Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | ||
Mar. 31, 2014 | Apr. 30, 2014 | Apr. 30, 2014 | |
Class A Common Stock [Member] | Class B Common Stock [Member] | ||
Entity Registrant Name | 'Madison Square Garden Co | ' | ' |
Entity Central Index Key | '0001469372 | ' | ' |
Current Fiscal Year End Date | '--06-30 | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Document Type | '10-Q | ' | ' |
Document Period End Date | 31-Mar-14 | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'Q3 | ' | ' |
Amendment Flag | 'false | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 63,589,073 | 13,588,555 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Current Assets: | ' | ' |
Cash and cash equivalents | $76,545 | $277,913 |
Restricted cash | 16,663 | 8,413 |
Accounts receivable, net | 200,107 | 145,728 |
Net related party receivables | 25,968 | 18,565 |
Prepaid expenses | 39,877 | 41,215 |
Other current assets | 28,038 | 20,339 |
Total current assets | 387,198 | 512,173 |
Investments in and loans to nonconsolidated affiliates | 186,927 | 0 |
Property and equipment, net | 1,273,760 | 1,135,180 |
Amortizable intangible assets, net | 82,906 | 90,705 |
Indefinite-lived intangible assets | 163,839 | 158,636 |
Goodwill | 742,492 | 742,492 |
Other assets | 101,997 | 93,028 |
Assets, Total | 2,939,119 | 2,732,214 |
Current Liabilities: | ' | ' |
Accounts payable | 20,075 | 16,006 |
Net related party payables | 862 | 283 |
Accrued liabilities: | ' | ' |
Employee related costs | 82,149 | 70,663 |
Other accrued liabilities | 246,656 | 221,405 |
Deferred revenue | 274,275 | 237,537 |
Total current liabilities | 624,017 | 545,894 |
Defined benefit and other postretirement obligations | 61,091 | 59,726 |
Other employee related costs | 46,315 | 45,370 |
Other liabilities | 63,069 | 58,536 |
Deferred tax liability | 549,725 | 543,753 |
Total liabilities | 1,344,217 | 1,253,279 |
Commitments and contingencies (Note 10) | ' | ' |
Stockholders' Equity: | ' | ' |
Preferred stock, par value $0.01, 45,000 shares authorized; none outstanding | ' | ' |
Additional paid-in capital | 1,076,097 | 1,070,764 |
Treasury stock, at cost, 317 and 596 shares as of March 31, 2014 and June 30, 2013, respectively | -7,537 | -14,179 |
Retained earnings | 541,225 | 437,794 |
Accumulated other comprehensive loss | -15,658 | -16,219 |
Total stockholders' equity | 1,594,902 | 1,478,935 |
Liabilities and Equity, Total | 2,939,119 | 2,732,214 |
Class A Common Stock [Member] | ' | ' |
Stockholders' Equity: | ' | ' |
Common stock, value issued | 639 | 639 |
Class B Common Stock [Member] | ' | ' |
Stockholders' Equity: | ' | ' |
Common stock, value issued | $136 | $136 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Jun. 30, 2013 |
In Thousands, except Per Share data, unless otherwise specified | ||
Preferred stock, par value (dollars per share) | $0.01 | $0.01 |
Preferred stock, shares authorized | 45,000 | 45,000 |
Preferred stock, shares outstanding | 0 | 0 |
Treasury stock, shares | 317 | 596 |
Class A Common Stock [Member] | ' | ' |
Common stock, par value (dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 360,000 | 360,000 |
Common stock, shares outstanding | 63,589 | 63,268 |
Class B Common Stock [Member] | ' | ' |
Common stock, par value (dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 90,000 | 90,000 |
Common stock, shares outstanding | 13,589 | 13,589 |
Consolidated_Statements_Of_Ope
Consolidated Statements Of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | ||
Income Statement [Abstract] | ' | ' | ' | ' | ||
Revenues (including related party revenues of $47,531 and $46,169 for the three months ended March 31, 2014 and 2013, respectively, and $138,872 and $131,271 for the nine months ended March 31, 2014 and 2013, respectively) | $458,956 | $412,406 | $1,183,920 | $1,004,458 | ||
Operating expenses: | ' | ' | ' | ' | ||
Direct operating (including related party expenses of $4,344 and $3,497 for the three months ended March 31, 2014 and 2013, respectively, and $10,845 and $9,892 for the nine months ended March 31, 2014 and 2013, respectively) | 300,888 | 246,442 | 682,046 | 526,360 | ||
Selling, general and administrative (including related party expenses of $4,465 and $3,232 for the three months ended March 31, 2014 and 2013, respectively, and $12,019 and $9,754 for the nine months ended March 31, 2014 and 2013, respectively) | 100,945 | 79,183 | 261,146 | 228,660 | ||
Depreciation and amortization | 29,674 | 22,995 | 76,869 | 64,439 | ||
Operating expenses, Total | 431,507 | 348,620 | 1,020,061 | 819,459 | ||
Operating income | 27,449 | 63,786 | 163,859 | 184,999 | ||
Other income (expense): | ' | ' | ' | ' | ||
Equity in earnings (loss) of nonconsolidated affiliates | 663 | 0 | -75 | 0 | ||
Interest income | 628 | 530 | 1,742 | 1,682 | ||
Interest expense | -1,763 | -1,723 | -5,378 | -5,289 | ||
Miscellaneous | 72 | 3,373 | [1] | 95 | 3,475 | [1] |
Nonoperating expense, Total | -400 | 2,180 | -3,616 | -132 | ||
Income from operations before income taxes | 27,049 | 65,966 | 160,243 | 184,867 | ||
Income Tax Expense (Benefit), Continuing Operations | -7,995 | -27,517 | -56,812 | -78,902 | ||
Net income | $19,054 | $38,449 | $103,431 | $105,965 | ||
Basic earnings per common share (dollars per share) | $0.25 | $0.50 | $1.34 | $1.39 | ||
Diluted earnings per common share (dollars per share) | $0.24 | $0.49 | $1.32 | $1.36 | ||
Weighted-average number of common shares outstanding: | ' | ' | ' | ' | ||
Basic (in shares) | 77,162 | 76,537 | 77,069 | 76,022 | ||
Diluted (in shares) | 78,211 | 78,041 | 78,142 | 77,900 | ||
[1] | Miscellaneous income for the three and nine months ended March 31, 2013 consists principally of a gain from the sale of all of the Company's holdings of Live Nation common stock. |
Consolidated_Statements_Of_Ope1
Consolidated Statements Of Operations (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Income Statement [Abstract] | ' | ' | ' | ' |
Revenues from related party | $47,531 | $46,169 | $138,872 | $131,271 |
Direct operating expenses from related party | 4,344 | 3,497 | 10,845 | 9,892 |
Selling, general and administrative expenses from related party | 4,465 | 3,232 | 12,019 | 9,754 |
Related Party Transaction, Interest Income from Transactions With Related Party | $154 | $0 | $276 | $0 |
Consolidated_Statements_Of_Com
Consolidated Statements Of Comprehensive Income (Loss) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | ||
Consolidated Statements of Comprehensive Income (Loss) [Abstract] | ' | ' | ' | ' | ||
Net income | $19,054 | $38,449 | $103,431 | $105,965 | ||
Amortization of net actuarial loss included in net periodic benefit cost | 347 | 500 | 1,069 | 1,593 | ||
Amortization of net prior service credit included in net periodic benefit cost | -32 | -35 | -95 | -105 | ||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, before Tax | 315 | 465 | 974 | [1] | 1,488 | [1] |
Net changes related to available-for-sale securities | ' | 4,578 | ' | 5,087 | ||
Other comprehensive income, before income taxes | 315 | 5,043 | 974 | 6,575 | ||
Income tax expense related to items of other comprehensive income | -132 | -2,122 | -413 | -2,774 | ||
Other comprehensive income | 183 | 2,921 | 561 | 3,801 | ||
Comprehensive income | $19,237 | $41,370 | $103,992 | $109,766 | ||
[1] | (a)B Amounts reclassified from accumulated other comprehensive income, before income taxes, represents amortization of net actuarial loss and net unrecognized prior service credit included in net periodic benefit cost, which is reflected in direct operating expenses and selling, general and administrative expenses in the accompanying consolidated statements of operations (see Note 13). |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Cash flows from operating activities: | ' | ' |
Net income | $103,431 | $105,965 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 76,869 | 64,439 |
Impairment of deferred costs | 0 | 4,982 |
Amortization of deferred financing costs | 1,635 | 1,635 |
Share-based compensation expense related to equity classified awards | 17,057 | 13,854 |
Gain on Sale of Investments | 0 | -3,130 |
Excess tax benefit on share-based awards | -6,559 | -8,298 |
Equity in loss of nonconsolidated affiliates | 75 | 0 |
Provision for doubtful accounts | 64 | -145 |
Change in assets and liabilities: | ' | ' |
Accounts receivable, net | -54,443 | -48,134 |
Net related party receivables | -7,385 | -347 |
Prepaid expenses and other assets | -25,215 | -3,630 |
Accounts payable | 243 | -23,793 |
Net related party payables | 579 | 375 |
Accrued and other liabilities | 67,278 | 44,194 |
Deferred revenue | 36,738 | 28,580 |
Deferred income taxes | 6,681 | 4,215 |
Net Cash Provided by (Used in) Operating Activities | 217,048 | 180,762 |
Cash flows from investing activities: | ' | ' |
Capital expenditures | -242,745 | -196,687 |
Proceeds from Sale of Available-for-sale Securities | 0 | 44,136 |
Proceeds from renovation loan | 18,000 | ' |
Payments to Acquire Assets, Investing Activities | -1,488 | 0 |
Investments in and loans to nonconsolidated affiliates | -186,893 | 0 |
Net cash used in investing activities | -413,126 | -152,551 |
Cash flows from financing activities: | ' | ' |
Principal payments on capital lease obligations | -190 | -211 |
Proceeds from stock options exercises | 707 | 6,767 |
Taxes paid in lieu of shares issued for equity-based compensation | -12,366 | -21,148 |
Excess tax benefit on share-based awards | 6,559 | 8,298 |
Net cash used in financing activities | -5,290 | -6,294 |
Net increase (decrease) in cash and cash equivalents | -201,368 | 21,917 |
Cash and cash equivalents at beginning of period | 277,913 | 206,500 |
Cash and cash equivalents at end of period | 76,545 | 228,417 |
Non-cash investing and financing activities: | ' | ' |
Capital expenditures incurred but not yet paid | 44,448 | 25,267 |
Change In Asset Retirement Obligation Non-Cash Investing Activity | 0 | 1,722 |
Cash due from related party associated with exercise of stock options | 18 | 0 |
Acquisition Of Assets Not Yet Paid | $3,715 | ' |
Consolidated_Statements_Of_Sto
Consolidated Statements Of Stockholders' Equity And Comprehensive Income (Loss) (USD $) | Total | Common Stock Issued [Member] | Additional Paid-In Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
In Thousands, unless otherwise specified | ||||||
Balance at Jun. 30, 2012 | $1,320,013 | $764 | $1,070,046 | ($22,047) | $295,412 | ($24,162) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Net income | 105,965 | ' | ' | ' | 105,965 | ' |
Other comprehensive income | 3,801 | ' | ' | ' | ' | 3,801 |
Comprehensive income | 109,766 | ' | ' | ' | ' | ' |
Exercise of options | 6,767 | 10 | 6,757 | ' | ' | ' |
Share-based compensation expense | 13,854 | ' | 13,854 | ' | ' | ' |
Tax withholding associated with shares issued for equity-based compensation | -21,148 | ' | -21,148 | ' | ' | ' |
Excess tax benefit on share-based awards | 7,608 | ' | 7,608 | ' | ' | ' |
Shares issued upon Restricted Stock Units vesting | 0 | ' | -7,856 | 7,856 | ' | ' |
Balance at Mar. 31, 2013 | 1,436,860 | 774 | 1,069,261 | -14,191 | 401,377 | -20,361 |
Balance at Jun. 30, 2013 | 1,478,935 | 775 | 1,070,764 | -14,179 | 437,794 | -16,219 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Net income | 103,431 | ' | ' | ' | 103,431 | ' |
Other comprehensive income | 561 | ' | ' | ' | ' | 561 |
Comprehensive income | 103,992 | ' | ' | ' | ' | ' |
Exercise of options | 725 | ' | -254 | 979 | ' | ' |
Share-based compensation expense | 17,057 | ' | 17,057 | ' | ' | ' |
Tax withholding associated with shares issued for equity-based compensation | -12,366 | ' | -12,366 | ' | ' | ' |
Excess tax benefit on share-based awards | 6,559 | ' | 6,559 | ' | ' | ' |
Shares issued upon Restricted Stock Units vesting | 0 | ' | -5,663 | 5,663 | ' | ' |
Balance at Mar. 31, 2014 | $1,594,902 | $775 | $1,076,097 | ($7,537) | $541,225 | ($15,658) |
Description_of_Business_and_Ba
Description of Business and Basis of Presentation | 9 Months Ended |
Mar. 31, 2014 | |
Description of Business And Basis of Presentation [Abstract] | ' |
Description of Business and Basis of Presentation | ' |
Description of Business and Basis of Presentation | |
Description of Business | |
The Madison Square Garden Company (together with its subsidiaries, the "Company" or "Madison Square Garden") was incorporated on July 29, 2009 as an indirect, wholly-owned subsidiary of Cablevision Systems Corporation ("Cablevision"). On January 12, 2010, Cablevision's board of directors approved the distribution of all the outstanding common stock of The Madison Square Garden Company to Cablevision shareholders (the "Distribution") and the Company thereafter acquired the subsidiaries of Cablevision that owned, directly and indirectly, all of the partnership interests in MSG Holdings, L.P. ("MSG L.P."). MSG L.P. was the indirect, wholly-owned subsidiary of Cablevision through which Cablevision held the Company's businesses until the Distribution occurred on February 9, 2010. Each holder of record of Cablevision NY Group Class A Common Stock as of close of business on January 25, 2010 (the "Record Date") received one share of the Company's Class A Common Stock for every four shares of Cablevision NY Group Class A Common Stock held. Each holder of record of Cablevision NY Group Class B Common Stock as of the Record Date received one share of the Company's Class B Common Stock for every four shares of Cablevision NY Group Class B Common Stock held. MSG L.P. is now a wholly-owned subsidiary of The Madison Square Garden Company through which the Company conducts substantially all of its business activities. | |
The Company is a fully integrated sports, entertainment and media business. The Company classifies its business interests into three reportable segments: MSG Media, MSG Entertainment, and MSG Sports. MSG Media produces, develops and acquires content for multiple distribution platforms, including content originating from the Company's venues. MSG Media includes the Company's regional sports networks, MSG Network and MSG+, collectively the "MSG Networks," and "Fuse," a national television network dedicated to music. MSG Entertainment presents or hosts live entertainment events, such as concerts, family shows, performing arts and special events, in the Company's diverse collection of venues. MSG Entertainment also creates, produces and/or presents live productions, including the Radio City Christmas Spectacular featuring the Radio City Rockettes (the "Rockettes"), that are performed in the Company's and other venues. MSG Sports owns and operates the following sports franchises: the New York Knicks (the "Knicks") of the National Basketball Association (the "NBA"), the New York Rangers (the "Rangers") of the National Hockey League (the "NHL"), the New York Liberty (the "Liberty") of the Women's National Basketball Association (the "WNBA"), the Hartford Wolf Pack of the American Hockey League (the "AHL"), which is the primary player development team for the Rangers, and an NBA Development League franchise. MSG Sports also promotes, produces and/or presents a broad array of other live sporting events outside of Knicks, Rangers and Liberty games. | |
The Company conducts a significant portion of its operations at venues that it either owns or operates under long-term leases. The Company owns the Madison Square Garden Arena ("The Garden") and The Theater at Madison Square Garden in New York City, the Forum in Inglewood, CA and The Chicago Theatre in Chicago. In addition, the Company leases Radio City Music Hall and the Beacon Theatre in New York City, and has a booking agreement with respect to the Wang Theatre in Boston. | |
Unaudited Interim Financial Statements | |
The accompanying interim consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States ("GAAP") for interim financial information and the instructions to Rule 10-01 of Regulation S-X, and should be read in conjunction with the Company's Annual Report on Form 10-K for the year ended June 30, 2013. The financial statements as of March 31, 2014 and for the three and nine months ended March 31, 2014 and 2013 presented in this Quarterly Report on Form 10-Q are unaudited; however, in the opinion of management such financial statements reflect all adjustments, consisting solely of normal recurring adjustments, necessary for a fair presentation of the results for the interim periods presented. The results of operations for the periods presented are not necessarily indicative of the results that might be expected for future interim periods or for the full year. The dependence of the MSG Sports segment on revenues from its NBA and NHL sports teams generally means it earns a disproportionate share of its revenues in the second and third quarters of the Company's fiscal year. The dependence of the MSG Entertainment segment on revenues from the Radio City Christmas Spectacular generally means it earns a disproportionate share of its revenues and operating income in the second quarter of the Company's fiscal year. | |
