Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2016 | Jul. 27, 2016 | |
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 | |
Amendment Flag | false | |
Document Type | 10-Q | |
Document Fiscal Period Focus | Q2 | |
Document Period End Date | Jun. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Current Fiscal Year End Date | --12-31 | |
Common Class A [Member] | ||
Class of Stock [Line Items] | ||
Entity Common Stock, Shares Outstanding (in Shares) | 36,901,356 | |
Common Class B [Member] | ||
Class of Stock [Line Items] | ||
Entity Common Stock, Shares Outstanding (in Shares) | 39,496,810 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Consolidated Statements Of Operations [Abstract] | ||||
Net revenues | $ 198,994 | $ 150,182 | $ 370,094 | $ 326,360 |
Cost of revenues | 132,020 | 87,312 | 225,354 | 197,013 |
Selling, general and administrative expenses | 59,435 | 49,742 | 109,610 | 95,173 |
Depreciation and amortization | 5,966 | 5,844 | 11,553 | 11,757 |
Operating income | 1,573 | 7,284 | 23,577 | 22,417 |
Investment income, net | 643 | 453 | 1,253 | 656 |
Interest expense | (601) | (570) | (1,194) | (1,111) |
Other expense, net | (588) | (82) | (1,244) | (423) |
Income before income taxes | 1,027 | 7,085 | 22,392 | 21,539 |
Provision for income taxes | 165 | 1,966 | 7,645 | 6,647 |
Net income | $ 862 | $ 5,119 | $ 14,747 | $ 14,892 |
Earnings per share: basic and diluted | $ 0.01 | $ 0.07 | $ 0.19 | $ 0.20 |
Weighted average common shares outstanding: | ||||
Basic | 75,952 | 75,539 | 75,945 | 75,529 |
Diluted | 77,429 | 76,160 | 77,304 | 76,076 |
Dividends declared per common share (Class A and B) | $ 0.12 | $ 0.12 | $ 0.24 | $ 0.24 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Consolidated Statements Of Comprehensive Income [Abstract] | ||||
Net income | $ 862 | $ 5,119 | $ 14,747 | $ 14,892 |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustments | (118) | 37 | (105) | (85) |
Unrealized holding gains (losses) on available-for-sale securities (net of tax expense/(benefit) of $38 and $(59), and $168 and $52, respectively) | 61 | (95) | 274 | 86 |
Total other comprehensive (loss) income | (57) | (58) | 169 | 1 |
Comprehensive income | $ 805 | $ 5,061 | $ 14,916 | $ 14,893 |
Consolidated Statements Of Com4
Consolidated Statements Of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Consolidated Statements Of Comprehensive Income [Abstract] | ||||
(Losses) gains on unrealized holding gains on available-for-sale securities, tax (benefit) expense | $ 38 | $ (59) | $ 168 | $ 52 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 16,193 | $ 38,019 |
Short-term investments, net | 63,716 | 64,357 |
Accounts receivable (net of allowance for doubtful accounts and returns of $8,500 and $10,311, respectively) | 55,275 | 58,437 |
Inventory | 7,374 | 6,167 |
Prepaid expenses and other current assets | 21,281 | 12,778 |
Total current assets | 163,839 | 179,758 |
PROPERTY AND EQUIPMENT, NET | 109,161 | 105,217 |
FEATURE FILM PRODUCTION ASSETS, NET | 29,492 | 26,353 |
TELEVISION PRODUCTION ASSETS, NET | 8,969 | 11,416 |
INVESTMENT SECURITIES | 23,618 | 22,278 |
NON-CURRENT DEFERRED INCOME TAX ASSETS | 42,571 | 44,709 |
OTHER ASSETS, NET | 18,663 | 19,414 |
TOTAL ASSETS | 396,313 | 409,145 |
CURRENT LIABILITIES: | ||
Current portion of long-term debt | 16,072 | 4,440 |
Accounts payable and accrued expenses | 59,728 | 70,001 |
Deferred income | 48,329 | 57,152 |
Total current liabilities | 124,129 | 131,593 |
LONG-TERM DEBT | 14,878 | 17,135 |
NON-CURRENT INCOME TAX LIABILITIES | 809 | 1,117 |
NON-CURRENT DEFERRED INCOME | 40,271 | 49,983 |
Total liabilities | 180,087 | 199,828 |
COMMITMENTS AND CONTINGENCIES | ||
STOCKHOLDERS’ EQUITY: | ||
Additional paid-in-capital | 379,872 | 369,643 |
Accumulated other comprehensive income | 3,180 | 3,011 |
Accumulated deficit | (167,586) | (164,096) |
Total stockholders’ equity | 216,226 | 209,317 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | 396,313 | 409,145 |
Common Class A [Member] | ||
STOCKHOLDERS’ EQUITY: | ||
Common stock | 365 | 342 |
Common Class B [Member] | ||
STOCKHOLDERS’ EQUITY: | ||
Common stock | $ 395 | $ 417 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Accounts receivable, allowance for doubtful accounts and returns | $ 8,500 | $ 10,311 |
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 | 36,455,849 | 34,215,459 |
Common stock, shares outstanding | 36,455,849 | 34,215,459 |
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 | 39,496,810 | 41,688,704 |
Common stock, shares outstanding | 39,496,810 | 41,688,704 |
Consolidated Statements Of Stoc
Consolidated Statements Of Stockholders' Equity - 6 months ended Jun. 30, 2016 - 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, 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 | ||
Net income | 14,747 | 14,747 | ||||||
Other comprehensive income | 169 | 169 | ||||||
Stock issuances net, Shares | 49,000 | |||||||
Stock issuances, net | $ 1 | 626 | 627 | |||||
Conversion of Class B common stock by shareholder, Shares | 2,192,000 | (2,192,000) | ||||||
Conversion of Class B common stock by shareholder | $ 22 | $ (22) | ||||||
Tax effect from stock-based payment arrangements | 6 | 6 | ||||||
Cash dividends declared | 8 | (18,237) | (18,229) | |||||
Stock-based compensation | 9,589 | 9,589 | ||||||
Balance, Shares at Jun. 30, 2016 | 36,456,000 | 39,497,000 | 36,455,849 | 39,496,810 | ||||
Balance at Jun. 30, 2016 | $ 365 | $ 395 | $ 379,872 | $ 3,180 | $ (167,586) | $ 216,226 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
OPERATING ACTIVITIES: | ||
Net income | $ 14,747 | $ 14,892 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Amortization and impairments of feature film production assets | 2,701 | 1,409 |
Amortization of television production assets | 17,569 | 10,054 |
Depreciation and amortization | 13,932 | 13,569 |
Services provided in exchange for equity instruments | (1,705) | (100) |
Equity in earnings of affiliate, net of dividends received | (90) | (60) |
Other amortization | 1,154 | 1,037 |
Stock-based compensation | 9,589 | 7,787 |
(Recovery from) provision for doubtful accounts | (167) | 446 |
Provision for (benefit from) deferred income taxes | 2,138 | (8,684) |
Other non-cash adjustments | 278 | 66 |
Cash (used in)/provided by changes in operating assets and liabilities: | ||
Accounts receivable | 3,225 | 928 |
Inventory | (1,207) | (1,247) |
Prepaid expenses and other assets | (11,996) | (2,364) |
Feature film production assets | (5,023) | (4,692) |
Television production assets | (15,122) | (14,578) |
Accounts payable, accrued expenses and other liabilities | (10,461) | 1,193 |
Deferred income | (16,830) | 8,427 |
Net cash provided by operating activities | 2,732 | 28,083 |
INVESTING ACTIVITIES: | ||
Purchases of property and equipment and other assets | (15,533) | (10,993) |
Purchases of short-term investments | (4,621) | |
Proceeds from sales and maturities of investments | 400 | 6,090 |
Purchase of investment securities | (1,250) | (960) |
Net cash used in investing activities | (16,383) | (10,484) |
FINANCING ACTIVITIES: | ||
Repayment of long-term debt | (2,208) | (2,161) |
Dividends paid | (18,229) | (18,129) |
Debt issuance costs | (797) | |
Proceeds from borrowings under credit facilities | 11,583 | |
Proceeds from issuance of stock | 673 | 527 |
Excess tax benefits from stock-based payment arrangements | 6 | 5 |
Net cash used in financing activities | (8,175) | (20,555) |
NET DECREASE IN CASH AND CASH EQUIVALENTS | (21,826) | (2,956) |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 38,019 | 47,227 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 16,193 | 44,271 |
NON-CASH INVESTING TRANSACTIONS: | ||
Non-cash purchase of property and equipment | $ 768 | 410 |
Non-cash purchase of investment securities (See Note 9) | $ 13,800 |
Basis Of Presentation And Busin
Basis Of Presentation And Business Description | 6 Months Ended |
Jun. 30, 2016 | |
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” a nd the “Company” refer to WWE. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires our management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expense s during the reporting period. Actual results could differ from those estimates. The accompanying consolidated finan cial statements are unaudited. All adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation of financial position, results of operations, and cash flows at the dates and for the periods presented have been included. The results of operations of any interim period are not necessarily indicative of the results of operations for the full year. Included in Corporate and Other are intersegment eliminatio ns recorded in consolidation. All intercompany balances are eliminated in consolidation. Certain information and note disclosures normally included in annual financial statements have been condensed or omitted from these interim financial statements; these financial statements should be read in conjunction with the financial statements and notes thereto included in our Form 1 0-K for the year ended December 31, 2015 . 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 websites, including through our WWEShop Internet storefront and on distribution platforms, including Amazon . WWE Studios : · Revenues consist of amounts earned from investing in, producing, and/or distributing filmed entertainment. |
Significant Accounting Policies
Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2016 | |
Significant Accounting Policies [Abstract] | |
Significant Accounting Policies | 2. Significant Accounting Policies There have been no significant changes to our accounting policies that were previously disclosed in our Annual Report on Form 10-K for ou r fiscal year ended December 31, 2015 , or in the methodology used in formulating these significant judgments and estimates that affect the application of these policies. Cost of Revenues Included within Costs of revenues are the following: Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 Amortization and impairment of feature film assets $ 1,595 $ 699 $ 2,701 $ 1,409 Amortization of television production assets 9,438 3,211 17,569 10,054 Amortization of WWE Network content delivery and technology assets 1,230 833 2,379 1,812 Total amortization and impairment included in cost of revenues $ 12,263 $ 4,743 $ 22,649 $ 13,275 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. Recent Accounting Pronouncements In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-09, “ Compensation –Stock Compensation (Topic 718) ”, which is intended to simplify several aspects of the accounting for share-based payment award transactions. The amendments require entities to record all excess tax benefits or deficiencies as income tax benefit or expense in the income statement and would require entities to classify excess tax benefits as an operating activity in the statement of cash flows. The amendments will also allow entities to provide net settlement of stock-based awards to cover tax withholding obligations without classifying the awards as a liability as long as the net settlement does not exceed the maximum individual statutory tax rate. The amounts paid to satisfy the statutory income tax withholding obligation would be classified as a financing activity in the statement of cash flows. Additionally, the amendments allow entities to elect an accounting policy to either continue to use a forfeiture estimate on share based awards or account for forfeitures when they occur. The new guidance will be effective for the fiscal year beginning after December 15, 2016, including interim periods within that year, which for the Company will be effective for the fiscal year beginning January 1, 2017. