Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | ||
Sep. 30, 2014 | Oct. 15, 2014 | Oct. 15, 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 | 30-Sep-14 | ' | ' |
Document Fiscal Year Focus | '2015 | ' | ' |
Document Fiscal Period Focus | 'Q1 | ' | ' |
Amendment Flag | 'false | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 63,955,661 | 13,588,555 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2014 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | ||
Current Assets: | ' | ' |
Cash and cash equivalents | $320,763 | $92,251 |
Restricted cash | 9,824 | 9,823 |
Accounts receivable, net | 116,769 | 135,369 |
Net related party receivables | 25,411 | 25,156 |
Prepaid expenses | 51,680 | 37,108 |
Other current assets | 27,611 | 23,216 |
Assets Held-for-sale | 0 | 77,056 |
Total current assets | 552,058 | 399,979 |
Investments in and loans to nonconsolidated affiliates | 224,725 | 225,632 |
Property and equipment, net | 1,237,584 | 1,252,467 |
Amortizable intangible assets, net | 77,706 | 80,306 |
Indefinite-lived intangible assets | 163,850 | 163,850 |
Goodwill | 701,674 | 701,674 |
Other assets | 111,668 | 102,053 |
Assets, Total | 3,069,265 | 2,925,961 |
Current Liabilities: | ' | ' |
Accounts payable | 13,245 | 16,710 |
Net related party payables | 740 | 283 |
Income taxes payable | 56,940 | 13,418 |
Accrued liabilities: | ' | ' |
Employee related costs | 63,351 | 102,097 |
Other accrued liabilities | 107,986 | 159,585 |
Deferred revenue | 413,300 | 300,937 |
Liabilities held-for-sale | 0 | 11,171 |
Total current liabilities | 655,562 | 604,201 |
Defined benefit and other postretirement obligations | 71,209 | 75,728 |
Other employee related costs | 52,809 | 61,284 |
Other liabilities | 60,896 | 59,970 |
Deferred tax liability | 518,331 | 520,334 |
Total liabilities | 1,358,807 | 1,321,517 |
Commitments and contingencies (see Note 10) | ' | ' |
Stockholders' Equity: | ' | ' |
Preferred stock, par value $0.01, 45,000 shares authorized; none outstanding | ' | ' |
Additional paid-in capital | 1,078,279 | 1,081,055 |
Treasury stock, at cost, 300 and 317 shares as of September 30, 2014 and June 30, 2014, respectively | -7,134 | -7,537 |
Retained earnings | 660,935 | 552,862 |
Accumulated other comprehensive loss | -22,400 | -22,711 |
Total stockholders' equity | 1,710,458 | 1,604,444 |
Liabilities and Equity, Total | 3,069,265 | 2,925,961 |
Class A Common Stock [Member] | ' | ' |
Stockholders' Equity: | ' | ' |
Common stock, value issued | 642 | 639 |
Class B Common Stock [Member] | ' | ' |
Stockholders' Equity: | ' | ' |
Common stock, value issued | $136 | $136 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2014 | Jun. 30, 2014 |
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 | 300 | 317 |
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 | 63,956 | 63,606 |
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 | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | |
Income Statement [Abstract] | ' | ' | |
Revenues (including related party revenues of $41,168 and $45,838, respectively) | $241,740 | $215,585 | |
Direct operating expenses (including related party expenses of $2,015 and $2,810, respectively) | 93,903 | 80,084 | |
Selling, general and administrative expenses (including related party expenses of $2,426 and $3,428, respectively) | 75,300 | 72,831 | |
Depreciation and amortization | 37,601 | 22,807 | |
Gain on sale of Fuse | -162,414 | 0 | |
Operating income | 197,350 | 39,863 | |
Other income (expense): | ' | ' | |
Equity in loss of nonconsolidated affiliates | -2,604 | 0 | |
Interest income (including interest income from nonconsolidated affiliates of $449 for the three months ended September 30, 2014) | 935 | 505 | |
Interest expense | -1,662 | -1,793 | |
Miscellaneous income (including related party income of $634 for the three months ended September 30, 2014) | 714 | [1] | 6 |
Nonoperating expense, Total | -2,617 | -1,282 | |
Income from operations before income taxes | 194,733 | 38,581 | |
Income Tax Expense (Benefit) | -86,660 | -14,713 | |
Net income | $108,073 | $23,868 | |
Basic earnings per common share (dollars per share) | $1.39 | $0.31 | |
Diluted earnings per common share (dollars per share) | $1.38 | $0.31 | |
Weighted-average number of common shares outstanding: | ' | ' | |
Basic (in shares) | 77,496 | 77,014 | |
Diluted (in shares) | 78,290 | 78,101 | |
[1] | Miscellaneous income for the three months ended SeptemberB 30, 2014 primarily includes income related to certain space leased and/or licensed by related parties from the Company. |
Consolidated_Statements_Of_Ope1
Consolidated Statements Of Operations (Parenthetical) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Income Statement [Abstract] | ' | ' |
Revenues from related party | $41,168 | $45,838 |
Direct operating expenses from related party | 2,015 | 2,810 |
Selling, general and administrative expenses from related party | 2,426 | 3,428 |
Interest Income, Related Party | 449 | 0 |
Miscellaneous income from related party | $634 | $0 |
Consolidated_Statements_Of_Com
Consolidated Statements Of Comprehensive Income (Loss) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Consolidated Statements of Comprehensive Income (Loss) [Abstract] | ' | ' |
Net income | $108,073 | $23,868 |
Amortization of net actuarial loss included in net periodic benefit cost | 571 | 362 |
Amortization of net prior service credit included in net periodic benefit cost | -29 | -32 |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, before Tax | 542 | 330 |
Other comprehensive income, before income taxes | 542 | 330 |
Income tax expense related to items of other comprehensive income | -231 | -141 |
Other comprehensive income | 311 | 189 |
Comprehensive income | $108,384 | $24,057 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Cash flows from operating activities: | ' | ' |
Net income | $108,073 | $23,868 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 37,601 | 22,807 |
Amortization of deferred financing costs | 400 | 545 |
Share-based compensation Expense | 3,617 | 2,830 |
Excess tax benefit on share-based awards | -10,180 | -1,147 |
Gain on sale of Fuse | -162,414 | 0 |
Change in income taxes payable and deferred income taxes related to the sale of Fuse | 70,770 | 0 |
Equity in loss of nonconsolidated affiliates | 2,604 | 0 |
Provision for doubtful accounts | 238 | -139 |
Change in assets and liabilities: | ' | ' |
Accounts receivable, net | 18,362 | 15,520 |
Net related party receivables | -276 | -10,557 |
Prepaid expenses and other assets | -28,717 | -26,179 |
Accounts payable | -5,148 | -7,590 |
Net related party payables | 457 | 30 |
Income taxes payable, excluding the impact of the change in income taxes payable related to the sale of Fuse | -20,697 | -31,285 |
Accrued and other liabilities | -112,485 | -54,993 |
Deferred revenue | 112,363 | 133,551 |
Deferred income taxes, excluding the impact of the change in deferred income taxes related to the sale of Fuse | 1,395 | 12,734 |
Net Cash Provided by (Used in) Operating Activities | 15,963 | 79,995 |
Cash flows from investing activities: | ' | ' |
Capital expenditures | -8,027 | -92,640 |
Proceeds from sale of Fuse, net of transaction costs | 228,556 | 0 |
Investments in and loans to nonconsolidated affiliates | -1,947 | -147,244 |
Net cash provided by (used in) investing activities | 218,582 | -239,884 |
Cash flows from financing activities: | ' | ' |
Principal payments on capital lease obligations | 0 | -62 |
Payments for financing costs | -67 | 0 |
Proceeds from stock options exercises | 270 | 22 |
Taxes paid in lieu of shares issued for equity-based compensation | -16,416 | 0 |
Excess tax benefit on share-based awards | 10,180 | 1,147 |
Net cash provided by (used in) financing activities | -6,033 | 1,107 |
Net increase (decrease) in cash and cash equivalents | 228,512 | -158,782 |
Cash and cash equivalents at beginning of period | 92,251 | 277,913 |
Cash and cash equivalents at end of period | 320,763 | 119,131 |
Supplemental Cash Flow Information [Abstract] | ' | ' |
Income Taxes Paid, Net | 31,567 | 33,332 |
Non-cash investing and financing activities: | ' | ' |
Capital expenditures incurred but not yet paid | $16,719 | $76,075 |
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, 2013 | $1,478,935 | $775 | $1,070,764 | ($14,179) | $437,794 | ($16,219) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Net income | 23,868 | ' | ' | ' | 23,868 | ' |
Other comprehensive income | 189 | ' | ' | ' | ' | 189 |
Comprehensive income | 24,057 | ' | ' | ' | ' | ' |
Exercise of options | 40 | 0 | 40 | ' | ' | ' |
Share-based Compensation Expense | 2,830 | ' | 2,830 | ' | ' | ' |
Excess tax benefit on share-based awards | 1,147 | ' | 1,147 | ' | ' | ' |
Balance at Sep. 30, 2013 | 1,507,009 | 775 | 1,074,781 | -14,179 | 461,662 | -16,030 |
Balance at Jun. 30, 2014 | 1,604,444 | 775 | 1,081,055 | -7,537 | 552,862 | -22,711 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Net income | 108,073 | ' | ' | ' | 108,073 | ' |
Other comprehensive income | 311 | ' | ' | ' | ' | 311 |
Comprehensive income | 108,384 | ' | ' | ' | ' | ' |
Exercise of options | 249 | ' | 249 | 0 | ' | ' |
Share-based Compensation Expense | 3,617 | ' | 3,617 | ' | ' | ' |
Tax withholding associated with shares issued for equity-based compensation | -16,416 | ' | -16,416 | ' | ' | ' |
Excess tax benefit on share-based awards | 10,180 | ' | 10,180 | ' | ' | ' |
Stock Issued During Period, Value, Restricted Stock Unit Award | 0 | 3 | -406 | 403 | ' | ' |