The comparability of the results of operations of the Company and the MSG Media and MSG Sports segments for the three and nine months ended March 31, 2014 to the prior year periods was impacted by the prior period's NHL work stoppage, which delayed the start of the 2012-13 regular season by approximately three months to January 19, 2013 and led to a shortened 48-game regular season. In addition, the Company closed The Garden and The Theater at Madison Square Garden during the off-seasons following the Knicks' and Rangers' playoffs in calendar years 2011, 2012 and 2013 due to the comprehensive transformation of The Garden into a state-of-the-art arena (the "Transformation"). |
Accounting_Policies
Accounting Policies | 9 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
Summary of Significant Accounting Policies | ' |
Accounting Policies | |
Principles of Consolidation | |
The consolidated financial statements of the Company include the accounts of The Madison Square Garden Company and its subsidiaries. All significant intercompany transactions and balances have been eliminated in consolidation. | |
Use of Estimates | |
The preparation of the accompanying consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions about future events. These estimates and the underlying assumptions affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities, and reported amounts of revenues and expenses. Such estimates include the valuation of accounts receivable, goodwill, intangible assets, other long-lived assets, tax accruals and other liabilities. In addition, estimates are used in revenue recognition, revenue sharing expense (net of escrow), luxury tax expense, income tax expense, performance and share-based compensation, depreciation and amortization, litigation matters and other matters. Management believes its use of estimates in the consolidated financial statements to be reasonable. | |
Management evaluates its estimates on an ongoing basis using historical experience and other factors, including the general economic environment and actions it may take in the future. The Company adjusts such estimates when facts and circumstances dictate. However, these estimates may involve significant uncertainties and judgments and cannot be determined with precision. In addition, these estimates are based on management's best judgment at a point in time and as such these estimates may ultimately differ from actual results. Changes in estimates resulting from weakness in the economic environment or other factors beyond the Company's control could be material and would be reflected in the Company's financial statements in future periods. | |
Investments in Nonconsolidated Affiliates | |
The Company's investments in nonconsolidated affiliates are accounted for using the equity method of accounting and are carried at cost, plus or minus the Company’s share of net earnings or losses of the investment, subject to certain other adjustments. The cost of equity method investments includes transaction costs of the acquisition. The Company’s share of net earnings or losses of the investment is included in equity in earnings (loss) of nonconsolidated affiliates on the Company’s consolidated statements of operations. Dividends received from the investee reduce the carrying amount of the investment. Due to the timing of receiving financial information from its nonconsolidated affiliates, the Company records its share of net earnings or losses of such affiliates on a lag basis. Additionally, the carrying value of investments accounted for using the equity method of accounting is adjusted downward to reflect any other-than-temporary declines in value. | |
Income Taxes | |
The Company's provision for income taxes is based on current period income, changes in deferred tax assets and liabilities and changes in estimates with regard to uncertain tax positions. Deferred tax assets are subject to an ongoing assessment of realizability. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax asset will not be realized. The Company's ability to realize its deferred tax assets depends upon the generation of sufficient future taxable income to allow for the realization of its deductible temporary differences. If such estimates and related assumptions change in the future, the Company may be required to record valuation allowances against its deferred tax assets, resulting in additional income tax expense in the Company's consolidated statements of operations. The Company measures its deferred tax liability with regard to MSG L.P. based on the difference between the tax basis and the carrying amount for financial reporting purposes; this is commonly referred to as the outside basis difference. Interest and penalties, if any, associated with uncertain tax positions are included in income tax expense. The Company accounts for investment tax credits using the “flow-through” method, under which the tax benefit generated from an investment tax credit is recorded in the period the credit is generated. | |
Recently Adopted Accounting Pronouncements | |
In December 2011, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2011-11, Disclosures about Offsetting Assets and Liabilities, which creates new disclosure requirements regarding the nature of an entity's rights of offset and related arrangements associated with its financial instruments and derivative instruments. In January 2013, the FASB issued ASU No. 2013-01, Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities, which clarifies the scope of transactions that are subject to disclosures required by FASB Accounting Standards Codification ("ASC") 210-20-50, Balance Sheet - Offsetting - Disclosure, concerning offsetting. In particular ASU No. 2013-01 addresses implementation issues about the scope of ASU No. 2011-11 and clarifies that the scope of the disclosure is limited to derivatives, repurchase agreements, and securities borrowing and securities lending transactions that are either offset in the financial statements or are subject to a master netting arrangement or similar arrangement. These standards were adopted by the Company in the first quarter of fiscal year 2014. The adoption of these standards did not have an impact on the Company's financial position, results of operations, or cash flows. | |
In February 2013, the FASB issued ASU No. 2013-02, Comprehensive Income (Topic 220) - Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income, which requires an entity to provide information about amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under GAAP that provide additional detail about those amounts. This standard was adopted by the Company in the first quarter of fiscal year 2014. The adoption of this standard impacted the Company's disclosures only and did not have any impact on the Company's financial position, results of operations, or cash flows. | |
Recently Issued Accounting Pronouncements Not Yet Adopted | |
In April 2014, the FASB issued ASU 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, or ASU 2014-08. ASU 2014-08 changes the criteria for reporting a discontinued operation while enhancing disclosures in this area. This standard will be effective for the Company beginning in its first quarter of fiscal 2016. Early adoption of the standard is permitted, but only for disposals (or classifications as held for sale) that have not been reported in financial statements previously issued or available for issuance. The Company is currently evaluating the impact of the adoption on its consolidated financial statements. |
Computation_of_Earnings_Per_Co
Computation of Earnings Per Common Share | 9 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Computation of Earnings per Common Share | ' | ||||||||||||
Computation of Earnings per Common Share | |||||||||||||
Basic earnings per common share ("EPS") is based upon net income available to common stockholders divided by the weighted-average number of common shares outstanding during the period. Diluted EPS reflects the effect of the assumed exercise of stock options and vesting of restricted shares and restricted stock units ("RSUs") only in the periods in which such effect would have been dilutive. | |||||||||||||
The following table presents a reconciliation of weighted-average shares used in the calculations of basic and diluted EPS. | |||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
March 31, | March 31, | ||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
Weighted-average shares for basic EPS | 77,162 | 76,537 | 77,069 | 76,022 | |||||||||
Dilutive effect of shares issuable under share-based compensation plans | 1,049 | 1,504 | 1,073 | 1,878 | |||||||||
Weighted-average shares for diluted EPS | 78,211 | 78,041 | 78,142 | 77,900 | |||||||||
Anti-dilutive shares | — | — | — | 24 | |||||||||
Impairment_Charges
Impairment Charges | 9 Months Ended |
Mar. 31, 2014 | |
Asset Impairment Charges [Abstract] | ' |
Impairment Charges | ' |
Impairment Charges | |
During the quarter ended December 31, 2012, the Company's MSG Entertainment segment recorded a pre-tax impairment charge of $4,982 for the remaining unamortized deferred costs of assets related to a theatrical production of the Radio City Christmas Spectacular presented outside of New York, which is reflected in direct operating expenses in the accompanying consolidated statement of operations for the nine months ended March 31, 2013. |
Team_Personnel_Transactions
Team Personnel Transactions | 9 Months Ended |
Mar. 31, 2014 | |
Team Personnel Transactions And Insurance Recoveries [Abstract] | ' |
Team Personnel Transactions and Insurance Recoveries | ' |
Team Personnel Transactions | |
Direct operating and selling, general and administrative expenses in the accompanying consolidated statements of operations include net provisions for transactions relating to players and certain other team personnel on the Company's sports teams for (i) season-ending injuries, (ii) trades and (iii) waivers and contract termination costs ("Team Personnel Transactions"). Team Personnel Transactions amounted to $10,814 and $15,238 for the three months ended March 31, 2014 and 2013, respectively, and $16,622 and $18,368 for the nine months ended March 31, 2014 and 2013, respectively. |
Investments_in_Nonconsolidated
Investments in Nonconsolidated Affiliates | 9 Months Ended |
Mar. 31, 2014 | |
Equity Method Investments and Joint Ventures [Abstract] | ' |
Investments in Nonconsolidated Affiliates [Text Block] | ' |
Investments in Nonconsolidated Affiliates | |
The Company’s equity method investments include the Company’s investments in Azoff MSG Entertainment LLC (“Azoff-MSG”), Brooklyn Bowl Las Vegas, LLC (“BBLV”) and Tribeca Enterprises LLC (“Tribeca Enterprises”). | |
In September 2013, the Company acquired a 50% interest in Azoff-MSG for $125,000. The Azoff-MSG entity owns and operates certain existing businesses and is also pursuing various business concepts in the entertainment industry, some of which are already in the development stage. The Company agreed to provide up to $50,000 of revolving credit loans to Azoff-MSG. As of March 31, 2014, the Company’s investment in Azoff-MSG was $126,355 inclusive of transaction costs related to the acquisition. The Company determined that Azoff-MSG is not a variable interest entity (“VIE”) and therefore the investment was analyzed under the voting model. The Company determined that due to a lack of a voting majority and consistent with the accounting for partnership (or similar entities) interests, it does not control Azoff-MSG. Accordingly, the Company accounts for its investment under the equity method of accounting. | |
As of the acquisition date the carrying amount of the investment was greater than the Company’s equity in the underlying assets of Azoff-MSG by approximately $125,600 due to the difference in the carrying amounts of goodwill and amortizable intangible assets. Based upon the final valuation, the difference attributable to amortizable intangible assets was $17,350 at the time of acquisition which is being amortized straight-line over the expected useful lives of the intangible assets, which range from 5 to 7 years. Amortization expense for intangible assets was $635 and $1,373 for the three and nine months ended March 31, 2014, respectively, which is reflected in equity in earnings (loss) of nonconsolidated affiliates in the accompanying consolidated statements of operations. During the three months ended March 31, 2014, Azoff-MSG borrowed $11,000 under the unsecured credit facility with the Company. The loan receivable balance was $13,000 as of March 31, 2014 and is reflected in investments in and loans to nonconsolidated affiliates in the accompanying consolidated balance sheet. Interest income on the outstanding loan balance and related facility fees are recorded currently and are reflected in interest income in the accompanying consolidated statements of operations for the three and nine months ended March 31, 2014. Azoff-MSG’s results of operations are recorded on a three-month lag basis with the exception of the amortization expense for the intangible assets which are recorded currently. The Company’s share in net earnings (loss) of Azoff-MSG including amortization expense for the three and nine months ended March 31, 2014 was $663 of net earnings and $75 of net loss, respectively, which is reflected in equity in earnings (loss) of nonconsolidated affiliates in the accompanying consolidated statements of operations. | |
In August 2013, the Company acquired an interest in BBLV. In March 2014, BBLV opened a new venue in Las Vegas which brings together live music, bowling and a bar/restaurant. As of March 31, 2014, the Company has invested $24,727 in BBLV, inclusive of transaction costs, and the Company is further committed to investing $274 in BBLV. The Company will be entitled to receive back its capital, which is 83% of BBLV's total capital as of March 31, 2014, and a preferred return after which the Company will own a 20% interest in BBLV. The Company does not manage or otherwise control BBLV but has approval rights over certain decisions. The Company determined that BBLV is not a VIE and therefore the investment was analyzed under the voting model. The Company determined that due to a lack of a voting majority and consistent with the accounting for partnership (or similar entities) interests, it does not control BBLV. Accordingly, the Company accounts for its investment under the equity method of accounting. BBLV’s results of operations are recorded on a three-month lag basis. | |
In March 2014, the Company acquired a 50% interest in Tribeca Enterprises for $22,500. Tribeca Enterprises owns and operates the Tribeca Film Festival and certain other businesses. The Company determined that Tribeca Enterprises is not a VIE and therefore the investment was analyzed under the voting model. The Company determined that due to a lack of a voting majority and consistent with the accounting for partnership (or similar entities) interests, it does not control Tribeca Enterprises. Accordingly, the Company accounts for its investment under the equity method of accounting. Tribeca Enterprise’s results of operations are recorded on a three-month lag basis. As of March 31, 2014, the Company’s investment in Tribeca Enterprises was $22,845 inclusive of transaction costs related to the acquisition. As required by GAAP, to the extent that there | |
is a basis difference between the cost and the underlying equity in the net assets of an equity investment, companies are required to allocate such differences between tangible and intangible assets. For Tribeca Enterprises, the Company expects to complete such an analysis during the next twelve months. |
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 9 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
Goodwill And Intangible Assets | ' | ||||||||||||
