements of our foreign subsidiaries whose functional currencies are not U.S. Dollars, assets and liabilities are translated at the year-end exchange rate, and income statement accounts are translated at monthly average exchange rates for the year. The resulting translation adjustments are recorded in accumulated other comprehensive income, a component of stockholders’ equity and also in comprehensive income. Foreign currency transactions are recorded at the exchange rate prevailing at the transaction date, with any gains/losses recorded in other income/expense. Stock-Based Compensation — Equity awards are granted to directors, officers and employees of the Company. Stock-based compensation costs associated with our restricted stock units ("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. 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. 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). The vesting of these PSUs are subject to certain performance conditions and a service requirement of typically 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. 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. Earnings Per Share (EPS) — Basic EPS is calculated by dividing net income by the weighted average common shares outstanding during the period. Diluted EPS is calculated by dividing net income by the weighted average common shares outstanding during the period, plus dilutive potential common shares which is calculated using the treasury-stock method. Under the treasury-stock method, potential common shares are excluded from the computation of EPS in periods in which they have an anti-dilutive effect. Net income per share of Class A and Class B common stock is computed in accordance with a two-class method of earnings allocation. As such, any undistributed earnings for each period are allocated to each class of common stock based on the proportionate share of cash dividends that each class is entitled to receive. The Company did not compute earnings per share using the two class method for the years ended December 31, 2015 , 2014 and 2013 , as there were no undistributed earnings during the periods. Also, during 2015 , 2014 and 2013 , the dividends declared and paid per share of Class A and Class B common stock were the same. Recent Accounting Pronouncements In November 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-17, “ Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes ,” which requires deferred tax assets and liabilities, as well as any related valuation allowance, be classified as noncurrent on the balance sheet. As a result, each jurisdiction will only have one net noncurrent deferred tax asset or liability. This ASU does not change the existing requirement that only permits offsetting within a jurisdiction. The amendments in the update may be applied either prospectively or retrospectively to all prior periods presented. The new guidance is effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods, with early adoption permitted. We adopted the amendments as of December 31, 2015 on a prospective basis. Adoption of the amendments resulted in the presentation of all deferred income tax assets as noncurrent deferred income tax assets in our Consolidated Balance Sheet as of December 31, 2015. No prior periods were retrospectively adjusted and the adoption of the amendments had no impact on our consolidated results of operations or cash flows. 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 beg inning after December 31, 2015, and interim periods within those fiscal years, with early adoption permitted. We adopted these updates as of December 31, 2015. As all of the Company’s debt issuance costs are related to line-of-credit arrangements and are classified as assets, the adoption of these updates did not have any impact on the Company’s 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. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 3. 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): Year Ended December 31, 2015 2014 2013 Net income (loss) $ 24,144 $ (30,072) $ 2,764 Weighted average basic common shares outstanding 75,696 75,294 74,939 Dilutive effect of restricted and performance stock units (a) 634 — 438 Dilutive effect of employee share purchase plan (a) 3 — 2 Weighted average dilutive common shares outstanding 76,333 75,294 75,379 Earnings (loss) per share: Basic and diluted $ 0.32 $ (0.40) $ 0.04 Anti-dilutive outstanding restricted and performance stock units (excluded from per-share calculations) — 80 395 (a) Due to a loss for the year, zero incremental shares are included for the year ended December 31, 2014 because the effect would be antidilutive. |
Investment Securities And Short
Investment Securities And Short-Term Investments | 12 Months Ended |
Dec. 31, 2015 | |
Investment Securities And Short-Term Investments [Abstract] | |
Investment Securities and Short-Term Investments | 4. Investment Securities and Short-Term Investments Investment Securities: Included within Investment Securities are the following: As of December 31, 2015 2014 Equity method investment $ 14,163 $ — Cost method investments 8,115 7,200 Total investment securities $ 22,278 $ 7,200 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 , with an additional investment of $400 in Series F Preferred Stock made during 2015 . On May, 30, 2013, the Company made an investment of $2,200 in a live event touring business , with an additional investment of $515 made during 2015. We evaluate our cost method investments for impairment if factors indicate that a significant decrease in value has occurred. During 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. The Company did not record any impairment charges on its cost method investments during the years ended December 31, 2015 and 2013. Equity Method Investment: In March 2015, WWE and ABG formed a joint venture to re-launch an apparel and lifestyle brand, Tapout (the "Brand"). 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 . Additionally, the terms of the agreement dictates that all significant activities must be approved by Tapout’s 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 and thus does not have a controlling financial interest. Based on our analysis, we have classified Tapout as a variable interest entity (“VIE”). 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. 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. During the year ended December 31, 2015, we recorded $994 of net equity method earnings from Tapout, which is included as a component of Investment income, net on the Consolidated Statements of Operations. The Company did not record any impairment charges related to our investment in Tapout during 2015 . Classified within Investment Securities as of December 31, 2015 was $14,163 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 year ended December 31, 2015, we recorded revenues of $2,430 related to our fulfillment of our promotional services obligation to Tapout. The remaining service obligation as of December 31, 2015 was $11,370 , and was included in Deferred Income and Non-Current Deferred Income for $330 and $11,040 , respectively. Our known maximum exposure to loss approximates the remaining service obligation to Tapout, which was $11,370 as of December 31, 2015. Creditors of Tapout do not have recourse against the general credit of the Company. Short-Term Investments: Short-term investments measured at fair value consisted of the following: December 31, 2015 December 31, 2014 Gross Unrealized Gross Unrealized Amortized Fair Amortized Fair Cost Gain (Loss) Value Cost Gain (Loss) Value Municipal bonds $ 21,284 $ 11 $ (56) $ 21,239 $ 19,962 $ 39 $ (9) $ 19,992 Corporate bonds 43,317 9 (208) 43,118 43,388 20 (199) 43,209 Government agency bonds — — — — 5,000 — (15) 4,985 Total $ 64,601 $ 20 $ (264) $ 64,357 $ 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 Stockholders’ Equity . 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 December 31, 2015 , contractual maturities of these bonds are as follows: Maturities Municipal bonds 4 months - 3 years Corporate bonds 8 months - 3 years The following table summarizes the short-term investment activity: Year Ended December 31, 2015 2014 2013 Proceeds from sale of short-term investments $ — $ 22,572 $ 2,793 Proceeds from maturities and calls of short-term investments $ 24,125 $ 19,665 $ 41,525 Purchases of short-term investments $ 21,624 $ 35,440 $ 37,071 Gross realized (losses) gains on sale of short-term investments $ — $ (37) $ 1 |
Fair Value Measurement
Fair Value Measurement | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Measurement [Abstract] | |
Fair Value Measurement | 5. 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 measure ment 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 consi deration of non-performance risk, including the Company’s own credit risk. 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 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- U nobservable 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 December 31, 2015 Fair Value at December 31, 2014 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Municipal bonds $ 21,239 $ — $ 21,239 $ — $ 19,992 $ — $ 19,992 $ — Corporate bonds 43,118 — 43,118 — 43,209 — 43,209 — Government agency bonds — — — — 4,985 — 4,985 — Total $ 64,357 $ — $ 64,357 $ — $ 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 investments 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, 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 fair value 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, subsequent 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. During the year ended December 31, 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 . The Company did not record any impairment charge on these assets during the years ended December 31, 201 5 and December 31, 201 3 . 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 year ended December 31, 2015, the Company recorded a non-cash abandonment charge of $7,125 to write-off the carrying value of costs related to a media center expansion project. See Note 6, Property and Equipment , for further discussion. During the year ended December 31, 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 prior to its sale and recorded an impairment charge of $1,757 related to a change in business strategy related to our gamification business . The Company classifies these assets as Level 3 within the fair value hierarchy due to significant unobservable inputs. During the years ended December 31, 2015 , 2014 and 2013 , the Company recorded impairment charges of $490 , $1,476 and $11,661 on feature film production assets based upon fair value measurements of $1,430 , $1,848 , and $2,363 , respectively. See Note 7, Feature Film Production Assets , for further discussion. The Company classifies these fair values as Level 3 within the fair value hierarchy due to significant unobservable inputs. The Company utilizes a discounted cash flows model to determine the fair value of these impaired films where indicators of impairment exist. The significant unobservable inputs to this model are the Company’s expected cash flows for the film, including projected home video sales, pay and free TV sales and international sales, and a discount rate of 13% that we estimate market participants would seek for bearing the risk associated with such assets. The Company utilizes an independent third party valuation specialist who assists us in gathering the necessary inputs used in our model. 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 December 31, 2015 , the face amount of the note approximates its fair value. |
Property And Equipment
Property And Equipment | 12 Months Ended |
Dec. 31, 2015 | |
Property And Equipment [Abstract] | |
Property and Equipment | 6. Property and Equipment Property and equipment consisted of the following: As of December 31, 2015 2014 Land, buildings and improvements $ 100,594 $ 106,058 Equipment 117,018 107,753 Corporate aircraft 31,277 31,277 Vehicles 244 244 249,133 245,332 Less accumulated depreciation and amortization (143,916) (131,284) Total $ 105,217 $ 114,048 Depreciation expense for property and equipment totaled $21,107 , $25,059 and $22,906 for the years ended December 31, 2015 , 2014 and 2013 , respectively. During the year ended December 31, 2015, the Company reevaluated its plans to develop an improved and expanded media center at the location of our existing production facility. This expansion project was initiated several years ago but the expansion was delayed due to the economic uncertainty at the time. Recent changes in our operations further delayed the expansion project. In light of the Company’s current operating model, including the increased production demands of WWE Network and headcount requirements, the Company has made the determination that these costs, which included architectural, engineering and technical design costs, would not be viable and as such have deemed them abandoned; accordingly, we recorded a non-cash abandonment charge of $7,125 to write-off the carrying value of these costs, which is disclosed as Loss on abandonment on the Consolidated Statements of Operations and is included in our Corporate and Other segment results. Depreciation expense for the year ended December 31, 2014 reflects a benefit of $1,492 from the recognition of infrastructure tax credit s relating to our improvements in conjunction with capital projects to support our increased content production efforts. The credit was received during the year ended December 31, 2014, but related to assets placed in service in prior years. The credit was used to reduce the carrying value of the assets as of their in-service date, and consequently, the adjustment to depreciation expense reflects the revised amount incurred since the in-service date. D epreciation expense for the year ended December 31, 2014 also includes an impairment charge of $1,757 related to a change in business strategy during 2014 related to our gamification platform and 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 . See Note 13, Restructuring Charge , for further details regarding the change in business strategy undertaken during 2014. |
Feature Film Production Assets,
Feature Film Production Assets, Net | 12 Months Ended |
Dec. 31, 2015 | |
Feature Film Production Assets, Net [Abstract] | |
Feature Film Production Assets, Net | 7. Feature Film Production Assets, Net Feature film production assets consisted of the following: As of December 31, 2015 2014 In release $ 15,249 $ 12,063 Completed but not released 2,432 3,865 In production 8,029 10,036 In development 643 507 Total $ 26,353 $ 26,471 Approximate ly 39% 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 80% of our "In release" film production assets within four years as we receive revenues associated with television distribution of our licensed films. During the years ended December 31, 2015 , 2014 and 2013 , we amortized $3,401 , $3,700 and $7,397 , respectively, of feature film production assets. During these periods, our films were released under a co-distribution model. Under the co-distribution model, t hird-party distribution partners control the distribution and marketing of co-distributed films, and as a result, we recognize revenue on a net basis after the third-party distribution partners recoup 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. During the year ended December 31 , 2015, we released three feature films direct via limited theatrical distribution, Vendetta , 12 Rounds 3: Lockdown and The Condemned 2 , and three films direct to DVD, The Flintstones & WWE: Stone Age SmackDown , The Marine 4: Moving Target and Santa’s Little Helper . These six films comprise approxim ately $7,000 of our "In release" feature film assets as of December 31 , 2015. During the year ended December 31, 2014, we released one feature film via theatrical distribution, Oculus , and five films direct to DVD, Scooby Doo! WrestleMania Mystery, Leprechaun: Origins , See No Evil 2, Queens of the Ring and Jingle All the Way 2. These six films comprise $5,907 of our "In release" feature film assets as of December 31, 2014. In addition, t he Company entered into an agreement to co-distribute the feature film Road to Paloma , which was released via a limited theatrical release and on DVD in July 2014. We currently have two theatrical films designated as “Completed but not released” and have seven films "In p roduction ." 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. Du ring the year end ed December 31, 2014, we expensed $339 related to previously capitalized development costs related to abandoned projects . We did not incur any comparable expenses for the year s ended December 31, 2015 and 2013. 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 fil m 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 impairment charges $490 , $1,476 and $11,661 related to our feature films during the years ended December 31, 2015 , 2014 and 2013 , respectively. These impairment charges represent the excess of the recorded net carrying value over the estimated fair value. |
