Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Jun. 30, 2016 | Jul. 29, 2016 | Dec. 31, 2015 | |
Entity Registrant Name | MSG Networks Inc. | ||
Entity Central Index Key | 1,469,372 | ||
Current Fiscal Year End Date | --06-30 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Jun. 30, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 1,238,004,893 | ||
Class A Common Stock [Member] | |||
Entity Common Stock, Shares Outstanding | 61,354,297 | ||
Class B Common Stock [Member] | |||
Entity Common Stock, Shares Outstanding | 13,588,555 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 |
Current Assets: | ||
Cash and cash equivalents | $ 119,568 | $ 203,768 |
Restricted cash | 0 | 9,003 |
Accounts receivable, net | 101,427 | 85,610 |
Net related party receivables | 15,492 | 27,324 |
Prepaid income taxes | 28,384 | 30,375 |
Prepaid expenses | 13,188 | 12,863 |
Other current assets | 3,053 | 3,514 |
Current assets of discontinued operations | 0 | 125,896 |
Total current assets | 281,112 | 498,353 |
Property and equipment, net | 14,154 | 19,514 |
Amortizable intangible assets, net | 44,123 | 47,583 |
Goodwill | 424,508 | 424,508 |
Other assets | 42,645 | 46,274 |
Non-current assets of discontinued operations | 0 | 1,983,597 |
Assets, Total | 806,542 | 3,019,829 |
Current Liabilities: | ||
Accounts payable | 2,043 | 11,359 |
Net related party payables | 4,302 | 420 |
Current portion of long-term debt | 64,914 | 0 |
Income Taxes Payable | 8,662 | 0 |
Accrued liabilities: | ||
Employee related costs | 10,340 | 19,504 |
Other accrued liabilities | 15,991 | 18,101 |
Deferred revenue | 6,143 | 4,971 |
Current liabilities of discontinued operations | 0 | 520,179 |
Total current liabilities | 112,395 | 574,534 |
Long-term Debt, net of current portion | 1,412,845 | 0 |
Defined benefit and other postretirement obligations | 31,827 | 28,476 |
Other employee related costs | 5,550 | 5,318 |
Related party payable | 1,710 | 0 |
Other liabilities | 5,612 | 5,951 |
Deferred tax liability | 356,561 | 351,734 |
Non-current liabilities of discontinued operations | 0 | 330,294 |
Total liabilities | 1,926,500 | 1,296,307 |
Commitments and contingencies (see Notes 9, 10 and 11) | ||
Stockholders' Equity: | ||
Preferred stock, par value $0.01, 45,000 shares authorized; none outstanding | ||
Additional paid-in capital | 0 | 1,084,002 |
Treasury stock, at cost, 2,905 and 2,052 shares as of June 30, 2016 and 2015, respectively | (207,796) | (143,250) |
Retained earnings (accumulated deficit) | (905,352) | 807,563 |
Accumulated other comprehensive loss | (7,589) | (25,572) |
Total stockholders' equity | (1,119,958) | 1,723,522 |
Liabilities and Equity, Total | 806,542 | 3,019,829 |
Class A Common Stock [Member] | ||
Stockholders' Equity: | ||
Common stock, value issued | 643 | 643 |
Class B Common Stock [Member] | ||
Stockholders' Equity: | ||
Common stock, value issued | $ 136 | $ 136 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands | Jun. 30, 2016 | Jun. 30, 2015 |
Preferred stock, par value (dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 45,000 | 45,000 |
Preferred stock, shares outstanding | 0 | 0 |
Treasury stock, shares | 2,905 | 2,052 |
Commitments and contingencies (see Notes 9, 10 and 11) | ||
Preferred Stock, Value, Issued | ||
Class A Common Stock [Member] | ||
Common stock, par value (dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 360,000 | 360,000 |
Common stock, shares outstanding | 61,354 | 62,207 |
Class B Common Stock [Member] | ||
Common stock, par value (dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 90,000 | 90,000 |
Common stock, shares outstanding | 13,589 | 13,589 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Income Statement [Abstract] | |||
Revenues (including related party revenues of $162,269, $168,261 and $176,355, for the years ended June 30, 2016, 2015, and 2014, respectively) | $ 658,198 | $ 631,010 | $ 714,514 |
Direct operating expenses (including related party expenses of $137,857, $85,108 and $82,680, for the years ended June 30, 2016, 2015, and 2014, respectively) | 268,024 | 217,233 | 259,434 |
Selling, general and administrative expenses (including related party expenses of $28,603, $6,895 and $12,565, for the years ended June 30, 2016, 2015, and 2014, respectively) | 102,005 | 155,003 | 199,477 |
Depreciation and amortization | 14,583 | 17,641 | 20,810 |
Gain on sale of Fuse (see Note 5) | 0 | 186,178 | 0 |
Operating income | 273,586 | 427,311 | 234,793 |
Other income (expense): | |||
Interest income | 2,368 | 2,068 | 1,918 |
Interest expense | (31,683) | (4,040) | (5,877) |
Miscellaneous Expense | (2) | (4) | (1,441) |
Nonoperating income, Total | (29,317) | (1,976) | (5,400) |
Income from operations before income taxes | 244,269 | 425,335 | 229,393 |
Income tax expense | 80,971 | 176,905 | 86,534 |
Income from continuing operations | 163,298 | 248,430 | 142,859 |
Income (loss) from discontinued operations, net of taxes | (155,664) | 6,271 | (27,791) |
Net income | $ 7,634 | $ 254,701 | $ 115,068 |
Income from Continuing Operations, Per Basic Share | $ 2.17 | $ 3.22 | $ 1.85 |
Income (loss) from discontinued operations | (2.07) | 0.08 | (0.36) |
Earnings Per Share, Basic | 0.10 | 3.30 | 1.49 |
Income (Loss) from Continuing Operations, Per Diluted Share | 2.16 | 3.20 | 1.83 |
Income (loss) from discontinued operations | (2.06) | 0.08 | (0.36) |
Earnings Per Share, Diluted | $ 0.10 | $ 3.28 | $ 1.47 |
Weighted-average number of common shares outstanding: | |||
Basic (in shares) | 75,152 | 77,138 | 77,142 |
Diluted (in shares) | 75,527 | 77,687 | 78,167 |
Consolidated Statements Of Ope5
Consolidated Statements Of Operations (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Income Statement [Abstract] | |||
Revenue from Related Party | $ 162,269 | $ 168,261 | $ 176,355 |
Direct operating expenses from related party | 137,857 | 85,108 | 82,680 |
Selling, general and administrative expenses from related party | $ 28,603 | $ 6,895 | $ 12,565 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 7,634 | $ 254,701 | $ 115,068 |
Net unamortized losses arising during the period | 3,910 | 7,174 | 12,574 |
Amortization of net actuarial loss included in net periodic benefit cost | 721 | 2,258 | 1,426 |
Amortization of net prior service credit included in net periodic benefit cost | (57) | (112) | (126) |
Other comprehensive loss, before income taxes | (3,246) | (5,028) | (11,274) |
Income tax benefit (expense) related to items of other comprehensive loss | 823 | 2,167 | 4,782 |
Other comprehensive loss | (2,423) | (2,861) | (6,492) |
Comprehensive income | $ 5,211 | $ 251,840 | $ 108,576 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Cash flows from operating activities: | |||
Net income | $ 7,634 | $ 254,701 | $ 115,068 |
(Income) loss from discontinued operations, net of taxes | 155,664 | (6,271) | 27,791 |
Income from continuing operations | 163,298 | 248,430 | 142,859 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 14,583 | 17,641 | 20,810 |
Amortization of deferred financing costs | 3,234 | 1,602 | 2,519 |
Share-based compensation expense related to equity classified awards | 9,266 | 10,211 | 15,698 |
Excess tax benefit on share-based awards | (4,869) | (10,109) | (6,659) |
Gain on sale of Fuse, before income taxes | 0 | (186,178) | 0 |
Change in deferred income taxes related to the sale of Fuse | 0 | 6,799 | 0 |
Provision for doubtful accounts | 791 | 244 | 42 |
Change in assets and liabilities: | |||
Accounts receivable, net | (16,608) | (1,682) | (4,234) |
Net related party receivables | 11,832 | (1,159) | (6,150) |
Prepaid expenses and other assets | 8,403 | (7,474) | 4,190 |
Accounts payable | (9,316) | (903) | (3,624) |
Net related party payables | 3,796 | 420 | (72) |
Prepaid/payable for income taxes, excluding the impact of the change in income taxes payable related to the sale of Fuse | 27,132 | (26,826) | (9,726) |
Accrued and other liabilities | (12,261) | (9,056) | 14,153 |
Deferred revenue | 1,172 | 340 | 700 |
Deferred income taxes | (18,605) | (19,649) | (9,830) |
Net cash provided by operating activities from continuing operations | 181,848 | 22,651 | 160,676 |
Cash flows from investing activities: | |||
Capital expenditures | (3,323) | (6,663) | (679) |
Proceeds from sale of property and equipment | 0 | 27 | 0 |
Proceeds from sale of Fuse, net of transaction costs (see Note 5) | 0 | 228,063 | 0 |
Net cash provided by (used in) investing activities from continuing operations | (3,323) | 221,427 | (679) |
Cash flows from financing activities: | |||
Principal payments on capital lease obligations | 0 | 0 | (257) |
Proceeds from Term Loan Facility (see Note 8) | 1,550,000 | 0 | 0 |
Principal repayments on Term Loan Facility (see Note 8) | (61,250) | 0 | 0 |
Cash distributed with MSG | (1,467,093) | 0 | 0 |
Payments for financing costs | (9,860) | (84) | (6,718) |
Proceeds from stock options exercises | 1,010 | 518 | 863 |
Repurchases of common stock | (100,027) | (140,717) | 0 |
Taxes paid in lieu of shares issued for equity-based compensation | (11,190) | (18,082) | (12,366) |
Excess tax benefit on share-based awards | 4,869 | 10,109 | 6,659 |
Net cash used in financing activities from continuing operations | (93,541) | (148,256) | (11,819) |
Net cash provided by continuing operations | 84,984 | 95,822 | 148,178 |
Net cash provided by (used in) operating activities | (113,691) | 131,882 | 181,879 |
Net cash used in investing activities | (70,410) | (101,270) | (515,719) |
Net cash used in financing activities | 0 | 0 | 0 |
Net cash used in discontinued operations | (184,101) | 30,612 | (333,840) |
Net increase (decrease) in cash and cash equivalents | (99,117) | 126,434 | (185,662) |
Cash and cash equivalents at beginning of period, including cash in both continuing operations and discontinued operations | 218,685 | 92,251 | 277,913 |
Cash and cash equivalents at end of period | $ 119,568 | $ 218,685 | $ 92,251 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Deficiency) - USD ($) $ in Thousands | Total | Common Stock Issued [Member] | Additional Paid-In Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Balance at Jun. 30, 2013 | $ 1,478,935 | $ 775 | $ 1,070,764 | $ (14,179) | $ 437,794 | $ (16,219) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 115,068 | 115,068 | ||||
Other comprehensive loss | (6,492) | (6,492) | ||||
Comprehensive income | 108,576 | |||||
Exercise of options | 890 | 0 | (89) | 979 | ||
Share-based compensation | 21,750 | 21,750 | ||||
Tax withholding associated with shares issued for equity-based compensation | (12,366) | (12,366) | ||||
Shares issued upon distribution of Restricted Stock Units | 0 | (5,663) | 5,663 | |||
Excess tax benefit on share-based awards | 6,659 | 6,659 | ||||
Balance at Jun. 30, 2014 | 1,604,444 | 775 | 1,081,055 | (7,537) | 552,862 | (22,711) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 254,701 | 254,701 | ||||
Other comprehensive loss | (2,861) | (2,861) | ||||
Comprehensive income | 251,840 | |||||
Exercise of options | 491 | 1 | (648) | 1,138 | ||
Share-based compensation | 15,437 | 15,437 | ||||
Tax withholding associated with shares issued for equity-based compensation | (18,082) | (18,082) | ||||
Shares issued upon distribution of Restricted Stock Units | 0 | 3 | (3,869) | 3,866 | ||
Repurchases of Common Stock | (140,717) | (140,717) | ||||
Excess tax benefit on share-based awards | 10,109 | 10,109 | ||||
Distribution of The Madison Square Garden Company | (2,753,473) | (1,068,603) | (1,705,276) | 20,406 | ||
Balance at Jun. 30, 2015 | 1,723,522 | 779 | 1,084,002 | (143,250) | 807,563 | (25,572) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 7,634 | 7,634 | ||||
Other comprehensive loss | (2,423) | (2,423) | ||||
Comprehensive income | 5,211 | |||||
Exercise of options | 1,010 | 0 | (4,770) | 10,345 | (4,565) | |
Share-based compensation | 10,120 | 10,120 | ||||
Tax withholding associated with shares issued for equity-based compensation | (11,190) | (11,190) | ||||
Shares issued upon distribution of Restricted Stock Units | 0 | 0 | (18,663) | 25,136 | (6,473) | |
Repurchases of Common Stock | (100,027) | (100,027) | ||||
Excess tax benefit on share-based awards | 4,869 | 8,720 | (3,851) | |||
Distribution of The Madison Square Garden Company | (2,752,751) | (1,067,968) | (1,705,189) | 20,406 | ||
Adjustments related to the transfer of certain assets and liabilities as a result of the Distribution | (722) | (251) | (471) | |||
Balance at Jun. 30, 2016 | $ (1,119,958) | $ 779 | $ 0 | $ (207,796) | $ (905,352) | $ (7,589) |
Description of Business and Bas
Description of Business and Basis of Presentation | 12 Months Ended |
Jun. 30, 2016 | |
Description of Business And Basis of Presentation [Abstract] | |
Description of Business | Description of Business and Basis of Presentation Description of Business MSG Networks Inc. (together with its subsidiaries, the “Company”) owns and operates two regional sports and entertainment networks, MSG Network ("MSGN") and MSG+, collectively the “MSG Networks.” The Company was incorporated on July 29, 2009 as an indirect, wholly-owned subsidiary of Cablevision Systems Corporation (“Cablevision”). On February 9, 2010, Cablevision spun off the Company (the “CVC Distribution”) and the Company thereby acquired the subsidiaries of Cablevision that owned, directly and indirectly, all of the partnership interests in MSGN Holdings, L.P., formerly MSG Holdings L.P. (“MSGN L.P.”). MSGN L.P. was the indirect, wholly-owned subsidiary of Cablevision through which Cablevision held the Madison Square Garden businesses. MSGN L.P. is now our wholly-owned subsidiary, through which we conduct substantially all of the business activities. On September 30, 2015 (the “Distribution Date”), the Company distributed to its stockholders all of the outstanding common stock of The Madison Square Garden Company (formerly MSG Spinco, Inc., and referred to herein as “MSG”) (the “Distribution”). MSG owns, directly or indirectly, the sports and entertainment businesses previously owned and operated by the Company's sports and entertainment segments, owns, leases or operates the arenas and other venues previously owned, leased or operated by the Company and owns the joint venture interests previously owned by the Company. In the Distribution, each holder of the Company’s Class A common stock, par value $0.01 per share ("Class A Common Stock"), of record as of the close of business, New York City time, on September 21, 2015 (the “Record Date”), received one share of MSG Class A common stock, par value $0.01 per share ("MSG Class A Common Stock"), for every three shares of the Company’s Class A Common Stock held on the Record Date. Each record holder of the Company’s Class B common stock, par value $0.01 per share, ("Class B Common Stock") received one share of MSG Class B common stock, par value $0.01 per share, for every three shares of the Company's Class B Common Stock held on the Record Date. Subsequent to the Distribution, the Company no longer consolidates the financial results of MSG for purposes of its own financial reporting and the historical financial results of MSG have been reflected in the Company's consolidated financial statements as discontinued operations for all periods presented through the Distribution Date. After giving effect to the Distribution, the Company operates and reports financial information in one segment. Substantially all revenues and assets of the Company are attributed to or located in the United States and are primarily concentrated in the New York City metropolitan area. Reclassifications Certain amounts reported for the prior period in the accompanying financial statements have been reclassified in order to conform to the current period’s presentation. Assets and liabilities related to the Distribution on the Company's consolidated balance sheet as of June 30, 2015 have been reclassified as assets and liabilities of discontinued operations (see Note 3 for further details). All assets and liabilities related to discontinued operations are excluded from the footnotes unless otherwise noted. In addition, the historical results of MSG have been reflected in the accompanying statements of operations for the years ended June 30, 2016, 2015 and 2014 . as discontinued operations. The reclassifications also consisted of the separation of prepaid income taxes, which was previously reported in prepaid expenses in the consolidated balance sheet. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Principles of Consolidation The consolidated financial statements of the Company include the accounts of MSG Networks Inc. and its subsidiaries. All significant intercompany transactions and balances have been eliminated in consolidation. See Note 3 for a discussion of media rights recognized as revenues by MSG from the licensing of team-related programming to the Company. Use of Estimates The preparation of the accompanying consolidated financial statements in conformity with generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions about future events. These estimates and the underlying assumptions affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities, and reported amounts of revenues and expenses. Such estimates include the valuation of accounts receivable, goodwill, intangible assets, other long-lived assets, tax accruals and other liabilities. In addition, estimates are used in revenue recognition, income tax expense, performance and share-based compensation, depreciation and amortization, litigation matters and other matters. Management believes its use of estimates in the consolidated financial statements to be reasonable. Management evaluates its estimates on an ongoing basis using historical experience and other factors, including the general economic environment and actions it may take in the future. The Company adjusts such estimates when facts and circumstances dictate. However, these estimates may involve significant uncertainties and judgments and cannot be determined with precision. In addition, these estimates are based on management's best judgment at a point in time and as such these estimates may ultimately differ from actual results. Changes in estimates resulting from weakness in the economic environment or other factors beyond the Company's control could be material and would be reflected in the Company's financial statements in future periods. Revenue Recognition The Company recognizes revenue when the following conditions are satisfied: (a) persuasive evidence of a sales arrangement exists, (b) delivery occurs or services are rendered, (c) the sales price is fixed or determinable and (d) collectability is reasonably assured. The Company earns affiliation fee revenue from the cable, satellite, telephone and other platforms that distribute our networks. The Company's programming networks are delivered throughout the term of the agreements and the Company recognizes this revenue in the period that the programming network is provided. The Company also earns advertising revenues, which are typically recognized when the advertisements are aired. In certain advertising sales arrangements, the Company guarantees specified viewer ratings for its programming. For these types of transactions, a portion of such revenue is deferred if the guaranteed viewer ratings are not met and is subsequently recognized either when the Company provides the required additional advertising time, the guarantee obligation contractually expires or additional performance requirements become remote. Gross versus Net Revenue Recognition The Company reports revenue on a gross or net basis based on management's assessment of whether the Company acts as a principal or agent in the transaction. To the extent the Company acts as the principal, revenue is reported on a gross basis. The determination of whether the Company acts as a principal or an agent in a transaction is based on an evaluation of several qualitative factors. When the Company acts as an agent, revenue is reported on a net basis. The Company entered into an advertising sales representation agreement with MSG, who has the exclusive right and obligation to sell the Company's advertising availabilities. Generally, the Company reports advertising revenue on a gross basis. Nonmonetary Transactions The Company enters into nonmonetary transactions that involve the exchange of goods or services, such as advertising and promotional benefits, for other goods or services. Such transactions are measured and recorded at the fair value of the goods or services surrendered unless the goods or services received have a more readily determinable fair value. In addition, the Company enters into other monetary transactions in which nonmonetary consideration is also included and the entire transaction is recorded at fair value. If the fair values cannot be determined for either the asset(s) surrendered or received within reasonable limits, then the nonmonetary transaction is measured and recorded at the book value of the item(s) surrendered which typically is zero. Direct Operating Expenses Direct operating expenses primarily represent media rights fees, and other network programming costs, such as salaries of our on-air personalities, producers, directors, technicians, writers and other creative and technical staff, as well as expenses associated with location costs and maintaining studios, origination and transmission facilities. The professional team media rights acquired under media rights agreements to telecast various sporting events and other programming for exhibition on our networks are typically expensed on a straight-line basis over the term of the applicable contract or license period. Advertising Expenses Advertising costs are typically charged to expense when incurred. Total advertising costs classified in selling, general and administrative expenses were $10,540 , $11,010 and $12,662 for the years ended June 30, 2016 , 2015 and 2014 , respectively. Income Taxes The Company's provision for income taxes is based on current period income, changes in deferred tax assets and liabilities and changes in estimates with regard to uncertain tax positions. Deferred tax assets are subject to an ongoing assessment of realizability. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax asset will not be realized. The Company's ability to realize its deferred tax assets depends upon the generation of sufficient future taxable income to allow for the realization of its deductible temporary differences. If such estimates and related assumptions change in the future, the Company may be required to record valuation allowances against its deferred tax assets, resulting in additional income tax expense in the Company's consolidated statements of operations. The Company measures its deferred tax liability with regard to MSGN L.P. based on the difference between the tax basis and the carrying amount for financial reporting purposes; this is commonly referred to as the outside basis difference. Interest and penalties, if any, associated with uncertain tax positions are included in income tax expense. The Company accounts for investment tax credits using the “flow-through” method, under which the tax benefit generated from an investment tax credit is recorded in the period the credit is generated. Share-based Compensation The Company measures the cost of employee services received in exchange for an award of equity-based instruments based on the grant date fair value of the award. Share-based compensation cost is recognized in earnings (net of estimated forfeitures) over the period during which an employee is required to provide service in exchange for the award, except for restricted stock units granted to non-employee directors which, unless otherwise provided under the applicable award agreement, are fully vested, and are expensed at the grant date. The Company has elected to recognize share-based compensation cost for graded vesting awards with only service conditions on a straight-line basis over the requisite service period for the entire award. The Company estimates forfeitures based upon historical experience and its expectations regarding future vesting of awards. To the extent actual forfeitures are different from the Company's estimates, share-based compensation is adjusted accordingly. Cash and Cash Equivalents The Company considers the balance of its investment in funds that substantially hold highly liquid securities that mature within three months or less from the date the fund purchases these securities to be cash equivalents. The carrying amount of cash and cash equivalents either approximates fair value due to the short-term maturity of these instruments or are at fair value. Checks outstanding in excess of related book balances are included in accounts payable in the accompanying consolidated balance sheets. The Company presents the change in these book cash overdrafts as cash flows from operating activities. Restricted Cash The Company's restricted cash balance as of June 30, 2015 reflects the Company's contribution to fund certain obligations in connection with an executive separation agreement. The carrying amount of restricted cash approximates fair value due to the short-term maturity of these instruments. Changes in restricted cash are reflected in cash flows from either operating or investing activities, depending on the circumstances to which the changes in the underlying restricted cash relate. Accounts Receivable Accounts receivable is recorded at net realizable value. The Company maintains an allowance for doubtful accounts to reserve for potentially uncollectible receivables. The allowance for doubtful accounts is estimated based on the Company's analysis of receivables aging, specific identification of certain receivables that are at risk of not being paid, past collection experience and other factors. The Company's allowance for doubtful accounts was $838 and $273 as of June 30, 2016 and 2015 , respectively. Long-Lived and Indefinite-Lived Assets The Company's long-lived and indefinite-lived assets consist of property and equipment, goodwill and amortizable intangible assets. Property and equipment is stated at cost. Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets or, with respect to leasehold improvements, amortized over the shorter of the lease term or the asset's estimated useful life. The useful lives of the Company's long-lived assets are based on estimates of the period over which the Company expects the assets to be of economic benefit to the Company. In estimating the useful lives the Company considers factors such as, but not limited to, risk of obsolescence, anticipated use, plans of the Company, and applicable laws and permit requirements. Identifiable intangible assets with finite useful lives are amortized on a straight-line basis over their respective estimated useful lives. Goodwill has an indefinite useful life and is not amortized. Impairment of Long-Lived and Indefinite-Lived Assets In assessing the recoverability of the Company's long-lived and indefinite-lived assets, the Company must make estimates and assumptions regarding future cash flows and other factors to determine the fair value of the respective assets. These estimates and assumptions could have a significant impact on whether an impairment charge is recognized and also the magnitude of any such charge. Fair value estimates are made at a specific point in time, based on relevant information. These estimates are subjective in nature and involve significant uncertainties and judgments and therefore cannot be determined with precision. Changes in assumptions could significantly affect the estimates. If these estimates or material related assumptions change in the future, the Company may be required to record impairment charges related to its long-lived and/or indefinite-lived assets. Goodwill is tested annually for impairment as of August 31 st and at any time upon the occurrence of certain events or substantive changes in circumstances. The Company has the option to perform a qualitative assessment to determine if an impairment is more likely than not to have occurred. If the Company can support the conclusion that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, the Company would not need to perform the two-step impairment test for that reporting unit. If the Company cannot support such a conclusion or the Company does not elect to perform the qualitative assessment then the first step of the goodwill impairment test is used to identify potential impairment by comparing the fair value of a reporting unit with its carrying amount, including goodwill. If the carrying amount of a reporting unit exceeds its fair value, the second step of the goodwill impairment test is performed to measure the amount of impairment loss, if any. The second step of the goodwill impairment test compares the implied fair value of the reporting unit's goodwill with the carrying amount of that goodwill. If the carrying amount of the reporting unit's goodwill exceeds the implied fair value of that goodwill, an impairment loss is recognized in an amount equal to that excess. The implied fair value of goodwill is determined in the same manner as the amount of goodwill that would be recognized in a business combination. The Company has one reporting unit for evaluating goodwill impairment. For other long-lived assets, including intangible assets that are amortized, the Company evaluates assets for recoverability when there is an indication of potential impairment. If the undiscounted cash flows from a group of assets being evaluated is less than the carrying value of that group of assets, the fair value of the asset group is determined and the carrying value of the asset group is written down to fair value. Contingencies Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated. Defined Benefit Pension Plans and Other Postretirement Benefit Plan As more fully described in Note 13 , the Company has both funded and unfunded defined benefit plans, as well as a contributory other postretirement benefit plan, covering certain full-time employees and retirees. The expense recognized by the Company is determined using certain assumptions, including the expected long-term rate of return, discount rate and rate of compensation increases, among others. The Company recognizes the funded status of its defined benefit pension and other postretirement plans (other than multiemployer plans) as an asset or liability in the consolidated balance sheets and recognizes changes in the funded status in the year in which the changes occur through other comprehensive income (loss). Earnings Per Common Share Basic earnings (loss) per common share (“EPS”) is based upon net income (loss) available to common stockholders divided by the weighted-average number of common shares outstanding during the period. Diluted EPS reflects the effect of the assumed vesting of restricted stock units (“RSUs”) and exercise of stock options (see Note 14 ) only in the periods in which such effect would have been dilutive. Recently Adopted Accounting Pronouncements In April 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-03, Interest-Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs , which amends the FASB Accounting Standards Codification ( “ ASC ” ) to require that debt issuance costs be presented in the balance sheet as a direct deduction from the carrying amount of the related liability. In August 2015, the FASB issued ASU No. 2015-15, Interest-Imputation of Interest (Subtopic 835-30) : Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements-Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting, to clarify that an entity may elect to present debt issuance costs related to a line-of-credit arrangement as an asset, regardless of whether or not there are any outstanding borrowings on the line-of-credit arrangement. These standards were adopted by the Company in the first quarter of fiscal year 2016. See Note 8 for the presentation of the Company's deferred financing costs in accordance with these standards. There was no impact to the prior year consolidated financial statements as the Company's historical deferred financing costs pertaining to its revolving credit facility were presented as assets as permitted under ASU No. 2015-15. In November 2015, t he FASB issued ASU No. 2015-17, Balance Sheet Classification of Deferred Taxes (Topic 740) , which eliminates the requirement to present deferred tax assets and liabilities as current and non-current in a classified balance sheet. Instead, companies will be required to classify all deferred tax assets and liabilities as non-current. The Company early adopted this ASU in the second quarter of fiscal year 2016. There was no impact to the prior year financial statements as a result of this adoption. Recently Issued Accounting Pronouncements Not Yet Adopted In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) , which supersedes the revenue recognition requirements in FASB ASC Topic 605, Revenue Recognition . This ASU is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The ASU also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. In August 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date , which defers the effective date of ASU No. 2014-09 for all entities by one year. In March 2016, the FASB issued ASU No. 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Consideration s , which provides clarification on the implementation guidance on principal versus agent considerations outlined in ASU No. 2014-09. In April 2016, the FASB issued ASU No. 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing , which finalized a mendments to identifying performance obligations and accounting for licenses of intellectual property. In May 2016, the FASB issued ASU No. 2016-12, R evenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients , which clarifies assessing collectibility, noncash consideration, presentation of sales taxes, completed contracts and contract modifications at transition. Early adoption is permitted and the Company can early adopt ASU No. 2014-09 and the related updates beginning in the first quarter of fiscal year 2018. If the Company does not apply the early adoption provision, ASU No. 2014-09 will be effective for the Company beginning in the first quarter of fiscal year 2019 using one of two retrospective application methods. The Company is currently evaluating the impact this standard will have on its consolidated financial statements. In April 2015, the FASB issued ASU No. 2015-05, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement , which provides guidance to customers about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract and expense the cost as the services are received. This standard will be effective for the Company beginning in the first quarter of fiscal year 2017. Early adoption is permitted. This standard may be adopted retrospectively or prospectively to arrangements entered into, or materially modified, after the effective date. The Company is currently evaluating the impact this standard will have on its consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02 , Leases (Topic 842) , which requires the recognition of lease assets and lease liabilities on the balance sheet for those leases classified as operating leases under previous GAAP. The amended guidance also requires additional quantitative and qualitative disclosures regarding the amount, timing and uncertainty of cash flows arising from leases in order to provide additional information about the nature of an organization’s leasing activities. This standard will be effective for the Company beginning in the first quarter of fiscal year 2020, with early adoption permitted. This standard will be adopted using a modified retrospective approach. The Company is currently evaluating the impact this standard will have on its consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-09, Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, that changes several aspects of accounting for share-based payment transactions. The amended guidance requires all excess tax benefits and tax deficiencies to be recognized in the income statement rather than additional paid-in capital. In addition, such excess tax benefits or tax deficiencies will no longer be classified on the Consolidated Statement of Cash Flows as a financing activity, with prospective application required. Additionally, the guidance clarifies the classification of employee taxes paid when an employer withholds shares for tax-withholding purposes on the Consolidated Statement of Cash Flows as a financing activity, with retrospective application required. The new guidance also provides an accounting policy election to account for forfeitures as they occur, with a modified retrospective application required. This standard will be effective for the Company beginning in the first quarter of fiscal year 2017, with early adoption permitted. The Company is currently evaluating the impact this standard will have on its consolidated financial statements. |
Discontinued Operations (Notes)
Discontinued Operations (Notes) | 12 Months Ended |
Jun. 30, 2016 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | Note 3. Discontinued Operations As a result of the Distribution, the results of the Company’s MSG operations through the Distribution Date, as well as transaction costs related to the Distribution, have been classified in the consolidated statements of operations as discontinued operations for all periods presented. No gain or loss was recognized in connection with the Distribution. Operating results of discontinued operations for the years ended June 30, 2016, 2015 and 2014 are summarized below: Years Ended June 30, 2016 2015 2014 Revenues (a) $ 150,381 $ 1,071,551 $ 913,615 Direct operating expenses 71,320 725,172 712,484 Selling, general and administrative expenses 58,283 183,226 165,671 Depreciation and amortization 23,772 103,481 86,140 Operating income (loss) (2,994 ) 59,672 (50,680 ) Equity in earnings (loss) of equity-method investments 2,679 (40,590 ) (1,323 ) Interest income 635 1,886 589 Interest expense (540 ) (2,467 ) (1,529 ) Miscellaneous income — 2,802 96 Income (loss) from discontinued operations before income taxes (220 ) 21,303 (52,847 ) Income tax benefit (expense) (155,444 ) (15,032 ) 25,056 Income (loss) from discontinued operations, net of taxes $ (155,664 ) $ 6,271 $ (27,791 ) (a) Includes rights fees for New York Knicks ( “ Knicks ” ) and New York Rangers ( “ Rangers ” ) programming prior to the Distribution Date, which were previously eliminated in consolidation. However, these amounts are now presented as revenues in the income (loss) from discontinued operations line with the offsetting expense in direct operating expenses, within continuing operations, in the accompanying consolidated statements of operations. Prior to the Distribution, the Company's collections for ticket sales, sponsorships and suite rentals in advance were recorded as deferred revenue and were recognized as revenues when earned for both accounting and tax purposes. In connection with the reorganization transactions related to the Distribution, the tax recognition on most of these deferred revenues was accelerated to the date of the reorganization. The impact of the acceleration of such deferred revenue is reflected in income tax expense of discontinued operations for the year ended June 30, 2016. During the three months ended June 30, 2016, the Company recorded a tax benefit of $5,949 in discontinued operations primarily related to a tax return to book provision adjustment in connection with its anticipated tax return for the tax year ended December 31, 2015. Amounts for the years ended June 30, 2015 and 2014 presented above differ from historically reported results for the Company's sports and entertainment segments due to certain reclassifications and adjustments made to corporate overhead costs for purposes of discontinued operations reporting. The assets and liabilities of MSG have been classified in the consolidated balance sheet as of June 30, 2015 as assets and liabilities of discontinued operations and consist of the following, by major class: June 30, Cash and cash equivalents $ 14,917 Accounts receivable, net 51,133 Other current assets 59,846 Current assets of discontinued operations 125,896 Investments and loans to nonconsolidated affiliates 249,394 Property and equipment, net 1,188,705 Goodwill 277,166 Intangible assets, net 189,174 Other non-current assets 79,158 Non-current assets of discontinued operations 1,983,597 Accounts payable and accrued liabilities 196,423 Deferred revenue 323,756 Current liabilities of discontinued operations 520,179 Defined benefits and other postretirement obligations 56,740 Other employee related costs 51,687 Deferred tax liability 171,928 Other non-current liabilities 49,939 Non-current liabilities of discontinued operations 330,294 Net assets of discontinued operations $ 1,259,020 The following table summarizes the net impact of the Distribution to Company's stockholders' equity (deficiency): Decrease in additional paid-in capital (a) $ (1,068,603 ) Decrease in retained earnings (a) (1,705,276 ) Decrease in accumulated other comprehensive loss 20,406 $ (2,753,473 ) (a) These amounts include subsequent adjustments related to the transfer of certain assets and liabilities as a result of the Distribution. The above amounts include cash distributed with MSG of $1,467,093 . |
Computation of Earnings Per Com
Computation of Earnings Per Common Share | 12 Months Ended |
Jun. 30, 2016 | |
Earnings Per Share [Abstract] | |
Computation of Earnings per Common Share | Computation of Earnings per Common Share The following table presents a reconciliation of the weighted-average number of shares used in the calculations of basic and diluted EPS. Years Ended June 30, 2016 2015 2014 Weighted-average number of shares for basic EPS 75,152 77,138 77,142 Dilutive effect of shares issuable under share-based compensation plans 375 549 1,025 Weighted-average number of shares for diluted EPS 75,527 77,687 78,167 Anti-dilutive shares — 4 — |
Disposition (Notes)
Disposition (Notes) | 12 Months Ended |
Jun. 30, 2016 | |
Disposition [Abstract] | |
Disposition Excluding Discontinued Operations [Text Block] | . Disposition On July 1, 2014, the Company completed its sale of Fuse, a national music television network, to Fuse Media, Inc. for a cash purchase price of $231,995 and a 15% equity interest of approximately $24,000 in Fuse Media, LLC (“Fuse Media”). Upon satisfaction of certain performance goals, the Company recognized its interest in Fuse Media, and finalized a working capital adjustment during the second quarter of fiscal year 2015. The Company recorded a pre-tax gain on the sale of Fuse, which is reflected in operating income in the accompanying consolidated statement of operations for the year ended June 30, 2015 , of $186,178 (net of transaction costs of $3,932 ). For all periods presented prior to the sale, the Company's income from continuing operations included Fuse. The equity interest in Fuse Media was transferred to MSG in connection with the Distribution. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Jun. 30, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill And Intangible Assets | Goodwill and Intangible Assets During the first quarter of fiscal year 2016, the Company performed its annual impairment test of goodwill, and there was no impairment of goodwill identified, including the goodwill of the MSG Entertainment and MSG Sports reporting units that was transferred to MSG as part of the Distribution. During the first quarter of fiscal year 2016 , the Company performed its annual impairment test of identifiable indefinite-lived intangible assets, all of which were transferred to MSG in connection with the Distribution, and there was no impairment identified. The Company's intangible assets subject to amortization are as follows: June 30, June 30, Affiliate relationships $ 83,044 $ 83,044 Less accumulated amortization (38,921 ) (35,461 ) $ 44,123 $ 47,583 Affiliate relationships have an estimated useful life of 24 years. Amortization expense for intangible assets for continuing operations was $3,460 for the years ended June 30, 2016, 2015 and 2014 . The Company expects its aggregate annual amortization expense for existing intangible assets subject to amortization for each fiscal year from 2017 through 2021 to be as follows: Fiscal year ending June 30, 2017 $ 3,460 Fiscal year ending June 30, 2018 3,460 Fiscal year ending June 30, 2019 3,460 Fiscal year ending June 30, 2020 3,460 Fiscal year ending June 30, 2021 3,460 |
Property and Equipment
Property and Equipment | 12 Months Ended |
Jun. 30, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and Equipment As of June 30, 2016 and 2015 , property and equipment consisted of the following assets: June 30, Estimated 2016 2015 Useful Lives Equipment $ 44,508 $ 43,277 2 to 10 years Furniture and fixtures 1,744 1,723 5 to 8 years Leasehold improvements 19,561 19,645 Shorter of term of lease or life of improvement Construction in progress 966 3,103 66,779 67,748 Less accumulated depreciation and amortization (52,625 ) (48,234 ) $ 14,154 $ 19,514 Depreciation and amortization expense on property and equipment for continuing operations was $11,123 , $14,181 , and $17,350 for the years ended June 30, 2016 , 2015 and 2014 , respectively, which includes depreciation expense on certain corporate property and equipment that was transferred to MSG in connection with the Distribution, but which did not qualify for discontinued operations reporting. |
Debt
Debt | 12 Months Ended |
Jun. 30, 2016 | |
Debt [Abstract] | |