Goodwill and Intangible Assets | |||||||||||||
The carrying amount of goodwill, by reportable segment, as of March 31, 2014 and June 30, 2013 is as follows: | |||||||||||||
MSG Media | $ | 465,326 | |||||||||||
MSG Entertainment | 58,979 | ||||||||||||
MSG Sports | 218,187 | ||||||||||||
$ | 742,492 | ||||||||||||
During the first quarter of fiscal year 2014, the Company performed its annual impairment test of goodwill, and there was no impairment of goodwill identified for any of its reportable segments. | |||||||||||||
The Company's indefinite-lived intangible assets as of March 31, 2014 and June 30, 2013 are as follows: | |||||||||||||
March 31, 2014 | June 30, 2013 | ||||||||||||
Sports franchises (MSG Sports segment) | $ | 101,418 | $ | 96,215 | |||||||||
Trademarks (MSG Entertainment segment) | 62,421 | 62,421 | |||||||||||
$ | 163,839 | $ | 158,636 | ||||||||||
In March 2014, the Company acquired an NBA Development League franchise, which will begin operations for the 2014-15 season. The purchase was accounted for as the acquisition of an indefinite-lived franchise intangible asset. | |||||||||||||
During the first quarter of fiscal year 2014, the Company performed its annual impairment test of identifiable indefinite-lived intangible assets, and there were no impairments identified. | |||||||||||||
The Company's intangible assets subject to amortization as of March 31, 2014 and June 30, 2013 are as follows: | |||||||||||||
March 31, 2014 | Gross | Accumulated | Net | ||||||||||
Amortization | |||||||||||||
Affiliate relationships | $ | 83,044 | $ | (31,135 | ) | $ | 51,909 | ||||||
Season ticket holder relationships | 73,124 | (47,345 | ) | 25,779 | |||||||||
Suite holder relationships | 15,394 | (12,591 | ) | 2,803 | |||||||||
Other intangibles | 4,217 | (1,802 | ) | 2,415 | |||||||||
$ | 175,779 | $ | (92,873 | ) | $ | 82,906 | |||||||
30-Jun-13 | Gross | Accumulated | Net | ||||||||||
Amortization | |||||||||||||
Affiliate relationships | $ | 83,044 | $ | (28,540 | ) | $ | 54,504 | ||||||
Season ticket holder relationships | 73,124 | (43,401 | ) | 29,723 | |||||||||
Suite holder relationships | 15,394 | (11,542 | ) | 3,852 | |||||||||
Other intangibles | 4,217 | (1,591 | ) | 2,626 | |||||||||
$ | 175,779 | $ | (85,074 | ) | $ | 90,705 | |||||||
Amortization expense for intangible assets amounted to $2,600 and $2,600 for the three months ended March 31, 2014 and 2013, respectively. For the nine months ended March 31, 2014 and 2013 amortization expense was $7,799 and $8,509, respectively. |
Property_and_Equipment
Property and Equipment | 9 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property and Equipment | ' | ||||||||
Property and Equipment | |||||||||
As of March 31, 2014 and June 30, 2013, property and equipment (including equipment under capital leases) consisted of the following assets: | |||||||||
March 31, | June 30, | ||||||||
2014 | 2013 | ||||||||
Land | $ | 91,678 | $ | 92,828 | |||||
Buildings | 1,055,424 | 781,747 | |||||||
Equipment | 352,129 | 310,946 | |||||||
Aircraft | 43,548 | 43,388 | |||||||
Furniture and fixtures | 53,283 | 36,824 | |||||||
Leasehold improvements | 153,198 | 151,224 | |||||||
Construction in progress | 7,164 | 147,398 | |||||||
1,756,424 | 1,564,355 | ||||||||
Less accumulated depreciation and amortization | (482,664 | ) | (429,175 | ) | |||||
$ | 1,273,760 | $ | 1,135,180 | ||||||
Depreciation and amortization expense on property and equipment (including equipment under capital leases) amounted to $27,074 and $20,395 for the three months ended March 31, 2014 and 2013, respectively. Depreciation and amortization expense on property and equipment (including equipment under capital leases) amounted to $69,070 and $55,930 for the nine months ended March 31, 2014 and 2013, respectively. During the second quarter of fiscal year 2014, the Company placed into service assets related to the Transformation and the Forum. | |||||||||
During the nine months ended March 31, 2014, the City of Inglewood provided the Company with an $18,000 loan in connection with the Company’s renovation of the Forum. The loan will be forgiven once certain operating conditions, that the Company expects to satisfy, are met. Property and equipment balances related to the Forum are recorded net of the expected loan forgiveness. | |||||||||
The Company has recorded asset retirement obligations related to the Transformation and the Forum. The asset retirement obligations have been recorded in accordance with ASC 410, which requires companies to recognize an obligation along with an offsetting increase to the carrying value of the related property and equipment when an obligation or commitment exists to perform remediation efforts and its fair value is reasonably estimable. These obligations were necessitated by the Transformation and the acquisition and the renovation of the Forum. | |||||||||
The following is a summary of the change in the carrying amount of the asset retirement obligations during the nine months ended March 31, 2014: | |||||||||
Balance as of June 30, 2013 | $ | 12,250 | |||||||
Revisions in estimated liabilities | (4,370 | ) | |||||||
Accretion expense | 11 | ||||||||
Payments | (6,947 | ) | |||||||
Balance as of March 31, 2014 | $ | 944 | |||||||
As of March 31, 2014 and June 30, 2013, $717 and $12,034, respectively, of the total asset retirement obligations were recorded in other accrued liabilities, with the remaining balances recorded in other liabilities, in the accompanying consolidated balance sheets. |
Debt
Debt | 9 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Debt | ' | ||||||||
Debt | |||||||||
Total debt of the Company consists of the following: | |||||||||
March 31, | June 30, | ||||||||
2014 | 2013 | ||||||||
Revolving Credit Facility | $ | — | $ | — | |||||
Related party capital lease obligations (a) | 2,034 | 2,224 | |||||||
Total | $ | 2,034 | $ | 2,224 | |||||
__________________ | |||||||||
(a) | Classified in other accrued liabilities and other liabilities in the accompanying consolidated balance sheets. | ||||||||
Revolving Credit Facility | |||||||||
On January 28, 2010, MSG L.P. and certain of its subsidiaries entered into a credit agreement with a syndicate of lenders (the "Credit Agreement"), providing for a senior secured revolving credit facility of up to $375,000 with a term of five years (the "Revolving Credit Facility"). The Revolving Credit Facility contains certain customary representations and warranties, affirmative covenants and events of default. The Revolving Credit Facility requires MSG L.P. to comply with the following financial covenants: (i) a maximum total secured leverage ratio of 3.50:1.00 and (ii) a maximum total leverage ratio of 6.00:1.00. In addition, there is a minimum interest coverage ratio of 2.50:1.00 for the Company. As of March 31, 2014, the Company was in compliance with the financial covenants in the Revolving Credit Facility. The proceeds of borrowings under the Revolving Credit Facility are available for working capital and capital expenditures, including, but not limited to, the Transformation, to fund other initiatives and for general corporate purposes. All borrowings under the Revolving Credit Facility are subject to the satisfaction of customary conditions, including covenant compliance, absence of a default and accuracy of representations and warranties. As of March 31, 2014, there was $6,960 in letters of credit issued and outstanding under the Revolving Credit Facility. Available borrowing capacity under the Revolving Credit Facility as of March 31, 2014 was $368,040. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Mar. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies Disclosure [Text Block] | ' |
Commitments and Contingencies | |
Commitments | |
As more fully described in Notes 11 and 12 to the consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended June 30, 2013, the Company's commitments primarily consist of the MSG Media segment's obligations related to professional team rights, acquired under license agreements, to telecast certain live sporting events, the MSG Sports segment's obligations under employment agreements that the Company has with its professional sports teams' personnel that are generally guaranteed regardless of employee injury or termination, long-term noncancelable operating lease agreements primarily for entertainment venues and office and storage space, and minimum purchase requirements incurred in the normal course of the Company's operations. These arrangements result from the Company's normal course of business and represent obligations that may be payable over several years. | |
In September 2013, in connection with the Company's acquisition of a 50% interest in Azoff-MSG, the Company agreed to provide up to $50,000 of revolving credit loans to Azoff-MSG (see Note 6). | |
Legal Matters | |
In March 2012, the Company was named as a defendant in two purported class action antitrust lawsuits brought in the United States District Court for the Southern District of New York against the NHL and certain NHL member clubs, regional sports networks and cable and satellite distributors. The complaints, which are substantially identical, primarily assert that certain of the NHL's current rules and agreements entered into by defendants, which are alleged by the plaintiffs to provide certain territorial and other exclusivities with respect to the television and online distribution of live hockey games, violate Sections 1 and 2 of the Sherman Antitrust Act. The complaints seek injunctive relief against the defendants' continued violation of the antitrust laws, treble damages, attorneys' fees and pre- and post-judgment interest. On July 27, 2012, the Company and the other defendants filed a motion to dismiss the complaints (which have been consolidated for procedural purposes). On December 5, 2012, the Court issued an Opinion and Order largely denying the motion to dismiss. On April 8, 2014, following the completion of discovery, all defendants filed motions for summary judgment seeking dismissal of the complaints in their entirety. The Company intends to vigorously defend the claims against the Company. Management does not believe this matter will have a material adverse effect on the Company. | |
In addition to the matter discussed above, the Company is a defendant in various lawsuits. Although the outcome of these matters cannot be predicted with certainty, management does not believe that resolution of these lawsuits will have a material adverse effect on the Company. |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
Fair Value Measurements | |||||||||||||||||
The fair value hierarchy is based on inputs to valuation techniques that are used to measure fair value that are either observable or unobservable. Observable inputs reflect assumptions market participants would use in pricing an asset or liability based on market data obtained from independent sources while unobservable inputs reflect a reporting entity's pricing based upon their own market assumptions. The fair value hierarchy consists of the following three levels: | |||||||||||||||||
• | Level I — Quoted prices for identical instruments in active markets. | ||||||||||||||||
• | Level II — Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable. | ||||||||||||||||
• | Level III — Instruments whose significant value drivers are unobservable. | ||||||||||||||||
The following table presents for each of these hierarchy levels, the Company's assets that are measured at fair value on a recurring basis: | |||||||||||||||||
Level I | Level II | Level III | Total | ||||||||||||||
March 31, 2014 | |||||||||||||||||
Assets: | |||||||||||||||||
Money market accounts | $ | 48,032 | $ | — | $ | — | $ | 48,032 | |||||||||
Time deposits | 20,343 | — | — | 20,343 | |||||||||||||
Total assets measured at fair value | $ | 68,375 | $ | — | $ | — | $ | 68,375 | |||||||||
30-Jun-13 | |||||||||||||||||
Assets: | |||||||||||||||||
Money market accounts | $ | 231,788 | $ | — | $ | — | $ | 231,788 | |||||||||
Time deposits | 40,281 | — | — | 40,281 | |||||||||||||
Total assets measured at fair value | $ | 272,069 | $ | — | $ | — | $ | 272,069 | |||||||||
Money market accounts and time deposits are classified within Level 1 of the fair value hierarchy as they are valued using observable inputs that reflect quoted prices for identical assets in active markets. The carrying amount of the Company's money market accounts and time deposits approximates fair value due to their short-term maturities. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) | 9 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ||||||||||||
Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||||
Accumulated Other Comprehensive Income (Loss) | |||||||||||||
The following table details the changes in each component of accumulated other comprehensive income (loss): | |||||||||||||
Pension Plans and | Unrealized | Accumulated | |||||||||||
Postretirement | Gain (Loss) on | Other | |||||||||||
Plan (a) | Available-for-sale | Comprehensive | |||||||||||
Securities (b) | Income (Loss) | ||||||||||||
Balance as of June 30, 2013 | $ | (16,219 | ) | $ | — | $ | (16,219 | ) | |||||
Amounts reclassified from accumulated other comprehensive income, before income taxes | 974 | — | 974 | ||||||||||
Income tax expense | (413 | ) | — | (413 | ) | ||||||||
Other comprehensive income | 561 | — | 561 | ||||||||||
Balance as of March 31, 2014 | $ | (15,658 | ) | $ | — | $ | (15,658 | ) | |||||
Balance as of June 30, 2012 | $ | (21,216 | ) | $ | (2,946 | ) | $ | (24,162 | ) | ||||
Other comprehensive income before reclassifications, before income taxes | — | 9,587 | 9,587 | ||||||||||
Amounts reclassified from accumulated other comprehensive income, before income taxes | 1,488 | (4,500 | ) | (3,012 | ) | ||||||||
Income tax expense | (633 | ) | (2,141 | ) | (2,774 | ) | |||||||
Other comprehensive income | 855 | 2,946 | 3,801 | ||||||||||
Balance as of March 31, 2013 | $ | (20,361 | ) | $ | — | $ | (20,361 | ) | |||||
___________________ | |||||||||||||
(a) | Amounts reclassified from accumulated other comprehensive income, before income taxes, represents amortization of net actuarial loss and net unrecognized prior service credit included in net periodic benefit cost, which is reflected in direct operating expenses and selling, general and administrative expenses in the accompanying consolidated statements of operations (see Note 13). | ||||||||||||
(b) | The Company held an investment in Live Nation Entertainment, Inc. common stock which it sold in March 2013. Other income in the accompanying consolidated statements of operations for the three and nine months ended March 31, 2013 includes a pre-tax gain of $3,130, which reflects an unrealized gain reclassified from accumulated other comprehensive income to net income partially offset by block sale costs. Prior to the sale this investment was classified as available-for-sale with the unrealized gains (losses), net of tax, included in the determination of other comprehensive income (loss) and reported in stockholders' equity. |
Pension_Plans_and_Other_Postre
Pension Plans and Other Postretirement Benefit Plan | 9 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||
Pension Plans And Other Postretirement Benefit Plan | ' | ||||||||||||||||
Pension Plans and Other Postretirement Benefit Plan | |||||||||||||||||
The Company sponsors a non-contributory qualified cash balance retirement plan covering its non-union employees (the "Cash Balance Pension Plan") and an unfunded non-contributory non-qualified excess cash balance plan covering certain employees who participate in the underlying qualified plan (collectively, the "Cash Balance Plans"). In addition, the Company sponsors two non-contributory qualified defined benefit pension plans covering certain of its union employees ("Union Plans"). Benefits payable to retirees under the Union Plans are based upon years of service and, for one plan, participants' compensation. | |||||||||||||||||
Additionally, the Company sponsors an unfunded non-contributory non-qualified defined benefit pension plan for the benefit of certain employees who participated in an underlying frozen qualified plan that was previously merged into the Cash Balance Pension Plan (the "Excess Plan"). As of December 31, 2007, the Excess Plan's benefits were frozen and the ability of participants to earn benefits for future services under this plan was eliminated. | |||||||||||||||||