Television Production Assets, N
Television Production Assets, Net | 12 Months Ended |
Dec. 31, 2015 | |
Television Production Assets, Net [Abstract] | |
Television Production Assets, Net | 8. Television Production Assets, Net Television production assets consisted of the following: As of December 31, 2015 2014 In release $ 425 $ 1,035 Completed but not released — 1,259 In production 10,991 3,538 Total $ 11,416 $ 5,832 Television production assets consist primarily of non-live event episodic television 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: For the year ended December 31, 2015 2014 2013 WWE Network programming $ 8,607 $ 13,148 $ — Television programming 21,984 12,719 7,012 Total $ 30,591 $ 25,867 $ 7,012 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 expense the remaining unamortized asset. During the years ended December 31, 2015 , 2014 and 2013 , we did not record any impairments related to our television production assets. |
Accounts Payable And Accrued Ex
Accounts Payable And Accrued Expenses | 12 Months Ended |
Dec. 31, 2015 | |
Accounts Payable And Accrued Expenses [Abstract] | |
Accounts Payable and Accrued Expenses | 9. Accounts Payable and Accrued Expenses Accounts payable and accrued expenses consisted of the following: As of December 31, 2015 2014 Trade related $ 8,583 $ 6,721 Staff related 6,436 6,558 Management incentive compensation 23,183 13,279 Talent related 6,285 6,446 Accrued WWE Network related expenses 4,220 5,155 Accrued event and television production 6,243 5,612 Accrued home entertainment expenses 381 953 Accrued legal and professional 2,139 1,483 Accrued purchases of property and equipment 1,096 1,452 Accrued film liability 2,531 2,521 Accrued other 8,904 7,398 Total $ 70,001 $ 57,578 Accrued other includes accruals for our international and licensing business activities, as well as oth er miscellaneous accruals, none of which categories individually exceeds 5% of current liabilities. The increase in accrued expens es is primarily due to an increase in management incentive compensation based on Company ’s performance . |
Debt
Debt | 12 Months Ended |
Dec. 31, 2015 | |
Debt [Abstract] | |
Debt | 10. 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 December 31 , 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 December 31 , 2015, the LIBOR-based rate plus margin was 3.11% . The Loan Parties are required to pay certain fees, including a commi tment 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, 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 December 31 , 2015 , the Company was in compliance with the Film Credit Facility, and had $5,100 of available capacity under the term s of the Film Credit Facility . 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”). The Revolving Credit Facility was subsequently amended during 2013 and 2014 to, among other things, extend the maturity date to September 9, 2016 , modify the applicable margin for borrowing s under the facility, amend restrictions on certain f inancial covenants to provide for greater financial flexibility , and include certain additional allowances for the Company to make investments in special film entities. Applicable interest rates for the borrowings under the Revolving C redit F acility are based on the Company's current consolidated leverage ratio. As of December 31, 2015 , the LIBOR-based rate plus margin was 2.36% . 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 t erms of the Revolving C redit F acility, 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. As of December 31, 2015 , the Company was in compliance with the Revolving Credit Facility, as amended, and ha d available debt capacity under the terms of the R evolving C redit Facility of approximately $200,000 . As of December 31, 2015 and 2014 , there were no amounts outstanding under the Revolving C redit F acility. 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 December 31, 2015 and 2014 , the amount outstanding under the Note w ere $21,575 and $25,920 , respectively. As of December 31, 2015 , the scheduled principal repayments under our Note obligation for the subs equent five years are as follows: December 31, 2016 $ 4,440 December 31, 2017 4,538 December 31, 2018 4,638 December 31, 2019 4,740 December 31, 2020 3,219 $ 21,575 The table above assumes that the Note will not be prepaid prior to its maturity on August 7, 2020. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Taxes [Abstract] | |
Income Taxes | 11. Income Taxes For the years ended December 31, 2015 , 2014 and 2013 , the effective tax rate on income (loss) from continuing operations was 33.4% , 39.0% and 39.9% , respectively. The components of our tax provision are as follows: Year Ended December 31, 2015 2014 2013 Current taxes: Federal $ 12,107 $ 508 $ (2,407) State and local 2,537 (335) 162 Foreign 7,112 6,074 5,506 Deferred taxes: Federal (9,736) (23,108) (725) State and local 78 (2,365) (680) Foreign (16) (6) (17) Total income tax expense (benefit) $ 12,082 $ (19,232) $ 1,839 Within the current foreign tax provision for the years ended December 31, 2015, 2014, and 2013 is approximately $6,860 , $5,724 and $5,340 , respectively, of foreign withholding taxes paid on income included within the US pre-tax book income b elow. Components of income (loss) before income taxes are as follows: Year Ended December 31, 2015 2014 2013 United States $ 35,306 $ (49,808) $ 4,011 Foreign 920 504 592 Total income (loss) before income taxes $ 36,226 $ (49,304) $ 4,603 The following sets forth the d ifference between the provision /(benefit) for income taxes computed at the U.S. federal statutory income tax rate of 35% and that reported for financial statement purposes: Year Ended December 31, 2015 2014 2013 Statutory U.S. federal tax at 35% $ 12,679 $ (17,256) $ 1,611 State and local taxes, net of federal tax benefit 1,848 (1,444) 94 Foreign rate differential (97) (34) (21) Tax exempt interest income (52) (119) (341) Qualified production activity deduction (2,077) 39 (94) Unrecognized tax benefits (447) (395) (278) Meals and entertainment 284 297 257 Employee Stock Purchase Plan (23) (27) 133 Other (33) (293) 478 Provision/(Benefit) for income taxes $ 12,082 $ (19,232) $ 1,839 The tax effects of temporary differences and net operating losses that give rise to significant portions of the deferred tax assets and deferred tax liabilities consisted of the following: As of December 31, 2015 2014 Deferred tax assets: Accounts receivable $ 2,922 $ 1,835 Inventory 2,973 3,796 Deferred income 23,939 6,004 Stock compensation 6,403 2,551 Net operating loss carryforwards 1,174 13,419 Foreign tax credits 4,805 6,967 Investments 101 71 Intangible assets 3,150 2,835 Capitalized feature film production costs 917 — Accrued liabilities and reserves 769 474 Federal benefit related to uncertain tax positions 313 495 Deferred tax assets, gross 47,466 38,447 Valuation allowance (1,174) (1,410) Deferred tax assets, net 46,292 37,037 Deferred tax liabilities: Property and equipment depreciation (1,475) (1,728) Capitalized feature film production costs — (258) Investments (108) (16) Deferred tax liabilities (1,583) (2,002) Total deferred tax assets, net $ 44,709 $ 35,035 The temporary differences described above represent differences between the tax basis of assets or liabilities and amounts reported in the consolidated financial statements that will result in taxable or deductible amounts in future years when the reported amounts of the assets or liabilities are recovered or settled. The Company received tax deductions from the vesting of restricted stock units and performance stock units of $7,694 , $5,459 and $3,939 in 2015 , 2014 and 2013 , respectively. During November 2015, the FASB issued ASU No. 2015-17, “ Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes” which simplifies the presentation of deferred income taxes. This ASU requires that deferred tax assets and liabilities be classified as non-current in a statement of financial position. We early adopted ASU 2015-17 effective December 31, 2015 on a prospective basis. Adoption of this ASU resulted in the presentation of all deferred income tax assets as non-current deferred income tax assets in our Consolidated Balance Sheet as of December 31, 2015. No prior periods were retrospectively adjusted. As of December 31, 2015, we had $ 44,709 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 our current assets and $10,915 included in non-current income tax assets in our C onsolidated B alance S heets. The increase in our deferred tax asset balance was driven by prepaid royalties relating to television contracts. As of December 31, 2015 and 2014 , we had valuation allowances of $1,174 and $1,410 respectively, to reduce our deferred tax assets to an amount more likely than not to be recovered. This valuation allowance relates to foreign income taxes and the resulting net operating losses in foreign jurisdictions where we have ceased operations. 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 assets 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. As of December 31, 2015 , the Company had a total of $4,805 of foreign tax credit carryforwards, available to offset future U.S. income taxes. As of December 31, 2015 , the tax credits will begin to expire at various times in 2024 . We are subject to periodic audits of our various tax returns by government agencies which could result in possible tax liabilities. Although the outcome of these matters cannot currently be determined, we believe the outcome of these audits will not have a material effect on our financial statements. U.S. income taxes have not been provided for on approximately $6,164 of unremitted earnings of our international subsidiaries. These earnings are expected to be indefinitely reinvested overseas. It is not practical to compute the estimated deferred tax liability on these earnings. Any additional U.S. taxes payable on the remaining foreign earnings, if remitted, would be substantially offset by credits for foreign taxes already paid. Unrecognized Tax Benefits For the year ended December 31, 2015 , we recognized $453 of previously unrecognized tax benefits. This primarily relates to the statute of limitations expiring in certain state and local jurisdictions. Included in the amount recognized was $78 of potential interest and penalties related to uncertain tax positions. For the year ended December 31, 2014 , we recognized $489 of previously unrecognized tax benefits relating to the statute of limitations expiring in certain state and local jurisdictions. Included in the amount recognized was $64 of potential interest and penalties related to uncertain tax positions. The recognition of these amounts contributed to our effective tax rate of 33.4% for the year ended December 31, 2015 as compared to 39.0% for the year ended December 31, 2014 . At December 31, 2015 , we had $818 of unrecognized tax benefits, which if recognized, would affect our effective tax rate. Of this amount, $5 is classified in Prepaid expense and other current assets and the remaining $813 is classified in Non-c urrent income tax liabilities. At December 31, 2014 , we had $1,273 of unrecognized tax benefits. Of this amount $69 is classified in Prepaid expense and other current assets and the remaining $1,204 was classified in Non-current income tax liabilities. Unrecognized tax benefit activity is as follows: Year Ended December 31, 2015 2014 Beginning Balance- January 1 $ 1,273 $ 1,786 Increase to unrecognized tax benefits recorded for positions taken during the current year 165 68 (Decrease) Increase to unrecognized tax benefits recorded for positions taken during a prior period (181) (38) Decrease in unrecognized tax benefits relating to settlements with taxing authorities (60) (100) Decrease to unrecognized tax benefits resulting from a lapse of the applicable statute of limitations (379) (443) Ending Balance- December 31 $ 818 $ 1,273 We recognize potential accrued interest and penalties related to uncertain tax positions in income tax expense. We h ave $235 of accrued interest and $69 of accrued penalties related to uncertain tax positions as of December 31, 2015, classified in Non-current income tax liabilities. At December 31, 2014 , we had $355 of accrued interest and $120 of accrued penalties related to uncertain tax positions. Of this amount, $11 was classified in Prepaid expense and other current assets and the remaining $464 was classified in Non-current income tax liabilities. Based upon the expiration of statutes of limitations and possible settlements in several jurisdictions, we believe it is reasonably possible that the total amount of previously unrecognized tax benefits may decrease by approximately $405 within 12 months after December 31, 2015 . We file income tax returns in the United States and various state, local, and for eign jurisdictions. During 2015 and 2014 , the Company settled audits with the IRS, various state, local, and foreign jurisdictions. We are generally subject to examination by the IRS for years ending on or after December 31, 2012. We are also subject to examination by various state and local jurisdictions for years ending on or after December 31, 201 2 . |
Film And Television Production
Film And Television Production Incentives | 12 Months Ended |
Dec. 31, 2015 | |
Film And Television Production Incentives [Abstract] | |
Film and Television Production Incentives | 12. 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 qualifying 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 years ended December 31, 2015, 2014 and 2013 : Year Ended December 31, 2015 2014 2013 Television production incentives $ 11,100 $ 10,833 $ 10,345 Feature film production incentives $ 1,639 $ 4,548 $ 864 Infrastructure improvements on qualifying capital projects (a) $ — $ 3,080 $ — (a) Of the $3,080 received during the year ended December 31, 2014, the Company recorded $2,937 as a reduction in property and equipment. |
Restructuring Charge
Restructuring Charge | 12 Months Ended |
Dec. 31, 2015 | |
Restructuring Charge [Abstract] | |
Restructuring Charge | 13. Restructuring Charge During 2014, the Company announced a restructuring plan in support of a cost cutting initiative. Included in this restructuring was the shutdown of our magazine publishing business, a shift in our gamification strategy, and a reduction in our headcount. Additionally, the cost cutting initiatives included reducing prospective spending throughout our operations. The Company recorded a one-time pre-tax restructuring charge of approximately $4,200 in the third quarter of 2014, comprised primarily of a cash charge of approximately $2,000 for severance costs and the write-down of certain assets associated with our gamification business resulting in a non-cash charge of approximately $1,800 . The severance costs are recorded in Selling, General and Administrative expenses in our Consolidated Statements of Operations. Approximately $1,700 of cash spend related to severance and other restructuring charges was paid out in the second half of 2014 and the remainder was paid out during 2015. |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments And Contingencies [Abstract] | |