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. The Company is currently evaluating the impact of the adoption of this new standard on our consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-07, “ Investments – Equity Method and Joint Ventures (Topic 323): Simplifying the Transition to the Equity Method of Accounting ”. The amendments eliminate the requirement to retroactively adopt the equity method of accounting when a change in ownership occurs. The amendments require that the equity method investor add the cost of acquiring the additional interest in the investee to the current basis of the investment and adopt the equity method of accounting as of the date the investment becomes qualified for equity method accounting. Therefore, upon qualifying for the equity method of accounting, no retroactive adjustment of the investment is required. This new guidance is effective for annual and interim reporting periods beginning after December 15, 2016 which for the Company will be effective for the fiscal year beginning January 1, 2017. The Company is currently evaluating the impact of this new standard and do not expect it to have a material impact on our consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02 “ Leases (Topic 842) ”, which will supersede the existing guidance for lease accounting. This new standard will require lessees to recognize leases on their balance sheets, and leaves lessor accounting largely unchanged. The new standard requires a dual approach for lessee accounting under which a lessee would account for leases as finance leases or operating leases. Both finance leases and operating leases will result in the lessee recognizing a right-of-use asset and a corresponding lease liability. For finance leases, the lessee would recognize interest expense and amortization of the right-of-use asset, and for operating leases, the lessee would recognize a straight-line total lease expense. The new guidance is effective for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years, which for the Company will be effective for the fiscal year beginning January 1, 2019, with early adoption permitted. An entity will be required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. We are currently evaluating the impact of the adoption of this new standard on our consolidated financial statements. In January 2016, the FASB issued ASU No. 2016-01, “ Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities ”, which requires that most equity investments be measured at fair value, with subsequent changes in fair value recognized in net income (other than those accounted for under equity method of accounting). Under the new guidance, entities will no longer be able to recognize unrealized holding gains and losses on equity securities classified today as available-for-sale in other comprehensive income, and they will no longer be able to use the cost method of accounting for equity securities that do not have readily determinable fair values. However, entities will be able to elect to record equity investments without readily determinable fair values at cost, less impairment, and plus or minus subsequent adjustments for observable price changes. The guidance for classifying and measuring investments in debt securities and loans is not impacted The new guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017, which for the Company is effective for the fiscal year beginning January 1, 2018, with early adoption permitted. The Company is currently evaluating the impact of the adoption of this new standard on our consolidated financial statements. In July 2015, the FASB issued ASU No. 2015-11, “ Simplifying the Measurement of Inventory ,” which requires all inventory to be measured at the lower of cost and net realizable value, except for inventory that is accounted for using the LIFO or the retail inventory method, which will be measured under existing accounting standards. The new guidance must be applied on a prospective basis and is effective for fiscal years beginning after December 15, 2016, which for the Company will be effective for the fiscal year beginning January 1, 2017, with early adoption permitted. We are currently evaluating the impact of the adoption of this new standard and do not expect it to have a material impact on our consolidated financial statements. In 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. 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 addition, during 2016, the FASB has issued ASU No. 2016-08, “ Principle versus Agent Considerations ,” ASU No. 2016-10, “ Identifying Performance Obligations and Licensing ,” and ASU No. 2016-12, “ Narrow Scope Improvements and Practical Expedients ,” all of which clarify certain implementation guidance in ASU No. 2014-09. This standard along with the subsequent clarifications issued are effective 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, along with subsequent clarifying guidance, on our consolidated financial statements. |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2016 | |
Segment Information [Abstract] | |
Segment Information | 3. Segment Information T he 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 amortization and impairments, as well as the amortization of costs related to content delivery and technology assets utilized for our WWE Network. The Company believes the presentation of OIBDA is relevant and useful for investors because it allows investors to view our segment performance in the same manner as the primary method used by management to evaluate segment performance and make decis ions 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 record certain costs within our Corporate and Other segment since the costs benefit the Company as a whole and are not directly attributable to our other reportable segments. These costs are categorized and presented into two categories, Corporate Support and Business Support. Corporate Support expenses primarily include our corporate general and administrative functions. Business Support expenses include our sales and marketing functions , our international sales offices, talent development costs , including costs associated with our WWE Performance Center , and our business strategy and data analytics functions. 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: Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 Net revenues: Network $ 51,750 $ 40,176 $ 92,081 $ 77,735 Television 56,043 52,097 116,762 110,285 Home Entertainment 3,155 3,096 6,424 7,819 Digital Media 6,489 3,734 11,886 8,079 Live Events 51,912 26,449 77,246 65,736 Licensing 8,916 11,305 29,958 27,768 Venue Merchandise 8,770 4,640 14,210 13,071 WWEShop 7,491 5,859 14,298 11,129 WWE Studios 3,289 2,119 5,232 3,583 Corporate & Other 1,179 707 1,997 1,155 Total net revenues $ 198,994 $ 150,182 $ 370,094 $ 326,360 OIBDA: Network (1) $ (5,656) $ 17,256 $ 10,104 $ 15,732 Television (1) 27,204 21,205 55,511 47,139 Home Entertainment 964 539 2,508 2,658 Digital Media 183 (841) 71 (970) Live Events 23,425 6,665 29,510 24,251 Licensing 3,953 6,400 18,224 17,243 Venue Merchandise 3,627 2,052 5,692 5,256 WWEShop 1,571 1,434 2,972 2,538 WWE Studios 439 (32) 2 (399) Corporate & Other (48,171) (41,550) (89,464) (79,274) Total OIBDA $ 7,539 $ 13,128 $ 35,130 $ 34,174 (1) Beginning on January 1, 2016, the Company started allocating certain shared costs and expenses between our Network and Television segments. Management believes this allocation more accurately reflects the operations of each of these reportable segments. The impact of this allocation methodology during the three and six months ended June 30, 2016 was a decline to Network segment OIBDA of approximately $5,323 and $8,397 , respectively, with a corresponding increase of $5,323 and $8,397 , respectively, to Television segment OIBDA. T he allocation methodology had no impact on our consolidated financial statements. Prior year Network and Television segment results were not revised for this prospective change in the allocation method. Refer to Management's Discussion and Anal ysis of Financial Condition and Results of Operations for further discussion . Reconciliation of Total Operating Income to Total OIBDA Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 Total operating income $ 1,573 $ 7,284 $ 23,577 $ 22,417 Depreciation and amortization 5,966 5,844 11,553 11,757 Total OIBDA $ 7,539 $ 13,128 $ 35,130 $ 34,174 Geographic Information Net revenues by major geographic region are based upon the geographic location of where our content is distributed. The information below summarizes net revenues to unaffiliated customers by geographic area: Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 North America $ 149,761 $ 107,428 $ 279,781 $ 247,750 Europe/Middle East/Africa 36,142 30,798 63,748 52,414 Asia Pacific 11,245 10,495 22,834 22,487 Latin America 1,846 1,461 3,731 3,709 Total net revenues $ 198,994 $ 150,182 $ 370,094 $ 326,360 Revenues generated from the United Kingdom, our largest international market, totaled $ 24,000 and $21,100 , and $40,876 and $33,312 fo r the three and six months ended June 30, 201 6 and 201 5 , respectively. The Company’s property and equipment was almost entirely located in the United States at June 30, 201 6 and 201 5 . |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 4. Earni ngs Per Share For purposes of calculating ba sic and diluted earnings per share, we used the following weighted average common shares outstanding (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 Net income $ 862 $ 5,119 $ 14,747 $ 14,892 Weighted average basic common shares outstanding 75,952 75,539 75,945 75,529 Dilutive effect of restricted and performance stock units 1,474 611 1,354 531 Dilutive effect of employee share purchase plan 3 10 5 16 Weighted average dilutive common shares outstanding 77,429 76,160 77,304 76,076 Earnings per share: Basic and diluted $ 0.01 $ 0.07 $ 0.19 $ 0.20 Anti-dilutive outstanding restricted and performance stock units (excluded from per-share calculations) — — — — |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2016 | |
Stock-Based Compensation [Abstract] | |