The Cash Balance Plans, Union Plans, and Excess Plan are collectively referred to as the "Pension Plans." | |||||||||||||||||
The Company also sponsors a contributory welfare plan which provides certain postretirement healthcare benefits to certain eligible employees hired prior to January 1, 2001 and their eligible dependents, as well as certain union employees ("Postretirement Plan"). | |||||||||||||||||
Components of net periodic benefit cost for the Company's Pension Plans and Postretirement Plan for the three and nine months ended March 31, 2014 and 2013 are as follows: | |||||||||||||||||
Pension Plans | Postretirement Plan | ||||||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||||||
March 31, | March 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Service cost | $ | 1,570 | $ | 1,691 | $ | 65 | $ | 76 | |||||||||
Interest cost | 1,877 | 1,705 | 110 | 93 | |||||||||||||
Expected return on plan assets | (913 | ) | (939 | ) | — | — | |||||||||||
Recognized actuarial loss (gain) | 359 | 497 | (12 | ) | 3 | ||||||||||||
Amortization of unrecognized prior service cost (credit) | 6 | 6 | (38 | ) | (41 | ) | |||||||||||
Net periodic benefit cost | $ | 2,899 | $ | 2,960 | $ | 125 | $ | 131 | |||||||||
Pension Plans | Postretirement Plan | ||||||||||||||||
Nine Months Ended | Nine Months Ended | ||||||||||||||||
March 31, | March 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Service cost | $ | 4,711 | $ | 5,053 | $ | 170 | $ | 196 | |||||||||
Interest cost | 5,632 | 5,150 | 287 | 261 | |||||||||||||
Expected return on plan assets | (2,830 | ) | (2,814 | ) | — | — | |||||||||||
Recognized actuarial loss (gain) | 1,084 | 1,578 | (15 | ) | 15 | ||||||||||||
Amortization of unrecognized prior service cost (credit) | 19 | 19 | (114 | ) | (124 | ) | |||||||||||
Net periodic benefit cost | $ | 8,616 | $ | 8,986 | $ | 328 | $ | 348 | |||||||||
In addition, the Company sponsors qualified and non-qualified savings plans (the "Savings Plans") in which certain eligible employees of the Company participate. Expenses related to the Savings Plans included in the accompanying consolidated statements of operations were $1,108 and $1,016 for the three months ended March 31, 2014 and 2013, respectively. For the nine months ended March 31, 2014 and 2013 expenses related to the Savings Plans were $2,868 and $2,658, respectively. |
ShareBased_Compensation
Share-Based Compensation | 9 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||
Share-based Compensation | ' | |||||||||||||||
Share-based Compensation | ||||||||||||||||
See Note 17 to the consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended June 30, 2013 for more information regarding The Madison Square Garden Company 2010 Employee Stock Plan (the "Employee Stock Plan") and The Madison Square Garden Company 2010 Stock Plan for Non-Employee Directors (the "Non-Employee Director Plan"), as well as the treatment after the Distribution of share-based payment awards initially granted under Cablevision equity award programs. | ||||||||||||||||
Share-based compensation expense reduced for estimated forfeitures, which is recognized as selling, general and administrative expense, was $8,590 and $4,958 for the three months ended March 31, 2014 and 2013, respectively. Share-based compensation expense was $17,057 and $13,898 for the nine months ended March 31, 2014 and 2013, respectively. | ||||||||||||||||
Share-based Payment Award Activity | ||||||||||||||||
The following table summarizes activity relating to holders (including Company, Cablevision and AMC Networks Inc. ("AMC Networks") employees and directors) of the Company's stock options for the nine months ended March 31, 2014: | ||||||||||||||||
Number of | Weighted- | Weighted- | Aggregate Intrinsic | |||||||||||||
Average | Average | Value | ||||||||||||||
Exercise | Remaining | |||||||||||||||
Price Per | Contractual | |||||||||||||||
Non-Performance | Performance | Share | Term (In Years) | |||||||||||||
Vesting | Vesting | |||||||||||||||
Options | Options (a) | |||||||||||||||
Balance as of June 30, 2013 | 332 | 35 | $ | 12.63 | 2.7 | $ | 17,117 | |||||||||
Exercised (b) | (137 | ) | (15 | ) | $ | 14.13 | ||||||||||
Balance as of March 31, 2014 | 195 | 20 | $ | 11.56 | 1.63 | $ | 9,718 | |||||||||
Exercisable as of March 31, 2014 | 195 | 20 | $ | 11.56 | 1.63 | $ | 9,718 | |||||||||
_____________________ | ||||||||||||||||
(a) | The Cablevision performance objective with respect to these awards has been achieved. | |||||||||||||||
(b) | Stock options exercised include 111 Company stock options that were exercised pursuant to a cashless exercise, of which approximately 70 Company stock options were surrendered to the Company in order to meet tax withholding requirements and for the exercise price of the stock options. The Company remitted to Cablevision $2,401, which represents the aggregate value on the exercise date of the stock options that were surrendered to the Company to meet tax withholding requirements. This amount is reflected as a financing activity in the accompanying consolidated statement of cash flows for the nine months ended March 31, 2014 and has been classified as additional paid-in capital. | |||||||||||||||
The aggregate intrinsic value is calculated as the difference between (i) the exercise price of the underlying award and (ii) the quoted price of the Company's Class A Common Stock for all options outstanding (and all exercisable) which were all in-the-money at March 31, 2014 and June 30, 2013, as applicable. For the nine months ended March 31, 2014 the aggregate intrinsic value of the Company's stock options exercised was $6,279, determined as of the date of option exercise. | ||||||||||||||||
The following table summarizes activity relating to the Company's RSUs for the nine months ended March 31, 2014: | ||||||||||||||||
Number of | ||||||||||||||||
Non-Performance | Performance | Weighted-Average | ||||||||||||||
Vesting | Vesting | Fair Value Per Share | ||||||||||||||
RSUs | RSUs | At Date of Grant | ||||||||||||||
Unvested award balance, June 30, 2013 | 953 | 493 | $ | 29.97 | ||||||||||||
Granted | 239 | 143 | 56.68 | |||||||||||||
Vested | (263 | ) | (169 | ) | 28.86 | |||||||||||
Forfeited | (126 | ) | — | 33.23 | ||||||||||||
Unvested award balance, March 31, 2014 | 803 | 467 | $ | 38.03 | ||||||||||||
The fair value of RSUs that vested during the nine months ended March 31, 2014 was $24,834. Upon vesting, RSUs granted under the Employee Stock Plan were net share-settled to cover the required statutory tax withholding obligations and the remaining number of shares were issued from the Company's treasury shares. To fulfill the employees' statutory minimum tax withholding obligations for the applicable income and other employment taxes, 173 of these RSUs, with an aggregate value of $9,965 were retained by the Company and reflected as financing activity in the accompanying consolidated statement of cash flows for the nine months ended March 31, 2014. | ||||||||||||||||
RSUs that were awarded under the Employee Stock Plan are generally subject to three-year cliff vesting, and certain RSUs are also subject to certain performance conditions. RSUs that were awarded by the Company to its employees will settle in shares of the Company's Class A Common Stock (either from treasury or with newly issued shares), or, at the option of the Compensation Committee, in cash. | ||||||||||||||||
RSUs that were awarded to non-employee directors under the Non-Employee Director Plan were fully vested upon the date of grant and will settle in shares of the Company's Class A Common Stock (either from treasury or with newly issued shares), or, at the option of the Compensation Committee, in cash, on the first business day after ninety days from the date the director's service on the Board of Directors ceases or, if earlier, upon the director's death. |
Related_Party_Transactions
Related Party Transactions | 9 Months Ended |
Mar. 31, 2014 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions | ' |
Related Party Transactions | |
Members of the Dolan family group, for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, including trusts for the benefit of the Dolan family group, collectively beneficially own all of the Company's outstanding Class B Common Stock and own approximately 1.7% of the Company's outstanding Class A Common Stock. Such shares of the Company's Class A Common Stock and Class B Common Stock, collectively, represent approximately 69% of the aggregate voting power of the Company's outstanding common stock. Members of the Dolan family are also the controlling stockholders of both Cablevision and AMC Networks. | |
The Company has entered into various agreements with Cablevision in connection with, and subsequent to, the Distribution. These agreements include arrangements with respect to a number of ongoing commercial relationships including affiliation agreements for carriage of MSG Networks and Fuse. As a result of the distribution by Cablevision of all the outstanding common stock of AMC Networks to Cablevision shareholders (the "AMC Networks Distribution"), certain of those arrangements between Cablevision and the Company, as well as arrangements entered into subsequent to the AMC Networks Distribution, are with AMC Networks. | |
Revenues from related parties primarily consist of revenues recognized from the distribution of programming services to subsidiaries of Cablevision and include sponsorship revenue as well as advertising and promotional benefits received by the Company which is recognized as the benefits are realized. Revenues from related parties amounted to $47,531 and $46,169 for the three months ended March 31, 2014 and 2013, respectively, and $138,872 and $131,271 for the nine months ended March 31, 2014 and 2013, respectively. | |
AMC Networks provide certain origination, master control and post production services to the Company. Amounts charged to the Company by AMC Networks for origination, master control and post production services amounted to $2,351 and $2,279 for the three months ended March 31, 2014 and 2013, respectively, and $6,811 and $6,952 for the nine months ended March 31, 2014 and 2013, respectively. | |
The Company incurs advertising expenses for services rendered by its related parties, primarily Cablevision, most of which are related to the utilization of advertising and promotional benefits by the Company, with an equal amount being recognized as revenue when the benefits are realized. Amounts recorded by the Company for such advertising expenses amounted to $4,130 and $3,027 for the three months ended March 31, 2014 and 2013, respectively, and $10,822 and $8,237 for the nine months ended March 31, 2014 and 2013, respectively. | |
Amounts charged to the Company by its related parties for corporate general and administrative expenses pursuant to administrative and other service agreements with Cablevision amounted to $1,040 and $417 for the three months ended March 31, 2014 and 2013, respectively, and $2,029 and $1,546 for the nine months ended March 31, 2014 and 2013, respectively. | |
Amounts charged to the Company by Cablevision for telephone and other fiber optic transmission services amounted to $662 and $472 for the three months ended March 31, 2014 and 2013, respectively, and $1,652 and $1,296 for the nine months ended March 31, 2014 and 2013, respectively. | |
In addition, the Company and its related parties enter into transactions with each other in the ordinary course of business. Amounts charged to the Company for other transactions with its related parties, net of amounts charged by the Company to the Knickerbocker Group, LLC, an entity owned by James L. Dolan, the Executive Chairman and a director of the Company, for office space equal to the allocated cost of such space, amounted to $626 and $534 for the three months ended March 31, 2014 and 2013, respectively, and $1,550 and $1,615 for the nine months ended March 31, 2014 and 2013, respectively. | |
Other | |
See Note 6 for information on certain transactions with the Company's nonconsolidated affiliates. | |
See Note 9 for information on the Company's capital lease obligations due to a related party. | |
See Note 14 for information on share-based payment awards initially granted under Cablevision equity award programs. |
Income_Taxes
Income Taxes | 9 Months Ended |
Mar. 31, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Income Taxes | |
Income tax expense for the three and nine months ended March 31, 2014 was $7,995 and $56,812, respectively. The effective tax rate for the three months ended March 31, 2014 of 29.6% differs from the statutory federal rate of 35% due principally to the benefit of the federal rehabilitation credit related to the Forum, decreases in state tax rates enacted during the quarter, and the impact of the domestic production activities deduction partially offset by state and local income taxes and, to a lesser extent, the impact of non-deductible expenses. The effective tax rate for the nine months ended March 31, 2014 of 35.5% differs from the statutory federal rate of 35% due principally to state and local income taxes and, to a lesser extent, the impact of non-deductible expenses. These increases were mostly offset by the benefit of the federal rehabilitation credit related to the Forum, the impact of the domestic production activities deduction, state rate changes, and the tax return to book provision adjustment in connection with the filing of the Company's 2012 federal and state income tax returns. During the three and nine months ended March 31, 2014, the amount of the rehabilitation tax credit benefit recognized in income tax expense was approximately $2,270 and $7,270, respectively. We anticipate recognizing approximately $1,227 of additional rehabilitation tax credit benefits during the remainder of fiscal year 2014. | |
Income tax expense for the three and nine months ended March 31, 2013 was $27,517 and $78,902, respectively. The effective tax rate for the three months ended March 31, 2013 of 41.7% differs from the statutory federal rate of 35% due principally to state and local income taxes and the impact of nondeductible expenses partially offset by the tax benefit resulting from the domestic production activities deduction. The effective tax rate for the nine months ended March 31, 2013 of 42.7% differs from the statutory federal rate of 35% due principally to state and local income taxes, nondeductible expenses and an increase in federal income tax expense recorded in connection with the filing of the Company's 2011 income tax returns offset by the tax benefit resulting from the domestic production activities deduction. | |
The current federal tax liability of $29,850 and $32,944 as of March 31, 2014 and June 30, 2013, respectively, is reflected in other accrued liabilities in the accompanying consolidated balance sheets. |
Segment_Information
Segment Information | 9 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Segment Information | ' | ||||||||||||||||
Segment Information | |||||||||||||||||
The Company classifies its business interests into three reportable segments which are MSG Media, MSG Entertainment and MSG Sports. The Company allocates certain corporate costs to all of its reportable segments. In addition, the Company allocates its venue operating expenses to its MSG Entertainment and MSG Sports segments. Allocated venue operating expenses include the non-event related costs of operating the Company's venues, and include such costs as rent, real estate taxes, insurance, utilities, repairs and maintenance, and labor related to the overall management of the venues. Depreciation expense related to The Garden, The Theater at Madison Square Garden, and the Forum is not allocated to the reportable segments and is reported in "All other." | |||||||||||||||||
The Company conducts a significant portion of its operations at venues that it either owns or operates under long-term leases. The Company owns The Garden and The Theater at Madison Square Garden in New York City, the Forum in Inglewood, CA, and The Chicago Theatre in Chicago. In addition, the Company leases Radio City Music Hall and the Beacon Theatre in New York City, and has a booking agreement with respect to the Wang Theatre in Boston. | |||||||||||||||||