Debt and Capital Leases Disclosures [Text Block] | Note 8. Debt Former Revolving Credit Facility On May 6, 2014, MSGN Holdings, L.P., formerly MSG Holdings, L.P., (“MSGN L.P.”) and certain of its subsidiaries entered into a credit agreement with a syndicate of lenders providing for a senior secured revolving credit facility of $500,000 with a term of five years (the “Former Revolving Credit Facility”). In connection with the Distribution, MSGN L.P. terminated the Former Revolving Credit Facility effective on September 28, 2015. Senior Secured Credit Facilities On September 28, 2015, MSGN L.P., MSGN Eden, LLC, an indirect subsidiary of the Company and the general partner of MSGN L.P., Regional MSGN Holdings LLC, a direct subsidiary of the Company and the limited partner of MSGN L.P. (collectively with MSGN Eden, LLC, the “Holdings Entities”), and certain subsidiaries of MSGN L.P. entered into a credit agreement (the “Credit Agreement”) with a syndicate of lenders. The Credit Agreement provides MSGN L.P. with senior secured credit facilities (the “Senior Secured Credit Facilities”) consisting of: (a) an initial $1,550,000 term loan facility (the “Term Loan Facility”) and (b) a $250,000 revolving credit facility (the “Revolving Credit Facility”), each with a term of five years. In connection with the Distribution, $1,450,000 of the proceeds from the Term Loan Facility was contributed to MSG immediately following the closing of the Senior Secured Credit Facilities. Up to $35,000 of the Revolving Credit Facility is available for the issuance of letters of credit. Subject to the satisfaction of certain conditions and limitations, the Credit Agreement allows for the addition of incremental term and/or revolving loan commitments and incremental term and/or revolving loans. Borrowings under the Credit Agreement bear interest at a floating rate, which at the option of MSGN L.P. may be either (a) base rate, representing the higher of: (i) the New York Fed Bank Rate plus 0.50% ; (ii) the U.S. Prime Rate; or (iii) the one-month London Interbank Offered Rate, or LIBOR, plus 1.00% (the “Base Rate”), plus an additional rate ranging from 0.50% to 1.25% per annum (determined based on a total leverage ratio), or (b) a Eurodollar rate (the “Eurodollar Rate”) plus an additional rate ranging from 1.50% to 2.25% per annum (determined based on a total leverage ratio), provided that for the period until the delivery of the compliance certificate for the period ending March 31, 2016, the additional rate used in calculating both floating rates was (i) 1.00% per annum for borrowings bearing interest at the Base Rate, and (ii) 2.00% per annum for borrowings bearing interest at the Eurodollar Rate. Upon a payment default in respect of principal, interest or other amounts due and payable under the Credit Agreement or related loan documents, default interest will accrue on all overdue amounts at an additional rate of 2.00% per annum. The Credit Agreement requires MSGN L.P. pay a commitment fee of 0.30% in respect of the average daily unused commitments, as well as fronting fees, to banks that issue letters of credit pursuant to the Revolving Credit Facility. The Credit Agreement generally requires the Holding Entities, MSGN L.P. and its restricted subsidiaries on a consolidated basis to comply with a maximum total leverage ratio of 6.00:1.00 from the closing date until September 30, 2016 and a maximum total leverage ratio of 5.50:1.00 from and after October 1, 2016 until maturity, subject, in each case, to upward adjustment during the continuance of certain events. In addition, there is a minimum interest coverage ratio of 2.00:1.00 for the Holdings Entities, MSGN L.P. and its restricted subsidiaries on a consolidated basis. As of June 30, 2016, the Holding Entities, MSGN L.P. and its restricted subsidiaries on a consolidated basis were in compliance with the financial covenants of the Credit Agreement. All borrowings under the Credit Agreement are subject to the satisfaction of customary conditions, including absence of a default and accuracy of representations and warranties. As of June 30, 2016, there were no letters of credit issued and outstanding under the Revolving Credit Facility, which provides full borrowing capacity of $250,000 . During the year ended June 30, 2016, the Company has made principal payments aggregating $61,250 , which reduced the principal amount of the initial Term Loan Facility for subsequent amortization. The Term Loan Facility amortizes quarterly in accordance with its terms from June 30, 2016 through June 30, 2020 with a final maturity date on September 28, 2020. As of June 30, 2016 , the principal repayments required for the next five years under the Term Loan Facility are as follows: Fiscal year ending June 30, 2017 $ 67,500 Fiscal year ending June 30, 2018 75,000 Fiscal year ending June 30, 2019 75,000 Fiscal year ending June 30, 2020 114,375 Fiscal year ending June 30, 2021 1,156,875 $ 1,488,750 All obligations under the Credit Agreement are guaranteed by the Holdings Entities and MSGN L.P.’s existing and future direct and indirect domestic subsidiaries that are not designated as excluded subsidiaries or unrestricted subsidiaries (the “Subsidiary Guarantors,” and together with the Holdings Entities, the “Guarantors”). All obligations under the Credit Agreement, including the guarantees of those obligations, are secured by certain of the assets of MSGN L.P. and each Guarantor (collectively, “Collateral”), including, but not limited to, a pledge of the equity interests in MSGN L.P. held directly by the Holdings Entities and the equity interests in each Subsidiary Guarantor held directly or indirectly by MSGN L.P. Subject to customary notice and minimum amount conditions, MSGN L.P. may voluntarily prepay outstanding loans under the Credit Agreement at any time, in whole or in part, without premium or penalty (except for customary breakage costs with respect to Eurodollar loans). MSGN L.P. is required to make mandatory prepayments in certain circumstances, including without limitation from the net cash proceeds of certain sales of assets (including Collateral) or casualty insurance and/or condemnation recoveries (subject to certain reinvestment, repair or replacement rights) and the incurrence of certain indebtedness, subject to certain exceptions. In addition to the financial covenants previously discussed, the Credit Agreement and the related security agreement contain certain customary representations and warranties, affirmative covenants and events of default. The Credit Agreement contains certain restrictions on the ability of the Holding Entities, MSGN L.P. and its restricted subsidiaries to take certain actions as provided in (and subject to various exceptions and baskets set forth in) the Credit Agreement, including the following: (i) incurring additional indebtedness and contingent liabilities; (ii) creating liens on certain assets; (iii) making investments, loans or advances in or to other persons; (iv) paying dividends and distributions or repurchases of capital stock; (v) changing its lines of business; (vi) engaging in certain transactions with affiliates; (vii) amending specified material agreements; (viii) merging or consolidating; (ix) making certain dispositions; and (x) entering into agreements that restrict the granting of liens. The Holdings Entities are subject to customary passive holding company covenants. The Company is amortizing its deferred financing costs on a straight-line basis over the five-year term of the Senior Secured Credit Facilities which approximates the effective interest method. The following table summarizes the presentation of the Term Loan Facility and the related deferred financing costs in the accompanying consolidated balance sheet as of June 30, 2016 : Reported in Term Loan Facility Deferred Financing Costs Net Current portion of long-term debt $ 67,500 $ (2,586 ) $ 64,914 Long-term debt, net of current portion 1,421,250 (8,405 ) 1,412,845 Total $ 1,488,750 $ (10,991 ) $ 1,477,759 In addition, the Company has deferred financing costs related to the Revolving Credit Facility of $417 and $ 1,356 classified in other current assets and other assets, respectively, in the accompanying consolidated balance sheet as of June 30, 2016 . The Company made interest payments under the Credit Agreement of $27,691 during the year ended June 30, 2016 . |
Operating Leases
Operating Leases | 12 Months Ended |
Jun. 30, 2016 | |
Operating Leased Assets [Line Items] | |
Operating Leases Of Lessee Disclosure Text Block [Text Block] | Note 9. Operating Leases The Company has various long-term noncancelable operating lease agreements, primarily for office and studio space expiring at various dates through 2024 . The rent expense associated with such operating leases is recognized on a straight-line basis over the initial lease term. The difference between rent expense and rent paid is recorded as deferred rent. Rent expense under these lease agreements totaled $10,393 , $15,177 and $15,367 for the years ended June 30, 2016 , 2015 and 2014 , respectively, which includes rent expense on certain operating leases that were transferred to MSG in connection with the Distribution, but which did not qualify for discontinued operations reporting. As of June 30, 2016 , future minimum rental payments under leases having noncancelable initial lease terms in excess of one year are as follows: Fiscal year ending June 30, 2017 $ 6,868 Fiscal year ending June 30, 2018 4,557 Fiscal year ending June 30, 2019 4,557 Fiscal year ending June 30, 2020 4,397 Fiscal year ending June 30, 2021 2,988 Thereafter 9,075 $ 32,442 During the year ended June 30, 2016 and 2015 , the Company recorded income of $ 2,638 and $2,607 , respectively, related to the use of certain space of the Company by third parties. |
Contractual Obligations and Off
Contractual Obligations and Off Balance Sheet Arrangements | 12 Months Ended |
Jun. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contractual Obligations and Off Balance Sheet Arrangements | As of June 30, 2016 , future cash payments required under contracts entered into by the Company in the normal course of business are as follows: Fiscal year ending June 30, 2017 $ 213,972 Fiscal year ending June 30, 2018 227,800 Fiscal year ending June 30, 2019 230,697 Fiscal year ending June 30, 2020 234,649 Fiscal year ending June 30, 2021 239,536 Thereafter 3,585,690 $ 4,732,344 Contractual obligations above consist primarily of the Company's obligations under media rights agreements. In addition, see Note 8 for the principal repayments required under the Company's Term Loan Facility. |
Legal Matters
Legal Matters | 12 Months Ended |
Jun. 30, 2016 | |
Legal Matters [Abstract] | |
Legal Matters | Note 11. Legal Matters The Company is a defendant in various lawsuits. Although the outcome of these matters cannot be predicted with certainty, management does not believe that resolution of these lawsuits will have a material adverse effect on the Company. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Jun. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The fair value hierarchy is based on inputs to valuation techniques that are used to measure fair value that are either observable or unobservable. Observable inputs reflect assumptions market participants would use in pricing an asset or liability based on market data obtained from independent sources while unobservable inputs reflect a reporting entity's pricing based upon their own market assumptions. The fair value hierarchy consists of the following three levels: • Level I — Quoted prices for identical instruments in active markets. • Level II — Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable. • Level III — Instruments whose significant value drivers are unobservable. The following table presents for each of these hierarchy levels, the Company's assets that are measured at fair value on a recurring basis, which include cash equivalents: Level I Level II Level III Total June 30, 2016 Assets: Money market accounts $ 68,591 $ — $ — $ 68,591 Time deposits 50,977 — — 50,977 Total assets measured at fair value $ 119,568 $ — $ — $ 119,568 June 30, 2015 Assets: Money market accounts $ 89,062 $ — $ — $ 89,062 Time deposits 113,227 — — 113,227 Total assets measured at fair value $ 202,289 $ — $ — $ 202,289 Money market accounts and time deposits are classified within Level 1 of the fair value hierarchy as they are valued using observable inputs that reflect quoted prices for identical assets in active markets. The carrying amount of the Company's money market accounts and time deposits approximates fair value due to their short-term maturities. Other Financial Instruments The fair value of the Company's long-term debt (see Note 8) was approximately $1,466,419 as of June 30, 2016 . The Company's long-term debt is classified within Level 2 of the fair value hierarchy as it is valued using quoted prices of such securities for which fair value can also be derived from inputs that are readily observable. |
Pension Plans and Other Postret
Pension Plans and Other Postretirement Benefit Plan | 12 Months Ended |
Jun. 30, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension Plans and Other Postretirement Benefit Plan | Pension Plans and Other Postretirement Benefit Plan Company Sponsored Plans Prior to the Distribution, the Company sponsored a non-contributory qualified cash balance retirement plan covering its non-union employees (the “MSG Cash Balance Pension Plan”) and a non-contributory qualified defined benefit pension plan covering certain of its union employees (the “MSG Union Plan”). Since March 1, 2011, the MSG Cash Balance Pension Plan has also included the assets and liabilities of a frozen (as of December 31, 2007) non-contributory qualified defined pension plan covering non-union employees hired prior to January 1, 2001. The MSG Cash Balance Pension Plan has been amended to freeze participation and future benefit accruals effective December 31, 2015. The MSG Cash Balance Pension Plan and MSG Union Plan are collectively referred to as the “MSG Pension Plans.” The Company currently sponsors (i) a non-contributory qualified defined benefit pension plan covering certain of its union employees (the “Union Plan”), (ii) an unfunded non-contributory, non-qualified excess cash balance plan covering certain employees who participate in the MSG Cash Balance Pension Plan (the "Excess Cash Balance Plan"), and (iii) an unfunded non-contributory non-qualified defined benefit pension plan for the benefit of certain employees who participate in an underlying qualified plan, which was merged into the MSG Cash Balance Pension Plan on March 1, 2011 (the “Excess Plan”). The Union Plan, Excess Cash Balance Plan and Excess Plan are collectively referred to as the “MSG Networks Plans.” As of December 31, 2015, the Excess Cash Balance Plan was amended to freeze participation and future benefit accruals. Therefore, after December 31, 2015, no employee of the Company who was not already a participant may become a participant in the plans and no further annual pay credits will be made for any future year. Existing account balances under the plans will continue to be credited with monthly interest in accordance with the terms of the plans. As of December 31, 2007, the Excess Plan was amended to freeze all benefits earned through December 31, 2007 and to eliminate the ability of participants to earn benefits for future service under this plan. Benefits payable to retirees under the Union Plan are based upon years of service and participants’ compensation. The Company also sponsors a contributory welfare plan which provides certain postretirement healthcare benefits to certain employees hired prior to January 1, 2001 who are eligible to commence receipt of early or normal Retirement Plan benefits under the MSG Cash Balance Pension Plan and their dependents, as well as certain union employees (“Postretirement Plan”). As of the Distribution Date, the Company and MSG entered into an employee matters agreement (the “Employee Matters Agreement”) which determined each company’s obligations after the Distribution with regard to liabilities historically under the Company’s former pension and postretirement plans. Under the Employee Matters Agreement, the assets and liabilities of the MSG Pension Plans have been transferred to MSG. In addition, the following have been transferred to MSG: Liabilities related to (i) current MSG employees who are active participants in the Excess Plan and/or the Excess Cash Balance Plan, (ii) current MSG employees who are eligible for participation in the Postretirement Plan, and (iii) former MSG employees who are retired participants in the Postretirement Plan. The Company has retained liabilities related to (i) its current employees and former employees of the Company or MSG who are active participants in the Excess Plan and/or the Excess Cash Balance Plan, (ii) its current employees who are eligible for participation in the Postretirement Plan, (iii) its former employees who are retired participants in the Postretirement Plan, and (iv) the Union Plan. The following table summarizes the projected benefit obligations, assets, funded status and the amounts recorded on the Company's consolidated balance sheets associated with the MSG Networks Plans, MSG Pension Plans and Postretirement Plan as of June 30, 2016 and 2015 based upon actuarial valuations as of those measurement dates. Pension Plans Postretirement Plan June 30, June 30, 2016 2015 2016 2015 Change in benefit obligation: Benefit obligation at beginning of period $ 191,064 $ 180,376 $ 8,704 $ 9,214 Service cost 1,962 6,943 112 198 Interest cost 3,418 7,915 206 331 Actuarial loss (gain) 4,534 3,519 425 (855 ) Benefits paid (1,906 ) (7,689 ) (235 ) (184 ) Transfer due to the Distribution (155,151 ) — (5,675 ) — Benefit obligation at end of period 43,921 191,064 3,537 8,704 Change in plan assets: Fair value of plan assets at beginning of period 112,213 111,811 — — Actual return on plan assets 1,433 (847 ) — — Employer contributions 2,675 8,938 — — Benefits paid (1,906 ) (7,689 ) — — Transfer due to the Distribution (99,597 ) — — — Fair value of plan assets at end of period 14,818 112,213 — — Funded status at end of period $ (29,103 ) $ (78,851 ) $ (3,537 ) $ (8,704 ) Amounts recognized in the consolidated balance sheets as of June 30, 2016 and 2015 consist of: Pension Plans Postretirement Plan June 30, June 30, 2016 2015 2016 2015 Current liabilities (included in accrued employee related costs) of continuing operations $ (730 ) $ (750 ) $ (83 ) $ (81 ) Non-current liabilities (included in defined benefit and other postretirement obligations) of continuing operations (28,373 ) (25,446 ) (3,454 ) (3,030 ) Current liabilities of discontinued operations — (1,266 ) — (243 ) Non-current liabilities of discontinued operations — (51,389 ) — (5,350 ) $ (29,103 ) $ (78,851 ) $ (3,537 ) $ (8,704 ) Accumulated other comprehensive income (loss), before tax, as of June 30, 2016 and 2015 consists of the following amounts that have not yet been recognized in net periodic benefit cost: Pension Plans Postretirement Plan June 30, June 30, 2016 2015 2016 2015 Actuarial gain (loss) $ (12,791 ) $ (44,748 ) $ (254 ) $ 64 Prior service credit (cost) — (14 ) 48 288 $ (12,791 ) $ (44,762 ) $ (206 ) $ 352 In connection with the Distribution, the Company transferred to MSG the accumulated other comprehensive income (loss) related to the MSG Pension Plans. Components of net periodic benefit cost for the MSG Networks Plans, MSG Pension Plans, and Postretirement Plan recognized in direct operating expenses, selling, general and administrative expenses, and income (loss) from discontinued operations in the accompanying consolidated statements of operations for the years ended June 30, 2016 , 2015 and 2014 are as follows: Pension Plans Postretirement Plan Years Ended June 30, Years Ended June 30, 2016 2015 2014 2016 2015 2014 Service cost $ 1,962 $ 6,943 $ 6,333 $ 112 $ 198 $ 227 Interest cost 3,418 7,915 7,509 206 331 383 Expected return on plan assets (1,233 ) (3,663 ) (3,836 ) — — — Recognized actuarial loss (gain) 721 2,258 1,446 — — (20 ) Amortization of unrecognized prior service cost (credit) 14 26 26 (71 ) (138 ) (152 ) Net periodic benefit cost $ 4,882 $ 13,479 $ 11,478 $ 247 $ 391 $ 438 Amounts presented in the table above include net periodic benefit cost related to continuing operations and discontinued operations as noted in the following table: Years Ended June 30, 2016 2015 2014 Continuing Operations $ 3,166 $ 5,765 $ 4,303 Discontinued Operations 1,963 8,105 7,613 Total Net Periodic Benefit Cost $ 5,129 $ 13,870 $ 11,916 Other pre-tax changes in plan assets and benefit obligations recognized in other comprehensive income (loss) for the years ended June 30, 2016 , 2015 and 2014 are as follows: Pension Plans Postretirement Plan Years Ended June 30, Years Ended June 30, 2016 2015 2014 2016 2015 2014 Actuarial gain (loss) $ (3,483 ) $ (8,029 ) $ (11,578 ) $ (427 ) $ 855 $ (996 ) Amounts reclassified from accumulated other comprehensive loss: Recognized actuarial loss (gain) 721 2,258 1,446 — — (20 ) Recognized prior service (credit) cost 14 26 26 (71 ) (138 ) (152 ) Total recognized in other comprehensive income (loss) $ (2,748 ) $ (5,745 ) $ (10,106 ) $ (498 ) $ 717 $ (1,168 ) The estimated net loss for the MSG Networks Plans expected to be amortized from accumulated other comprehensive income (loss) and recognized as a component of net periodic benefit cost over the next fiscal year is $699 . The estimated prior service credit for the Postretirement Plan expected to be amortized from accumulated other comprehensive income (loss) into net periodic benefit credit over the next fiscal year is $24 . Funded Status The accumulated benefit obligation for the MSG Networks Plans and MSG Pension Plans aggregated to $42,977 and $190,031 at June 30, 2016 and 2015 , respectively. As of June 30, 2016 and 2015 each of the MSG Networks Plans had accumulated benefit obligations and projected benefit obligations in excess of plan assets. Pension Plans and Postretirement Plan Assumptions Weighted-average assumptions used to determine benefit obligations (made at the end of the period) as of June 30, 2016 and 2015 are as follows: Pension Plans Postretirement Plan June 30, June 30, 2016 2015 2016 2015 Discount rate 3.57 % 4.47 % 3.28 % 4.15 % Rate of compensation increase 2.00 % 2.98 % n/a n/a Healthcare cost trend rate assumed for next year n/a n/a 7.25 % 7.25 % Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) n/a n/a 5.00 % 5.00 % Year that the rate reaches the ultimate trend rate n/a n/a 2026 2021 Weighted-average assumptions used to determine net periodic benefit cost (made at the beginning of the period) for the years ended June 30, 2016 , 2015 and 2014 are as follows: Pension Plans Postretirement Plan Years Ended June 30, Years Ended June 30, 2016 2015 2014 2016 2015 2014 Discount rate 4.47 % 4.32 % 4.80 % 4.15 % 4.00 % 4.50 % Expected long-term return on plan assets 4.06 % 4.24 % 4.57 % n/a n/a n/a Rate of compensation increase 2.98 % 2.98 % 2.98 % n/a n/a n/a Healthcare cost trend rate assumed for next year n/a n/a n/a 7.25 % 7.25 % 7.75 % Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) n/a n/a n/a 5.00 % 5.00 % 5.00 % Year that the rate reaches the ultimate trend rate n/a n/a n/a 2021 2020 2020 The discount rate was determined (based on the expected duration of the benefit payments for the plans) from the Willis Towers Watson U.S. Rate Link: 40-90 Discount Rate Model as of June 30, 2016 and 2015 to select a rate at which the Company believed the plans' benefits could be effectively settled. This model was developed by examining the yields on selected highly rated corporate bonds. The Company's expected long-term return on plan assets is based on a periodic review and modeling of the plans' asset allocation structures over a long-term horizon. Expectations of returns for each asset class are the most important of the assumptions used in the review and modeling and are based on comprehensive reviews of historical data, forward-looking economic outlook, and economic/financial market theory. The expected long-term rate of return was selected from within the reasonable range of rates determined by (a) historical real returns, net of inflation, for the asset classes covered by the investment policy and (b) projections of inflation over the long-term period during which benefits are payable to plan participants. Assumed healthcare cost trend rates are also a key assumption used for the amounts reported for the Postretirement Plan. A one percentage point change in assumed healthcare cost trend rates would have the following effects: Increase (Decrease) in Total of Service and Interest Cost Components for the Increase (Decrease) in Benefit Obligation at Years Ended June 30, June 30, 2016 2015 2014 2016 2015 One percentage point increase $ 63 $ 67 $ 76 $ 383 $ 984 One percentage point decrease (55 ) (58 ) (66 ) (373 ) (856 ) Plan Assets and Investment Policy The weighted-average asset allocation of the pension plan assets at June 30, 2016 and 2015 was as follows: June 30, Asset Classes: (a) 2016 2015 Fixed income securities 78 % 82 % Cash equivalents 22 % 18 % 100 % 100 % _____________________ (a) The Company's target allocation for pension plan assets is 80% fixed income securities and 20% cash equivalents as of June 30, 2016 . Investment allocation decisions are formally made by the Company's Investment and Benefits Committee, which takes into account investment advice provided by the Company's external investment consultant. The investment consultant takes into account expected long-term risk, return, correlation, and other prudent investment assumptions when recommending asset classes and investment managers to the Company's Investment and Benefits Committee. The investment consultant also takes into account the plans' liabilities when making investment allocation recommendations. Those decisions are driven by asset/liability studies conducted by the external investment consultant who combines actuarial considerations and strategic investment advice. The major categories of the pension plan assets are cash equivalents and long duration bonds which are marked-to-market on a daily basis. Due to the fact that the pension plan assets are significantly made up of long duration bonds, the pension plan assets are subjected to interest-rate risk; specifically, a rising interest rate environment. However, these assets are structured in an asset/liability framework. Consequently, an increase in interest rates would cause a corresponding decrease to the overall liability of the plans, thus creating a hedge against rising interest rates. Additional risks involving the asset/liability framework include earning insufficient returns to cover future liabilities and imperfect hedging of the liability. In addition, a portion of the long duration bond portfolio is invested in non-government securities which are subject to credit risk of the bond issuer defaulting on interest and/or principal payments. Investments at Estimated Fair Value The cumulative fair values of the individual plan