Stock-based Compensation | 5. Stock- b ased Compensation 2007 Omnibus Incentive Plan 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. 2016 Omnibus Incentive Plan The Company’s Board of Directors and stockholders approved the 2016 Omnibus Incentive Plan (the “2016 Plan”) on February 3, 2016, and April 21, 2016, respectively. A total of 5,000,000 shares of the Company’s common stock have been authorized for issuance under the 2016 Plan. Beginning on February 3, 2016, the 2016 Plan replaced the 2007 Plan, and no new awards will be granted under the 2007 Plan. Any awards outstanding under the 2007 Plan on the date of stockholder approval of the 2016 Plan will remain subject to and be paid under the 2007 Plan, and any shares subject to outstanding awards under the 2007 Plan that subsequently cease to be subject to such awards (other than by reason of settlement of the awards in shares) will automatically become available for issuance under the 2016 Plan. The 2016 Plan provides for the grant of incentive or non-qualified stock options, stock appreciation rights, restricted stock, restricted stock units, other stock-based awards, and performance awards to eligible participants as determined by the Compensation Committee of the Board of Directors. Awards may be granted under the 2016 Plan to officers, employees, consultants, advisors and independent contractors of the Company and its affiliates and to non-employee directors of the Company. Restricted Stock Units The Company grants restricted stock units ("RSUs") to officers and employees under the 2016 Plan. Stock-based compensation costs associated with our RSUs are determined using the fair market value of the Company’s common stock on the date of the grant. These costs are recognized over the requisite service period using the graded vesting method, net of estimated forfeitures. RSUs have a service requirement typically over a three and one half year vesting schedule and vest in equal annual installments. We estimate forfeitures based on historical trends when recognizing compensation expense and adjust the estimate of forfeitures when they are expected to differ or as forfeitures occur. Unvested RSUs accrue dividend equivalents at the same rate as are paid on our shares of Class A common stock. The dividend equivalents are subject to the same vesting schedule as the underlying RSUs. The following table summarizes the RSU activity during the six months ended June 30, 2016 : Units Weighted- Average Grant-Date Fair Value Unvested at January 1, 2016 266,450 $ 16.31 Granted 212,491 $ 17.07 Vested (6,993) $ 14.10 Forfeited (22,651) $ 16.39 Dividend equivalents 6,538 $ 16.68 Unvested at June 30, 2016 455,835 $ 16.70 Performance Stock Units The Company grants performance stock units (“PSUs”) to officers and employees under the 2016 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). 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. We estimate forfeitures based on historical trends which 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. The units associated with these awards are included in the table below. The following table summarizes the PSU activity during the six months ended June 30, 2016 : Units Weighted- Average Grant-Date Fair Value Unvested at January 1, 2016 1,238,679 $ 17.95 Granted 956,730 $ 18.41 Achievement adjustment 620,923 $ 14.94 Forfeited (95,498) $ 16.59 Dividend equivalents 25,292 $ 15.43 Unvested at June 30, 2016 2,746,126 $ 16.43 Duri ng the six months ended June 30, 201 6, we granted 956,730 PSUs , inclusive of the second half of the executive grants noted above, which are subject to certain performance conditions. During the year ended December 31, 201 5, we granted 1,000,146 PSUs , inclusive of the first half of the executive grants noted above, which were subject to performance conditions. Duri ng the first quarter of 2016 , the performance conditions related to these PSUs were exceeded, whi ch resulted in an increase of 620,923 PSUs in 201 6 relating to the initial 201 5 PSU grant. Stock-based compensation costs, which includes costs related to RSUs, PSUs and the Company's Employee Stock Purchase P lan, totaled $6,429 and $5,308 , and $9,589 and $7,787 for the three and six months ended June 30, 201 6 and 201 5 , respectively. |
Property And Equipment
Property And Equipment | 6 Months Ended |
Jun. 30, 2016 | |
Property And Equipment [Abstract] | |
Property And Equipment | 6. Property and Equipment Property and equipment consisted of the following: As of June 30, December 31, 2016 2015 Land, buildings and improvements $ 103,718 $ 100,594 Equipment 127,029 117,018 Corporate aircraft 31,277 31,277 Vehicles 244 244 262,268 249,133 Less: accumulated depreciation and amortization (153,107) (143,916) Total $ 109,161 $ 105,217 Depreciation expense for property and equip ment totaled $ 5,655 and $5,412 , and $10,936 and $10,905 for the three and six months ended June 30, 201 6 and 201 5, respectively. On June 29, 2016, the Company entered into a building purchase and sale agreement (the “Agreement”). Pursuant to the Agreement, the Company expects to acquire all of the rights, title, and interest in a building located in Stamford, Connecticut. The Company currently leases a portion of the building, and expects to expand its use of space in the building and leave the remaining space leased to a current tenant. The purchase price under the Agreement of approximately $26,900 will be funded, in part, via the assumption of an existing mortgage of $23,000 . In connection with entering into the Agreement, the Company paid $2,687 of cash as a deposit towards the purchase price. The transaction is expected to close during the third quarter of 2016. |
Feature Film Production Assets,
Feature Film Production Assets, Net | 6 Months Ended |
Jun. 30, 2016 | |
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 June 30, December 31, 2016 2015 In release $ 13,519 $ 15,249 Completed but not released 6,658 2,432 In production 8,494 8,029 In development 821 643 Total $ 29,492 $ 26,353 Approximately 35% of “In release” film production assets are estimated to be amortized over the next 12 months, and approximately 66% of “In release” film production assets are estimated to be amortized over the next three years. We anticipate amortizing approximately 80% of our "In release" film production asset within four years as we receive revenues associated with television distribution of our licensed films. During the three and six months ended June 30, 201 6 and 201 5, we amo rtized $1,595 and $699 , and $2,701 and $1,409 , respectively, of feature film production assets. During these periods, our films were released under a co-distribution model. Under the co-distribution model, third-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 distribut ion 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 six months ended June 30, 2016, we released one feature film , Countdown , direct to DVD, which comprises $996 of our “In release” feature film assets as of June 30, 2016 . We currently have five films designated as “Completed but not released” and have seven films “In production.” We also have capitalized certain script development costs and pre-production costs for various other film projects designated as “In development.” D evelopment costs are evaluated at each reporting period for impairment and to determine if a project is deemed to be abandoned. We did not record any impairment charges related to abandoned projects during the three and six months ended June 30, 2016 and 2015 . Unamortized feature film production assets are evaluated for imp airment each reporting period. We review and revise estimates of ultimate revenue and participation costs at each reporting period to reflect the most current information available. If estimates for a film’s ultimate revenue and/or costs are revised and indicate a significant decline in a film’s profitability , or if events or circumstances change that indicate we should assess whether the fair value of a film is less than its unamortized film costs, we calculate the film's estimated fair value using a discounted cash flows model. If fair value is less than unamortized cost, the film asset is written down to fair value. We did no t record any impairment charges during the three and six months ended June 30, 2016 and 2015 related to our feature films. |
Television Production Assets, N
Television Production Assets, Net | 6 Months Ended |
Jun. 30, 2016 | |
Television Production Assets, Net [Abstract] | |
Television Production Assets, Net | 8. Television Production Assets, Net Television production assets consisted of the following: As of June 30, December 31, 2016 2015 In release $ 2,945 $ 425 In production 6,024 10,991 Total $ 8,969 $ 11,416 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 , which are included in Costs of revenues, consisted of the following: Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 WWE Network programming $ 7,396 $ 1,875 $ 8,729 $ 2,909 Television programming 2,042 1,336 8,840 7,145 Total $ 9,438 $ 3,211 $ 17,569 $ 10,054 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 three and six months ended June 30, 201 6 and 201 5 , we did no t record any impairments related to our television production assets. |
Investment Securities And Short
Investment Securities And Short-Term Investments | 6 Months Ended |
Jun. 30, 2016 | |
Investment Securities And Short-Term Investments [Abstract] | |
Investment Securities And Short-Term Investments | 9. Investment Securities and Short-Term Investments Investment Securities Included with in Investment Securities are the following: As of June 30, December 31, 2016 2015 Equity method investment $ 14,252 $ 14,163 Cost method investments 9,366 8,115 Total investment securities $ 23,618 $ 22,278 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 agreed to contribute certain intangible assets for the Brand, licensing contracts, systems, and other administrative functions to Tapout. The Company 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 . To the extent that Tapout records income or losses, we record our share proportionate to our ownership percentage, and any dividends received reduce the carrying amount of the investment. Net equity method earnings from Tapout are included as a component of Investment income, net on the Consolidated Statements of Operations. Net dividends received from Tapout are reflected on the Consolidated Statements of Cash Flows as a component of Equity in earnings of affiliate, net of dividends received. The Company did no t record any impairment charges related to our investment in Tapout during the three and six months ended June 30, 2016 or 2015. The following table presents the net equity method earnings from Tapout and net dividends received from Tapout for the periods presented: Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 Net equity method earnings from Tapout $ 415 $ 260 $ 837 $ 260 Net dividends received from Tapout (453) (200) (747) (200) Equity in earnings of affiliate, net of dividends received $ (38) $ 60 $ 90 $ 60 As promotional services are provided to Tapout, we will record revenue and reduce th e existing service obligation. During the three and six months ended June 30, 2016 and 2015, we recorded revenues of $947 and $0 , and $1,705 and $100 , respectively , related to our fulfillment of our promotional services obligation to Tapout. The remaining service obligation as of June 30, 201 6 was $9,665 , and was included in Deferred Income and Non-Current Deferred Income for $1,385 and $8,280 , respectively . Our known maximum exposure to loss approximates the remaining service ob ligation to Tapout, which was $9,665 as of June 30, 201 6 . Creditors of Tapout do not have recourse against the general credit of the Company. Cost Method Investments WWE maintains se veral cost method investments, including a $3,000 investment in a mobile video publishing business, a $2,715 investment in a live