Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Jun. 30, 2016 | Jul. 29, 2016 | Dec. 31, 2015 | |
Entity Registrant Name | Madison Square Garden Co | ||
Trading Symbol | MSG | ||
Entity Central Index Key | 1,636,519 | ||
Current Fiscal Year End Date | --06-30 | ||
Entity Filer Category | Non-accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Jun. 30, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 3,199,350,197 | ||
Class A Common Stock [Member] | |||
Entity Common Stock, Shares Outstanding | 19,539,493 | ||
Class B Common Stock [Member] | |||
Entity Common Stock, Shares Outstanding | 4,529,517 |
Consolidated and Combined Balan
Consolidated and Combined Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 |
Current Assets: | ||
Cash and cash equivalents | $ 1,444,317 | $ 14,211 |
Restricted cash | 27,091 | 12,590 |
Accounts receivable, net | 75,998 | 51,734 |
Net related party receivables, current | 4,079 | 327 |
Prepaid expenses | 27,031 | 23,879 |
Loan receivable from MSG Networks | 0 | 30,836 |
Other current assets | 25,337 | 35,058 |
Total current assets | 1,603,853 | 168,635 |
Net related party receivables, noncurrent | 1,710 | 0 |
Investments and loans to nonconsolidated affiliates | 263,546 | 249,394 |
Property and equipment, net | 1,160,609 | 1,188,693 |
Amortizable intangible assets, net | 15,729 | 22,324 |
Indefinite-lived intangible assets | 166,850 | 166,850 |
Goodwill | 277,166 | 277,166 |
Other assets | 54,487 | 75,880 |
Total assets | 3,543,950 | 2,148,942 |
Current Liabilities: | ||
Accounts payable | 13,935 | 3,307 |
Net related party payables | 15,275 | 1,588 |
Accrued liabilities: | ||
Employee related costs | 119,357 | 95,997 |
Other accrued liabilities | 133,832 | 121,509 |
Deferred revenue | 332,416 | 311,317 |
Total current liabilities | 614,815 | 533,718 |
Defined benefit and other postretirement obligations | 66,035 | 80,900 |
Other employee related costs | 32,921 | 53,337 |
Deferred tax liabilities, net | 194,583 | 206,944 |
Other liabilities | 49,175 | 50,768 |
Total liabilities | 957,529 | 925,667 |
Commitments and contingencies (see Note 7) | ||
Stockholders’ Equity: | ||
Preferred stock, par value $0.01, 15,000 shares authorized; none outstanding as of June 30, 2016 | ||
Additional paid-in capital | 2,806,352 | |
Treasury stock, at cost, 671 shares as of June 30, 2016 | (101,882) | |
Accumulated deficit | (75,687) | |
MSG Networks’ investment | 0 | 1,263,490 |
Accumulated other comprehensive loss | (42,611) | (40,215) |
Total stockholders’ equity | 2,586,421 | 1,223,275 |
Total liabilities and stockholders’ equity | 3,543,950 | $ 2,148,942 |
Class A Common Stock [Member] | ||
Stockholders’ Equity: | ||
Common stock, value issued | 204 | |
Class B Common Stock [Member] | ||
Stockholders’ Equity: | ||
Common stock, value issued | $ 45 |
Consolidated and Combined Bala3
Consolidated and Combined Balance Sheets (Parenthetical) | Jun. 30, 2016$ / sharesshares |
Preferred stock, par value (dollars per share) | $ / shares | $ 0.01 |
Preferred stock, shares authorized | 15,000,000 |
Preferred stock, shares outstanding | 0 |
Treasury Stock, Shares | 671,000 |
Class A Common Stock [Member] | |
Common stock, par value (dollars per share) | $ / shares | $ 0.01 |
Common stock, shares authorized | 120,000,000 |
Common stock, shares outstanding | 19,777,000 |
Class B Common Stock [Member] | |
Common stock, par value (dollars per share) | $ / shares | $ 0.01 |
Common stock, shares authorized | 30,000,000 |
Common stock, shares outstanding | 4,530,000 |
Consolidated and Combined State
Consolidated and Combined Statements Of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |||
Income Statement [Abstract] | |||||
Revenues (a) | [1] | $ 1,115,311 | $ 1,071,551 | $ 913,615 | |
Operating expenses: | |||||
Direct operating expenses (b) | [2] | 737,857 | 724,881 | 714,825 | |
Selling, general and administrative expenses (c) | [3] | 333,603 | 238,318 | 221,109 | |
Depreciation and amortization | 102,482 | 108,758 | 91,709 | ||
Operating loss | (58,631) | (406) | (114,028) | ||
Other income (expense): | |||||
Loss in equity method investments | (19,099) | (40,590) | (1,323) | ||
Interest income (d) | [4] | 6,782 | 3,056 | 1,548 | |
Interest expense | (2,028) | (2,498) | (1,528) | ||
Miscellaneous income (expense) | (4,017) | [5] | 190 | 95 | |
Nonoperating income (expense) | (18,362) | (39,842) | (1,208) | ||
Loss from operations before income taxes | (76,993) | (40,248) | (115,236) | ||
