Cover Page
Cover Page | 9 Months Ended |
Mar. 31, 2021shares | |
Document Information [Line Items] | |
Document Type | 10-Q |
Document Period End Date | Mar. 31, 2021 |
Entity File Number | 1-5128 |
Entity Registrant Name | MEREDITH CORPORATION |
Entity Incorporation, State or Country Code | IA |
Entity Tax Identification Number | 42-0410230 |
Entity Address, Address Line One | 1716 Locust Street, |
Entity Address, City or Town | Des Moines, |
Entity Address, State or Province | IA |
Entity Address, Postal Zip Code | 50309-3023 |
City Area Code | (515) |
Local Phone Number | 284-3000 |
Title of 12(b) Security | Common Stock, par value $1 |
Trading Symbol | MDP |
Security Exchange Name | NYSE |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Document Quarterly Report | true |
Document Transition Report | false |
Entity Central Index Key | 0000065011 |
Amendment Flag | false |
Document Fiscal Year Focus | 2021 |
Document Fiscal Period Focus | Q3 |
Current Fiscal Year End Date | --06-30 |
Common Stock | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 40,591,760 |
Class B Common Stock | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 5,066,549 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Mar. 31, 2021 | Jun. 30, 2020 |
Current assets | ||
Cash and cash equivalents | $ 230.7 | $ 132.4 |
Accounts receivable, net | 486.4 | 461.9 |
Inventories | 28.9 | 34.2 |
Current portion of subscription acquisition costs | 205.5 | 213.2 |
Other current assets | 61.4 | 43.1 |
Total current assets | 1,012.9 | 884.8 |
Property, plant, and equipment | 899 | 883.3 |
Less accumulated depreciation | (531) | (483.4) |
Net property, plant, and equipment | 368 | 399.9 |
Operating lease assets | 379.8 | 404.6 |
Subscription acquisition costs | 181 | 221.6 |
Other assets | 290 | 232.4 |
Intangible assets, net | 1,568.3 | 1,647.5 |
Goodwill | 1,719.2 | 1,719.3 |
Total assets | 5,519.2 | 5,510.1 |
Current liabilities | ||
Current portion of long-term debt | 4.1 | 4.1 |
Current portion of operating lease liabilities | 36.1 | 35.2 |
Accounts payable | 141.7 | 121.1 |
Accrued expenses and other liabilities | 188.5 | 168.1 |
Current portion of unearned revenues | 376.2 | 403.2 |
Total current liabilities | 746.6 | 731.7 |
Long-term debt | 2,740.2 | 2,981.8 |
Operating lease liabilities | 441.2 | 466.7 |
Unearned revenues | 223.7 | 267.5 |
Deferred income taxes | 468.6 | 463.8 |
Other noncurrent liabilities | 205 | 210.4 |
Total liabilities | 4,825.3 | 5,121.9 |
Shareholders’ equity | ||
Series preferred stock, par value $1 per share | 0 | 0 |
Additional paid-in capital | 243 | 227.6 |
Retained earnings | 469.6 | 197.6 |
Accumulated other comprehensive loss | (64.3) | (82.4) |
Total shareholders’ equity | 693.9 | 388.2 |
Total liabilities and shareholders’ equity | 5,519.2 | 5,510.1 |
Common Stock | ||
Shareholders’ equity | ||
Common stock, par value $1 per share | 40.5 | 40.3 |
Class B Common Stock | ||
Shareholders’ equity | ||
Common stock, par value $1 per share | $ 5.1 | $ 5.1 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2021 | Jun. 30, 2020 |
Class of Stock [Line Items] | ||
Series preferred stock, par value (in usd per share) | $ 1 | $ 1 |
Common Stock | ||
Class of Stock [Line Items] | ||
Common stock, par value (in usd per share) | 1 | 1 |
Class B Common Stock | ||
Class of Stock [Line Items] | ||
Common stock, par value (in usd per share) | $ 1 | $ 1 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Earnings (Loss) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Revenues | ||||
Total revenues | $ 664.5 | $ 701.7 | $ 2,259.5 | $ 2,237.4 |
Operating expenses | ||||
Production, distribution, and editorial | 252.2 | 257.4 | 759.8 | 811.2 |
Selling, general, and administrative | 302.7 | 294.2 | 946.5 | 963.4 |
Acquisition, disposition, and restructuring related activities | (85.8) | 6.5 | (67.5) | 20.1 |
Depreciation and amortization | 35.6 | 53.5 | 134.4 | 170.6 |
Impairment of goodwill and other long-lived assets | 0 | 384.1 | 0 | 389.3 |
Total operating expenses | 504.7 | 995.7 | 1,773.2 | 2,354.6 |
Income (loss) from operations | 159.8 | (294) | 486.3 | (117.2) |
Non-operating income (expense), net | 2.1 | (2.4) | 7.9 | (1) |
Interest expense, net | (54.1) | (36.6) | (140.7) | (112.4) |
Earnings (loss) from continuing operations before income taxes | 107.8 | (333) | 353.5 | (230.6) |
Income tax benefit (expense) | (28.7) | 43.6 | (83.6) | 15.4 |
Earnings (loss) from continuing operations | 79.1 | (289.4) | 269.9 | (215.2) |
Gain (loss) from discontinued operations, net of income taxes | 0 | 5 | 0 | (25.3) |
Net earnings (loss) | 79.1 | (284.4) | 269.9 | (240.5) |
Diluted earnings (loss) attributable to common shareholders | $ 75 | $ (304.1) | $ 256.3 | $ (300) |
Basic earnings (loss) per share attributable to common shareholders | ||||
Continuing operations (in usd per share) | $ 1.62 | $ (6.76) | $ 5.55 | $ (6.01) |
Discontinued operations (in usd per share) | 0 | 0.11 | 0 | (0.56) |
Basic earnings (loss) per common share (in usd per share) | $ 1.62 | $ (6.65) | $ 5.55 | $ (6.57) |
Basic average common shares outstanding (in shares) | 46.3 | 45.7 | 46.2 | 45.7 |
Diluted earnings (loss) per share attributable to common shareholders | ||||
Continuing operations (in usd per share) | $ 1.61 | $ (6.76) | $ 5.53 | $ (6.01) |
Discontinued operations (in usd per share) | 0 | 0.11 | 0 | (0.56) |
Diluted earnings (loss) per common share (in usd per share) | $ 1.61 | $ (6.65) | $ 5.53 | $ (6.57) |
Diluted average common shares outstanding (in shares) | 46.7 | 45.7 | 46.3 | 45.7 |
Advertising related | ||||
Revenues | ||||
Total revenues | $ 303.6 | $ 332.1 | $ 1,187.2 | $ 1,139 |
Consumer related | ||||
Revenues | ||||
Total revenues | 339.4 | 345.6 | 1,016.1 | 1,017.6 |
Other | ||||
Revenues | ||||
Total revenues | $ 21.5 | $ 24 | $ 56.2 | $ 80.8 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net earnings (loss) | $ 79.1 | $ (284.4) | $ 269.9 | $ (240.5) |
Other comprehensive income (loss) | ||||
Pension and other postretirement benefit plans activity, net of income taxes | 0.2 | 0.4 | (2.4) | 1.3 |
Foreign currency translation adjustment | 1.7 | (9.4) | 20.5 | (5.1) |
Total other comprehensive income (loss) | 1.9 | (9) | 18.1 | (3.8) |
Comprehensive income (loss) | $ 81 | $ (293.4) | $ 288 | $ (244.3) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Shareholders' Equity - USD ($) $ in Millions | Total | Cumulative Effect, Period of Adoption, Adjustment | Common Stock | Class B Common Stock | Series A Preferred Stock | Common Stock | Common StockCommon Stock | Common StockClass B Common Stock | Additional Paid-in Capital | Retained Earnings | Retained EarningsCumulative Effect, Period of Adoption, Adjustment | Retained EarningsCommon Stock | Retained EarningsClass B Common Stock | Retained EarningsSeries A Preferred Stock | Accumulated Other Comprehensive Income (Loss) |
Beginning balance at Jun. 30, 2019 | $ 974.6 | $ (7.8) | $ 40.1 | $ 5.1 | $ 216.7 | $ 759 | $ (7.8) | $ (46.3) | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Net earnings (loss) | 6.1 | 6.1 | |||||||||||||
Other comprehensive income (loss), net of income taxes | (4.4) | (4.4) | |||||||||||||
Shares issued under incentive plans, net of forfeitures | 0.5 | 0.1 | 0.4 | ||||||||||||
Purchases of Company stock | (1.8) | (0.1) | (1.7) | ||||||||||||
Share-based compensation | 7.5 | 7.5 | |||||||||||||
Dividends paid | $ (24.3) | $ (2.9) | $ (14.4) | $ (24.3) | $ (2.9) | $ (14.4) | |||||||||
Accretion of Series A preferred stock | (4.5) | (4.5) | |||||||||||||
Ending balance at Sep. 30, 2019 | 928.6 | 40.1 | 5.1 | 222.9 | 711.2 | (50.7) | |||||||||
Beginning balance at Jun. 30, 2019 | 974.6 | (7.8) | 40.1 | 5.1 | 216.7 | 759 | (7.8) | (46.3) | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Net earnings (loss) | (240.5) | ||||||||||||||
Other comprehensive income (loss), net of income taxes | (3.8) | ||||||||||||||
Ending balance at Mar. 31, 2020 | 592.1 | 40.3 | 5.1 | 225.2 | 371.6 | (50.1) | |||||||||
Beginning balance at Jun. 30, 2019 | $ 974.6 | (7.8) | 40.1 | 5.1 | 216.7 | 759 | (7.8) | (46.3) | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201613Member | ||||||||||||||
Ending balance at Jun. 30, 2020 | $ 388.2 | 2.1 | 40.3 | 5.1 | 227.6 | 197.6 | 2.1 | (82.4) | |||||||
Beginning balance at Sep. 30, 2019 | 928.6 | 40.1 | 5.1 | 222.9 | 711.2 | (50.7) | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Net earnings (loss) | 37.8 | 37.8 | |||||||||||||
Other comprehensive income (loss), net of income taxes | 9.6 | 9.6 | |||||||||||||
Shares issued under incentive plans, net of forfeitures | 0.6 | 0.1 | 0.5 | ||||||||||||
Purchases of Company stock | (2.4) | (2.4) | |||||||||||||
Share-based compensation | 2.2 | 2.2 | |||||||||||||
Dividends paid | (24.5) | (3) | (14.1) | (24.5) | (3) | (14.1) | |||||||||
Accretion of Series A preferred stock | (4.5) | (4.5) | |||||||||||||
Ending balance at Dec. 31, 2019 | 930.3 | 40.2 | 5.1 | 223.2 | 702.9 | (41.1) | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Net earnings (loss) | (284.4) | (284.4) | |||||||||||||
Other comprehensive income (loss), net of income taxes | (9) | (9) | |||||||||||||
Shares issued under incentive plans, net of forfeitures | 0.4 | 0.1 | 0.3 | ||||||||||||
Purchases of Company stock | (0.5) | (0.5) | |||||||||||||
Share-based compensation | 2.2 | 2.2 | |||||||||||||
Dividends paid | $ (25.3) | $ (3) | (14) | $ (25.3) | $ (3) | (14) | |||||||||
Accretion of Series A preferred stock | $ (4.6) | $ (4.6) | |||||||||||||
Ending balance at Mar. 31, 2020 | 592.1 | 40.3 | 5.1 | 225.2 | 371.6 | (50.1) | |||||||||
Beginning balance at Jun. 30, 2020 | 388.2 | 2.1 | 40.3 | 5.1 | 227.6 | 197.6 | 2.1 | (82.4) | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Net earnings (loss) | 42.3 | 42.3 | |||||||||||||
Other comprehensive income (loss), net of income taxes | 7.1 | 7.1 | |||||||||||||
Shares issued under incentive plans, net of forfeitures | 0.4 | 0.1 | 0.3 | ||||||||||||
Purchases of Company stock | (0.4) | (0.4) | |||||||||||||
Share-based compensation | 8.8 | 8.8 | |||||||||||||
Ending balance at Sep. 30, 2020 | 448.5 | 40.4 | 5.1 | 236.3 | 242 | (75.3) | |||||||||
Beginning balance at Jun. 30, 2020 | 388.2 | $ 2.1 | 40.3 | 5.1 | 227.6 | 197.6 | $ 2.1 | (82.4) | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Net earnings (loss) | 269.9 | ||||||||||||||
Other comprehensive income (loss), net of income taxes | 18.1 | ||||||||||||||
Ending balance at Mar. 31, 2021 | 693.9 | 40.5 | 5.1 | 243 | 469.6 | (64.3) | |||||||||
Beginning balance at Sep. 30, 2020 | 448.5 | 40.4 | 5.1 | 236.3 | 242 | (75.3) | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Net earnings (loss) | 148.5 | 148.5 | |||||||||||||
Other comprehensive income (loss), net of income taxes | 9.1 | 9.1 | |||||||||||||
Shares issued under incentive plans, net of forfeitures | 0.5 | 0.2 | 0.3 | ||||||||||||
Purchases of Company stock | (0.5) | $ (0.1) | (0.4) | ||||||||||||
Share-based compensation | 3.8 | 3.8 | |||||||||||||
Ending balance at Dec. 31, 2020 | 609.9 | 40.5 | 5.1 | 240 | 390.5 | (66.2) | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Net earnings (loss) | 79.1 | 79.1 | |||||||||||||
Other comprehensive income (loss), net of income taxes | 1.9 | 1.9 | |||||||||||||
Shares issued under incentive plans, net of forfeitures | 0.6 | 0 | 0.6 | ||||||||||||
Purchases of Company stock | (0.4) | (0.4) | |||||||||||||
Share-based compensation | 2.8 | 2.8 | |||||||||||||
Ending balance at Mar. 31, 2021 | $ 693.9 | $ 40.5 | $ 5.1 | $ 243 | $ 469.6 | $ (64.3) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | |||||||
Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Jun. 30, 2019 | |
Common Stock | ||||||||
Common stock, par value (in usd per share) | $ 1 | $ 1 | $ 1 | $ 1 | $ 1 | $ 1 | $ 1 | $ 1 |
Common stock, dividends, per share, cash paid (in usd per share) | 0.595 | 0.575 | 0.575 | |||||
Class B Common Stock | ||||||||
Common stock, par value (in usd per share) | 1 | 1 | 1 | $ 1 | $ 1 | $ 1 | $ 1 | $ 1 |
Common stock, dividends, per share, cash paid (in usd per share) | 0.595 | 0.575 | 0.575 | |||||
Series A Preferred Stock | ||||||||
Preferred stock, dividends, per share, cash paid (in usd per share) | $ 21.49 | $ 21.72 | $ 22.19 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions | 9 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash flows from operating activities | ||
Net earnings (loss) | $ 269.9 | $ (240.5) |
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities | ||
Depreciation | 55.2 | 59 |
Amortization | 79.2 | 111.6 |
Non-cash lease expense | 26.6 | 29.3 |
Share-based compensation | 15.4 | 11.9 |
Deferred income taxes | 2.7 | (52.7) |
Amortization of original issue discount and debt issuance costs | 9.5 | 5.1 |
Amortization of broadcast rights | 12.2 | 14.3 |
Gain on sale of assets, net | (100.1) | (18) |
Loss on extinguishment of debt | 11.9 | 0 |
Write-down of impaired assets | 0 | 405.3 |
Changes in assets and liabilities, net of acquisitions | (44.7) | (142.3) |
Net cash provided by operating activities | 337.8 | 183 |
Cash flows from investing activities | ||
Acquisitions of and investments in businesses and assets, net of cash acquired | 0 | (23.1) |
Net proceeds from disposition of assets, net of cash sold | 44.6 | 79.2 |
Additions to property, plant, and equipment | (25.6) | (45.6) |
Other | 4.1 | 0 |
Net cash provided by investing activities | 23.1 | 10.5 |
Cash flows from financing activities | ||
Proceeds from issuance of long-term debt | 0 | 375 |
Repayments of long-term debt | (261.7) | (375) |
Dividends paid | 0 | (125.5) |
Purchases of Company stock | (1.3) | (4.7) |
Proceeds from common stock issued | 1.5 | 1.5 |
Payment of acquisition-related contingent consideration | (1) | 0 |
Financing lease payments | (0.7) | (0.8) |
Net cash used in financing activities | (263.2) | (129.5) |
Effect of exchange rate changes on cash and cash equivalents | 0.6 | (0.5) |
Change in cash in assets held-for-sale | 0 | (5.1) |
Net increase in cash and cash equivalents | 98.3 | 58.4 |
Cash and cash equivalents at beginning of period | 132.4 | 45 |
Cash and cash equivalents at end of period | $ 230.7 | $ 103.4 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 1. Summary of Significant Accounting Policies Basis of Presentation —The condensed consolidated financial statements include the accounts of Meredith Corporation and its wholly-owned and majority-owned subsidiaries (Meredith or the Company), after eliminating all significant intercompany balances and transactions. Meredith does not have any off-balance sheet arrangements. The accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the United States Securities and Exchange Commission (SEC). Accordingly, they do not include all of the information and notes required by accounting principles generally accepted in the United States of America (U.S. GAAP) for complete financial statements. These condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements, which are included in Meredith’s Annual Report on Form 10-K for the year ended June 30, 2020, filed with the SEC. The condensed consolidated financial statements as of March 31, 2021, and for the three and nine months ended March 31, 2021 and 2020, are unaudited but, in management’s opinion, include all adjustments necessary for a fair presentation of the results of interim periods. All such adjustments are of a normal recurring nature. The year-end condensed consolidated balance sheet as of June 30, 2020, was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP. The results of operations for interim periods are not necessarily indicative of the results to be expected for the entire fiscal year. Interim results may vary significantly as the economic impact of the COVID-19 pandemic continues to evolve. The extent to which the evolving COVID-19 pandemic impacts the Company’s condensed consolidated financial statements will depend on a number of factors, including the magnitude and duration of the pandemic. There remains risk that COVID-19 could have material adverse impacts on future revenue growth as well as overall profitability. The financial position and operating results of the Company’s foreign operations are consolidated using primarily the local currency as the functional currency. Local currency assets and liabilities are translated at the rates of exchange as of the balance sheet date, and local currency revenues and expenses are translated at average rates of exchange during the period. Translation gains or losses on assets and liabilities are included as a component of accumulated other comprehensive loss. Adopted