event touring business and a $2,400 investment in a software application developer. During the three months ended June 30, 2016, the Company made an investment of $1,000 in a fantasy sports contest provider and an investment of $250 in a virtual reality platform operator . We evaluate our cost method investments for impairment if factors indicate that a significant d ecrease in value has occurred. The Company did no t record any impairment charges on our cost method investments during the three and six months ended June 30, 2016 and 2015. Short-Term Investments Short-term investments measured at fair value consisted of the following: As of June 30, 2016 As of December 31, 2015 Gross Unrealized Gross Unrealized Amortized Fair Amortized Fair Cost Gain (Loss) Value Cost Gain (Loss) Value Municipal bonds $ 20,518 $ 51 $ (1) $ 20,568 $ 21,284 $ 11 $ (56) $ 21,239 Corporate bonds 43,000 150 (2) 43,148 43,317 9 (208) 43,118 Total $ 63,518 $ 201 $ (3) $ 63,716 $ 64,601 $ 20 $ (264) $ 64,357 We classify the investments listed in the above table as available-for-sale securities. Such investments consist primarily of corporate and municipal bonds, including pre-refunded municipal bonds. These investments are stated at fair value as required by the applicable accounting guidance. Unrealized gains and losses on such securities are reflected, net of tax, as other comprehensive income (loss) in the Consolidated Statements of Comprehensive Income. Our municipal and corporate 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 June 30, 201 6 , contractual maturities of these bonds are as follows: Maturities Municipal bonds 1 day - 2 years Corporate bonds 2 months - 2 years The following table summarizes the short-term investment activity: Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 Proceeds from maturities and calls of short-term investments $ 400 $ — $ 400 $ 6,090 Purchases of short-term investments $ — $ — $ — $ 4,621 |
Fair Value Measurement
Fair Value Measurement | 6 Months Ended |
Jun. 30, 2016 | |
Fair Value Measurement [Abstract] | |
Fair Value Measurement | 10. Fair Value Measurement Fair value is determined based on the exchange price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. Fair value is a market-based measurement based on assumptions that market participants would use to price the asset or liability. Accordingly, the framework considers markets or observable inputs as the preferred source of value followed by assumptions based on hypothetical transactions, in the absence of market inputs. The fair value should be calculated based on assumptions that market participants would use in pricing the asset or liability, not on assumptions specific to the entity. In addition, the fair value of assets and liabilities should include consideration of non-performance risk, including the Company's own credit risk. Additionally, the accounting guidance establishes a three-level hierarchy that ranks the quality and reliability of information used in developing fair value estimates. The hierarchy gives the highest priority to quoted prices in active markets and the lowest priority to unobservable data. In cases where two or more levels of inputs are used to determine fair value, a financial instrument's level is determined based on the lowest level input that is considered significant to the fair value measurement in its entirety. The three input levels of the fair value hierarchy are summarized as follows: Level 1- Observable inputs such as quoted prices in active markets for identical assets or liabilities; Level 2- Inputs other than quoted prices in active markets for similar assets and liabilities that are directly or indirectly observable; or Level 3- Unobservable inputs, such as discounted cash flow models or valuations, in which little or no market data exists. The following assets are required to be measured at fair value on a recurring basis and the classification within the hierarchy was as follows: Fair Value at June 30, 2016 Fair Value at December 31, 2015 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Municipal bonds $ 20,568 $ — $ 20,568 $ — $ 21,239 $ — $ 21,239 $ — Corporate bonds 43,148 — 43,148 — 43,118 — 43,118 — Total $ 63,716 $ — $ 63,716 $ — $ 64,357 $ — $ 64,357 $ — 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. The carrying amount of short-term debt outstanding pursuant to our Revolving Credit Facility and Film Credit Facility approximates fair value as interest rates on these instruments approximate current market rates. We have classifi ed our investment in municipal and corporate 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 observab le market data. The municipal and corporate 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 a re used to value our municipal and corporate bond investments. The Company did not have any transfers between Level 1, Level 2, and Level 3 fair value investments during the periods presented. The fair value measurements of our cost method investments are classified within Level 3, as significant unobservable inputs are used to measure the fair value of these assets due to the absence of quoted market prices and inherent lack of liquidity. Significant unobservable inputs include variables such as near-term prospects of the investees, recent financing activities of the investees, and the investees' capital structure, as well as other economic variables, which reflect assumptions market participants would use in pricing these assets. Our investments are recorded at fair value only if an impairment charge is recognized. The Company did no t record an y impairment charge s on these assets during the three and six months ended June 30, 201 6 and 2015 . 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 whe n an impairment is recognized. During the three and six months ended June 30, 2016 and 2015, the Company did no t record any impairment charges on these assets. The Company classifies these assets as Level 3 within the fair value hierarchy due to significant unobservable inputs. The fair value of the Company’s long-term debt, consisting of a promissory note secured by the Company's Corporate Jet, is estimated based upon quoted price estimates for similar debt arrangements. At June 30, 2016 , the face amount of the note approximates its fair value. |
Accounts Payable And Accrued Ex
Accounts Payable And Accrued Expenses | 6 Months Ended |
Jun. 30, 2016 | |
Accounts Payable And Accrued Expenses [Abstract] | |
Accounts Payable And Accrued Expenses | 11. Accounts Payable and Accrued Expenses Accounts payable and accrued expenses consisted of the following: As of June 30, December 31, 2016 2015 Trade related $ 9,980 $ 8,583 Staff related 8,048 6,436 Management incentive compensation 10,744 23,183 Talent related 6,840 6,285 Accrued WWE Network related expenses 3,859 4,220 Accrued event and television production 4,738 6,243 Accrued home entertainment expenses 163 381 Accrued legal and professional 3,253 2,139 Accrued purchases of property and equipment 768 1,096 Accrued film liability 2,553 2,531 Accrued other 8,782 8,904 Total $ 59,728 $ 70,001 Accrued other includes accruals for our international and licensing business activities, as well as other miscellaneous accruals, none of which categories individually exceed s 5% of current liabilities. The decrease in accrued expenses is primarily due to the payout of the Company’s fiscal 2015 bonus during the first quarter of 2016 . |
Debt
Debt | 6 Months Ended |
Jun. 30, 2016 | |
Debt [Abstract] | |
Debt | 12. Debt 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 Bank, N.A. acting as A dministrativ e A gent (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 borrowings under the facility, amend restrictions on certain financial 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 Credit Facility are based on the Company's current consolidated leverage ratio. As of June 30, 201 6 , the LIB OR-based rate plus margin was 2.40% . 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 Revolving C redit Facility. Under the terms of the Revolving Credit Facility, the Company is subject to certain financial covenants and restrictions, including restrictions on our ability to pay dividends and limitations with respect to our indebtedness, liens, mergers and acquisitions, dispositions of assets, investments, capital expenditures and transactions with affiliates. As of June 30, 2016 , the Company was in compliance with the Revolving Credit Facility, as amended, and had available debt capacity under the terms of the Revolving Cre dit Facility of $190,000 . As of June 30, 2016 and December 31, 2015 , there was $10,000 and $0 outstanding under the Revolving Credit Facility , respectively . The Company has the intent and ability to repay the amounts outstanding on the Revolving Credit Facility within one year, and as such, the outstanding balance as of June 30, 2016 has been classified as a current portion of long-term debt within our Consolidated Balance Sheets. The Revolving Credit Facility’s term currently ends in September 2016, and the Company intends to replace this facility prior to its expiration on terms generally consistent with our current facility. 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 June 30, 201 6, borrowings of $1,583 have been made under the Film Credit Facility. The Company has the intent and ability to repay the amounts outstanding on the Film Credit Facility within one year, and as such, the outstanding balance as of June 30, 2016 has been classified as a current portion of long-term debt within our Consolidated Balance Sheets. The Film Credit Facility has a five -year term, and it is secured by substantially all t he 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 subje ct to adjustment based on the status of film projects. As of June 30, 201 6 , the LIB OR-based rate plus margin was 3.15% . The Loan Parties are required to pay certain fees, including a commitment fee, calculated at a rate per annum of 0.50% on the average daily unutilized portion of the Film Credit Facility. Under the terms of the Film Credit Facility, 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 trans actions with affiliates. As of June 30, 201 6 , the Company was in compliance with the Film Credit Facility , and had $6,100 of available capacity under the terms of the Film Credit Facility. Aircraft Financing In August 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 June 30, 2016 and December 31, 201 5 , the amounts outstan ding related to the Note were $19,367 and $21,575 , respectively. |
Concentration Of Credit Risk
Concentration Of Credit Risk | 6 Months Ended |
Jun. 30, 2016 | |
Concentration Of Credit Risk [Abstract] | |
Concentration Of Credit Risk | 13. 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 June 30, 2016 , our two largest receivabl e balances from customers were 22% and 18% of our gross accounts receivable. At December 31, 201 5 , our two largest receivable balances from customers were 15% and 14% of our gross accounts receivable. No other customers individually exceeded 10% of our gross accounts receivable balance. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2016 | |
Income Taxes [Abstract] | |