Balance at Sep. 30, 2014 | $1,710,458 | $778 | $1,078,279 | ($7,134) | $660,935 | ($22,400) |
Description_of_Business_and_Ba
Description of Business and Basis of Presentation | 3 Months Ended |
Sep. 30, 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") is comprised of 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, and is comprised of the Company's regional sports networks, MSG Network and MSG+, collectively the "MSG Networks." 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 the Westchester Knicks, an NBA Development League (the "NBADL") team. MSG Sports also promotes, produces and/or presents a broad array of other live sporting events outside of the Company's sports franchises' 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. | |
On July 1, 2014, the Company completed its sale of Fuse, a national television network which was dedicated to music (see Note 4). For all periods presented prior to the sale, MSG Media also included Fuse. | |
The Company was incorporated on July 29, 2009 as an indirect, wholly-owned subsidiary of Cablevision Systems Corporation ("Cablevision"). On February 9, 2010, Cablevision distributed all of 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. 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. | |
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, 2014. The financial statements as of September 30, 2014 and for the three months ended September 30, 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. | |
Reclassifications | |
Certain reclassifications have been made to the prior period balance sheet and cash flow information in order to conform to the current period’s presentation. |
Accounting_Policies
Accounting Policies | 3 Months Ended |
Sep. 30, 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. | |
Recently Issued Accounting Pronouncements Not Yet Adopted | |
In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-09, Revenue from Contracts with Customers (Topic 606), which supersedes the revenue recognition requirements in FASB Accounting Standards Codification Topic 605, Revenue Recognition. This ASU is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The ASU also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. This standard will be effective for the Company beginning in the first quarter of fiscal year 2018 using one of two retrospective application methods. The Company is currently evaluating the impact this standard will have on its consolidated financial statements. |
Computation_of_Earnings_Per_Co
Computation of Earnings Per Common Share | 3 Months Ended | ||||||
Sep. 30, 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 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 | |||||||
September 30, | |||||||
2014 | 2013 | ||||||
Weighted-average shares for basic EPS | 77,496 | 77,014 | |||||
Dilutive effect of shares issuable under share-based compensation plans | 794 | 1,087 | |||||
Weighted-average shares for diluted EPS | 78,290 | 78,101 | |||||
Anti-dilutive shares | 14 | — | |||||
Disposition_Notes
Disposition (Notes) | 3 Months Ended | |||
Sep. 30, 2014 | ||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | ' | |||
Disposition | ||||
On July 1, 2014, the Company completed the previously announced sale of Fuse to SiTV Media, Inc., the parent company of NUVOtv, for a cash purchase price of approximately $232,000, subject to the finalization of a working capital adjustment. The Company also received a 15% equity interest in SiTV Media, Inc., which interest is subject to potential reduction based on certain performance goals. As of September 30, 2014, the Company had not yet met these performance goals; and as such did not recognize the value of the equity interest in SiTV Media, Inc. In connection with the sale of Fuse, the Company's MSG Media segment recorded a pre-tax gain (net of transaction costs of $3,932) of $162,414, which is reflected in operating income in the accompanying consolidated statement of operations for the three months ended September 30, 2014. | ||||
The assets and liabilities of Fuse segregated and reported as held for sale as of June 30, 2014 were as follows: | ||||
30-Jun-14 | ||||
Assets held for sale: | ||||
Accounts receivable, net | $ | 22,425 | ||
Property and equipment, net | 8,903 | |||
Goodwill | 40,818 | |||
Other assets | 4,910 | |||
Assets held for sale | $ | 77,056 | ||
Liabilities held for sale: | ||||
Net related party payables | $ | 184 | ||
Other accrued expenses | 6,836 | |||
Deferred revenue | 692 | |||
Other liabilities | 3,459 | |||
Liabilities held for sale | $ | 11,171 | ||
Team_Personnel_Transactions
Team Personnel Transactions | 3 Months Ended |
Sep. 30, 2014 | |
Team Personnel Transactions And Insurance Recoveries [Abstract] | ' |
Team Personnel Transactions and Insurance Recoveries | ' |
Team Personnel Transactions | |
Direct operating 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) trades and (ii) waivers and contract termination costs ("Team Personnel Transactions"). Team Personnel Transactions amounted to $384 and $1,428 for the three months ended September 30, 2014 and 2013, respectively. |
Investments_in_Nonconsolidated
Investments in Nonconsolidated Affiliates | 3 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | |||||||||||||||
Investments in Nonconsolidated Affiliates [Text Block] | ' | |||||||||||||||
Investments in Nonconsolidated Affiliates | ||||||||||||||||
The Company’s investments in and loans to nonconsolidated affiliates consisted of the following: | ||||||||||||||||
Ownership Percentage | Investment | Loan (b) | Total | |||||||||||||
September 30, 2014 | ||||||||||||||||
Azoff MSG Entertainment LLC ("Azoff-MSG") | 50 | % | $ | 123,815 | $ | 50,000 | $ | 173,815 | ||||||||
Brooklyn Bowl Las Vegas, LLC ("BBLV") | (a) | 26,407 | 2,662 | 29,069 | ||||||||||||
Tribeca Enterprises LLC ("Tribeca Enterprises") | 50 | % | 21,841 | — | 21,841 | |||||||||||
Total investments in and loans to nonconsolidated affiliates | $ | 172,063 | $ | 52,662 | $ | 224,725 | ||||||||||
30-Jun-14 | ||||||||||||||||
Azoff-MSG | 50 | % | $ | 125,677 | $ | 50,300 | $ | 175,977 | ||||||||
BBLV | (a) | 25,725 | 1,348 | 27,073 | ||||||||||||
Tribeca Enterprises | 50 | % | 22,582 | — | 22,582 | |||||||||||
Total investments in and loans to nonconsolidated affiliates | $ | 173,984 | $ | 51,648 | $ | 225,632 | ||||||||||
(a) | The Company will be entitled to receive back its capital, which was 74% and 78% of BBLV's total capital as of September 30, 2014 and June 30, 2014, respectively, plus a preferred return, after which the Company will own a 20% interest in BBLV. | |||||||||||||||
(b) | Represents outstanding loan balance, inclusive of amounts due to the Company for interest. | |||||||||||||||
The Company accounts for these investments under the equity method of accounting. | ||||||||||||||||
In connection with the Company's investment in Azoff-MSG, the Company provides a revolving credit facility to the entity. This loan facility was increased to $100,000 in September 2014. | ||||||||||||||||
In addition, on July 1, 2014, the Company received a 15% equity interest in SiTV Media, Inc., which interest is subject to potential reduction based on certain performance goals. As of September 30, 2014, the Company had not yet met these performance goals; and as such did not recognize the value of the equity interest in SiTV Media, Inc. (see Note 4). |
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 3 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
Goodwill And Intangible Assets | ' | ||||||||||||
Goodwill and Intangible Assets | |||||||||||||
The carrying amounts of goodwill, by reportable segment, as of September 30, 2014 and June 30, 2014 are as follows: | |||||||||||||
MSG Media | $ | 424,508 | |||||||||||
MSG Entertainment | 58,979 | ||||||||||||
MSG Sports | 218,187 | ||||||||||||
$ | 701,674 | ||||||||||||
During the quarter ended September 30, 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 September 30, 2014 and June 30, 2014 are as follows: | |||||||||||||
Sports franchises (MSG Sports segment) | $ | 101,429 | |||||||||||
Trademarks (MSG Entertainment segment) | 62,421 | ||||||||||||
$ | 163,850 | ||||||||||||
During the quarter ended September 30, 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 are as follows: | |||||||||||||
September 30, 2014 | Gross | Accumulated | Net | ||||||||||
Amortization | |||||||||||||
Affiliate relationships | $ | 83,044 | $ | (32,866 | ) | $ | 50,178 | ||||||
Season ticket holder relationships | 73,124 | (49,975 | ) | 23,149 | |||||||||
Suite holder relationships | 15,394 | (13,290 | ) | 2,104 | |||||||||
Other intangibles | 4,217 | (1,942 | ) | 2,275 | |||||||||
$ | 175,779 | $ | (98,073 | ) | $ | 77,706 | |||||||
30-Jun-14 | Gross | Accumulated | Net | ||||||||||
Amortization | |||||||||||||
Affiliate relationships | $ | 83,044 | $ | (32,001 | ) | $ | 51,043 | ||||||
Season ticket holder relationships | 73,124 | (48,660 | ) | 24,464 | |||||||||
Suite holder relationships | 15,394 | (12,940 | ) | 2,454 | |||||||||
Other intangibles | 4,217 | (1,872 | ) | 2,345 | |||||||||
$ | 175,779 | $ | (95,473 | ) | $ | 80,306 | |||||||
Amortization expense for intangible assets amounted to $2,600 and $2,600 for the three months ended September 30, 2014 and 2013, respectively. |
Property_and_Equipment
Property and Equipment | 3 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property and Equipment | ' | ||||||||