Accounting Pronouncements — ASU 2016-13—In June 2016, the Financial Accounting Standards Board (FASB) issued a standard that replaced the then current incurred loss methodology for recognizing credit losses with a current expected credit loss methodology. Under this standard, the establishment of an allowance for credit losses reflects all relevant information about past events, current conditions, and reasonable supportable forecasts rather than delaying the recognition of the full amount of a credit loss until the loss is probable of occurring. The new standard changed the impairment model for most financial assets and certain other instruments, including trade receivables. The Company implemented the new standard on July 1, 2020, on a modified retrospective basis. The adoption of this standard resulted in a decrease in the allowance for doubtful accounts of $2.8 million and an increase in deferred tax liabilities of $0.7 million, with a corresponding increase in retained earnings of $2.1 million. This standard did not have a material impact on the Company’s condensed consolidated financial statements and related disclosures upon adoption. ASU 2018-13—In August 2018, the FASB issued an accounting standards update which changed the fair value measurement disclosure requirements. The update removes, modifies, and adds certain additional disclosures. The Company adopted this pronouncement in the first quarter of fiscal 2021. The adoption required additional disclosure on the Company’s Level 3 measurements as defined in Note 9. There were no other impacts to the Company’s condensed consolidated financial statements. ASU 2019-02—In March 2019, the FASB issued an accounting standards update that aligned the accounting for production costs of episodic television series with the accounting for production costs of films. In addition, the update modified certain aspects of the capitalization, impairment, presentation, and disclosure requirements in the accounting standards for entities in the film and broadcast entertainment industries. The update was prospectively adopted in the first quarter of fiscal 2021. Due to existing Company policies and the nature of its episodic television series, the update had no impact on the Company’s condensed consolidated financial statements. ASU 2020-09—In October 2020, the FASB issued an accounting standards update to formally codify the new disclosure requirements of an SEC final rule issued in March 2020 related to certain registered securities under SEC Regulation S-X, Rule 3-10 (Rule 3-10). The most pertinent portions of the final rule applicable to the Company included: (i) replacing the previous requirement under Rule 3-10 to provide condensed consolidated financial information in the registrant’s financial statements with a requirement to provide alternative financial disclosures (which include summarized financial information of the parent and any issuers and guarantors, as well as other qualitative disclosures) in either the registrant’s Management Discussion & Analysis section or its financial statements; and, (ii) reducing the periods for which summarized financial information is required to the most recent annual period and year-to-date interim period. The final rule was effective for filings on or after January 4, 2021. The Company elected to early-adopt the provisions of the final rule during the third quarter of fiscal 2020 and elected to provide the summarized financial information in Item II, Management’s Discussion and Analysis of Financial Condition and Results of Operations . ASU 2020-10—In October 2020, the FASB issued an accounting standards update containing codification improvements. These improvements include providing a consistent location for disclosure guidance and providing clarification to other certain guidance sections. The Company early adopted this guidance retrospectively as of July 1, 2020. The early adoption of this guidance did not materially impact the Company’s condensed consolidated financial statements. |
Inventories
Inventories | 9 Months Ended |
Mar. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories | 2. Inventories Major components of inventories are summarized below. (In millions) March 31, 2021 June 30, 2020 Raw materials $ 14.1 $ 21.0 Work in process 12.4 10.6 Finished goods 2.4 2.6 Inventories $ 28.9 $ 34.2 |
Discontinued Operations and Dis
Discontinued Operations and Dispositions | 9 Months Ended |
Mar. 31, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations and Dispositions | 3. Discontinued Operations and Dispositions Discontinued Operations Shortly after the Company’s acquisition of Time Inc. in fiscal 2018, it announced the planned sale of certain brands and investments. Several of these brands and investments were held during fiscal 2020, and all sales were completed by the end of the third quarter of fiscal 2020. The revenues and expenses of these businesses were included in the gain (loss) from discontinued operations, net of income taxes line on the Condensed Consolidated Statements of Earnings (Loss) for the periods prior to their sales. The second step of the two-step transaction to sell the Sports Illustrated brand and the sale of Viant were completed in October 2019. There was a gain of $3.0 million recognized on these sales in the second quarter of fiscal 2020. Based on the selling price of Sports Illustrated, an impairment of goodwill for the Sports Illustrated brand of $4.2 million was recorded in the first quarter of fiscal 2020. FanSided was sold in January 2020 to an unrelated third party for $16.4 million, and the investment in Xumo was sold to an unrelated third party in February 2020 for $37.4 million. There was a gain of $8.6 million recognized on these sales in the third quarter of fiscal 2020. Based on the selling price of FanSided, an impairment of goodwill for the FanSided brand of $11.8 million was recorded in the second quarter of fiscal 2020. All discontinued operations related to the national media segment. Amounts applicable to discontinued operations on the Condensed Consolidated Statements of Earnings (Loss) were as follows: Periods ended March 31, 2020 Three Months Nine Months (In millions except per share data) Revenues $ 1.3 $ 112.1 Costs and expenses (1.0) (108.6) Impairment of goodwill — (16.0) Interest expense (0.1) (2.1) Gain on disposal 9.3 12.3 Earnings (loss) before income taxes 9.5 (2.3) Income tax expense (4.5) (23.0) Gain (loss) from discontinued operations, net of income taxes $ 5.0 $ (25.3) Gain (loss) per share from discontinued operations Basic $ 0.11 $ (0.56) Diluted 0.11 (0.56) The Company did not allocate interest to discontinued operations unless the interest was directly attributable to the discontinued operations or was interest on debt that was required to be repaid as a result of the disposal transaction. Interest expense included in discontinued operations reflected an estimate of interest expense related to the debt that was repaid with the proceeds from the sales of the businesses. The discontinued operations did not have depreciation, amortization, or significant non-cash investing items for the nine months ended March 31, 2020. Share-based compensation expense related to discontinued operations was a benefit of $0.8 million for the nine months ended March 31, 2020, due to the forfeiture of stock compensation upon sale, and is included in the calculation of net cash provided by operating activities on the Condensed Consolidated Statements of Cash Flows. Dispositions In January 2021, Meredith sold the Travel + Leisure trademark and other related assets, including the Travel + Leisure travel clubs, to an unrelated third party for $100.0 million, which included $35.0 million of cash at closing and a non-interest bearing note receivable of $65.0 million. Payments on the note receivable are due annually starting on June 30, 2021, and will be completed by June 30, 2024. The $65.0 million note receivable was discounted by $3.7 million utilizing an interest rate reflecting the borrower’s specific credit risk. The sale resulted in a gain of $97.6 million, which was recorded in the acquisition, disposition, and restructuring related activities line on the Condensed Consolidated Statements of Earnings (Loss). Meredith entered into a 30-year royalty-free licensing relationship to license back the Travel + Leisure brand and continues to publish the magazine and operate the Travel + Leisure media platforms. Refer to Note 4 for additional information related to the intangible assets associated with this sale. In October 2019, Meredith sold the Money brand to an unrelated third party for $24.9 million, which resulted in a gain on sale of $8.3 million. This gain was recorded in the acquisition, disposition, and restructuring related activities line on the Condensed Consolidated Statements of Earnings (Loss). |
Intangible Assets and Goodwill
Intangible Assets and Goodwill | 9 Months Ended |
Mar. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets and Goodwill | 4. Intangible Assets and Goodwill Intangible assets consisted of the following: March 31, 2021 June 30, 2020 (In millions) Gross Accumulated Net Gross Accumulated Net Intangible assets National media Advertiser relationships $ 211.0 $ (211.0) $ — $ 211.0 $ (170.0) $ 41.0 Publisher relationships 132.8 (58.0) 74.8 132.8 (43.9) 88.9 Partner relationships 98.2 (50.8) 47.4 98.2 (38.7) 59.5 Customer relationships 8.0 (3.5) 4.5 71.3 (65.6) 5.7 Other 35.9 (17.2) 18.7 26.3 (16.9) 9.4 Local media Network affiliation agreements 229.3 (166.2) 63.1 229.3 (161.5) 67.8 Advertiser relationships 12.5 (12.5) — 12.5 (10.1) 2.4 Retransmission agreements 10.6 (6.7) 3.9 27.9 (23.1) 4.8 Other 0.7 (0.7) — 1.7 (1.6) 0.1 Total $ 739.0 $ (526.6) 212.4 $ 811.0 $ (531.4) 279.6 Intangible assets not National media Trademarks 694.7 706.7 Internet domain names 8.3 8.3 Local media FCC licenses 652.9 652.9 Total 1,355.9 1,367.9 Intangible assets, net $ 1,568.3 $ 1,647.5 Amortization expense was $79.2 million and $111.6 million for the nine months ended March 31, 2021 and 2020, respectively. Annual amortization expense for intangible assets is expected to be as follows: $90.7 million in fiscal 2021, $45.1 million in fiscal 2022, $42.6 million in fiscal 2023, $34.5 million in fiscal 2024, and $17.1 million in fiscal 2025. As discussed in Note 3, in January 2021, Meredith sold the Travel + Leisure trademark. The trademark had a recorded value of $12.0 million and was not subject to amortization. As part of the agreement, Meredith retained certain rights to utilize the Travel + Leisure brand and therefore established an intangible asset subject to amortization related to these rights at an initial value equal to the sold trademark. During the first quarter of fiscal 2020, the Company recorded an impairment charge of $5.2 million on a national media trademark. Management determined this trademark was fully impaired as part of management’s commitment to performance improvement plans, including the closure of the Family Circle brand. The impairment charge was recorded in the impairment of goodwill and other long-lived assets line on the Condensed Consolidated Statements of Earnings (Loss). During the third quarter of fiscal 2020, the Company experienced revenue declines, primarily related to advertising cancellations and delays as advertisers faced economic challenges caused by the COVID-19 pandemic. These declines caused the Company to revise forecasts and to determine that it had a triggering event to test the value of intangible assets not subject to amortization for impairment as of March 31, 2020. As a result, the national media segment recorded a non-cash impairment charge of $21.2 million to partially impair the trademarks for the magazines.com, Entertainment Weekly, Shape, EatingWell, and Cooking Light brands. In addition, the local media segment recorded a non-cash impairment charge of $22.3 million to partially impair the FCC license for its WALA-TV station in Mobile, Alabama and Pensacola, Florida. These impairment charges were recorded in the impairment of goodwill and other long-lived assets line on the Condensed Consolidated Statements of Earnings (Loss). The Company is required to evaluate goodwill for impairment on an annual basis or when events occur or circumstances change that would indicate the carrying value exceeds the fair value. During the third quarter of fiscal 2020, the Company determined that interim triggering events, including declines in the price of its stock and the economic downturn caused by COVID-19, required an interim evaluation of goodwill at March 31, 2020. The impairment test determined the carrying value of goodwill in the national media reporting unit exceeded its estimated fair value. As a result, the Company recorded a non-cash impairment charge of $252.7 million to reduce the carrying value of goodwill in the national media segment in the third quarter of fiscal 2020. The impairment charge was recorded in the impairment of goodwill and other long-lived assets line on the Condensed Consolidated Statements of Earnings (Loss). The Company recorded an income tax benefit of $26.9 million related to this goodwill impairment charge. Changes in the carrying amount of goodwill were as follows: Nine months ended March 31, 2021 2020 (In millions) Goodwill Accumulated Impairment Loss Net Carrying Amount Goodwill Accumulated Impairment Loss Net Carrying Amount National media Balance at beginning of period $ 1,855.4 $ (252.7) $ 1,602.7 $ 1,862.8 $ — $ 1,862.8 Acquisitions — — — 6.7 — 6.7 Acquisition adjustments (0.1) — (0.1) 2.4 — 2.4 Disposals — — — (16.7) — (16.7) Impairment — — — — (252.7) (252.7) Balance at end of period 1,855.3 (252.7) 1,602.6 1,855.2 (252.7) 1,602.5 Local media Balance at beginning of period 116.6 — 116.6 116.6 — 116.6 Activity — — — — — — Balance at end of period 116.6 — 116.6 116.6 — 116.6 Total $ 1,971.9 $ (252.7) $ 1,719.2 $ 1,971.8 $ (252.7) $ 1,719.1 |
Restructuring Accrual
Restructuring Accrual | 9 Months Ended |
Mar. 31, 2021 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Accrual | 5. Restructuring Accrual In the first quarter of fiscal 2021, management committed to a performance improvement plan to control costs. Actions included consolidating certain local media functions and reallocating positions across the Company by shifting resources to digital operations in the national media segment. In connection with this plan, the Company recorded pre-tax restructuring charges totaling $12.4 million for severance and related benefit costs associated with the involuntary termination of employees. These actions affected approximately 140 employees in the local media segment, 80 in the national media segment, and 10 in unallocated corporate. During the second quarter of fiscal 2021, the calculations were refined, and an additional $0.5 million in severance and related benefit costs was recorded. During the third quarter of fiscal 2021, the owner of the Departures brand announced it was transitioning to a digital-only platform. As a result, the Departures brand owner terminated its custom publishing agreement with Meredith. In connection with this transition, as well as other smaller calculation refinements, the Company recorded pre-tax restructuring charges totaling $1.4 million for severance and related benefit costs associated with the involuntary termination of approximately 25 employees in the national media segment. The majority of the severance costs for these restructuring actions will be paid during fiscal 2021, with the remainder to be paid in fiscal 2022. These costs were recorded in the acquisition, disposition, and restructuring related activities line on the Condensed Consolidated Statements of Earnings (Loss). In the first quarter of fiscal 2020, management committed to performance improvement plans related to the strategic decisions to transition Rachael Ray Every Day into a consumer-driven, newsstand-only quarterly magazine and to discontinue the Family Circle brand. Other smaller actions were taken in the local media segment and unallocated corporate. In connection with these plans, the Company recorded pre-tax restructuring charges totaling $12.9 million, including $9.9 million for severance and related benefit costs associated with the involuntary termination of employees and $3.0 million in other costs and expenses. In the second and third quarters of fiscal 2020, additional smaller actions were taken in the local media segment and unallocated corporate. In connection with these plans, the Company recorded pre-tax restructuring charges of $3.8 million in the second quarter and $2.3 million in the third quarter for severance and related benefit costs associated with the involuntary termination of employees. Combined, these actions affected approximately 145 employees in the national media segment, 15 in the local media segment, and 10 in unallocated corporate. The majority of the severance costs were paid during fiscal 2020, with the remainder in fiscal 2021. Of these costs, for the nine months ended March 31, 2020, $15.3 million were recorded in the acquisition, disposition, and restructuring related activities line, and $3.7 million were recorded in the gain (loss) from discontinued operations, net of income taxes line on the Condensed Consolidated Statements of Earnings (Loss). Details of the severance and related benefit costs by segment for these performance improvement plans are as follows: Amounts Accrued in the Period Total Amount Expected to be Incurred Three Months Nine Months Periods ended March 31, 2021 2020 2021 2020 (in millions) National media $ 1.3 $ 1.7 $ 6.4 $ 10.5 $ 6.4 Local media 0.1 — 7.3 2.4 7.3 Unallocated Corporate — 0.6 0.6 3.1 0.6 $ 1.4 $ 2.3 $ 14.3 $ 16.0 $ 14.3 Details of changes in the Company’s restructuring accrual related to employee terminations are as follows: Nine months ended March 31, 2021 2020 (In millions) Balance at beginning of period $ 10.7 $ 43.7 Accruals 14.3 16.0 Cash payments (15.2) (42.4) Reversal of excess accrual (2.2) — Balance at end of period $ 7.6 $ 17.3 As of March 31, 2021, the $7.6 million was classified as current liabilities on the Condensed Consolidated Balance Sheets. |