Income Taxes | 14. Income Taxes As of June 30, 2016 , we had $42,571 of deferred tax assets, net, included in non- current income tax assets in our Consolidated Balance Sheets. As of December 31, 201 5 , we had $44,709 of deferred tax assets, net, included in non-current income tax assets in our Consolidated Balance Sheets. The Company considers all available evidence, both positive and negative, to determine whether, based on the weight of that evidence, a valuation allowance is required to reduce the net deferred tax assets to the amount that is more likely than not to be realized in future periods. The Company believes that based on past performance, expected future taxable income and prudent and feasible tax planning strategies, it is more likely than not that the net deferred tax asset s will be realized. Changes in these factors may cause us to increase our valuation allowance on deferred tax assets, which would impact our income tax expense in the period we determine that these factors have changed. |
Film And Television Production
Film And Television Production Incentives | 6 Months Ended |
Jun. 30, 2016 | |
Film And Television Production Incentives [Abstract] | |
Film And Television Production Incentives | 15. Film and Television Production Incentives The Company has access to various governmental programs that are designed to promote film and television production within the United States of America and certain international jurisdictions. Incentives earned with respect to expenditures on qualifying film production activities and capital projects are recorded as an offset to the related asset balances. Incentives earned with respect to television and other production activities are recorded as an offset to production expenses. The Company recognizes these benefits when we have reasonable assurance regarding the realizable amount of the incentives. We recorded the following incentives during the three and six months ended June 30, 2016 and 201 5 : Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 Television production incentives $ — $ 517 $ 2,530 $ 1,214 Feature film production incentives 588 58 1,412 58 Total $ 588 $ 575 $ 3,942 $ 1,272 |
Commitments And Contingencies
Commitments And Contingencies | 6 Months Ended |
Jun. 30, 2016 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | 16. Commitments and Contingencies Legal Proceedings On October 23, 2014, a lawsuit was filed in the U. S. District Court for the District of Oregon, entitled William Albert Haynes III, on behalf of himself and others similarly situated, v. World Wrestling Entertainment, Inc. This complaint was amended on January 30, 2015 and alleges that the Company ignored, downplayed, and/or failed to disclose the risks associated with traumatic brain injuries suffered by WWE’s performers. On March 31, 2015, the Company filed a motion to dismiss the first amended class action complaint in its entirety or, if not dismissed, to transfer the lawsuit to the U.S. District Court for the District of Connecticut. Without addressing the merits of the Company's motion to dismiss, the Court transferred the case to Connecticut on June 25, 2015. The plaintiffs filed an objection to such transfer, which was denied on July 27, 2015. On January 16, 2015, a second lawsuit was filed in the U. S. District Court for the Eastern District of Pennsylvania, entitled Evan Singleton and Vito LoGrasso, individually and on behalf of all others similarly situated, v. World Wrestling Entertainment, Inc. , alleging many of the same allegations as Haynes . On February 27, 2015, the Company moved to transfer venue to the U.S. District Court for the District of Connecticut due to forum-selection clauses in the contracts between WWE and the plaintiffs and that motion was granted on March 23, 2015. The plaintiffs filed an amended complaint on May 22, 2015 and, following a scheduling conference in which the court ordered the plaintiffs to cure various pleading deficiencies, the plaintiffs filed a second amended complaint on June 15, 2015. On June 29, 2015, WWE moved to dismiss the second amended complaint in its entirety. On April 9, 2015, a third lawsuit was filed in the U. S. District Court for the Central District of California, entitled Russ McCullough, a/k/a “Big Russ McCullough,” Ryan Sakoda, and Matthew R. Wiese a/k/a “Luther Reigns,” individually and on behalf of all others similarly situated, v. World Wrestling Entertainment, Inc. , asserting similar allegations to Haynes . The Company again moved to transfer the lawsuit to Connecticut 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. 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. 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 was completed by June 1, 2016 and dispositive motions in that case are to be filed by August 1, 2016. On March 21, 2016, the Court issued a memorandum of decision granting in part and denying in part the Company’s motions to dismiss the Haynes, Singleton/LoGrasso, and McCullough lawsuits. The Court granted the Company’s motions to dismiss the Haynes and McCullough lawsuits in their entirety and granted the Company’s motion to dismiss all claims in the Singleton/LoGrasso lawsuit except for the claim of fraud by omission. On March 22, 2016, the Court issued an order dismissing the Windham lawsuit based on the Court’s memorandum of decision on the motions to dismiss. On April 4, 2016, the Company filed a motion for reconsideration with respect to the Court’s decision not to dismiss the fraud by omission claim in the Singleton/LoGrasso lawsuit and, on April 5, 2016, the Company filed a motion for reconsideration with respect to the Court dismissal of the Windham lawsuit, and on July 21, 2016, the Court denied the Company’s motion in the Singleton/LoGrasso lawsuit and granted in part the Company’s motion in the Windham lawsuit. On April 20, 2016, the plaintiffs filed notices of appeal of the Haynes and McCullough lawsuits. On April 27, 2016, the Company moved to dismiss the appeals for lack of appellate jurisdiction. Lastly, on July 18, 2016, a lawsuit was filed in the U.S. District Court for the District of Connecticut, entitled Joseph M. Laurinaitis, et al. vs. World Wrestling Entertainment, Inc. and Vincent K. McMahon, individually and as the trustee of certain trusts . This lawsuit contains many of the same allegations as the other lawsuits alleging traumatic brain injuries and further alleges, among other things, that the plaintiffs were misclassified as independent contractors rather than employees denying them, among other things, rights and benefits under the Occupational Safety and Health Act (OSHA), the National Labor Relations Act (NLRA), the Family and Medical Leave Act (FMLA), federal tax law, and various state Worker’s Compensation laws. This lawsuit also alleges that the booking contracts and other agreements between the plaintiffs and the Company are unconscionable and should be declared void, entitling the plaintiffs to certain damages relating to the Company’s use of their intellectual property. 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. In addition to the foregoing, we are involved in several other lawsuits and claims that we consider to be in the ordinary course of our business. By its nature, the outcome of litigation is not known, but the Company does not currently expect this ordinary course litigation to have a material adverse effect on our financial condition, results of operations or liquidity. We may, from time to time, become a party to other legal proceedings. |
Significant Accounting Polici25
Significant Accounting Policies (Policy) | 6 Months Ended |
Jun. 30, 2016 | |
Significant Accounting Policies [Abstract] | |
Cost of Revenues | Cost of Revenues Included within Costs of revenues are the following: Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 Amortization and impairment of feature film assets $ 1,595 $ 699 $ 2,701 $ 1,409 Amortization of television production assets 9,438 3,211 17,569 10,054 Amortization of WWE Network content delivery and technology assets 1,230 833 2,379 1,812 Total amortization and impairment included in cost of revenues $ 12,263 $ 4,743 $ 22,649 $ 13,275 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. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-09, “ Compensation –Stock Compensation (Topic 718) ”, which is intended to simplify several aspects of the accounting for share-based payment award transactions. The amendments require entities to record all excess tax benefits or deficiencies as income tax benefit or expense in the income statement and would require entities to classify excess tax benefits as an operating activity in the statement of cash flows. The amendments will also allow entities to provide net settlement of stock-based awards to cover tax withholding obligations without classifying the awards as a liability as long as the net settlement does not exceed the maximum individual statutory tax rate. The amounts paid to satisfy the statutory income tax withholding obligation would be classified as a financing activity in the statement of cash flows. Additionally, the amendments allow entities to elect an accounting policy to either continue to use a forfeiture estimate on share based awards or account for forfeitures when they occur. The new guidance will be effective for the fiscal year beginning after December 15, 2016, including interim periods within that year, which for the Company will be effective for the fiscal year beginning January 1, 2017. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. The Company is currently evaluating the impact of the adoption of this new standard on our consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-07, “ Investments – Equity Method and Joint Ventures (Topic 323): Simplifying the Transition to the Equity Method of Accounting ”. The amendments eliminate the requirement to retroactively adopt the equity method of accounting when a change in ownership occurs. The amendments require that the equity method investor add the cost of acquiring the additional interest in the investee to the current basis of the investment and adopt the equity method of accounting as of the date the investment becomes qualified for equity method accounting. Therefore, upon qualifying for the equity method of accounting, no retroactive adjustment of the investment is required. This new guidance is effective for annual and interim reporting periods beginning after December 15, 2016 which for the Company will be effective for the fiscal year beginning January 1, 2017. The Company is currently evaluating the impact of this new standard and do not expect it to have a material impact on our consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02 “ Leases (Topic 842) ”, which will supersede the existing guidance for lease accounting. This new standard will require lessees to recognize leases on their balance sheets, and leaves lessor accounting largely unchanged. The new standard requires a dual approach for lessee accounting under which a lessee would account for leases as finance leases or operating leases. Both finance leases and operating leases will result in the lessee recognizing a right-of-use asset and a corresponding lease liability. For finance leases, the lessee would recognize interest expense and amortization of the right-of-use