Property and Equipment | |||||||||
As of September 30, 2014 and June 30, 2014, property and equipment consisted of the following assets: | |||||||||
September 30, | June 30, | ||||||||
2014 | 2014 | ||||||||
Land | $ | 91,678 | $ | 91,678 | |||||
Buildings | 1,080,699 | 1,077,823 | |||||||
Equipment | 316,002 | 313,057 | |||||||
Aircraft | 43,598 | 43,598 | |||||||
Furniture and fixtures | 52,326 | 52,236 | |||||||
Leasehold improvements | 147,895 | 151,536 | |||||||
Construction in progress | 19,526 | 6,115 | |||||||
1,751,724 | 1,736,043 | ||||||||
Less accumulated depreciation and amortization | (514,140 | ) | (483,576 | ) | |||||
$ | 1,237,584 | $ | 1,252,467 | ||||||
Depreciation and amortization expense on property and equipment amounted to $35,001 and $20,207 for the three months ended September 30, 2014 and 2013, respectively. | |||||||||
During the three months ended September 30, 2014, the estimated useful life of the Company’s professional sports teams' plane was changed as a result of a transition by the teams to a new travel program. As a result of this change the Company recorded accelerated depreciation of approximately $8,400 during the three months ended September 30, 2014. |
Debt
Debt | 3 Months Ended |
Sep. 30, 2014 | |
Debt Disclosure [Abstract] | ' |
Debt | ' |
Debt | |
Revolving Credit Facility | |
On May 6, 2014, MSG L.P. and certain of its subsidiaries entered into a credit agreement with a syndicate of lenders providing for a senior secured revolving credit facility of up to $500,000 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. It also 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 subject to upward adjustment during the continuance of certain events. In addition, there is a minimum interest coverage ratio of 2.00:1.00 for the Company. As of September 30, 2014, MSG L.P. was in compliance with the financial covenants in the Revolving Credit Facility. 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 September 30, 2014, there was $7,625 in letters of credit issued and outstanding under the Revolving Credit Facility with available borrowing capacity of $492,375. | |
All obligations under the Revolving Credit Facility are guaranteed by MSG L.P.'s existing and future direct and indirect domestic subsidiaries that are not designated as excluded subsidiaries or unrestricted subsidiaries in accordance with the facility (the "Guarantors"). All obligations under the Revolving Credit Facility, including the guarantees of those obligations, are secured by certain of the assets of MSG L.P. and each Guarantor, (collectively, "Collateral") including, but not limited to, a pledge of the equity interests held directly or indirectly by MSG L.P. in each Guarantor. The Collateral, however, does not include, among other things, our sports franchises or other assets of any of MSG L.P.'s teams, including of the Knicks and Rangers, or any interests in real property of MSG L.P. or the Guarantors, including the Madison Square Garden Complex (which includes both The Garden and The Theater at Madison Square Garden), the leasehold interest in Radio City Music Hall and MSG L.P.'s real property interest in other venues. | |
MSG L.P. is required to pay a commitment fee of 0.40% in respect of the average daily unused commitments thereunder and pay customary letter of credit fees, as well as fronting fees, to banks that issue letters of credit pursuant to the Revolving Credit Facility. | |
The Company is amortizing deferred financing costs of approximately $8,000 to interest expense over the five-year term of the Revolving Credit Facility. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended |
Sep. 30, 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, 2014, the Company's commitments consist primarily of (i) the MSG Media segment's obligations related to professional team rights, acquired under license agreements, to telecast certain live sporting events, (ii) 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, (iii) long-term noncancelable operating lease agreements primarily for entertainment venues and office and storage space, and (iv) minimum purchase requirements incurred in the normal course of the Company's operations. | |
See Note 6 for information on the Company's revolving credit facility to Azoff-MSG. | |
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 conclusion of fact discovery, all defendants filed motions for summary judgment seeking dismissal of the complaints in their entirety. On August 8, 2014, the Court denied the motions for summary judgment. The Company intends to vigorously defend the claims against the Company. | |
The Company is a defendant in various other lawsuits. Although the outcome of these other lawsuits cannot be predicted with certainty, management does not believe that resolution of these other lawsuits will have a material adverse effect on the Company. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | ||||||||||||||||
Sep. 30, 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 | ||||||||||||||
September 30, 2014 | |||||||||||||||||
Assets: | |||||||||||||||||
Money market accounts | $ | 236,464 | $ | — | $ | — | $ | 236,464 | |||||||||
Time deposits | 45,885 | — | — | 45,885 | |||||||||||||
Total assets measured at fair value | $ | 282,349 | $ | — | $ | — | $ | 282,349 | |||||||||
30-Jun-14 | |||||||||||||||||
Assets: | |||||||||||||||||
Money market accounts | $ | 61,941 | $ | — | $ | — | $ | 61,941 | |||||||||
Time deposits | 24,120 | — | — | 24,120 | |||||||||||||
Total assets measured at fair value | $ | 86,061 | $ | — | $ | — | $ | 86,061 | |||||||||
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. |
Pension_Plans_and_Other_Postre
Pension Plans and Other Postretirement Benefit Plan | 3 Months Ended | ||||||||||||||||
Sep. 30, 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 "MSG 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 "MSG 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. | |||||||||||||||||
The Company sponsored a non-contributory qualified defined benefit pension plan covering its non-union employees hired prior to January 1, 2001 (the "Retirement Plan") and sponsors an unfunded non-contributory non-qualified defined benefit pension plan for the benefit of certain employees who participate in the underlying qualified plan (the "Excess Plan"). As of December 31, 2007, both the Retirement Plan and Excess Plan were amended to freeze all benefits earned through December 31, 2007 and to eliminate the ability of participants to earn benefits for future service under these plans. On March 1, 2011, the Company merged the Retirement Plan into the MSG Cash Balance Pension Plan, effectively combining the assets and liabilities of the respective plans. In connection with this merger, the respective benefit formulas of the plans were not amended. Effective March 1, 2011, the Retirement Plan no longer exists as a stand-alone plan and is part of the MSG Cash Balance Pension Plan. | |||||||||||||||||
The MSG Cash Balance Plans (which now include the Retirement Plan), 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 employees hired prior to January 1, 2001 who are eligible to commence receipt of early or normal Retirement Plan benefits under the MSG Cash Balance Pension Plan and their dependents, as well as certain union employees ("Postretirement Plan"). | |||||||||||||||||
Components of net periodic benefit cost for the Company's Pension Plans and Postretirement Plan recognized in direct operating expenses and selling, general and administrative expenses in the accompanying consolidated statements of operations for the three months ended September 30, 2014 and 2013 are as follows: | |||||||||||||||||
Pension Plans | Postretirement Plan | ||||||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Service cost | $ | 1,738 | $ | 1,570 | $ | 61 | $ | 52 | |||||||||
Interest cost | 1,979 | 1,878 | 93 | 89 | |||||||||||||
Expected return on plan assets | (916 | ) | (959 | ) | — | — | |||||||||||
Recognized actuarial loss (gain) (a) | 565 | 363 | 6 | (1 | ) | ||||||||||||
Amortization of unrecognized prior service cost (credit) (a) | 6 | 6 | (35 | ) | (38 | ) | |||||||||||
Net periodic benefit cost | $ | 3,372 | $ | 2,858 | $ | 125 | $ | 102 | |||||||||
(a) Reflects amounts reclassified from accumulated other comprehensive loss. | |||||||||||||||||
In addition, the Company sponsors the MSG Holdings, L.P. 401(k) Savings Plan and the MSG Holdings, L.P. Excess Savings Plan (the "MSG Savings Plans"). Expenses related to the MSG Savings Plans included in the accompanying consolidated statements of operations were $897 and $944 for the three months ended September 30, 2014 and 2013, respectively. |
ShareBased_Compensation
Share-Based Compensation | 3 Months Ended | |||||||||||||||
Sep. 30, 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, 2014 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 was $3,617 and $2,830 for the three months ended September 30, 2014 and 2013, respectively. Share-based compensation expense for the three months ended September 30, 2014 is presented within selling, general and administrative expenses and direct operating expenses. Share-based compensation expense for the three months ended September 30, 2013 is presented within selling, general and administrative expenses. | ||||||||||||||||
Stock Options 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 three months ended September 30, 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, 2014 | 178 | 20 | $ | 11.74 | 1.4 | $ | 10,025 | |||||||||