assets at June 30, 2016 and 2015 by asset class are as follows: Fair Value of Investments at June 30, 2016 Level I Level II Level III Total Fixed income securities: U.S. Treasury Securities $ 3,931 $ — $ — $ 3,931 U.S. corporate bonds — 6,349 — 6,349 Foreign issued corporate bonds — 1,278 — 1,278 Municipal bonds — 22 — 22 Money market accounts 3,238 — — 3,238 Total investments measured at fair value $ 7,169 $ 7,649 $ — $ 14,818 Fair Value of Investments at June 30, 2015 Fixed income securities: U.S. Treasury Securities $ 23,309 $ — $ — $ 23,309 U.S. corporate bonds — 53,978 — 53,978 Foreign issued corporate bonds — 14,736 — 14,736 Municipal bonds — 215 — 215 Money market accounts 19,975 — — 19,975 Total investments measured at fair value $ 43,284 $ 68,929 $ — $ 112,213 Contributions for Qualified Defined Benefit Pension Plan The Company expects to contribute $1,200 to the Union Plan in fiscal year 2017 . Estimated Future Benefit Payments The following table presents estimated future fiscal year benefit payments for the MSG Networks Plans and Postretirement Plan: Pension Plans Postretirement Plan Fiscal year ending June 30, 2017 $ 1,220 $ 85 Fiscal year ending June 30, 2018 1,250 120 Fiscal year ending June 30, 2019 1,400 155 Fiscal year ending June 30, 2020 1,630 187 Fiscal year ending June 30, 2021 2,010 222 Fiscal years ending June 30, 2022 – 2026 12,680 1,844 Savings Plans In addition, prior to the Distribution, the Company sponsored the MSG Holdings, L.P. 401(k) Savings Plan (the "MSG Savings Plan") and the MSG Holdings, L.P. Excess Savings Plan ("Excess Savings Plan"). As a result of the Distribution, the MSG Savings Plan was amended to (i) transfer sponsorship of the plans to MSG, and (ii) become a multiple employer plan in which both MSG and the Company will continue to participate. Pursuant to the Employee Matters Agreement, liabilities relating to current MSG employees who were active participants in the Company's Excess Savings Plan have been transferred to MSG. The Excess Savings Plan has been renamed the MSGN Holdings, L.P Excess Savings Plan (together with the MSG Savings Plan, the "Savings Plans"). Expenses related to the Savings Plans included in the accompanying consolidated statements of operations for the years ended June 30, 2016, 2015 and 2014 are as follows: Years Ended June 30, 2016 2015 2014 Continuing Operations $ 863 $ 759 $ 1,178 Discontinued Operations 652 2,763 2,507 Total Savings Plan Expense $ 1,515 $ 3,522 $ 3,685 In addition, prior to the Distribution, the Company sponsored the MSG Holdings, L.P. 401(k) Union Plan (the "MSG Union Savings Plan"). As a result of the Distribution, the MSG Union Savings Plan was amended to (i) transfer sponsorship of the plan to MSG and (ii) become a multiple employer plan in which both the Company and MSG will continue to participate. Expenses related to the MSG Union Plan included in the accompanying consolidated statements of operations were $18 , $724 and $560 for the years ended June 30, 2016, 2015 and 2014 , respectively. These amounts have been classified in the consolidated statements of operations as discontinued operations for all periods presented. Multiemployer Plans The Company contributes to a number of multiemployer defined benefit pension plans, multiemployer defined contribution pension plans, and multiemployer health and welfare plans that provide benefits to retired union-represented employees under the terms of collective bargaining agreements. The multiemployer defined benefit pension plans to which the Company contributes generally provide for retirement and death benefits for eligible union-represented employees based on specific eligibility/participant requirements, vesting periods and benefit formulas. The risks to the Company of participating in these multiemployer defined benefit pension plans are different from single-employer defined benefit pension plans in the following aspects: • Assets contributed to a multiemployer defined benefit pension plan by one employer may be used to provide benefits to employees of other participating employers. • If a participating employer stops contributing to a multiemployer defined benefit pension plan, the unfunded obligations of the plan may be borne by the remaining participating employers. • If the Company chooses to stop participating in some of these multiemployer defined benefit pension plans, the Company may be required to pay those plans an amount based on the Company's proportion of the underfunded status of the plan, referred to as a withdrawal liability. However, cessation of participation in a multiemployer defined benefit pension plan and subsequent payment of any withdrawal liability is subject to the collective bargaining process. The Company was not listed in any of the multiemployer plans' Form 5500's as providing more than 5 percent of the total contributions. There were no multiemployer defined benefit pension plans, to which the Company contributes, that were in the red zone (which are plans that are generally less than 65% funded) for the most recent Pension Protection Act zone status available as of June 30, 2016. The Company contributed $1,334 , $3,644 , and $3,322 for the years ended June 30, 2016, 2015 and 2014 , respectively, to multiemployer plans, primarily multiemployer defined benefit pension plans. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Jun. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-based Compensation | Share-based Compensation The Company has two share-based compensation plans (i) The Madison Square Garden Company 2010 Employee Stock Plan, (the “Employee Stock Plan”), which was amended and renamed the MSG Networks Inc. 2010 Employee Stock Plan and most recently approved by the Company's stockholders on December 11, 2015, and (ii) The Madison Square Garden Company 2010 Stock Plan for Non-Employee Directors (the “Non-Employee Director Plan”), which was amended and renamed the MSG Networks Inc. 2010 Stock Plan for Non-Employee Directors and most recently approved by the Company's stockholders on December 11, 2015. Under the Employee Stock Plan, the Company is authorized to grant incentive stock options and non-qualified stock options (“options” or "stock options”), restricted shares, RSUs and other equity-based awards. The Company may grant awards for up to 7,000 (inclusive of awards granted prior to the December 11, 2015 amendment thereof) shares of the Company's Class A Common Stock (subject to certain adjustments). Options and rights under the Employee Stock Plan must be granted with an exercise price of not less than the fair market value of a share of the Company's Class A Common Stock on the date of grant and must expire no later than 10 years from the date of grant (or up to one additional year in the case of the death of a holder). The terms and conditions of awards granted under the Employee Stock Plan, including vesting and exercisability, are determined by the Compensation Committee of the Board of Directors (“Compensation Committee”) and may include performance targets. RSUs that were awarded by the Company to its employees will settle in shares of the Company's Class A Common Stock (either from treasury or with newly issued shares), or, at the option of the Compensation Committee, in cash. Under the Non-Employee Director Plan, the Company is authorized to grant non-qualified stock options, RSUs and other equity-based awards. The Company may grant awards for up to 300 shares of the Company's Class A Common Stock (subject to certain adjustments). Non-qualified stock options under the Non-Employee Director Plan must be granted with an exercise price of not less than the fair market value of a share of the Company's Class A Common Stock on the date of grant and must expire no later than 10 years from the date of grant (or up to one additional year in the case of the death of a holder). The terms and conditions of awards granted under the Non-Employee Director Plan, including vesting and exercisability, are determined by the Compensation Committee. Unless otherwise provided in an applicable award agreement, non-qualified stock options granted under this plan will be fully vested and exercisable, and RSUs granted under this plan will be fully vested, upon the date of grant and will settle in shares of the Company's Class A Common Stock (either from treasury or with newly issued shares), or, at the option of the Compensation Committee, in cash, on the first business day after ninety days from the date the director's service on the Board of Directors ceases or, if earlier, upon the director's death. In connection with the Distribution, each holder of an employee RSU that was granted prior to July 1, 2015 received one MSG RSU in respect of every three RSUs owned on the Record Date and continues to be entitled to a share of the Company's Class A Common Stock (or cash or other property) for each RSU in accordance with the existing award agreement. In connection with the Distribution, each employee RSU that was granted on or after July 1, 2015 was adjusted in accordance with its terms, such that (i) each holder who remained employed by the Company following the Distribution continued to hold Company RSUs, with the number of RSUs adjusted to reflect the Distribution to maintain the value of the RSUs, and (ii) each holder who MSG employed following the Distribution received MSG RSUs of the same value as the Company RSUs, and the original Company RSUs were canceled. Any holder of RSUs granted after July 1, 2015 who was employed by both MSG and the Company following the Distribution continues to hold the Company's RSUs, adjusted to reflect the Distribution, and received MSG RSUs in connection with the Distribution, so that the Company's RSUs represent 30% of the value of the original awards and MSG RSUs represent 70% of the value of the original RSU award. Also in connection with the Distribution, one share of MSG Class A Common Stock was issued under the MSG 2015 Non-Employee Director Plan in respect of every three RSUs outstanding under the Company’s Non-Employee Director Plan. In connection with the Distribution, each option to purchase the Company's Class A Common Stock became two options: one option to acquire MSG Class A Common Stock and one option to acquire the Company's Class A Common Stock. The existing exercise price was allocated between the existing options and the new MSG options based upon the volume-weighted average prices of the MSG Class A Common Stock and the Company's Class A Common Stock over the ten trading days immediately following the Distribution as reported by Bloomberg Business, and the underlying share amount took into account the one-to- three distribution ratio (i.e., one share of MSG Class A Common Stock was issued for every three shares of the Company's Class A Common Stock). Other than the split of the options and the allocation of the existing exercise price, there were no additional adjustments to the existing options in connection with the Distribution and the terms of each employee’s applicable option award agreement will continue to govern the Company's options. The Company's stock options/RSUs held by MSG, Cablevision and AMC Networks Inc. (“AMC Networks”) employees will not be expensed by the Company; however, such stock options/RSUs do have a dilutive effect on earnings (loss) per share available to the Company's common stockholders. Share-based Compensation Expense Share-based compensation expense for the years ended June 30, 2016 and 2015 is presented within selling, general and administrative expenses and direct operating expenses. Share-based compensation expense for the year ended 2014 is presented within selling, general and administrative expenses. Share-based compensation expense reduced for estimated forfeitures recorded during the years ended June 30, 2016 , 2015 and 2014 was $9,266 , $10,211 and $15,698 , respectively. Share-based compensation expense for discontinued operations during the years ended June 30, 2016 , 2015 and 2014 was $808 , $4,810 , and $6,052 , respectively. As of June 30, 2016 , there was $6,657 of unrecognized compensation cost related to unvested RSUs held by Company employees. The cost is expected to be recognized over a weighted-average period of 1 year for unvested RSUs. There were no costs related to share-based compensation that were capitalized. Tax benefits realized from tax deductions associated with share-based compensation expense for the years ended June 30, 2016 , 2015 and 2014 totaled $12,206 , $17,552 , and $11,033 , respectively. Stock Options Award Activity As a result of the CVC Distribution, the Company issued to holders of Cablevision options (including its employees and Cablevision employees and/or non-employee directors) non-qualified options for the Company's Class A Common Stock. The options with respect to the Company's Class A Common Stock were issued under the Company's Employee Stock Plan or the Non-Employee Director Plan, as applicable. As a result of the AMC Networks Distribution, certain Company employees and directors who continued to hold Cablevision options at the time of the AMC Networks Distribution received options of AMC Networks Inc. The following table summarizes activity relating to holders (including Company, MSG, Cablevision and AMC Networks employees and directors) of the Company's stock options for the year ended June 30, 2016 : Number of Weighted- Average Exercise Price Per Share (a) Weighted- Average Remaining Contractual Term (In Years) Aggregate Intrinsic Value Nonperformance Based Vesting Performance Based Vesting Balance as of June 30, 2015 128 17 $ 12.44 0.64 $ 10,293 Exercised (127 ) (17 ) 7.00 Balance as of June 30, 2016 1 — $ 2.77 0.28 $ 11 Exercisable as of June 30, 2016 1 — $ 2.77 0.28 $ 11 _____________________ (a) Weighted-average exercise price per share as of June 30, 2015 and for activity prior to the Distribution Date does not reflect any adjustment associated with the Distribution. See above for a discussion of the treatment of options in connection with the Distribution. The aggregate intrinsic value is calculated as the difference between (i) the exercise price of the underlying award and (ii) the quoted price of the Company's Class A Common Stock for all options outstanding which were all in-the-money at June 30, 2016 and 2015 , as applicable. For the years ended June 30, 2016 , 2015 and 2014 , the aggregate intrinsic value of the Company's stock options exercised was $5,100 , $3,207 , and $7,055 , respectively, determined as of the date of option exercise. Restricted Share Units Award Activity The following table summarizes activity relating to holders (including Company and MSG employees) of the Company's RSUs for the year ended June 30, 2016 : Number of Weighted-Average Fair Value Per Share At Date of Grant (a) Nonperformance Based Vesting RSUs Performance Based Vesting Unvested award balance as of June 30, 2015 489 98 $ 56.51 Granted 272 952 55.23 Vested (256 ) (42 ) 38.90 Canceled (132 ) (566 ) 77.99 Forfeited (52 ) (11 ) 48.54 Unvested award balance as of June 30, 2016 321 431 38.57 _____________________ (a) Weighted-average fair value per share at date of grant as of June 30, 2015 and for activity prior to the Distribution Date does not reflect any adjustment associated with the Distribution. See above for a discussion of the treatment of RSUs in connection with the Distribution. See above for a discussion of the treatment of RSUs granted after July 1, 2015. During the year ended June 30, 2016 , the Company granted time vesting RSUs that are generally subject to three year ratable vesting (and are also, in the case of RSUs granted to executive officers, subject to certain performance conditions), and performance vesting RSUs that will vest in September 2018 subject to the achievement of certain performance conditions. The fair value of RSUs that vested during the year ended June 30, 2016 was $17,330 . Upon delivery, RSUs granted under the Employee Stock Plan were net share-settled to cover the required statutory tax withholding obligations and the remaining number of shares were primarily issued from the Company's treasury shares. To fulfill the employees' statutory minimum tax withholding obligations for the applicable income and other employment taxes, 155 of these RSUs, with an aggregate value of $11,190 were retained by the Company and reflected as a financing activity in the accompanying consolidated statement of cash flows for the year ended June 30, 2016 . The fair value of RSUs that vested during the years ended June 30, 2015 and 2014 , was $54,544 and $25,556 , respectively. The weighted-average fair value per share at date of grant of RSUs granted during the years ended June 30, 2015 and 2014 was $69.57 and $56.64 , respectively. |
Stock Repurchase Program (Notes
Stock Repurchase Program (Notes) | 12 Months Ended |
Jun. 30, 2016 | |
Stock Based Compensation [Abstract] | |
Treasury Stock [Text Block] | Note 15. Stock Repurchase Program On October 27, 2014 , the Company's Board of Directors authorized the repurchase of up to $500,000 of the Company's Class A Common Stock. On September 11, 2015 , the Company's Board of Directors terminated the repurchase authorization effective as of the Distribution Date. Under the authorization, shares of Class A Common Stock were able to be purchased from time to time in open market or private transactions in accordance with applicable insider trading and other securities laws and regulations. For the years ended June 30, 2016 (up until the authorization was terminated) and 2015 , the Company repurchased 1,336 and 1,823 shares, which are determined based on the settlement date of such trades, for a total cost of $100,027 and $140,717 (including commissions and fees), respectively. These acquired shares have been classified as treasury stock in the accompanying consolidated balance sheets as of June 30, 2016 and 2015. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Jun. 30, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions As of June 30, 2016 , members of the Dolan family group, for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, including trusts for the benefit of the Dolan family group, collectively beneficially own all of the Company's outstanding Class B Common Stock and own approximately 2.4% of the Company's outstanding Class A Common Stock. Such shares of the Company's Class A Common Stock and Class B Common Stock, collectively, represent approximately 69.6% of the aggregate voting power of the Company's outstanding common stock. Members of the Dolan family are also the controlling stockholders of MSG and AMC Networks. Prior to June 21, 2016, members of the Dolan family were also the controlling stockholders of Cablevision. On June 21, 2016, Cablevision was acquired by a subsidiary of Altice N.V. and a change in control occurred which resulted in members of the Dolan family no longer being controlling stockholders of Cablevision (now known as Altice USA). Accordingly, Altice USA is not a related party of the Company. On June 16, 2016, the Company entered into an arrangement with the Dolan Family Office, LLC (“DFO”), MSG and AMC Networks providing for the sharing of certain expenses associated with executive office space which will be available to Charles F. Dolan (a director of the Company and MSG and the Executive Chairman and a director of AMC Networks), James L. Dolan (the Executive Chairman and a director of the Company and MSG and a director of AMC Networks), and the DFO which is controlled by Charles F. Dolan. The Company’s share of initial set-up costs and office expenses will not be material. Beginning in June 2016, the Company agreed to share certain executive support costs, including office space, executive assistants, security and transportation costs, for the Company's Executive Chairman and Vice Chairman with MSG and AMC Networks. In connection with the Distribution, the Company entered into various agreements with MSG, including media rights agreements covering Knicks and Rangers games, an advertising sales representation agreement, a trademark license agreement, a tax disaffiliation agreement, a transition services agreement ("TSA"), and certain other arrangements. The Company has entered into various agreements with AMC Networks with respect to a number of ongoing commercial relationships. Revenues and Operating Expenses The following table summarizes the composition and amounts of related party transactions that are reflected in revenues and operating expenses of continuing operations in the accompanying consolidated statements of operations for the years ended June 30, 2016 , 2015 and 2014 . Information presented below for Cablevision reflect amounts through June 21, 2016, the date Cablevision was acquired by a subsidiary of Altice N.V. Years Ended June 30, 2016 2015 2014 Revenues $ 162,269 $ 168,261 $ 176,355 Operating expenses: Rights fees $ 130,841 $ 80,999 $ 72,535 Commission 13,763 — — Advertising 7,707 7,600 10,297 Origination, master control and technical services 5,872 5,663 9,070 Other 8,277 (2,259 ) 3,343 Revenues Revenues from related parties primarily consist of revenues recognized from the distribution of programming networks to subsidiaries of Cablevision (now known as Altice USA) and include sponsorship revenue, as well as advertising and promotional benefits received by the Company which is recognized as the benefits are realized. Rights fees The Company's media rights agreements with the Knicks and the Rangers provide the Company with exclusive media rights to team games in their local markets. These agreements are retroactively effective to July 1, 2015. Prior to the Distribution, these rights fees were eliminated in consolidation; however the amounts recorded prior to the Distribution are presented as revenues in the income (loss) from discontinued operations line with the offsetting expense in direct operating expenses within continuing operations in the accompanying consolidated statements of operations. Commission The Company entered into an advertising sales representation agreement with MSG, which has a seven year term, pursuant to which MSG has the exclusive right and obligation to sell certain advertising availabilities on our behalf for a commission. All of the Company's advertising sales personnel were transferred to MSG in connection with the Distribution. Advertising The Company incurs advertising expenses for services rendered by its related parties, primarily Cablevision, most of which are related to the utilization of advertising and promotional benefits by the Company, with an equal amount being recognized as revenue when the benefits are realized. Origination, master control and technical services AMC Networks provides certain origination, master control and technical services to the Company. Other operating expenses The Company and its related parties enter into transactions with each other in the ordinary course of business. Pursuant to the TSA, the Company began outsourcing to MSG certain business functions that were previously performed by internal resources. These services include information technology, accounting, accounts payable, payroll, tax, legal, human resources, insurance and risk management, investor relations, corporate communications, benefit plan administration and reporting, and internal audit. Discontinued operations Related party transactions included in income (loss) from discontinued operations in the accompanying consolidated statements of operations include the following (i) revenues from related parties of $33,559 , $89,126 , and $79,707 for the years ended June 30, 2016 , 2015 and 2014 , respectively, (ii) operating expenses charged by related parties of $1,367 , $10,194 , and $6,694 for the years ended June 30, 2016 , 2015 and 2014 , respectively, (iii) interest income from nonconsolidated affiliates of $635 , $1,886 , and $589 for the years ended June 30, 2016 , 2015 and 2014 , respectively, and (iv) equity in earnings (loss) of equity-method investments of $2,679 , $(40,590) , and $(1,323) for the years ended June 30, 2016 , 2015 and 2014 , respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Jun. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Income tax expense attributable to continuing operations is comprised of the following components: Years Ended June 30, 2016 2015 2014 Current expense: Federal $ 71,632 $ 137,455 $ 70,857 State and other 27,977 53,194 25,410 99,609 190,649 96,267 Deferred expense (benefit): Federal (4,353 ) (16,558 ) (6,291 ) State and other (14,252 ) 3,708 (3,539 ) (18,605 ) (12,850 ) (9,830 ) Tax expense (benefit) relating to uncertain tax positions (33 ) (894 ) 97 Income tax expense $ 80,971 $ 176,905 $ 86,534 The income tax expense attributable to continuing operations differs from the amount derived by applying the statutory federal rate to pre-tax income principally due to the effect of the following items: Years Ended June 30, 2016 2015 2014 Federal tax expense at statutory federal rate $ 85,495 $ 148,867 $ 80,288 State income taxes, net of federal benefit 17,709 31,707 15,662 Change in the estimated applicable corporate tax rate used to determine deferred taxes (12,717 ) 8,122 (2,225 ) Domestic production activities tax deduction (6,329 ) (11,076 ) (6,987 ) Tax expense (benefit) relating to uncertain tax positions (33 ) (894 ) 97 Tax return to book provision adjustments (3,271 ) (49 ) (536 ) Nondeductible expenses and other 117 228 235 Income tax expense $ 80,971 $ 176,905 $ 86,534 The tax effects of temporary differences which give rise to significant portions of the deferred tax assets and liabilities included on the continuing operations' balance sheet at June 30, 2016 and 2015 are as follows: June 30, 2016 2015 Deferred tax asset (liability) Investment in MSG L.P. $ (358,725 ) $ (356,577 ) Compensation and benefit plans 2,164 4,843 Net noncurrent deferred tax liability $ (356,561 ) $ (351,734 ) Deferred tax assets as of June 30, 2016 have resulted from the Company's future deductible temporary differences. At this time, based on current facts and circumstances, management believes that it is more likely than not that the Company will realize the benefit for its gross deferred tax assets. The current state tax prepaid asset of $28,384 and $16,183 as of June 30, 2016 and 2015 , respectively, and the current federal tax payable of $8,662 as of June 30, 2016 and prepaid tax asset of $14,192 as of June 30, 2015 are reflected in the Company's income tax prepaid and payables balances in the accompanying consolidated balance sheets. The following is a reconciliation of the beginning and ending amount of unrecognized tax benefits associated with the Company's uncertain tax positions: Balance as of June 30, 2015 $ 65 Additions for tax positions related to prior years — Decreases for tax positions related to prior years (33 ) Balance as of June 30, 2016 $ 32 During the year ended June 30, 2016 , the Company recorded a $33 tax benefit related to uncertain tax positions (including interest and penalties) due to the expiration of the applicable statute of limitations. The expense related to uncertain tax positions taken in prior years was comprised of income taxes associated with a state filing position. The Company recognizes accrued interest and penalties on unrecognized tax positions as a component of income tax expense. The Company expects its uncertain tax position balance of $32 to be released to income within the next twelve months which will have a negligible impact on the Company's effective tax rate. The Internal Revenue Service is in the process of auditing the Company’s federal income tax returns as filed for the tax year ended December 31, 2013. The examination is still in the early stages of fieldwork. The Company does not expect the examination, when finalized, to result in material changes to the tax returns as filed. The federal and state statute of limitations are currently open on the Company's 2012 , 2013 , 2014 , and 2015 and tax returns. The Company made cash income tax payments of $192,315 , $217,316 and $105,997 for years ended June 30, 2016, 2015 and 2014, respectively. The cash income tax payments for the year ended June 30, 2016 include approximately $120,000 which is reflected in net cash used in operating activities of discontinued operations in the accompanying consolidated statement of cash flows. The income tax payments classified in net cash used in operating activities of discontinued operations primarily reflect a one-time payment related to certain historical activities of our former subsidiary, MSG, and other offsetting items. Income taxes paid by the Company during the year ended June 30, 2015 include amounts related to the sale of Fuse. |
Concentration of Risk
Concentration of Risk | 12 Months Ended |
Jun. 30, 2016 | |
Risks and Uncertainties [Abstract] | |
Concentration Of Risk | Concentrations of Risk Financial instruments that may potentially subject the Company to a concentration of credit risk consist primarily of cash and cash equivalents and accounts receivable. Cash and cash equivalents are invested in money market funds and bank time deposits. The Company monitors the financial institutions and money market funds where it invests its cash and cash equivalents with diversification among counterparties to mitigate exposure to any single financial institution. The Company's emphasis is primarily on safety of principal and liquidity and secondarily on maximizing the yield on its investments. Accounts receivable, net on the accompanying consolidated balance sheets as of June 30, 2016 and June 30, 2015 include amounts due from the following individual non-affiliated customers, which accounted for the noted percentages of the gross balance: June 30, 2016 2015 Customer A 26 % — % Customer B 25 % 29 % Customer C 22 % 25 % Customer D 14 % 17 % Affiliation fee revenue constituted at least 90% of our consolidated revenues for the year ended June 30, 2016. Revenues from continuing operations in the accompanying consolidated statements of operations for the years ended June 30, 2016 , 2015 and 2014 include amounts from the following individual customers, which accounted for the noted percentages of the total: Years Ended June 30, 2016 2015 2014 Customer A 23 % 22 % 20 % Customer B 20 % 20 % 17 % Customer C 10 % 11 % 12 % In addition, revenues from continuing operations in the accompanying consolidated statements of operations include revenues from Cablevision of $166,015 , $167,648 and $176,355 for the years ended June 30, 2016 , 2015 and 2014 , respectively, which represent 25% , 27% , and 25% , respectively, of the total. The accompanying consolidated balance sheets as of June 30, 2016 and June 30, 2015 include the following approximate amounts that are recorded in connection with the Company's license agreement with the New Jersey Devils: June 30, Reported in 2016 2015 Prepaid expenses $ 1,000 $ 1,000 Other current assets 2,000 2,000 Other assets 41,000 41,000 $ 44,000 $ 44,000 As of June 30, 2016 , approximately 760 full-time and part-time employees, who represents a substantial portion of the Company's workforce, are subject to collective bargaining agreements, none of which expire within the next fiscal year. |
Interim Financial Information
Interim Financial Information | 12 Months Ended |
Jun. 30, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Interim Financial Information (Unaudited) | Interim Financial Information (Unaudited) The following is a summary of the Company's selected quarterly financial data for the years ended June 30, 2016 and 2015 : Three Months Ended Year Ended June 30, 2016 September 30, 2015 December 31, 2015 March 31, 2016 June 30, 2016 Revenues $ 148,147 $ 169,931 $ 179,596 $ 160,524 $ 658,198 Operating expenses 105,899 97,008 95,509 86,196 384,612 Operating income $ 42,248 $ 72,923 $ 84,087 $ 74,328 $ 273,586 Income from continuing operations $ 41,331 $ 34,050 $ 44,710 $ 43,207 $ 163,298 Income (loss) from discontinued operations, net of taxes (161,017 ) (137 ) (40 ) 5,530 (155,664 ) Net income (loss) $ (119,686 ) $ 33,913 $ 44,670 $ 48,737 $ 7,634 Earnings (loss) per share: Basic Income from continuing operations $ 0.55 $ 0.45 $ 0.60 $ 0.58 $ 2.17 Income (loss) from discontinued operations (2.13 ) — — 0.07 (2.07 ) Net income (loss) (1.58 ) 0.45 0.60 0.65 0.10 Diluted Income from continuing operations $ 0.54 $ 0.45 $ 0.59 $ 0.57 $ 2.16 Income (loss) from discontinued operations (2.12 ) — — 0.07 (2.06 ) Net income (loss) (1.58 ) 0.45 0.59 0.65 0.10 Three Months Ended Year Ended June 30, 2015 September 30, 2014 December 31, 2014 March 31, 2015 June 30, 2015 Revenues $ 142,670 $ 166,220 $ 168,958 $ 153,162 $ 631,010 Operating expenses 87,729 107,579 96,546 98,023 389,877 Gain on sale of Fuse (see Note 5) (162,414 ) (23,764 ) — — (186,178 ) Operating income $ 217,355 $ 82,405 $ 72,412 $ 55,139 $ 427,311 Income from continuing operations $ 120,422 $ 48,916 $ 35,819 $ 43,273 $ 248,430 Income (loss) from discontinued operations, net of taxes (12,349 ) 12,314 3,893 2,413 6,271 Net income $ 108,073 $ 61,230 $ 39,712 $ 45,686 $ 254,701 Earnings (loss) per share: Basic Income from continuing operations $ 1.55 $ 0.63 $ 0.46 $ 0.57 $ 3.22 Income (loss) from discontinued operations (0.16 ) 0.16 0.05 0.03 0.08 Net income 1.39 0.79 0.51 0.60 3.30 Diluted Income from continuing operations $ 1.54 $ 0.63 $ 0.46 $ 0.56 $ 3.20 Income (loss) from discontinued operations (0.16 ) 0.15 0.05 0.03 0.08 Net income 1.38 0.78 0.51 0.60 3.28 |
Schedule II
Schedule II | 12 Months Ended |
Jun. 30, 2016 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS (in thousands) Balance at Beginning of Period (Additions) Deductions Charged to Costs and Expenses (Additions) Deductions Charged to Other Accounts Deductions (a) Balance at End of Period Year Ended June 30, 2016 Allowance for doubtful accounts $ (273 ) $ (791 ) $ (52 ) $ 278 $ (838 ) Year Ended June 30, 2015 Allowance for doubtful accounts $ (146 ) $ (244 ) $ — $ 117 $ (273 ) Year Ended June 30, 2014 Allowance for doubtful accounts $ (1,125 ) $ (42 ) $ 41 $ 980 $ (146 ) _____________________________ (a) Primarily reflects write-offs of uncollectible amounts. |
Summary of Significant Accoun29
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation |
Use of Estimates | Use of Estimates |
Revenue Recognition | Revenue Recognition The Company recognizes revenue when the following conditions are satisfied: (a) persuasive evidence of a sales arrangement exists, (b) delivery occurs or services are rendered, (c) the sales price is fixed or determinable and (d) collectability is reasonably assured. The Company earns affiliation fee revenue from the cable, satellite, telephone and other platforms that distribute our networks. The Company's programming networks are delivered throughout the term of the agreements and the Company recognizes this revenue in the period that the programming network is provided. The Company also earns advertising revenues, which are typically recognized when the advertisements are aired. In certain advertising sales arrangements, the Company guarantees specified viewer ratings for its programming. For these types of transactions, a portion of such revenue is deferred if the guaranteed viewer ratings are not met and is subsequently recognized either when the Company provides the required additional advertising time, the guarantee obligation contractually expires or additional performance requirements become remote. Gross versus Net Revenue Recognition The Company reports revenue on a gross or net basis based on management's assessment of whether the Company acts as a principal or agent in the transaction. To the extent the Company acts as the principal, revenue is reported on a gross basis. The determination of whether the Company acts as a principal or an agent in a transaction is based on an evaluation of several qualitative factors. When the Company acts as an agent, revenue is reported on a net basis. The Company entered into an advertising sales representation agreement with MSG, who has the exclusive right and obligation to sell the Company's advertising availabilities. Generally, the Company reports advertising revenue on a gross basis. Nonmonetary Transactions The Company enters into nonmonetary transactions that involve the exchange of goods or services, such as advertising and promotional benefits, for other goods or services. Such transactions are measured and recorded at the fair value of the goods or services surrendered unless the goods or services received have a more readily determinable fair value. In addition, the Company enters into other monetary transactions in which nonmonetary consideration is also included and the entire transaction is recorded at fair value. If the fair values cannot be determined for either the asset(s) surrendered or received within reasonable limits, then the nonmonetary transaction is measured and recorded at the book value of the item(s) surrendered which typically is zero. |
Direct Operating Expenses | Direct Operating Expenses Direct operating expenses primarily represent media rights fees, and other network programming costs, such as salaries of our on-air personalities, producers, directors, technicians, writers and other creative and technical staff, as well as expenses associated with location costs and maintaining studios, origination and transmission facilities. The professional team media rights acquired under media rights agreements to telecast various sporting events and other programming for exhibition on our networks are typically expensed on a straight-line basis over the term of the applicable contract or license period. |
Advertising Expenses | Advertising Expenses Advertising costs are typically charged to expense when incurred. Total advertising costs classified in selling, general and administrative expenses were $10,540 , $11,010 and $12,662 for the years ended June 30, 2016 , 2015 and 2014 , respectively. |
Income Taxes | Income Taxes The Company's provision for income taxes is based on current period income, changes in deferred tax assets and liabilities and changes in estimates with regard to uncertain tax positions. Deferred tax assets are subject to an ongoing assessment of realizability. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax asset will not be realized. The Company's ability to realize its deferred tax assets depends upon the generation of sufficient future taxable income to allow for the realization of its deductible temporary differences. If such estimates and related assumptions change in the future, the Company may be required to record valuation allowances against its deferred tax assets, resulting in additional income tax expense in the Company's consolidated statements of operations. The Company measures its deferred tax liability with regard to MSGN L.P. based on the difference between the tax basis and the carrying amount for financial reporting purposes; this is commonly referred to as the outside basis difference. Interest and penalties, if any, associated with uncertain tax positions are included in income tax expense. The Company accounts for investment tax credits using the “flow-through” method, under which the tax benefit generated from an investment tax credit is recorded in the period the credit is generated. |
Share-based Compensation | Share-based Compensation The Company measures the cost of employee services received in exchange for an award of equity-based instruments based on the grant date fair value of the award. Share-based compensation cost is recognized in earnings (net of estimated forfeitures) over the period during which an employee is required to provide service in exchange for the award, except for restricted stock units granted to non-employee directors which, unless otherwise provided under the applicable award agreement, are fully vested, and are expensed at the grant date. The Company has elected to recognize share-based compensation cost for graded vesting awards with only service conditions on a straight-line basis over the requisite service period for the entire award. The Company estimates forfeitures based upon historical experience and its expectations regarding future vesting of awards. To the extent actual forfeitures are different from the Company's estimates, share-based compensation is adjusted accordingly. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers the balance of its investment in funds that substantially hold highly liquid securities that mature within three months or less from the date the fund purchases these securities to be cash equivalents. The carrying amount of cash and cash equivalents either approximates fair value due to the short-term maturity of these instruments or are at fair value. Checks outstanding in excess of related book balances are included in accounts payable in the accompanying consolidated balance sheets. The Company presents the change in these book cash overdrafts as cash flows from operating activities. |
Restricted Cash | Restricted Cash |
Accounts Receivable | Accounts Receivable Accounts receivable is recorded at net realizable value. The Company maintains an allowance for doubtful accounts to reserve for potentially uncollectible receivables. The allowance for doubtful accounts is estimated based on the Company's analysis of receivables aging, specific identification of certain receivables that are at risk of not being paid, past collection experience and other factors. The Company's allowance for doubtful accounts was $838 and $273 as of June 30, 2016 and 2015 , respectively. |
Long-Lived and Indefinite-Lived Assets | Long-Lived and Indefinite-Lived Assets The Company's long-lived and indefinite-lived assets consist of property and equipment, goodwill and amortizable intangible assets. Property and equipment is stated at cost. Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets or, with respect to leasehold improvements, amortized over the shorter of the lease term or the asset's estimated useful life. The useful lives of the Company's long-lived assets are based on estimates of the period over which the Company expects the assets to be of economic benefit to the Company. In estimating the useful lives the Company considers factors such as, but not limited to, risk of obsolescence, anticipated use, plans of the Company, and applicable laws and permit requirements. Identifiable intangible assets with finite useful lives are amortized on a straight-line basis over their respective estimated useful lives. Goodwill has an indefinite useful life and is not amortized. Impairment of Long-Lived and Indefinite-Lived Assets In assessing the recoverability of the Company's long-lived and indefinite-lived assets, the Company must make estimates and assumptions regarding future cash flows and other factors to determine the fair value of the respective assets. These estimates and assumptions could have a significant impact on whether an impairment charge is recognized and also the magnitude of any such charge. Fair value estimates are made at a specific point in time, based on relevant information. These estimates are subjective in nature and involve significant uncertainties and judgments and therefore cannot be determined with precision. Changes in assumptions could significantly affect the estimates. If these estimates or material related assumptions change in the future, the Company may be required to record impairment charges related to its long-lived and/or indefinite-lived assets. Goodwill is tested annually for impairment as of August 31 st and at any time upon the occurrence of certain events or substantive changes in circumstances. The Company has the option to perform a qualitative assessment to determine if an impairment is more likely than not to have occurred. If the Company can support the conclusion that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, the Company would not need to perform the two-step impairment test for that reporting unit. If the Company cannot support such a conclusion or the Company does not elect to perform the qualitative assessment then the first step of the goodwill impairment test is used to identify potential impairment by comparing the fair value of a reporting unit with its carrying amount, including goodwill. If the carrying amount of a reporting unit exceeds its fair value, the second step of the goodwill impairment test is performed to measure the amount of impairment loss, if any. The second step of the goodwill impairment test compares the implied fair value of the reporting unit's goodwill with the carrying amount of that goodwill. If the carrying amount of the reporting unit's goodwill exceeds the implied fair value of that goodwill, an impairment loss is recognized in an amount equal to that excess. The implied fair value of goodwill is determined in the same manner as the amount of goodwill that would be recognized in a business combination. The Company has one reporting unit for evaluating goodwill impairment. For other long-lived assets, including intangible assets that are amortized, the Company evaluates assets for recoverability when there is an indication of potential impairment. If the undiscounted cash flows from a group of assets being evaluated is less than the carrying value of that group of assets, the fair value of the asset group is determined and the carrying value of the asset group is written down to fair value. |
Contingencies | Contingencies Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated. |
Defined Benefit Pension Plans and Other Postretirement Benefit Plan | Defined Benefit Pension Plans and Other Postretirement Benefit Plan As more fully described in Note 13 , the Company has both funded and unfunded defined benefit plans, as well as a contributory other postretirement benefit plan, covering certain full-time employees and retirees. The expense recognized by the Company is determined using certain assumptions, including the expected long-term rate of return, discount rate and rate of compensation increases, among others. The Company recognizes the funded status of its defined benefit pension and other postretirement plans (other than multiemployer plans) as an asset or liability in the consolidated balance sheets and recognizes changes in the funded status in the year in which the changes occur through other comprehensive income (loss). |
Earnings Per Common Share | Earnings Per Common Share Basic earnings (loss) per common share (“EPS”) is based upon net income (loss) available to common stockholders divided by the weighted-average number of common shares outstanding during the period. Diluted EPS reflects the effect of the assumed vesting of restricted stock units (“RSUs”) and exercise of stock options (see Note 14 ) only in the periods in which such effect would have been dilutive. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements In April 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-03, Interest-Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs , which amends the FASB Accounting Standards Codification ( “ ASC ” ) to require that debt issuance costs be presented in the balance sheet as a direct deduction from the carrying amount of the related liability. In August 2015, the FASB issued ASU No. 2015-15, Interest-Imputation of Interest (Subtopic 835-30) : Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements-Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting, to clarify that an entity may elect to present debt issuance costs related to a line-of-credit arrangement as an asset, regardless of whether or not there are any outstanding borrowings on the line-of-credit arrangement. These standards were adopted by the Company in the first quarter of fiscal year 2016. See Note 8 for the presentation of the Company's deferred financing costs in accordance with these standards. There was no impact to the prior year consolidated financial statements as the Company's historical deferred financing costs pertaining to its revolving credit facility were presented as assets as permitted under ASU No. 2015-15. In November 2015, t he FASB issued ASU No. 2015-17, Balance Sheet Classification of Deferred Taxes (Topic 740) , which eliminates the requirement to present deferred tax assets and liabilities as current and non-current in a classified balance sheet. Instead, companies will be required to classify all deferred tax assets and liabilities as non-current. The Company early adopted this ASU in the second quarter of fiscal year 2016. There was no impact to the prior year financial statements as a result of this adoption. |