asset, and for operating leases, the lessee would recognize a straight-line total lease expense. The new guidance is effective for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years, which for the Company will be effective for the fiscal year beginning January 1, 2019, with early adoption permitted. An entity will be required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. We are currently evaluating the impact of the adoption of this new standard on our consolidated financial statements. In January 2016, the FASB issued ASU No. 2016-01, “ Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities ”, which requires that most equity investments be measured at fair value, with subsequent changes in fair value recognized in net income (other than those accounted for under equity method of accounting). Under the new guidance, entities will no longer be able to recognize unrealized holding gains and losses on equity securities classified today as available-for-sale in other comprehensive income, and they will no longer be able to use the cost method of accounting for equity securities that do not have readily determinable fair values. However, entities will be able to elect to record equity investments without readily determinable fair values at cost, less impairment, and plus or minus subsequent adjustments for observable price changes. The guidance for classifying and measuring investments in debt securities and loans is not impacted The new guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017, which for the Company is effective for the fiscal year beginning January 1, 2018, with early adoption permitted. The Company is currently evaluating the impact of the adoption of this new standard on our consolidated financial statements. In July 2015, the FASB issued ASU No. 2015-11, “ Simplifying the Measurement of Inventory ,” which requires all inventory to be measured at the lower of cost and net realizable value, except for inventory that is accounted for using the LIFO or the retail inventory method, which will be measured under existing accounting standards. The new guidance must be applied on a prospective basis and is effective for fiscal years beginning after December 15, 2016, which for the Company will be effective for the fiscal year beginning January 1, 2017, with early adoption permitted. We are currently evaluating the impact of the adoption of this new standard and do not expect it to have a material impact on our consolidated financial statements. In 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. 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 addition, during 2016, the FASB has issued ASU No. 2016-08, “ Principle versus Agent Considerations ,” ASU No. 2016-10, “ Identifying Performance Obligations and Licensing ,” and ASU No. 2016-12, “ Narrow Scope Improvements and Practical Expedients ,” all of which clarify certain implementation guidance in ASU No. 2014-09. This standard along with the subsequent clarifications issued are effective 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, along with subsequent clarifying guidance, on our consolidated financial statements. |
Significant Accounting Polici26
Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Significant Accounting Policies [Abstract] | |
Cost of Revenues | Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 Amortization and impairment of feature film assets $ 1,595 $ 699 $ 2,701 $ 1,409 Amortization of television production assets 9,438 3,211 17,569 10,054 Amortization of WWE Network content delivery and technology assets 1,230 833 2,379 1,812 Total amortization and impairment included in cost of revenues $ 12,263 $ 4,743 $ 22,649 $ 13,275 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Segment Information [Abstract] | |
Summary of Financial Information for Reportable Segments | Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 Net revenues: Network $ 51,750 $ 40,176 $ 92,081 $ 77,735 Television 56,043 52,097 116,762 110,285 Home Entertainment 3,155 3,096 6,424 7,819 Digital Media 6,489 3,734 11,886 8,079 Live Events 51,912 26,449 77,246 65,736 Licensing 8,916 11,305 29,958 27,768 Venue Merchandise 8,770 4,640 14,210 13,071 WWEShop 7,491 5,859 14,298 11,129 WWE Studios 3,289 2,119 5,232 3,583 Corporate & Other 1,179 707 1,997 1,155 Total net revenues $ 198,994 $ 150,182 $ 370,094 $ 326,360 OIBDA: Network (1) $ (5,656) $ 17,256 $ 10,104 $ 15,732 Television (1) 27,204 21,205 55,511 47,139 Home Entertainment 964 539 2,508 2,658 Digital Media 183 (841) 71 (970) Live Events 23,425 6,665 29,510 24,251 Licensing 3,953 6,400 18,224 17,243 Venue Merchandise 3,627 2,052 5,692 5,256 WWEShop 1,571 1,434 2,972 2,538 WWE Studios 439 (32) 2 (399) Corporate & Other (48,171) (41,550) (89,464) (79,274) Total OIBDA $ 7,539 $ 13,128 $ 35,130 $ 34,174 (1) Beginning on January 1, 2016, the Company started allocating certain shared costs and expenses between our Network and Television segments. Management believes this allocation more accurately reflects the operations of each of these reportable segments. The impact of this allocation methodology during the three and six months ended June 30, 2016 was a decline to Network segment OIBDA of approximately $5,323 and $8,397 , respectively, with a corresponding increase of $5,323 and $8,397 , respectively, to Television segment OIBDA. T he allocation methodology had no impact on our consolidated financial statements. Prior year Network and Television segment results were not revised for this prospective change in the allocation method. Refer to Management's Discussion and Anal ysis of Financial Condition and Results of Operations for further discussion . |
Reconciliation of Total Operating (Loss) Income to Total OIBDA | Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 Total operating income $ 1,573 $ 7,284 $ 23,577 $ 22,417 Depreciation and amortization 5,966 5,844 11,553 11,757 Total OIBDA $ 7,539 $ 13,128 $ 35,130 $ 34,174 |
Schedule of Net Revenues by Major Geographic Region | Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 North America $ 149,761 $ 107,428 $ 279,781 $ 247,750 Europe/Middle East/Africa 36,142 30,798 63,748 52,414 Asia Pacific 11,245 10,495 22,834 22,487 Latin America 1,846 1,461 3,731 3,709 Total net revenues $ 198,994 $ 150,182 $ 370,094 $ 326,360 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted Earnings Per Share | Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 Net income $ 862 $ 5,119 $ 14,747 $ 14,892 Weighted average basic common shares outstanding 75,952 75,539 75,945 75,529 Dilutive effect of restricted and performance stock units 1,474 611 1,354 531 Dilutive effect of employee share purchase plan 3 10 5 16 Weighted average dilutive common shares outstanding 77,429 76,160 77,304 76,076 Earnings per share: Basic and diluted $ 0.01 $ 0.07 $ 0.19 $ 0.20 Anti-dilutive outstanding restricted and performance stock units (excluded from per-share calculations) — — — — |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Stock-Based Compensation [Abstract] | |
Summary of RSU Activity | Units Weighted- Average Grant-Date Fair Value Unvested at January 1, 2016 266,450 $ 16.31 Granted 212,491 $ 17.07 Vested (6,993) $ 14.10 Forfeited (22,651) $ 16.39 Dividend equivalents 6,538 $ 16.68 Unvested at June 30, 2016 455,835 $ 16.70 |
Summary of PSU Activity | Units Weighted- Average Grant-Date Fair Value Unvested at January 1, 2016 1,238,679 $ 17.95 Granted 956,730 $ 18.41 Achievement adjustment 620,923 $ 14.94 Forfeited (95,498) $ 16.59 Dividend equivalents 25,292 $ 15.43 Unvested at June 30, 2016 2,746,126 $ 16.43 |
Property And Equipment (Tables)
Property And Equipment (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Property And Equipment [Abstract] | |
Schedule of Property and Equipment | As of June 30, December 31, 2016 2015 Land, buildings and improvements $ 103,718 $ 100,594 Equipment 127,029 117,018 Corporate aircraft 31,277 31,277 Vehicles 244 244 262,268 249,133 Less: accumulated depreciation and amortization (153,107) (143,916) Total $ 109,161 $ 105,217 |
Feature Film Production Asset31
Feature Film Production Assets, Net (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Feature Film Production Assets, Net [Abstract] | |
Schedule of Feature Film Production Assets | As of June 30, December 31, 2016 2015 In release $ 13,519 $ 15,249 Completed but not released 6,658 2,432 In production 8,494 8,029 In development 821 643 Total $ 29,492 $ 26,353 |
Television Production Assets,32
Television Production Assets, Net (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Television Production Assets, Net [Abstract] | |
Schedule of Television Production Assets | As of June 30, December 31, 2016 2015 In release $ 2,945 $ 425 In production 6,024 10,991 Total $ 8,969 $ 11,416 |
Amortization of Television Production Assets | Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 WWE Network programming $ 7,396 $ 1,875 $ 8,729 $ 2,909 Television programming 2,042 1,336 8,840 7,145 Total $ 9,438 $ 3,211 $ 17,569 $ 10,054 |
Investment Securities And Sho33
Investment Securities And Short-Term Investments (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Investment Securities And Short-Term Investments [Abstract] | |
Schedule Of Investment Securities | As of June 30, December 31, 2016 2015 Equity method investment $ 14,252 $ 14,163 Cost method investments 9,366 8,115 Total investment securities $ 23,618 $ 22,278 |
Schedule Of Tapout Investment | Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 Net equity method earnings from Tapout $ 415 $ 260 $ 837 $ 260 Net dividends received from Tapout (453) (200) (747) (200) Equity in earnings of affiliate, net of dividends received $ (38) $ 60 $ 90 $ 60 |
Schedule of Short-Term Investments Measured at Fair Value | As of June 30, 2016 As of December 31, 2015 Gross Unrealized Gross Unrealized Amortized Fair Amortized Fair Cost Gain (Loss) Value Cost Gain (Loss) Value Municipal bonds $ 20,518 $ 51 $ (1) $ 20,568 $ 21,284 $ 11 $ (56) $ 21,239 Corporate bonds 43,000 150 (2) 43,148 43,317 9 (208) 43,118 Total $ 63,518 $ 201 $ (3) $ 63,716 $ 64,601 $ 20 $ (264) $ 64,357 |
Schedule of Contractual Maturities of Short-Term Investment Bonds | Maturities Municipal bonds 1 day - 2 years Corporate bonds 2 months - 2 years |
Summary of Short-Term Investment Activity | Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 Proceeds from maturities and calls of short-term investments $ 400 $ — $ 400 $ 6,090 Purchases of short-term investments $ — $ — $ — $ 4,621 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Fair Value Measurement [Abstract] | |
Schedule of Assets Measured at Fair Value on a Recurring Basis | Fair Value at June 30, 2016 Fair Value at December 31, 2015 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Municipal bonds $ 20,568 $ — $ 20,568 $ — $ 21,239 $ — $ 21,239 $ — Corporate bonds 43,148 — 43,148 — 43,118 — 43,118 — Total $ 63,716 $ — $ 63,716 $ — $ 64,357 $ — $ 64,357 $ — |
Accounts Payable and Accrued 35
Accounts Payable and Accrued Expenses (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Accounts Payable And Accrued Expenses [Abstract] | |