Exercised (b) | (29 | ) | (3 | ) | $ | 8.71 | ||||||||||
Balance as of September 30, 2014 | 149 | 17 | $ | 12.31 | 1.35 | $ | 8,943 | |||||||||
Exercisable as of September 30, 2014 | 149 | 17 | $ | 12.31 | 1.35 | $ | 8,943 | |||||||||
_____________________ | ||||||||||||||||
(a) | The Cablevision performance objective with respect to these awards has been achieved. | |||||||||||||||
(b) | Stock options exercised include 3 Company stock options that were exercised pursuant to a cashless exercise, of which approximately 2 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 $91, 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 three months ended September 30, 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 September 30, 2014 and June 30, 2014, as applicable. For the three months ended September 30, 2014 the aggregate intrinsic value of the Company's stock options exercised was $1,757, determined as of the date of option exercise. | ||||||||||||||||
Restricted Share Units Award Activity | ||||||||||||||||
The following table summarizes activity relating to the Company's RSUs for the three months ended September 30, 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, 2014 | 776 | 476 | $ | 38.1 | ||||||||||||
Granted | 227 | 58 | 66.91 | |||||||||||||
Vested | (354 | ) | (205 | ) | 26.13 | |||||||||||
Forfeited | (46 | ) | — | 52.7 | ||||||||||||
Unvested award balance, September 30, 2014 | 603 | 329 | $ | 54.57 | ||||||||||||
The fair value of RSUs that vested during the three months ended September 30, 2014 was $36,362. 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 with new shares of the Company's Class A Common Stock. To fulfill the employees' statutory minimum tax withholding obligations for the applicable income and other employment taxes, 250 of these RSUs, with an aggregate value of $16,325 were retained by the Company and reflected as financing activity in the accompanying consolidated statement of cash flows for the three months ended September 30, 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. |
Related_Party_Transactions
Related Party Transactions | 3 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Related Party Transactions [Abstract] | ' | ||||||||
Related Party Transactions | ' | ||||||||
Related Party Transactions | |||||||||
As of September 30, 2014, 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 1.8% 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 and AMC Networks 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 by Cablevision of MSG Networks and Fuse (see Note 4). | |||||||||
Revenues and Operating Expenses | |||||||||
The following table summarizes the composition and amounts of related party transactions that are reflected in revenues and operating expenses in the accompanying consolidated statements of operations for the three months ended September 30, 2014 and 2013: | |||||||||
Three Months Ended September 30, | |||||||||
2014 | 2013 | ||||||||
Revenues | $ | 41,168 | $ | 45,838 | |||||
Operating expenses: | |||||||||
Origination, master control and technical services | $ | 1,336 | $ | 2,202 | |||||
Advertising | 1,736 | 2,467 | |||||||
Corporate general and administrative | 680 | 657 | |||||||
Telephone and other fiber optic transmission services | 597 | 450 | |||||||
Other | 92 | 462 | |||||||
Revenues | |||||||||
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. Additionally, the Company and Tribeca Enterprises have a service agreement pursuant to which the Company provides marketing inventory and consulting services to Tribeca Enterprises for a fee. | |||||||||
Origination, Master Control and Technical Services | |||||||||
AMC Networks provides certain origination, master control and technical services to the Company. | |||||||||
Advertising | |||||||||
The Company incurs advertising expenses for services rendered by its related parties, primarily Cablevision, most of which are related to the utilization of advertising and promotional benefits by the Company, with an equal amount being recognized as revenue when the benefits are realized. | |||||||||
Corporate General and Administrative | |||||||||
Amounts are charged to the Company for corporate general and administrative expenses pursuant to administrative and other service agreements with Cablevision. | |||||||||
Telephone and Other Fiber Optic Transmission Services | |||||||||
Amounts are charged to the Company by Cablevision for telephone and other fiber optic transmission services. | |||||||||
Other Operating Expenses | |||||||||
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 are 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-related services. | |||||||||
Other | |||||||||
Miscellaneous income in the accompanying consolidated statement of operations for the three months ended September 30, 2014 includes $634 of income related to certain space leased and/or licensed by related parties from the Company. | |||||||||
Capital lease assets for transponder space had been subleased to the Company from a related party. As of June 30, 2014, the Company had $1,967 of related party capital lease obligations which were recorded in liabilities held for sale in the accompanying consolidated balance sheet (see Note 4). | |||||||||
See Note 6 for information on loans that the Company provides to Azoff-MSG and BBLV. | |||||||||
See Note 13 for information on share-based payment awards initially granted under Cablevision equity award programs. |
Income_Taxes
Income Taxes | 3 Months Ended |
Sep. 30, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Income Taxes | |
Income tax expense for the three months ended September 30, 2014 was $86,660. The effective tax rate for the three months ended September 30, 2014 of 44.5% differs from the statutory federal rate of 35% due principally to the impact of state and local income taxes, changes in state tax rates used to value deferred taxes due to the sale of Fuse (see Note 4) and, to a lesser extent, non-deductible expenses. These increases were partially offset by the tax return to book provision adjustment in connection with the filing of the Company's federal income tax return and the impact of the tax benefits of the domestic production activities deduction. | |
Income tax expense for the three months ended September 30, 2013 was $14,713. The effective tax rate for the three months ended September 30, 2013 of 38.1% differs from the statutory federal rate of 35% due principally to the impact of state and local income taxes and, to a lesser extent, the impact of non-deductible expenses. These increases are partially offset by the impact of the tax benefits of the domestic production activities deduction and the tax return to book provision adjustment in connection with the filing of the Company's federal income tax return. | |
During the fourth quarter of fiscal year 2014, the State of New York commenced an examination of the Company's State of New York income tax returns as filed for the tax years ended December 31, 2010, 2011, and 2012. The examination is currently in the early stages of fieldwork. The Company does not expect the examination, when finalized, to result in material changes to the tax returns as filed. |
Segment_Information
Segment Information | 3 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Segment Reporting [Abstract] | ' | ||||||||
Segment Information | ' | ||||||||
Segment Information | |||||||||
The Company is comprised of 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 for the Company's leased venues, 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 operating income (loss) before (i) depreciation, amortization and impairments of property and equipment and intangible assets, (ii) share-based compensation expense or benefit, (iii) restructuring charges or credits and (iv) gains or losses on sales or dispositions of businesses, 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 | |||||||||
September 30, | |||||||||
2014 | 2013 | ||||||||
Revenues | |||||||||
MSG Media | $ | 142,670 | $ | 166,615 | |||||
MSG Entertainment | 65,235 | 28,625 | |||||||
MSG Sports | 53,505 | 38,165 | |||||||
All other | 176 | 123 | |||||||
Inter-segment eliminations (a) | (19,846 | ) | (17,943 | ) | |||||
$ | 241,740 | $ | 215,585 | ||||||
Reconciliation (by Segment and in Total) of AOCF to Operating Income (Loss) | |||||||||
Three Months Ended | |||||||||
September 30, | |||||||||
2014 | 2013 | ||||||||
AOCF | |||||||||
MSG Media | $ | 81,094 | $ | 81,450 | |||||
MSG Entertainment | (4,420 | ) | (15,010 | ) | |||||
MSG Sports | 7,624 | 2,923 | |||||||
All other (b) (c) | (8,144 | ) | (3,863 | ) | |||||
$ | 76,154 | $ | 65,500 | ||||||
Three Months Ended | |||||||||
September 30, | |||||||||
2014 | 2013 | ||||||||
Depreciation and amortization | |||||||||
MSG Media | $ | 3,159 | $ | 4,022 | |||||
MSG Entertainment | 2,526 | 2,384 | |||||||
MSG Sports | 12,968 | 2,482 | |||||||
All other (d) | 18,948 | 13,919 | |||||||
$ | 37,601 | $ | 22,807 | ||||||
Three Months Ended | |||||||||
September 30, | |||||||||
2014 | 2013 | ||||||||
Share-based compensation expense | |||||||||
MSG Media | $ | 916 | $ | 725 | |||||
MSG Entertainment | 1,266 | 1,015 | |||||||
MSG Sports | 1,039 | 851 | |||||||
All other | 396 | 239 | |||||||
$ | 3,617 | $ | 2,830 | ||||||
Three Months Ended | |||||||||
September 30, | |||||||||
2014 | 2013 | ||||||||
Gain on sale of Fuse (see Note 4) | |||||||||