The Company evaluates segment performance based on several factors, of which the key financial measure is their operating income (loss) before (i) depreciation, amortization and impairments of property and equipment and intangible assets, (ii) share-based compensation expense or benefit and (iii) restructuring charges or credits, which is referred to as adjusted operating cash flow ("AOCF"), a non-GAAP measure. The Company believes AOCF is an appropriate measure for evaluating the operating performance of its business segments and the Company on a consolidated basis. AOCF and similar measures with similar titles are common performance measures used by investors and analysts to analyze the Company's performance. The Company uses revenues and AOCF measures as the most important indicators of its business performance, and evaluates management's effectiveness with specific reference to these indicators. AOCF should be viewed as a supplement to and not a substitute for operating income (loss), net income (loss), cash flows from operating activities, and other measures of performance and/or liquidity presented in accordance with GAAP. The Company has presented the components that reconcile AOCF to operating income (loss), an accepted GAAP measure. Information as to the operations of the Company's reportable segments is set forth below. | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
March 31, | March 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Revenues | |||||||||||||||||
MSG Media | $ | 190,825 | $ | 184,666 | $ | 538,149 | $ | 500,974 | |||||||||
MSG Entertainment | 52,785 | 35,491 | 244,510 | 217,390 | |||||||||||||
MSG Sports | 233,739 | 208,080 | 455,293 | 329,547 | |||||||||||||
All other | 123 | 124 | 369 | 335 | |||||||||||||
Inter-segment eliminations (a) | (18,516 | ) | (15,955 | ) | (54,401 | ) | (43,788 | ) | |||||||||
$ | 458,956 | $ | 412,406 | $ | 1,183,920 | $ | 1,004,458 | ||||||||||
(a) | Primarily represents local media rights recognized by the Company's MSG Sports segment from the licensing of team related programming to the Company's MSG Media segment which are eliminated in consolidation. Local media rights are generally recognized on a straight-line basis over the fiscal year. | ||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
March 31, | March 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Inter-segment revenues | |||||||||||||||||
MSG Entertainment | $ | — | $ | 27 | $ | — | $ | 63 | |||||||||
MSG Sports | 18,516 | 15,928 | 54,401 | 43,725 | |||||||||||||
$ | 18,516 | $ | 15,955 | $ | 54,401 | $ | 43,788 | ||||||||||
Reconciliation (by Segment and in Total) of AOCF to Operating Income (Loss) | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
March 31, | March 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
AOCF | |||||||||||||||||
MSG Media | $ | 91,950 | $ | 95,390 | $ | 259,194 | $ | 267,712 | |||||||||
MSG Entertainment | (20,200 | ) | (13,078 | ) | 7,110 | 4,399 | |||||||||||
MSG Sports | 9,846 | 11,649 | 13,871 | (1,374 | ) | ||||||||||||
All other (a) (b) | (15,883 | ) | (2,222 | ) | (22,390 | ) | (7,401 | ) | |||||||||
$ | 65,713 | $ | 91,739 | $ | 257,785 | $ | 263,336 | ||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
March 31, | March 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Depreciation and amortization | |||||||||||||||||
MSG Media | $ | 3,796 | $ | 3,860 | $ | 11,771 | $ | 12,314 | |||||||||
MSG Entertainment | 2,469 | 2,354 | 7,429 | 7,145 | |||||||||||||
MSG Sports | 2,663 | 2,364 | 7,739 | 7,962 | |||||||||||||
All other (c) | 20,746 | 14,417 | 49,930 | 37,018 | |||||||||||||
$ | 29,674 | $ | 22,995 | $ | 76,869 | $ | 64,439 | ||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
March 31, | March 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Share-based compensation expense | |||||||||||||||||
MSG Media | $ | 1,083 | $ | 1,744 | $ | 2,985 | $ | 4,416 | |||||||||
MSG Entertainment | 1,517 | 1,670 | 4,093 | 4,158 | |||||||||||||
MSG Sports | 1,311 | 1,142 | 3,581 | 2,943 | |||||||||||||
All other (b) | 4,679 | 402 | 6,398 | 2,381 | |||||||||||||
$ | 8,590 | $ | 4,958 | $ | 17,057 | $ | 13,898 | ||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
March 31, | March 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Operating income (loss) | |||||||||||||||||
MSG Media | $ | 87,071 | $ | 89,786 | $ | 244,438 | $ | 250,982 | |||||||||
MSG Entertainment | (24,186 | ) | (17,102 | ) | (4,412 | ) | (6,904 | ) | |||||||||
MSG Sports | 5,872 | 8,143 | 2,551 | (12,279 | ) | ||||||||||||
All other | (41,308 | ) | (17,041 | ) | (78,718 | ) | (46,800 | ) | |||||||||
$ | 27,449 | $ | 63,786 | $ | 163,859 | $ | 184,999 | ||||||||||
A reconciliation of reportable segment operating income to the Company's consolidated income from operations before income taxes is as follows: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
March 31, | March 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Total operating income for reportable segments | $ | 68,757 | $ | 80,827 | $ | 242,577 | $ | 231,799 | |||||||||
Other operating loss | (41,308 | ) | (17,041 | ) | (78,718 | ) | (46,800 | ) | |||||||||
Operating income | 27,449 | 63,786 | 163,859 | 184,999 | |||||||||||||
Items excluded from operating income: | |||||||||||||||||
Equity in earnings (loss) of nonconsolidated affiliates | 663 | — | (75 | ) | — | ||||||||||||
Interest income | 628 | 530 | 1,742 | 1,682 | |||||||||||||
Interest expense | (1,763 | ) | (1,723 | ) | (5,378 | ) | (5,289 | ) | |||||||||
Miscellaneous income (d) | 72 | 3,373 | 95 | 3,475 | |||||||||||||
Income from operations before income taxes | $ | 27,049 | $ | 65,966 | $ | 160,243 | $ | 184,867 | |||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
March 31, | March 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Capital expenditures | |||||||||||||||||
MSG Media | $ | 443 | $ | 1,613 | $ | 1,711 | $ | 10,114 | |||||||||
MSG Entertainment | 1,023 | 947 | 4,856 | 2,890 | |||||||||||||
MSG Sports | 865 | 843 | 3,792 | 2,160 | |||||||||||||
All other (e) | 45,555 | 33,971 | 232,386 | 181,523 | |||||||||||||
$ | 47,886 | $ | 37,374 | $ | 242,745 | $ | 196,687 | ||||||||||
_________________ | |||||||||||||||||
(a) | Consists of unallocated corporate general and administrative costs. | ||||||||||||||||
(b) | The amounts for the three and nine months ended March 31, 2014 include executive management transition costs. | ||||||||||||||||
(c) | Principally includes depreciation and amortization expense on The Garden, The Theater at Madison Square Garden, the Forum, and certain corporate property, equipment and leasehold improvement assets not allocated to the Company's reportable segments. | ||||||||||||||||
(d) | Miscellaneous income for the three and nine months ended March 31, 2013 consists principally of a gain from the sale of all of the Company's holdings of Live Nation common stock. | ||||||||||||||||
(e) | Consists principally of capital expenditures associated with the Transformation. In addition, amounts for the three and nine months ended March 31, 2014 include Forum related capital expenditures, which were previously reported in the MSG Entertainment segment. Prior period amounts have been reclassified to conform to the current year presentation. | ||||||||||||||||
Substantially all revenues and assets of the Company's reportable segments are attributed to or located in the United States and are primarily concentrated in the New York metropolitan area. |
Concentration_of_Risk
Concentration of Risk | 9 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Risks and Uncertainties [Abstract] | ' | |||||||
Concentration of Risk | ' | |||||||
Concentration of Risk | ||||||||
The accompanying consolidated balance sheets as of March 31, 2014 and June 30, 2013 include the following approximate amounts that are recorded in connection with the Company's license agreement with the New Jersey Devils: | ||||||||
Reported in | March 31, 2014 | June 30, | ||||||
2013 | ||||||||
Prepaid expenses | $ | 1,000 | $ | 4,000 | ||||
Other current assets | 2,000 | 2,000 | ||||||
Other assets | 42,000 | 42,000 | ||||||
$ | 45,000 | $ | 48,000 | |||||
Subsequent_Event_Notes
Subsequent Event (Notes) | 9 Months Ended |
Mar. 31, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events [Text Block] | ' |
On April 3, 2014, MSG L.P. entered into an agreement (the “Agreement”) with the parent company of NUVOtv, SiTV Media, Inc. (“NUVO”), pursuant to which NUVO has agreed to acquire Fuse from the Company, on the terms and subject to the conditions set forth in the Agreement for a cash purchase price of $226,000, subject to a customary working capital adjustment. MSG L.P. will also receive a 15% equity interest in the combined company, which interest will be subject to potential reduction based on certain performance goals, and will have the right to designate one member of the NUVO Board of Directors. The closing of the transactions contemplated by the Agreement is subject to certain closing conditions. There can be no assurances that the conditions to closing set forth in the Agreement will be satisfied or waived. Subject to certain conditions, the Agreement can be terminated by either MSG L.P. or NUVO if the closing shall not have occurred by September 30, 2014. NUVO’s obligations under the Agreement are not subject to any financing conditions. The closing of the transactions contemplated by the Agreement is currently expected to occur in the Company’s first quarter of fiscal year 2015. |
Accounting_Policies_Policies
Accounting Policies (Policies) | 9 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
Principles of Consolidation | ' |
Principles of Consolidation | |
The consolidated financial statements of the Company include the accounts of The Madison Square Garden Company and its subsidiaries. All significant intercompany transactions and balances have been eliminated in consolidation. | |
Use of Estimates | ' |
Use of Estimates | |
The preparation of the accompanying consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions about future events. These estimates and the underlying assumptions affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities, and reported amounts of revenues and expenses. Such estimates include the valuation of accounts receivable, goodwill, intangible assets, other long-lived assets, tax accruals and other liabilities. In addition, estimates are used in revenue recognition, revenue sharing expense (net of escrow), luxury tax expense, income tax expense, performance and share-based compensation, depreciation and amortization, litigation matters and other matters. Management believes its use of estimates in the consolidated financial statements to be reasonable. | |
Management evaluates its estimates on an ongoing basis using historical experience and other factors, including the general economic environment and actions it may take in the future. The Company adjusts such estimates when facts and circumstances dictate. However, these estimates may involve significant uncertainties and judgments and cannot be determined with precision. In addition, these estimates are based on management's best judgment at a point in time and as such these estimates may ultimately differ from actual results. Changes in estimates resulting from weakness in the economic environment or other factors beyond the Company's control could be material and would be reflected in the Company's financial statements in future periods. | |
Equity Method Investments, Policy [Policy Text Block] | ' |
Investments in Nonconsolidated Affiliates | |
The Company's investments in nonconsolidated affiliates are accounted for using the equity method of accounting and are carried at cost, plus or minus the Company’s share of net earnings or losses of the investment, subject to certain other adjustments. The cost of equity method investments includes transaction costs of the acquisition. The Company’s share of net earnings or losses of the investment is included in equity in earnings (loss) of nonconsolidated affiliates on the Company’s consolidated statements of operations. Dividends received from the investee reduce the carrying amount of the investment. Due to the timing of receiving financial information from its nonconsolidated affiliates, the Company records its share of net earnings or losses of such affiliates on a lag basis. Additionally, the carrying value of investments accounted for using the equity method of accounting is adjusted downward to reflect any other-than-temporary declines in value. | |
Income Tax, Policy [Policy Text Block] | ' |
Income Taxes | |
The Company's provision for income taxes is based on current period income, changes in deferred tax assets and liabilities and changes in estimates with regard to uncertain tax positions. Deferred tax assets are subject to an ongoing assessment of realizability. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax asset will not be realized. The Company's ability to realize its deferred tax assets depends upon the generation of sufficient future taxable income to allow for the realization of its deductible temporary differences. If such estimates and related assumptions change in the future, the Company may be required to record valuation allowances against its deferred tax assets, resulting in additional income tax expense in the Company's consolidated statements of operations. The Company measures its deferred tax liability with regard to MSG L.P. based on the difference between the tax basis and the carrying amount for financial reporting purposes; this is commonly referred to as the outside basis difference. Interest and penalties, if any, associated with uncertain tax positions are included in income tax expense. The Company accounts for investment tax credits using the “flow-through” method, under which the tax benefit generated from an investment tax credit is recorded in the period the credit is generated. | |
Recently Adopted Accounting Pronouncements | ' |
Recently Adopted Accounting Pronouncements | |
In December 2011, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2011-11, Disclosures about Offsetting Assets and Liabilities, which creates new disclosure requirements regarding the nature of an entity's rights of offset and related arrangements associated with its financial instruments and derivative instruments. In January 2013, the FASB issued ASU No. 2013-01, Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities, which clarifies the scope of transactions that are subject to disclosures required by FASB Accounting Standards Codification ("ASC") 210-20-50, Balance Sheet - Offsetting - Disclosure, concerning offsetting. In particular ASU No. 2013-01 addresses implementation issues about the scope of ASU No. 2011-11 and clarifies that the scope of the disclosure is limited to derivatives, repurchase agreements, and securities borrowing and securities lending transactions that are either offset in the financial statements or are subject to a master netting arrangement or similar arrangement. These standards were adopted by the Company in the first quarter of fiscal year 2014. The adoption of these standards did not have an impact on the Company's financial position, results of operations, or cash flows. | |
In February 2013, the FASB issued ASU No. 2013-02, Comprehensive Income (Topic 220) - Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income, which requires an entity to provide information about amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under GAAP that provide additional detail about those amounts. This standard was adopted by the Company in the first quarter of fiscal year 2014. The adoption of this standard impacted the Company's disclosures only and did not have any impact on the Company's financial position, results of operations, or cash flows. | |
Recently Issued Accounting Pronouncements Not Yet Adopted | |
In April 2014, the FASB issued ASU 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, or ASU 2014-08. ASU 2014-08 changes the criteria for reporting a discontinued operation while enhancing disclosures in this area. This standard will be effective for the Company beginning in its first quarter of fiscal 2016. Early adoption of the standard is permitted, but only for disposals (or classifications as held for sale) that have not been reported in financial statements previously issued or available for issuance. The Company is currently evaluating the impact of the adoption on its consolidated financial statements. |
Computation_of_Earnings_Per_Co1
Computation of Earnings Per Common Share (Policies) | 9 Months Ended |