Schedule of Accounts Payable and Accrued Expenses | As of June 30, December 31, 2016 2015 Trade related $ 9,980 $ 8,583 Staff related 8,048 6,436 Management incentive compensation 10,744 23,183 Talent related 6,840 6,285 Accrued WWE Network related expenses 3,859 4,220 Accrued event and television production 4,738 6,243 Accrued home entertainment expenses 163 381 Accrued legal and professional 3,253 2,139 Accrued purchases of property and equipment 768 1,096 Accrued film liability 2,553 2,531 Accrued other 8,782 8,904 Total $ 59,728 $ 70,001 |
Film and Television Productio36
Film and Television Production Incentives (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Film And Television Production Incentives [Abstract] | |
Schedule of Film and Television Production Incentives | Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 Television production incentives $ — $ 517 $ 2,530 $ 1,214 Feature film production incentives 588 58 1,412 58 Total $ 588 $ 575 $ 3,942 $ 1,272 |
Significant Accounting Polici37
Significant Accounting Policies (Cost of Revenues) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Significant Accounting Policies [Abstract] | ||||
Amortization and impairment of feature film assets | $ 1,595 | $ 699 | $ 2,701 | $ 1,409 |
Amortization of television production assets | 9,438 | 3,211 | 17,569 | 10,054 |
Amortization of WWE Network content delivery and technology assets | 1,230 | 833 | 2,379 | 1,812 |
Total amortization and impairment included in cost of revenues | $ 12,263 | $ 4,743 | $ 22,649 | $ 13,275 |
Segment Information (Narrative)
Segment Information (Narrative) (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2016USD ($)segment | Jun. 30, 2015USD ($) | |
Segment Reporting Information [Line Items] | ||||
Number of reportable segments | segment | 10 | |||
Total net revenues | $ 198,994 | $ 150,182 | $ 370,094 | $ 326,360 |
United Kingdom [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total net revenues | $ 24,000 | $ 21,100 | $ 40,876 | $ 33,312 |
Segment Information (Summary of
Segment Information (Summary of Financial Information for Reportable Segments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | ||
Segment Reporting Information [Line Items] | |||||
Total net revenues | $ 198,994 | $ 150,182 | $ 370,094 | $ 326,360 | |
Total OIBDA | 7,539 | 13,128 | 35,130 | 34,174 | |
Network [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total net revenues | 51,750 | 40,176 | 92,081 | 77,735 | |
Total OIBDA | [1] | (5,656) | 17,256 | 10,104 | 15,732 |
Decrease in OBIDA | 5,323 | 8,397 | |||
Television [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total net revenues | 56,043 | 52,097 | 116,762 | 110,285 | |
Total OIBDA | [1] | 27,204 | 21,205 | 55,511 | 47,139 |
Increase in OBIDA | 5,323 | 8,397 | |||
Home Entertainment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total net revenues | 3,155 | 3,096 | 6,424 | 7,819 | |
Total OIBDA | 964 | 539 | 2,508 | 2,658 | |
Digital Media [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total net revenues | 6,489 | 3,734 | 11,886 | 8,079 | |
Total OIBDA | 183 | (841) | 71 | (970) | |
Live Events [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total net revenues | 51,912 | 26,449 | 77,246 | 65,736 | |
Total OIBDA | 23,425 | 6,665 | 29,510 | 24,251 | |
Licensing [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total net revenues | 8,916 | 11,305 | 29,958 | 27,768 | |
Total OIBDA | 3,953 | 6,400 | 18,224 | 17,243 | |
Venue Merchandise [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total net revenues | 8,770 | 4,640 | 14,210 | 13,071 | |
Total OIBDA | 3,627 | 2,052 | 5,692 | 5,256 | |
WWEShop [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total net revenues | 7,491 | 5,859 | 14,298 | 11,129 | |
Total OIBDA | 1,571 | 1,434 | 2,972 | 2,538 | |
WWE Studios [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total net revenues | 3,289 | 2,119 | 5,232 | 3,583 | |
Total OIBDA | 439 | (32) | 2 | (399) | |
Corporate & Other [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total net revenues | 1,179 | 707 | 1,997 | 1,155 | |
Total OIBDA | $ (48,171) | $ (41,550) | $ (89,464) | $ (79,274) | |
[1] | Beginning on January 1, 2016, the Company started allocating certain shared costs and expenses between our Network and Television segments. Management believes this allocation more accurately reflects the operations of each of these reportable segments. The impact of this allocation methodology during the three and six months ended June 30, 2016 was a decline to Network segment OIBDA of approximately $5,323 and $8,397, respectively, with a corresponding increase of $5,323 and $8,397, respectively, to Television segment OIBDA. The allocation methodology had no impact on our consolidated financial statements. Prior year Network and Television segment results were not revised for this prospective change in the allocation method. Refer to Management's Discussion and Analysis of Financial Condition and Results of Operations for further discussion. |
Segment Information (Reconcilia
Segment Information (Reconciliation of Total Operating (Loss) Income to Total OIBDA) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Segment Information [Abstract] | ||||
Operating income | $ 1,573 | $ 7,284 | $ 23,577 | $ 22,417 |
Depreciation and amortization | 5,966 | 5,844 | 11,553 | 11,757 |
Total OIBDA | $ 7,539 | $ 13,128 | $ 35,130 | $ 34,174 |
Segment Information (Schedule o
Segment Information (Schedule of Net Revenues by Major Geographic Region) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Segment Reporting Information [Line Items] | ||||
Total net revenues | $ 198,994 | $ 150,182 | $ 370,094 | $ 326,360 |
North America [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total net revenues | 149,761 | 107,428 | 279,781 | 247,750 |
Europe/Middle East/Africa [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total net revenues | 36,142 | 30,798 | 63,748 | 52,414 |
Asia Pacific [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total net revenues | 11,245 | 10,495 | 22,834 | 22,487 |
Latin America [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total net revenues | $ 1,846 | $ 1,461 | $ 3,731 | $ 3,709 |
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 | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Earnings Per Share [Abstract] | ||||
Net income | $ 862 | $ 5,119 | $ 14,747 | $ 14,892 |
Weighted average basic common shares outstanding | 75,952 | 75,539 | 75,945 | 75,529 |
Dilutive effect of restricted and performance stock units | 1,474 | 611 | 1,354 | 531 |
Dilutive effect of employee share purchase plan | 3 | 10 | 5 | 16 |
Weighted average dilutive common shares outstanding | 77,429 | 76,160 | 77,304 | 76,076 |
Earnings (loss) per share: Basic and diluted | $ 0.01 | $ 0.07 | $ 0.19 | $ 0.20 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2016USD ($)shares | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Jun. 30, 2016USD ($)itemshares | Jun. 30, 2015USD ($)employeeitem | Dec. 31, 2015shares | Mar. 31, 2016USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares authorized | shares | 5,000,000 | 5,000,000 | |||||
Number of executive members | employee | 3 | ||||||
Aggregate value | $ | $ 15 | ||||||
Number of tranches | item | 3 | ||||||
Stock-based compensation expense | $ | $ 6,429 | $ 5,308 | $ 9,589 | $ 7,787 | |||
Restricted Stock Units (RSUs) [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Requisite service period | 3 years 6 months | ||||||
Awards granted | shares | 212,491 | ||||||
Performance Stock Units (PSUs) [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Requisite service period | 3 years 6 months | ||||||
Number of awards | item | 2 | ||||||
Awards per year value | $ | $ 7,500 | $ 7,500 | |||||
Awards second year value | $ | $ 7,500 | ||||||
Awards granted | shares | 956,730 | 1,000,146 | |||||
Increase in units | shares | 620,923 | ||||||
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% |
Stock-Based Compensation (Summa
Stock-Based Compensation (Summary of RSU Activity) (Details) - Restricted Stock Units (RSUs) [Member] | 6 Months Ended |
Jun. 30, 2016$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Units, Unvested at January 1, 2016 | shares | 266,450 |
Units, Granted | shares | 212,491 |
Units, Vested | shares | (6,993) |
Units, Forfeited | shares | (22,651) |
Units, Dividend equivalents | shares | 6,538 |
Units, Unvested at June 30, 2016 | shares | 455,835 |
Weighted-Average Grant-Date Fair Value, Unvested at January 1, 2016 | $ / shares | $ 16.31 |
Weighted-Average Grant-Date Fair Value, Granted | $ / shares | 17.07 |
Weighted-Average Grant-Date Fair Value, Vested | $ / shares | 14.10 |
Weighted-Average Grant-Date Fair Value, Forfeited | $ / shares | 16.39 |
Weighted-Average Grant-Date Fair Value, Dividend equivalents | $ / shares | 16.68 |
Weighted-Average Grant-Date Fair Value, Unvested at June 30, 2016 | $ / shares | $ 16.70 |
Stock-Based Compensation (Sum45
Stock-Based Compensation (Summary of PSU Activity) (Details) - Performance Stock Units (PSUs) [Member] - $ / shares | 6 Months Ended | 12 Months Ended |
Jun. 30, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Units, Unvested at January 1, 2016 | 1,238,679 | |
Units, Granted | 956,730 | 1,000,146 |
Units, Achievement adjustment | 620,923 | |
Units, Forfeited | (95,498) | |
Units, Dividend equivalents | 25,292 | |
Units, Unvested at June 30, 2016 | 2,746,126 | 1,238,679 |
Weighted-Average Grant-Date Fair Value, Unvested at January 1, 2016 | $ 17.95 | |
Weighted-Average Grant-Date Fair Value, Granted | 18.41 | |
Weighted-Average Grant-Date Fair Value, Achievement adjustment | 14.94 | |
Weighted-Average Grant-Date Fair Value, Forfeited | 16.59 | |
Weighted-Average Grant-Date Fair Value, Dividend equivalents | 15.43 | |
Weighted-Average Grant-Date Fair Value, Unvested at June 30, 2016 | $ 16.43 | $ 17.95 |
Property And Equipment (Narrati
Property And Equipment (Narrative) (Details) - USD ($) $ in Thousands | Jun. 29, 2016 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 |
Property And Equipment [Abstract] | |||||
Depreciation expense | $ 5,655 | $ 5,412 | $ 10,936 | $ 10,905 | |
Property acquisition, estimated purchase price | $ 26,900 | ||||
Property acquisition, assumed mortgage | 23,000 | ||||
Payments for porperty acquisition, deposit | $ 2,687 |
Property And Equipment (Schedul
Property And Equipment (Schedule of Property and Equipment) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Property, Plant and Equipment [Line Items] | ||
Gross | $ 262,268 | $ 249,133 |
Less: accumulated depreciation and amortization | (153,107) | (143,916) |
Total | 109,161 | 105,217 |
Land, Buildings And Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross | 103,718 | 100,594 |
Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross | 127,029 | 117,018 |
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 Asset48
Feature Film Production Assets, Net (Narrative) (Details) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2016USD ($)item | Jun. 30, 2015USD ($) | Dec. 31, 2015USD ($) | |
Finite-Lived Intangible Assets [Line Items] | |||||
Future amortization expense, percentage, within twelve months | 35.00% | ||||
Future amortization expense, percentage, one through three years | 66.00% | 66.00% | |||
Future amortization expense, percentage, one through four years | 80.00% | ||||
Amortization of feature film production assets | $ 1,595,000 | $ 699,000 | $ 2,701,000 | $ 1,409,000 | |