Long-term Debt
Long-term Debt | 9 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Long-term Debt | 6. Long-term Debt Long-term debt consisted of the following: March 31, 2021 June 30, 2020 (In millions) Principal Balance Unamortized Discount and Debt Issuance Costs Carrying Principal Balance Unamortized Discount and Debt Issuance Costs Carrying Variable-rate credit facility Senior credit facility term loan, due January 31, 2025 $ 1,062.5 $ (11.1) $ 1,051.4 $ 1,062.5 $ (13.1) $ 1,049.4 Senior credit facility incremental term loan, due January 31, 2025 406.9 (19.3) 387.6 410.0 (22.7) 387.3 Revolving credit facility of $350 million, due January 31, 2023 — — — — — — Senior Unsecured Notes 6.875% senior notes, due February 1, 2026 1,022.9 (13.3) 1,009.6 1,272.9 (18.7) 1,254.2 Senior Secured Notes 6.500% senior notes, due July 1, 2025 300.0 (4.3) 295.7 300.0 (5.0) 295.0 Total long-term debt 2,792.3 (48.0) 2,744.3 3,045.4 (59.5) 2,985.9 Current portion of long-term debt (4.1) — (4.1) (4.1) — (4.1) Long-term debt $ 2,788.2 $ (48.0) $ 2,740.2 $ 3,041.3 $ (59.5) $ 2,981.8 In the third quarter of fiscal 2021, the Company redeemed $250.0 million of its senior unsecured notes maturing in 2026 (2026 Senior Notes). This payment was made in advance of the scheduled maturity and thus was considered an extinguishment of the debt. As a result of the prepayment, an extinguishment loss of $11.9 million was recognized in the third quarter of fiscal 2021 and was recorded in the interest expense, net line on the Condensed Consolidated Statements of Earnings (Loss). This extinguishment loss included a premium paid on the repurchase of the 2026 Senior Notes of $8.6 million. |
Income Taxes
Income Taxes | 9 Months Ended |
Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 7. Income Taxes For the third quarter and first nine months of fiscal 2021, Meredith recorded tax expense of $28.7 million and $83.6 million, respectively. This compares to tax benefits recorded by the Company of $43.6 million and $15.4 million for the third quarter and first nine months of fiscal 2020, respectively. In the third quarter of fiscal 2020, the Federal District Court ruled in the Company’s favor on a disputed Internal Revenue Code Section 199 issue for fiscal years 2006 through fiscal 2012. In the first quarter of fiscal 2021, the Department of Justice waived its right to appeal, resulting in the finalization of the Federal District Court decision and the release of the associated reserve for uncertain tax positions. As such, a tax benefit of $15.2 million was recorded in the first quarter of fiscal 2021. The tax benefit in the third quarter and first nine months of fiscal 2020 was primarily due to the tax effect of the impairment charge for national media segment goodwill. In the third quarter of fiscal 2020, the Company recorded a non-cash impairment charge of $252.7 million to reduce the carrying value of goodwill and recorded an income tax benefit of $26.9 million related to this goodwill impairment charge. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 8. Commitments and Contingencies Lease Guarantees In March 2018, the Company sold Time Inc. (UK) Ltd (TIUK), a United Kingdom (U.K.) multi-platform publisher. In connection with the sale of TIUK, the Company recognized a liability in connection with a lease of office space in the U.K. through December 31, 2025, which was guaranteed by the Company. In the first quarter of fiscal 2020, the Company was released of its guarantee by the landlord. As a result, a gain of $8.0 million was recorded in the non-operating income (expense), net line on the Condensed Consolidated Statements of Earnings (Loss). The Company guarantees two other leases of entities previously sold, one through January 2023 and another through November 2030. The carrying value of those guarantees, which are recorded in other noncurrent liabilities on the Condensed Consolidated Balance Sheets, was $2.0 million and $2.2 million at March 31, 2021 and June 30, 2020, respectively, and the maximum obligation for which the Company would be liable if the primary obligors fail to perform under the lease agreements is $12.4 million as of March 31, 2021. Legal Proceedings In the ordinary course of business, the Company is a defendant in or party to various legal claims, actions, and proceedings. These claims, actions, and proceedings are at varying stages of investigation, arbitration, or adjudication, and involve a variety of areas of law. On October 26, 2010, the Canadian Minister of National Revenue denied the claims by Time Inc. Retail (formerly Time/Warner Retail Sales & Marketing, Inc.) (TIR) for input tax credits in respect of goods and services tax that TIR had paid on magazines it imported into and had displayed at retail locations in Canada during the years 2006 to 2008, on the basis that TIR did not own those magazines and issued Notices of Reassessment in the amount of approximately C$52.0 million. On January 21, 2011, TIR filed an objection to the Notices of Reassessment with the Chief of Appeals of the Canada Revenue Agency (CRA), arguing that TIR claimed input tax credits only in respect of goods and services tax it actually paid and it is entitled to a rebate for such payments. On September 13, 2013, TIR received Notices of Reassessment in the amount of C$26.9 million relating to the same type of situation during the years 2009 to 2010, and TIR filed similar objections as for prior years. By letter dated June 19, 2015, the CRA requested payment of C$89.8 million, which includes interest accrued and stated that failure to pay may result in legal action. TIR responded by stating that collection should remain stayed pending resolution of the issues raised by TIR’s objection. Including interest accrued, the total of the reassessments claimed by the CRA for the years 2006 to 2010 was C$91.0 million as of November 30, 2015. The parties are engaged in mediation. On September 6, 2019, a shareholder filed a putative class action lawsuit in the U.S. District Court for the Southern District of New York against the Company, its Chief Executive Officer, and its Chief Financial Officer, seeking to represent a class of shareholders who acquired securities of the Company between May 10, 2018 and September 4, 2019 (the New York Action). On September 12, 2019, a shareholder filed a putative class action lawsuit in the U.S. District Court for the Southern District of Iowa against the Company, its Chief Executive Officer, its Chief Financial Officer, and its Chairman of the Board seeking to represent a class of shareholders who acquired securities of the Company between January 31, 2018 and September 5, 2019 (the Iowa Action). Both complaints allege that the defendants made materially false and/or misleading statements, and failed to disclose material adverse facts, about the Company’s business, operations, and prospects. Both complaints assert claims under the federal securities laws and seek unspecified monetary damages and other relief. On November 12, 2019, the plaintiff shareholder withdrew the New York Action, and the action has been dismissed. On November 25, 2019, the City of Plantation Police Officers Pension Fund was appointed to serve as lead plaintiff in the Iowa Action. On March 9, 2020, the lead plaintiff filed an amended complaint in the Iowa Action, seeking to represent a class of shareholders who acquired securities of the Company between January 31, 2018 and September 30, 2019. On June 22, 2020, the defendants filed a motion to dismiss the Iowa Action. On October 28, 2020, a U.S. District Judge granted defendants’ motion to dismiss, dismissing the Iowa Action with prejudice at plaintiffs’ cost due to plaintiffs’ failure to satisfy applicable pleading requirements. Specifically, the court held that plaintiffs had failed to plead any actionable misstatement or omission, scienter, or loss causation. The court observed that, “[a]s explained in Defendants’ motion [to dismiss] and supporting briefs, this lawsuit is precisely the type of frivolous ‘strike’ suit that Congress directed federal courts to dismiss at the pleading stage.” On November 23, 2020, the lead plaintiff filed a notice of appeal of the District Court’s dismissal. The Eighth Circuit Court of Appeals has scheduled briefing on the appeal. The Company expects all briefs to be submitted within the first half of calendar 2021. On April 3, 2019, a purported class of plaintiff purchasers of broadcast television spot advertising amended its pending consolidated complaint in the U.S. District Court for the Northern District of Illinois against a number of broadcast television station groups to add Meredith and other broadcast television station groups as defendants (the Defendants). The amended complaint alleges that the Defendants have violated federal antitrust law by entering agreements with their competitors to fix prices and exchange competitively sensitive information. The Defendants filed a joint motion to dismiss on June 5, 2019, after which the plaintiffs filed a consolidated second amended complaint on September 9, 2019. The Defendants filed a joint motion to dismiss the second amended complaint on October 8, 2019. On November 6, 2020, the court denied the motion to dismiss. The Company establishes an accrued liability for specific matters, such as a legal claim, when the Company determines that a loss is probable and the amount of the loss can be reasonably estimated. Once established, accruals are adjusted, as appropriate, in light of additional information. The amount of any loss ultimately incurred in relation to matters for which an accrual has been established may be higher or lower than the amounts accrued for such matters. In view of the inherent difficulty of predicting the outcome of litigation, claims, and other matters, the Company often cannot predict what the eventual outcome of a pending matter will be, or what the timing or results of the ultimate resolution of a matter will be. Accordingly, for the matters described above, the Company is unable to predict the outcome or reasonably estimate a range of possible loss. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 9. Fair Value Measurements The Company estimates the fair value of financial instruments using available market information and valuation methodologies the Company believes to be appropriate for these purposes. Considerable judgment and a high degree of subjectivity are involved in developing these estimates and, accordingly, they are not necessarily indicative of amounts the Company would realize upon disposition. The fair value hierarchy consists of three broad levels of inputs that may be used to measure fair value, which are described below: • Level 1 Quoted prices (unadjusted) in active markets for identical assets or liabilities; • Level 2 Inputs other than quoted prices included within Level 1 that are either directly or indirectly observable; and • Level 3 Assets or liabilities for which fair value is based on valuation models with significant unobservable pricing inputs and which result in the use of management estimates. The following table sets forth the carrying value and the estimated fair value of the Company’s financial instruments not measured at fair value in the Condensed Consolidated Balance Sheets: March 31, 2021 June 30, 2020 (In millions) Carrying Value Fair Value Carrying Value Fair Value Broadcast rights payable $ 14.6 $ 13.4 $ 12.7 $ 11.7 Total long-term debt 2,744.3 2,829.1 2,985.9 2,753.6 The fair value of broadcast rights payable was determined utilizing Level 3 inputs. The fair value of total long-term debt was based on pricing from observable market information obtained from a non-active market, therefore is included as a Level 2 measurement. The following tables summarize recurring and nonrecurring fair value measurements at March 31, 2021 and June 30, 2020, along with the corresponding impacts to the Condensed Consolidated Statements of Earnings (Loss), if any: March 31, 2021 (In millions) Total Level 1 Level 2 Level 3 Recurring fair value measurements Cash and cash equivalents - cash equivalents $ 101.8 $ 101.8 $ — $ — Accrued expenses Contingent consideration $ 2.6 $ — $ — $ 2.6 Deferred compensation plans 6.0 — 6.0 — Other noncurrent liabilities Contingent consideration 1.7 — — 1.7 Deferred compensation plans 11.4 — 11.4 — Total recurring liability fair value measurements $ 21.7 $ — $ 17.4 $ 4.3 June 30, 2020 Nine months ended March 31, 2020 (In millions) Total Level 1 Level 2 Level 3 Total Losses Recurring fair value measurements Cash and cash equivalents - cash equivalents $ 115.2 $ 115.2 $ — $ — Accrued expenses Contingent consideration $ 1.3 $ — $ — $ 1.3 Deferred compensation plans 3.4 — 3.4 — Other noncurrent liabilities Contingent consideration 3.6 — — 3.6 Deferred compensation plans 13.5 — 13.5 — Total recurring liability fair value measurements $ 21.8 $ — $ 16.9 $ 4.9 Nonrecurring fair value measurements Net property, plant, and equipment 1 $ 16.7 $ — $ — $ 16.7 $ (23.4) Operating lease assets 2 46.3 — — 46.3 (64.5) Intangible assets, net 3 77.9 — — 77.9 (48.7) Goodwill 4 1,602.5 — — 1,602.5 (252.7) Total nonrecurring fair value measurements $ 1,743.4 $ — $ — $ 1,743.4 $ (389.3) 1 Represents leasehold improvements and furniture and fixtures with a carrying value of $40.1 million partially impaired with its associated operating lease asset at March 31, 2020. The impairment charge was recorded in the impairment of goodwill and other long-lived assets line on the Condensed Consolidated Statements of Earnings (Loss). For further discussion, see below. 2 Represents an operating lease asset with a carrying value of $110.8 million partially impaired at March 31, 2020. The impairment charge was recorded in the impairment of goodwill and other long-lived assets line on the Condensed Consolidated Statements of Earnings (Loss). For further discussion, see below. 3 Represents a local media FCC license partially impaired at March 31, 2020, and five national media trademarks. One trademark was fully impaired at September 30, 2019, and four additional were partially impaired at March 31, 2020. The assets had a carrying value of $126.6 million prior to the impairment. The impairment charge was recorded in the impairment of goodwill and other long-lived assets line on the Condensed Consolidated Statements of Earnings (Loss). For further details, refer to Note 4. 