MSG Media | $ | 162,414 | $ | — | |||||
$ | 162,414 | $ | — | ||||||
Three Months Ended | |||||||||
September 30, | |||||||||
2014 | 2013 | ||||||||
Operating income (loss) | |||||||||
MSG Media | $ | 239,433 | $ | 76,703 | |||||
MSG Entertainment | (8,212 | ) | (18,409 | ) | |||||
MSG Sports | (6,383 | ) | (410 | ) | |||||
All other | (27,488 | ) | (18,021 | ) | |||||
$ | 197,350 | $ | 39,863 | ||||||
A reconciliation of reportable segment operating income to the Company's consolidated income from operations before income taxes is as follows: | |||||||||
Three Months Ended | |||||||||
September 30, | |||||||||
2014 | 2013 | ||||||||
Total operating income for reportable segments | $ | 224,838 | $ | 57,884 | |||||
Other operating loss | (27,488 | ) | (18,021 | ) | |||||
Operating income | 197,350 | 39,863 | |||||||
Items excluded from operating income: | |||||||||
Equity in loss of nonconsolidated affiliates | (2,604 | ) | — | ||||||
Interest income | 935 | 505 | |||||||
Interest expense | (1,662 | ) | (1,793 | ) | |||||
Miscellaneous income (e) | 714 | 6 | |||||||
Income from operations before income taxes | $ | 194,733 | $ | 38,581 | |||||
Three Months Ended | |||||||||
September 30, | |||||||||
2014 | 2013 | ||||||||
Capital expenditures | |||||||||
MSG Media | $ | 1,054 | $ | 738 | |||||
MSG Entertainment | 802 | 1,624 | |||||||
MSG Sports | 1,072 | 1,478 | |||||||
All other (f) | 5,099 | 88,800 | |||||||
$ | 8,027 | $ | 92,640 | ||||||
_________________ | |||||||||
(a) | Represents local media rights recognized as revenues 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. | ||||||||
(b) | Consists of unallocated corporate general and administrative costs. | ||||||||
(c) | The amounts for the three months ended September 30, 2014 include executive management transition costs. | ||||||||
(d) | 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. | ||||||||
(e) | Miscellaneous income for the three months ended September 30, 2014 primarily includes income related to certain space leased and/or licensed by related parties from the Company. | ||||||||
(f) | Capital expenditures associated with the comprehensive transformation of The Garden into a state-of-the-art arena and the renovation of the Forum are reflected in these amounts. | ||||||||
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 | 3 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Risks and Uncertainties [Abstract] | ' | |||||||
Concentration of Risk | ' | |||||||
Concentration of Risk | ||||||||
The accompanying consolidated balance sheets as of September 30, 2014 and June 30, 2014 include the following approximate amounts that are recorded in connection with the Company's license agreement with the New Jersey Devils: | ||||||||
Reported in | September 30, 2014 | June 30, | ||||||
2014 | ||||||||
Prepaid expenses | $ | 1,000 | $ | 1,000 | ||||
Other current assets | 2,000 | 2,000 | ||||||
Other assets | 42,000 | 42,000 | ||||||
$ | 45,000 | $ | 45,000 | |||||
Subsequent_Event_Notes
Subsequent Event (Notes) | 3 Months Ended |
Sep. 30, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events [Text Block] | ' |
Subsequent Event | |
On October 27, 2014, the Company’s board of directors unanimously approved a plan to explore a possible spin-off that would separate its entertainment businesses from its media and sports businesses, creating two distinct publicly traded companies. If the Company proceeds with the spin-off transaction, it would be structured as a tax-free pro rata spin-off to all shareholders. There can be no assurance that the spin-off transaction will be completed. Completion of the spin-off would be subject to various conditions, as well as final board approval. | |
On October 27, 2014, the Company’s board of directors authorized the repurchase of up to $500,000 of the Company’s Class A Common Stock. Under the authorization, shares of Class A Common Stock may be purchased from time to time in either open market or private transactions, in accordance with applicable insider trading and other securities laws and regulations. The timing and amount of purchases will depend on market conditions and other factors. |
Accounting_Policies_Policies
Accounting Policies (Policies) | 3 Months Ended |
Sep. 30, 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. | |
Recently Issued Acounting Pronouncements Not Yet Adopted [Policy Text Block] | ' |
Recently Issued Accounting Pronouncements Not Yet Adopted | |
In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-09, Revenue from Contracts with Customers (Topic 606), which supersedes the revenue recognition requirements in FASB Accounting Standards Codification Topic 605, Revenue Recognition. This ASU is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The ASU also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. This standard will be effective for the Company beginning in the first quarter of fiscal year 2018 using one of two retrospective application methods. The Company is currently evaluating the impact this standard will have on its consolidated financial statements. |
Computation_of_Earnings_Per_Co1
Computation of Earnings Per Common Share (Policies) | 3 Months Ended |
Sep. 30, 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 stock units ("RSUs") only in the periods in which such effect would have been dilutive. |
Computation_of_Earnings_Per_Co2
Computation of Earnings Per Common Share (Tables) | 3 Months Ended | ||||||
Sep. 30, 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 | |||||||
September 30, | |||||||
2014 | 2013 | ||||||
Weighted-average shares for basic EPS | 77,496 | 77,014 | |||||
Dilutive effect of shares issuable under share-based compensation plans | 794 | 1,087 | |||||
Weighted-average shares for diluted EPS | 78,290 | 78,101 | |||||
Anti-dilutive shares | 14 | — | |||||
Disposition_Tables
Disposition (Tables) | 3 Months Ended | |||
Sep. 30, 2014 | ||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | ' | |||
The assets and liabilities of Fuse segregated and reported as held for sale as of June 30, 2014 were as follows: | ||||
30-Jun-14 | ||||
Assets held for sale: | ||||
Accounts receivable, net | $ | 22,425 | ||
Property and equipment, net | 8,903 | |||
Goodwill | 40,818 | |||
Other assets | 4,910 | |||
Assets held for sale | $ | 77,056 | ||
Liabilities held for sale: | ||||
Net related party payables | $ | 184 | ||
Other accrued expenses | 6,836 | |||
Deferred revenue | 692 | |||
Other liabilities | 3,459 | |||
Liabilities held for sale | $ | 11,171 | ||
Recovered_Sheet1
Investments In Nonconsolidated Affiliates (Tables) | 3 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | |||||||||||||||
Equity Method Investments [Table Text Block] | ' | |||||||||||||||
The Company’s investments in and loans to nonconsolidated affiliates consisted of the following: | ||||||||||||||||
Ownership Percentage | Investment | Loan (b) | Total | |||||||||||||
September 30, 2014 | ||||||||||||||||
Azoff MSG Entertainment LLC ("Azoff-MSG") | 50 | % | $ | 123,815 | $ | 50,000 | $ | 173,815 | ||||||||
Brooklyn Bowl Las Vegas, LLC ("BBLV") | (a) | 26,407 | 2,662 | 29,069 | ||||||||||||
Tribeca Enterprises LLC ("Tribeca Enterprises") | 50 | % | 21,841 | — | 21,841 | |||||||||||
Total investments in and loans to nonconsolidated affiliates | $ | 172,063 | $ | 52,662 | $ | 224,725 | ||||||||||
30-Jun-14 | ||||||||||||||||
Azoff-MSG | 50 | % | $ | 125,677 | $ | 50,300 | $ | 175,977 | ||||||||
BBLV | (a) | 25,725 | 1,348 | 27,073 | ||||||||||||
Tribeca Enterprises | 50 | % | 22,582 | — | 22,582 | |||||||||||
Total investments in and loans to nonconsolidated affiliates | $ | 173,984 | $ | 51,648 | $ | 225,632 | ||||||||||
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 3 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
Carrying Amount of Goodwill by Reportable Segment | ' | ||||||||||||
The carrying amounts of goodwill, by reportable segment, as of September 30, 2014 and June 30, 2014 are as follows: | |||||||||||||
MSG Media | $ | 424,508 | |||||||||||
MSG Entertainment | 58,979 | ||||||||||||
MSG Sports | 218,187 | ||||||||||||
$ | 701,674 | ||||||||||||
Schedule of Indefinite-Lived Intangible Assets | ' | ||||||||||||
The Company's indefinite-lived intangible assets as of September 30, 2014 and June 30, 2014 are as follows: | |||||||||||||
Sports franchises (MSG Sports segment) | $ | 101,429 | |||||||||||
Trademarks (MSG Entertainment segment) | 62,421 | ||||||||||||
$ | 163,850 | ||||||||||||
Schedule of Intangible Assets Subject to Amortization | ' | ||||||||||||
The Company's intangible assets subject to amortization are as follows: | |||||||||||||
September 30, 2014 | Gross | Accumulated | Net | ||||||||||
Amortization | |||||||||||||
Affiliate relationships | $ | 83,044 | $ | (32,866 | ) | $ | 50,178 | ||||||
Season ticket holder relationships | 73,124 | (49,975 | ) | 23,149 | |||||||||
Suite holder relationships | 15,394 | (13,290 | ) | 2,104 | |||||||||
Other intangibles | 4,217 | (1,942 | ) | 2,275 | |||||||||
$ | 175,779 | $ | (98,073 | ) | $ | 77,706 | |||||||
30-Jun-14 | Gross | Accumulated | Net | ||||||||||
Amortization | |||||||||||||
Affiliate relationships | $ | 83,044 | $ | (32,001 | ) | $ | 51,043 | ||||||
Season ticket holder relationships | 73,124 | (48,660 | ) | 24,464 | |||||||||
Suite holder relationships | 15,394 | (12,940 | ) | 2,454 | |||||||||
Other intangibles | 4,217 | (1,872 | ) | 2,345 | |||||||||
$ | 175,779 | $ | (95,473 | ) | $ | 80,306 | |||||||