Commitments and Contingencies | 14. Commitments and Contingencies We have certain commitments, including various non-cancelable operating leases for facilities and sales offices, service contracts with certain vendors and various talent , and a service agreement obligation related to WWE Network . Future minimum payments as of December 31, 2015 under the agreements described above were as follows: Operating Talent and Service Lease Other Agreement Commitments Commitments Commitments Total 2016 $ 4,237 $ 16,897 $ 9,526 $ 30,660 2017 3,468 12,709 — 16,177 2018 2,629 3,714 — 6,343 2019 1,893 1,995 — 3,888 2020 1,062 1,330 — 2,392 Thereafter 4,076 1,227 — 5,303 Total $ 17,365 $ 37,872 $ 9,526 $ 64,763 Rent expense under operating lease commitments totaled $6,414 , $6,583 and $5,405 for the years ended December 31, 2015 , 2014 and 2013 , respectively. 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 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 and, on November 16, 2015, the Company moved to dismiss the amended 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. On November 23, 2015, amended complaints were filed in Frazier and Osborne , which the Company moved to dismiss on December 16, 2015 and December 21, 2015, respectively. 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, which the Company opposed. Motions to dismiss remain pending in all cases, and the Court previously ordered a stay of discovery in all cases pending decisions on the motions to dismiss. On January 15, 2016, the Court partially lifted the stay and permitted discovery only on three issues in the case involving Singleton and LoGrasso. Such discovery is to be completed by June 1, 2016 and dispositive motions filed by August 1, 2016. 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. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 15. Related Party Transactions Vincent K. McMahon, Chairman of the Board of Directors and Chief Executive Officer, controls a substantial majority of the voting power of the issued and outstanding shares of our common stock. Through the beneficial ownership of a substantial majority of our Class B common stock, Mr. McMahon can effectively exercise control over our affairs. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2015 | |
Stockholders' Equity [Abstract] | |
Stockholders' Equity | 16. Stockholders’ Equity Class B Convertible Common Stock Our Class B common stock is fully convertible into Class A common stock, on a one for one basis, at any time at the option of the holder. The two classes are entitled to equal per share dividends and distributions and vote together as a class with each share of Class B entitled to ten votes and each share of Class A entitled to one vote, except when separate class voting is required by applicable law. If, at any time, any shares of Class B common stock are beneficially owned by any person other than Vincent McMahon, Linda McMahon, any descendant of either of them, any entity which is wholly owned and is controlled by any combination of such persons or any trust, all the beneficiaries of which are any combination of such persons, each of those shares will automatically convert into shares of Class A common stock. During the years ended December 31, 2015 , 2014 and 2013 , Class B shares were sold, resulting in their conversion to Class A shares. Through his beneficial ownership of a substantial majority of our Class B common stock, our controlling stockholder, Vincent McMahon, can effectively exercise control over our affairs, and his interests could conflict with the holders of our Class A common stock. Dividends We declared and paid quarterly dividends of $0.12 per share, totaling $36,345 , $36,150 , and $35,979 on all Class A and Class B shares for the years ended December 31, 2015 , 2014 2013 respectively. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2015 | |
Stock-Based Compensation [Abstract] | |
Stock-based Compensation | 17. Stock-based Compensation Our 2007 Amended and Restated Omnibus Incentive Plan ("the 2007 Plan") provides for equity-based incentive awards as determined by the Compensation Committee of the Board of Directors as incentives and rewards to encourage officers and employees to participate in our long-term success. As of December 31, 2015 , there were approximately 1.4 million shares available for future grants under the 2007 Plan. It is our policy to issue new shares to satisfy option exercises and the vesting of RSUs and PSUs. Restricted Stock Units The Company grants RSUs to officers and employees under 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 installm ents. 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 tables summarize the activity of RSUs for the year ended December 31, 2015 : Units Weighted- Average Grant-Date Fair Value Unvested at January 1, 2015 119,220 $ 20.39 Granted 226,604 $ 14.51 Vested (44,741) $ 18.98 Forfeited (43,024) $ 15.40 Dividend equivalents 8,391 $ 16.45 Unvested at December 31, 2015 266,450 $ 16.31 Year Ended December 31, 2015 2014 2013 Stock-based compensation expense $ 1,706 $ 1,095 $ 632 Tax benefits realized 666 1,036 621 Weighted-average grant-date fair value of RSUs granted 3,288 2,573 515 Fair value of RSUs vested 849 808 656 As of December 31, 2015 , total unrecognized stock-based compensation expense related to unvested RSUs net of estimated forfeitures, was approximately $2,383 before income taxes, and is expected to be recognized over a weighted-average period of approximately 1.6 years. Performance Stock Units The Company grants P SUs to officers and employees under the 2007 Plan. Stock-based compensation costs associated with our 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 typically 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 o f estimated forfeitures. 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 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 December 31 , 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 $1,867 of stock compensation expense related to the second award during the year ended December 31, 2015 . The following tables summarize the activity of PSUs for the year ended December 31, 2015 : Units Weighted- Average Grant-Date Fair Value Unvested at January 1, 2015 733,768 $ 14.89 Granted 1,000,146 $ 17.84 Achievement adjustment 7,056 $ 14.36 Vested (443,982) $ 13.69 Forfeited (72,209) $ 17.79 Dividend equivalents 13,900 $ 16.26 Unvested at December 31, 2015 1,238,679 $ 17.95 Year Ended December 31, 2015 2014 2013 Stock-based compensation expense $ 15,088 $ 6,248 $ 4,489 Tax benefits realized 7,028 4,423 3,318 Weighted-average grant-date fair value of PSUs granted 17,843 3,434 14,430 Fair value of PSUs vested 6,078 5,090 2,937 During the year ended December 31, 201 5, 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, 201 5 , the performance conditions related to these PSUs were exceeded, which resulted in a n increase of 7,056 PSUs in 201 5 relating to the original 201 4 PSU grant s . As of December 31, 2015 , total unrecognized stock-based compensation expense related to unvested PSUs, net of estimated forfeitures, was approx imately $19,351 , before income taxes, and is expected to be recognized over a weighted-average period of approximately 1.8 years . Employee Stock Purchase Plan We provide a stock purchase plan for our employees. Under the plan, all eligible regular full-time employees may contribute up to 10% of their base compensation (subject to certain income limits) to the semi-annual purchase of shares of our common stock. The purchase price is 85% of the fair market value at certain plan-defined dates. As this plan is defined as compensatory, a charge is recorded to Selling, general and administrative expense for the difference between the fair market value and the discounted price. During 2015 , 2014 and 2013 , employees purchased 86,922 , 71,157 and 76,219 shares of our common stock which resulted in an expense of $438 , $201 , $404 , respectively. As of December 31, 2015 , 1.7 million shares of the Company's common stock are reserved for issuance under the 2012 Employee Stock Purchase Plan. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2015 | |
Employee Benefit Plans [Abstract] | |
Employee Benefit Plans | 18. Employee Benefit Plans We sponsor a 401(k) defined contribution plan covering substantially all employees. Under this plan, participants are allowed to make contributions based on a percentage of their salary, subject to a statutorily prescribed annual limit. We make matching contributions of 50% of each participant’s contributions, up to 6% of eligible compensation. We may also make additional discretionary contributions to the 401(k) plan. Our expense for matching contributions to the 401(k) plan was $1,947 , $1,861 and $1,606 for the years ended December 31, 2015 , 2014 and 2013 , respectively. The Company did not make any discretionary contributions for the years ended December 31, 2015 , 2014 or 2013 . |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2015 | |
Segment Information [Abstract] | |
Segment Information | 19. Segment Information As discussed in Note 1 , Basis of Presentation and Business Description, 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 and 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 amortizat ion 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 decisi ons about allocating resources. Additionally, we believe that OIBDA provides a meaningful representation of operating cash flows within our segments. OIBDA is a non-GAAP financial measure and may be different than similarly titled non-GAAP financial measures used by other companies. A limitation of OIBDA is that it excludes depreciation and amortization, which represents the periodic charge for certain fixed assets and intangible assets used in generating revenues for our business. OIBDA should not be regarded as an alternative to operating income or net income as an indicator of operating performance, or to the statement of cash flows as a measure of liquidity, nor should it be considered in isolation or as a substitute for financial measures prepared in accordance with GAAP. We believe that operating income is the most directly comparable GAAP financial measure to OIBDA. See below for a reconciliation of OIBDA to operating income for the periods presented. 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 business 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. The following tables present summarized financial information for each of the Company's reportable segments: Year Ended December 31, 2015 2014 2013 Net revenues: Network $ 159,407 $ 114,975 $ 86,264 Television 231,115 176,670 163,428 Home Entertainment 13,434 27,313 24,322 Digital Media 21,448 20,910 28,661 Live Events 124,667 110,659 113,168 Licensing 48,913 38,565 43,633 Venue Merchandise 22,428 19,336 19,397 WWEShop 27,074 20,238 15,598 WWE Studios 7,082 10,882 10,778 Corporate & Other 3,200 3,072 2,721 Total net revenues $ 658,768 $ 542,620 $ 507,970 Depreciation and amortization: Network $ — $ — $ — Television 8,955 8,141 6,613 Digital Media 1,254 2,989 2,693 Live Events 22 29 45 WWE Studios 8 9 9 Corporate & Other 12,521 15,537 15,109 Total depreciation and amortization $ 22,760 $ 26,705 $ 24,469 OIBDA: Network $ 48,364 $ (1,773) $ 27,801 Television 96,967 61,865 56,181 Home Entertainment 4,624 15,024 8,839 Digital Media 4,384 295 5,688 Live Events 37,986 27,829 30,740 Licensing 28,795 20,924 31,265 Venue Merchandise 8,870 7,722 7,547 WWEShop 5,148 3,524 2,378 WWE Studios (1,487) 466 (12,744) Corporate & Other (1) (172,097) (151,328) (127,335) Total OIBDA $ 61,554 $ (15,452) $ 30,360 Reconciliation of Total Operating Income (Loss) to Total OIBDA Year Ended December 31, 2015 2014 2013 Total operating income (loss) $ 38,794 $ (42,157) $ 5,891 Depreciation and amortization 22,760 26,705 24,469 Total OIBDA (1) $ 61,554 $ (15,452) $ 30,360 (1) The year ended December 31, 2015 includes a $7,125 charge to write-off assets related to a media center expansion project. This non-cash, non-recurring item relates to assets capitalized in previous years and is recorded as Loss on abandonment in our Consolidated Statements of Operations. See Note 6, Property and Equipment , for further discussion. 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: Year Ended December 31, 2015 2014 2013 North America $ 488,957 $ 426,191 $ 391,663 Europe/Middle East/Africa 112,326 69,085 72,409 Asia Pacific 49,348 41,054 37,269 Latin America 8,137 6,290 6,629 Total net revenues $ 658,768 $ 542,620 $ 507,970 Revenues generated from the United Kingdom, our largest international market, totaled $75,653 , $40,501 and $36,003 for the years ended December 31, 2015 , 2014 and 2013 , respectively. The Company's property and equipment was almost entirely located in the United States at December 31, 2015 and 2014 . |
Concentration Of Credit Risk
Concentration Of Credit Risk | 12 Months Ended |
Dec. 31, 2015 | |
Concentration Of Credit Risk [Abstract] | |
Concentration of Credit Risk | 20. 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 WWE 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 December 31, 2015 our two largest receivable balances from customers were 15% and 14% , 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. |
Selected Quarterly Financial In
Selected Quarterly Financial Information | 12 Months Ended |
Dec. 31, 2015 | |
Selected Quarterly Financial Information [Abstract] | |
Selected Quarterly Financial Information (unaudited) | 21. Selected Quarterly Financial Information (unaudited) 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter 2015 (2) (3) (1) (2) (3) (1) (2) (4) Net revenues $ 176,178 $ 150,182 $ 166,232 $ 166,176 Cost of revenues $ 109,701 $ 87,312 $ 98,270 $ 102,033 Net income (loss) $ 9,773 $ 5,119 $ 10,365 $ (1,113) Net income (loss) per common share: basic $ 0.13 $ 0.07 $ 0.14 $ (0.02) 2014 Net revenues $ 125,572 $ 156,310 $ 120,183 $ 140,555 Cost of revenues $ 84,716 $ 121,747 $ 78,417 $ 92,735 Net loss $ (8,036) $ (14,497) $ (5,921) $ (1,618) Net loss per common share: basic $ (0.11) $ (0.19) $ (0.08) $ (0.02) (1) Cost of revenues for the third and fourth quarter of 2015 and fourth quarter of 2014 include impairment charges of $270 , $220 , and $1,476 , respectively, related to certain of our feature films. See Note 7, Feature Film Production Assets. (2) Net income for the first, second and third quarters of 2015 includes a benefit of $697 , $517 and $9,886 , respectively, related to tel evision production incentives. Net loss for the third quarter of 2014 includes the benefit of $7,041 relating to incentives received rel ating to television production. Further, in 2014 we received an infrastructure improvement incentive which has a $970 positive impact on net income. (3) Net loss for the second quarter of 2014 includes a $1,600 adjustment to reduce the carrying value of the former corporate aircraft to its estimated fair value. Net loss for the third quarter of 2014 includes $4,200 in restructuring charges in support of a cost cutting initiative and includes a $3,962 impairment of an equity investment. (4) Net loss for the fourth quarter of 2015 includes a $7,125 non-cash abandonment charge to write-off the value of costs related to a media center expansion project. See Note 6, Property and Equipment , for further discussion. |
Valuation And Qualifying Accoun
Valuation And Qualifying Accounts | 12 Months Ended |
Dec. 31, 2015 | |
Valuation And Qualifying Accounts [Abstract] | |
Valuation and Qualifying Accounts | W ORLD WRESTLING ENTERTAINMENT, INC. SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS (in thousands) Charges to Balance at Expense/ Beginning Against Deductions/ Balance at Description of Year Revenues Adjustments * End of Year For the Year Ended December 31, 2015 Allowance for doubtful accounts $ 4,814 $ 630 $ 2,345 $ 7,789 Magazine publishing allowance for newsstand returns 299 28 (327) — Home video allowance for returns 2,588 10,158 (10,304) 2,442 Allowance for WWE Network refunds and chargebacks 25 855 (800) 80 For the Year Ended December 31, 2014 Allowance for doubtful accounts $ 2,786 $ 1,164 $ 864 $ 4,814 Magazine publishing allowance for newsstand returns 2,038 8,363 (10,102) 299 Home video allowance for returns 4,520 9,828 (11,760) 2,588 Allowance for WWE Network refunds and chargebacks — 302 (277) 25 For the Year Ended December 31, 2013 Allowance for doubtful accounts $ 6,275 $ (6) $ (3,483) $ 2,786 Magazine publishing allowance for newsstand returns 2,145 14,948 (15,055) 2,038 Home video allowance for returns 6,271 18,711 (20,462) 4,520 * Includes deductions which are comprised primarily of write-offs of specific bad debts and returns of magazines and home videos from retailers, adjustments to the allowance account which affects bad debt expense or WWE N etwork cancellations and adjustments to refund allowances. |