Recently Issued Acounting Pronouncements Not Yet Adopted | Recently Issued Accounting Pronouncements Not Yet Adopted In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) , which supersedes the revenue recognition requirements in FASB ASC Topic 605, Revenue Recognition . This ASU is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The ASU also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. In August 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date , which defers the effective date of ASU No. 2014-09 for all entities by one year. In March 2016, the FASB issued ASU No. 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Consideration s , which provides clarification on the implementation guidance on principal versus agent considerations outlined in ASU No. 2014-09. In April 2016, the FASB issued ASU No. 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing , which finalized a mendments to identifying performance obligations and accounting for licenses of intellectual property. In May 2016, the FASB issued ASU No. 2016-12, R evenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients , which clarifies assessing collectibility, noncash consideration, presentation of sales taxes, completed contracts and contract modifications at transition. Early adoption is permitted and the Company can early adopt ASU No. 2014-09 and the related updates beginning in the first quarter of fiscal year 2018. If the Company does not apply the early adoption provision, ASU No. 2014-09 will be effective for the Company beginning in the first quarter of fiscal year 2019 using one of two retrospective application methods. The Company is currently evaluating the impact this standard will have on its consolidated financial statements. In April 2015, the FASB issued ASU No. 2015-05, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement , which provides guidance to customers about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract and expense the cost as the services are received. This standard will be effective for the Company beginning in the first quarter of fiscal year 2017. Early adoption is permitted. This standard may be adopted retrospectively or prospectively to arrangements entered into, or materially modified, after the effective date. The Company is currently evaluating the impact this standard will have on its consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02 , Leases (Topic 842) , which requires the recognition of lease assets and lease liabilities on the balance sheet for those leases classified as operating leases under previous GAAP. The amended guidance also requires additional quantitative and qualitative disclosures regarding the amount, timing and uncertainty of cash flows arising from leases in order to provide additional information about the nature of an organization’s leasing activities. This standard will be effective for the Company beginning in the first quarter of fiscal year 2020, with early adoption permitted. This standard will be adopted using a modified retrospective approach. The Company is currently evaluating the impact this standard will have on its consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-09, Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, that changes several aspects of accounting for share-based payment transactions. The amended guidance requires all excess tax benefits and tax deficiencies to be recognized in the income statement rather than additional paid-in capital. In addition, such excess tax benefits or tax deficiencies will no longer be classified on the Consolidated Statement of Cash Flows as a financing activity, with prospective application required. Additionally, the guidance clarifies the classification of employee taxes paid when an employer withholds shares for tax-withholding purposes on the Consolidated Statement of Cash Flows as a financing activity, with retrospective application required. The new guidance also provides an accounting policy election to account for forfeitures as they occur, with a modified retrospective application required. This standard will be effective for the Company beginning in the first quarter of fiscal year 2017, with early adoption permitted. The Company is currently evaluating the impact this standard will have on its consolidated financial statements. |
Discontinued Operations Discont
Discontinued Operations Discontinued Operations (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | June 30, Cash and cash equivalents $ 14,917 Accounts receivable, net 51,133 Other current assets 59,846 Current assets of discontinued operations 125,896 Investments and loans to nonconsolidated affiliates 249,394 Property and equipment, net 1,188,705 Goodwill 277,166 Intangible assets, net 189,174 Other non-current assets 79,158 Non-current assets of discontinued operations 1,983,597 Accounts payable and accrued liabilities 196,423 Deferred revenue 323,756 Current liabilities of discontinued operations 520,179 Defined benefits and other postretirement obligations 56,740 Other employee related costs 51,687 Deferred tax liability 171,928 Other non-current liabilities 49,939 Non-current liabilities of discontinued operations 330,294 Net assets of discontinued operations $ 1,259,020 The following table summarizes the net impact of the Distribution to Company's stockholders' equity (deficiency): Decrease in additional paid-in capital (a) $ (1,068,603 ) Decrease in retained earnings (a) (1,705,276 ) Decrease in accumulated other comprehensive loss 20,406 $ (2,753,473 ) Years Ended June 30, 2016 2015 2014 Revenues (a) $ 150,381 $ 1,071,551 $ 913,615 Direct operating expenses 71,320 725,172 712,484 Selling, general and administrative expenses 58,283 183,226 165,671 Depreciation and amortization 23,772 103,481 86,140 Operating income (loss) (2,994 ) 59,672 (50,680 ) Equity in earnings (loss) of equity-method investments 2,679 (40,590 ) (1,323 ) Interest income 635 1,886 589 Interest expense (540 ) (2,467 ) (1,529 ) Miscellaneous income — 2,802 96 Income (loss) from discontinued operations before income taxes (220 ) 21,303 (52,847 ) Income tax benefit (expense) (155,444 ) (15,032 ) 25,056 Income (loss) from discontinued operations, net of taxes $ (155,664 ) $ 6,271 $ (27,791 ) |
Computation of Earnings Per C31
Computation of Earnings Per Common Share (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Earnings Per Share [Abstract] | |
Reconciliation of Weighted-Average Shares Used in Calculation of Basic and Diluted EPS | The following table presents a reconciliation of the weighted-average number of shares used in the calculations of basic and diluted EPS. Years Ended June 30, 2016 2015 2014 Weighted-average number of shares for basic EPS 75,152 77,138 77,142 Dilutive effect of shares issuable under share-based compensation plans 375 549 1,025 Weighted-average number of shares for diluted EPS 75,527 77,687 78,167 Anti-dilutive shares — 4 — |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets Subject to Amortization | June 30, June 30, Affiliate relationships $ 83,044 $ 83,044 Less accumulated amortization (38,921 ) (35,461 ) $ 44,123 $ 47,583 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | The Company expects its aggregate annual amortization expense for existing intangible assets subject to amortization for each fiscal year from 2017 through 2021 to be as follows: Fiscal year ending June 30, 2017 $ 3,460 Fiscal year ending June 30, 2018 3,460 Fiscal year ending June 30, 2019 3,460 Fiscal year ending June 30, 2020 3,460 Fiscal year ending June 30, 2021 3,460 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | As of June 30, 2016 and 2015 , property and equipment consisted of the following assets: June 30, Estimated 2016 2015 Useful Lives Equipment $ 44,508 $ 43,277 2 to 10 years Furniture and fixtures 1,744 1,723 5 to 8 years Leasehold improvements 19,561 19,645 Shorter of term of lease or life of improvement Construction in progress 966 3,103 66,779 67,748 Less accumulated depreciation and amortization (52,625 ) (48,234 ) $ 14,154 $ 19,514 |
Debt Schedule of Debt (Tables)
Debt Schedule of Debt (Tables) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Debt Disclosure [Abstract] | |||
Long-term Debt, Maturities, Repayment Terms | As of June 30, 2016 , the principal repayments required for the next five years under the Term Loan Facility are as follows: Fiscal year ending June 30, 2017 $ 67,500 Fiscal year ending June 30, 2018 75,000 Fiscal year ending June 30, 2019 75,000 Fiscal year ending June 30, 2020 114,375 Fiscal year ending June 30, 2021 1,156,875 $ 1,488,750 | ||
Schedule of Debt | Reported in Term Loan Facility Deferred Financing Costs Net Current portion of long-term debt $ 67,500 $ (2,586 ) $ 64,914 Long-term debt, net of current portion 1,421,250 (8,405 ) 1,412,845 Total $ 1,488,750 $ (10,991 ) $ 1,477,759 | ||
Debt Instrument [Line Items] | |||
Additional interest Rate when Default | 2.00% | ||
Line of Credit Facility, Commitment Fee Percentage | 0.00% | ||
Debt Instrument, Restrictive Covenants | The Credit Agreement generally requires the Holding Entities, MSGN L.P. and its restricted subsidiaries on a consolidated basis to comply with a maximum total leverage ratio of 6.00:1.00 from the closing date until September 30, 2016 and a maximum total leverage ratio of 5.50:1.00 from and after October 1, 2016 until maturity, subject, in each case, to upward adjustment during the continuance of certain events. In addition, there is a minimum interest coverage ratio of 2.00:1.00 for the Holdings Entities, MSGN L.P. and its restricted subsidiaries on a consolidated basis. As of June 30, 2016, the Holding Entities, MSGN L.P. and its restricted subsidiaries on a consolidated basis were in compliance with the financial covenants of the Credit Agreement. All borrowings under the Credit Agreement are subject to the satisfaction of customary conditions, including absence of a default and accuracy of representations and warranties. | ||
Letters of Credit Outstanding, Amount | $ 250,000 | ||
Repayments of Secured Debt | $ 61,250 | $ 0 | $ 0 |
Federal Funds Effective Swap Rate [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | ||
London Interbank Offered Rate (LIBOR) [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Increase (Decrease) | 1.00% | ||
Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | ||
Minimum [Member] | Eurodollar [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | ||
Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.30% | ||
Maximum [Member] | Eurodollar [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 2.00% |
Operating Leases (Tables)
Operating Leases (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Schedule of Future Minimum Rental Payments [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | As of June 30, 2016 , future minimum rental payments under leases having noncancelable initial lease terms in excess of one year are as follows: Fiscal year ending June 30, 2017 $ 6,868 Fiscal year ending June 30, 2018 4,557 Fiscal year ending June 30, 2019 4,557 Fiscal year ending June 30, 2020 4,397 Fiscal year ending June 30, 2021 2,988 Thereafter 9,075 $ 32,442 During the year ended June 30, 2016 and 2015 , the Company recorded income of $ 2,638 and $2,607 , respectively, related to the use of certain space of the Company by third parties. |
Contractual Obligation and Off
Contractual Obligation and Off Balance Sheet Arrangements (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contractual Obligation, Fiscal Year Maturity Schedule | Fiscal year ending June 30, 2017 $ 213,972 Fiscal year ending June 30, 2018 227,800 Fiscal year ending June 30, 2019 230,697 Fiscal year ending June 30, 2020 234,649 Fiscal year ending June 30, 2021 239,536 Thereafter 3,585,690 $ 4,732,344 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Assets Measured on Recurring Basis | Level I Level II Level III Total June 30, 2016 Assets: Money market accounts $ 68,591 $ — $ — $ 68,591 Time deposits 50,977 — — 50,977 Total assets measured at fair value $ 119,568 $ — $ — $ 119,568 June 30, 2015 Assets: Money market accounts $ 89,062 $ — $ — $ 89,062 Time deposits 113,227 — — 113,227 Total assets measured at fair value $ 202,289 $ — $ — $ 202,289 |
Pension Plans and Other Postr38
Pension Plans and Other Postretirement Benefit Plan (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Schedule of Net Funded Status | The following table summarizes the projected benefit obligations, assets, funded status and the amounts recorded on the Company's consolidated balance sheets associated with the MSG Networks Plans, MSG Pension Plans and Postretirement Plan as of June 30, 2016 and 2015 based upon actuarial valuations as of those measurement dates. Pension Plans Postretirement Plan June 30, June 30, 2016 2015 2016 2015 Change in benefit obligation: Benefit obligation at beginning of period $ 191,064 $ 180,376 $ 8,704 $ 9,214 Service cost 1,962 6,943 112 198 Interest cost 3,418 7,915 206 331 Actuarial loss (gain) 4,534 3,519 425 (855 ) Benefits paid (1,906 ) (7,689 ) (235 ) (184 ) Transfer due to the Distribution (155,151 ) — (5,675 ) — Benefit obligation at end of period 43,921 191,064 3,537 8,704 Change in plan assets: Fair value of plan assets at beginning of period 112,213 111,811 — — Actual return on plan assets 1,433 (847 ) — — Employer contributions 2,675 8,938 — — Benefits paid (1,906 ) (7,689 ) — — Transfer due to the Distribution (99,597 ) — — — Fair value of plan assets at end of period 14,818 112,213 — — Funded status at end of period $ (29,103 ) $ (78,851 ) $ (3,537 ) $ (8,704 ) |
Schedule of Net Periodic Benefit Cost Not yet Recognized | Accumulated other comprehensive income (loss), before tax, as of June 30, 2016 and 2015 consists of the following amounts that have not yet been recognized in net periodic benefit cost: Pension Plans Postretirement Plan June 30, June 30, 2016 2015 2016 2015 Actuarial gain (loss) $ (12,791 ) $ (44,748 ) $ (254 ) $ 64 Prior service credit (cost) — (14 ) 48 288 $ (12,791 ) $ (44,762 ) $ (206 ) $ 352 |
Schedule of Net Periodic Benefit Cost | Amounts presented in the table above include net periodic benefit cost related to continuing operations and discontinued operations as noted in the following table: Years Ended June 30, 2016 2015 2014 Continuing Operations $ 3,166 $ 5,765 $ 4,303 Discontinued Operations 1,963 8,105 7,613 Total Net Periodic Benefit Cost $ 5,129 $ 13,870 $ 11,916 Components of net periodic benefit cost for the MSG Networks Plans, MSG Pension Plans, and Postretirement Plan recognized in direct operating expenses, selling, general and administrative expenses, and income (loss) from discontinued operations in the accompanying consolidated statements of operations for the years ended June 30, 2016 , 2015 and 2014 are as follows: Pension Plans Postretirement Plan Years Ended June 30, Years Ended June 30, 2016 2015 2014 2016 2015 2014 Service cost $ 1,962 $ 6,943 $ 6,333 $ 112 $ 198 $ 227 Interest cost 3,418 7,915 7,509 206 331 383 Expected return on plan assets (1,233 ) (3,663 ) (3,836 ) — — — Recognized actuarial loss (gain) 721 2,258 1,446 — — (20 ) Amortization of unrecognized prior service cost (credit) 14 26 26 (71 ) (138 ) (152 ) Net periodic benefit cost $ 4,882 $ 13,479 $ 11,478 $ 247 $ 391 $ 438 Amounts recognized in the consolidated balance sheets as of June 30, 2016 and 2015 consist of: Pension Plans Postretirement Plan June 30, June 30, 2016 2015 2016 2015 Current liabilities (included in accrued employee related costs) of continuing operations $ (730 ) $ (750 ) $ (83 ) $ (81 ) Non-current liabilities (included in defined benefit and other postretirement obligations) of continuing operations (28,373 ) (25,446 ) (3,454 ) (3,030 ) Current liabilities of discontinued operations — (1,266 ) — (243 ) Non-current liabilities of discontinued operations — (51,389 ) — (5,350 ) $ (29,103 ) $ (78,851 ) $ (3,537 ) $ (8,704 ) |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | Other pre-tax changes in plan assets and benefit obligations recognized in other comprehensive income (loss) for the years ended June 30, 2016 , 2015 and 2014 are as follows: Pension Plans Postretirement Plan Years Ended June 30, Years Ended June 30, 2016 2015 2014 2016 2015 2014 Actuarial gain (loss) $ (3,483 ) $ (8,029 ) $ (11,578 ) $ (427 ) $ 855 $ (996 ) Amounts reclassified from accumulated other comprehensive loss: Recognized actuarial loss (gain) 721 2,258 1,446 — — (20 ) Recognized prior service (credit) cost 14 26 26 (71 ) (138 ) (152 ) Total recognized in other comprehensive income (loss) $ (2,748 ) $ (5,745 ) $ (10,106 ) $ (498 ) $ 717 $ (1,168 ) |
Schedule of Assumptions Used | Weighted-average assumptions used to determine benefit obligations (made at the end of the period) as of June 30, 2016 and 2015 are as follows: Pension Plans Postretirement Plan June 30, June 30, 2016 2015 2016 2015 Discount rate 3.57 % 4.47 % 3.28 % 4.15 % Rate of compensation increase 2.00 % 2.98 % n/a n/a Healthcare cost trend rate assumed for next year n/a n/a 7.25 % 7.25 % Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) n/a n/a 5.00 % 5.00 % Year that the rate reaches the ultimate trend rate n/a n/a 2026 2021 Weighted-average assumptions used to determine net periodic benefit cost (made at the beginning of the period) for the years ended June 30, 2016 , 2015 and 2014 are as follows: Pension Plans Postretirement Plan Years Ended June 30, Years Ended June 30, 2016 2015 2014 2016 2015 2014 Discount rate 4.47 % 4.32 % 4.80 % 4.15 % 4.00 % 4.50 % Expected long-term return on plan assets 4.06 % 4.24 % 4.57 % n/a n/a n/a Rate of compensation increase 2.98 % 2.98 % 2.98 % n/a n/a n/a Healthcare cost trend rate assumed for next year n/a n/a n/a 7.25 % 7.25 % 7.75 % Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) n/a n/a n/a 5.00 % 5.00 % 5.00 % Year that the rate reaches the ultimate trend rate n/a n/a n/a 2021 2020 2020 |
Schedule of Effect of One-Percentage-Point Change in Assumed Healthcare Cost Trend Rates | Assumed healthcare cost trend rates are also a key assumption used for the amounts reported for the Postretirement Plan. A one percentage point change in assumed healthcare cost trend rates would have the following effects: Increase (Decrease) in Total of Service and Interest Cost Components for the Increase (Decrease) in Benefit Obligation at Years Ended June 30, June 30, 2016 2015 2014 2016 2015 One percentage point increase $ 63 $ 67 $ 76 $ 383 $ 984 One percentage point decrease (55 ) (58 ) (66 ) (373 ) (856 ) |
Schedule of Allocation of Plan Assets | The weighted-average asset allocation of the pension plan assets at June 30, 2016 and 2015 was as follows: June 30, Asset Classes: (a) 2016 2015 Fixed income securities 78 % 82 % Cash equivalents 22 % 18 % 100 % 100 % _____________________ (a) The Company's target allocation for pension plan assets is 80% fixed income securities and 20% cash equivalents as of June 30, 2016 . |
Schedule of Changes in Fair Value of Plan Assets | The cumulative fair values of the individual plan assets at June 30, 2016 and 2015 by asset class are as follows: Fair Value of Investments at June 30, 2016 Level I Level II Level III Total Fixed income securities: U.S. Treasury Securities $ 3,931 $ — $ — $ 3,931 U.S. corporate bonds — 6,349 — 6,349 Foreign issued corporate bonds — 1,278 — 1,278 Municipal bonds — 22 — 22 Money market accounts 3,238 — — 3,238 Total investments measured at fair value $ 7,169 $ 7,649 $ — $ 14,818 Fair Value of Investments at June 30, 2015 Fixed income securities: U.S. Treasury Securities $ 23,309 $ — $ — $ 23,309 U.S. corporate bonds — 53,978 — 53,978 Foreign issued corporate bonds — 14,736 — 14,736 Municipal bonds — 215 — 215 Money market accounts 19,975 — — 19,975 Total investments measured at fair value $ 43,284 $ 68,929 $ — $ 112,213 |
Schedule of Expected Benefit Payments | The following table presents estimated future fiscal year benefit payments for the MSG Networks Plans and Postretirement Plan: Pension Plans Postretirement Plan Fiscal year ending June 30, 2017 $ 1,220 $ 85 Fiscal year ending June 30, 2018 1,250 120 Fiscal year ending June 30, 2019 1,400 155 Fiscal year ending June 30, 2020 1,630 187 Fiscal year ending June 30, 2021 2,010 222 Fiscal years ending June 30, 2022 – 2026 12,680 1,844 |
Schedule of Defined Contribution Plan | Years Ended June 30, 2016 2015 2014 Continuing Operations $ 863 $ 759 $ 1,178 Discontinued Operations 652 2,763 2,507 Total Savings Plan Expense $ 1,515 $ 3,522 $ 3,685 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Compensation, Stock Options, Activity | The following table summarizes activity relating to holders (including Company, MSG, Cablevision and AMC Networks employees and directors) of the Company's stock options for the year ended June 30, 2016 : Number of Weighted- Average Exercise Price Per Share (a) Weighted- Average Remaining Contractual Term (In Years) Aggregate Intrinsic Value Nonperformance Based Vesting Performance Based Vesting Balance as of June 30, 2015 128 17 $ 12.44 0.64 $ 10,293 Exercised (127 ) (17 ) 7.00 Balance as of June 30, 2016 1 — $ 2.77 0.28 $ 11 Exercisable as of June 30, 2016 1 — $ 2.77 0.28 $ 11 _____________________ (a) Weighted-average exercise price per share as of June 30, 2015 and for activity prior to the Distribution Date does not reflect any adjustment associated with the Distribution. See above for a discussion of the treatment of options in connection with the Distribution. |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity | The following table summarizes activity relating to holders (including Company and MSG employees) of the Company's RSUs for the year ended June 30, 2016 : Number of Weighted-Average Fair Value Per Share At Date of Grant (a) Nonperformance Based Vesting RSUs Performance Based Vesting Unvested award balance as of June 30, 2015 489 98 $ 56.51 Granted 272 952 55.23 Vested (256 ) (42 ) 38.90 Canceled (132 ) (566 ) 77.99 Forfeited (52 ) (11 ) 48.54 Unvested award balance as of June 30, 2016 321 431 38.57 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | Years Ended June 30, 2016 2015 2014 Revenues $ 162,269 $ 168,261 $ 176,355 Operating expenses: Rights fees $ 130,841 $ 80,999 $ 72,535 Commission 13,763 — — Advertising 7,707 7,600 10,297 Origination, master control and technical services 5,872 5,663 9,070 Other 8,277 (2,259 ) 3,343 |
Income Taxes Income Taxes (Tabl
Income Taxes Income Taxes (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | Income tax expense attributable to continuing operations is comprised of the following components: Years Ended June 30, 2016 2015 2014 Current expense: Federal $ 71,632 $ 137,455 $ 70,857 State and other 27,977 53,194 25,410 99,609 190,649 96,267 Deferred expense (benefit): Federal (4,353 ) (16,558 ) (6,291 ) State and other (14,252 ) 3,708 (3,539 ) (18,605 ) (12,850 ) (9,830 ) Tax expense (benefit) relating to uncertain tax positions (33 ) (894 ) 97 Income tax expense $ 80,971 $ 176,905 $ 86,534 |
Schedule of Effective Income Tax Rate Reconciliation | The income tax expense attributable to continuing operations differs from the amount derived by applying the statutory federal rate to pre-tax income principally due to the effect of the following items: Years Ended June 30, 2016 2015 2014 Federal tax expense at statutory federal rate $ 85,495 $ 148,867 $ 80,288 State income taxes, net of federal benefit 17,709 31,707 15,662 Change in the estimated applicable corporate tax rate used to determine deferred taxes (12,717 ) 8,122 (2,225 ) Domestic production activities tax deduction (6,329 ) (11,076 ) (6,987 ) Tax expense (benefit) relating to uncertain tax positions (33 ) (894 ) 97 Tax return to book provision adjustments (3,271 ) (49 ) (536 ) Nondeductible expenses and other 117 228 235 Income tax expense $ 80,971 $ 176,905 $ 86,534 |
Schedule of Deferred Tax Assets and Liabilities | The tax effects of temporary differences which give rise to significant portions of the deferred tax assets and liabilities included on the continuing operations' balance sheet at June 30, 2016 and 2015 are as follows: June 30, 2016 2015 Deferred tax asset (liability) Investment in MSG L.P. $ (358,725 ) $ (356,577 ) Compensation and benefit plans 2,164 4,843 Net noncurrent deferred tax liability $ (356,561 ) $ (351,734 ) |