Mar. 31, 2014 | |
Earnings Per Share [Abstract] | ' |
Earnings Per Share, Policy | ' |
Basic earnings per common share ("EPS") is based upon net income available to common stockholders divided by the weighted-average number of common shares outstanding during the period. Diluted EPS reflects the effect of the assumed exercise of stock options and vesting of restricted shares and restricted stock units ("RSUs") only in the periods in which such effect would have been dilutive. |
Investments_in_Nonconsolidated1
Investments in Nonconsolidated Affiliates Investments in Nonconsolidated Affiliates (Policies) | 9 Months Ended |
Mar. 31, 2014 | |
Equity Method Investments, Policy [Policy Text Block] | ' |
Investments in Nonconsolidated Affiliates | |
The Company's investments in nonconsolidated affiliates are accounted for using the equity method of accounting and are carried at cost, plus or minus the Company’s share of net earnings or losses of the investment, subject to certain other adjustments. The cost of equity method investments includes transaction costs of the acquisition. The Company’s share of net earnings or losses of the investment is included in equity in earnings (loss) of nonconsolidated affiliates on the Company’s consolidated statements of operations. Dividends received from the investee reduce the carrying amount of the investment. Due to the timing of receiving financial information from its nonconsolidated affiliates, the Company records its share of net earnings or losses of such affiliates on a lag basis. Additionally, the carrying value of investments accounted for using the equity method of accounting is adjusted downward to reflect any other-than-temporary declines in value. | |
Azoff MSG Entertainment LLC [Member] | ' |
Equity Method Investments, Policy [Policy Text Block] | ' |
Azoff-MSG’s results of operations are recorded on a three-month lag basis with the exception of the amortization expense for the intangible assets which are recorded currently. | |
Brooklyn Bowl Las Vegas LLC [Member] | ' |
Equity Method Investments, Policy [Policy Text Block] | ' |
BBLV’s results of operations are recorded on a three-month lag basis. |
Property_and_Equipment_Policie
Property and Equipment (Policies) | 9 Months Ended |
Mar. 31, 2014 | |
Property and Equipment [Abstract] | ' |
Asset Retirement Obligations | ' |
The Company has recorded asset retirement obligations related to the Transformation and the Forum. The asset retirement obligations have been recorded in accordance with ASC 410, which requires companies to recognize an obligation along with an offsetting increase to the carrying value of the related property and equipment when an obligation or commitment exists to perform remediation efforts and its fair value is reasonably estimable. These obligations were necessitated by the Transformation and the acquisition and the renovation of the Forum. |
Computation_of_Earnings_Per_Co2
Computation of Earnings Per Common Share (Tables) | 9 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Reconciliation of Weighted-Average Shares Used in Calculation of Basic and Diluted EPS | ' | ||||||||||||
The following table presents a reconciliation of weighted-average shares used in the calculations of basic and diluted EPS. | |||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
March 31, | March 31, | ||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
Weighted-average shares for basic EPS | 77,162 | 76,537 | 77,069 | 76,022 | |||||||||
Dilutive effect of shares issuable under share-based compensation plans | 1,049 | 1,504 | 1,073 | 1,878 | |||||||||
Weighted-average shares for diluted EPS | 78,211 | 78,041 | 78,142 | 77,900 | |||||||||
Anti-dilutive shares | — | — | — | 24 | |||||||||
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 9 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
Carrying Amount of Goodwill by Reportable Segment | ' | ||||||||||||
The carrying amount of goodwill, by reportable segment, as of March 31, 2014 and June 30, 2013 is as follows: | |||||||||||||
MSG Media | $ | 465,326 | |||||||||||
MSG Entertainment | 58,979 | ||||||||||||
MSG Sports | 218,187 | ||||||||||||
$ | 742,492 | ||||||||||||
Schedule of Indefinite-Lived Intangible Assets | ' | ||||||||||||
The Company's indefinite-lived intangible assets as of March 31, 2014 and June 30, 2013 are as follows: | |||||||||||||
March 31, 2014 | June 30, 2013 | ||||||||||||
Sports franchises (MSG Sports segment) | $ | 101,418 | $ | 96,215 | |||||||||
Trademarks (MSG Entertainment segment) | 62,421 | 62,421 | |||||||||||
$ | 163,839 | $ | 158,636 | ||||||||||
Schedule of Intangible Assets Subject to Amortization | ' | ||||||||||||
The Company's intangible assets subject to amortization as of March 31, 2014 and June 30, 2013 are as follows: | |||||||||||||
March 31, 2014 | Gross | Accumulated | Net | ||||||||||
Amortization | |||||||||||||
Affiliate relationships | $ | 83,044 | $ | (31,135 | ) | $ | 51,909 | ||||||
Season ticket holder relationships | 73,124 | (47,345 | ) | 25,779 | |||||||||
Suite holder relationships | 15,394 | (12,591 | ) | 2,803 | |||||||||
Other intangibles | 4,217 | (1,802 | ) | 2,415 | |||||||||
$ | 175,779 | $ | (92,873 | ) | $ | 82,906 | |||||||
30-Jun-13 | Gross | Accumulated | Net | ||||||||||
Amortization | |||||||||||||
Affiliate relationships | $ | 83,044 | $ | (28,540 | ) | $ | 54,504 | ||||||
Season ticket holder relationships | 73,124 | (43,401 | ) | 29,723 | |||||||||
Suite holder relationships | 15,394 | (11,542 | ) | 3,852 | |||||||||
Other intangibles | 4,217 | (1,591 | ) | 2,626 | |||||||||
$ | 175,779 | $ | (85,074 | ) | $ | 90,705 | |||||||
Property_and_Equipment_Tables
Property and Equipment (Tables) | 9 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Schedule of Property, Plant and Equipment | ' | ||||||||
As of March 31, 2014 and June 30, 2013, property and equipment (including equipment under capital leases) consisted of the following assets: | |||||||||
March 31, | June 30, | ||||||||
2014 | 2013 | ||||||||
Land | $ | 91,678 | $ | 92,828 | |||||
Buildings | 1,055,424 | 781,747 | |||||||
Equipment | 352,129 | 310,946 | |||||||
Aircraft | 43,548 | 43,388 | |||||||
Furniture and fixtures | 53,283 | 36,824 | |||||||
Leasehold improvements | 153,198 | 151,224 | |||||||
Construction in progress | 7,164 | 147,398 | |||||||
1,756,424 | 1,564,355 | ||||||||
Less accumulated depreciation and amortization | (482,664 | ) | (429,175 | ) | |||||
$ | 1,273,760 | $ | 1,135,180 | ||||||
Schedule of Asset Retirement Obligations | ' | ||||||||
The following is a summary of the change in the carrying amount of the asset retirement obligations during the nine months ended March 31, 2014: | |||||||||
Balance as of June 30, 2013 | $ | 12,250 | |||||||
Revisions in estimated liabilities | (4,370 | ) | |||||||
Accretion expense | 11 | ||||||||
Payments | (6,947 | ) | |||||||
Balance as of March 31, 2014 | $ | 944 | |||||||
Debt_Tables
Debt (Tables) | 9 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Schedule of Debt | ' | ||||||||
Total debt of the Company consists of the following: | |||||||||
March 31, | June 30, | ||||||||
2014 | 2013 | ||||||||
Revolving Credit Facility | $ | — | $ | — | |||||
Related party capital lease obligations (a) | 2,034 | 2,224 | |||||||
Total | $ | 2,034 | $ | 2,224 | |||||
__________________ | |||||||||
(a) | Classified in other accrued liabilities and other liabilities in the accompanying consolidated balance sheets. |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Schedule of Fair Value, Assets Measured on Recurring Basis | ' | ||||||||||||||||
The following table presents for each of these hierarchy levels, the Company's assets that are measured at fair value on a recurring basis: | |||||||||||||||||
Level I | Level II | Level III | Total | ||||||||||||||
March 31, 2014 | |||||||||||||||||
Assets: | |||||||||||||||||
Money market accounts | $ | 48,032 | $ | — | $ | — | $ | 48,032 | |||||||||
Time deposits | 20,343 | — | — | 20,343 | |||||||||||||
Total assets measured at fair value | $ | 68,375 | $ | — | $ | — | $ | 68,375 | |||||||||
30-Jun-13 | |||||||||||||||||
Assets: | |||||||||||||||||
Money market accounts | $ | 231,788 | $ | — | $ | — | $ | 231,788 | |||||||||
Time deposits | 40,281 | — | — | 40,281 | |||||||||||||
Total assets measured at fair value | $ | 272,069 | $ | — | $ | — | $ | 272,069 | |||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ||||||||||||
Components of Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||||
The following table details the changes in each component of accumulated other comprehensive income (loss): | |||||||||||||
Pension Plans and | Unrealized | Accumulated | |||||||||||
Postretirement | Gain (Loss) on | Other | |||||||||||
Plan (a) | Available-for-sale | Comprehensive | |||||||||||
Securities (b) | Income (Loss) | ||||||||||||
Balance as of June 30, 2013 | $ | (16,219 | ) | $ | — | $ | (16,219 | ) | |||||
Amounts reclassified from accumulated other comprehensive income, before income taxes | 974 | — | 974 | ||||||||||
Income tax expense | (413 | ) | — | (413 | ) | ||||||||
Other comprehensive income | 561 | — | 561 | ||||||||||
Balance as of March 31, 2014 | $ | (15,658 | ) | $ | — | $ | (15,658 | ) | |||||
Balance as of June 30, 2012 | $ | (21,216 | ) | $ | (2,946 | ) | $ | (24,162 | ) | ||||
Other comprehensive income before reclassifications, before income taxes | — | 9,587 | 9,587 | ||||||||||
Amounts reclassified from accumulated other comprehensive income, before income taxes | 1,488 | (4,500 | ) | (3,012 | ) | ||||||||
Income tax expense | (633 | ) | (2,141 | ) | (2,774 | ) | |||||||
Other comprehensive income | 855 | 2,946 | 3,801 | ||||||||||
Balance as of March 31, 2013 | $ | (20,361 | ) | $ | — | $ | (20,361 | ) | |||||
___________________ | |||||||||||||
(a) | Amounts reclassified from accumulated other comprehensive income, before income taxes, represents amortization of net actuarial loss and net unrecognized prior service credit included in net periodic benefit cost, which is reflected in direct operating expenses and selling, general and administrative expenses in the accompanying consolidated statements of operations (see Note 13). | ||||||||||||
(b) | The Company held an investment in Live Nation Entertainment, Inc. common stock which it sold in March 2013. Other income in the accompanying consolidated statements of operations for the three and nine months ended March 31, 2013 includes a pre-tax gain of $3,130, which reflects an unrealized gain reclassified from accumulated other comprehensive income to net income partially offset by block sale costs. Prior to the sale this investment was classified as available-for-sale with the unrealized gains (losses), net of tax, included in the determination of other comprehensive income (loss) and reported in stockholders' equity. |
Pension_Plans_and_Other_Postre1
Pension Plans and Other Postretirement Benefit Plan (Tables) | 9 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Net Periodic Benefit Cost | ' | ||||||||||||||||
Components of net periodic benefit cost for the Company's Pension Plans and Postretirement Plan for the three and nine months ended March 31, 2014 and 2013 are as follows: | |||||||||||||||||
Pension Plans | Postretirement Plan | ||||||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||||||
March 31, | March 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Service cost | $ | 1,570 | $ | 1,691 | $ | 65 | $ | 76 | |||||||||
Interest cost | 1,877 | 1,705 | 110 | 93 | |||||||||||||
Expected return on plan assets | (913 | ) | (939 | ) | — | — | |||||||||||
Recognized actuarial loss (gain) | 359 | 497 | (12 | ) | 3 | ||||||||||||
Amortization of unrecognized prior service cost (credit) | 6 | 6 | (38 | ) | (41 | ) | |||||||||||
Net periodic benefit cost | $ | 2,899 | $ | 2,960 | $ | 125 | $ | 131 | |||||||||
Pension Plans | Postretirement Plan | ||||||||||||||||
Nine Months Ended | Nine Months Ended | ||||||||||||||||
March 31, | March 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Service cost | $ | 4,711 | $ | 5,053 | $ | 170 | $ | 196 | |||||||||
Interest cost | 5,632 | 5,150 | 287 | 261 | |||||||||||||
Expected return on plan assets | (2,830 | ) | (2,814 | ) | — | — | |||||||||||
Recognized actuarial loss (gain) | 1,084 | 1,578 | (15 | ) | 15 | ||||||||||||
Amortization of unrecognized prior service cost (credit) | 19 | 19 | (114 | ) | (124 | ) | |||||||||||
Net periodic benefit cost | $ | 8,616 | $ | 8,986 | $ | 328 | $ | 348 | |||||||||
Share_Based_Compensation_Table
Share Based Compensation (Tables) | 9 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | |||||||||||||||
The following table summarizes activity relating to holders (including Company, Cablevision and AMC Networks Inc. ("AMC Networks") employees and directors) of the Company's stock options for the nine months ended March 31, 2014: | ||||||||||||||||
Number of | Weighted- | Weighted- | Aggregate Intrinsic | |||||||||||||
Average | Average | Value | ||||||||||||||
Exercise | Remaining | |||||||||||||||
Price Per | Contractual | |||||||||||||||
Non-Performance | Performance | Share | Term (In Years) | |||||||||||||
Vesting | Vesting | |||||||||||||||
Options | Options (a) | |||||||||||||||
Balance as of June 30, 2013 | 332 | 35 | $ | 12.63 | 2.7 | $ | 17,117 | |||||||||
Exercised (b) | (137 | ) | (15 | ) | $ | 14.13 | ||||||||||
Balance as of March 31, 2014 | 195 | 20 | $ | 11.56 | 1.63 | $ | 9,718 | |||||||||
Exercisable as of March 31, 2014 | 195 | 20 | $ | 11.56 | 1.63 | $ | 9,718 | |||||||||
_____________________ | ||||||||||||||||
(a) | The Cablevision performance objective with respect to these awards has been achieved. | |||||||||||||||
(b) | Stock options exercised include 111 Company stock options that were exercised pursuant to a cashless exercise, of which approximately 70 Company stock options were surrendered to the Company in order to meet tax withholding requirements and for the exercise price of the stock options. The Company remitted to Cablevision $2,401, which represents the aggregate value on the exercise date of the stock options that were surrendered to the Company to meet tax withholding requirements. This amount is reflected as a financing activity in the accompanying consolidated statement of cash flows for the nine months ended March 31, 2014 and has been classified as additional paid-in capital. | |||||||||||||||
Schedule of Share-based Compensation, Restricted Stock Units Award Activity | ' | |||||||||||||||
The following table summarizes activity relating to the Company's RSUs for the nine months ended March 31, 2014: | ||||||||||||||||
Number of | ||||||||||||||||
Non-Performance | Performance | Weighted-Average | ||||||||||||||
Vesting | Vesting | Fair Value Per Share | ||||||||||||||
RSUs | RSUs | At Date of Grant | ||||||||||||||
Unvested award balance, June 30, 2013 | 953 | 493 | $ | 29.97 | ||||||||||||
Granted | 239 | 143 | 56.68 | |||||||||||||
Vested | (263 | ) | (169 | ) | 28.86 | |||||||||||
Forfeited | (126 | ) | — | 33.23 | ||||||||||||
Unvested award balance, March 31, 2014 | 803 | 467 | $ | 38.03 | ||||||||||||
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Schedule of Segment Reporting Information by Segment | ' | ||||||||||||||||
Information as to the operations of the Company's reportable segments is set forth below. | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
March 31, | March 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Revenues | |||||||||||||||||
MSG Media | $ | 190,825 | $ | 184,666 | $ | 538,149 | $ | 500,974 | |||||||||
MSG Entertainment | 52,785 | 35,491 | 244,510 | 217,390 | |||||||||||||
MSG Sports | 233,739 | 208,080 | 455,293 | 329,547 | |||||||||||||
All other | 123 | 124 | 369 | 335 | |||||||||||||
Inter-segment eliminations (a) | (18,516 | ) | (15,955 | ) | (54,401 | ) | (43,788 | ) | |||||||||
$ | 458,956 | $ | 412,406 | $ | 1,183,920 | $ | 1,004,458 | ||||||||||
(a) | Primarily represents local media rights recognized by the Company's MSG Sports segment from the licensing of team related programming to the Company's MSG Media segment which are eliminated in consolidation. Local media rights are generally recognized on a straight-line basis over the fiscal year. | ||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
March 31, | March 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Inter-segment revenues | |||||||||||||||||
MSG Entertainment | $ | — | $ | 27 | $ | — | $ | 63 | |||||||||