Summary Of Significant Accoun32
Summary Of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Summary Of Significant Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates — 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 am ounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the financial statements , and the reported amounts of revenue s and expenses during the reporting period s . Actual results could differ from those estimates. |
Basis of Consolidation | Basis of Consolidation — The consolidated financial statements include the accounts of WWE and all of its domes tic and foreign subsidiaries. Included in Corporate and Other are intersegment eliminations recorded in consolidation. All intercompany accounts and transactions have been eliminated in consolidation. |
Cash and Cash Equivalents | Cash and Cash Equivalents — Cash and cash equivalents include cash on deposit in overnight deposit accounts and investments in money market accounts with original maturities of three months or less at the time of purchase. |
Short-term Investments, Net | Short-term Investments, Net — We classify all of our short-term investments as available-for-sale securities. Such investments consist primarily of corporate and municipal bonds, including pr e-refunded municipal bonds. T hese investments are stated at fair value, with unrealized gains and losses on such securities reflected, net of tax, as other comprehensive income (loss) in stockholders’ equity. 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. |
Accounts Receivable, Net | Accounts Receivable, Net — Accounts receivable relate principally to amounts due to us from distributors of our WWE Network, pay-per-view providers and television networks for pay-per-view presentations and television programming, respectively, and balances due from the sale of home videos, as well as from licensees that produce consumer products containing our intellectual property and/or trademarks. We estimate the collectability of our receivables and establish allowances for the amount of accounts receivable that we estimate to be uncollectible. We base these allowances on our historical collection experience, the length of time our accounts receivable are outstanding and the financial condition of individual customers. An individual balance is charged to the allowance when all collection efforts have been exhausted and it is deemed likely to be uncollectible, taking into consideration the financial condition of the customer and other factors. |
Inventory | Inventory — Inventory consists of merchandise sold on our website s and on distribution platforms, including Amazon , merchandise so ld at live events and DVDs/Blu-R ays, which are sold via a distributor to retailers. Substantially all of our inventory is comprised of finished goods. Inventory is stated at the lower of cost or market. The valuation of our inventories requires management to make market estimates assessing the quantities and the prices at which we believe the inventory can be sold. |
Property and Equipment, Net | Property and Equipment, Net — Property and equipment are stated at historical cost net of benefits associated with tax incentives less accumulated depreciation and amortization. Depreciation and amortization is computed on a straight-line basis over the estimated useful lives of the assets or, when applicable, the life of the lease, whichever is shorter. Vehicles and equipment are depreciated based on estimated useful lives varying from three to five years. Buildings and related improvements are depreciated based on estimated useful lives varying from five to thirty-nine years. Our corporate aircraft is depreciated over ten years on a straight-line basis less an estimated residual value. |
Feature Film Production Assets, Net | Feature Film Production Assets, Net — Feature film production assets are recorded at the cost of production, including production overhead and net of production incentives. The costs for an individual film 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. 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 revenues 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 the unamortized cost, the film is written down to fair value. Impairment charges are recorded as an increase in amortization expense included in cost of revenues in the Consolidated Statements of Operations. Our estimate of ultimate revenues for feature films includes revenues from all sources for ten years from the date of a film’s initial release. We estimate the ultimate revenues based on industry and Company specific trends, the historical performance of similar films, the star power of the lead actors, and the genre of the film. Prior to the release of a feature film and throughout its life, we revise our estimates of revenues based on expected future results, actual results and other known factors affecting the various distribution markets. |
Television Production Assets, Net | Television Production Assets, Net — Television production assets consist primarily of non-live event episodic television 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. Costs to produce our live event programming are expensed when the event is first broadcast and are not included in the capitalized costs or in the related amortization . Unamortized television production assets are evaluated for imp airment 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 expense the remaining unamortized asset. |
Valuation of Long-Lived Assets | Valuation of Long-Lived Assets — We periodically evaluate the carrying amount of long-lived assets for impairment when events and circumstances warrant such a review. |
Investment Securities | Investment Securities — We maintain several investments accounted for under the cost method of accounting and one investment accounted for under the equity method of accounting. Our cost method investments are carried at cost and adjusted for other-than-temporary declines in fair value . Our equity method investment relates to a joint venture with Authentic Brands Group (“ABG”) in an apparel and lifestyle brand, Tapout LLC (“Tapout”). Under the equity method of accounting, to the extent that Tapout records income or losses, we will record our share proportionate to our ownership percentage of 50% , and any dividends received would reduce the carrying amount of the investment. T he Company's share of the income or losses in Tapout is included as a component of Investment income, net, in the Consolidated Statements of Operations , and is also included, net of cash dividends received in Equity in earnings of affiliate, net of dividends received, in the Consolidated Statements of Cash Flows. We evaluate our investments for impairment annually, and when factors indicate that a significant decrease in value has occurred. Variables considered in making such assessments may include near-term prospects of the investees, subsequent rounds of financing activities of the investees, and the investees’ capital structure as well as other economic variables, which reflect assumptions market participants m ay use in pricing these assets. If an investment is deemed to have experienced an other-than-temporary decline below its cost basis, we reduce the carrying amount of the investment to its quoted or estimated fair value, as applicable, and establish a new cost basis for the investment. We record these other-than-temporary impairment charges in Loss on equity investments in the Consoli dated Statements of Operations. |
Income Taxes | Income Taxes — Deferred tax liabilities and assets are recognized for the expected future tax consequences of events that have been reflected in the consolidated financial statements. Amounts are determined based on the differences between the book and tax bases of particular assets and liabilities and operating loss carry forwards, using tax rates in effect for the years in which the differences are expected to reverse. A valuation allowance is provided to offset deferred tax assets if, based upon the available evidence, it is more-likely-than-not that some or all of the deferred tax assets will not be realized. In evaluating our ability to recover our deferred tax assets within the jurisdiction from which they arise, we consider all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax-planning strategies, and results of recent operations. If we determine that we would be able to realize our deferred tax assets in the future in excess of their net recorded amount, we would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes, conversely, if we determine we might not be able to realize our deferred tax assets we would record a valuation allowa nce which would result in a char ge to the provision for income taxes. We use a two-step approach to recognizing and measuring uncertain tax positions. The first step is to evaluate tax positions taken or expected to be taken in a tax return by assessing whether they are more likely than not sustainable, based solely on their technical merits, upon examination, and including resolution of any related appeals or litigation process. The second step is to measure the associated tax benefit of each position, as the largest amount that we believe is more likely than not realizable. Differences between the amount of tax benefits taken or expected to be taken in our income tax returns and the amount of tax benefits recognized in our financial statements represent our unrecognized income tax benefits, which we record as a liability. Our policy is to include interest and penalties related to unrecognized income tax benefits as a component of income tax expense. |
Revenue Recognition | Revenue Recognition — Revenues are generally recognized when products are shipped or as services are performed. However, due to the nature of several of our business lines, there are additional steps in the revenue recognition process, as described below. · WWE Network Subscriptions: Revenues are recognized ratably over each paid monthly membership period. Deferred revenue consists of subscription fees billed to members that have not been recognized and gift memberships that have not been redeemed. · Pay-per-view programming: Revenues from our pay-per-view programming are recorded when the event is aired and are based upon our initial estimate of the number of buys achieved. This initial estimate is based on preliminary buy information received from our pay-per-view distributors. Final reconciliation of the pay-per-view buys generally occurs within one year and any subsequent adjustments to the buys are recognized in the period new information is received. · Sponsorships: Through our sponsorship packages, we offer advertisers a full range of our promotional vehicles, including online and print advertising, on-air announcements and special appearances by our Superstars and Divas . We allocate revenue to all deliverables contained within a sponsorship arrangement based upon their relative selling price. In most instances, we determine relative selling price used for allocating revenue to a specific deliverable using vendor specific objective evidence ("VSOE"). VSOE is the selling price that a vendor charges when it sells similar products or services on a stand-alone basis. After allocating revenue to each deliverable, we recognize revenue from our sponsorship arrangements when each element is delivered. · Licensing: Revenues from our licensed products are recognized upon receipt of reports from the individual licensees that detail the royalties generated by related product sales. If we receive licensing advances, such payments are recorded as deferred revenue and are recognized as income when earned. · Home entertainment: Revenues from the sales of home video titles are recorded net of an allowance for estimated returns, at the later of delivery by our distributor to retailers, or the date that these products are made widely available for sale by retailers. The allowance for estimated returns is based on historical information, current industry trends and demand for our titles. · TV rights: Rights fees received from distributors of our television programming, both domestically and internationally, are recorded when the program has been delivered to the distributor and is available for exhibition. Our typical distribution agreement is between one and five years in length and frequently provides for contractual increases over its term. Expenses incurred in the production of our weekly television programming are expensed when the programming is first available for exhibition. Included in deferred income as of December 31, 2015 and 2014 is $46.2 million and $50.0 million , respectively, related to an advance payment associated with our domestic television rights deal. · Films: Revenue recognition for our feature films varies depending on the method of distribution and the extent of control the Company exercises over the distribution and related expenses. We exercise significant control over our self-distributed films and as a result, we record distribution revenue and related expenses on a gross basis in our financial statements. Third-party distribution partners control the distribution and marketing of our 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. This typically occurs in periods subsequent to the initial release of the film. Revenues generated from our films through the various distribution channels, including home video, video-on-demand and television are recognized consistent with the policies described above. |
Cost of Revenues | Cost of Revenues — Included within cost of revenues is the amortization and impairments of feature film and television production assets. Television production assets consist primarily of non-live event episodic television series we have produced for distribution through a variety of platforms, including on our WWE Network. We amortize feature film production assets based on the estimated future cash flows. 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. Unamortized feature film and television production assets are evaluated for impairment each reporting period. Cost of revenues also includes the amortization of costs related to content delivery and technology assets utilized for our WWE Network. These costs are amortized on a straight line basis over the term of the respective service agreement. Included within Cost of revenues are the following: Year Ended December 31, 2015 2014 2013 Amortization and impairment of feature film assets $ 3,891 $ 5,515 $ 19,058 Amortization of television productions assets 30,591 25,867 7,012 Amortization of WWE Network content delivery and technology assets 3,870 2,302 — Total amortization and impairment included in cost of revenues $ 38,352 $ 33,684 $ 26,070 Costs to produce our live event programming are expensed when the event is first broadcast, and are not included in the amortization table noted above. |
Programming Amortization for WWE Network | Programming Amortization for WWE Network — For episodic programming debuting and currently expected to air exclusively on WWE Network, the cost of the programming is expensed upon initial release, as our expectation is that the vast majority of viewership will occur in close proximity to the initial release. We will monitor this assumption and revise this policy if actual viewership patterns vary. Program amortization for WWE Network is included in cost of revenues as a component of amortization of television production assets. |