4 Represents national media goodwill with a carrying value of $1,855.2 million partially impaired at March 31, 2020. The impairment charge was recorded in the impairment of goodwill and other long-lived assets line on the Condensed Consolidated Statements of Earnings (Loss). For further details, refer to Note 4. The fair value of deferred compensation plans is derived from quotes of similar investments observable in the market, and thus represents a Level 2 measurement. The fair value of contingent consideration is based on estimates of future performance benchmarks established in the associated acquisition agreements and the amortization of the present value discount. These estimates are based on inputs not observable in the market and thus represent Level 3 measurements. Estimates utilize a weighted average discount rate of 3.50 percent, weighted by relative fair value. The operating lease assets and net property, plant, and equipment are assets associated with the same leased space. These assets are measured on a nonrecurring basis, and the fair value w as determined based on significant inputs not observable in the market, and thus represents a Level 3 measurement. As discu ssed in Note 3, the Company completed the sale of certain businesses acquired in connection with the Time acquisition. As a result of the dispositions and cost-reduction initiatives, the Company has two floors of vacant leased space at its location in New York City. The vacant space is presently held with the intent to sublease for the remainder of the lease term. The Company recognized an impairment charge of $87.9 million during the third quarter of fiscal 2020 related to the vacant space. Fair value was estimated using an income approach based on management’s forecast of future cash flows expected to be derived from the property based on current sublease market rent, which was negatively impacted by the effects of the COVID-19 pandemic. The charge was allocated on a pro-rata basis, with $64.5 million to operating lease assets and $23.4 million to leasehold improvements and furniture and fixtures, and was recorded in the national media segment. The impairment charge was recorded in the impairment of goodwill and other long-lived assets line on the Condensed Consolidated Statements of Earnings (Loss). The fair values of the trademarks, FCC licenses, and goodwill were measured on a nonrecurring basis and were determined based on significant inputs not observable in the market and thus represent Level 3 measurements. Key assumptions used to determine the fair value included discount rates, estimated cash flows, royalty rates, and revenue growth rates. The discount rate used was based on several factors, including market interest rates and a weighted average cost of capital analysis based on the target capital structure, and included adjustments for market risk and Company-specific risk. Estimated cash flows were based on internally developed estimates and the revenue growth rates were based on industry knowledge and historical performance. For the intangible assets, the unobservable significant inputs included a discount rate of 11.00 percent, a royalty rate of 1.61 percent, and a terminal revenue growth rate of 1.48 percent, all weighted by relative fair values. For further discussion of the impairment of these assets, refer to Note 4. The impairment charges were recorded in the impairment of goodwill and other long-lived assets line on the Condensed Consolidated Statements of Earnings (Loss). The following table represents changes in the fair value of liabilities subject to Level 3 measurement during the nine months ended March 31, 2021 and 2020. Nine months ended March 31, 2021 2020 (In millions) Contingent consideration Balance at beginning of period $ 4.9 $ 0.8 Additions due to acquisitions — 4.1 Payments (1.0) — Fair value adjustment of contingent consideration 0.4 0.3 Balance at end of period $ 4.3 $ 5.2 The fair value adjustment of contingent consideration was the change in the estimated earn-out payments based on projections of performance and the amortization of the present value discount. The fair value adjustment of contingent consideration was included in the selling, general, and administrative line on the Condensed Consolidated Statements of Earnings (Loss). |
Revenue Recognition
Revenue Recognition | 9 Months Ended |
Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | 10. Revenue Recognition Meredith disaggregates revenue from contracts with customers by types of goods and services. A reconciliation of disaggregated revenue to segment revenue (as provided in Note 13) is as follows. Three months ended March 31, 2021 National Local Intersegment Total (In millions) Advertising related Digital $ 102.4 $ 4.6 $ — $ 107.0 Magazine 96.9 — — 96.9 Non-political spot — 74.5 — 74.5 Political spot — 4.3 — 4.3 Third party sales 6.6 15.2 (0.9) 20.9 Total advertising related 205.9 98.6 (0.9) 303.6 Consumer related Subscription 136.4 — — 136.4 Retransmission — 97.8 — 97.8 Newsstand 36.2 — — 36.2 Licensing 32.4 — — 32.4 Affinity marketing 15.3 — — 15.3 Digital and other consumer driven 21.2 0.1 — 21.3 Total consumer related 241.5 97.9 — 339.4 Other Projects based 14.7 — — 14.7 Other 2.8 4.0 — 6.8 Total other 17.5 4.0 — 21.5 Total revenues $ 464.9 $ 200.5 $ (0.9) $ 664.5 Three months ended March 31, 2020 National Local Intersegment Total (In millions) Advertising related Digital $ 84.6 $ 4.4 $ — $ 89.0 Magazine 136.3 — — 136.3 Non-political spot — 70.8 — 70.8 Political spot — 10.5 — 10.5 Third party sales 11.9 14.0 (0.4) 25.5 Total advertising related 232.8 99.7 (0.4) 332.1 Consumer related Subscription 150.7 — — 150.7 Retransmission — 92.2 — 92.2 Newsstand 45.4 — — 45.4 Licensing 25.3 — — 25.3 Affinity marketing 16.3 — — 16.3 Digital and other consumer driven 15.7 — — 15.7 Total consumer related 253.4 92.2 — 345.6 Other Projects based 15.4 — — 15.4 Other 5.3 3.3 — 8.6 Total other 20.7 3.3 — 24.0 Total revenues $ 506.9 $ 195.2 $ (0.4) $ 701.7 Nine months ended March 31, 2021 National Local Intersegment Total (In millions) Advertising related Digital $ 368.7 $ 13.8 $ — $ 382.5 Magazine 325.8 — — 325.8 Non-political spot — 206.6 — 206.6 Political spot — 173.7 — 173.7 Third party sales 34.4 68.2 (4.0) 98.6 Total advertising related 728.9 462.3 (4.0) 1,187.2 Consumer related Subscription 414.6 — — 414.6 Retransmission — 281.1 — 281.1 Newsstand 111.6 — — 111.6 Licensing 91.0 — — 91.0 Affinity marketing 48.2 — — 48.2 Digital and other consumer driven 69.0 0.6 — 69.6 Total consumer related 734.4 281.7 — 1,016.1 Other Projects based 35.7 — — 35.7 Other 9.6 10.9 — 20.5 Total other 45.3 10.9 — 56.2 Total revenues $ 1,508.6 $ 754.9 $ (4.0) $ 2,259.5 Nine months ended March 31, 2020 National Local Intersegment Total (In millions) Advertising related Digital $ 308.4 $ 13.5 $ — $ 321.9 Magazine 446.1 — — 446.1 Non-political spot — 237.1 — 237.1 Political spot — 17.5 — 17.5 Third party sales 51.3 66.7 (1.6) 116.4 Total advertising related 805.8 334.8 (1.6) 1,139.0 Consumer related Subscription 461.0 — — 461.0 Retransmission — 256.9 — 256.9 Newsstand 125.7 — — 125.7 Licensing 69.7 — — 69.7 Affinity marketing 50.2 — — 50.2 Digital and other consumer driven 54.1 — — 54.1 Total consumer related 760.7 256.9 — 1,017.6 Other Projects based 44.9 — — 44.9 Other 25.6 10.3 — 35.9 Total other 70.5 10.3 — 80.8 Total revenues $ 1,637.0 $ 602.0 $ (1.6) $ 2,237.4 Contract Balances The timing of Meredith’s performance under its various contracts often differs from the timing of the customer’s payment, which results in recognition of a contract asset or a contract liability. A contract asset is recognized when a good or service is transferred to a customer, and the Company does not have the contractual right to bill for the related performance obligations. Due to the nature of its contracts, the Company does not have any significant contract assets. A contract liability is recognized when consideration is received from the customer prior to the transfer of goods or services. Current portion of contract liabilities were $376.2 million at March 31, 2021, and $403.2 million at June 30, 2020, and are presented as current portion of unearned revenues on the Condensed Consolidated Balance Sheets. Noncurrent contract liabilities were $223.7 million and $267.5 million at March 31, 2021 and June 30, 2020 , respectively, and are reflected as unearned revenues on the Condensed Consolidated Balance Sheets. Revenue of $337.8 million and $401.9 million recognized in the nine-month periods ended March 31, 2021 and 2020, respectively, was in contract liabilities at the begi nning of the periods. |
Pension and Postretirement Bene
Pension and Postretirement Benefit Plans | 9 Months Ended |
Mar. 31, 2021 | |
Retirement Benefits [Abstract] | |
Pension and Postretirement Benefit Plans | 11. Pension and Postretirement Benefit Plans The following table presents the components of net periodic benefit costs for Meredith’s pension and postretirement benefit plans: Three Months Nine Months Periods ended March 31, 2021 2020 2021 2020 (In millions) Domestic Pension Benefits Service cost $ 2.4 $ 2.4 $ 7.0 $ 7.4 Interest cost 0.8 1.2 2.4 3.9 Expected return on plan assets (1.9) (2.4) (5.8) (7.2) Prior service cost amortization 0.1 0.1 0.3 0.4 Actuarial loss amortization 0.6 0.5 2.0 1.7 Settlement charge — 3.5 1.8 12.3 Net periodic benefit costs $ 2.0 $ 5.3 $ 7.7 $ 18.5 International Pension Benefits Interest cost $ 2.3 $ 3.6 $ 6.9 $ 10.9 Expected return on plan assets (3.9) (4.6) (11.6) (13.9) Prior service cost amortization — — 0.1 0.1 Settlement charge — 0.6 — 0.6 Net periodic benefit credit $ (1.6) $ (0.4) $ (4.6) $ (2.3) Postretirement Benefits Interest cost $ 0.1 $ 0.1 $ 0.2 $ 0.2 Actuarial gain amortization (0.1) (0.1) (0.2) (0.4) Net periodic benefit credit $ — $ — $ — $ (0.2) The domestic pension settlement charges of $1.8 million recorded in the second quarter of fiscal 2021 and $8.8 million recorded in the second quarter of fiscal 2020 were triggered by lump-sum payments made as a result of executive retirements. The domestic pension settlement charges of $3.5 million recorded in the third quarter of fiscal 2020 were triggered partially by lump-sum payments made as a result of an executive’s resignation in the prior fiscal year and by cash distributions paid by the pension plan during fiscal 2020 exceeding a prescribed threshold. This required that a portion of pension losses within accumulated other comprehensive loss be realized in the period that the related pension liabilities were settled. The international settlement charge recorded in the third quarter of fiscal 2020 was related to the final settlement of the Company’s German plan. The components of net periodic benefit costs (credit), other than the service cost component, are included in the non-operating income (expense), net line on the accompanying Condensed Consolidated Statements of Earnings (Loss). The amortization of amounts related to unrecognized prior service costs/credit and net actuarial gain/loss was reclassified out of other comprehensive income (loss) as components of net periodic benefit costs (credit). |
Earnings (Loss) Per Common Shar
Earnings (Loss) Per Common Share | 9 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) Per Common Share | 12. Earnings (Loss) Per Common Share The following table presents the calculations of basic earnings (loss) per common share: Three Months Nine Months Periods ended March 31, 2021 2020 2021 2020 (In millions except per share data) Net earnings (loss) $ 79.1 $ (284.4) $ 269.9 $ (240.5) Participating warrants dividend — (0.9) — (2.8) Series A preferred stock dividend — (14.0) — (42.5) Accretion of Series A preferred stock — (4.6) — (13.6) Other securities dividends — (0.2) — (0.6) Undistributed earnings allocated to participating securities (4.1) — (13.6) — Earnings (loss) attributable to common shareholders $ 75.0 $ (304.1) $ 256.3 $ (300.0) Basic weighted average common shares outstanding 46.3 45.7 46.2 45.7 Basic earnings (loss) per common share $ 1.62 $ (6.65) $ 5.55 $ (6.57) Diluted earnings (loss) per common share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. The dilutive effects of these share-based awards were computed using the two-class method. Three Months Nine Months Periods ended March 31, 2021 2020 2021 2020 (In millions except per share data) Basic weighted-average common shares outstanding 46.3 45.7 46.2 45.7 Dilutive effect of stock options and equivalents 0.4 — 0.1 — Diluted weighted-average shares outstanding 46.7 45.7 46.3 45.7 Basic earnings (loss) attributable to common shareholders $ 75.0 $ (304.1) $ 256.3 $ (300.0) Dilutive security dividends — — — — Diluted earnings (loss) attributable to common shareholders $ 75.0 $ (304.1) $ 256.3 $ (300.0) Diluted earnings (loss) per common share 1.61 (6.65) 5.53 (6.57) For the three months ended March 31, 2021, 1.6 million warrants and 0.5 million shares of restricted stock were excluded from the computation of diluted earnings per common share. For the nine months ended March 31, 2021, 1.5 million warrants and 0.2 million shares of restricted stock were excluded from the computation of diluted earnings per common share. These securities have an antidilutive effect on the earnings per common share calculation (the diluted earnings per share becoming more than the basic earnings per share). Therefore, these securities were not taken into account in determining the weighted average number of shares for the calculation of diluted earnings per share for the three and nine months ended March 31, 2021. For the three months ended March 31, 2020, 1.6 million warrants, 0.7 million convertible preferred shares, and a minimal amount of options and restricted stock shares were excluded from the computation of diluted loss per common share. For the nine months ended March 31, 2020, 1.6 million warrants, 0.7 million convertible preferred shares, 0.1 million options and a minimal amount of restricted stock shares were excluded from the computation of diluted loss per common share. These securities have an antidilutive effect on the loss per common share calculation (the diluted loss per share becoming less negative than the basic loss per share). Therefore, these securities were not taken into account in determining the weighted average number of shares for the calculation of diluted loss per share for the three and nine months ended March 31, 2020. For the three months ended March 31, 2021 and 2020, antidilutive options excluded from the above calculations totaled 3.7 million (with a weighted average exercise price per share of $53.89) and 3.8 million (with a weighted average exercise price per share of $54.14), respectively. For the nine months ended March 31, 2021 and 2020, antidilutive options excluded from the above calculations totaled 3.7 million (with a weighted average exercise price per share of $54.29) and 3.7 million (with a weighted average exercise price per share of $55.57), respectively. In the nine months ended March 31, 2021 and 2020, a minimal amount of options were exercised to purchase common shares. |
Financial Information about Ind
Financial Information about Industry Segments | 9 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Financial Information about Industry Segments | 13. Financial Information about Industry Segments Meredith is a diversified media company focused primarily on service journalism. On the basis of products and services, the Company has established two reportable segments: national media and local media. There have been no changes in the basis of segmentation since June 30, 2020. There have been no material intersegment transactions. There are two principal financial measures reported to the chief executive officer (the chief operating decision maker) for use in assessing segment performance and allocating resources. Those measures are operating profit and earnings before interest expense, income taxes, depreciation, and amortization (EBITDA). Operating profit (loss) for segment reporting, disclosed below, is revenues less operating costs excluding unallocated corporate expenses. Segment operating expenses include allocations of certain centrally incurred costs such as employee benefits, occupancy, information systems, accounting services, internal legal staff, and human resources administration. These costs are allocated based on actual usage or other appropriate methods, primarily number of employees. Unallocated corporate expenses are corporate overhead expenses not directly attributable to the operating groups. In accordance with authoritative guidance on disclosures about segments of an enterprise and related information, EBITDA is not presented below. The following table presents financial information by segment: Three Months Nine Months Periods ended March 31, 2021 2020 2021 2020 (In millions) Revenues National media $ 464.9 $ 506.9 $ 1,508.6 $ 1,637.0 Local media 200.5 195.2 754.9 602.0 Total revenues, gross 665.4 702.1 2,263.5 2,239.0 Intersegment revenue elimination (0.9) (0.4) (4.0) (1.6) Total revenues $ 664.5 $ 701.7 $ 2,259.5 $ 2,237.4 Segment profit (loss) National media $ 134.8 $ (303.1) $ 280.6 $ (174.5) Local media 50.8 24.4 266.3 117.6 Unallocated corporate (25.8) (15.3) (60.6) (60.3) Income (loss) from operations 159.8 (294.0) 486.3 (117.2) Non-operating income (expense), net 2.1 (2.4) 7.9 (1.0) Interest expense, net (54.1) (36.6) (140.7) (112.4) Earnings (loss) from continuing operations before income taxes $ 107.8 $ (333.0) $ 353.5 $ (230.6) Depreciation and amortization National media $ 27.7 $ 42.2 $ 108.3 $ 137.4 Local media 7.5 9.8 24.8 29.3 Unallocated corporate 0.4 1.5 1.3 3.9 Total depreciation and amortization $ 35.6 $ 53.5 $ 134.4 $ 170.6 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation —The condensed consolidated financial statements include the accounts of Meredith Corporation and its wholly-owned and majority-owned subsidiaries (Meredith or the Company), after eliminating all significant intercompany balances and transactions. Meredith does not have any off-balance sheet arrangements. |