Property_and_Equipment_Tables
Property and Equipment (Tables) | 3 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Schedule of Property, Plant and Equipment | ' | ||||||||
As of September 30, 2014 and June 30, 2014, property and equipment consisted of the following assets: | |||||||||
September 30, | June 30, | ||||||||
2014 | 2014 | ||||||||
Land | $ | 91,678 | $ | 91,678 | |||||
Buildings | 1,080,699 | 1,077,823 | |||||||
Equipment | 316,002 | 313,057 | |||||||
Aircraft | 43,598 | 43,598 | |||||||
Furniture and fixtures | 52,326 | 52,236 | |||||||
Leasehold improvements | 147,895 | 151,536 | |||||||
Construction in progress | 19,526 | 6,115 | |||||||
1,751,724 | 1,736,043 | ||||||||
Less accumulated depreciation and amortization | (514,140 | ) | (483,576 | ) | |||||
$ | 1,237,584 | $ | 1,252,467 | ||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | ||||||||||||||||
Sep. 30, 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 | ||||||||||||||
September 30, 2014 | |||||||||||||||||
Assets: | |||||||||||||||||
Money market accounts | $ | 236,464 | $ | — | $ | — | $ | 236,464 | |||||||||
Time deposits | 45,885 | — | — | 45,885 | |||||||||||||
Total assets measured at fair value | $ | 282,349 | $ | — | $ | — | $ | 282,349 | |||||||||
30-Jun-14 | |||||||||||||||||
Assets: | |||||||||||||||||
Money market accounts | $ | 61,941 | $ | — | $ | — | $ | 61,941 | |||||||||
Time deposits | 24,120 | — | — | 24,120 | |||||||||||||
Total assets measured at fair value | $ | 86,061 | $ | — | $ | — | $ | 86,061 | |||||||||
Pension_Plans_and_Other_Postre1
Pension Plans and Other Postretirement Benefit Plan (Tables) | 3 Months Ended | ||||||||||||||||
Sep. 30, 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 recognized in direct operating expenses and selling, general and administrative expenses in the accompanying consolidated statements of operations for the three months ended September 30, 2014 and 2013 are as follows: | |||||||||||||||||
Pension Plans | Postretirement Plan | ||||||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Service cost | $ | 1,738 | $ | 1,570 | $ | 61 | $ | 52 | |||||||||
Interest cost | 1,979 | 1,878 | 93 | 89 | |||||||||||||
Expected return on plan assets | (916 | ) | (959 | ) | — | — | |||||||||||
Recognized actuarial loss (gain) (a) | 565 | 363 | 6 | (1 | ) | ||||||||||||
Amortization of unrecognized prior service cost (credit) (a) | 6 | 6 | (35 | ) | (38 | ) | |||||||||||
Net periodic benefit cost | $ | 3,372 | $ | 2,858 | $ | 125 | $ | 102 | |||||||||
(a) Reflects amounts reclassified from accumulated other comprehensive loss. |
Share_Based_Compensation_Table
Share Based Compensation (Tables) | 3 Months Ended | |||||||||||||||
Sep. 30, 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 three months ended September 30, 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, 2014 | 178 | 20 | $ | 11.74 | 1.4 | $ | 10,025 | |||||||||
Exercised (b) | (29 | ) | (3 | ) | $ | 8.71 | ||||||||||
Balance as of September 30, 2014 | 149 | 17 | $ | 12.31 | 1.35 | $ | 8,943 | |||||||||
Exercisable as of September 30, 2014 | 149 | 17 | $ | 12.31 | 1.35 | $ | 8,943 | |||||||||
_____________________ | ||||||||||||||||
(a) | The Cablevision performance objective with respect to these awards has been achieved. | |||||||||||||||
(b) | Stock options exercised include 3 Company stock options that were exercised pursuant to a cashless exercise, of which approximately 2 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 $91, 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 three months ended September 30, 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 three months ended September 30, 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, 2014 | 776 | 476 | $ | 38.1 | ||||||||||||
Granted | 227 | 58 | 66.91 | |||||||||||||
Vested | (354 | ) | (205 | ) | 26.13 | |||||||||||
Forfeited | (46 | ) | — | 52.7 | ||||||||||||
Unvested award balance, September 30, 2014 | 603 | 329 | $ | 54.57 | ||||||||||||
Related_Party_Transactions_Tab
Related Party Transactions (Tables) | 3 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Related Party Transactions [Abstract] | ' | ||||||||
Schedule of Related Party Transactions [Table Text Block] | ' | ||||||||
The following table summarizes the composition and amounts of related party transactions that are reflected in revenues and operating expenses in the accompanying consolidated statements of operations for the three months ended September 30, 2014 and 2013: | |||||||||
Three Months Ended September 30, | |||||||||
2014 | 2013 | ||||||||
Revenues | $ | 41,168 | $ | 45,838 | |||||
Operating expenses: | |||||||||
Origination, master control and technical services | $ | 1,336 | $ | 2,202 | |||||
Advertising | 1,736 | 2,467 | |||||||
Corporate general and administrative | 680 | 657 | |||||||
Telephone and other fiber optic transmission services | 597 | 450 | |||||||
Other | 92 | 462 | |||||||
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | ||||||||
Sep. 30, 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 | |||||||||
September 30, | |||||||||
2014 | 2013 | ||||||||
Revenues | |||||||||
MSG Media | $ | 142,670 | $ | 166,615 | |||||
MSG Entertainment | 65,235 | 28,625 | |||||||
MSG Sports | 53,505 | 38,165 | |||||||
All other | 176 | 123 | |||||||
Inter-segment eliminations (a) | (19,846 | ) | (17,943 | ) | |||||
$ | 241,740 | $ | 215,585 | ||||||
Reconciliation (by Segment and in Total) of AOCF to Operating Income (Loss) | |||||||||
Three Months Ended | |||||||||
September 30, | |||||||||
2014 | 2013 | ||||||||
AOCF | |||||||||
MSG Media | $ | 81,094 | $ | 81,450 | |||||
MSG Entertainment | (4,420 | ) | (15,010 | ) | |||||
MSG Sports | 7,624 | 2,923 | |||||||
All other (b) (c) | (8,144 | ) | (3,863 | ) | |||||
$ | 76,154 | $ | 65,500 | ||||||
Three Months Ended | |||||||||
September 30, | |||||||||
2014 | 2013 | ||||||||
Depreciation and amortization | |||||||||
MSG Media | $ | 3,159 | $ | 4,022 | |||||
MSG Entertainment | 2,526 | 2,384 | |||||||
MSG Sports | 12,968 | 2,482 | |||||||
All other (d) | 18,948 | 13,919 | |||||||
$ | 37,601 | $ | 22,807 | ||||||
Three Months Ended | |||||||||
September 30, | |||||||||
2014 | 2013 | ||||||||
Share-based compensation expense | |||||||||
MSG Media | $ | 916 | $ | 725 | |||||
MSG Entertainment | 1,266 | 1,015 | |||||||
MSG Sports | 1,039 | 851 | |||||||
All other | 396 | 239 | |||||||
$ | 3,617 | $ | 2,830 | ||||||
Three Months Ended | |||||||||
September 30, | |||||||||
2014 | 2013 | ||||||||
Gain on sale of Fuse (see Note 4) | |||||||||
MSG Media | $ | 162,414 | $ | — | |||||
$ | 162,414 | $ | — | ||||||
Three Months Ended | |||||||||
September 30, | |||||||||
2014 | 2013 | ||||||||
Operating income (loss) | |||||||||
MSG Media | $ | 239,433 | $ | 76,703 | |||||
MSG Entertainment | (8,212 | ) | (18,409 | ) | |||||
MSG Sports | (6,383 | ) | (410 | ) | |||||
All other | (27,488 | ) | (18,021 | ) | |||||
$ | 197,350 | $ | 39,863 | ||||||
A reconciliation of reportable segment operating income to the Company's consolidated income from operations before income taxes is as follows: | |||||||||
Three Months Ended | |||||||||
September 30, | |||||||||
2014 | 2013 | ||||||||
Total operating income for reportable segments | $ | 224,838 | $ | 57,884 | |||||
Other operating loss | (27,488 | ) | (18,021 | ) | |||||
Operating income | 197,350 | 39,863 | |||||||
Items excluded from operating income: | |||||||||
Equity in loss of nonconsolidated affiliates | (2,604 | ) | — | ||||||
Interest income | 935 | 505 | |||||||
Interest expense | (1,662 | ) | (1,793 | ) | |||||
Miscellaneous income (e) | 714 | 6 | |||||||
Income from operations before income taxes | $ | 194,733 | $ | 38,581 | |||||
Three Months Ended | |||||||||
September 30, | |||||||||
2014 | 2013 | ||||||||
Capital expenditures | |||||||||
MSG Media | $ | 1,054 | $ | 738 | |||||
MSG Entertainment | 802 | 1,624 | |||||||
MSG Sports | 1,072 | 1,478 | |||||||
All other (f) | 5,099 | 88,800 | |||||||
$ | 8,027 | $ | 92,640 | ||||||
_________________ | |||||||||
(a) | Represents local media rights recognized as revenues 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. | ||||||||
(b) | Consists of unallocated corporate general and administrative costs. | ||||||||
(c) | The amounts for the three months ended September 30, 2014 include executive management transition costs. | ||||||||
(d) | 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. | ||||||||
(e) | Miscellaneous income for the three months ended September 30, 2014 primarily includes income related to certain space leased and/or licensed by related parties from the Company. | ||||||||
(f) | Capital expenditures associated with the comprehensive transformation of The Garden into a state-of-the-art arena and the renovation of the Forum |
Concentration_of_Risk_Tables
Concentration of Risk (Tables) | 3 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Risks and Uncertainties [Abstract] | ' | |||||||
Schedule of Customer Concentration [Table Text Block] | ' | |||||||
The accompanying consolidated balance sheets as of September 30, 2014 and June 30, 2014 include the following approximate amounts that are recorded in connection with the Company's license agreement with the New Jersey Devils: | ||||||||
Reported in | September 30, 2014 | June 30, | ||||||
2014 | ||||||||
Prepaid expenses | $ | 1,000 | $ | 1,000 | ||||
Other current assets | 2,000 | 2,000 | ||||||
Other assets | 42,000 | 42,000 | ||||||
$ | 45,000 | $ | 45,000 | |||||
Description_of_Business_and_Ba1