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 and certain international jurisdictions. Tax credits earned with respect to expenditures on qualifying film, television and other production activities, including qualifying capital projects, are included as an offset to the related asset or as an offset to production expenses when we have reasonable assurance regarding the realizable amount of the tax credits. |
Avertising Expense | Advertising Expense — Advertising costs are expensed as incurred, except for costs related to the development of a major commercial or media campaign , which are expensed in the period in which the commercial or campaign is first presented. For the years ended December 31, 2015 , 2014 and 2013 , we recorded advertising expenses of $25,260 , $30,198 and $14,414 , respectively. |
Foreign Currency Translation | Foreign Currency Translation — For the translation of the financial statements of our foreign subsidiaries whose functional currencies are not U.S. Dollars, assets and liabilities are translated at the year-end exchange rate, and income statement accounts are translated at monthly average exchange rates for the year. The resulting translation adjustments are recorded in accumulated other comprehensive income, a component of stockholders’ equity and also in comprehensive income. Foreign currency transactions are recorded at the exchange rate prevailing at the transaction date, with any gains/losses recorded in other income/expense. |
Stock-Based Compensation | Stock-Based Compensation — Equity awards are granted to directors, officers and employees of the Company. Stock-based compensation costs associated with our restricted stock units ("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. 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. 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). The vesting of these PSUs are subject to certain performance conditions and a service requirement of typically 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. 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. |
Earnings Per Share (EPS) | Earnings Per Share (EPS) — Basic EPS is calculated by dividing net income by the weighted average common shares outstanding during the period. Diluted EPS is calculated by dividing net income by the weighted average common shares outstanding during the period, plus dilutive potential common shares which is calculated using the treasury-stock method. Under the treasury-stock method, potential common shares are excluded from the computation of EPS in periods in which they have an anti-dilutive effect. Net income per share of Class A and Class B common stock is computed in accordance with a two-class method of earnings allocation. As such, any undistributed earnings for each period are allocated to each class of common stock based on the proportionate share of cash dividends that each class is entitled to receive. The Company did not compute earnings per share using the two class method for the years ended December 31, 2015 , 2014 and 2013 , as there were no undistributed earnings during the periods. Also, during 2015 , 2014 and 2013 , the dividends declared and paid per share of Class A and Class B common stock were the same. |
Summary Of Significant Accoun33
Summary Of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Summary Of Significant Accounting Policies [Abstract] | |
Cost of Revenues | Year Ended December 31, 2015 2014 2013 Amortization and impairment of feature film assets $ 3,891 $ 5,515 $ 19,058 Amortization of television productions assets 30,591 25,867 7,012 Amortization of WWE Network content delivery and technology assets 3,870 2,302 — Total amortization and impairment included in cost of revenues $ 38,352 $ 33,684 $ 26,070 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted Earnings Per Share | Year Ended December 31, 2015 2014 2013 Net income (loss) $ 24,144 $ (30,072) $ 2,764 Weighted average basic common shares outstanding 75,696 75,294 74,939 Dilutive effect of restricted and performance stock units (a) 634 — 438 Dilutive effect of employee share purchase plan (a) 3 — 2 Weighted average dilutive common shares outstanding 76,333 75,294 75,379 Earnings (loss) per share: Basic and diluted $ 0.32 $ (0.40) $ 0.04 Anti-dilutive outstanding restricted and performance stock units (excluded from per-share calculations) — 80 395 (a) Due to a loss for the year, zero incremental shares are included for the year ended December 31, 2014 because the effect would be antidilutive. |
Investment Securities And Sho35
Investment Securities And Short-Term Investments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Investment Securities And Short-Term Investments [Abstract] | |
Schedule Of Investment Securities | As of December 31, 2015 2014 Equity method investment $ 14,163 $ — Cost method investments 8,115 7,200 Total investment securities $ 22,278 $ 7,200 |
Schedule of Short-Term Investments Measured at Fair Value | December 31, 2015 December 31, 2014 Gross Unrealized Gross Unrealized Amortized Fair Amortized Fair Cost Gain (Loss) Value Cost Gain (Loss) Value Municipal bonds $ 21,284 $ 11 $ (56) $ 21,239 $ 19,962 $ 39 $ (9) $ 19,992 Corporate bonds 43,317 9 (208) 43,118 43,388 20 (199) 43,209 Government agency bonds — — — — 5,000 — (15) 4,985 Total $ 64,601 $ 20 $ (264) $ 64,357 $ 68,350 $ 59 $ (223) $ 68,186 |
Schedule of Contractual Maturities of Short-Term Investment Bonds | Maturities Municipal bonds 4 months - 3 years Corporate bonds 8 months - 3 years |
Summary of Short-Term Investment Activity | Year Ended December 31, 2015 2014 2013 Proceeds from sale of short-term investments $ — $ 22,572 $ 2,793 Proceeds from maturities and calls of short-term investments $ 24,125 $ 19,665 $ 41,525 Purchases of short-term investments $ 21,624 $ 35,440 $ 37,071 Gross realized (losses) gains on sale of short-term investments $ — $ (37) $ 1 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Measurement [Abstract] | |
Schedule of Assets Measured at Fair Value on a Recurring Basis | Fair Value at December 31, 2015 Fair Value at December 31, 2014 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Municipal bonds $ 21,239 $ — $ 21,239 $ — $ 19,992 $ — $ 19,992 $ — Corporate bonds 43,118 — 43,118 — 43,209 — 43,209 — Government agency bonds — — — — 4,985 — 4,985 — Total $ 64,357 $ — $ 64,357 $ — $ 68,186 $ — $ 68,186 $ — |
Property And Equipment (Tables)
Property And Equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property And Equipment [Abstract] | |
Schedule of Property and Equipment | As of December 31, 2015 2014 Land, buildings and improvements $ 100,594 $ 106,058 Equipment 117,018 107,753 Corporate aircraft 31,277 31,277 Vehicles 244 244 249,133 245,332 Less accumulated depreciation and amortization (143,916) (131,284) Total $ 105,217 $ 114,048 |
Feature Film Production Asset38
Feature Film Production Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Feature Film Production Assets, Net [Abstract] | |
Schedule of Feature Film Production Assets | As of December 31, 2015 2014 In release $ 15,249 $ 12,063 Completed but not released 2,432 3,865 In production 8,029 10,036 In development 643 507 Total $ 26,353 $ 26,471 |
Television Production Assets,39
Television Production Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Television Production Assets, Net [Abstract] | |
Schedule of Television Production Assets | As of December 31, 2015 2014 In release $ 425 $ 1,035 Completed but not released — 1,259 In production 10,991 3,538 Total $ 11,416 $ 5,832 |
Amortization of Television Production Assets | For the year ended December 31, 2015 2014 2013 WWE Network programming $ 8,607 $ 13,148 $ — Television programming 21,984 12,719 7,012 Total $ 30,591 $ 25,867 $ 7,012 |
Accounts Payable and Accrued 40
Accounts Payable and Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounts Payable And Accrued Expenses [Abstract] | |
Schedule of Accounts Payable and Accrued Expenses | As of December 31, 2015 2014 Trade related $ 8,583 $ 6,721 Staff related 6,436 6,558 Management incentive compensation 23,183 13,279 Talent related 6,285 6,446 Accrued WWE Network related expenses 4,220 5,155 Accrued event and television production 6,243 5,612 Accrued home entertainment expenses 381 953 Accrued legal and professional 2,139 1,483 Accrued purchases of property and equipment 1,096 1,452 Accrued film liability 2,531 2,521 Accrued other 8,904 7,398 Total $ 70,001 $ 57,578 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt [Abstract] | |
Schedule of Principal Repayments Under Note Obligation | December 31, 2016 $ 4,440 December 31, 2017 4,538 December 31, 2018 4,638 December 31, 2019 4,740 December 31, 2020 3,219 $ 21,575 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Taxes [Abstract] | |
Schedule of Components of Tax Provision | Year Ended December 31, 2015 2014 2013 Current taxes: Federal $ 12,107 $ 508 $ (2,407) State and local 2,537 (335) 162 Foreign 7,112 6,074 5,506 Deferred taxes: Federal (9,736) (23,108) (725) State and local 78 (2,365) (680) Foreign (16) (6) (17) Total income tax expense (benefit) $ 12,082 $ (19,232) $ 1,839 |
Schedule of Components of (Loss) Income Before Income Taxes | Year Ended December 31, 2015 2014 2013 United States $ 35,306 $ (49,808) $ 4,011 Foreign 920 504 592 Total income (loss) before income taxes $ 36,226 $ (49,304) $ 4,603 |
Schedule of Effective Income Tax Rate Reconciliation | Year Ended December 31, 2015 2014 2013 Statutory U.S. federal tax at 35% $ 12,679 $ (17,256) $ 1,611 State and local taxes, net of federal tax benefit 1,848 (1,444) 94 Foreign rate differential (97) (34) (21) Tax exempt interest income (52) (119) (341) Qualified production activity deduction (2,077) 39 (94) Unrecognized tax benefits (447) (395) (278) Meals and entertainment 284 297 257 Employee Stock Purchase Plan (23) (27) 133 Other (33) (293) 478 Provision/(Benefit) for income taxes $ 12,082 $ (19,232) $ 1,839 |
Schedule of Deferred Tax Assets and Deferred Tax Liabilities | As of December 31, 2015 2014 Deferred tax assets: Accounts receivable $ 2,922 $ 1,835 Inventory 2,973 3,796 Deferred income 23,939 6,004 Stock compensation 6,403 2,551 Net operating loss carryforwards 1,174 13,419 Foreign tax credits 4,805 6,967 Investments 101 71 Intangible assets 3,150 2,835 Capitalized feature film production costs 917 — Accrued liabilities and reserves 769 474 Federal benefit related to uncertain tax positions 313 495 Deferred tax assets, gross 47,466 38,447 Valuation allowance (1,174) (1,410) Deferred tax assets, net 46,292 37,037 Deferred tax liabilities: Property and equipment depreciation (1,475) (1,728) Capitalized feature film production costs — (258) Investments (108) (16) Deferred tax liabilities (1,583) (2,002) Total deferred tax assets, net $ 44,709 $ 35,035 |
Schedule of Unrecognized Tax Benefit Activity | Year Ended December 31, 2015 2014 Beginning Balance- January 1 $ 1,273 $ 1,786 Increase to unrecognized tax benefits recorded for positions taken during the current year 165 68 (Decrease) Increase to unrecognized tax benefits recorded for positions taken during a prior period (181) (38) Decrease in unrecognized tax benefits relating to settlements with taxing authorities (60) (100) Decrease to unrecognized tax benefits resulting from a lapse of the applicable statute of limitations (379) (443) Ending Balance- December 31 $ 818 $ 1,273 |
Film and Television Productio43
Film and Television Production Incentives (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Film And Television Production Incentives [Abstract] | |
Schedule of Film and Television Production Incentives | Year Ended December 31, 2015 2014 2013 Television production incentives $ 11,100 $ 10,833 $ 10,345 Feature film production incentives $ 1,639 $ 4,548 $ 864 Infrastructure improvements on qualifying capital projects (a) $ — $ 3,080 $ — (a) Of the $3,080 received during the year ended December 31, 2014, the Company recorded $2,937 as a reduction in property and equipment. |
Commitments And Contingencies (
Commitments And Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments And Contingencies [Abstract] | |
Schedule of Future Minimum Payments Under Agreements | Operating Talent and Service Lease Other Agreement Commitments Commitments Commitments Total 2016 $ 4,237 $ 16,897 $ 9,526 $ 30,660 2017 3,468 12,709 — 16,177 2018 2,629 3,714 — 6,343 2019 1,893 1,995 — 3,888 2020 1,062 1,330 — 2,392 Thereafter 4,076 1,227 — 5,303 Total $ 17,365 $ 37,872 $ 9,526 $ 64,763 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary of RSU Activity | Units Weighted- Average Grant-Date Fair Value Unvested at January 1, 2015 119,220 $ 20.39 Granted 226,604 $ 14.51 Vested (44,741) $ 18.98 Forfeited (43,024) $ 15.40 Dividend equivalents 8,391 $ 16.45 Unvested at December 31, 2015 266,450 $ 16.31 |
Summary of PSU Activity | Units Weighted- Average Grant-Date Fair Value Unvested at January 1, 2015 733,768 $ 14.89 Granted 1,000,146 $ 17.84 Achievement adjustment 7,056 $ 14.36 Vested (443,982) $ 13.69 Forfeited (72,209) $ 17.79 Dividend equivalents 13,900 $ 16.26 Unvested at December 31, 2015 1,238,679 $ 17.95 |
Restricted Stock Units (RSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Stock-Based Compensation Expense | Year Ended December 31, 2015 2014 2013 Stock-based compensation expense $ 1,706 $ 1,095 $ 632 Tax benefits realized 666 1,036 621 Weighted-average grant-date fair value of RSUs granted 3,288 2,573 515 Fair value of RSUs vested 849 808 656 |
Performance Stock Units (PSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Stock-Based Compensation Expense | Year Ended December 31, 2015 2014 2013 Stock-based compensation expense $ 15,088 $ 6,248 $ 4,489 Tax benefits realized 7,028 4,423 3,318 Weighted-average grant-date fair value of PSUs granted 17,843 3,434 14,430 Fair value of PSUs vested 6,078 5,090 2,937 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Information [Abstract] | |
Summary of Financial Information for Reportable Segments | Year Ended December 31, 2015 2014 2013 Net revenues: Network $ 159,407 $ 114,975 $ 86,264 Television 231,115 176,670 163,428 Home Entertainment 13,434 27,313 24,322 Digital Media 21,448 20,910 28,661 Live Events 124,667 110,659 113,168 Licensing 48,913 38,565 43,633 Venue Merchandise 22,428 19,336 19,397 WWEShop 27,074 20,238 15,598 WWE Studios 7,082 10,882 10,778 Corporate & Other 3,200 3,072 2,721 Total net revenues $ 658,768 $ 542,620 $ 507,970 Depreciation and amortization: Network $ — $ — $ — Television 8,955 8,141 6,613 Digital Media 1,254 2,989 2,693 Live Events 22 29 45 WWE Studios 8 9 9 Corporate & Other 12,521 15,537 15,109 Total depreciation and amortization $ 22,760 $ 26,705 $ 24,469 OIBDA: Network $ 48,364 $ (1,773) $ 27,801 Television 96,967 61,865 56,181 Home Entertainment 4,624 15,024 8,839 Digital Media 4,384 295 5,688 Live Events 37,986 27,829 30,740 Licensing 28,795 20,924 31,265 Venue Merchandise 8,870 7,722 7,547 WWEShop 5,148 3,524 2,378 WWE Studios (1,487) 466 (12,744) Corporate & Other (1) (172,097) (151,328) (127,335) Total OIBDA $ 61,554 $ (15,452) $ 30,360 |
Reconciliation of Total Operating (Loss) Income to Total OIBDA | Year Ended December 31, 2015 2014 2013 Total operating income (loss) $ 38,794 $ (42,157) $ 5,891 Depreciation and amortization 22,760 26,705 24,469 Total OIBDA (1) $ 61,554 $ (15,452) $ 30,360 |
Schedule of Net Revenues by Major Geographic Region | Year Ended December 31, 2015 2014 2013 North America $ 488,957 $ 426,191 $ 391,663 Europe/Middle East/Africa 112,326 69,085 72,409 Asia Pacific 49,348 41,054 37,269 Latin America 8,137 6,290 6,629 Total net revenues $ 658,768 $ 542,620 $ 507,970 |
Selected Quarterly Financial 47
Selected Quarterly Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Selected Quarterly Financial Information [Abstract] | |