Income tax expense | (297) | (436) | (1,697) | ||
Net loss | $ (77,290) | $ (40,684) | $ (116,933) | ||
Basic loss per common share | $ (3.12) | $ (1.63) | $ (4.69) | ||
Diluted loss per common share | $ (3.12) | $ (1.63) | $ (4.69) | ||
Weighted-average number of common shares outstanding: | |||||
Basic | 24,754 | 24,928 | 24,928 | ||
Diluted | 24,754 | 24,928 | 24,928 | ||
[1] | Include revenues from related parties of $153,538, $88,051 and $79,707 for the years ended June 30, 2016, 2015 and 2014, respectively. | ||||
[2] | Include net charges from related parties of $1,133, $1,670 and $110 for the years ended June 30, 2016, 2015 and 2014, respectively. | ||||
[3] | Include net charges to related parties of $(28,536), $(49,374) and $(49,648) for the years ended June 30, 2016, 2015 and 2014, respectively. | ||||
[4] | Include interest income from MSG Networks of $307, $1,153 and $957 for the years ended June 30, 2016, 2015 and 2014, respectively. In addition, interest income includes interest income from nonconsolidated affiliates of $2,930, $1,886 and $589 for the years ended June 30, 2016, 2015 and 2014, respectively. | ||||
[5] | Miscellaneous expenses for the year ended June 30, 2016 primarily include partial write-down of one of the Company’s cost method investments (see Note 4) |
Consolidated and Combined Stat5
Consolidated and Combined Statements Of Operations (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Related Party Transaction [Line Items] | |||
Revenues from related party | $ 153,538 | $ 88,051 | $ 79,707 |
Direct operating expenses from (to) related party | 1,133 | 1,670 | 110 |
Selling, General and Administrative Expenses from (to) related party | (28,536) | (49,374) | (49,648) |
MSG Networks [Member] | |||
Related Party Transaction [Line Items] | |||
Revenues from related party | 144,947 | 80,999 | 72,535 |
Interest income, related party | 307 | 1,153 | 957 |
Other nonconsolidated affiliate [Member] | |||
Related Party Transaction [Line Items] | |||
Interest income, related party | $ 2,930 | $ 1,886 | $ 589 |
Consolidated and Combined Stat6
Consolidated and Combined Statements Of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Statement of Comprehensive Income [Abstract] | |||
Net loss | $ (77,290) | $ (40,684) | $ (116,933) |
Pension plans and postretirement plan: | |||
Net unamortized losses arising during the period | (9,239) | (6,138) | (11,938) |
Amounts reclassified from accumulated other comprehensive loss to direct operating expenses and selling, general and administrative expenses: | |||
Amortization of net actuarial loss included in net periodic benefit cost | 1,039 | 2,050 | 1,265 |
Amortization of net prior service credit included in net periodic benefit cost | (92) | (112) | (126) |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | (8,292) | (4,200) | (10,799) |
Other comprehensive loss | (8,292) | (4,200) | (10,799) |
Comprehensive loss | $ (85,582) | $ (44,884) | $ (127,732) |
Consolidated and Combined Stat7
Consolidated and Combined Statements Of Cash Flows $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | |
Cash flows from operating activities: | |||
Net loss | $ (77,290) | $ (40,684) | $ (116,933) |
Adjustments to reconcile net loss to net cash provided by operating activities: | |||
Depreciation and amortization | 102,482 | 108,758 | 91,709 |
Share-based compensation expense | 24,476 | 10,306 | 13,698 |
Loss in equity method investments | 19,099 | 40,590 | 1,323 |
Write-off of deferred production costs | 41,816 | 0 | 2,228 |
Impairment of cost method investment | 4,080 | ||
Provision for doubtful accounts | 31 | 58 | (21) |
Change in assets and liabilities: | |||
Accounts receivable, net | (25,053) | 18 | (9,027) |
Net related party receivables | (5,096) | 240 | (499) |
Prepaid expenses and other assets | (34,354) | (31,602) | (18,266) |
Accounts payable | 9,096 | (4,341) | 3,712 |
Net related party payables | 13,687 | (385) | (186) |
Accrued and other liabilities | 42,075 | (33,494) | 105,185 |
Deferred revenue | 10,437 | 19,452 | 62,443 |
Deferred income taxes | 299 | 436 | 1,697 |
Net cash provided by operating activities | 125,785 | 69,352 | 137,063 |
Cash flows from investing activities: | |||
Capital expenditures | (71,716) | (64,083) | (304,866) |
Proceeds from sale of property and equipment | 0 | 4,321 | 0 |
Proceeds from renovation loan | 0 | 0 | 18,000 |
Loan receivable from MSG Networks | 0 | 0 | (5,800) |
Payments for acquisition of assets | (2,000) | (3,000) | (1,499) |