Basis of Accounting | The accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the United States Securities and Exchange Commission (SEC). Accordingly, they do not include all of the information and notes required by accounting principles generally accepted in the United States of America (U.S. GAAP) for complete financial statements. These condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements, which are included in Meredith’s Annual Report on Form 10-K for the year ended June 30, 2020, filed with the SEC. The condensed consolidated financial statements as of March 31, 2021, and for the three and nine months ended March 31, 2021 and 2020, are unaudited but, in management’s opinion, include all adjustments necessary for a fair presentation of the results of interim periods. All such adjustments are of a normal recurring nature. The year-end condensed consolidated balance sheet as of June 30, 2020, was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP. The results of operations for interim periods are not necessarily indicative of the results to be expected for the entire fiscal year. Interim results may vary significantly as the economic impact of the COVID-19 pandemic continues to evolve. The extent to which the evolving COVID-19 pandemic impacts the Company’s condensed consolidated financial statements will depend on a number of factors, including the magnitude and duration of the pandemic. There remains risk that COVID-19 could have material adverse impacts on future revenue growth as well as overall profitability. The financial position and operating results of the Company’s foreign operations are consolidated using primarily the local currency as the functional currency. Local currency assets and liabilities are translated at the rates of exchange as of the balance sheet date, and local currency revenues and expenses are translated at average rates of exchange during the period. Translation gains or losses on assets and liabilities are included as a component of accumulated other comprehensive loss. |
Adopted Accounting Pronouncements | Adopted Accounting Pronouncements — ASU 2016-13—In June 2016, the Financial Accounting Standards Board (FASB) issued a standard that replaced the then current incurred loss methodology for recognizing credit losses with a current expected credit loss methodology. Under this standard, the establishment of an allowance for credit losses reflects all relevant information about past events, current conditions, and reasonable supportable forecasts rather than delaying the recognition of the full amount of a credit loss until the loss is probable of occurring. The new standard changed the impairment model for most financial assets and certain other instruments, including trade receivables. The Company implemented the new standard on July 1, 2020, on a modified retrospective basis. The adoption of this standard resulted in a decrease in the allowance for doubtful accounts of $2.8 million and an increase in deferred tax liabilities of $0.7 million, with a corresponding increase in retained earnings of $2.1 million. This standard did not have a material impact on the Company’s condensed consolidated financial statements and related disclosures upon adoption. ASU 2018-13—In August 2018, the FASB issued an accounting standards update which changed the fair value measurement disclosure requirements. The update removes, modifies, and adds certain additional disclosures. The Company adopted this pronouncement in the first quarter of fiscal 2021. The adoption required additional disclosure on the Company’s Level 3 measurements as defined in Note 9. There were no other impacts to the Company’s condensed consolidated financial statements. ASU 2019-02—In March 2019, the FASB issued an accounting standards update that aligned the accounting for production costs of episodic television series with the accounting for production costs of films. In addition, the update modified certain aspects of the capitalization, impairment, presentation, and disclosure requirements in the accounting standards for entities in the film and broadcast entertainment industries. The update was prospectively adopted in the first quarter of fiscal 2021. Due to existing Company policies and the nature of its episodic television series, the update had no impact on the Company’s condensed consolidated financial statements. ASU 2020-09—In October 2020, the FASB issued an accounting standards update to formally codify the new disclosure requirements of an SEC final rule issued in March 2020 related to certain registered securities under SEC Regulation S-X, Rule 3-10 (Rule 3-10). The most pertinent portions of the final rule applicable to the Company included: (i) replacing the previous requirement under Rule 3-10 to provide condensed consolidated financial information in the registrant’s financial statements with a requirement to provide alternative financial disclosures (which include summarized financial information of the parent and any issuers and guarantors, as well as other qualitative disclosures) in either the registrant’s Management Discussion & Analysis section or its financial statements; and, (ii) reducing the periods for which summarized financial information is required to the most recent annual period and year-to-date interim period. The final rule was effective for filings on or after January 4, 2021. The Company elected to early-adopt the provisions of the final rule during the third quarter of fiscal 2020 and elected to provide the summarized financial information in Item II, Management’s Discussion and Analysis of Financial Condition and Results of Operations . ASU 2020-10—In October 2020, the FASB issued an accounting standards update containing codification improvements. These improvements include providing a consistent location for disclosure guidance and providing clarification to other certain guidance sections. The Company early adopted this guidance retrospectively as of July 1, 2020. The early adoption of this guidance did not materially impact the Company’s condensed consolidated financial statements. |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Mar. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Schedule of Major Components of Inventories | Major components of inventories are summarized below. (In millions) March 31, 2021 June 30, 2020 Raw materials $ 14.1 $ 21.0 Work in process 12.4 10.6 Finished goods 2.4 2.6 Inventories $ 28.9 $ 34.2 |
Discontinued Operations and D_2
Discontinued Operations and Dispositions (Tables) | 9 Months Ended |
Mar. 31, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Amounts Applicable to Discontinued Operations in Income | Amounts applicable to discontinued operations on the Condensed Consolidated Statements of Earnings (Loss) were as follows: Periods ended March 31, 2020 Three Months Nine Months (In millions except per share data) Revenues $ 1.3 $ 112.1 Costs and expenses (1.0) (108.6) Impairment of goodwill — (16.0) Interest expense (0.1) (2.1) Gain on disposal 9.3 12.3 Earnings (loss) before income taxes 9.5 (2.3) Income tax expense (4.5) (23.0) Gain (loss) from discontinued operations, net of income taxes $ 5.0 $ (25.3) Gain (loss) per share from discontinued operations Basic $ 0.11 $ (0.56) Diluted 0.11 (0.56) |
Intangible Assets and Goodwill
Intangible Assets and Goodwill (Tables) | 9 Months Ended |
Mar. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Finite-Lived Intangible Assets | Intangible assets consisted of the following: March 31, 2021 June 30, 2020 (In millions) Gross Accumulated Net Gross Accumulated Net Intangible assets National media Advertiser relationships $ 211.0 $ (211.0) $ — $ 211.0 $ (170.0) $ 41.0 Publisher relationships 132.8 (58.0) 74.8 132.8 (43.9) 88.9 Partner relationships 98.2 (50.8) 47.4 98.2 (38.7) 59.5 Customer relationships 8.0 (3.5) 4.5 71.3 (65.6) 5.7 Other 35.9 (17.2) 18.7 26.3 (16.9) 9.4 Local media Network affiliation agreements 229.3 (166.2) 63.1 229.3 (161.5) 67.8 Advertiser relationships 12.5 (12.5) — 12.5 (10.1) 2.4 Retransmission agreements 10.6 (6.7) 3.9 27.9 (23.1) 4.8 Other 0.7 (0.7) — 1.7 (1.6) 0.1 Total $ 739.0 $ (526.6) 212.4 $ 811.0 $ (531.4) 279.6 Intangible assets not National media Trademarks 694.7 706.7 Internet domain names 8.3 8.3 Local media FCC licenses 652.9 652.9 Total 1,355.9 1,367.9 Intangible assets, net $ 1,568.3 $ 1,647.5 |
Schedule of Indefinite-Lived Intangible Assets | Intangible assets consisted of the following: March 31, 2021 June 30, 2020 (In millions) Gross Accumulated Net Gross Accumulated Net Intangible assets National media Advertiser relationships $ 211.0 $ (211.0) $ — $ 211.0 $ (170.0) $ 41.0 Publisher relationships 132.8 (58.0) 74.8 132.8 (43.9) 88.9 Partner relationships 98.2 (50.8) 47.4 98.2 (38.7) 59.5 Customer relationships 8.0 (3.5) 4.5 71.3 (65.6) 5.7 Other 35.9 (17.2) 18.7 26.3 (16.9) 9.4 Local media Network affiliation agreements 229.3 (166.2) 63.1 229.3 (161.5) 67.8 Advertiser relationships 12.5 (12.5) — 12.5 (10.1) 2.4 Retransmission agreements 10.6 (6.7) 3.9 27.9 (23.1) 4.8 Other 0.7 (0.7) — 1.7 (1.6) 0.1 Total $ 739.0 $ (526.6) 212.4 $ 811.0 $ (531.4) 279.6 Intangible assets not National media Trademarks 694.7 706.7 Internet domain names 8.3 8.3 Local media FCC licenses 652.9 652.9 Total 1,355.9 1,367.9 Intangible assets, net $ 1,568.3 $ 1,647.5 |
Schedule of Goodwill | Changes in the carrying amount of goodwill were as follows: Nine months ended March 31, 2021 2020 (In millions) Goodwill Accumulated Impairment Loss Net Carrying Amount Goodwill Accumulated Impairment Loss Net Carrying Amount National media Balance at beginning of period $ 1,855.4 $ (252.7) $ 1,602.7 $ 1,862.8 $ — $ 1,862.8 Acquisitions — — — 6.7 — 6.7 Acquisition adjustments (0.1) — (0.1) 2.4 — 2.4 Disposals — — — (16.7) — (16.7) Impairment — — — — (252.7) (252.7) Balance at end of period 1,855.3 (252.7) 1,602.6 1,855.2 (252.7) 1,602.5 Local media Balance at beginning of period 116.6 — 116.6 116.6 — 116.6 Activity — — — — — — Balance at end of period 116.6 — 116.6 116.6 — 116.6 Total $ 1,971.9 $ (252.7) $ 1,719.2 $ 1,971.8 $ (252.7) $ 1,719.1 |
Restructuring Accrual (Tables)
Restructuring Accrual (Tables) | 9 Months Ended |
Mar. 31, 2021 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring and Related Costs | Details of the severance and related benefit costs by segment for these performance improvement plans are as follows: Amounts Accrued in the Period Total Amount Expected to be Incurred Three Months Nine Months Periods ended March 31, 2021 2020 2021 2020 (in millions) National media $ 1.3 $ 1.7 $ 6.4 $ 10.5 $ 6.4 Local media 0.1 — 7.3 2.4 7.3 Unallocated Corporate — 0.6 0.6 3.1 0.6 $ 1.4 $ 2.3 $ 14.3 $ 16.0 $ 14.3 Details of changes in the Company’s restructuring accrual related to employee terminations are as follows: Nine months ended March 31, 2021 2020 (In millions) Balance at beginning of period $ 10.7 $ 43.7 Accruals 14.3 16.0 Cash payments (15.2) (42.4) Reversal of excess accrual (2.2) — Balance at end of period $ 7.6 $ 17.3 |
Long-term Debt (Tables)
Long-term Debt (Tables) | 9 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt | Long-term debt consisted of the following: March 31, 2021 June 30, 2020 (In millions) Principal Balance Unamortized Discount and Debt Issuance Costs Carrying Principal Balance Unamortized Discount and Debt Issuance Costs Carrying Variable-rate credit facility Senior credit facility term loan, due January 31, 2025 $ 1,062.5 $ (11.1) $ 1,051.4 $ 1,062.5 $ (13.1) $ 1,049.4 Senior credit facility incremental term loan, due January 31, 2025 406.9 (19.3) 387.6 410.0 (22.7) 387.3 Revolving credit facility of $350 million, due January 31, 2023 — — — — — — Senior Unsecured Notes 6.875% senior notes, due February 1, 2026 1,022.9 (13.3) 1,009.6 1,272.9 (18.7) 1,254.2 Senior Secured Notes 6.500% senior notes, due July 1, 2025 300.0 (4.3) 295.7 300.0 (5.0) 295.0 Total long-term debt 2,792.3 (48.0) 2,744.3 3,045.4 (59.5) 2,985.9 Current portion of long-term debt (4.1) — (4.1) (4.1) — (4.1) Long-term debt $ 2,788.2 $ (48.0) $ 2,740.2 $ 3,041.3 $ (59.5) $ 2,981.8 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Carrying Value and Estimated Fair Value of Liabilities Measured on a Recurring Basis | The following table sets forth the carrying value and the estimated fair value of the Company’s financial instruments not measured at fair value in the Condensed Consolidated Balance Sheets: March 31, 2021 June 30, 2020 (In millions) Carrying Value Fair Value Carrying Value Fair Value Broadcast rights payable $ 14.6 $ 13.4 $ 12.7 $ 11.7 Total long-term debt 2,744.3 2,829.1 2,985.9 2,753.6 |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following tables summarize recurring and nonrecurring fair value measurements at March 31, 2021 and June 30, 2020, along with the corresponding impacts to the Condensed Consolidated Statements of Earnings (Loss), if any: March 31, 2021 (In millions) Total Level 1 Level 2 Level 3 Recurring fair value measurements Cash and cash equivalents - cash equivalents $ 101.8 $ 101.8 $ — $ — Accrued expenses Contingent consideration $ 2.6 $ — $ — $ 2.6 Deferred compensation plans 6.0 — 6.0 — Other noncurrent liabilities Contingent consideration 1.7 — — 1.7 Deferred compensation plans 11.4 — 11.4 — Total recurring liability fair value measurements $ 21.7 $ — $ 17.4 $ 4.3 |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | June 30, 2020 Nine months ended March 31, 2020 (In millions) Total Level 1 Level 2 Level 3 Total Losses Recurring fair value measurements Cash and cash equivalents - cash equivalents $ 115.2 $ 115.2 $ — $ — Accrued expenses Contingent consideration $ 1.3 $ — $ — $ 1.3 Deferred compensation plans 3.4 — 3.4 — Other noncurrent liabilities Contingent consideration 3.6 — — 3.6 Deferred compensation plans 13.5 — 13.5 — Total recurring liability fair value measurements $ 21.8 $ — $ 16.9 $ 4.9 Nonrecurring fair value measurements Net property, plant, and equipment 1 $ 16.7 $ — $ — $ 16.7 $ (23.4) Operating lease assets 2 46.3 — — 46.3 (64.5) Intangible assets, net 3 77.9 — — 77.9 (48.7) Goodwill 4 1,602.5 — — 1,602.5 (252.7) Total nonrecurring fair value measurements $ 1,743.4 $ — $ — $ 1,743.4 $ (389.3) 1 Represents leasehold improvements and furniture and fixtures with a carrying value of $40.1 million partially impaired with its associated operating lease asset at March 31, 2020. The impairment charge was recorded in the impairment of goodwill and other long-lived assets line on the Condensed Consolidated Statements of Earnings (Loss). For further discussion, see below. 2 Represents an operating lease asset with a carrying value of $110.8 million partially impaired at March 31, 2020. The impairment charge was recorded in the impairment of goodwill and other long-lived assets line on the Condensed Consolidated Statements of Earnings (Loss). For further discussion, see below. 3 Represents a local media FCC license partially impaired at March 31, 2020, and five national media trademarks. One trademark was fully impaired at September 30, 2019, and four additional were partially impaired at March 31, 2020. The assets had a carrying value of $126.6 million prior to the impairment. The impairment charge was recorded in the impairment of goodwill and other long-lived assets line on the Condensed Consolidated Statements of Earnings (Loss). For further details, refer to Note 4. 4 Represents national media goodwill with a carrying value of $1,855.2 million partially impaired at March 31, 2020. The impairment charge was recorded in the impairment of goodwill and other long-lived assets line on the Condensed Consolidated Statements of Earnings (Loss). For further details, refer to Note 4. |