Schedule of Selected Quarterly Financial Information | 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter 2015 (2) (3) (1) (2) (3) (1) (2) (4) Net revenues $ 176,178 $ 150,182 $ 166,232 $ 166,176 Cost of revenues $ 109,701 $ 87,312 $ 98,270 $ 102,033 Net income (loss) $ 9,773 $ 5,119 $ 10,365 $ (1,113) Net income (loss) per common share: basic $ 0.13 $ 0.07 $ 0.14 $ (0.02) 2014 Net revenues $ 125,572 $ 156,310 $ 120,183 $ 140,555 Cost of revenues $ 84,716 $ 121,747 $ 78,417 $ 92,735 Net loss $ (8,036) $ (14,497) $ (5,921) $ (1,618) Net loss per common share: basic $ (0.11) $ (0.19) $ (0.08) $ (0.02) (1) Cost of revenues for the third and fourth quarter of 2015 and fourth quarter of 2014 include impairment charges of $270 , $220 , and $1,476 , respectively, related to certain of our feature films. See Note 7, Feature Film Production Assets. (2) Net income for the first, second and third quarters of 2015 includes a benefit of $697 , $517 and $9,886 , respectively, related to tel evision production incentives. Net loss for the third quarter of 2014 includes the benefit of $7,041 relating to incentives received rel ating to television production. Further, in 2014 we received an infrastructure improvement incentive which has a $970 positive impact on net income. (3) Net loss for the second quarter of 2014 includes a $1,600 adjustment to reduce the carrying value of the former corporate aircraft to its estimated fair value. Net loss for the third quarter of 2014 includes $4,200 in restructuring charges in support of a cost cutting initiative and includes a $3,962 impairment of an equity investment. (4) Net loss for the fourth quarter of 2015 includes a $7,125 non-cash abandonment charge to write-off the value of costs related to a media center expansion project. See Note 6, Property and Equipment , for further discussion. |
Basis Of Presentation And Bus48
Basis Of Presentation And Business Description (Details) | 12 Months Ended |
Dec. 31, 2015item | |
Basis Of Presentation And Business Description [Abstract] | |
Number of principal activities | 4 |
Summary Of Significant Accoun49
Summary Of Significant Accounting Policies (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2015USD ($)agreement | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Significant Accounting Policies [Line Items] | |||
Period of estimate of ultimate revenues from the date of film's initial release | 10 years | ||
Number of equity method investments | agreement | 1 | ||
Period of final reconciliation of pay-per-view buys | 1 year | ||
Deferred revenue, noncurrent | $ 49,983,000 | $ 52,875,000 | |
Advertising expenses | 25,260,000 | 30,198,000 | $ 14,414,000 |
Undistributed earnings | 0 | 0 | $ 0 |
Domestic Television Rights [Member] | |||
Significant Accounting Policies [Line Items] | |||
Deferred revenue, noncurrent | $ 46,200,000 | $ 50,000,000 | |
Corporate Aircraft [Member] | |||
Significant Accounting Policies [Line Items] | |||
Estimated useful lives | 10 years | ||
Minimum [Member] | Vehicles [Member] | |||
Significant Accounting Policies [Line Items] | |||
Estimated useful lives | 3 years | ||
Minimum [Member] | Equipment [Member] | |||
Significant Accounting Policies [Line Items] | |||
Estimated useful lives | 3 years | ||
Minimum [Member] | Buildings And Related Improvements [Member] | |||
Significant Accounting Policies [Line Items] | |||
Estimated useful lives | 5 years | ||
Maximum [Member] | Vehicles [Member] | |||
Significant Accounting Policies [Line Items] | |||
Estimated useful lives | 5 years | ||
Maximum [Member] | Equipment [Member] | |||
Significant Accounting Policies [Line Items] | |||
Estimated useful lives | 5 years | ||
Maximum [Member] | Buildings And Related Improvements [Member] | |||
Significant Accounting Policies [Line Items] | |||
Estimated useful lives | 39 years | ||
Restricted Stock Units (RSUs) [Member] | |||
Significant Accounting Policies [Line Items] | |||
Requisite service period | 3 years 6 months | ||
Performance Stock Units (PSUs) [Member] | |||
Significant Accounting Policies [Line Items] | |||
Requisite service period | 3 years 6 months | ||
Television Rights [Member] | Minimum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Period of typical distribution agreement | 1 year | ||
Television Rights [Member] | Maximum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Period of typical distribution agreement | 5 years | ||
Tapout [Member] | |||
Significant Accounting Policies [Line Items] | |||
Ownership interest | 50.00% | ||
Deferred revenue, noncurrent | $ 11,040,000 |
Summary Of Significant Accoun50
Summary Of Significant Accounting Policies (Cost of Revenues) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Summary Of Significant Accounting Policies [Abstract] | |||
Amortization and impairment of feature film assets | $ 3,891 | $ 5,515 | $ 19,058 |
Amortization of television production assets | 30,591 | 25,867 | 7,012 |
Amortization of WWE Network content delivery and technology assets | 3,870 | 2,302 | |
Total amortization and impairment included in cost of revenues | $ 38,352 | $ 33,684 | $ 26,070 |
Earnings Per Share (Schedule of
Earnings Per Share (Schedule of Basic and Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2015 | [1],[2] | Sep. 30, 2015 | [1],[2],[3] | Jun. 30, 2015 | [2],[3] | Mar. 31, 2015 | [1],[2] | Dec. 31, 2014 | [1],[2] | Sep. 30, 2014 | [1],[2],[3] | Jun. 30, 2014 | [2],[3] | Mar. 31, 2014 | [1],[2] | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Earnings Per Share [Abstract] | ||||||||||||||||||||
Net income (loss) | $ (1,113) | $ 10,365 | $ 5,119 | $ 9,773 | $ (1,618) | $ (5,921) | $ (14,497) | $ (8,036) | $ 24,144 | $ (30,072) | $ 2,764 | |||||||||
Weighted-average basic common shares outstanding | 75,696 | 75,294 | 74,939 | |||||||||||||||||
Dilutive effect of restricted and performance stock units | [4] | 634 | 438 | |||||||||||||||||
Dilutive effect of employee share purchase plan | [4] | 3 | 2 | |||||||||||||||||
Weighted-average dilutive common shares outstanding | 76,333 | 75,294 | 75,379 | |||||||||||||||||
Earnings (loss) per share: Basic and diluted | $ 0.32 | $ (0.40) | $ 0.04 | |||||||||||||||||
Anti-dilutive outstanding restricted and performance stock units (excluded from per-share calculations) | 80 | 395 | ||||||||||||||||||
[1] | Cost of revenues for the third and fourth quarter of 2015 and fourth quarter of 2014 include impairment charges of $270, $220, and $1,476, respectively, related to certain of our feature films. See Note 7, Feature Film Production Assets. | |||||||||||||||||||
[2] | Net income for the first, second and third quarters of 2015 includes a benefit of $697, $517 and $9,886, respectively, related to television production incentives. Net loss for the third quarter of 2014 includes the benefit of $7,041 relating to incentives received relating to television production. Further, in 2014 we received an infrastructure improvement incentive which has a $970 positive impact on net income. | |||||||||||||||||||
[3] | Net loss for the second quarter of 2014 includes a $1,600 adjustment to reduce the carrying value of the former corporate aircraft to its estimated fair value. Net loss for the third quarter of 2014 includes $4,200 in restructuring charges in support of a cost cutting initiative and includes a $3,962 impairment of an equity investment. | |||||||||||||||||||
[4] | Due to a loss for the year, zero incremental shares are included for the year ended December 31, 2014 because the effect would be antidilutive. |
Investment Securities and Sho52
Investment Securities and Short-Term Investments (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Sep. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Mar. 14, 2014 | May. 30, 2013 | |
Investment [Line Items] | ||||||
Cost method investments | $ 8,115 | $ 7,200 | ||||
Impairment charge | $ 3,962 | 0 | 3,962 | $ 0 | ||
Investment income | 1,792 | 679 | $ 1,426 | |||
Equity investment, impairment | 0 | |||||
Deferred revenue, current | 57,152 | 38,652 | ||||
Deferred revenue, noncurrent | 49,983 | 52,875 | ||||
Software Application Developer [Member] | ||||||
Investment [Line Items] | ||||||
Cost method investments | 400 | $ 2,000 | ||||
Live Event Touring Business [Member] | ||||||
Investment [Line Items] | ||||||
Cost method investments | $ 515 | $ 2,200 | ||||
Mobile Video Publishing Business [Member] | ||||||
Investment [Line Items] | ||||||
Impairment charge | 3,962 | |||||
Estimated fair value | $ 3,000 | |||||
Tapout [Member] | ||||||
Investment [Line Items] | ||||||
Duration of joint venture | 5 years | |||||
Ownership interest | 50.00% | |||||
Interest in Tapout | $ 13,800 | |||||
Investment income | 994 | |||||
Assets related to investment | 14,163 | |||||
Investment revenue | 2,430 | |||||
Deferred revenue | 11,370 | |||||
Deferred revenue, current | 330 | |||||
Deferred revenue, noncurrent | 11,040 | |||||
Maximum exposure to loss | $ 11,370 |
Investment Securities and Sho53
Investment Securities and Short-Term Investments (Schedule Of Investment Securities ) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Investment Securities And Short-Term Investments [Abstract] | ||
Equity method investment | $ 14,163 | |
Cost method investments | 8,115 | $ 7,200 |
Total investment securities | $ 22,278 | $ 7,200 |
Investment Securities and Sho54
Investment Securities and Short-Term Investments (Schedule of Short-Term Investments Measured at Fair Value) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 64,601 | $ 68,350 |
Gross Unrealized Gain | 20 | 59 |
Gross Unrealized (Loss) | (264) | (223) |
Fair Value | 64,357 | 68,186 |
Municipal Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 21,284 | 19,962 |
Gross Unrealized Gain | 11 | 39 |
Gross Unrealized (Loss) | (56) | (9) |
Fair Value | 21,239 | 19,992 |
Corporate Bond Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 43,317 | 43,388 |
Gross Unrealized Gain | 9 | 20 |
Gross Unrealized (Loss) | (208) | (199) |
Fair Value | $ 43,118 | 43,209 |
Government Agency Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 5,000 | |
Gross Unrealized (Loss) | (15) | |
Fair Value | $ 4,985 |
Investment Securities and Sho55
Investment Securities and Short-Term Investments (Schedule of Contractual Maturities of Short-Term Investment Bonds) (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Municipal Bonds [Member] | Minimum [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Contractual maturities of bonds | 4 months |
Municipal Bonds [Member] | Maximum [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Contractual maturities of bonds | 3 years |
Corporate Bond Securities | Minimum [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Contractual maturities of bonds | 8 months |
Corporate Bond Securities | Maximum [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Contractual maturities of bonds | 3 years |
Investment Securities and Sho56
Investment Securities and Short-Term Investments (Summary of Short-Term Investment Activity) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Investment Securities And Short-Term Investments [Abstract] | |||
Proceeds from sale of short-term investments | $ 22,572 | $ 2,793 | |
Proceeds from maturities and calls of short-term investments | $ 24,125 | 19,665 | 41,525 |
Purchases of short-term investments | $ 21,624 | 35,440 | 37,071 |
Gross realized (losses) gains on sale of short-term investments | $ (37) | $ 1 |
Fair Value Measurement (Narrati
Fair Value Measurement (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||||
Impairment charge | $ 3,962 | $ 0 | $ 3,962 | $ 0 | ||||
Loss on an abandoned capital project | 7,125 | |||||||
Corporate Aircraft [Member] | ||||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||||
Estimated fair value of aircraft | $ 3,400 | 3,400 | ||||||
Asset impairment charges | $ 1,600 | 1,600 | ||||||
Gamificication Platform [Member] | ||||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||||
Asset impairment charges | 1,757 | |||||||
Feature Film Production Assets [Member] | ||||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||||
Asset impairment charges | $ 220 | $ 270 | 1,476 | 490 | 1,476 | 11,661 | ||
Fair value of assets | $ 1,430 | 1,848 | $ 1,430 | 1,848 | $ 2,363 | |||
Discount rate | 13.00% | |||||||
Mobile Video Publishing Business [Member] | ||||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||||
Impairment charge | 3,962 | |||||||
Estimated fair value | $ 3,000 | $ 3,000 |
Fair Value Measurement (Schedul
Fair Value Measurement (Schedule of Assets Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | $ 64,357 | $ 68,186 |
Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | $ 64,357 | $ 68,186 |
Recurring [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | ||
Recurring [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | $ 64,357 | $ 68,186 |
Recurring [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | ||
Municipal Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | $ 21,239 | $ 19,992 |
Municipal Bonds [Member] | Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | $ 21,239 | $ 19,992 |
Municipal Bonds [Member] | Recurring [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | ||
Municipal Bonds [Member] | Recurring [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | $ 21,239 | $ 19,992 |
Municipal Bonds [Member] | Recurring [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | ||
Corporate Bond Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | $ 43,118 | $ 43,209 |
Corporate Bond Securities | Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | $ 43,118 | $ 43,209 |
Corporate Bond Securities | Recurring [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | ||
Corporate Bond Securities | Recurring [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | $ 43,118 | $ 43,209 |
Corporate Bond Securities | Recurring [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | ||
Government Agency Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | $ 4,985 | |
Government Agency Bonds [Member] | Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | $ 4,985 | |
Government Agency Bonds [Member] | Recurring [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | ||
Government Agency Bonds [Member] | Recurring [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | $ 4,985 | |
Government Agency Bonds [Member] | Recurring [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities |
Property And Equipment (Narrati
Property And Equipment (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment [Line Items] | ||||
Depreciation expense | $ 21,107 | $ 25,059 | $ 22,906 | |
Loss on an abandoned capital project | $ 7,125 | |||
Benefit from infrastructure tax credits | 1,492 | |||
Corporate Aircraft [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Asset impairment charges | $ 1,600 | 1,600 | ||
Gamificication Platform [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Asset impairment charges | $ 1,757 |
Property And Equipment (Schedul
Property And Equipment (Schedule of Property and Equipment) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Gross | $ 249,133 | $ 245,332 |
Less accumulated depreciation and amortization | (143,916) | (131,284) |
Total | 105,217 | 114,048 |
Land, Buildings And Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross | 100,594 | 106,058 |
Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross | 117,018 | 107,753 |
Corporate Aircraft [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross | 31,277 | 31,277 |
Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross | $ 244 | $ 244 |
Feature Film Production Asset61
Feature Film Production Assets, Net (Narrative) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2015USD ($)item | Dec. 31, 2014USD ($)item | Dec. 31, 2013USD ($) | |
Finite-Lived Intangible Assets [Line Items] | ||||||
Future amortization expense, percentage, within twelve months | 39.00% | |||||
Future amortization expense, percentage, one through three years | 72.00% | 72.00% | ||||
Future amortization expense, percentage, one through four years | 80.00% | |||||
Amortization of feature film production assets | $ | $ 3,401 | $ 3,700 | $ 7,397 | |||
Number of feature films | 3 | 1 | ||||
Number of films direct to DVD | 3 | 5 | ||||
Total number of films | 6 | 6 | ||||
Theatrical film costs released during period | $ | $ 7,000 | $ 5,907 | $ 7,000 | $ 5,907 | ||
Number of theatrical films completed but not released | 2 | |||||
Number of theatrical films in production | 7 | |||||
Cost of theatrical film development | $ | $ 0 | 339 | 0 | |||
Feature Film Production Assets [Member] | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Asset impairment charges | $ | $ 220 | $ 270 | $ 1,476 | $ 490 | $ 1,476 | $ 11,661 |
Feature Film Production Asset62
Feature Film Production Assets, Net (Schedule of Feature Film Production Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Feature Film Production Assets, Net [Abstract] | ||