MSG Sports | 18,516 | 15,928 | 54,401 | 43,725 | |||||||||||||
$ | 18,516 | $ | 15,955 | $ | 54,401 | $ | 43,788 | ||||||||||
Reconciliation (by Segment and in Total) of AOCF to Operating Income (Loss) | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
March 31, | March 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
AOCF | |||||||||||||||||
MSG Media | $ | 91,950 | $ | 95,390 | $ | 259,194 | $ | 267,712 | |||||||||
MSG Entertainment | (20,200 | ) | (13,078 | ) | 7,110 | 4,399 | |||||||||||
MSG Sports | 9,846 | 11,649 | 13,871 | (1,374 | ) | ||||||||||||
All other (a) (b) | (15,883 | ) | (2,222 | ) | (22,390 | ) | (7,401 | ) | |||||||||
$ | 65,713 | $ | 91,739 | $ | 257,785 | $ | 263,336 | ||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
March 31, | March 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Depreciation and amortization | |||||||||||||||||
MSG Media | $ | 3,796 | $ | 3,860 | $ | 11,771 | $ | 12,314 | |||||||||
MSG Entertainment | 2,469 | 2,354 | 7,429 | 7,145 | |||||||||||||
MSG Sports | 2,663 | 2,364 | 7,739 | 7,962 | |||||||||||||
All other (c) | 20,746 | 14,417 | 49,930 | 37,018 | |||||||||||||
$ | 29,674 | $ | 22,995 | $ | 76,869 | $ | 64,439 | ||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
March 31, | March 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Share-based compensation expense | |||||||||||||||||
MSG Media | $ | 1,083 | $ | 1,744 | $ | 2,985 | $ | 4,416 | |||||||||
MSG Entertainment | 1,517 | 1,670 | 4,093 | 4,158 | |||||||||||||
MSG Sports | 1,311 | 1,142 | 3,581 | 2,943 | |||||||||||||
All other (b) | 4,679 | 402 | 6,398 | 2,381 | |||||||||||||
$ | 8,590 | $ | 4,958 | $ | 17,057 | $ | 13,898 | ||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
March 31, | March 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Operating income (loss) | |||||||||||||||||
MSG Media | $ | 87,071 | $ | 89,786 | $ | 244,438 | $ | 250,982 | |||||||||
MSG Entertainment | (24,186 | ) | (17,102 | ) | (4,412 | ) | (6,904 | ) | |||||||||
MSG Sports | 5,872 | 8,143 | 2,551 | (12,279 | ) | ||||||||||||
All other | (41,308 | ) | (17,041 | ) | (78,718 | ) | (46,800 | ) | |||||||||
$ | 27,449 | $ | 63,786 | $ | 163,859 | $ | 184,999 | ||||||||||
A reconciliation of reportable segment operating income to the Company's consolidated income from operations before income taxes is as follows: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
March 31, | March 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Total operating income for reportable segments | $ | 68,757 | $ | 80,827 | $ | 242,577 | $ | 231,799 | |||||||||
Other operating loss | (41,308 | ) | (17,041 | ) | (78,718 | ) | (46,800 | ) | |||||||||
Operating income | 27,449 | 63,786 | 163,859 | 184,999 | |||||||||||||
Items excluded from operating income: | |||||||||||||||||
Equity in earnings (loss) of nonconsolidated affiliates | 663 | — | (75 | ) | — | ||||||||||||
Interest income | 628 | 530 | 1,742 | 1,682 | |||||||||||||
Interest expense | (1,763 | ) | (1,723 | ) | (5,378 | ) | (5,289 | ) | |||||||||
Miscellaneous income (d) | 72 | 3,373 | 95 | 3,475 | |||||||||||||
Income from operations before income taxes | $ | 27,049 | $ | 65,966 | $ | 160,243 | $ | 184,867 | |||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
March 31, | March 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Capital expenditures | |||||||||||||||||
MSG Media | $ | 443 | $ | 1,613 | $ | 1,711 | $ | 10,114 | |||||||||
MSG Entertainment | 1,023 | 947 | 4,856 | 2,890 | |||||||||||||
MSG Sports | 865 | 843 | 3,792 | 2,160 | |||||||||||||
All other (e) | 45,555 | 33,971 | 232,386 | 181,523 | |||||||||||||
$ | 47,886 | $ | 37,374 | $ | 242,745 | $ | 196,687 | ||||||||||
_________________ | |||||||||||||||||
(a) | Consists of unallocated corporate general and administrative costs. | ||||||||||||||||
(b) | The amounts for the three and nine months ended March 31, 2014 include executive management transition costs. | ||||||||||||||||
(c) | Principally includes depreciation and amortization expense on The Garden, The Theater at Madison Square Garden, the Forum, and certain corporate property, equipment and leasehold improvement assets not allocated to the Company's reportable segments. | ||||||||||||||||
(d) | Miscellaneous income for the three and nine months ended March 31, 2013 consists principally of a gain from the sale of all of the Company's holdings of Live Nation common stock. | ||||||||||||||||
(e) | Consists principally of capital expenditures associated with the Transformation. In addition, amounts for the three and nine months ended March 31, 2014 include Forum related capital expenditures, which were previously reported in the MSG Entertainment segment. Prior period amounts have been reclassified to conform to the current year presentation. |
Concentration_of_Risk_Concentr
Concentration of Risk Concentration of Risk (Tables) | 9 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Concentration of RIsk [Abstract] | ' | |||||||
Schedule of Customer Concentration [Table Text Block] | ' | |||||||
The accompanying consolidated balance sheets as of March 31, 2014 and June 30, 2013 include the following approximate amounts that are recorded in connection with the Company's license agreement with the New Jersey Devils: | ||||||||
Reported in | March 31, 2014 | June 30, | ||||||
2013 | ||||||||
Prepaid expenses | $ | 1,000 | $ | 4,000 | ||||
Other current assets | 2,000 | 2,000 | ||||||
Other assets | 42,000 | 42,000 | ||||||
$ | 45,000 | $ | 48,000 | |||||
Description_of_Business_and_Ba1
Description of Business and Basis of Presentation (Details) | 9 Months Ended |
Mar. 31, 2014 | |
segments | |
Description of Business And Basis of Presentation [Abstract] | ' |
Common stock distributed, percentage | 100.00% |
Number of reportable segments | 3 |
Computation_of_Earnings_Per_Co3
Computation of Earnings Per Common Share (Details) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Weighted-average shares for basic EPS (in shares) | 77,162 | 76,537 | 77,069 | 76,022 |
Dilutive effect of shares issuable under share-based compensation plans (in shares) | 1,049 | 1,504 | 1,073 | 1,878 |
Weighted-average shares for diluted EPS (in shares) | 78,211 | 78,041 | 78,142 | 77,900 |
Antidilutive shares | ' | ' | 0 | 24 |
Impairment_Charges_Details
Impairment Charges (Details) (USD $) | 9 Months Ended | 3 Months Ended | 9 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2013 |
Radio City Christmas Spectacular Outside New York [Member] | Radio City Christmas Spectacular Outside New York [Member] | |||
Impairment of deferred costs | $0 | $4,982 | $4,982 | $4,982 |
Team_Personnel_Transactions_an
Team Personnel Transactions and Insurance Recoveries (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Team Personnel Transactions And Insurance Recoveries [Abstract] | ' | ' | ' | ' |
Provisions for Team Personnel Transactions net of insurance recoveries discussed below | $10,814 | $15,238 | $16,622 | $18,368 |
Investments_Details
Investments (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Sep. 30, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 |
Amortizable Intangible Assets [Member] | Amortizable Intangible Assets [Member] | Brooklyn Bowl Las Vegas LLC [Member] | Brooklyn Bowl Las Vegas LLC [Member] | Tribeca Enterprises, LLC [Member] | Azoff MSG Entertainment LLC [Member] | Azoff MSG Entertainment LLC [Member] | Azoff MSG Entertainment LLC [Member] | Other Amortization [Member] | Other Amortization [Member] | Income (Loss) from Equity Method Investments [Member] | Income (Loss) from Equity Method Investments [Member] | |||||
Minimum [Member] | Maximum [Member] | Scenario, Forecast [Member] | Amortizable Intangible Assets [Member] | Azoff MSG Entertainment LLC [Member] | Azoff MSG Entertainment LLC [Member] | Azoff MSG Entertainment LLC [Member] | Azoff MSG Entertainment LLC [Member] | |||||||||
Schedule of Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity Method Investment, Ownership Percentage | ' | ' | ' | ' | ' | ' | 83.00% | 20.00% | 50.00% | ' | 50.00% | ' | ' | ' | ' | ' |
Equity Method Investment, Aggregate Cost Excluding Transaction Costs | ' | ' | ' | ' | ' | ' | ' | ' | $22,500 | ' | $125,000 | ' | ' | ' | ' | ' |
Commitments to Equity Method Investments | ' | ' | ' | ' | ' | ' | 274 | ' | ' | 50,000 | ' | ' | ' | ' | ' | ' |
Investments in nonconsolidated affiliates | ' | ' | ' | ' | ' | ' | 24,727 | ' | 22,845 | 126,355 | ' | ' | ' | ' | ' | ' |
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 125,600 | 17,350 | ' | ' | ' | ' |
Income (Loss) from Equity Method Investments | 663 | 0 | -75 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | -635 | -1,373 | 663 | -75 |
Finite-Lived Intangible Asset, Useful Life | ' | ' | ' | ' | '5 years | '7 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments for Advance to Affiliate | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,000 | ' | ' | ' | ' | ' | ' |
Loan Receivable, Related Parties, Noncurrent | ' | ' | ' | ' | ' | ' | ' | ' | ' | $13,000 | ' | ' | ' | ' | ' | ' |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets (Carrying Amount of Goodwill By Reportable Segment) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Jun. 30, 2013 |
Goodwill [Line Items] | ' | ' |
Goodwill | $742,492 | $742,492 |
Impairment of goodwill | 0 | ' |
MSG Media [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill | 465,326 | 465,326 |
MSG Entertainment [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill | 58,979 | 58,979 |
MSG Sports [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill | $218,187 | $218,187 |
Goodwill_and_Intangible_Assets3
Goodwill and Intangible Assets (Schedule of Indefinite-Lived Intangible Assets) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Jun. 30, 2013 |
Indefinite-lived Intangible Assets by Major Class [Line Items] | ' | ' |
Indefinite-lived intangible assets | $163,839 | $158,636 |
Impairment of indefinite-lived intangible assets | 0 | ' |
MSG Sports [Member] | ' | ' |
Indefinite-lived Intangible Assets by Major Class [Line Items] | ' | ' |
Indefinite-lived intangible assets | 101,418 | 96,215 |
MSG Entertainment [Member] | ' | ' |
Indefinite-lived Intangible Assets by Major Class [Line Items] | ' | ' |
Indefinite-lived intangible assets | $62,421 | $62,421 |
Goodwill_and_Intangible_Assets4
Goodwill and Intangible Assets (Schedule of Intangible Assets Subject To Amortization) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Jun. 30, 2013 |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Gross | $175,779 | ' | $175,779 | ' | $175,779 |
Accumulated Amortization | -92,873 | ' | -92,873 | ' | -85,074 |
Net | 82,906 | ' | 82,906 | ' | 90,705 |
Finite-Lived Intangible Assets, Amortization Expense | 2,600 | 2,600 | 7,799 | 8,509 | ' |
Affiliate Relationships [Member] | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Gross | 83,044 | ' | 83,044 | ' | 83,044 |
Accumulated Amortization | -31,135 | ' | -31,135 | ' | -28,540 |
Net | 51,909 | ' | 51,909 | ' | 54,504 |
Season Ticket Holder Relationships [Member] | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Gross | 73,124 | ' | 73,124 | ' | 73,124 |
Accumulated Amortization | -47,345 | ' | -47,345 | ' | -43,401 |
Net | 25,779 | ' | 25,779 | ' | 29,723 |
Suite Holder Relationships [Member] | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Gross | 15,394 | ' | 15,394 | ' | 15,394 |
Accumulated Amortization | -12,591 | ' | -12,591 | ' | -11,542 |
Net | 2,803 | ' | 2,803 | ' | 3,852 |
Other Intangible Assets [Member] | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Gross | 4,217 | ' | 4,217 | ' | 4,217 |
Accumulated Amortization | -1,802 | ' | -1,802 | ' | -1,591 |
Net | $2,415 | ' | $2,415 | ' | $2,626 |
Property_and_Equipment_Schedul
Property and Equipment (Schedule of Property, Plant and Equipment) (Details) (USD $) | Mar. 31, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | $1,756,424 | $1,564,355 |
Less accumulated depreciation and amortization | -482,664 | -429,175 |
Property and equipment, net | 1,273,760 | 1,135,180 |
Land [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | 91,678 | 92,828 |
Buildings [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | 1,055,424 | 781,747 |
Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | 352,129 | 310,946 |
Aircraft [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | 43,548 | 43,388 |
Furniture and Fixtures [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | 53,283 | 36,824 |
Leasehold Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | 153,198 | 151,224 |
Construction in Progress [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | $7,164 | $147,398 |
Property_and_Equipment_Schedul1
Property and Equipment (Schedule of Asset Retirement Obligations) (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ' |
Balance as of June 30, 2013 | $12,250 |
Revision in estimated liabilities | -4,370 |
Accretion expense | 11 |
Payments | -6,947 |
Balance as of March 31, 2014 | $944 |
Property_and_Equipment_Narrati
Property and Equipment (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Jun. 30, 2013 |
Property, Plant and Equipment [Abstract] | ' | ' | ' | ' | ' |
Depreciation and amortization expense on property and equipment | $27,074 | $20,395 | $69,070 | $55,930 | ' |
Asset retirement obligations in other accrued liabilities | 717 | ' | 717 | ' | 12,034 |
Proceeds from renovation loan | ' | ' | $18,000 | ' | ' |
Debt_Schedule_of_Debt_Details
Debt (Schedule of Debt) (Details) (USD $) | Mar. 31, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Abstract] | ' | ' |
Related party capital lease obligations | $2,034 | $2,224 |
Total | $2,034 | $2,224 |
Debt_Narrative_Details
Debt (Narrative) (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Jan. 28, 2010 |
Debt Disclosure [Abstract] | ' | ' |
Senior secured revolving credit facility | ' | $375,000 |
Revolving credit term in years | '5 years | ' |
Debt instrument, restrictive covenants | ' (i)B a maximum total secured leverage ratio of 3.50:1.00 and (ii)B a maximum total leverage ratio of 6.00:1.00. In addition, there is a minimum interest coverage ratio of 2.50:1.00 for the Company. | ' |
Letters of credit issued and outstanding under the Revolving Credit Facility | 6,960 | ' |
Borrowing capacity | $368,040 | ' |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (Azoff MSG Entertainment LLC [Member], USD $) | Mar. 31, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Azoff MSG Entertainment LLC [Member] | ' | ' |
Equity Method Investment, Ownership Percentage | ' | 50.00% |
Commitments to Equity Method Investments | $50,000 | ' |
Fair_Value_Measurements_Schedu
Fair Value Measurements (Schedule of Fair Value, Assets Measured on Recurring Basis) (Details) (USD $) | Mar. 31, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Money market accounts [Member] | ' | ' |
Fair Value, Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' |
Total assets measured at fair value | $48,032 | $231,788 |
Money market accounts [Member] | Level I [Member] | ' | ' |
Fair Value, Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' |
Total assets measured at fair value | 48,032 | 231,788 |
Time deposits [Member] | ' | ' |
Fair Value, Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' |
Total assets measured at fair value | 20,343 | 40,281 |
Time deposits [Member] | Level I [Member] | ' | ' |
Fair Value, Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' |
Total assets measured at fair value | 20,343 | 40,281 |
Total assets measured at fair value [Member] | ' | ' |
Fair Value, Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' |
Total assets measured at fair value | 68,375 | 272,069 |
Total assets measured at fair value [Member] | Level I [Member] | ' | ' |
Fair Value, Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' |
Total assets measured at fair value | $68,375 | $272,069 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Loss) (Components of Accumulated Other Comprehensive Income (Loss)) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ' | ' | ' | |||
Available-for-sale Securities, Gross Realized Gains | ' | ' | ' | $3,130 | |||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax [Abstract] | ' | ' | ' | ' | |||
Pension Plans and Postretirement Plan, Beginning Blance | ' | ' | -16,219 | -21,216 | |||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, before Reclassification Adjustments and Tax | ' | ' | ' | 0 | |||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, before Tax | 315 | 465 | 974 | [1] | 1,488 | [1] | |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Tax | ' | ' | -413 | -633 | |||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | ' | ' | 561 | 855 | |||