Description of Business and Basis of Presentation (Details) | 3 Months Ended |
Sep. 30, 2014 | |
segments | |
Description of Business And Basis of Presentation [Abstract] | ' |
Number of reportable segments | 3 |
Computation_of_Earnings_Per_Co3
Computation of Earnings Per Common Share (Details) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Earnings Per Share [Abstract] | ' | ' |
Weighted-average shares for basic EPS (in shares) | 77,496 | 77,014 |
Dilutive effect of shares issuable under share-based compensation plans (in shares) | 794 | 1,087 |
Weighted-average shares for diluted EPS (in shares) | 78,290 | 78,101 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 14 | 0 |
Disposition_Details
Disposition (Details) (USD $) | 0 Months Ended | 3 Months Ended | |||
In Thousands, unless otherwise specified | Jul. 01, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Jul. 01, 2014 | Jun. 30, 2014 |
Discontinued Operations and Disposal Groups [Abstract] | ' | ' | ' | ' | ' |
Sale Price for Disposed Entity | $232,000 | ' | ' | ' | ' |
Trade Receivables Held-for-sale, Net | ' | ' | ' | ' | 22,425 |
Assets Held-for-sale, Property, Plant and Equipment | ' | ' | ' | ' | 8,903 |
Assets Held-for-sale, Goodwill | ' | ' | ' | ' | 40,818 |
Other Assets Held-for-sale | ' | ' | ' | ' | 4,910 |
Assets Held-for-sale | ' | 0 | ' | ' | 77,056 |
Liabilities Held-for-sale, Net Related Party Payables | ' | ' | ' | ' | 184 |
Liabilities Held-for-sale, Other accrued expenses | ' | ' | ' | ' | 6,836 |
Liabilities Held-for-sale, Deferred Revenue | ' | ' | ' | ' | 692 |
Liabilities Held-for-sale, Other Liabilities | ' | ' | ' | ' | 3,459 |
Liabilities held-for-sale | ' | 0 | ' | ' | 11,171 |
Retained Interest Percentage In Disposed Entity | ' | ' | ' | 15.00% | ' |
Business Disposition, Transaction Costs | ' | 3,932 | ' | ' | ' |
Gain on sale of Fuse | ' | $162,414 | $0 | ' | ' |
Team_Personnel_Transactions_an
Team Personnel Transactions and Insurance Recoveries (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Team Personnel Transactions And Insurance Recoveries [Abstract] | ' | ' |
Provisions for Team Personnel Transactions net of insurance recoveries discussed below | $384 | $1,428 |
Investments_Details
Investments (Details) (USD $) | Sep. 30, 2014 | Jul. 01, 2014 | Jun. 30, 2014 | ||
In Thousands, unless otherwise specified | |||||
Schedule of Investments [Line Items] | ' | ' | ' | ||
Equity Method Investments | $172,063 | ' | $173,984 | ||
Advances to Affiliates | 52,662 | ' | 51,648 | ||
Investments in and loans to nonconsolidated affiliates | 224,725 | ' | 225,632 | ||
Retained Interest Percentage In Disposed Entity | ' | 15.00% | ' | ||
Brooklyn Bowl Las Vegas LLC [Member] | ' | ' | ' | ||
Schedule of Investments [Line Items] | ' | ' | ' | ||
Equity Method Investment, Ownership Percentage | 74.00% | ' | 78.00% | ||
Equity Method Investments | 26,407 | [1] | ' | 25,725 | [1] |
Advances to Affiliates | 2,662 | [2] | ' | 1,348 | [2] |
Investments in and loans to nonconsolidated affiliates | 29,069 | ' | 27,073 | ||
Equity Method Investment, Ownership Percentage after Change | 20.00% | ' | ' | ||
Tribeca Enterprises, LLC [Member] | ' | ' | ' | ||
Schedule of Investments [Line Items] | ' | ' | ' | ||
Equity Method Investment, Ownership Percentage | 50.00% | ' | 50.00% | ||
Equity Method Investments | 21,841 | ' | 22,582 | ||
Investments in and loans to nonconsolidated affiliates | 21,841 | ' | 22,582 | ||
Azoff MSG Entertainment LLC [Member] | ' | ' | ' | ||
Schedule of Investments [Line Items] | ' | ' | ' | ||
Equity Method Investment, Ownership Percentage | 50.00% | ' | 50.00% | ||
Equity Method Investments | 123,815 | ' | 125,677 | ||
Advances to Affiliates | 50,000 | [2] | ' | 50,300 | [2] |
Investments in and loans to nonconsolidated affiliates | 173,815 | ' | 175,977 | ||
Commitments to Equity Method Investments | $100,000 | ' | ' | ||
[1] | The Company will be entitled to receive back its capital, which was 74% and 78% of BBLV's total capital as of SeptemberB 30, 2014 and JuneB 30, 2014, respectively, plus a preferred return, after which the Company will own a 20% interest in BBLV. | ||||
[2] | Represents outstanding loan balance, inclusive of amounts due to the Company for interest. |
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 | Sep. 30, 2014 | Jun. 30, 2014 |
Goodwill [Line Items] | ' | ' |
Goodwill | $701,674 | $701,674 |
Impairment of goodwill | 0 | ' |
Madison Square Garden Media [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill | 424,508 | 424,508 |
Madison Square Garden Entertainment [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill | 58,979 | 58,979 |
Madison Square Garden 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 | Sep. 30, 2014 | Jun. 30, 2014 |
Indefinite-lived Intangible Assets by Major Class [Line Items] | ' | ' |
Indefinite-lived intangible assets | $163,850 | $163,850 |
Impairment of indefinite-lived intangible assets | 0 | ' |
Madison Square Garden Sports [Member] | ' | ' |
Indefinite-lived Intangible Assets by Major Class [Line Items] | ' | ' |
Indefinite-lived intangible assets | 101,429 | 101,429 |
Madison Square Garden 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 | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2014 |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Gross | $175,779 | ' | $175,779 |
Accumulated Amortization | -98,073 | ' | -95,473 |
Net | 77,706 | ' | 80,306 |
Finite-Lived Intangible Assets, Amortization Expense | 2,600 | 2,600 | ' |
Affiliate Relationships [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Gross | 83,044 | ' | 83,044 |
Accumulated Amortization | -32,866 | ' | -32,001 |
Net | 50,178 | ' | 51,043 |
Season Ticket Holder Relationships [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Gross | 73,124 | ' | 73,124 |
Accumulated Amortization | -49,975 | ' | -48,660 |
Net | 23,149 | ' | 24,464 |
Suite Holder Relationships [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Gross | 15,394 | ' | 15,394 |
Accumulated Amortization | -13,290 | ' | -12,940 |
Net | 2,104 | ' | 2,454 |
Other Intangible Assets [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Gross | 4,217 | ' | 4,217 |
Accumulated Amortization | -1,942 | ' | -1,872 |
Net | $2,275 | ' | $2,345 |
Property_and_Equipment_Schedul
Property and Equipment (Schedule of Property, Plant and Equipment) (Details) (USD $) | Sep. 30, 2014 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | $1,751,724 | $1,736,043 |
Less accumulated depreciation and amortization | -514,140 | -483,576 |
Property and equipment, net | 1,237,584 | 1,252,467 |
Land [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | 91,678 | 91,678 |
Buildings [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | 1,080,699 | 1,077,823 |
Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | 316,002 | 313,057 |
Aircraft [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | 43,598 | 43,598 |
Furniture and Fixtures [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | 52,326 | 52,236 |
Leasehold Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | 147,895 | 151,536 |
Construction in Progress [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | $19,526 | $6,115 |
Property_and_Equipment_Narrati
Property and Equipment (Narrative) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Property, Plant and Equipment [Line Items] | ' | ' |
Depreciation and amortization expense on property and equipment | $35,001 | $20,207 |
Madison Square Garden Sports [Member] | Operating Segments [Member] | Aircraft [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Accelerated Depreciation Expense | $8,400 | ' |
Debt_Narrative_Details
Debt (Narrative) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | 6-May-14 |
Debt Disclosure [Abstract] | ' | ' |
Senior secured revolving credit facility | ' | $500,000 |
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 subject to upward adjustment during the continuance of certain events. In addition, there is a minimum interest coverage ratio of 2.00:1.00 for the Company | ' |
Letters of credit issued and outstanding under the Revolving Credit Facility | 7,625 | ' |
Borrowing capacity | 492,375 | ' |
Line of Credit Facility, Commitment Fee Percentage | 0.40% | ' |
Deferred Finance Costs, Gross | ' | $8,000 |
Fair_Value_Measurements_Schedu
Fair Value Measurements (Schedule of Fair Value, Assets Measured on Recurring Basis) (Details) (USD $) | Sep. 30, 2014 | Jun. 30, 2014 |
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 | $236,464 | $61,941 |
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 | 236,464 | 61,941 |
Time deposits [Member] | ' | ' |
Fair Value, Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' |
Total assets measured at fair value | 45,885 | 24,120 |
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 | 45,885 | 24,120 |
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 | 282,349 | 86,061 |
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 | $282,349 | $86,061 |
Pension_Plans_and_Other_Postre2
Pension Plans and Other Postretirement Benefit Plan (Schedule of Net Periodic Benefit Cost) (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | ||
Pension Plans [Member] | ' | ' | ||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ' | ' | ||
Service cost | $1,738 | $1,570 | ||
Interest cost | 1,979 | 1,878 | ||
Expected return on plan assets | -916 | -959 | ||
Recognized actuarial loss (gain) | 565 | [1] | 363 | [1] |