Investments and loans to nonconsolidated affiliates | (36,417) | (40,219) | (226,510) |
Payments to acquire notes receivable | (7,085) | 0 | 0 |
Capital distribution from equity method investments | 1,528 | 325 | 0 |
Net cash used in investing activities | (115,690) | (102,656) | (520,675) |
Cash flows from financing activities: | |||
Net transfers from MSG Networks and MSG Networks’ subsidiaries | 1,525,241 | 41,372 | 387,478 |
Repurchases of common stock | (105,736) | ||
Proceeds from stock option exercises | 787 | ||
Taxes paid in lieu of shares issued for equity-based compensation | (281) | ||
Net cash provided by financing activities | 1,420,011 | 41,372 | 387,478 |
Net increase in cash and cash equivalents | 1,430,106 | 8,068 | 3,866 |
Cash and cash equivalents at beginning of period | 14,211 | 6,143 | 2,277 |
Cash and cash equivalents at end of period | 1,444,317 | 14,211 | 6,143 |
Non-cash investing and financing activities: | |||
Investments and loans to nonconsolidated affiliates | 2,237 | 24,000 | 0 |
Capital expenditures incurred but not yet paid | 5,793 | 7,528 | 13,997 |
Non-cash transfers resulting from the Distribution, net | (1,934) | ||
Asset retirement obligations | 0 | 0 | (5,027) |
Acquisition of assets not yet paid | $ 0 | $ 0 | $ 3,715 |
Consolidated and Combined Stat8
Consolidated and Combined Statements Of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock Issued [Member] | MSG Networks Investment [Member] | Additional Paid-In Capital [Member] | Treasury Stock [Member] | Retained Earnings (Accumulated Deficit) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Balance at Jun. 30, 2013 | $ 916,764 | $ 941,980 | $ (25,216) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net loss | (116,933) | (116,933) | |||||
Other comprehensive income (loss) | (10,799) | (10,799) | |||||
Comprehensive income (loss) | (127,732) | ||||||
Net increase in MSG Networks’ Investment | 402,171 | 402,171 | |||||
Balance at Jun. 30, 2014 | 1,191,203 | 1,227,218 | (36,015) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net loss | (40,684) | (40,684) | |||||
Other comprehensive income (loss) | (4,200) | (4,200) | |||||
Comprehensive income (loss) | (44,884) | ||||||
Net increase in MSG Networks’ Investment | 76,956 | 76,956 | |||||
Balance at Jun. 30, 2015 | 1,223,275 | $ 0 | 1,263,490 | $ 0 | $ 0 | $ 0 | (40,215) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net loss | (77,290) | (1,603) | (75,687) | ||||
Other comprehensive income (loss) | (8,292) | (8,292) | |||||
Comprehensive income (loss) | (85,582) | ||||||
Exercise of stock options | 787 | (2,682) | 3,469 | ||||
Share-based compensation | 21,514 | 21,514 | |||||
Tax withholding associated with shares issued for equity-based compensation | (281) | (281) | |||||
Stock Issued During Period, Value, Restricted Stock Unit Award | 0 | (385) | 385 | ||||
Repurchases of common stock | (105,736) | (105,736) | |||||
Net increase in MSG Networks’ Investment | 1,525,982 | 1,525,982 | |||||
Conversion of MSG Networks’ Investment | 0 | 249 | (2,787,869) | 2,787,620 | |||
Adjustments related to the transfer of certain assets and liabilities as a result of the Distribution | 566 | 566 | |||||
Adjustment related to the transfer of Pension Plans and Postretirement Plan liabilities as a result of the Distribution | 5,896 | 5,896 | |||||
Balance at Jun. 30, 2016 | $ 2,586,421 | $ 249 | $ 0 | $ 2,806,352 | $ (101,882) | $ (75,687) | $ (42,611) |
Description of Business and Bas
Description of Business and Basis of Presentation | 12 Months Ended |
Jun. 30, 2016 | |
Description of Business And Basis of Presentation [Abstract] | |
Description of Business and Basis of Presentation | Description of Business and Basis of Presentation The Distribution The Madison Square Garden Company (together with its subsidiaries, the “Company” or “Madison Square Garden”), formerly named MSG Spinco, Inc., was incorporated on March 4, 2015 as an indirect, wholly-owned subsidiary of MSG Networks Inc. (“MSG Networks” or “Former Parent”), formerly known as The Madison Square Garden Company. On September 11, 2015, MSG Networks’ board of directors approved the distribution of all the outstanding common stock of the Company to MSG Networks shareholders (the “ Distribution ”), which occurred on September 30, 2015. Each holder of record of MSG Networks Class A common stock as of close of business on September 21, 2015 (the “Record Date”) received one share of Madison Square Garden Class A common stock, par value $0.01 per share (“Class A Common Stock”), for every three shares of MSG Networks Class A common stock held. Each holder of record of MSG Networks Class B common stock as of the Record Date received one share of Madison Square Garden Class B common stock, par value $0.01 per share (“Class B Common Stock”), for every three shares of MSG Networks Class B common stock held. Description of Business Madison Square Garden is a live sports and entertainment business. The Company classifies its business interests into two reportable segments: MSG Entertainment and MSG Sports. 