In release | $ 15,249 | $ 12,063 |
Completed but not released | 2,432 | 3,865 |
In production | 8,029 | 10,036 |
In development | 643 | 507 |
Total | $ 26,353 | $ 26,471 |
Television Production Assets,63
Television Production Assets, Net (Schedule of Television Production Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Television Production Assets, Net [Abstract] | ||
In release | $ 425 | $ 1,035 |
Completed but not released | 1,259 | |
In production | 10,991 | 3,538 |
Total | $ 11,416 | $ 5,832 |
Television Production Assets,64
Television Production Assets, Net (Amortization of Television Production Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Finite-Lived Intangible Assets [Line Items] | |||
Amortization | $ 3,401 | $ 3,700 | $ 7,397 |
Television Production Assets [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization | 30,591 | 25,867 | 7,012 |
Asset impairment charges | 0 | 0 | 0 |
Television Production Assets [Member] | Network [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization | 8,607 | 13,148 | |
Television Production Assets [Member] | Television [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization | $ 21,984 | $ 12,719 | $ 7,012 |
Accounts Payable And Accrued 65
Accounts Payable And Accrued Expenses (Schedule of Accounts Payable and Accrued Expenses) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Trade related | $ 8,583 | $ 6,721 |
Staff related | 6,436 | 6,558 |
Management incentive compensation | 23,183 | 13,279 |
Talent related | 6,285 | 6,446 |
Accrued WWE Network related expenses | 4,220 | 5,155 |
Accrued event and television production | 6,243 | 5,612 |
Accrued home entertainment expenses | 381 | 953 |
Accrued legal and professional | 2,139 | 1,483 |
Accrued purchases of property and equipment | 1,096 | 1,452 |
Accrued film liability | 2,531 | 2,521 |
Accrued other | 8,904 | 7,398 |
Total | $ 70,001 | $ 57,578 |
Maximum [Member] | ||
Individual accrual categories percentage of current liabilities | 5.00% |
Debt (Narrative) (Details)
Debt (Narrative) (Details) | 12 Months Ended | |
Dec. 31, 2015USD ($)entity | Dec. 31, 2014USD ($) | |
Debt Instrument [Line Items] | ||
Promissory Note amount outstanding | $ 21,575,000 | |
Aircraft Financing [Member] | ||
Debt Instrument [Line Items] | ||
Promissory Note | $ 31,568,000 | |
Promissory Note interest rate | 2.18% | |
Promissory Note monthly installments | $ 406,000 | |
Promissory Note maturity date | Aug. 7, 2020 | |
Promissory Note amount outstanding | $ 21,575,000 | $ 25,920,000 |
Film Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Number of domestic subsidiaries | entity | 2 | |
Credit Facility | $ 35,000,000 | |
Credit Facility borrowing capacity | 35,000,000 | |
Credit Facility amount outstanding | $ 0 | |
Credit Facility term | 5 years | |
Credit Facility unutilized commitment fee rate | 0.50% | |
Credit Facility available debt capacity | $ 5,100,000 | |
Film Credit Facility [Member] | LIBOR [Member] | ||
Debt Instrument [Line Items] | ||
Credit Facility variable rate | 2.50% | |
Film Credit Facility [Member] | Base Rate [Member] | ||
Debt Instrument [Line Items] | ||
Credit Facility variable rate | 1.50% | |
Credit Facility interest rate | 3.11% | |
Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Credit Facility | $ 200,000,000 | |
Credit Facility amount outstanding | $ 0 | $ 0 |
Credit Facility unutilized commitment fee rate | 0.375% | |
Credit Facility available debt capacity | $ 200,000,000 | |
Credit Facility maturity date | Sep. 9, 2016 | |
Revolving Credit Facility | LIBOR [Member] | ||
Debt Instrument [Line Items] | ||
Credit Facility variable rate | 2.36% |
Debt (Schedule of Principal Rep
Debt (Schedule of Principal Repayments Under Note Obligation) (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Debt [Abstract] | |
December 31, 2016 | $ 4,440 |
December 31, 2017 | 4,538 |
December 31, 2018 | 4,638 |
December 31, 2019 | 4,740 |
December 31, 2020 | 3,219 |
Long-term Debt | $ 21,575 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Effective income tax rate on (loss) income from continuing operations | 33.40% | 39.00% | 39.90% |
Foreign withholding taxes paid on income | $ 6,860 | $ 5,724 | $ 5,340 |
U.S. federal statutory income tax rate | 35.00% | 35.00% | 35.00% |
Tax deductions from the exercise of restricted stock units and performance stock units | $ 7,694 | $ 5,459 | $ 3,939 |
Deferred tax assets, net, included in current assets | 24,120 | ||
Deferred tax assets, net, included in non-current assets | 44,709 | 10,915 | |
Valuation allowances | 1,174 | 1,410 | |
Foreign tax credit carryforwards | 4,805 | 6,967 | |
Unremitted earnings of international subsidiaries | 6,164 | ||
Previously unrecognized tax benefits recognized | 453 | 489 | |
Potential interest and penalties related to uncertain tax positions | 78 | 64 | |
Unrecognized tax benefits | 818 | 1,273 | $ 1,786 |
Accrued interest | 235 | 355 | |
Accrued penalties | 69 | 120 | |
Estimated decrease of previously unrecognized tax benefits | (405) | ||
Prepaid Expense And Other Current Assets [Member] | |||
Unrecognized tax benefits | 5 | 69 | |
Accrued interest and penalties | 11 | ||
Non-Current Income Tax Liabilities [Member] | |||
Unrecognized tax benefits | $ 813 | 1,204 | |
Accrued interest and penalties | $ 464 | ||
Maximum [Member] | |||
Foreign tax credit carryforwards expiration year | 2,024 |
Income Taxes (Schedule of Compo
Income Taxes (Schedule of Components of Tax Provision) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Taxes [Abstract] | |||
Current taxes: Federal | $ 12,107 | $ 508 | $ (2,407) |
Current taxes: State and local | 2,537 | (335) | 162 |
Current taxes: Foreign | 7,112 | 6,074 | 5,506 |
Deferred taxes: Federal | (9,736) | (23,108) | (725) |
Deferred taxes: State and local | 78 | (2,365) | (680) |
Deferred taxes: Foreign | (16) | (6) | (17) |
Provision/(Benefit) for income taxes | $ 12,082 | $ (19,232) | $ 1,839 |
Income Taxes (Schedule of Com70
Income Taxes (Schedule of Components of (Loss) Income Before Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Taxes [Abstract] | |||
United States | $ 35,306 | $ (49,808) | $ 4,011 |
Foreign | 920 | 504 | 592 |
Income (loss) before income taxes | $ 36,226 | $ (49,304) | $ 4,603 |
Income Taxes (Schedule of Effec
Income Taxes (Schedule of Effective Income Tax Rate Reconciliation) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Taxes [Abstract] | |||
Statutory U.S. federal tax rate | 35.00% | 35.00% | 35.00% |
Statutory U.S. federal tax at 35% | $ 12,679 | $ (17,256) | $ 1,611 |
State and local taxes, net of federal tax benefit | 1,848 | (1,444) | 94 |
Foreign rate differential | (97) | (34) | (21) |
Tax exempt interest income | (52) | (119) | (341) |
Qualified production activity deduction | (2,077) | 39 | (94) |
Unrecognized tax benefits | (447) | (395) | (278) |
Meals and entertainment | 284 | 297 | 257 |
Employee Stock Purchase Plan | (23) | (27) | 133 |
Other | (33) | (293) | 478 |
Provision/(Benefit) for income taxes | $ 12,082 | $ (19,232) | $ 1,839 |
Income Taxes (Schedule of Defer
Income Taxes (Schedule of Deferred Tax Assets and Deferred Tax Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Income Taxes [Abstract] | ||
Accounts receivable | $ 2,922 | $ 1,835 |
Inventory | 2,973 | 3,796 |
Deferred income | 23,939 | 6,004 |
Stock compensation | 6,403 | 2,551 |
Net operating loss carryforwards | 1,174 | 13,419 |
Foreign tax credits | 4,805 | 6,967 |
Investments | 101 | 71 |
Intangible assets | 3,150 | 2,835 |
Capitalized feature film production costs | 917 | |
Accrued liabilities and reserves | 769 | 474 |
Federal benefit related to uncertain tax positions | 313 | 495 |
Deferred tax assets, gross | 47,466 | 38,447 |
Valuation allowance | (1,174) | (1,410) |
Deferred tax assets, net | 46,292 | 37,037 |
Property and equipment depreciaton | (1,475) | (1,728) |
Capitalized feature film production costs | (258) | |
Investments | (108) | (16) |
Deferred tax liabilities | (1,583) | (2,002) |
Total deferred tax assets, net | $ 44,709 | $ 35,035 |
Income Taxes (Schedule of Unrec
Income Taxes (Schedule of Unrecognized Tax Benefit Activity) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Income Taxes [Abstract] | ||
Beginning Balance | $ 1,273 | $ 1,786 |
Increase to unrecognized tax benefits recorded for positions taken during the current year | 165 | 68 |
(Decrease) Increase to unrecognized tax benefits recorded for positions taken during a prior period | (181) | (38) |
Decrease in unrecognized tax benefits relating to settlements with taxing authorities | (60) | (100) |
Decrease to unrecognized tax benefits resulting from a lapse of the applicable statute of limitations | (379) | (443) |
Ending Balance | $ 818 | $ 1,273 |
Film And Television Productio74
Film And Television Production Incentives (Schedule of Film and Television Production Incentives) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||
Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Film And Television Production Incentives [Abstract] | |||||||||
Television production incentives | $ 9,886 | $ 517 | $ 697 | $ 7,041 | $ 11,100 | $ 10,833 | $ 10,345 | ||
Feature film production incentives | $ 1,639 | 4,548 | $ 864 | ||||||
Infrastructure improvements on qualifying capital projects | $ 970 | 3,080 | [1] | ||||||
Proceeds from infrastructure incentives | $ 2,937 | ||||||||
[1] | Of the $3,080 received during the year ended December 31, 2014, the Company recorded $2,937 as a reduction in property and equipment. |
Restructuring Charge (Details)
Restructuring Charge (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Sep. 30, 2014 | Dec. 31, 2014 | |
Restructuring Charge [Abstract] | ||
Restructuring charge | $ 4,200 | |
Severance costs | 2,000 | |
Write-down of certain assets | $ 1,800 | |
Cash spent related to severance and other restructuring charges | $ 1,700 |
Commitments And Contingencies76
Commitments And Contingencies (Narrative) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($)plaintiffclaim | Dec. 31, 2013USD ($) | |
Commitments And Contingencies [Abstract] | |||
Rent expense under operating lease commitments | $ | $ 6,414 | $ 6,583 | $ 5,405 |
Number of putative plaintiffs | plaintiff | 5 | ||
Number of cases | claim | 2 |
Commitments And Contingencies77
Commitments And Contingencies (Schedule of Future Minimum Payments Under Agreements) (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Commitments And Contingencies [Abstract] | |
Operating Lease Commitments, 2016 | $ 4,237 |
Operating Lease Commitments, 2017 | 3,468 |
Operating Lease Commitments, 2018 | 2,629 |
Operating Lease Commitments, 2019 | 1,893 |
Operating Lease Commitments, 2020 | 1,062 |
Operating Lease Commitments, Thereafter | 4,076 |
Operating Lease Commitments, Total | 17,365 |
Talent and Other Commitments, 2016 | 16,897 |
Talent and Other Commitments, 2017 | 12,709 |
Talent and Other Commitments, 2018 | 3,714 |
Talent and Other Commitments, 2019 | 1,995 |
Talent and Other Commitments, 2020 | 1,330 |
Talent and Other Commitments, Thereafter | 1,227 |
Talent and Other Commitments, Total | 37,872 |
Service Agreement Commitments, 2016 | $ 9,526 |
Service Agreement Commitments, 2017 | |
Service Agreement Commitments, 2018 | |
Service Agreement Commitments, 2019 | |
Service Agreement Commitments, 2020 | |
Service Agreement Commitments, Thereafter | |
Service Agreement Commitments, Total | $ 9,526 |
Total, 2016 | 30,660 |
Total, 2017 | 16,177 |
Total, 2018 | 6,343 |
Total, 2019 | 3,888 |
Total, 2020 | 2,392 |
Total, Thereafter | 5,303 |
Total | $ 64,763 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($)item$ / shares | Dec. 31, 2014USD ($)$ / shares | Dec. 31, 2013USD ($)$ / shares | |
Common stock conversion basis | 1 | ||
Quarterly dividends paid per share | $ / shares | $ 0.12 | $ 0.12 | $ 0.12 |
Dividends paid | $ | $ 36,345 | $ 36,150 | $ 35,979 |
Common Class B [Member] | |||
Number of votes | 10 | ||
Common Class A [Member] | |||
Number of votes | 1 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2015USD ($)employeeshares | Dec. 31, 2015USD ($)itemshares | Dec. 31, 2014USD ($)shares | Dec. 31, 2013USD ($)shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares available for future grants | shares | 1,400,000 | |||
Stock-based compensation expense | $ 17,232 | $ 7,544 | $ 5,525 | |
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Requisite service period | 3 years 6 months | |||
Total unrecognized stock-based compensation expense | $ 2,383 | |||
Weighted-average period of recognition | 1 year 7 months 6 days | |||
Awards granted | shares | 226,604 | |||
Stock-based compensation expense | $ 1,706 | $ 1,095 | 632 | |
Performance Stock Units (PSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Requisite service period | 3 years 6 months | |||
Total unrecognized stock-based compensation expense | $ 19,351 | |||
Weighted-average period of recognition | 1 year 9 months 18 days | |||
Number of executive members | employee | 3 | |||
Aggregate value | $ 15,000 | |||
Number of awards | item | 2 | |||
Awards per year value | 7,500 | |||
Awards second year value | $ 7,500 | |||
Awards granted | shares | 1,000,146 | 1,000,146 | 278,281 | |
Increase in units | shares | 7,056 | |||
Stock-based compensation expense | $ 15,088 | $ 6,248 | $ 4,489 | |
20% Vested In First Year [Member] | Performance Stock Units (PSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting tranches | 20.00% | |||
30% Vested In Second Year [Member] | Performance Stock Units (PSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting tranches | 30.00% | |||
50% Vested In Third Year [Member] | Performance Stock Units (PSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting tranches | 50.00% | |||
Employee Stock Purchase Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Employee base compensation contribution percentage | 10.00% | |||
Purhcase price percentage of fair market value | 85.00% | |||
Shares of common stock purchased | shares | 86,922 | 71,157 | 76,219 | |
Stock-based compensation expense | $ 438 | $ 201 | $ 404 | |
Common stock reserved for issuance | shares | 1,700,000 | |||
Employee Stock Purchase Plan [Member] | Performance Stock Units (PSUs) [Member] | Executive Officers [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 1,867 |
Stock-Based Compensation (Summa
Stock-Based Compensation (Summary of RSU Activity) (Details) - Restricted Stock Units (RSUs) [Member] | 12 Months Ended |
Dec. 31, 2015$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Units, Unvested at January 1, 2015 | shares | 119,220 |
Units, Granted | shares | 226,604 |
Units, Vested | shares | (44,741) |
Units, Forfeited | shares | (43,024) |
Units, Dividend equivalents | shares | 8,391 |
Units, Unvested at December 31, 2015 | shares | 266,450 |
Weighted-Average Grant-Date Fair Value, Unvested at January 1, 2015 | $ / shares | $ 20.39 |
Weighted-Average Grant-Date Fair Value, Granted | $ / shares | 14.51 |
Weighted-Average Grant-Date Fair Value, Vested | $ / shares | 18.98 |
Weighted-Average Grant-Date Fair Value, Forfeited | $ / shares | 15.40 |
Weighted-Average Grant-Date Fair Value, Dividend equivalents | $ / shares | 16.45 |
Weighted-Average Grant-Date Fair Value, Unvested at December 31, 2015 | $ / shares | $ 16.31 |
Stock-Based Compensation (Sched
Stock-Based Compensation (Schedule of RSU Stock-Based Compensation Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 17,232 | $ 7,544 | $ 5,525 |
Tax benefits realized | 7,694 | 5,459 | 3,939 |
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | 1,706 | 1,095 | 632 |
Tax benefits realized | 666 | 1,036 | 621 |
Weighted-average grant-date fair value of units granted | 3,288 | 2,573 | 515 |
Fair value of units vested | $ 849 | $ 808 | $ 656 |
Stock-Based Compensation (Sum82
Stock-Based Compensation (Summary of PSU Activity) (Details) - Performance Stock Units (PSUs) [Member] - $ / shares | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Units, Unvested at January 1, 2015 | 733,768 | 733,768 | |
Units, Granted | 1,000,146 | 1,000,146 | 278,281 |
Units, Achievement adjustment | 7,056 | ||
Units, Vested | (443,982) | ||
Units, Forfeited | (72,209) | ||
Units, Dividend equivalents | 13,900 | ||
Units, Unvested at December 31, 2015 | 1,238,679 | 733,768 | |