Schedule of Unrecognized Tax Benefits Rollforward | The following is a reconciliation of the beginning and ending amount of unrecognized tax benefits associated with the Company's uncertain tax positions: Balance as of June 30, 2015 $ 65 Additions for tax positions related to prior years — Decreases for tax positions related to prior years (33 ) Balance as of June 30, 2016 $ 32 |
Concentration of Risk (Tables)
Concentration of Risk (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Risks and Uncertainties [Abstract] | |
Schedules of Concentration of Risk, by Risk Factor | June 30, 2016 2015 Customer A 26 % — % Customer B 25 % 29 % Customer C 22 % 25 % Customer D 14 % 17 % June 30, Reported in 2016 2015 Prepaid expenses $ 1,000 $ 1,000 Other current assets 2,000 2,000 Other assets 41,000 41,000 $ 44,000 $ 44,000 Revenues from continuing operations in the accompanying consolidated statements of operations for the years ended June 30, 2016 , 2015 and 2014 include amounts from the following individual customers, which accounted for the noted percentages of the total: Years Ended June 30, 2016 2015 2014 Customer A 23 % 22 % 20 % Customer B 20 % 20 % 17 % Customer C 10 % 11 % 12 % |
Interim Financial Information(T
Interim Financial Information(Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | The following is a summary of the Company's selected quarterly financial data for the years ended June 30, 2016 and 2015 : Three Months Ended Year Ended June 30, 2016 September 30, 2015 December 31, 2015 March 31, 2016 June 30, 2016 Revenues $ 148,147 $ 169,931 $ 179,596 $ 160,524 $ 658,198 Operating expenses 105,899 97,008 95,509 86,196 384,612 Operating income $ 42,248 $ 72,923 $ 84,087 $ 74,328 $ 273,586 Income from continuing operations $ 41,331 $ 34,050 $ 44,710 $ 43,207 $ 163,298 Income (loss) from discontinued operations, net of taxes (161,017 ) (137 ) (40 ) 5,530 (155,664 ) Net income (loss) $ (119,686 ) $ 33,913 $ 44,670 $ 48,737 $ 7,634 Earnings (loss) per share: Basic Income from continuing operations $ 0.55 $ 0.45 $ 0.60 $ 0.58 $ 2.17 Income (loss) from discontinued operations (2.13 ) — — 0.07 (2.07 ) Net income (loss) (1.58 ) 0.45 0.60 0.65 0.10 Diluted Income from continuing operations $ 0.54 $ 0.45 $ 0.59 $ 0.57 $ 2.16 Income (loss) from discontinued operations (2.12 ) — — 0.07 (2.06 ) Net income (loss) (1.58 ) 0.45 0.59 0.65 0.10 Three Months Ended Year Ended June 30, 2015 September 30, 2014 December 31, 2014 March 31, 2015 June 30, 2015 Revenues $ 142,670 $ 166,220 $ 168,958 $ 153,162 $ 631,010 Operating expenses 87,729 107,579 96,546 98,023 389,877 Gain on sale of Fuse (see Note 5) (162,414 ) (23,764 ) — — (186,178 ) Operating income $ 217,355 $ 82,405 $ 72,412 $ 55,139 $ 427,311 Income from continuing operations $ 120,422 $ 48,916 $ 35,819 $ 43,273 $ 248,430 Income (loss) from discontinued operations, net of taxes (12,349 ) 12,314 3,893 2,413 6,271 Net income $ 108,073 $ 61,230 $ 39,712 $ 45,686 $ 254,701 Earnings (loss) per share: Basic Income from continuing operations $ 1.55 $ 0.63 $ 0.46 $ 0.57 $ 3.22 Income (loss) from discontinued operations (0.16 ) 0.16 0.05 0.03 0.08 Net income 1.39 0.79 0.51 0.60 3.30 Diluted Income from continuing operations $ 1.54 $ 0.63 $ 0.46 $ 0.56 $ 3.20 Income (loss) from discontinued operations (0.16 ) 0.15 0.05 0.03 0.08 Net income 1.38 0.78 0.51 0.60 3.28 |
Schedule II (Tables)
Schedule II (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Valuation and Qualifying Accounts [Abstract] | |
Valuation and Qualifying Accounts | SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS (in thousands) Balance at Beginning of Period (Additions) Deductions Charged to Costs and Expenses (Additions) Deductions Charged to Other Accounts Deductions (a) Balance at End of Period Year Ended June 30, 2016 Allowance for doubtful accounts $ (273 ) $ (791 ) $ (52 ) $ 278 $ (838 ) Year Ended June 30, 2015 Allowance for doubtful accounts $ (146 ) $ (244 ) $ — $ 117 $ (273 ) Year Ended June 30, 2014 Allowance for doubtful accounts $ (1,125 ) $ (42 ) $ 41 $ 980 $ (146 ) _____________________________ (a) Primarily reflects write-offs of uncollectible amounts. |
Description of Business and B45
Description of Business and Basis of Presentation (Details) | 12 Months Ended | ||
Jun. 30, 2016$ / shares | Sep. 21, 2015$ / sharesshares | Jun. 30, 2015$ / shares | |
Class of Stock [Line Items] | |||
Percentage of ownership of business distributed to stockholders in Spin Off | 100.00% | ||
Number of reportable segments | 1 | ||
Class A Common Stock [Member] | |||
Class of Stock [Line Items] | |||
Shares received after Distribution | 1 | ||
Shares ownership of the common stock required to received one share of the new common stock in Distribution at record Date | 3 | ||
Common stock, par value (dollars per share) | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 |
Class B Common Stock [Member] | |||
Class of Stock [Line Items] | |||
Shares received after Distribution | 1 | ||
Shares ownership of the common stock required to received one share of the new common stock in Distribution at record Date | 3 | ||
Common stock, par value (dollars per share) | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 |
Summary of Signficiant Accounti
Summary of Signficiant Accounting Policies (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Accounting Policies [Abstract] | |||
Advertising cost | $ 10,540 | $ 11,010 | $ 12,662 |
Allowance for Doubtful Accounts Receivable, Current | $ 838 | $ 273 |
Discontinued Operations (Detail
Discontinued Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Revenue | $ 150,381 | $ 1,071,551 | $ 913,615 | ||||||||
Direct operating costs | 71,320 | 725,172 | 712,484 | ||||||||
Seliing general and administrative expenses | 58,283 | 183,226 | 165,671 | ||||||||
Depreciation and amortization | 23,772 | 103,481 | 86,140 | ||||||||
Operating income (loss) | (2,994) | 59,672 | (50,680) | ||||||||
Equity in earnings (loss) of equity-method investments | 2,679 | (40,590) | (1,323) | ||||||||
Interest income | 635 | 1,886 | 589 | ||||||||
Interest expense | (540) | (2,467) | (1,529) | ||||||||
Miscellaneous Income | 0 | 2,802 | 96 | ||||||||
Income (loss) from discontinued operation, before income tax | (220) | 21,303 | (52,847) | ||||||||
Income tax benefit (expense) | (155,444) | (15,032) | 25,056 | ||||||||
Income (loss) from discontinued operations, net of taxes | $ 5,530 | $ (40) | $ (137) | $ (161,017) | $ 2,413 | $ 3,893 | $ 12,314 | $ (12,349) | (155,664) | 6,271 | (27,791) |
Cash and Cash Equivalents | 14,917 | 14,917 | |||||||||
Accounts Receivable, Net | 51,133 | 51,133 | |||||||||
Other current assets | 59,846 | 59,846 | |||||||||
Current assets of discontinued operations | 0 | 125,896 | 0 | 125,896 | |||||||
Investments in non-consolidated affiliates | 249,394 | 249,394 | |||||||||
Property and Equipment, net | 1,188,705 | 1,188,705 | |||||||||
Goodwill | 277,166 | 277,166 | |||||||||
Intangible Assets, net | 189,174 | 189,174 | |||||||||
Other non-current assets | 79,158 | 79,158 | |||||||||
Non-current assets of discontinued operations | 0 | 1,983,597 | 0 | 1,983,597 | |||||||
Accounts payable and accrued liabilities | 196,423 | 196,423 | |||||||||
Non-current liabilities of discontinued operations | 0 | 330,294 | 0 | 330,294 | |||||||
Deferred revenue | 323,756 | 323,756 | |||||||||
Current liabilities of discontinued operations | $ 0 | 520,179 | 0 | 520,179 | |||||||
Defined benefits and other postretirement obligations | 56,740 | 56,740 | |||||||||
Other employee related costs | 51,687 | 51,687 | |||||||||
Deferred tax liability | 171,928 | 171,928 | |||||||||
Other non-current liabilities | 49,939 | 49,939 | |||||||||
Net assets from discontinued operations | $ 1,259,020 | 1,259,020 | |||||||||
Stockholders' Equity Note, Spinoff Transaction | (2,752,751) | (2,753,473) | |||||||||
Payments of Capital Distribution | 1,467,093 | 0 | $ 0 | ||||||||
Effective Income Tax Rate Reconciliation, Prior Year Income Taxes, Amount | 5,949 | ||||||||||
Additional Paid-In Capital [Member] | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Stockholders' Equity Note, Spinoff Transaction | (1,067,968) | (1,068,603) | |||||||||
Retained Earnings [Member] | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Stockholders' Equity Note, Spinoff Transaction | (1,705,189) | (1,705,276) | |||||||||
AOCI Attributable to Parent [Member] | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Stockholders' Equity Note, Spinoff Transaction | $ 20,406 | $ 20,406 |
Computation of Earnings Per C48
Computation of Earnings Per Common Share (Details) - shares shares in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Earnings Per Share [Abstract] | |||
Weighted-average shares for basic EPS (in shares) | 75,152 | 77,138 | 77,142 |
Dilutive effect of shares issuable under share-based compensation plans and shares restricted on the same basis as underlying Cablevision restricted shares (in shares) | 375 | 549 | 1,025 |
Weighted-average shares for diluted EPS (in shares) | 75,527 | 77,687 | 78,167 |
Antidilutive shares | 0 | 4 | 0 |
Disposition (Details)
Disposition (Details) - USD ($) $ in Thousands | Jul. 01, 2014 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 |
Disposition [Abstract] | ||||||||
Business Disposition, Transaction Costs | $ 3,932 | |||||||
Sale Price for Disposed Entity | $ 231,995 | |||||||
Noncash or Part Noncash Acquisition, Interest Acquired | 15.00% | |||||||
Noncash or Part Noncash Acquisition, Investments Acquired | $ 24,000 | |||||||
Gain on sale of Fuse (see Note 5) | $ 0 | $ 0 | $ 23,764 | $ 162,414 | $ 0 | $ 186,178 | $ 0 |
Goodwill and Intangible Asset50
Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Goodwill | $ 424,508 | $ 424,508 |
Impairment of goodwill | $ 0 |
Goodwill and Intangible Asset51
Goodwill and Intangible Assets (Schedule of Intangible Assets Subject To Amortization) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Finite-Lived Intangible Assets [Line Items] | |||
Net | $ 44,123 | $ 47,583 | |
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 0 | ||
Affiliate relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross | 83,044 | 83,044 | |
Accumulated Amortization | (38,921) | (35,461) | |
Net | 44,123 | 47,583 | |
Amortization expense | $ 3,460 | $ 3,460 | $ 3,460 |
Finite-Lived Intangible Asset, Useful Life | 24 years |
Goodwill and Intangible Asset52
Goodwill and Intangible Assets (Schedule of Expected Aggregat Annual Amortization) (Details) $ in Thousands | Jun. 30, 2016USD ($) |
Finite-Lived Intangible Assets [Line Items] | |
Fiscal year ending June 30, 2017 | $ 3,460 |
Fiscal year ending June 30, 2018 | 3,460 |
Fiscal year ending June 30, 2019 | 3,460 |
Fiscal year ending June 30, 2020 | 3,460 |
Fiscal year ending June 30, 2021 | $ 3,460 |
Property and Equipment (Schedul
Property and Equipment (Schedule of Property, Plant and Equipment) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation and amortization expense | $ 11,123 | $ 14,181 | $ 17,350 |
Property and equipment, gross | 66,779 | 67,748 | |
Less accumulated depreciation and amortization | (52,625) | (48,234) | |
Property and equipment, net | 14,154 | 19,514 | |
Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 44,508 | 43,277 | |
Furniture and Fixtures [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 1,744 | 1,723 | |
Leasehold Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 19,561 | 19,645 | |
Construction in Progress [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | $ 966 | $ 3,103 | |
Maximum [Member] | Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful lives | 10 years | ||
Maximum [Member] | Furniture and Fixtures [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful lives | 8 years | ||
Minimum [Member] | Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful lives | 2 years | ||
Minimum [Member] | Furniture and Fixtures [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful lives | 5 years |
Property and Equipment (Narrati
Property and Equipment (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation and amortization expense | $ 11,123 | $ 14,181 | $ 17,350 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Jun. 30, 2016 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | Sep. 28, 2015 | May 06, 2014 | |
Debt Instrument [Line Items] | ||||||
Debt Instrument, Restrictive Covenants | The Credit Agreement generally requires the Holding Entities, MSGN L.P. and its restricted subsidiaries on a consolidated basis to comply with a maximum total leverage ratio of 6.00:1.00 from the closing date until September 30, 2016 and a maximum total leverage ratio of 5.50:1.00 from and after October 1, 2016 until maturity, subject, in each case, to upward adjustment during the continuance of certain events. In addition, there is a minimum interest coverage ratio of 2.00:1.00 for the Holdings Entities, MSGN L.P. and its restricted subsidiaries on a consolidated basis. As of June 30, 2016, the Holding Entities, MSGN L.P. and its restricted subsidiaries on a consolidated basis were in compliance with the financial covenants of the Credit Agreement. All borrowings under the Credit Agreement are subject to the satisfaction of customary conditions, including absence of a default and accuracy of representations and warranties. | |||||
Letters of Credit Outstanding, Amount | $ 250,000 | $ 250,000 | ||||
Long-term Debt, Gross | 1,488,750 | $ 1,488,750 | ||||
Letters of Credit, maximum capacity | $ 35,000 | |||||
Additional interest Rate when Default | 2.00% | |||||
Line of Credit Facility, Commitment Fee Percentage | 0.00% | |||||
Repayments of Secured Debt | $ 61,250 | $ 0 | $ 0 | |||
Interest Paid | 27,691 | |||||
Deferred Finance Costs, Gross | 10,991 | 10,991 | ||||
Debt outstanding, net of deferred financing costs per ASU 2015-03 | 1,477,759 | 1,477,759 | ||||
Long-term Debt [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | 1,421,250 | 1,421,250 | ||||
Deferred Finance Costs, Gross | 8,405 | 8,405 | ||||
Debt outstanding, net of deferred financing costs per ASU 2015-03 | 1,412,845 | 1,412,845 | ||||
current portion of long-term debt [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | 67,500 | 67,500 | ||||
Deferred Finance Costs, Gross | 2,586 | 2,586 | ||||
Debt outstanding, net of deferred financing costs per ASU 2015-03 | 64,914 | 64,914 | ||||
Credit Facility - May 6, 2014 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 500,000 | |||||
Line Of Credit Facility Maturity Term In Years | 5 years | |||||
Term Loan Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 67,500 | 67,500 | ||||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 75,000 | 75,000 | ||||
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal after Year Five | 75,000 | 75,000 | ||||
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Four | 114,375 | 114,375 | ||||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 1,156,875 | 1,156,875 | ||||
Long-term Debt, Gross | 1,488,750 | $ 1,488,750 | 1,550,000 | |||
Line Of Credit Facility Maturity Term In Years | 5 years | |||||
Cash distributed to stockholder from cash borrowed in connection with spin off | $ 1,450,000 | |||||
Repayments of Secured Debt | 61,250 | |||||
Revolving Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 250,000 | |||||
London Interbank Offered Rate (LIBOR) [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Increase (Decrease) | 1.00% | |||||
Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | |||||
Minimum [Member] | Eurodollar [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | |||||
Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 1.30% | |||||
Maximum [Member] | Eurodollar [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | |||||
After delivery of Compliance Certificate [Member] | Base Rate [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Increase (Decrease) | 1.00% | |||||
After delivery of Compliance Certificate [Member] | Eurodollar [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Additional interest Rate when Default | 2.00% | |||||
Other Current Assets [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Deferred Finance Costs, Gross | 417 | $ 417 | ||||
Other Noncurrent Assets [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Deferred Finance Costs, Gross | $ 1,356 | $ 1,356 |
Operating Leases (Details)
Operating Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Leases, Operating [Abstract] | |||
Maximum Expiration Date for Operating Leases | 2,024 | ||
Rent Expense | $ 10,393 | $ 15,177 | $ 15,367 |
Sublease Income | 2,638 | $ 2,607 | |
Operating Leases, Future Minimum Payments Due [Abstract] | |||
Fiscal year ending June 30, 2017 | 6,868 | ||
Fiscal year ending June 30, 2018 | 4,557 | ||
Fiscal year ending June 30, 2019 | 4,557 | ||
Fiscal year ending June 30, 2020 | 4,397 | ||
Fiscal year ending June 30, 2021 | 2,988 | ||
Thereafter | 9,075 | ||
Total future minimum rental payments | $ 32,442 |
Contractual Obligation and Of57
Contractual Obligation and Off Balance Sheet Arrangements (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Obligations and Off Balance Sheet Arrangements [Abstract] | |||
Fiscal year ending June 30, 2017 | $ 213,972 | ||
Fiscal year ending June 30, 2018 | 227,800 | ||
Fiscal year ending June 30, 2019 | 230,697 | ||
Fiscal year ending June 30, 2020 | 234,649 | ||
Fiscal year ending June 30, 2021 | 239,536 | ||
Thereafter | 3,585,690 | ||
Total contractual obligations | 4,732,344 | ||
Proceeds from sale of Fuse, net of transaction costs (see Note 5) | $ 0 | $ 228,063 | $ 0 |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule of Fair Value, Assets Measured on Recurring Basis) (Details) - USD ($) | Jun. 30, 2016 | Jun. 30, 2015 |
Fair Value, Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Long-term Debt, Fair Value | $ 1,466,419,000 | |
Money market accounts [Member] | ||
Fair Value, Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 68,591,000 | $ 89,062,000 |
Money market accounts [Member] | Level I [Member] | ||
Fair Value, Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 68,591,000 | 89,062,000 |
Money market accounts [Member] | Level II [Member] | ||
Fair Value, Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 0 | 0 |
Money market accounts [Member] | Level III [Member] | ||
Fair Value, Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 0 | 0 |
Time deposits [Member] | ||
Fair Value, Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 50,977,000 | 113,227,000 |
Time deposits [Member] | Level I [Member] | ||
Fair Value, Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 50,977,000 | 113,227,000 |
Time deposits [Member] | Level II [Member] | ||
Fair Value, Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 0 | 0 |
Time deposits [Member] | Level III [Member] | ||
Fair Value, Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 0 | 0 |
Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 119,568,000 | 202,289,000 |
Estimate of Fair Value Measurement [Member] | Level I [Member] | ||
Fair Value, Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 119,568,000 | 202,289,000 |
Estimate of Fair Value Measurement [Member] | Level II [Member] | ||
Fair Value, Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Level III [Member] | ||
Fair Value, Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | $ 0 | $ 0 |
Pension Plans and Other Postr59
Pension Plans and Other Postretirement Benefit Plan (Schedule of Net Funded Status) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Change in plan assets: | |||
Fair value of plan assets at beginning of period | $ 112,213 | ||
Fair value of plan assets at end of period | 14,818 | $ 112,213 | |
Pension Plans [Member] | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of period | 191,064 | 180,376 | |
Service cost | 1,962 | 6,943 | $ 6,333 |
Interest cost | 3,418 | 7,915 | 7,509 |
Actuarial loss (gain) | 4,534 | 3,519 | |
Benefits paid | (1,906) | (7,689) | |
Transfer Due to Benefit Obligation | 155,151 | 0 | |
Benefit obligation at end of period | 43,921 | 191,064 | 180,376 |
Change in plan assets: | |||
Fair value of plan assets at beginning of period | 112,213 | 111,811 | |
Actual return on plan assets | 1,433 | (847) | |
Employer contributions | 2,675 | 8,938 | |
Benefits paid | (1,906) | (7,689) | |
Transfer due to Distribution | (99,597) | 0 | |
Fair value of plan assets at end of period | 14,818 | 112,213 | 111,811 |
Funded status at end of period | (29,103) | (78,851) | |
Pension and Other Postretirement Defined Benefit Plans, Liabilities | (29,103) | (78,851) | |
Other Postretirement Benefit Plan | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of period | 8,704 | 9,214 | |
Service cost | 112 | 198 | 227 |
Interest cost | 206 | 331 | 383 |
Actuarial loss (gain) | 425 | (855) | |
Benefits paid | (235) | (184) | |
Transfer Due to Benefit Obligation | 5,675 | 0 | |
Benefit obligation at end of period | 3,537 | 8,704 | $ 9,214 |
Change in plan assets: | |||
Benefits paid | (235) | (184) | |
Funded status at end of period | (3,537) | (8,704) | |
Pension and Other Postretirement Defined Benefit Plans, Liabilities | $ (3,537) | $ (8,704) |
Pension Plans and Other Postr60
Pension Plans and Other Postretirement Benefit Plan (Schedule of Amounts Recognized in Balance Sheet) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 |
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract] | ||
Non-current liabilities (includes indefined benefit and other postretirement obligations) | $ (31,827) | $ (28,476) |
Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension and Other Postretirement Defined Benefit Plans, Liabilities | 29,103 | 78,851 |
Other Postretirement Benefit Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension and Other Postretirement Defined Benefit Plans, Liabilities | 3,537 | 8,704 |
Continuing Operations [Member] | Pension Plans [Member] | ||
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract] | ||
Current liabilities (included in accrued employee related costs) | (730) | (750) |
Non-current liabilities (includes indefined benefit and other postretirement obligations) | (28,373) | (25,446) |
Continuing Operations [Member] | Other Postretirement Benefit Plan | ||
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract] | ||
Current liabilities (included in accrued employee related costs) | (83) | (81) |
Non-current liabilities (includes indefined benefit and other postretirement obligations) | (3,454) | (3,030) |
Discontinued Operations [Member] | Pension Plans [Member] | ||
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract] | ||
Current liabilities (included in accrued employee related costs) | 0 | (1,266) |
Non-current liabilities (includes indefined benefit and other postretirement obligations) | 0 | (51,389) |
Discontinued Operations [Member] | Other Postretirement Benefit Plan | ||
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract] | ||
Current liabilities (included in accrued employee related costs) | 0 | (243) |
Non-current liabilities (includes indefined benefit and other postretirement obligations) | $ 0 | $ (5,350) |
Pension Plans and Other Postr61
Pension Plans and Other Postretirement Benefit Plan (Schedule of Net Periodic Benefit Cost Not Yet Recognized) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Document Period End Date | Jun. 30, 2016 | |
Pension Plans [Member] | ||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax [Abstract] | ||
Actuarial gain (loss) | $ (12,791) | $ (44,748) |
Prior service credit (cost) | 0 | (14) |
Total amounts not yet recognized in net periodic benefit cost | (12,791) | (44,762) |
Other Postretirement Benefit Plan | ||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax [Abstract] | ||
Actuarial gain (loss) | (254) | 64 |
Prior service credit (cost) | 48 | 288 |
Total amounts not yet recognized in net periodic benefit cost | $ (206) | $ 352 |
Pension Plans and Other Postr62
Pension Plans and Other Postretirement Benefit Plan (Schedule of Net Periodic Benefit Cost) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | |||
Net periodic benefit cost | $ 5,129 | $ 13,870 | $ 11,916 |
Pension Plans [Member] | |||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | |||
Service cost | 1,962 | 6,943 | 6,333 |
Interest cost | 3,418 | 7,915 | 7,509 |
Expected return on plan assets | (1,233) | (3,663) | (3,836) |
Recognized actuarial loss (gain) | 721 | 2,258 | 1,446 |
Amortization of unrecognized prior service cost (credit) | 14 | 26 | 26 |