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 Christmas Spectacular Starring the Radio City Rockettes and the New York Spectacular Starring the Radio City Rockettes , that are performed in the Company's venues. MSG Sports owns and operates the following professional 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, which is the primary player development team for the Rangers, and the Westchester Knicks, an NBA Development League team. MSG Sports also promotes, produces and/or presents a broad array of other live sporting events outside of its teams' events. 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. Basis of Presentation Subsequent to the Distribution , the Company’s financial statements as of and for the fiscal year ended June 30, 2016 are presented on a consolidated basis, as the Company became a standalone public company on September 30, 2015. The Company’s combined financial statements as of June 30, 2015 and for the years ended June 30, 2015 and 2014 , as well as the financial information for the three months ended September 30, 2015 that is included in the results of operations for the year ended June 30, 2016 , were prepared on a standalone basis derived from the consolidated financial statements and accounting records of Former Parent and are presented as carve-out financial statements as the Company was not a standalone public company prior to the Distribution. These combined financial statements reflect the combined historical results of operations, financial position and cash flows of Former Parent’s sports and entertainment businesses, as well as its venues and joint ventures (“combined financial statements”), in accordance with generally accepted accounting principles (“GAAP”) and Securities and Exchange Commission (“SEC”) Staff Accounting Bulletin Topic 1-B, Allocation of Expenses and Related Disclosure in Financial Statements of Subsidiaries, Divisions or Lesser Business Components of Another Entity . References to GAAP issued by the Financial Accounting Standards Board (“FASB”) in these footnotes are to the FASB Accounting Standards Codification, also referred to as “ASC.” Historically, separate financial statements were not prepared for the Company as it had not operated as a separate, standalone business from MSG Networks. The combined financial statements include certain assets and liabilities that were historically held by MSG Networks or by other MSG Networks’ subsidiaries but were specifically identifiable or otherwise attributable to the Company. All significant intercompany transactions between MSG Networks and the Company have been included as components of MSG Networks’ investment in the combined financial statements as they were considered effectively settled on the Distribution date. The assets and liabilities in the combined financial statements have been reflected on a historical cost basis, as immediately prior to the Distribution all of the assets and liabilities presented were wholly-owned by MSG Networks and were transferred to the Company at carry-over basis. The financial information for the three months ended September 30, 2015 that is included in the results of operations for the year ended June 30, 2016 and the combined statements of operations for the years ended June 30, 2015 and 2014 include allocations for certain support functions that were provided on a centralized basis by MSG Networks and not historically recorded at the business unit level, such as expenses related to finance, human resources, information technology, and facilities, among others. These expenses were allocated on the basis of direct usage when identifiable, with the remainder allocated on a pro-rata basis of combined revenues, headcount or other measures. Management believes the assumptions underlying the combined financial statements, including the assumptions regarding allocating general corporate expenses, are reasonable. Nevertheless, the combined