Weighted-Average Grant-Date Fair Value, Unvested at January 1, 2015 | $ 14.89 | $ 14.89 | |
Weighted-Average Grant-Date Fair Value, Granted | 17.84 | ||
Weighted-Average Grant-Date Fair Value, Achievement adjustment | 14.36 | ||
Weighted-Average Grant-Date Fair Value, Vested | 13.69 | ||
Weighted-Average Grant-Date Fair Value, Forfeited | 17.79 | ||
Weighted-Average Grant-Date Fair Value, Dividend equivalents | 16.26 | ||
Weighted-Average Grant-Date Fair Value, Unvested at December 31, 2015 | $ 17.95 | $ 14.89 |
Stock-Based Compensation (Sch83
Stock-Based Compensation (Schedule of PSU Stock-Based Compensation Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 17,232 | $ 7,544 | $ 5,525 |
Tax benefits realized | 7,694 | 5,459 | 3,939 |
Performance Stock Units (PSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | 15,088 | 6,248 | 4,489 |
Tax benefits realized | 7,028 | 4,423 | 3,318 |
Weighted-average grant-date fair value of units granted | 17,843 | 3,434 | 14,430 |
Fair value of units vested | $ 6,078 | $ 5,090 | $ 2,937 |
Employee Benefit Plans (Details
Employee Benefit Plans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Employee Benefit Plans [Abstract] | |||
Matching contributions | 50.00% | ||
Percentage of eligible compensation | 6.00% | ||
Expense for matching contributions | $ 1,947 | $ 1,861 | $ 1,606 |
Discretionary contributions | $ 0 | $ 0 | $ 0 |
Segment Information (Narrative)
Segment Information (Narrative) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2015USD ($) | [1],[2] | Sep. 30, 2015USD ($) | [1],[2],[3] | Jun. 30, 2015USD ($) | [2],[3] | Mar. 31, 2015USD ($) | [1],[2] | Dec. 31, 2014USD ($) | [1],[2] | Sep. 30, 2014USD ($) | [1],[2],[3] | Jun. 30, 2014USD ($) | [2],[3] | Mar. 31, 2014USD ($) | [1],[2] | Dec. 31, 2015USD ($)segment | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Segment Reporting Information [Line Items] | |||||||||||||||||||
Number of reportable segments | segment | 10 | ||||||||||||||||||
Total net revenues | $ 166,176 | $ 166,232 | $ 150,182 | $ 176,178 | $ 140,555 | $ 120,183 | $ 156,310 | $ 125,572 | $ 658,768 | $ 542,620 | $ 507,970 | ||||||||
United Kingdom [Member] | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Total net revenues | $ 75,653 | $ 40,501 | $ 36,003 | ||||||||||||||||
[1] | Cost of revenues for the third and fourth quarter of 2015 and fourth quarter of 2014 include impairment charges of $270, $220, and $1,476, respectively, related to certain of our feature films. See Note 7, Feature Film Production Assets. | ||||||||||||||||||
[2] | Net income for the first, second and third quarters of 2015 includes a benefit of $697, $517 and $9,886, respectively, related to television production incentives. Net loss for the third quarter of 2014 includes the benefit of $7,041 relating to incentives received relating to television production. Further, in 2014 we received an infrastructure improvement incentive which has a $970 positive impact on net income. | ||||||||||||||||||
[3] | Net loss for the second quarter of 2014 includes a $1,600 adjustment to reduce the carrying value of the former corporate aircraft to its estimated fair value. Net loss for the third quarter of 2014 includes $4,200 in restructuring charges in support of a cost cutting initiative and includes a $3,962 impairment of an equity investment. |
Segment Information (Summary of
Segment Information (Summary of Financial Information for Reportable Segments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2015 | [1],[2] | Sep. 30, 2015 | [1],[2],[3] | Jun. 30, 2015 | [2],[3] | Mar. 31, 2015 | [1],[2] | Dec. 31, 2014 | [1],[2] | Sep. 30, 2014 | [1],[2],[3] | Jun. 30, 2014 | [2],[3] | Mar. 31, 2014 | [1],[2] | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Segment Reporting Information [Line Items] | ||||||||||||||||||||
Total net revenues | $ 166,176 | $ 166,232 | $ 150,182 | $ 176,178 | $ 140,555 | $ 120,183 | $ 156,310 | $ 125,572 | $ 658,768 | $ 542,620 | $ 507,970 | |||||||||
Total depreciation and amortization | 22,760 | 26,705 | 24,469 | |||||||||||||||||
Total OIBDA | [4] | 61,554 | (15,452) | 30,360 | ||||||||||||||||
Loss on an abandoned capital project | 7,125 | |||||||||||||||||||
Network [Member] | ||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||
Total net revenues | 159,407 | 114,975 | 86,264 | |||||||||||||||||
Total OIBDA | 48,364 | (1,773) | 27,801 | |||||||||||||||||
Television [Member] | ||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||
Total net revenues | 231,115 | 176,670 | 163,428 | |||||||||||||||||
Total depreciation and amortization | 8,955 | 8,141 | 6,613 | |||||||||||||||||
Total OIBDA | 96,967 | 61,865 | 56,181 | |||||||||||||||||
Home Entertainment [Member] | ||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||
Total net revenues | 13,434 | 27,313 | 24,322 | |||||||||||||||||
Total OIBDA | 4,624 | 15,024 | 8,839 | |||||||||||||||||
Digital Media [Member] | ||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||
Total net revenues | 21,448 | 20,910 | 28,661 | |||||||||||||||||
Total depreciation and amortization | 1,254 | 2,989 | 2,693 | |||||||||||||||||
Total OIBDA | 4,384 | 295 | 5,688 | |||||||||||||||||
Live Events [Member] | ||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||
Total net revenues | 124,667 | 110,659 | 113,168 | |||||||||||||||||
Total depreciation and amortization | 22 | 29 | 45 | |||||||||||||||||
Total OIBDA | 37,986 | 27,829 | 30,740 | |||||||||||||||||
Licensing [Member] | ||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||
Total net revenues | 48,913 | 38,565 | 43,633 | |||||||||||||||||
Total OIBDA | 28,795 | 20,924 | 31,265 | |||||||||||||||||
Venue Merchandise [Member] | ||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||
Total net revenues | 22,428 | 19,336 | 19,397 | |||||||||||||||||
Total OIBDA | 8,870 | 7,722 | 7,547 | |||||||||||||||||
WWEShop [Member] | ||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||
Total net revenues | 27,074 | 20,238 | 15,598 | |||||||||||||||||
Total OIBDA | 5,148 | 3,524 | 2,378 | |||||||||||||||||
WWE Studios [Member] | ||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||
Total net revenues | 7,082 | 10,882 | 10,778 | |||||||||||||||||
Total depreciation and amortization | 8 | 9 | 9 | |||||||||||||||||
Total OIBDA | (1,487) | 466 | (12,744) | |||||||||||||||||
Corporate & Other [Member] | ||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||
Total net revenues | 3,200 | 3,072 | 2,721 | |||||||||||||||||
Total depreciation and amortization | 12,521 | 15,537 | 15,109 | |||||||||||||||||
Total OIBDA | [4] | $ (172,097) | $ (151,328) | $ (127,335) | ||||||||||||||||
[1] | Cost of revenues for the third and fourth quarter of 2015 and fourth quarter of 2014 include impairment charges of $270, $220, and $1,476, respectively, related to certain of our feature films. See Note 7, Feature Film Production Assets. | |||||||||||||||||||
[2] | Net income for the first, second and third quarters of 2015 includes a benefit of $697, $517 and $9,886, respectively, related to television production incentives. Net loss for the third quarter of 2014 includes the benefit of $7,041 relating to incentives received relating to television production. Further, in 2014 we received an infrastructure improvement incentive which has a $970 positive impact on net income. | |||||||||||||||||||
[3] | Net loss for the second quarter of 2014 includes a $1,600 adjustment to reduce the carrying value of the former corporate aircraft to its estimated fair value. Net loss for the third quarter of 2014 includes $4,200 in restructuring charges in support of a cost cutting initiative and includes a $3,962 impairment of an equity investment. | |||||||||||||||||||
[4] | The year ended December 31, 2015 includes a $7,125 charge to write-off assets related to a media center expansion project. This non-cash, non-recurring item relates to assets capitalized in previous years and is recorded as Loss on abandonment in our Consolidated Statements of Operations. See Note 6, Property and Equipment, for further discussion. |
Segment Information (Reconcilia
Segment Information (Reconciliation of Total Operating (Loss) Income to Total OIBDA) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Segment Information [Abstract] | ||||
Operating income (loss) | $ 38,794 | $ (42,157) | $ 5,891 | |
Depreciation and amortization | 22,760 | 26,705 | 24,469 | |
Total OIBDA | [1] | $ 61,554 | $ (15,452) | $ 30,360 |
[1] | The year ended December 31, 2015 includes a $7,125 charge to write-off assets related to a media center expansion project. This non-cash, non-recurring item relates to assets capitalized in previous years and is recorded as Loss on abandonment in our Consolidated Statements of Operations. See Note 6, Property and Equipment, for further discussion. |
Segment Information (Schedule o
Segment Information (Schedule of Net Revenues by Major Geographic Region) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2015 | [1],[2] | Sep. 30, 2015 | [1],[2],[3] | Jun. 30, 2015 | [2],[3] | Mar. 31, 2015 | [1],[2] | Dec. 31, 2014 | [1],[2] | Sep. 30, 2014 | [1],[2],[3] | Jun. 30, 2014 | [2],[3] | Mar. 31, 2014 | [1],[2] | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||||||||||||||||||
Total net revenues | $ 166,176 | $ 166,232 | $ 150,182 | $ 176,178 | $ 140,555 | $ 120,183 | $ 156,310 | $ 125,572 | $ 658,768 | $ 542,620 | $ 507,970 | ||||||||
North America [Member] | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Total net revenues | 488,957 | 426,191 | 391,663 | ||||||||||||||||
Europe/Middle East/Africa [Member] | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Total net revenues | 112,326 | 69,085 | 72,409 | ||||||||||||||||
Asia Pacific [Member] | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Total net revenues | 49,348 | 41,054 | 37,269 | ||||||||||||||||
Latin America [Member] | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Total net revenues | $ 8,137 | $ 6,290 | $ 6,629 | ||||||||||||||||
[1] | Cost of revenues for the third and fourth quarter of 2015 and fourth quarter of 2014 include impairment charges of $270, $220, and $1,476, respectively, related to certain of our feature films. See Note 7, Feature Film Production Assets. | ||||||||||||||||||
[2] | Net income for the first, second and third quarters of 2015 includes a benefit of $697, $517 and $9,886, respectively, related to television production incentives. Net loss for the third quarter of 2014 includes the benefit of $7,041 relating to incentives received relating to television production. Further, in 2014 we received an infrastructure improvement incentive which has a $970 positive impact on net income. | ||||||||||||||||||
[3] | Net loss for the second quarter of 2014 includes a $1,600 adjustment to reduce the carrying value of the former corporate aircraft to its estimated fair value. Net loss for the third quarter of 2014 includes $4,200 in restructuring charges in support of a cost cutting initiative and includes a $3,962 impairment of an equity investment. |
Concentration Of Credit Risk (D
Concentration Of Credit Risk (Details) - customer | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Concentration Risk [Line Items] | ||
Concentration risk, number of customers | 2 | 1 |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 10.00% | |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Customer One [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 15.00% | 14.00% |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Customer Two [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 14.00% |
Selected Quarterly Financial 90
Selected Quarterly Financial Information (Unaudited) (Schedule of Selected Quarterly Financial Information (unaudited)) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | [1] | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||||||||||
Net revenues | $ 166,176 | [1],[2] | $ 166,232 | [1],[2],[3] | $ 150,182 | [2],[3] | $ 176,178 | [1],[2] | $ 140,555 | [1],[2] | $ 120,183 | [1],[2],[3] | $ 156,310 | [2],[3] | $ 125,572 | [2] | $ 658,768 | $ 542,620 | $ 507,970 | ||
Cost of revenues | 102,033 | [1],[2] | 98,270 | [1],[2],[3] | 87,312 | [2],[3] | 109,701 | [1],[2] | 92,735 | [1],[2] | 78,417 | [1],[2],[3] | 121,747 | [2],[3] | 84,716 | [2] | 397,316 | 377,615 | 323,028 | ||
Net income (loss) | $ (1,113) | [1],[2] | $ 10,365 | [1],[2],[3] | $ 5,119 | [2],[3] | $ 9,773 | [1],[2] | $ (1,618) | [1],[2] | $ (5,921) | [1],[2],[3] | $ (14,497) | [2],[3] | $ (8,036) | [2] | 24,144 | (30,072) | 2,764 | ||
Net income (loss) per common share: basic | [2] | $ (0.02) | [1] | $ 0.14 | [1],[3] | $ 0.07 | [3] | $ 0.13 | [1] | $ (0.02) | [1] | $ (0.08) | [1],[3] | $ (0.19) | [3] | $ (0.11) | |||||
Television production incentives | $ 9,886 | $ 517 | $ 697 | $ 7,041 | 11,100 | 10,833 | 10,345 | ||||||||||||||
Infrastructure improvement incentive | $ 970 | 3,080 | [4] | ||||||||||||||||||
Restructuring charges | 4,200 | ||||||||||||||||||||
Impairment of an equity investment | $ 3,962 | 0 | 3,962 | 0 | |||||||||||||||||
Loss on an abandoned capital project | 7,125 | ||||||||||||||||||||
Feature Film Production Assets [Member] | |||||||||||||||||||||
Impairment charges | $ 220 | $ 270 | $ 1,476 | $ 490 | 1,476 | $ 11,661 | |||||||||||||||
Corporate Aircraft [Member] | |||||||||||||||||||||
Impairment charges | $ 1,600 | $ 1,600 | |||||||||||||||||||
[1] | Cost of revenues for the third and fourth quarter of 2015 and fourth quarter of 2014 include impairment charges of $270, $220, and $1,476, respectively, related to certain of our feature films. See Note 7, Feature Film Production Assets. | ||||||||||||||||||||
[2] | Net income for the first, second and third quarters of 2015 includes a benefit of $697, $517 and $9,886, respectively, related to television production incentives. Net loss for the third quarter of 2014 includes the benefit of $7,041 relating to incentives received relating to television production. Further, in 2014 we received an infrastructure improvement incentive which has a $970 positive impact on net income. | ||||||||||||||||||||
[3] | Net loss for the second quarter of 2014 includes a $1,600 adjustment to reduce the carrying value of the former corporate aircraft to its estimated fair value. Net loss for the third quarter of 2014 includes $4,200 in restructuring charges in support of a cost cutting initiative and includes a $3,962 impairment of an equity investment. | ||||||||||||||||||||
[4] | Of the $3,080 received during the year ended December 31, 2014, the Company recorded $2,937 as a reduction in property and equipment. |
Valuation and Qualifying Acco91
Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Allowance For Doubtful Accounts [Member] | ||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Balance at Beginning of Year | $ 4,814 | $ 2,786 | $ 6,275 | |
Charges to Expense/Against Revenues | 630 | 1,164 | (6) | |
Deductions/Adjustments | [1] | 2,345 | 864 | (3,483) |
Balance at End of Year | 7,789 | 4,814 | 2,786 | |
Magazine Publishing Allowance For Newsstand Returns [Member] | ||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Balance at Beginning of Year | 299 | 2,038 | 2,145 | |
Charges to Expense/Against Revenues | 28 | 8,363 | 14,948 | |
Deductions/Adjustments | [1] | (327) | (10,102) | (15,055) |
Balance at End of Year | 299 | 2,038 | ||
Home Video Allowance For Returns [Member] | ||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Balance at Beginning of Year | 2,588 | 4,520 | 6,271 | |
Charges to Expense/Against Revenues | 10,158 | 9,828 | 18,711 | |
Deductions/Adjustments | [1] | (10,304) | (11,760) | (20,462) |
Balance at End of Year | 2,442 | 2,588 | $ 4,520 | |
WWE Network chargebacks [Member] | ||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Balance at Beginning of Year | 25 | |||
Charges to Expense/Against Revenues | 855 | 302 | ||
Deductions/Adjustments | [1] | (800) | (277) | |
Balance at End of Year | $ 80 | $ 25 | ||
[1] | Includes deductions which are comprised primarily of write-offs of specific bad debts and returns of magazines and home videos from retailers, adjustments to the allowance account which affects bad debt expense or WWE Network cancellations and adjustments to refund allowances. |