Amortization of unrecognized prior service cost (credit) | 6 | [1] | 6 | [1] |
Net periodic benefit cost | 3,372 | 2,858 | ||
Postretirement Plan [Member] | ' | ' | ||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ' | ' | ||
Service cost | 61 | 52 | ||
Interest cost | 93 | 89 | ||
Recognized actuarial loss (gain) | 6 | [1] | -1 | [1] |
Amortization of unrecognized prior service cost (credit) | -35 | [1] | -38 | [1] |
Net periodic benefit cost | $125 | $102 | ||
[1] | Reflects amounts reclassified from accumulated other comprehensive loss |
Recovered_Sheet2
Pension Plans And Other Postretirement Benefit Plan (Narrative) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Pension Plans And Other Postretirement Benefit Plan (Narrative) (Details) [Abstract] | ' | ' |
Defined Contribution Plan, Cost Recognized | $897 | $944 |
ShareBased_Compensation_ShareB
Share-Based Compensation (Share-Based Compensation Expense) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' |
Share-based compensation Expense | $3,617 | $2,830 |
ShareBased_Compensation_Schedu
Share-Based Compensation (Schedule of Share-based Compensation, Stock Options, Activity) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | ||||||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | Sep. 30, 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 | ' | ' | ' | ' | 149 | 178 | 17 | [1] | 20 | [1] | ' | ' | |
Options, Exercises in Period | ' | ' | ' | ' | -29 | [2] | ' | -3 | [1] | ' | ' | -3 | |
Options, Exercisable, Number | ' | ' | ' | ' | 149 | ' | 17 | [1] | ' | ' | ' | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Oustanding Weighted Average Exercise Price [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Options, Outstanding, Weighted Average Exercise Price | ' | ' | $12.31 | $11.74 | ' | ' | ' | ' | ' | ' | |||
Options, Exercises in Period, Weighted Average Exercise Price | ' | ' | $8.71 | ' | ' | ' | ' | ' | ' | ' | |||
Options, Exercisable, Weighted Average Exercise Price | ' | ' | $12.31 | ' | ' | ' | ' | ' | ' | ' | |||
Options, Outstanding, Weighted Average Remaining Contractual Term | ' | ' | '1 year 4 months 6 days | '1 year 4 months 24 days | ' | ' | ' | ' | ' | ' | |||
Options, Exercisable, Weighted Average Remaining Contractual Term | ' | ' | '1 year 4 months 6 days | ' | ' | ' | ' | ' | ' | ' | |||
Options, Outstanding, Intrinsic Value | ' | ' | $8,943 | $10,025 | ' | ' | ' | ' | ' | ' | |||
Options, Exercisable, Intrinsic Value | ' | ' | 8,943 | ' | ' | ' | ' | ' | ' | ' | |||
Number Of Equity Instruments Surrendered By Employees | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | |||
Payments Related to Tax Withholding for Share-based Compensation | 16,416 | 0 | 91 | ' | ' | ' | ' | ' | ' | ' | |||
Options, Exercises in Period, Total Intrinsic Value | ' | ' | $1,757 | ' | ' | ' | ' | ' | ' | ' | |||
[1] | (a)B The Cablevision performance objective with respect to these awards has been achieved. | ||||||||||||
[2] | (b)B Stock options exercised include 3 Company stock options that were exercised pursuant to a cashless exercise, of which approximately 2 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 $91, 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 three months ended SeptemberB 30, 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 $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Payments Related to Tax Withholding for Share-based Compensation | $16,416 | $0 |
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 | 36,362 | ' |
Number Of Equity Instruments Surrendered By Employees | 250 | ' |
Payments Related to Tax Withholding for Share-based Compensation | $16,325 | ' |
Weighted-Average Fair Value Per Share at Date of Grant - RSUs (in dollars per share): | ' | ' |
Unvested award balance (beginning balance) | $38.10 | ' |
Granted | $66.91 | ' |
Vested | $26.13 | ' |
Forfeited | $52.70 | ' |
Unvested award balance (ending balance) | $54.57 | ' |
Award Vesting Period | '3 years | ' |
Restricted Stock Units (RSUs) [Member] | Performance Vesting [Member] | ' | ' |
Unvested award (in shares): | ' | ' |
Unvested award balance (beginning balance) | 476 | ' |
Granted | 58 | ' |
Vested | -205 | ' |
Forfeited | 0 | ' |
Unvested award balance (ending balance) | 329 | ' |
Restricted Stock Units (RSUs) [Member] | Non-Performance Vesting [Member] | ' | ' |
Unvested award (in shares): | ' | ' |
Unvested award balance (beginning balance) | 776 | ' |
Granted | 227 | ' |
Vested | -354 | ' |
Forfeited | -46 | ' |
Unvested award balance (ending balance) | 603 | ' |
Related_Party_Transactions_Own
Related Party Transactions (Ownership Percentage) (Details) | Sep. 30, 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 | 1.80% |
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 | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2014 |
Related Party Transactions [Abstract] | ' | ' | ' |
Revenue | $41,168 | $45,838 | ' |
Related Party Transaction Origination Master Control And Post Production Services Expense | 1,336 | 2,202 | ' |
Related Party Transaction Advertising Expense | 1,736 | 2,467 | ' |
Related Party Transaction Corporate General And Administrative Expense | 680 | 657 | ' |
Related Party Transaction Telephone And Other Fiber Optic Transmission Services | 597 | 450 | ' |
Related Party Transaction Other Expenses From Transactions With Related Party | 92 | 462 | ' |
Miscellaneous income from related party | 634 | 0 | ' |
Related Party Capital Lease Obligations | ' | ' | $1,967 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Income Tax Disclosure [Abstract] | ' | ' |
Income Tax Expense (Benefit) | $86,660 | $14,713 |
Effective Income Tax Rate, Continuing Operations | 44.50% | 38.10% |
Effective Income Tax Rate Reconciliation, at Federal | 35.00% | 35.00% |
Segment_Information_Schedule_o
Segment Information (Schedule of Segment Reporting Information by Segment) (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Revenues | $241,740 | $215,585 | ||
AOCF | 76,154 | 65,500 | ||
Depreciation and amortization | 37,601 | 22,807 | ||
Share-based compensation Expense | 3,617 | 2,830 | ||
Gain on sale of Fuse | 162,414 | 0 | ||
Operating income (loss) | 197,350 | 39,863 | ||
Equity in loss of nonconsolidated affiliates | -2,604 | 0 | ||
Interest income | 935 | 505 | ||
Interest expense | -1,662 | -1,793 | ||
Miscellaneous income | 714 | [1] | 6 | |
Income from operations before income taxes | 194,733 | 38,581 | ||
Capital expenditures | 8,027 | 92,640 | ||
Operating Segments [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Operating income (loss) | 224,838 | 57,884 | ||
Operating Segments [Member] | Madison Square Garden Media [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Revenues | 142,670 | 166,615 | ||
AOCF | 81,094 | 81,450 | ||
Depreciation and amortization | 3,159 | 4,022 | ||
Share-based compensation Expense | 916 | 725 | ||
Gain on sale of Fuse | 162,414 | 0 | ||
Operating income (loss) | 239,433 | 76,703 | ||
Capital expenditures | 1,054 | 738 | ||
Operating Segments [Member] | Madison Square Garden Entertainment [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Revenues | 65,235 | 28,625 | ||
AOCF | -4,420 | -15,010 | ||
Depreciation and amortization | 2,526 | 2,384 | ||
Share-based compensation Expense | 1,266 | 1,015 | ||
Operating income (loss) | -8,212 | -18,409 | ||
Capital expenditures | 802 | 1,624 | ||
Operating Segments [Member] | Madison Square Garden Sports [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Revenues | 53,505 | 38,165 | ||
AOCF | 7,624 | 2,923 | ||
Depreciation and amortization | 12,968 | 2,482 | ||
Share-based compensation Expense | 1,039 | 851 | ||
Operating income (loss) | -6,383 | -410 | ||
Capital expenditures | 1,072 | 1,478 | ||
Corporate and Other [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Revenues | 176 | 123 | ||
AOCF | -8,144 | [2],[3] | -3,863 | [2],[3] |
Depreciation and amortization | 18,948 | [4] | 13,919 | [4] |
Share-based compensation Expense | 396 | 239 | ||
Operating income (loss) | -27,488 | -18,021 | ||
Capital expenditures | 5,099 | 88,800 | [5] | |
Intersegment Eliminations [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Revenues | ($19,846) | [6] | ($17,943) | [6] |
[1] | Miscellaneous income for the three months ended SeptemberB 30, 2014 primarily includes income related to certain space leased and/or licensed by related parties from the Company. | |||
[2] | The amounts for the three months ended SeptemberB 30, 2014 include executive management transition costs. | |||
[3] | Consists of unallocated corporate general and administrative 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] | Capital expenditures associated with the comprehensive transformation of The Garden into a state-of-the-art arena and the renovation of the Forum are reflected in these amounts. | |||
[6] | Represents local media rights recognized as revenues 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 $) | Sep. 30, 2014 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | ||
Customer Concentration [Line Items] | ' | ' |
Customer Concentration In Prepaid Expenses | $1,000 | $1,000 |
Customer Concentration In Other Current Assets | 2,000 | 2,000 |
Customer Concentration In Other Assets | 42,000 | 42,000 |
Customer Concentration | $45,000 | $45,000 |
Subsequent_Event_Details
Subsequent Event (Details) (Subsequent Event [Member], USD $) | 0 Months Ended |
Oct. 27, 2014 | |
Subsequent Event [Member] | ' |
Subsequent Event [Line Items] | ' |
Stock Repurchase Program, Authorized Amount | $500,000 |