financial statements do not include all of the actual expenses that would have been incurred by the Company and do not reflect its combined results of operations, financial position and cash flows had it been a separate, standalone public company during the periods presented on a combined basis. Actual costs that would have been incurred if the Company had been a separate, standalone public company would depend on multiple factors, including organizational structure and strategic decisions made in various areas, including information technology and infrastructure. The results of operations for the periods presented are not necessarily indicative of the results that might be expected for future periods. After the Distribution, the Company has been providing certain of these services to MSG Networks through a transition services agreement (“ TSA ”). As part of the Distribution, certain employees providing support functions were transferred to the Company. MSG Networks historically used a centralized approach to cash management and financing of operations, with net earnings reinvested and working capital requirements met from existing liquid funds. The Company’s cash was available for use and was regularly “swept” by MSG Networks at its discretion. Accordingly, the cash and cash equivalents held by MSG Networks at the corporate level were not attributed to the Company in the combined balance sheet as of June 30, 2015. Additionally, cash held in accounts legally owned by the Company was attributed to the combined balance sheet as of June 30, 2015. Transfers of cash both to and from MSG Networks are included as components of MSG Networks’ investment on the consolidated and combined statements of stockholders’ equity. In connection with the Distribution, the Company received $1,467,093 of cash from MSG Networks. MSG Networks’ net investment in the Company has been presented as a component of stockholders' equity in the financial statements. Distributions made by MSG Networks to the Company or to MSG Networks from the Company are recorded as transfers to and from MSG Networks and the net amount is presented on the consolidated and combined statements of cash flows as “Net transfers from MSG Networks and MSG Networks’ subsidiaries.” As of the Distribution date, MSG Networks’ net investment in the Company was contributed to Former Parent’s stockholders through the distribution of all the common stock of the Company. The par value of the Company’s stock was recorded as a component of common stock, with the remaining balance recorded as additional paid-in capital in the consolidated balance sheet on the Distribution date. For purposes of the combined financial statements, income tax expense has been recorded as if the Company filed tax returns on a standalone basis separate from Former Parent. This separate return methodology applies to accounting guidance for income taxes in the combined financial statements as if the Company was a standalone public company for the periods prior to the Distribution. Therefore, cash tax payments and items of current and deferred taxes may not be reflective of the Company’s actual tax balances prior to or subsequent to the Distribution. Prior to the Distribution, the Company's operating results were included in Former Parent’s consolidated U.S. federal and state income tax returns. Pursuant to rules promulgated by the Internal Revenue Service and various state taxing authorities, the Company expects to file its initial U.S. income tax return for the period from October 1, 2015 through June 30, 2016. The calculation of the Company’s income taxes involves considerable judgment and use of both estimates and allocations. Reclassifications Certain reclassifications in the prior years’ combined statements of cash flows have been made in order to conform to the current year’s consolidated statement of cash flows presentation. The reclassifications consisted of the (i) capital distribution from equity method investments, which was previously reported in investments in and loans to nonconsolidated affiliates for the year ended June 30, 2015 and (ii) write-off of deferred production costs, which was previously reported in the change in prepaid expense and other assets for the year ended June 30, 2014. |
Accounting Policies