Net periodic benefit cost | 4,882 | 13,479 | 11,478 |
Other Postretirement Benefit Plan | |||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | |||
Service cost | 112 | 198 | 227 |
Interest cost | 206 | 331 | 383 |
Expected return on plan assets | 0 | 0 | 0 |
Recognized actuarial loss (gain) | 0 | 0 | (20) |
Amortization of unrecognized prior service cost (credit) | (71) | (138) | (152) |
Net periodic benefit cost | 247 | 391 | 438 |
Continuing Operations [Member] | |||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | |||
Net periodic benefit cost | 3,166 | 5,765 | 4,303 |
Discontinued Operations [Member] | |||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | |||
Net periodic benefit cost | $ 1,963 | $ 8,105 | $ 7,613 |
Pension Plans and Other Postr63
Pension Plans and Other Postretirement Benefit Plan (Schedule of Amounts Recognized in Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss), Net Gain (Loss), before Tax [Abstract] | |||
Actuarial gain (loss) | $ (3,910) | $ (7,174) | $ (12,574) |
Amortization of net actuarial loss included in net periodic benefit cost | 721 | 2,258 | 1,426 |
Amortization of net prior service credit included in net periodic benefit cost | (57) | (112) | (126) |
Pension Plans [Member] | |||
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss), Net Gain (Loss), before Tax [Abstract] | |||
Actuarial gain (loss) | (3,483) | (8,029) | (11,578) |
Amortization of net actuarial loss included in net periodic benefit cost | 721 | 2,258 | 1,446 |
Amortization of net prior service credit included in net periodic benefit cost | 14 | 26 | 26 |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, before Tax | (2,748) | (5,745) | (10,106) |
Pension and Other Postretirement Benefit Plans, Amounts that Will be Amortized from Accumulated Other Comprehensive Income (Loss) in Next Fiscal Year [Abstract] | |||
Amortization of net gains (losses) over the next fiscal year | 699 | ||
Other Postretirement Benefit Plan | |||
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss), Net Gain (Loss), before Tax [Abstract] | |||
Actuarial gain (loss) | (427) | 855 | (996) |
Amortization of net actuarial loss included in net periodic benefit cost | 0 | 0 | (20) |
Amortization of net prior service credit included in net periodic benefit cost | (71) | (138) | (152) |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, before Tax | (498) | $ 717 | $ (1,168) |
Pension and Other Postretirement Benefit Plans, Amounts that Will be Amortized from Accumulated Other Comprehensive Income (Loss) in Next Fiscal Year [Abstract] | |||
Amortization of net prior service cost (credit) over the next fiscal year | $ 24 |
Pension Plans and Other Postr64
Pension Plans and Other Postretirement Benefit Plan (Schedule of Assumptions Used) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined benefit plan, accumulated benefit obligation | $ 42,977 | $ 190,031 | |
Pension Plans [Member] | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount rate | 3.57% | 4.47% | |
Rate of compensation increase | 2.00% | 2.98% | |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Discount rate | 4.47% | 4.32% | 4.80% |
Expected long-term return on plan assets | 4.06% | 4.24% | 4.57% |
Rate of compensation increase | 2.98% | 2.98% | 2.98% |
Other Postretirement Benefit Plan | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount rate | 3.28% | 4.15% | |
Healthcare cost trend rate assumed for next year | 7.25% | 7.25% | |
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | 5.00% | 5.00% | |
Year that the rate reaches the ultimate trend rate | 2,026 | 2,021 | |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Discount rate | 4.15% | 4.00% | 4.50% |
Healthcare cost trend rate assumed for next year | 7.25% | 7.25% | 7.75% |
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | 5.00% | 5.00% | 5.00% |
Year that the rate reaches the ultimate trend rate | 2,021 | 2,020 | 2,020 |
Pension Plans and Other Postr65
Pension Plans and Other Postretirement Benefit Plan (Schedule of Health Care Cost Trend Rates) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Compensation and Retirement Disclosure [Abstract] | |||
Document Period End Date | Jun. 30, 2016 | ||
Defined Benefit Plan, Effect of One-Percentage Point Change in Assumed Health Care Cost Trend Rates [Abstract] | |||
One Percentage Point Increase, Service and Interest Cost Components | $ 63 | $ 67 | $ 76 |
One Percentage Point Decrease, Service and Interest Cost Components | (55) | (58) | $ (66) |
One Percentage Point Increase, Accumulated Postretirement Benefit Obligation | 383 | 984 | |
One Percentage Point Decrease, Accumulated Postretirement Benefit Obligation | $ (373) | $ (856) |
Pension Plans and Other Postr66
Pension Plans and Other Postretirement Benefit Plan (Schedule of Allocation of Plan Assets) (Details) | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 100.00% | 100.00% |
Fixed Income Funds [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 78.00% | 82.00% |
Defined Benefit Plan, Target Allocation Percentage of Assets | 80.00% | |
Cash and Cash Equivalents [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 22.00% | 18.00% |
Defined Benefit Plan, Target Allocation Percentage of Assets | 20.00% |
Pension Plans and Other Postr67
Pension Plans and Other Postretirement Benefit Plan (Schedule of Changes in Fair Value of Plan Assets) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Cumulative Fair Values | $ 14,818 | $ 112,213 |
Level I [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Cumulative Fair Values | 7,169 | 43,284 |
Level II [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Cumulative Fair Values | 7,649 | 68,929 |
US Treasury Securities [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Cumulative Fair Values | 3,931 | 23,309 |
US Treasury Securities [Member] | Level I [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Cumulative Fair Values | 3,931 | 23,309 |
U.S. Corporate bonds [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Cumulative Fair Values | 6,349 | 53,978 |
U.S. Corporate bonds [Member] | Level II [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Cumulative Fair Values | 6,349 | 53,978 |
Foreign issued corporate bonds [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Cumulative Fair Values | 1,278 | 14,736 |
Foreign issued corporate bonds [Member] | Level II [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Cumulative Fair Values | 1,278 | 14,736 |
Municipal Bonds [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Cumulative Fair Values | 22 | 215 |
Municipal Bonds [Member] | Level II [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Cumulative Fair Values | 22 | 215 |
Money market [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Cumulative Fair Values | 3,238 | 19,975 |
Money market [Member] | Level I [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Cumulative Fair Values | $ 3,238 | $ 19,975 |
Pension Plans and Other Postr68
Pension Plans and Other Postretirement Benefit Plan (Schedule of Expected Benefit Payments) (Details) $ in Thousands | 12 Months Ended |
Jun. 30, 2016USD ($) | |
Pension Plans [Member] | |
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract] | |
Fiscal year ending June 30, 2017 | $ 1,220 |
Fiscal year ending June 30, 2018 | 1,250 |
Fiscal year ending June 30, 2019 | 1,400 |
Fiscal year ending June 30, 2020 | 1,630 |
Fiscal year ending June 30, 2021 | 2,010 |
Fiscal year ending June 30, 2022 - 2026 | 12,680 |
Other Postretirement Benefit Plan | |
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract] | |
Fiscal year ending June 30, 2017 | 85 |
Fiscal year ending June 30, 2018 | 120 |
Fiscal year ending June 30, 2019 | 155 |
Fiscal year ending June 30, 2020 | 187 |
Fiscal year ending June 30, 2021 | 222 |
Fiscal year ending June 30, 2022 - 2026 | 1,844 |
Union Plans [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
MSG Contributions to Defined Benefit Pension Plans | $ 1,200 |
Pension Plans and Other Postr69
Pension Plans and Other Postretirement Benefit Plan Defined Contribution Plan (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Defined Contribution Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Cost Recognized | $ 1,515 | $ 3,522 | $ 3,685 |
Multiemployer Plan, Period Contributions | 1,334 | 3,644 | 3,322 |
Continuing Operations [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Cost Recognized | 863 | 759 | 1,178 |
Discontinued Operations [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Cost Recognized | 652 | 2,763 | 2,507 |
Union Plans [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Cost Recognized | $ 18 | $ 724 | $ 560 |
Pension Plans and Other Postr70
Pension Plans and Other Postretirement Benefit Plan Multiemployer Plans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Multiemployer Plans [Abstract] | |||
Multiemployer Plan, Period Contributions | $ 1,334 | $ 3,644 | $ 3,322 |
Share-Based Compensation (Detai
Share-Based Compensation (Details) - USD ($) shares in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of the original RSU grant value allocated to the Company's RSU awards in connection with the Distribution | 30.00% | ||
Percentage of the original RSU grant value allocated to the MSG RSU awards in connection with the Distribution | 70.00% | ||
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $ 12,206,000 | $ 17,552,000 | $ 11,033,000 |
Employee Stock Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation, Number of Shares Authorized (in shares) | 7,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award | Options and rights under the Employee Stock Plan must be granted with an exercise price of not less than the fair market value of a share of the Company's Class A Common Stock on the date of grant and must expire no later than 10 years from the date of grant (or up to one additional year in the case of the death of a holder). | ||
Non Employee Director Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation, Number of Shares Authorized (in shares) | 300 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award | Non-qualified stock options under the Non-Employee Director Plan must be granted with an exercise price of not less than the fair market value of a share of the Company's Class A Common Stock on the date of grant and must expire no later than 10 years from the date of grant (or up to one additional year in the case of the death of a holder). | ||
Discontinued Operations [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated Share-based Compensation Expense | $ 808,000 | $ 4,810,000 | $ 6,052,000 |
Share-Based Compensation (Sched
Share-Based Compensation (Schedule of Share-Based Compensation Expense) (Details) - USD ($) | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 6,657,000 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year | ||
Costs related to share-based compensation that were capitalized | $ 0 | ||
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | 12,206,000 | $ 17,552,000 | $ 11,033,000 |
Continuing Operations [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated Share-based Compensation Expense | 9,266,000 | 10,211,000 | 15,698,000 |
Discontinued Operations [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated Share-based Compensation Expense | $ 808,000 | $ 4,810,000 | $ 6,052,000 |
Share-Based Compensation (Sch73
Share-Based Compensation (Schedule of Share-based Compensation, Stock Options, Activity) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Oustanding Weighted Average Exercise Price [Roll Forward] | |||
Payments Related to Tax Withholding for Share-based Compensation | $ 11,190 | $ 18,082 | $ 12,366 |
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Oustanding Weighted Average Exercise Price [Roll Forward] | |||
Weighted Average Exercise Price Balance (beginning balance) | $ 12.44 | ||
Weighted Average Exercise Price, Exercised | 7 | ||
Weighted Average Exercise Price Balance (ending balance) | 2.77 | $ 12.44 | |
Weighted Average Exercise Price, Exercisable | $ 2.77 | ||
Weighted Average Remaining Contractual Term (in years) | 3 months 10 days | 7 months 21 days | |
Weighted Average Remaining Contractual Term (in years), Exercisable | 3 months 10 days | ||
Aggregate Intrinsic Value, Balance | $ 10,293 | 11 | |
Aggregate Intrinsic Value, Exercisable | 11 | ||
Options, Exercises in Period, Total Intrinsic Value | $ 5,100 | $ 3,207 | $ 7,055 |
Stock Options [Member] | Non-Performance Vesting [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Vesting Options, Balance (beginning balance) | 128 | 1 | |
Vesting Options, Exercised | (127) | ||
Vesting Options, Balance (ending balance) | 128 | 1 | |
Vesting Options, Exercisable | 1 | ||
Stock Options [Member] | Performance Vesting [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Vesting Options, Balance (beginning balance) | 17 | 0 | |
Vesting Options, Exercised | (17) | ||
Vesting Options, Balance (ending balance) | 17 | 0 | |
Vesting Options, Exercisable | 0 |
Share-Based Compensation (Sch74
Share-Based Compensation (Schedule of Share-based Compensation, Restricted Stock Units Award Activity) (Details) - USD ($) | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding Weighted Average Exercise Price [Rollforward] | |||
Vested in Period, Total Fair Value | $ 17,330,000 | ||
Number Of Equity Instruments Surrendered By Employees | 155 | ||
Payments Related to Tax Withholding for Share-based Compensation | $ 11,190,000 | $ 18,082,000 | $ 12,366,000 |
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding Weighted Average Exercise Price [Rollforward] | |||
Weighted-Average Fair Value Per Share At Date of Grant, Unvested award balance (beginning balance) | $ 56.51 | ||
Weighted Average, Granted | 55.23 | $ 69.57 | $ 56.64 |
Weighted Average, Vested | 38.90 | ||
Weighted Average, Forfeited | 48.54 | ||
Weighted-Average Fair Value Per Share At Date of Grant, Unvested award balance (ending balance) | 38.57 | $ 56.51 | |
EquityInstrumentsOtherThanOptionsCanceledinPeriodGrantdateFairValue | $ 77.99 | ||
Vested in Period, Total Fair Value | $ 54,544,000 | $ 25,556,000 | |
Restricted Stock Units (RSUs) [Member] | Non-Performance Vesting [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||
Unvested award balance (beginning balance) | 489,000 | ||
Grants | 272,000 | ||
Vested | (256,000) | ||
Forfeited | (52,000) | ||
Unvested award balance (ending balance) | 321,000 | 489,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding Weighted Average Exercise Price [Rollforward] | |||
Equity Instruments other than Options, Canceled in Period | (132,000) | ||
Restricted Stock Units (RSUs) [Member] | Performance Vesting [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||
Unvested award balance (beginning balance) | 98,000 | ||
Grants | 952,000 | ||
Vested | (42,000) | ||
Forfeited | (11,000) | ||
Unvested award balance (ending balance) | 431,000 | 98,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding Weighted Average Exercise Price [Rollforward] | |||
Equity Instruments other than Options, Canceled in Period | (566,000) |
Stock Repurchase Program (Detai
Stock Repurchase Program (Details) - USD ($) shares in Thousands | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Stock Based Compensation [Abstract] | ||
Stock Repurchase Program, Authorized Amount | $ 500,000,000 | |
Treasury Stock, Shares, Acquired | 1,336 | 1,823 |
Repurchases of Common Stock | $ (100,027,000) | $ (140,717,000) |
Related Party Transactions (Own
Related Party Transactions (Ownership Percentage) (Details) | Jun. 30, 2016 | Jun. 30, 2014 |
Related Party Ownership Percentage [Line Items] | ||
Aggregate Voting Power Held By Related Party | 69.60% | |
Class A Common Stock [Member] | ||
Related Party Ownership Percentage [Line Items] | ||
Percentage of Common Stock Owned by Related Party | 2.40% | |
Class B Common Stock [Member] | ||
Related Party Ownership Percentage [Line Items] | ||
Percentage of Common Stock Owned by Related Party | 100.00% |
Related Party Transactions (Tra
Related Party Transactions (Transactions by Type) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Related Party Transaction [Line Items] | |||
Revenues | $ 162,269 | $ 168,261 | $ 176,355 |
Income (loss) from equity method investments | 2,679 | (40,590) | (1,323) |
Operating expenses: | |||
Rights Fees | 130,841 | 80,999 | 72,535 |
Commissions | 13,763 | 0 | 0 |
Advertising | 7,707 | 7,600 | 10,297 |
Origination, master control and technical services | 5,872 | 5,663 | 9,070 |
Other | 8,277 | (2,259) | 3,343 |
Discontinued Operations [Member] | |||
Related Party Transaction [Line Items] | |||
Revenues | 33,559 | 89,126 | 79,707 |
Expenses | 1,367 | 10,194 | 6,694 |
Interest Income, Related Party | 635 | 1,886 | 589 |
Income (loss) from equity method investments | $ 2,679 | $ (40,590) | $ (1,323) |
Income Taxes (Schedule of Compo
Income Taxes (Schedule of Components of Income Tax Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Current expense: | |||
Federal | $ 71,632 | $ 137,455 | $ 70,857 |
State and other | 27,977 | 53,194 | 25,410 |
Current expense total | 99,609 | 190,649 | 96,267 |
Deferred expense (benefit): | |||
Federal | (4,353) | (16,558) | (6,291) |
State and other | (14,252) | 3,708 | (3,539) |
Deferred expense total | (18,605) | (12,850) | (9,830) |
Tax expense relating to uncertain tax positions | (33) | (894) | 97 |
Income tax expense | $ 80,971 | $ 176,905 | $ 86,534 |
Income Taxes (Schedule of Effec
Income Taxes (Schedule of Effective Income Tax Rate Reconciliation) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Income Tax Expense (Benefit), Continuing Operations, Income Tax Reconciliation [Abstract] | |||
Federal tax expense at statutory federal rate | $ 85,495 | $ 148,867 | $ 80,288 |
State income taxes, net of federal benefit | 17,709 | 31,707 | 15,662 |
Change in estimated applicable corporate tax rate used to determine deferred taxes | (12,717) | 8,122 | (2,225) |
Domestic production activities tax deduction | (6,329) | (11,076) | (6,987) |
Tax expense relating to uncertain tax positions | (33) | (894) | 97 |
Effective Income Tax Rate Reconciliation, Tax Credit, Amount | (3,271) | (49) | (536) |
Nondeductible expense and other | 117 | 228 | 235 |
Income tax expense | $ 80,971 | $ 176,905 | $ 86,534 |
Income Taxes (Schedule of Defer
Income Taxes (Schedule of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 |
Components of Deferred Tax Assets and Liabilities [Abstract] | ||
Compensation and benefit plans | $ 2,164 | $ 4,843 |
Net noncurrent deferred tax liability | (356,561) | (351,734) |
MSG L.P. [Member] | ||
Components of Deferred Tax Assets and Liabilities [Abstract] | ||
Investment in MSG L.P. | $ (358,725) | $ (356,577) |
Income Taxes (Reconciliation of
Income Taxes (Reconciliation of Unrecognized Tax Benefits for Uncertain Tax Positions) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Reconciliation of Unrecognized Tax Benefits [Roll Forward] | |||
Unrecognized tax benefits beginnning balance | $ 65 | ||
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions | 0 | ||
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions | (33) | ||
Unrecognized tax benefits ending balance | 32 | $ 65 | |
Tax expense relating to uncertain tax positions | $ (33) | $ (894) | $ 97 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 |
Current Income Tax Liability [Line Items] | ||
Prepaid income taxes | $ 28,384 | $ 30,375 |
Accrued Income Taxes, Current | 8,662 | 0 |
State and Local Jurisdiction [Member] | ||
Current Income Tax Liability [Line Items] | ||
Prepaid income taxes | 28,384 | 16,183 |
Federal [Member] | ||
Current Income Tax Liability [Line Items] | ||
Prepaid income taxes | $ 14,192 | |
Accrued Income Taxes, Current | $ 8,662 |
Income Taxes Cash Taxes Paid (D
Income Taxes Cash Taxes Paid (Details) - USD ($) | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Income Tax Disclosure [Abstract] | |||
Income Taxes Paid, Net | $ 192,315,000 | $ 217,316,000 | $ 105,997,000 |
AdditionalTaxPaidonAcceleratedRevenue | $ 120,000,000 |
Concentration of Risk Schedule
Concentration of Risk Schedule of Customer Concentration (Details) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016USD ($)employee | Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | |
Concentration Risk [Line Items] | |||
Revenue from Related Party | $ 162,269 | $ 168,261 | $ 176,355 |
Affiliation Revenue Concentration | 90.00% | ||
Concentration Risks, Types, No Concentration Percentage [Abstract] | |||
Percentage of Employees Subject to Collective Bargaining Agreements that Will Expire Within Next Twelve Months | employee | 760 | ||
Customer concentration [Abstract] | |||
Prepaid Expenses | $ 1,000 | 1,000 | |
Other Current Assets | 2,000 | 2,000 | |
Other Assets | 41,000 | 41,000 | |
Customer Concentration | $ 44,000 | $ 44,000 | |
Sales Revenue, Services, Net [Member] | Related Party [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 25.00% | 27.00% | 25.00% |
Consolidated Revenues [Member] | Related Party [Member] | |||
Concentration Risk [Line Items] | |||
Revenue from Related Party | $ 166,015 | $ 167,648 | $ 176,355 |
Customer -A [Member] | Sales Revenue, Services, Net [Member] | Customer Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 23.00% | 22.00% | 20.00% |
Customer B [Member] | Sales Revenue, Services, Net [Member] | Customer Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 20.00% | 20.00% | 17.00% |
Customer C [Member] | Sales Revenue, Services, Net [Member] | Customer Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 10.00% | 11.00% | 12.00% |
Customer -A [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 26.00% | 0.00% | |
Customer B [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 25.00% | 29.00% | |
Customer C [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 22.00% | 25.00% | |
Customer D [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 14.00% | 17.00% |
Interim Financial Information (
Interim Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenues | $ 160,524 | $ 179,596 | $ 169,931 | $ 148,147 | $ 153,162 | $ 168,958 | $ 166,220 | $ 142,670 | $ 658,198 | $ 631,010 | $ 714,514 |
Operating expenses | 86,196 | 95,509 | 97,008 | 105,899 | 98,023 | 96,546 | 107,579 | 87,729 | 384,612 | 389,877 | |
Gain on sale of Fuse, before income taxes | 0 | 0 | (23,764) | (162,414) | 0 | (186,178) | 0 | ||||
Operating income | 74,328 | 84,087 | 72,923 | 42,248 | 55,139 | 72,412 | 82,405 | 217,355 | 273,586 | 427,311 | 234,793 |
Income from continuing operations | 43,207 | 44,710 | 34,050 | 41,331 | 43,273 | 35,819 | 48,916 | 120,422 | 163,298 | 248,430 | 142,859 |
Income (loss) from discontinued operations, net of taxes | 5,530 | (40) | (137) | (161,017) | 2,413 | 3,893 | 12,314 | (12,349) | (155,664) | 6,271 | (27,791) |
Net income | $ 48,737 | $ 44,670 | $ 33,913 | $ (119,686) | $ 45,686 | $ 39,712 | $ 61,230 | $ 108,073 | $ 7,634 | $ 254,701 | $ 115,068 |
Income from Continuing Operations, Per Basic Share | $ 0.58 | $ 0.60 | $ 0.45 | $ 0.55 | $ 0.57 | $ 0.46 | $ 0.63 | $ 1.55 | $ 2.17 | $ 3.22 | $ 1.85 |
Income (loss) from discontinued operations | 0.07 | 0 | 0 | (2.13) | 0.03 | 0.05 | 0.16 | (0.16) | (2.07) | 0.08 | (0.36) |
Earnings Per Share, Basic | 0.65 | 0.60 | 0.45 | (1.58) | 0.60 | 0.51 | 0.79 | 1.39 | 0.10 | 3.30 | 1.49 |
Income (Loss) from Continuing Operations, Per Diluted Share | 0.57 | 0.59 | 0.45 | 0.54 | 0.56 | 0.46 | 0.63 | 1.54 | 2.16 | 3.20 | 1.83 |
Income (loss) from discontinued operations | 0.07 | 0 | 0 | (2.12) | 0.03 | 0.05 | 0.15 | (0.16) | (2.06) | 0.08 | (0.36) |
Earnings Per Share, Diluted | $ 0.65 | $ 0.59 | $ 0.45 | $ (1.58) | $ 0.60 | $ 0.51 | $ 0.78 | $ 1.38 | $ 0.10 | $ 3.28 | $ 1.47 |
Schedule II (Details)
Schedule II (Details) - Allowance for Doubtful Accounts, Continuing Operations [Member] - USD ($) $ in Thousands | 12 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | ||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Valuation Allowances and Reserves, Balance | $ (273) | $ (146) | $ (1,125) | |
(Additions) Deductions Charged to Costs and Expenses | (791) | (244) | (42) | |
Valuation Allowances and Reserves, Charged to Other Accounts | (52) | 0 | 41 | |
Deductions | [1] | 278 | 117 | 980 |
Valuation Allowances and Reserves, Balance | $ (838) | $ (273) | $ (146) | |
[1] | Primarily reflects write-offs of uncollectible amounts. |