In release | 13,519,000 | $ 13,519,000 | $ 15,249,000 | ||
Number of theatrical films completed but not released | item | 5 | ||||
Number of theatrical films in production | item | 7 | ||||
Asset impairment charges | 0 | 0 | $ 0 | 0 | |
Feature Film Production Assets [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Asset impairment charges | 0 | $ 0 | $ 0 | $ 0 | |
Feature Film Production Assets, Countdown [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Number of films direct to DVD | item | 1 | ||||
In release | $ 996,000 | $ 996,000 |
Feature Film Production Asset49
Feature Film Production Assets, Net (Schedule of Feature Film Production Assets) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Feature Film Production Assets, Net [Abstract] | ||
In release | $ 13,519 | $ 15,249 |
Completed but not released | 6,658 | 2,432 |
In production | 8,494 | 8,029 |
In development | 821 | 643 |
Total | $ 29,492 | $ 26,353 |
Television Production Assets,50
Television Production Assets, Net (Schedule of Television Production Assets) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Television Production Assets, Net [Abstract] | ||
In release | $ 2,945 | $ 425 |
In production | 6,024 | 10,991 |
Total | $ 8,969 | $ 11,416 |
Television Production Assets,51
Television Production Assets, Net (Amortization of Television Production Assets) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization | $ 1,595,000 | $ 699,000 | $ 2,701,000 | $ 1,409,000 |
Asset impairment charges | 0 | 0 | 0 | 0 |
Television Production Assets [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization | 9,438,000 | 3,211,000 | 17,569,000 | 10,054,000 |
Asset impairment charges | 0 | 0 | 0 | 0 |
Television Production Assets [Member] | Network [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization | 7,396,000 | 1,875,000 | 8,729,000 | 2,909,000 |
Television Production Assets [Member] | Television [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization | $ 2,042,000 | $ 1,336,000 | $ 8,840,000 | $ 7,145,000 |
Investment Securities and Sho52
Investment Securities and Short-Term Investments (Narrative) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Investment [Line Items] | |||||
Cost method investments | $ 9,366,000 | $ 9,366,000 | $ 8,115,000 | ||
Impairment charge | 0 | $ 0 | 0 | $ 0 | |
Investment income | 643,000 | 453,000 | 1,253,000 | 656,000 | |
Deferred revenue, current | 48,329,000 | 48,329,000 | 57,152,000 | ||
Deferred revenue, noncurrent | 40,271,000 | $ 40,271,000 | $ 49,983,000 | ||
Tapout [Member] | |||||
Investment [Line Items] | |||||
Duration of joint venture | 5 years | ||||
Ownership interest | 50.00% | ||||
Interest in Tapout | 13,800,000 | $ 13,800,000 | |||
Investment income | 415,000 | 260,000 | 837,000 | 260,000 | |
Equity investment, impairment | 0 | 0 | 0 | 0 | |
Investment revenue | 947,000 | $ 0 | 1,705,000 | $ 100,000 | |
Deferred revenue | 9,665,000 | 9,665,000 | |||
Deferred revenue, current | 1,385,000 | 1,385,000 | |||
Deferred revenue, noncurrent | 8,280,000 | 8,280,000 | |||
Maximum exposure to loss | 9,665,000 | 9,665,000 | |||
Software Application Developer [Member] | |||||
Investment [Line Items] | |||||
Cost method investments | 2,400,000 | 2,400,000 | |||
Live Event Touring Business [Member] | |||||
Investment [Line Items] | |||||
Cost method investments | 2,715,000 | 2,715,000 | |||
Mobile Video Publishing Business [Member] | |||||
Investment [Line Items] | |||||
Cost method investments | 3,000,000 | 3,000,000 | |||
Fantasy Sports Contest Business [Member] | |||||
Investment [Line Items] | |||||
Cost method investments | 1,000,000 | 1,000,000 | |||
Virtual Reality Platform Operator [Member] | |||||
Investment [Line Items] | |||||
Cost method investments | $ 250,000 | $ 250,000 |
Investment Securities and Sho53
Investment Securities and Short-Term Investments (Schedule Of Investment Securities ) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Investment Securities And Short-Term Investments [Abstract] | ||
Equity method investment | $ 14,252 | $ 14,163 |
Cost method investments | 9,366 | 8,115 |
Total investment securities | $ 23,618 | $ 22,278 |
Investment Securities and Sho54
Investment Securities and Short-Term Investments (Schedule Of Tapout Investment ) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Investment income | $ 643 | $ 453 | $ 1,253 | $ 656 |
Equity in earnings of affiliate, net of dividends received | 90 | 60 | ||
Tapout [Member] | ||||
Investment income | 415 | 260 | 837 | 260 |
Net dividends received from Tapout | (453) | (200) | (747) | (200) |
Equity in earnings of affiliate, net of dividends received | $ (38) | $ 60 | $ 90 | $ 60 |
Investment Securities and Sho55
Investment Securities and Short-Term Investments (Schedule of Short-Term Investments Measured at Fair Value) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 63,518 | $ 64,601 |
Gross Unrealized Gain | 201 | 20 |
Gross Unrealized (Loss) | (3) | (264) |
Fair Value | 63,716 | 64,357 |
Municipal Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 20,518 | 21,284 |
Gross Unrealized Gain | 51 | 11 |
Gross Unrealized (Loss) | (1) | (56) |
Fair Value | 20,568 | 21,239 |
Corporate Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 43,000 | 43,317 |
Gross Unrealized Gain | 150 | 9 |
Gross Unrealized (Loss) | (2) | (208) |
Fair Value | $ 43,148 | $ 43,118 |
Investment Securities and Sho56
Investment Securities and Short-Term Investments (Schedule of Contractual Maturities of Short-Term Investment Bonds) (Details) | 6 Months Ended |
Jun. 30, 2016 | |
Municipal Bonds [Member] | Minimum [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Contractual maturities of bonds | 1 day |
Municipal Bonds [Member] | Maximum [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Contractual maturities of bonds | 2 years |
Corporate Bonds [Member] | Minimum [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Contractual maturities of bonds | 2 months |
Corporate Bonds [Member] | Maximum [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Contractual maturities of bonds | 2 years |
Investment Securities and Sho57
Investment Securities and Short-Term Investments (Summary of Short-Term Investment Activity) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Investment Securities And Short-Term Investments [Abstract] | ||||
Proceeds from maturities and calls of short-term investments | $ 400 | $ 400 | $ 6,090 | |
Purchases of short-term investments | $ 4,621 |
Fair Value Measurement (Narrati
Fair Value Measurement (Narrative) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Impairment charge | $ 0 | $ 0 | $ 0 | $ 0 |
Asset impairment charges | 0 | 0 | 0 | 0 |
Feature Film Production Assets [Member] | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Asset impairment charges | 0 | 0 | 0 | 0 |
Mobile Video Publishing Business [Member] | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Asset impairment charges | $ 0 | $ 0 | $ 0 | $ 0 |
Fair Value Measurement (Schedul
Fair Value Measurement (Schedule of Assets Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | $ 63,716 | $ 64,357 |
Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 63,716 | 64,357 |
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 | 63,716 | 64,357 |
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 | 20,568 | 21,239 |
Municipal Bonds [Member] | Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 20,568 | 21,239 |
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 | 20,568 | 21,239 |
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 Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 43,148 | 43,118 |
Corporate Bonds [Member] | Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 43,148 | 43,118 |
Corporate Bonds [Member] | Recurring [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | ||
Corporate Bonds [Member] | Recurring [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 43,148 | 43,118 |
Corporate Bonds [Member] | Recurring [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities |
Accounts Payable And Accrued 60
Accounts Payable And Accrued Expenses (Schedule of Accounts Payable and Accrued Expenses) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Accounts Payable And Accrued Expenses [Abstract] | ||
Trade related | $ 9,980 | $ 8,583 |
Staff related | 8,048 | 6,436 |
Management incentive compensation | 10,744 | 23,183 |
Talent related | 6,840 | 6,285 |
Accrued WWE Network related expenses | 3,859 | 4,220 |
Accrued event and television production | 4,738 | 6,243 |
Accrued home entertainment expenses | 163 | 381 |
Accrued legal and professional | 3,253 | 2,139 |
Accrued purchases of property and equipment | 768 | 1,096 |
Accrued film liability | 2,553 | 2,531 |
Accrued other | 8,782 | 8,904 |
Total | $ 59,728 | $ 70,001 |
Individual accrual categories percentage of current liabilities | 5.00% |
Debt (Narrative) (Details)
Debt (Narrative) (Details) | 6 Months Ended | |
Jun. 30, 2016USD ($)item | Dec. 31, 2015USD ($) | |
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 | $ 19,367,000 | $ 21,575,000 |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Credit Facility borrowing capacity | 200,000,000 | |
Credit Facility amount outstanding | $ 10,000,000 | $ 0 |
Credit Facility unutilized commitment fee rate | 0.375% | |
Credit Facility available debt capacity | $ 190,000,000 | |
Credit Facility maturity date | Sep. 9, 2016 | |
Revolving Credit Facility [Member] | LIBOR [Member] | ||
Debt Instrument [Line Items] | ||
Credit Facility interest rate | 2.40% | |
Film Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Number of domestic subsidiaries | item | 2 | |
Credit Facility borrowing capacity | $ 35,000,000 | |
Credit Facility amount outstanding | $ 1,583,000 | |
Credit Facility term | 5 years | |
Credit Facility unutilized commitment fee rate | 0.50% | |
Credit Facility available debt capacity | $ 6,100,000 | |
Film Credit Facility [Member] | LIBOR [Member] | ||
Debt Instrument [Line Items] | ||
Credit Facility variable rate | 2.50% | |
Credit Facility interest rate | 3.15% | |
Film Credit Facility [Member] | Base Rate [Member] | ||
Debt Instrument [Line Items] | ||
Credit Facility variable rate | 1.50% |
Concentration Of Credit Risk (D
Concentration Of Credit Risk (Details) - customer | 6 Months Ended | 12 Months Ended |
Jun. 30, 2016 | Dec. 31, 2015 | |
Concentration Risk [Line Items] | ||
Concentration risk, number of customers | 2 | 2 |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Customer One [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 22.00% | 15.00% |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Customer Two [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 18.00% | 14.00% |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Income Taxes [Abstract] | ||
Deferred tax assets, net, included in non-current assets | $ 42,571 | $ 44,709 |
Film And Television Productio64
Film And Television Production Incentives (Schedule of Film and Television Production Incentives) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Film And Television Production Incentives [Abstract] | ||||
Television production incentives | $ 517 | $ 2,530 | $ 1,214 | |
Feature film production incentives | $ 588 | 58 | 1,412 | 58 |
Total | $ 588 | $ 575 | $ 3,942 | $ 1,272 |