Accounting Policies | 12 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Principles of Consolidation and Combination For the periods prior to the Distribution, the financial statements include certain assets and liabilities that were historically held at Former Parent’s corporate level but were specifically identifiable or otherwise attributable to the Company. All intercompany transactions between the Company and Former Parent have been included in the combined financial statements as components of MSG Networks’ investment. All significant intracompany transactions and accounts within the Company's consolidated and combined financial statements have been eliminated. Expenses related to corporate allocations prior to the Distribution were considered to be effectively settled in the combined financial statements at the time the transaction was recorded, with the offset recorded against MSG Networks’ investment. Use of Estimates The preparation of the accompanying 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, investments, 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 financial statements to be reasonable. Management evaluates its estimates on an ongoing basis using historical experience and other factors, including the general economic environment and actions it may take in the future. The Company adjusts such estimates when facts and circumstances dictate. However, these estimates may involve significant uncertainties and judgments and cannot be determined with precision. In addition, these estimates are based on management’s best judgment at a point in time and as such these estimates may ultimately differ from actual results. Changes in estimates resulting from weakness in the economic environment or other factors beyond the Company’s control could be material and would be reflected in the Company’s financial statements in future periods. Revenue Recognition The Company recognizes revenue when the following conditions are satisfied: (a) persuasive evidence of a sales arrangement exists, (b) delivery occurs or services are rendered, (c) the sales price is fixed or determinable and (d) collectability is reasonably assured. Revenue recognition from the Company’s various revenue sources is discussed further in each respective segment’s revenue recognition policies below. MSG Entertainment The Company’s MSG Entertainment segment earns revenues from the sale of tickets for events that the Company produces or promotes/co-promotes. In addition, for entertainment events held at the Company’s venues that MSG Entertainment does not produce or promote/co-promote, revenues are earned from venue license fees charged to the third-party promoters of the event. Event-related revenues from the sale of tickets, venue license fees from third-party promoters, sponsorships, concessions and merchandise are recognized when the event occurs. Amounts collected in advance of an event are recorded as deferred revenue and are recognized as revenues when earned. Deferred revenue reported in the accompanying consolidated and combined balance sheets as of June 30, 2016 and 2015 includes amounts due to the third-party promoters of $45,877 and $37,987 , respectively. Revenues from the sale of advertising in the form of venue signage and sponsorships, which are not related to any specific event, are recorded and recognized ratably over the period of benefit of the respective agreements. Revenues from the rental of The Garden’s suites are recognized ratably over the period of benefit of the respective agreements for the benefit of both of the Company’s segments. MSG Sports The Knicks, Rangers and Liberty derive revenues principally from ticket sales and distributions of league-wide national and international television contracts and other league-wide revenue sources, which are recognized over the respective team’s season. Event-related revenues from other live sporting events, including the sale of tickets, venue license fees earned in connection with other live sporting events that the Company does not produce or promote, sponsorships, concessions and merchandise are recognized when the event occurs. Amounts collected in advance of an event are recorded as deferred revenue and are recognized as revenues when earned. Local media rights revenue recognized by MSG Sports for the licensing of team-related programming to MSG Networks is generally recognized on a straight-line basis over the fiscal year. Revenues from the sale of advertising in the form of venue signage and sponsorships, which are not related to any specific event, are recognized ratably over the period of benefit of the respective agreements. Revenues from the rental of The