Schedule of Changes in Fair Value of Liabilities subject to Level 3 Measurement | The following table represents changes in the fair value of liabilities subject to Level 3 measurement during the nine months ended March 31, 2021 and 2020. Nine months ended March 31, 2021 2020 (In millions) Contingent consideration Balance at beginning of period $ 4.9 $ 0.8 Additions due to acquisitions — 4.1 Payments (1.0) — Fair value adjustment of contingent consideration 0.4 0.3 Balance at end of period $ 4.3 $ 5.2 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 9 Months Ended |
Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | A reconciliation of disaggregated revenue to segment revenue (as provided in Note 13) is as follows. Three months ended March 31, 2021 National Local Intersegment Total (In millions) Advertising related Digital $ 102.4 $ 4.6 $ — $ 107.0 Magazine 96.9 — — 96.9 Non-political spot — 74.5 — 74.5 Political spot — 4.3 — 4.3 Third party sales 6.6 15.2 (0.9) 20.9 Total advertising related 205.9 98.6 (0.9) 303.6 Consumer related Subscription 136.4 — — 136.4 Retransmission — 97.8 — 97.8 Newsstand 36.2 — — 36.2 Licensing 32.4 — — 32.4 Affinity marketing 15.3 — — 15.3 Digital and other consumer driven 21.2 0.1 — 21.3 Total consumer related 241.5 97.9 — 339.4 Other Projects based 14.7 — — 14.7 Other 2.8 4.0 — 6.8 Total other 17.5 4.0 — 21.5 Total revenues $ 464.9 $ 200.5 $ (0.9) $ 664.5 Three months ended March 31, 2020 National Local Intersegment Total (In millions) Advertising related Digital $ 84.6 $ 4.4 $ — $ 89.0 Magazine 136.3 — — 136.3 Non-political spot — 70.8 — 70.8 Political spot — 10.5 — 10.5 Third party sales 11.9 14.0 (0.4) 25.5 Total advertising related 232.8 99.7 (0.4) 332.1 Consumer related Subscription 150.7 — — 150.7 Retransmission — 92.2 — 92.2 Newsstand 45.4 — — 45.4 Licensing 25.3 — — 25.3 Affinity marketing 16.3 — — 16.3 Digital and other consumer driven 15.7 — — 15.7 Total consumer related 253.4 92.2 — 345.6 Other Projects based 15.4 — — 15.4 Other 5.3 3.3 — 8.6 Total other 20.7 3.3 — 24.0 Total revenues $ 506.9 $ 195.2 $ (0.4) $ 701.7 Nine months ended March 31, 2021 National Local Intersegment Total (In millions) Advertising related Digital $ 368.7 $ 13.8 $ — $ 382.5 Magazine 325.8 — — 325.8 Non-political spot — 206.6 — 206.6 Political spot — 173.7 — 173.7 Third party sales 34.4 68.2 (4.0) 98.6 Total advertising related 728.9 462.3 (4.0) 1,187.2 Consumer related Subscription 414.6 — — 414.6 Retransmission — 281.1 — 281.1 Newsstand 111.6 — — 111.6 Licensing 91.0 — — 91.0 Affinity marketing 48.2 — — 48.2 Digital and other consumer driven 69.0 0.6 — 69.6 Total consumer related 734.4 281.7 — 1,016.1 Other Projects based 35.7 — — 35.7 Other 9.6 10.9 — 20.5 Total other 45.3 10.9 — 56.2 Total revenues $ 1,508.6 $ 754.9 $ (4.0) $ 2,259.5 Nine months ended March 31, 2020 National Local Intersegment Total (In millions) Advertising related Digital $ 308.4 $ 13.5 $ — $ 321.9 Magazine 446.1 — — 446.1 Non-political spot — 237.1 — 237.1 Political spot — 17.5 — 17.5 Third party sales 51.3 66.7 (1.6) 116.4 Total advertising related 805.8 334.8 (1.6) 1,139.0 Consumer related Subscription 461.0 — — 461.0 Retransmission — 256.9 — 256.9 Newsstand 125.7 — — 125.7 Licensing 69.7 — — 69.7 Affinity marketing 50.2 — — 50.2 Digital and other consumer driven 54.1 — — 54.1 Total consumer related 760.7 256.9 — 1,017.6 Other Projects based 44.9 — — 44.9 Other 25.6 10.3 — 35.9 Total other 70.5 10.3 — 80.8 Total revenues $ 1,637.0 $ 602.0 $ (1.6) $ 2,237.4 |
Pension and Postretirement Be_2
Pension and Postretirement Benefit Plans (Tables) | 9 Months Ended |
Mar. 31, 2021 | |
Retirement Benefits [Abstract] | |
Schedule of Net Periodic Benefit Costs | The following table presents the components of net periodic benefit costs for Meredith’s pension and postretirement benefit plans: Three Months Nine Months Periods ended March 31, 2021 2020 2021 2020 (In millions) Domestic Pension Benefits Service cost $ 2.4 $ 2.4 $ 7.0 $ 7.4 Interest cost 0.8 1.2 2.4 3.9 Expected return on plan assets (1.9) (2.4) (5.8) (7.2) Prior service cost amortization 0.1 0.1 0.3 0.4 Actuarial loss amortization 0.6 0.5 2.0 1.7 Settlement charge — 3.5 1.8 12.3 Net periodic benefit costs $ 2.0 $ 5.3 $ 7.7 $ 18.5 International Pension Benefits Interest cost $ 2.3 $ 3.6 $ 6.9 $ 10.9 Expected return on plan assets (3.9) (4.6) (11.6) (13.9) Prior service cost amortization — — 0.1 0.1 Settlement charge — 0.6 — 0.6 Net periodic benefit credit $ (1.6) $ (0.4) $ (4.6) $ (2.3) Postretirement Benefits Interest cost $ 0.1 $ 0.1 $ 0.2 $ 0.2 Actuarial gain amortization (0.1) (0.1) (0.2) (0.4) Net periodic benefit credit $ — $ — $ — $ (0.2) |
Earnings (Loss) Per Common Sh_2
Earnings (Loss) Per Common Share (Tables) | 9 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table presents the calculations of basic earnings (loss) per common share: Three Months Nine Months Periods ended March 31, 2021 2020 2021 2020 (In millions except per share data) Net earnings (loss) $ 79.1 $ (284.4) $ 269.9 $ (240.5) Participating warrants dividend — (0.9) — (2.8) Series A preferred stock dividend — (14.0) — (42.5) Accretion of Series A preferred stock — (4.6) — (13.6) Other securities dividends — (0.2) — (0.6) Undistributed earnings allocated to participating securities (4.1) — (13.6) — Earnings (loss) attributable to common shareholders $ 75.0 $ (304.1) $ 256.3 $ (300.0) Basic weighted average common shares outstanding 46.3 45.7 46.2 45.7 Basic earnings (loss) per common share $ 1.62 $ (6.65) $ 5.55 $ (6.57) Diluted earnings (loss) per common share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. The dilutive effects of these share-based awards were computed using the two-class method. Three Months Nine Months Periods ended March 31, 2021 2020 2021 2020 (In millions except per share data) Basic weighted-average common shares outstanding 46.3 45.7 46.2 45.7 Dilutive effect of stock options and equivalents 0.4 — 0.1 — Diluted weighted-average shares outstanding 46.7 45.7 46.3 45.7 Basic earnings (loss) attributable to common shareholders $ 75.0 $ (304.1) $ 256.3 $ (300.0) Dilutive security dividends — — — — Diluted earnings (loss) attributable to common shareholders $ 75.0 $ (304.1) $ 256.3 $ (300.0) Diluted earnings (loss) per common share 1.61 (6.65) 5.53 (6.57) |
Financial Information about I_2
Financial Information about Industry Segments (Tables) | 9 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | The following table presents financial information by segment: Three Months Nine Months Periods ended March 31, 2021 2020 2021 2020 (In millions) Revenues National media $ 464.9 $ 506.9 $ 1,508.6 $ 1,637.0 Local media 200.5 195.2 754.9 602.0 Total revenues, gross 665.4 702.1 2,263.5 2,239.0 Intersegment revenue elimination (0.9) (0.4) (4.0) (1.6) Total revenues $ 664.5 $ 701.7 $ 2,259.5 $ 2,237.4 Segment profit (loss) National media $ 134.8 $ (303.1) $ 280.6 $ (174.5) Local media 50.8 24.4 266.3 117.6 Unallocated corporate (25.8) (15.3) (60.6) (60.3) Income (loss) from operations 159.8 (294.0) 486.3 (117.2) Non-operating income (expense), net 2.1 (2.4) 7.9 (1.0) Interest expense, net (54.1) (36.6) (140.7) (112.4) Earnings (loss) from continuing operations before income taxes $ 107.8 $ (333.0) $ 353.5 $ (230.6) Depreciation and amortization National media $ 27.7 $ 42.2 $ 108.3 $ 137.4 Local media 7.5 9.8 24.8 29.3 Unallocated corporate 0.4 1.5 1.3 3.9 Total depreciation and amortization $ 35.6 $ 53.5 $ 134.4 $ 170.6 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Jun. 30, 2020 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Increase to retained earnings | $ 469.6 | $ 197.6 |
Increase in deferred taxes | $ 468.6 | 463.8 |
Cumulative Effect, Period of Adoption, Adjustment | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Decrease in allowance for credit loss | 2.8 | |
Increase to retained earnings | 2.1 | |
Increase in deferred taxes | $ 0.7 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Jun. 30, 2020 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 14.1 | $ 21 |
Work in process | 12.4 | 10.6 |
Finished goods | 2.4 | 2.6 |
Inventories | $ 28.9 | $ 34.2 |
Discontinued Operations and D_3
Discontinued Operations and Dispositions - Narrative (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||||
Jan. 31, 2021 | Feb. 29, 2020 | Jan. 31, 2020 | Oct. 31, 2019 | Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Mar. 31, 2021 | Mar. 31, 2020 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Share-based compensation | $ (15.4) | $ (11.9) | ||||||||
Royalty-free licensing agreement, term | 30 years | |||||||||
Total revenues | $ 664.5 | $ 701.7 | 2,259.5 | 2,237.4 | ||||||
Discontinued Operations, Disposed of by Sale | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Disposal group, including discontinued operation, goodwill, impairment loss | 0 | 16 | ||||||||
Gain on sale | 9.5 | (2.3) | ||||||||
Share-based compensation | (0.8) | |||||||||
Sports Illustrated | Discontinued Operations, Disposed of by Sale | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Disposal group, including discontinued operation, goodwill, impairment loss | $ 4.2 | |||||||||
Gain on sale | $ 3 | |||||||||
FanSided | Discontinued Operations, Disposed of by Sale | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Disposal group, including discontinued operation, goodwill, impairment loss | $ 16.4 | $ 11.8 | ||||||||
Gain on sale | 8.6 | |||||||||
Xumo | Discontinued Operations, Disposed of by Sale | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Disposal group, including discontinued operation, goodwill, impairment loss | $ 37.4 | |||||||||
Money Brand | Discontinued Operations, Disposed of by Sale | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Gain on sale | $ 8.3 | |||||||||
Proceeds from disposition | $ 24.9 | |||||||||
Travel And Leisure Trademark | Discontinued Operations, Disposed of by Sale | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Gain on sale | $ 97.6 | |||||||||
Proceeds from disposition | 100 | |||||||||
Cash received at closing | 35 | |||||||||
Note receivable received in disposition | 65 | |||||||||
Discount on notes receivable received in disposition | $ 3.7 | |||||||||
Outsourcing Agreement | Other Revenue | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Total revenues | 0.4 | 1.4 | 1.9 | 7.4 | ||||||
Transition Services Agreement | Selling, General, and Administrative Expenses | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Total revenues | $ 0.1 | $ 1.8 | $ 0.1 | $ 10.8 | ||||||
Maximum | Outsourcing Agreement | Selling, General, and Administrative Expenses | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Outsourcing agreement, term | 3 years |
Discontinued Operations and D_4
Discontinued Operations and Dispositions - Amounts Applicable to Discontinued Operations in Income (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Gain (loss) from discontinued operations, net of income taxes | $ 0 | $ 5 | $ 0 | $ (25.3) |
Gain (loss) per share from discontinued operations, basic (in usd per share) | $ 0 | $ 0.11 | $ 0 | $ (0.56) |
Gain (loss) per share from discontinued operations, diluted (in usd per share) | $ 0 | $ 0.11 | $ 0 | $ (0.56) |
Discontinued Operations, Disposed of by Sale | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Revenues | $ 1.3 | $ 112.1 | ||
Costs and expenses | (1) | (108.6) | ||
Impairment of goodwill | 0 | (16) | ||
Interest expense | (0.1) | (2.1) | ||
Gain on disposal | 9.3 | 12.3 | ||
Earnings (loss) before income taxes | 9.5 | (2.3) | ||
Income tax expense | (4.5) | (23) | ||
Gain (loss) from discontinued operations, net of income taxes | $ 5 | $ (25.3) | ||
Gain (loss) per share from discontinued operations, basic (in usd per share) | $ 0.11 | $ (0.56) | ||
Gain (loss) per share from discontinued operations, diluted (in usd per share) | $ 0.11 | $ (0.56) |
Intangible Assets and Goodwil_2
Intangible Assets and Goodwill - Intangible Assets subject to Amortization (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Jun. 30, 2020 |
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets subject to amortization, gross amount | $ 739 | $ 811 |
Intangible assets subject to amortization, accumulated amortization | (526.6) | (531.4) |
Intangible assets subject to amortization, net amount | 212.4 | 279.6 |
Indefinite-lived Intangible Assets [Line Items] | ||
Intangible assets not subject to amortization, gross amount | 1,355.9 | 1,367.9 |
Intangible assets, net | 1,568.3 | 1,647.5 |
Trademarks | National Media | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Intangible assets not subject to amortization, gross amount | 694.7 | 706.7 |
Internet domain names | National Media | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Intangible assets not subject to amortization, gross amount | 8.3 | 8.3 |
FCC licenses | Local Media | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Intangible assets not subject to amortization, gross amount | 652.9 | 652.9 |
Advertiser relationships | National Media | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets subject to amortization, gross amount | 211 | 211 |
Intangible assets subject to amortization, accumulated amortization | (211) | (170) |
Intangible assets subject to amortization, net amount | 0 | 41 |
Advertiser relationships | Local Media | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets subject to amortization, gross amount | 12.5 | 12.5 |
Intangible assets subject to amortization, accumulated amortization | (12.5) | (10.1) |
Intangible assets subject to amortization, net amount | 0 | 2.4 |
Publisher relationships | National Media | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets subject to amortization, gross amount | 132.8 | 132.8 |
Intangible assets subject to amortization, accumulated amortization | (58) | (43.9) |
Intangible assets subject to amortization, net amount | 74.8 | 88.9 |
Partner relationships | National Media | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets subject to amortization, gross amount | 98.2 | 98.2 |
Intangible assets subject to amortization, accumulated amortization | (50.8) | (38.7) |
Intangible assets subject to amortization, net amount | 47.4 | 59.5 |
Customer relationships | National Media | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets subject to amortization, gross amount | 8 | 71.3 |
Intangible assets subject to amortization, accumulated amortization | (3.5) | (65.6) |
Intangible assets subject to amortization, net amount | 4.5 | 5.7 |
Network affiliation agreements | Local Media | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets subject to amortization, gross amount | 229.3 | 229.3 |
Intangible assets subject to amortization, accumulated amortization | (166.2) | (161.5) |
Intangible assets subject to amortization, net amount | 63.1 | 67.8 |
Retransmission agreements | Local Media | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets subject to amortization, gross amount | 10.6 | 27.9 |
Intangible assets subject to amortization, accumulated amortization | (6.7) | (23.1) |
Intangible assets subject to amortization, net amount | 3.9 | 4.8 |
Other | National Media | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets subject to amortization, gross amount | 35.9 | 26.3 |
Intangible assets subject to amortization, accumulated amortization | (17.2) | (16.9) |
Intangible assets subject to amortization, net amount | 18.7 | 9.4 |
Other | Local Media | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets subject to amortization, gross amount | 0.7 | 1.7 |
Intangible assets subject to amortization, accumulated amortization | (0.7) | (1.6) |
Intangible assets subject to amortization, net amount | $ 0 | $ 0.1 |
Intangible Assets and Goodwil_3
Intangible Assets and Goodwill - Narrative (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
Jan. 31, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | Sep. 30, 2019 | Mar. 31, 2021 | Mar. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||
Amortization expense | $ 79.2 | $ 111.6 | ||||
Future amortization expense for intangible assets [Abstract] | ||||||
Future amortization expense, fiscal 2021 | $ 90.7 | 90.7 | ||||
Future amortization expense, fiscal 2022 | 45.1 | 45.1 | ||||
Future amortization expense, fiscal 2023 | 42.6 | 42.6 | ||||
Future amortization expense, fiscal 2024 | 34.5 | 34.5 | ||||
Future amortization expense, fiscal 2025 | 17.1 | 17.1 | ||||
Indefinite-lived Intangible Assets [Line Items] | ||||||
Income tax benefit | $ (28.7) | $ 43.6 | $ (83.6) | 15.4 | ||
National Media | ||||||
Indefinite-lived Intangible Assets [Line Items] | ||||||
Impairment | 252.7 | $ 252.7 | ||||