Pension Plans and Postretirement Plan, Ending Blance | -15,658 | -20,361 | -15,658 | -20,361 | |||
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax [Abstract] | ' | ' | ' | ' | |||
Unrealized Income (Loss) Available-for-sale Securities, Beginning Balance | ' | ' | 0 | [2] | -2,946 | [2] | |
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, before Reclassification Adjustments and Tax | ' | ' | ' | 9,587 | [2] | ||
Other Comprehensive Income (Loss), Reclassification Adjustment for Sale of Securities Included in Net Income, before Tax | ' | ' | 0 | -4,500 | [2] | ||
Other Comprehensive Income (Loss), Available-for-sale Securities, Tax | ' | ' | 0 | -2,141 | [2] | ||
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax | ' | ' | 0 | 2,946 | [2] | ||
Unrealized Income (Loss) Available-for-sale Securities, Ending Balance | 0 | 0 | [2] | 0 | 0 | [2] | |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ' | ' | ' | |||
Accumulated Other Comprehensive Income (Loss), Beginning Balance | ' | ' | -16,219 | -24,162 | |||
Other Comprehensive Income (Loss) Before Reclssifications, Before Income Taxes | ' | ' | ' | 9,587 | |||
Total Amounts Reclassified From Accumulated Other Comprehensive Income, Before Income Taxes | ' | ' | 974 | [1] | -3,012 | ||
Other Comprehensive Income (Loss), Tax | -132 | -2,122 | -413 | -2,774 | |||
Other Comprehensive Income (Loss), Net of Tax | 183 | 2,921 | 561 | 3,801 | |||
Accumulated Other Comprehensive Income (Loss), Ending Balance | ($15,658) | ($20,361) | ($15,658) | ($20,361) | |||
[1] | (a)B Amounts reclassified from accumulated other comprehensive income, before income taxes, represents amortization of net actuarial loss and net unrecognized prior service credit included in net periodic benefit cost, which is reflected in direct operating expenses and selling, general and administrative expenses in the accompanying consolidated statements of operations (see Note 13). | ||||||
[2] | The Company held an investment in Live Nation Entertainment, Inc. common stock which it sold in March 2013. Other income in the accompanying consolidated statements of operations for the three and nine months ended March 31, 2013 includes a pre-tax gain of $3,130, which reflects an unrealized gain reclassified from accumulated other comprehensive income to net income partially offset by block sale costs. Prior to the sale this investment was classified as available-for-sale with the unrealized gains (losses), net of tax, included in the determination of other comprehensive income (loss) and reported in stockholders' equity. |
Pension_Plans_and_Other_Postre2
Pension Plans and Other Postretirement Benefit Plan (Schedule of Net Periodic Benefit Cost) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Pension Plans [Member] | ' | ' | ' | ' |
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ' | ' | ' | ' |
Service cost | $1,570 | $1,691 | $4,711 | $5,053 |
Interest cost | 1,877 | 1,705 | 5,632 | 5,150 |
Expected return on plan assets | -913 | -939 | -2,830 | -2,814 |
Recognized actuarial loss (gain) | 359 | 497 | 1,084 | 1,578 |
Amortization of unrecognized prior service cost (credit) | 6 | 6 | 19 | 19 |
Net periodic benefit cost | 2,899 | 2,960 | 8,616 | 8,986 |
Postretirement Plan [Member] | ' | ' | ' | ' |
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ' | ' | ' | ' |
Service cost | 65 | 76 | 170 | 196 |
Interest cost | 110 | 93 | 287 | 261 |
Recognized actuarial loss (gain) | -12 | 3 | -15 | 15 |
Amortization of unrecognized prior service cost (credit) | -38 | -41 | -114 | -124 |
Net periodic benefit cost | $125 | $131 | $328 | $348 |
Recovered_Sheet1
Pension Plans And Other Postretirement Benefit Plan (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Pension Plans And Other Postretirement Benefit Plan (Narrative) (Details) [Abstract] | ' | ' | ' | ' |
Defined Contribution Plan, Cost Recognized | $1,108 | $1,016 | $2,868 | $2,658 |
ShareBased_Compensation_ShareB
Share-Based Compensation (Share-Based Compensation Expense) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' | ' | ' |
Share-based Compensation Expense | $8,590 | $4,958 | $17,057 | $13,898 |
ShareBased_Compensation_Schedu
Share-Based Compensation (Schedule of Share-based Compensation, Stock Options, Activity) (Details) (USD $) | 9 Months Ended | 12 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | ||||||||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Jun. 30, 2013 | Mar. 31, 2014 | Jun. 30, 2013 | Mar. 31, 2014 | Jun. 30, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | |||
Stock Options [Member] | Stock Options [Member] | Non-Performance Vesting [Member] | Non-Performance Vesting [Member] | Performance Vesting [Member] | Performance Vesting [Member] | Cashless Exercise [Member] | Cashless Exercise [Member] | ||||||
Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Non-Performance Vesting [Member] | ||||||||
Stock Options [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Options, Outstanding, Number | ' | ' | ' | ' | 195 | 332 | 20 | [1] | 35 | [1] | ' | ' | |
Options, Exercises in Period | ' | ' | ' | ' | -137 | [2] | ' | -15 | [1] | ' | ' | -111 | |
Options, Exercisable, Number | ' | ' | ' | ' | 195 | ' | 20 | [1] | ' | ' | ' | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Oustanding Weighted Average Exercise Price [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Options, Outstanding, Weighted Average Exercise Price | ' | ' | $11.56 | $12.63 | ' | ' | ' | ' | ' | ' | |||
Options, Exercises in Period, Weighted Average Exercise Price | ' | ' | $14.13 | ' | ' | ' | ' | ' | ' | ' | |||
Options, Exercisable, Weighted Average Exercise Price | ' | ' | $11.56 | ' | ' | ' | ' | ' | ' | ' | |||
Options, Outstanding, Weighted Average Remaining Contractual Term | ' | ' | '1 year 7 months 17 days | '2 years 8 months 12 days | ' | ' | ' | ' | ' | ' | |||
Options, Exercisable, Weighted Average Remaining Contractual Term | ' | ' | '1 year 7 months 17 days | ' | ' | ' | ' | ' | ' | ' | |||
Options, Outstanding, Intrinsic Value | ' | ' | $9,718 | $17,117 | ' | ' | ' | ' | ' | ' | |||
Options, Exercisable, Intrinsic Value | ' | ' | 9,718 | ' | ' | ' | ' | ' | ' | ' | |||
Number Of Equity Instruments Surrendered By Employees | ' | ' | ' | ' | ' | ' | ' | ' | 70 | ' | |||
Payments Related to Tax Withholding for Share-based Compensation | 12,366 | 21,148 | 2,401 | ' | ' | ' | ' | ' | ' | ' | |||
Options, Exercises in Period, Total Intrinsic Value | ' | ' | $6,279 | ' | ' | ' | ' | ' | ' | ' | |||
[1] | (a)The Cablevision performance objective with respect to these awards has been achieved. | ||||||||||||
[2] | (b)Stock options exercised include 111 Company stock options that were exercised pursuant to a cashless exercise, of which approximately 70 Company stock options were surrendered to the Company in order to meet tax withholding requirements and for the exercise price of the stock options. The Company remitted to Cablevision $2,401, which represents the aggregate value on the exercise date of the stock options that were surrendered to the Company to meet tax withholding requirements. This amount is reflected as a financing activity in the accompanying consolidated statement of cash flows for the nine months ended MarchB 31, 2014 and has been classified as additional paid-in capital. |
ShareBased_Compensation_Schedu1
Share-Based Compensation (Schedule of Share-based Compensation, Restricted Stock Units Activity) (Details) (USD $) | 9 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Payments Related to Tax Withholding for Share-based Compensation | $12,366 | $21,148 |
Restricted Stock Units (RSUs) [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Total Fair Value | 24,834 | ' |
Number Of Equity Instruments Surrendered By Employees | 173 | ' |
Payments Related to Tax Withholding for Share-based Compensation | $9,965 | ' |
Weighted-Average Fair Value Per Share at Date of Grant - RSUs (in dollars per share): | ' | ' |
Unvested award balance (beginning balance) | $29.97 | ' |
Granted | $56.68 | ' |
Vested | $28.86 | ' |
Forfeited | $33.23 | ' |
Unvested award balance (ending balance) | $38.03 | ' |
Award Vesting Period | '3 years | ' |
Restricted Stock Units (RSUs) [Member] | Performance Vesting [Member] | ' | ' |
Unvested award (in shares): | ' | ' |
Unvested award balance (beginning balance) | 493 | ' |
Granted | 143 | ' |
Vested | -169 | ' |
Forfeited | 0 | ' |
Unvested award balance (ending balance) | 467 | ' |
Restricted Stock Units (RSUs) [Member] | Non-Performance Vesting [Member] | ' | ' |
Unvested award (in shares): | ' | ' |
Unvested award balance (beginning balance) | 953 | ' |
Granted | 239 | ' |
Vested | -263 | ' |
Forfeited | -126 | ' |
Unvested award balance (ending balance) | 803 | ' |
Related_Party_Transactions_Own
Related Party Transactions (Ownership Percentage) (Details) | Mar. 31, 2014 |
Related Party Ownership Percentage [Line Items] | ' |
Aggregate Voting Power Held By Related Party | 69.00% |
Common Class A [Member] | ' |
Related Party Ownership Percentage [Line Items] | ' |
Percentage of Common Stock Owned by Related Party | 1.70% |
Common Class B [Member] | ' |
Related Party Ownership Percentage [Line Items] | ' |
Percentage of Common Stock Owned by Related Party | 100.00% |
Related_Party_Transactions_Tra
Related Party Transactions (Transactions by Type) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Related Party Transactions [Abstract] | ' | ' | ' | ' |
Revenue | $47,531 | $46,169 | $138,872 | $131,271 |
Related Party Transaction Origination Master Control And Post Production Services Expense | 2,351 | 2,279 | 6,811 | 6,952 |
Related Party Transaction Advertising Expense | 4,130 | 3,027 | 10,822 | 8,237 |
Related Party Transaction Corporate General And Administrative Expense | 1,040 | 417 | 2,029 | 1,546 |
Related Party Transaction Telephone And Other Fiber Optic Transmission Services | 662 | 472 | 1,652 | 1,296 |
Related Party Transaction Other Expenses From Transactions With Related Party | $626 | $534 | $1,550 | $1,615 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Jun. 30, 2013 |
Federal [Member] | Federal [Member] | |||||
Income Tax Disclosure [Abstract] | ' | ' | ' | ' | ' | ' |
Income Tax Expense (Benefit), Continuing Operations | $7,995 | $27,517 | $56,812 | $78,902 | ' | ' |
Effective Income Tax Rate, Continuing Operations | 29.60% | 41.70% | 35.50% | 42.70% | ' | ' |
Effective Income Tax Rate Reconciliation, at Federal | 35.00% | 35.00% | 35.00% | 35.00% | ' | ' |
Current Income Tax Liability [Line Items] | ' | ' | ' | ' | ' | ' |
Accrued Income Taxes, Current | ' | ' | ' | ' | $29,850 | $32,944 |
Income_Taxes_Rehabilitation_Ta
Income Taxes Rehabilitation Tax Credit Benefit (Details) (USD $) | 3 Months Ended | 9 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2014 |
Tax Credit Carryforward [Line Items] | ' | ' |
Income Tax Reconciliation, Tax Credits, Investment | $2,270 | $7,270 |
Scenario, Forecast [Member] | ' | ' |
Tax Credit Carryforward [Line Items] | ' | ' |
Income Tax Reconciliation, Tax Credits, Investment | ' | $1,227 |
Segment_Information_Schedule_o
Segment Information (Schedule of Segment Reporting Information by Segment) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Revenues | $458,956 | $412,406 | $1,183,920 | $1,004,458 | ||||
Inter-segment revenues | 18,516 | 15,955 | 54,401 | 43,788 | ||||
AOCF | 65,713 | 91,739 | 257,785 | 263,336 | ||||
Depreciation and amortization | 29,674 | 22,995 | 76,869 | 64,439 | ||||
Share-based Compensation Expense | 8,590 | 4,958 | 17,057 | 13,898 | ||||
Operating income (loss) | 27,449 | 63,786 | 163,859 | 184,999 | ||||
Total operating income for reportable segments | 68,757 | 80,827 | 242,577 | 231,799 | ||||
Equity in earnings (loss) of nonconsolidated affiliates | 663 | 0 | -75 | 0 | ||||
Interest income | 628 | 530 | 1,742 | 1,682 | ||||
Interest expense | -1,763 | -1,723 | -5,378 | -5,289 | ||||
Miscellaneous income | 72 | 3,373 | [1] | 95 | 3,475 | [1] | ||
Income from operations before income taxes | 27,049 | 65,966 | 160,243 | 184,867 | ||||
Capital expenditures | 47,886 | 37,374 | 242,745 | 196,687 | ||||
MSG Media [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Revenues | 190,825 | 184,666 | 538,149 | 500,974 | ||||
AOCF | 91,950 | 95,390 | 259,194 | 267,712 | ||||
Depreciation and amortization | 3,796 | 3,860 | 11,771 | 12,314 | ||||
Share-based Compensation Expense | 1,083 | 1,744 | 2,985 | 4,416 | ||||
Operating income (loss) | 87,071 | 89,786 | 244,438 | 250,982 | ||||
Capital expenditures | 443 | 1,613 | 1,711 | 10,114 | ||||
MSG Entertainment [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Revenues | 52,785 | 35,491 | 244,510 | 217,390 | ||||
Inter-segment revenues | 0 | 27 | 0 | 63 | ||||
AOCF | -20,200 | -13,078 | 7,110 | 4,399 | ||||
Depreciation and amortization | 2,469 | 2,354 | 7,429 | 7,145 | ||||
Share-based Compensation Expense | 1,517 | 1,670 | 4,093 | 4,158 | ||||
Operating income (loss) | -24,186 | -17,102 | -4,412 | -6,904 | ||||
Capital expenditures | 1,023 | 947 | 4,856 | 2,890 | ||||
MSG Sports [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Revenues | 233,739 | 208,080 | 455,293 | 329,547 | ||||
Inter-segment revenues | 18,516 | 15,928 | 54,401 | 43,725 | ||||
AOCF | 9,846 | 11,649 | 13,871 | -1,374 | ||||
Depreciation and amortization | 2,663 | 2,364 | 7,739 | 7,962 | ||||
Share-based Compensation Expense | 1,311 | 1,142 | 3,581 | 2,943 | ||||
Operating income (loss) | 5,872 | 8,143 | 2,551 | -12,279 | ||||
Capital expenditures | 865 | 843 | 3,792 | 2,160 | ||||
All Other [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Revenues | 123 | 124 | 369 | 335 | ||||
AOCF | -15,883 | [2],[3] | -2,222 | [2],[3] | -22,390 | [2],[3] | -7,401 | [2],[3] |
Depreciation and amortization | 20,746 | [4] | 14,417 | [4] | 49,930 | [4] | 37,018 | [4] |
Share-based Compensation Expense | 4,679 | 402 | 6,398 | 2,381 | ||||
Operating income (loss) | -41,308 | -17,041 | -78,718 | -46,800 | ||||
Capital expenditures | 45,555 | [5] | 33,971 | [5] | 232,386 | [5] | 181,523 | [5] |
Inter-Segment Eliminations [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Revenues | ($18,516) | [6] | ($15,955) | [6] | ($54,401) | [6] | ($43,788) | [6] |
[1] | Miscellaneous income for the three and nine months ended March 31, 2013 consists principally of a gain from the sale of all of the Company's holdings of Live Nation common stock. | |||||||
[2] | Consists of unallocated corporate general and administrative costs. | |||||||
[3] | (b)B The amounts for the three and nine months ended MarchB 31, 2014 include executive management transition costs. | |||||||
[4] | Principally includes depreciation and amortization expense on The Garden, The Theater at Madison Square Garden, the Forum, and certain corporate property, equipment and leasehold improvement assets not allocated to the Company's reportable segments. | |||||||
[5] | Consists principally of capital expenditures associated with the Transformation. In addition, amounts for the three and nine months ended MarchB 31, 2014 include Forum related capital expenditures, which were previously reported in the MSG Entertainment segment. Prior period amounts have been reclassified to conform to the current year presentation. | |||||||
[6] | Primarily represents local media rights recognized by the Company's MSG Sports segment from the licensing of team related programming to the Company's MSG Media segment which are eliminated in consolidation. Local media rights are generally recognized on a straight-line basis over the fiscal year. |
Concentration_of_Risk_Details
Concentration of Risk (Details) (USD $) | Mar. 31, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Risks and Uncertainties [Abstract] | ' | ' |
Customer Concentration In Prepaid Expenses | $1,000 | $4,000 |
Customer Concentration In Other Current Assets | 2,000 | 2,000 |
Customer Concentration In Other Assets | 42,000 | 42,000 |
Customer Concentration | $45,000 | $48,000 |
Subsequent_Event_Details
Subsequent Event (Details) (Subsequent Event [Member], USD $) | 0 Months Ended |
In Thousands, unless otherwise specified | Apr. 03, 2014 |
Subsequent Event [Member] | ' |
Subsequent Event [Line Items] | ' |
Retained Interest Percentage In Disposed Entity | 15.00% |
Sale Price For Disposed Entity | $226,000 |