Garden’s suites are recognized ratably over the period of benefit of the respective agreements for the benefit of both of the Company’s segments. Multiple-Deliverable Transactions The Company enters into multiple-deliverable arrangements, primarily multi-year sponsorship agreements. The deliverables included in each sponsorship agreement vary and may include suite licenses, event tickets and various advertising benefits, which include items such as, but not limited to, signage at The Garden and the Company’s other venues. The timing of revenue recognition for each deliverable is dependent upon meeting the revenue recognition criteria for the respective deliverable. The Company allocates revenue to each deliverable within the arrangement based on its relative selling price. For many deliverables in an arrangement, such as event tickets and certain advertising benefits, the Company has vendor specific objective evidence (“VSOE”) of selling price as it typically sells the same or similar deliverables regularly on a stand-alone basis. Absent VSOE, the Company considers whether third party evidence (“TPE”) is available; however, in most instances TPE is not available. The Company’s process for determining its estimated selling prices for deliverables without VSOE or TPE involves management’s judgment and considers multiple factors including company specific and market specific factors that may vary depending upon the unique facts and circumstances related to each deliverable. Key factors considered by the Company in developing a best estimate of selling price for deliverables include, but are not limited to, prices charged for similar deliverables, the Company’s ongoing pricing strategy and policies, and consideration of pricing of similar deliverables sold in other multiple-deliverable agreements. Gross versus Net Revenue Recognition The Company reports revenue on a gross or net basis based on management’s assessment of whether the Company acts as a principal or agent in the transaction. To the extent the Company acts as the principal, revenue is reported on a gross basis. The determination of whether the Company acts as a principal or an agent in a transaction is based on an evaluation of several qualitative factors, including for co-promotions where the Company has a 50% or lower economic interest. Generally, when the Company is the promoter or co-promoter of an event the Company reports revenue on a gross basis. When the Company acts as an agent, revenue is reported on a net basis. The Company accounts for taxes collected from customers and remitted to governmental authorities on a net basis and excludes these amounts from revenues. In connection with the Distribution, the Company entered into an advertising sales representation agreement with MSG Networks. Pursuant to the agreement, the Company has the exclusive right and obligation to sell advertising availabilities of MSG Networks . The Company is entitled to and earns commission revenue as MSG Networks records advertising revenue, which is typically recognized when the advertisements are aired. The Company recognizes the advertising commission revenue on a net basis in accordance with ASC 605-45. Nonmonetary Transactions The Company enters into nonmonetary transactions that involve the exchange of goods or services, such as advertising and promotional benefits as well as tickets, for other goods or services. Such transactions are measured and recorded at the fair value of the goods or services surrendered unless the goods or services received have a more readily determinable fair value. In addition, the Company enters into other monetary transactions in which nonmonetary consideration is also included and the entire transaction is recorded at fair value. If the fair values cannot be determined for either the asset(s) surrendered or received within reasonable limits, then the nonmonetary transaction is measured and recorded at the book value of the item(s) surrendered, which typically is zero. Direct Operating Expenses Direct operating expenses include, but are not limited to, compensation expense for the Company’s professional sports teams’ players and certain other team personnel, as well as NBA luxury tax, NBA and NHL revenue sharing and league assessments for the MSG Sports segment; event costs related to the presentation and production of the Company’s live entertainment and sporting events; and venue lease, maintenance and other operating expenses. Player Costs and Other Team