Income tax benefit | 26.9 | |||||
Trademarks | National Media | ||||||
Indefinite-lived Intangible Assets [Line Items] | ||||||
Proceeds from sale of intangible and other assets | $ 12 | |||||
Impairment of intangible assets | 21.2 | $ 5.2 | ||||
Trademarks | Local Media | ||||||
Indefinite-lived Intangible Assets [Line Items] | ||||||
Impairment of intangible assets | $ 22.3 |
Intangible Assets and Goodwil_4
Intangible Assets and Goodwill - Schedule of Goodwill (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Jun. 30, 2020 | |
Goodwill [Roll Forward] | ||||
Goodwill, net at beginning of period | $ 1,719.3 | |||
Accumulated impairment loss | $ (252.7) | (252.7) | $ (252.7) | |
Goodwill, gross, end of period | 1,971.8 | 1,971.9 | 1,971.8 | |
Goodwill, net at end of period | 1,719.1 | 1,719.2 | 1,719.1 | |
National Media | ||||
Goodwill [Roll Forward] | ||||
Goodwill, gross, beginning of period | 1,855.4 | 1,862.8 | ||
Goodwill, net at beginning of period | 1,602.7 | 1,862.8 | ||
Acquisitions | 0 | 6.7 | ||
Acquisition adjustments | (0.1) | 2.4 | ||
Disposals | 0 | (16.7) | ||
Impairment | (252.7) | (252.7) | ||
Accumulated impairment loss | (252.7) | (252.7) | (252.7) | $ (252.7) |
Goodwill, gross, end of period | 1,855.2 | 1,855.3 | 1,855.2 | |
Goodwill, net at end of period | 1,602.5 | 1,602.6 | 1,602.5 | |
Local Media | ||||
Goodwill [Roll Forward] | ||||
Goodwill, gross, beginning of period | 116.6 | 116.6 | ||
Goodwill, net at beginning of period | 116.6 | 116.6 | ||
Activity | 0 | 0 | ||
Goodwill, gross, end of period | 116.6 | 116.6 | 116.6 | |
Goodwill, net at end of period | $ 116.6 | $ 116.6 | $ 116.6 |
Restructuring Accrual - Narrati
Restructuring Accrual - Narrative (Details) $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||||
Mar. 31, 2021USD ($)employee | Dec. 31, 2020USD ($) | Sep. 30, 2020USD ($)employee | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2019USD ($) | Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($)employee | |
Restructuring Cost and Reserve [Line Items] | ||||||||
Amount accrued in the period | $ 1.4 | $ 2.3 | $ 14.3 | $ 16 | ||||
Acquisition, disposition, and restructuring related activities | (85.8) | 6.5 | (67.5) | 20.1 | ||||
Gain (loss) from discontinued operations, net of income taxes | 0 | 5 | 0 | (25.3) | ||||
Restructuring liability, current portion | 7.6 | 7.6 | ||||||
Unallocated Corporate | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Amount accrued in the period | 0 | 0.6 | 0.6 | 3.1 | ||||
2020 Performance Improvement Restructuring Plan | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring charges | $ 12.9 | |||||||
Acquisition, disposition, and restructuring related activities | 15.3 | |||||||
Gain (loss) from discontinued operations, net of income taxes | $ 3.7 | |||||||
2020 Performance Improvement Restructuring Plan | Unallocated Corporate | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Number of employees affected | employee | 10 | |||||||
National Media | Operating Segments | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Amount accrued in the period | 1.3 | 1.7 | 6.4 | $ 10.5 | ||||
National Media | 2020 Performance Improvement Restructuring Plan | Operating Segments | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Number of employees affected | employee | 145 | |||||||
Local Media | Operating Segments | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Amount accrued in the period | 0.1 | 0 | $ 7.3 | $ 2.4 | ||||
Local Media | 2020 Performance Improvement Restructuring Plan | Operating Segments | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Number of employees affected | employee | 15 | |||||||
Employee Severance | 2021 Performance Improvement Restructuring Plan | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring charges | $ 1.4 | $ 0.5 | $ 12.4 | |||||
Employee Severance | 2021 Performance Improvement Restructuring Plan | Unallocated Corporate | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Number of employees affected | employee | 10 | |||||||
Employee Severance | 2020 Performance Improvement Restructuring Plan | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring charges | $ 2.3 | $ 3.8 | 9.9 | |||||
Employee Severance | National Media | 2021 Performance Improvement Restructuring Plan | Operating Segments | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Number of employees affected | employee | 80 | |||||||
Employee Severance | Local Media | 2021 Performance Improvement Restructuring Plan | Operating Segments | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Number of employees affected | employee | 25 | 140 | ||||||
Other Restructuring | 2020 Performance Improvement Restructuring Plan | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring charges | $ 3 |
Restructuring Accrual - Severan
Restructuring Accrual - Severance and Related Benefit Costs by Segment (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Restructuring Cost and Reserve [Line Items] | ||||
Amount accrued in the period | $ 1.4 | $ 2.3 | $ 14.3 | $ 16 |
Total amount expected to be incurred | 14.3 | 14.3 | ||
Operating Segments | National Media | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Amount accrued in the period | 1.3 | 1.7 | 6.4 | 10.5 |
Total amount expected to be incurred | 6.4 | 6.4 | ||
Operating Segments | Local Media | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Amount accrued in the period | 0.1 | 0 | 7.3 | 2.4 |
Total amount expected to be incurred | 7.3 | 7.3 | ||
Unallocated Corporate | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Amount accrued in the period | 0 | $ 0.6 | 0.6 | $ 3.1 |
Total amount expected to be incurred | $ 0.6 | $ 0.6 |
Restructuring Accrual - Changes
Restructuring Accrual - Changes in Restructuring Accrual (Details) - Employee Severance - USD ($) $ in Millions | 9 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Restructuring Reserve [Roll Forward] | ||
Balance at beginning of period | $ 10.7 | $ 43.7 |
Accruals | 14.3 | 16 |
Cash payments | (15.2) | (42.4) |
Reversal of excess accrual | (2.2) | 0 |
Balance at end of period | $ 7.6 | $ 17.3 |
Long-term Debt - Schedule of Lo
Long-term Debt - Schedule of Long-term Debt (Details) - USD ($) | Mar. 31, 2021 | Jun. 30, 2020 |
Principal Balance | ||
Principal Balance | $ 2,792,300,000 | $ 3,045,400,000 |
Current portion of long-term debt | (4,100,000) | (4,100,000) |
Long-term debt, principal balance | 2,788,200,000 | 3,041,300,000 |
Unamortized Discount and Debt Issuance Costs | ||
Unamortized Discount and Debt Issuance Costs | (48,000,000) | (59,500,000) |
Current portion of long-term debt, unamortized discount and debt issuance costs | 0 | 0 |
Long-term debt, unamortized discount and debt issuance costs | (48,000,000) | (59,500,000) |
Carrying Value | ||
Long-term debt, including current maturities | 2,744,300,000 | 2,985,900,000 |
Current portion of long-term debt | (4,100,000) | (4,100,000) |
Long-term debt, carrying value | 2,740,200,000 | 2,981,800,000 |
Senior Unsecured Notes | 6.875% senior notes, due February 1, 2026 | ||
Principal Balance | ||
Principal Balance | 1,022,900,000 | 1,272,900,000 |
Unamortized Discount and Debt Issuance Costs | ||
Unamortized Discount and Debt Issuance Costs | (13,300,000) | (18,700,000) |
Carrying Value | ||
Long-term debt, including current maturities | $ 1,009,600,000 | $ 1,254,200,000 |
Debt instrument, stated interest rate | 6.875% | 6.875% |
Senior Secured Notes | 6.500% senior notes, due July 1, 2025 | ||
Principal Balance | ||
Principal Balance | $ 300,000,000 | $ 300,000,000 |
Unamortized Discount and Debt Issuance Costs | ||
Unamortized Discount and Debt Issuance Costs | (4,300,000) | (5,000,000) |
Carrying Value | ||
Long-term debt, including current maturities | $ 295,700,000 | $ 295,000,000 |
Debt instrument, stated interest rate | 6.50% | 6.50% |
Variable-rate credit facility | Variable-rate credit facility | Senior credit facility term loan, due January 31, 2025 | ||
Principal Balance | ||
Principal Balance | $ 1,062,500,000 | $ 1,062,500,000 |
Unamortized Discount and Debt Issuance Costs | ||
Unamortized Discount and Debt Issuance Costs | (11,100,000) | (13,100,000) |
Carrying Value | ||
Long-term debt, including current maturities | 1,051,400,000 | 1,049,400,000 |
Variable-rate credit facility | Variable-rate credit facility | Senior credit facility incremental term loan, due January 31, 2025 | ||
Principal Balance | ||
Principal Balance | 406,900,000 | 410,000,000 |
Unamortized Discount and Debt Issuance Costs | ||
Unamortized Discount and Debt Issuance Costs | (19,300,000) | (22,700,000) |
Carrying Value | ||
Long-term debt, including current maturities | 387,600,000 | 387,300,000 |
Variable-rate credit facility | Variable-rate credit facility | Revolving credit facility of $350 million, due January 31, 2023 | ||
Principal Balance | ||
Principal Balance | 0 | 0 |
Unamortized Discount and Debt Issuance Costs | ||
Unamortized Discount and Debt Issuance Costs | 0 | 0 |
Carrying Value | ||
Long-term debt, including current maturities | 0 | 0 |
Line of credit facility, maximum borrowing capacity | $ 350,000,000 | $ 350,000,000 |
Long-term Debt - Narrative (Det
Long-term Debt - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | |
Debt Instrument [Line Items] | |||
Loss on extinguishment of debt | $ 11.9 | $ 0 | |
Senior Notes | 6.875% senior notes, due February 1, 2026 | |||
Debt Instrument [Line Items] | |||
Debt repurchased amount | $ 250 | $ 250 | |
Loss on extinguishment of debt | 11.9 | ||
Premium paid on repurchase of debt | $ 8.6 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2021 | Sep. 30, 2020 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Income Tax Examination [Line Items] | |||||
Income tax expense (benefit) | $ 28.7 | $ (43.6) | $ 83.6 | $ (15.4) | |
National Media | |||||
Income Tax Examination [Line Items] | |||||
Income tax expense (benefit) | (26.9) | ||||
Impairment | $ 252.7 | $ 252.7 | |||
Domestic Tax Authority | |||||
Income Tax Examination [Line Items] | |||||
Income tax expense (benefit) | $ (15.2) |
Commitments and Contingencies -
Commitments and Contingencies - Lease Guarantee (Details) - Performance Guarantee - Discontinued Operations, Disposed of by Sale - USD ($) $ in Millions | 3 Months Ended | ||
Sep. 30, 2019 | Mar. 31, 2021 | Jun. 30, 2020 | |
Sunset and INVNT Lease Guarantees | |||
Loss Contingencies [Line Items] | |||
Guarantee obligations, current carrying amount | $ 2 | $ 2.2 | |
Maximum lease guarantee obligation | $ 12.4 | ||
Non-Operating Income (Expense), Net | Time Inc. UK Ltd | |||
Loss Contingencies [Line Items] | |||
Gain recognized from release of guarantor obligations | $ 8 |
Commitments and Contingencies_2
Commitments and Contingencies - Legal Proceedings (Details) - CAD ($) $ in Millions | Nov. 30, 2015 | Jun. 19, 2015 | Sep. 13, 2013 | Oct. 26, 2010 |
Time, Inc. | TIR vs. Canadian Prime Minister of National Revenue | Pending Litigation | ||||
Loss Contingencies [Line Items] | ||||
Estimate of possible loss | $ 91 | $ 89.8 | $ 26.9 | $ 52 |
Fair Value Measurements - Carry
Fair Value Measurements - Carrying Value and Estimated Fair Value of Financial Instruments (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Jun. 30, 2020 |
Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Broadcast rights payable | $ 14.6 | $ 12.7 |
Total long-term debt | 2,744.3 | 2,985.9 |
Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Broadcast rights payable | 13.4 | 11.7 |
Total long-term debt | $ 2,829.1 | $ 2,753.6 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis (Details) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Mar. 31, 2020USD ($)trademark | Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($)trademark | Jun. 30, 2020USD ($) | Sep. 30, 2019trademark | Jun. 30, 2019USD ($) | |
Nonrecurring fair value measurements | ||||||
Impairment charges | $ 0 | $ (405.3) | ||||
Goodwill | $ 1,719.1 | 1,719.2 | $ 1,719.1 | $ 1,719.3 | ||
Trademarks | ||||||
Nonrecurring fair value measurements | ||||||
Number of impaired trademarks | trademark | 4 | 4 | 1 | |||
Local Media | ||||||
Nonrecurring fair value measurements | ||||||
Goodwill | $ 116.6 | 116.6 | $ 116.6 | 116.6 | $ 116.6 | |
National Media | ||||||
Nonrecurring fair value measurements | ||||||
Goodwill impairment | (252.7) | (252.7) | ||||
Goodwill | $ 1,602.5 | 1,602.6 | $ 1,602.5 | 1,602.7 | $ 1,862.8 | |
National Media | Trademarks | ||||||
Nonrecurring fair value measurements | ||||||
Number of impaired trademarks | trademark | 5 | 5 | ||||
Measured at Fair Value on Recurring Basis | ||||||
Recurring fair value measurements | ||||||
Cash and cash equivalents - cash equivalents | 101.8 | 115.2 | ||||
Accrued expenses | ||||||
Contingent consideration | 2.6 | 1.3 | ||||
Deferred compensation plans | 6 | 3.4 | ||||
Other noncurrent liabilities | ||||||
Contingent consideration | 1.7 | 3.6 | ||||
Deferred compensation plans | 11.4 | 13.5 | ||||
Total recurring liability fair value measurements | 21.7 | 21.8 | ||||
Measured at Fair Value on Recurring Basis | Level 1 | ||||||
Recurring fair value measurements | ||||||
Cash and cash equivalents - cash equivalents | 101.8 | 115.2 | ||||
Accrued expenses | ||||||
Contingent consideration | 0 | 0 | ||||
Deferred compensation plans | 0 | 0 | ||||
Other noncurrent liabilities | ||||||
Contingent consideration | 0 | 0 | ||||
Deferred compensation plans | 0 | 0 | ||||
Total recurring liability fair value measurements | 0 | 0 | ||||
Measured at Fair Value on Recurring Basis | Level 2 | ||||||
Recurring fair value measurements | ||||||
Cash and cash equivalents - cash equivalents | 0 | 0 | ||||
Accrued expenses | ||||||
Contingent consideration | 0 | 0 | ||||
Deferred compensation plans | 6 | 3.4 | ||||
Other noncurrent liabilities | ||||||
Contingent consideration | 0 | 0 | ||||
Deferred compensation plans | 11.4 | 13.5 | ||||
Total recurring liability fair value measurements | 17.4 | 16.9 | ||||
Measured at Fair Value on Recurring Basis | Level 3 | ||||||
Recurring fair value measurements | ||||||
Cash and cash equivalents - cash equivalents | 0 | 0 | ||||
Accrued expenses | ||||||
Contingent consideration | 2.6 | 1.3 | ||||
Deferred compensation plans | 0 | 0 | ||||
Other noncurrent liabilities | ||||||
Contingent consideration | 1.7 | 3.6 | ||||
Deferred compensation plans | 0 | 0 | ||||
Total recurring liability fair value measurements | $ 4.3 | 4.9 | ||||
Measured at Fair Value on Nonrecurring Basis | ||||||
Nonrecurring fair value measurements | ||||||
Net property, plant, and equipment | 16.7 | |||||
Operating lease assets | 46.3 | |||||
Intangible assets, net | 77.9 | |||||
Goodwill | 1,602.5 | |||||
Total nonrecurring fair value measurements | 1,743.4 | |||||
Impairment charges | $ (389.3) | |||||
Goodwill impairment | (252.7) | |||||
Measured at Fair Value on Nonrecurring Basis | Level 1 | ||||||
Nonrecurring fair value measurements | ||||||
Net property, plant, and equipment | 0 | |||||
Operating lease assets | 0 | |||||
Intangible assets, net | 0 | |||||
Goodwill | 0 | |||||
Total nonrecurring fair value measurements | 0 | |||||
Measured at Fair Value on Nonrecurring Basis | Level 2 | ||||||
Nonrecurring fair value measurements | ||||||
Net property, plant, and equipment | 0 | |||||
Operating lease assets | 0 | |||||
Intangible assets, net | 0 | |||||
Goodwill | 0 | |||||
Total nonrecurring fair value measurements | 0 | |||||
Measured at Fair Value on Nonrecurring Basis | Level 3 | ||||||
Nonrecurring fair value measurements | ||||||
Net property, plant, and equipment | 16.7 | |||||
Operating lease assets | 46.3 | |||||
Intangible assets, net | 77.9 | |||||
Goodwill | 1,602.5 | |||||
Total nonrecurring fair value measurements | $ 1,743.4 | |||||
Measured at Fair Value on Nonrecurring Basis | Level 3 | National Media | ||||||
Nonrecurring fair value measurements | ||||||
Goodwill | $ 1,855.2 | 1,855.2 | ||||
Intangible Assets, Net | Measured at Fair Value on Nonrecurring Basis | ||||||
Nonrecurring fair value measurements | ||||||
Total losses, intangible assets | (48.7) | |||||
Net Property, Plant, and Equipment | Measured at Fair Value on Nonrecurring Basis | ||||||
Nonrecurring fair value measurements | ||||||
Impairment charges | (23.4) | |||||
Net Property, Plant, and Equipment | Measured at Fair Value on Nonrecurring Basis | Level 3 | ||||||
Nonrecurring fair value measurements | ||||||
Carrying value | 40.1 | 40.1 | ||||
Operating Lease Asset | Measured at Fair Value on Nonrecurring Basis | ||||||
Nonrecurring fair value measurements | ||||||
Impairment charges | (87.9) | (64.5) | ||||
Operating Lease Asset | Measured at Fair Value on Nonrecurring Basis | Level 3 | ||||||
Nonrecurring fair value measurements | ||||||
Carrying value | 110.8 | 110.8 | ||||
Intangible Assets, net | Measured at Fair Value on Nonrecurring Basis | Level 3 | Local Media | ||||||
Nonrecurring fair value measurements | ||||||
Carrying value | $ 126.6 | $ 126.6 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) $ in Millions | 3 Months Ended | 9 Months Ended | |
Mar. 31, 2020USD ($) | Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Impairment charges | $ 0 | $ (405.3) | |
Measured at Fair Value on Nonrecurring Basis | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Impairment charges | (389.3) | ||
Measured at Fair Value on Nonrecurring Basis | Operating Lease Asset | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Impairment charges | $ (87.9) | (64.5) | |
Measured at Fair Value on Nonrecurring Basis | Net Property, Plant, and Equipment | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Impairment charges | $ (23.4) | ||
Discount Rate | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Intangible assets measurement input | 0.1100 | ||
Royalty Rate | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Intangible assets measurement input | 0.0161 | ||
Terminal Revenue Growth Rate | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Intangible assets measurement input | 0.0148 | ||
Weighted Average | Level 3 | Discount Rate | Measured at Fair Value on Recurring Basis | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Contingent consideration measurement input | 0.0350 |
Fair Value Measurements - Chang
Fair Value Measurements - Changes in Fair Value of Level 3 Contingent Consideration (Details) - Level 3 - Measured at Fair Value on Recurring Basis - Contingent Consideration - USD ($) $ in Millions | 9 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Fair Value Liabilities [Roll Forward] | ||
Balance at beginning of period | $ 4.9 | $ 0.8 |
Additions due to acquisitions | 0 | 4.1 |
Payments | (1) | 0 |
Fair value adjustment of contingent consideration | 0.4 | 0.3 |
Balance at end of period | $ 4.3 | $ 5.2 |
Revenue Recognition - Disaggreg
Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 664.5 | $ 701.7 | $ 2,259.5 | $ 2,237.4 |
Total advertising related | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 303.6 | 332.1 | 1,187.2 | 1,139 |
Digital | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 107 | 89 | 382.5 | 321.9 |
Magazine | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 96.9 | 136.3 | 325.8 | 446.1 |
Non-political spot | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 74.5 | 70.8 | 206.6 | 237.1 |
Political spot | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 4.3 | 10.5 | 173.7 | 17.5 |
Third party sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 20.9 | 25.5 | 98.6 | 116.4 |
Total consumer related | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 339.4 | 345.6 | 1,016.1 | 1,017.6 |
Subscription | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 136.4 | 150.7 | 414.6 | 461 |
Retransmission | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 97.8 | 92.2 | 281.1 | 256.9 |
Newsstand | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 36.2 | 45.4 | 111.6 | 125.7 |
Licensing | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 32.4 | 25.3 | 91 | 69.7 |
Affinity marketing | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 15.3 | 16.3 | 48.2 | 50.2 |
Digital and other consumer driven | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 21.3 | 15.7 | 69.6 | 54.1 |
Total other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 21.5 | 24 | 56.2 | 80.8 |
Projects based | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 14.7 | 15.4 | 35.7 | 44.9 |
Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 6.8 | 8.6 | 20.5 | 35.9 |
Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 665.4 | 702.1 | 2,263.5 | 2,239 |
Operating Segments | National Media | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 464.9 | 506.9 | 1,508.6 | 1,637 |
Operating Segments | National Media | Total advertising related | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 205.9 | 232.8 | 728.9 | 805.8 |
Operating Segments | National Media | Digital | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 102.4 | 84.6 | 368.7 | 308.4 |
Operating Segments | National Media | Magazine | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 96.9 | 136.3 | 325.8 | 446.1 |
Operating Segments | National Media | Non-political spot | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 0 | 0 | 0 | 0 |
Operating Segments | National Media | Political spot | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 0 | 0 | 0 | 0 |
Operating Segments | National Media | Third party sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 6.6 | 11.9 | 34.4 | 51.3 |
Operating Segments | National Media | Total consumer related | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 241.5 | 253.4 | 734.4 | 760.7 |
Operating Segments | National Media | Subscription | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 136.4 | 150.7 | 414.6 | 461 |
Operating Segments | National Media | Retransmission | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 0 | 0 | 0 | 0 |
Operating Segments | National Media | Newsstand | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 36.2 | 45.4 | 111.6 | 125.7 |
Operating Segments | National Media | Licensing | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 32.4 | 25.3 | 91 | 69.7 |
Operating Segments | National Media | Affinity marketing | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 15.3 | 16.3 | 48.2 | 50.2 |
Operating Segments | National Media | Digital and other consumer driven | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 21.2 | 15.7 | 69 | 54.1 |
Operating Segments | National Media | Total other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 17.5 | 20.7 | 45.3 | 70.5 |
Operating Segments | National Media | Projects based | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 14.7 | 15.4 | 35.7 | 44.9 |
Operating Segments | National Media | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 2.8 | 5.3 | 9.6 | 25.6 |
Operating Segments | Local Media | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 200.5 | 195.2 | 754.9 | 602 |
Operating Segments | Local Media | Total advertising related | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 98.6 | 99.7 | 462.3 | 334.8 |
Operating Segments | Local Media | Digital | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 4.6 | 4.4 | 13.8 | 13.5 |
Operating Segments | Local Media | Magazine | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 0 | 0 | 0 | 0 |
Operating Segments | Local Media | Non-political spot | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 74.5 | 70.8 | 206.6 | 237.1 |
Operating Segments | Local Media | Political spot | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 4.3 | 10.5 | 173.7 | 17.5 |
Operating Segments | Local Media | Third party sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 15.2 | 14 | 68.2 | 66.7 |
Operating Segments | Local Media | Total consumer related | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 97.9 | 92.2 | 281.7 | 256.9 |
Operating Segments | Local Media | Subscription | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 0 | 0 | 0 | 0 |
Operating Segments | Local Media | Retransmission | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 97.8 | 92.2 | 281.1 | 256.9 |
Operating Segments | Local Media | Newsstand | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 0 | 0 | 0 | 0 |
Operating Segments | Local Media | Licensing | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 0 | 0 | 0 | 0 |
Operating Segments | Local Media | Affinity marketing | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 0 | 0 | 0 | 0 |
Operating Segments | Local Media | Digital and other consumer driven | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 0.1 | 0 | 0.6 | 0 |
Operating Segments | Local Media | Total other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 4 | 3.3 | 10.9 | 10.3 |
Operating Segments | Local Media | Projects based | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 0 | 0 | 0 | 0 |
Operating Segments | Local Media | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 4 | 3.3 | 10.9 | 10.3 |
Intersegment Eliminations | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | (0.9) | (0.4) | (4) | (1.6) |
Intersegment Eliminations | Total advertising related | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | (0.9) | (0.4) | (4) | (1.6) |
Intersegment Eliminations | Digital | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 0 | 0 | 0 | 0 |
Intersegment Eliminations | Magazine | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 0 | 0 | 0 | 0 |
Intersegment Eliminations | Non-political spot | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 0 | 0 | 0 | 0 |
Intersegment Eliminations | Political spot | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 0 | 0 | 0 | 0 |
Intersegment Eliminations | Third party sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | (0.9) | (0.4) | (4) | (1.6) |
Intersegment Eliminations | Total consumer related | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 0 | 0 | 0 | 0 |
Intersegment Eliminations | Subscription | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 0 | 0 | 0 | 0 |
Intersegment Eliminations | Retransmission | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 0 | 0 | 0 | 0 |
Intersegment Eliminations | Newsstand | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 0 | 0 | 0 | 0 |
Intersegment Eliminations | Licensing | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 0 | 0 | 0 | 0 |
Intersegment Eliminations | Affinity marketing | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 0 | 0 | 0 | 0 |
Intersegment Eliminations | Digital and other consumer driven | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 0 | 0 | 0 | 0 |
Intersegment Eliminations | Total other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 0 | 0 | 0 | 0 |
Intersegment Eliminations | Projects based | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 0 | 0 | 0 | 0 |
Intersegment Eliminations | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 0 | $ 0 | $ 0 | $ 0 |
Revenue Recognition - Narrative
Revenue Recognition - Narrative (Details) - USD ($) $ in Millions | 9 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Jun. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | |||
Current portion of contract liabilities | $ 376.2 | $ 403.2 | |
Noncurrent contract liabilities | 223.7 | $ 267.5 | |
Revenue recognized | $ 337.8 | $ 401.9 |
Pension and Postretirement Be_3
Pension and Postretirement Benefit Plans - Components of Net Periodic Benefit Costs (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2021 | Mar. 31, 2020 | |
Pension Benefits | UNITED STATES | ||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||||||
Service cost | $ 2.4 | $ 2.4 | $ 7 | $ 7.4 | ||
Interest cost | 0.8 | 1.2 | 2.4 | 3.9 | ||
Expected return on plan assets | (1.9) | (2.4) | (5.8) | (7.2) | ||
Prior service cost amortization | 0.1 | 0.1 | 0.3 | 0.4 | ||
Actuarial loss (gain) amortization | 0.6 | 0.5 | 2 | 1.7 | ||
Settlement charge | 0 | $ 1.8 | 3.5 | $ 8.8 | 12.3 | |
Net periodic benefit costs (credit) | 2 | 5.3 | 7.7 | 18.5 | ||
Pension Benefits | Foreign Plan | ||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||||||
Interest cost | 2.3 | 3.6 | 6.9 | 10.9 | ||
Expected return on plan assets | (3.9) | (4.6) | (11.6) | (13.9) | ||
Prior service cost amortization | 0 | 0 | 0.1 | 0.1 | ||
Settlement charge | 0 | 0.6 | 0 | 0.6 | ||
Net periodic benefit costs (credit) | (1.6) | (0.4) | (4.6) | (2.3) | ||
Postretirement Benefits | UNITED STATES | ||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||||||
Interest cost | 0.1 | 0.1 | 0.2 | 0.2 | ||
Actuarial loss (gain) amortization | (0.1) | (0.1) | (0.2) | (0.4) | ||
Net periodic benefit costs (credit) | $ 0 | $ 0 | $ 0 | $ (0.2) |
Earnings (Loss) Per Common Sh_3
Earnings (Loss) Per Common Share - Computation of Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Mar. 31, 2021 | Mar. 31, 2020 | |
Earnings Per Share [Abstract] | ||||||||
Net earnings (loss) | $ 79.1 | $ 148.5 | $ 42.3 | $ (284.4) | $ 37.8 | $ 6.1 | $ 269.9 | $ (240.5) |
Participating warrants dividend | 0 | (0.9) | 0 | (2.8) | ||||
Series A preferred stock dividend | 0 | (14) | 0 | (42.5) | ||||
Accretion of Series A preferred stock | 0 | (4.6) | 0 | (13.6) | ||||
Other securities dividends | 0 | (0.2) | 0 | (0.6) | ||||
Undistributed earnings allocated to participating securities | (4.1) | 0 | (13.6) | 0 | ||||
Earnings (loss) attributable to common shareholders | $ 75 | $ (304.1) | $ 256.3 | $ (300) | ||||
Basic weighted average common shares outstanding (in shares) | 46.3 | 45.7 | 46.2 | 45.7 | ||||
Basic earnings (loss) per common share (in usd per share) | $ 1.62 | $ (6.65) | $ 5.55 | $ (6.57) |
Earnings (Loss) Per Common Sh_4
Earnings (Loss) Per Common Share - Dilutive Effect of Share-Based Awards (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Basic weighted average common shares outstanding (in shares) | 46.3 | 45.7 | 46.2 | 45.7 |
Diluted weighted-average shares outstanding (in shares) | 46.7 | 45.7 | 46.3 | 45.7 |
Basic earnings (loss) attributable to common shareholders | $ 75 | $ (304.1) | $ 256.3 | $ (300) |
Dilutive security dividends | 0 | 0 | 0 | 0 |
Diluted earnings (loss) attributable to common shareholders | $ 75 | $ (304.1) | $ 256.3 | $ (300) |
Diluted earnings (loss) per common share (in usd per share) | $ 1.61 | $ (6.65) | $ 5.53 | $ (6.57) |
Employee Stock Option | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Dilutive effect of stock options and equivalents (in shares) | 0.4 | 0 | 0.1 | 0 |
Earnings (Loss) Per Common Sh_5
Earnings (Loss) Per Common Share - Narrative (Details) - $ / shares shares in Millions | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Warrant | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from calculation of earnings per share, number of options | 1.6 | 1.6 | 1.5 | 1.6 |
Restricted Stock | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from calculation of earnings per share, number of options | 0.5 | 0.2 | 0.1 | |
Convertible Preferred Shares | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from calculation of earnings per share, number of options | 0.7 | 0.7 | ||
Employee Stock Option | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from calculation of earnings per share, number of options | 3.7 | 3.8 | 3.7 | 3.7 |
Antidilutive options excluded from calculation of earnings per share, weighted average exercise price (in usd per share) | $ 53.89 | $ 54.14 | $ 54.29 | $ 55.57 |
Financial Information about I_3
Financial Information about Industry Segments - Financial Information by Segment (Details) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | Mar. 31, 2021USD ($)segmentmeasure | Mar. 31, 2020USD ($) | |
Segment Reporting Information [Line Items] | ||||
Number of reportable segments | segment | 2 | |||
Number of principal financial measures | measure | 2 | |||
Total revenues | $ 664.5 | $ 701.7 | $ 2,259.5 | $ 2,237.4 |
Income (loss) from operations | 159.8 | (294) | 486.3 | (117.2) |
Non-operating income (expense), net | 2.1 | (2.4) | 7.9 | (1) |
Interest expense, net | (54.1) | (36.6) | (140.7) | (112.4) |
Earnings (loss) from continuing operations before income taxes | 107.8 | (333) | 353.5 | (230.6) |
Depreciation and amortization | 35.6 | 53.5 | 134.4 | 170.6 |
Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 665.4 | 702.1 | 2,263.5 | 2,239 |
Operating Segments | National Media | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 464.9 | 506.9 | 1,508.6 | 1,637 |
Income (loss) from operations | 134.8 | (303.1) | 280.6 | (174.5) |
Depreciation and amortization | 27.7 | 42.2 | 108.3 | 137.4 |
Operating Segments | Local Media | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 200.5 | 195.2 | 754.9 | 602 |
Income (loss) from operations | 50.8 | 24.4 | 266.3 | 117.6 |
Depreciation and amortization | 7.5 | 9.8 | 24.8 | 29.3 |
Unallocated Corporate | ||||
Segment Reporting Information [Line Items] | ||||
Income (loss) from operations | (25.8) | (15.3) | (60.6) | (60.3) |
Depreciation and amortization | 0.4 | 1.5 | 1.3 | 3.9 |
Intersegment Eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | $ (0.9) | $ (0.4) | $ (4) | $ (1.6) |
Uncategorized Items - mdp-20210
Label | Element | Value |
Accounting Standards Update [Extensible List] | us-gaap_AccountingStandardsUpdateExtensibleList | us-gaap:AccountingStandardsUpdate201602Member |