Personnel Transactions, NBA Luxury Tax, Escrow System/Revenue Sharing and League Assessments for the MSG Sports Segment Player Costs and Other Team Personnel Transactions Costs incurred to acquire player contracts, including signing bonuses, are deferred and amortized over the applicable NBA or NHL regular season on a straight-line basis over the fixed contract period of the respective player. The NBA and NHL seasons are typically from November through April and October through April, respectively. Player salaries are also expensed over the applicable NBA, NHL or WNBA regular season typically on a straight-line basis. In certain player contracts the annual contractual salary amounts (including any applicable signing bonuses) may fluctuate such that expensing the salary for the entire contract on a straight-line basis over each regular season more appropriately reflects the economic benefit of the services provided. In instances where a player sustains what is deemed to be a season-ending or career-ending injury, a provision is recorded, when that determination can be reasonably made, for the remainder of the player’s seasonal or contractual salary and related costs, together with any associated NBA luxury tax, net of any anticipated insurance recoveries. When players are traded, waived or contracts are terminated, any remaining unamortized signing bonuses are expensed to current operations. Amounts due to these individuals are generally paid over their remaining contract terms. Team personnel contract termination costs are recognized in the period in which those events occur. See Note 3 for further discussion of significant team personnel transactions. The NBA and NHL each have collective bargaining agreements (each a “CBA”) with the respective league’s players association, to which the Company is subject. The NBA CBA expires after the 2020-21 season (although the NBA and the National Basketball Players Association (“NBPA”) each have the right to terminate the CBA following the 2016-17 season). The NHL CBA expires on September 15, 2022 (although the NHL and National Hockey League Players’ Association each have the right to terminate the CBA following the 2019-20 season). The NBA CBA contains a “soft” salary cap (i.e., a cap on each team’s aggregate player salaries but with certain exceptions that enable teams to pay more, sometimes substantially more, than the cap). The NHL CBA provides for a “hard” salary cap (i.e., teams may not exceed a stated maximum that has been negotiated for the 2013-14 season and is adjusted each season thereafter based upon league-wide revenues). NBA Luxury Tax Amounts in this paragraph are in thousands, except for luxury tax rates. The NBA CBA provides for a luxury tax that is applicable to all teams with aggregate player salaries exceeding a threshold that is set prior to each season based upon projected league-wide revenues (as defined under the CBA). The luxury tax rates for teams with aggregate player salaries above such threshold start at $1.50 for each $1.00 of team salary above the threshold up to $5,000 and scale up to $3.25 for each $1.00 of team salary that is from $15,000 to $20,000 over the threshold, and an additional tax rate increment of $0.50 applies for each additional $5,000 (or part thereof) of team salary in excess of $20,000 over the threshold. In addition, for teams that are taxpayers in at least four of any five seasons beginning in 2011-12, the above tax rates are increased by $1.00 for each increment. Fifty percent of the aggregate luxury tax payments is a funding source for the revenue sharing plan and the remaining 50% of such payments is distributed in equal shares to non-taxpaying teams. The Company recognizes the estimated amount associated with luxury tax expense or the amount it expects to receive as a non-tax paying team, if applicable, on a straight-line basis over the NBA regular season as a component of direct operating expenses. NBA and NHL Escrow System/Revenue Sharing The NBA CBA also provides that players collectively receive a designated percentage of league-wide revenues (net of certain direct expenses) as compensation (approximately 51%), and the teams retain the remainder. The percentage of league-wide revenues paid as compensation and retained by the teams does not apply evenly across all teams and accordingly the Company may pay its players a higher or lower percentage of the Knicks’ revenues than other NBA teams. Throughout each season, NBA teams withhold 10% of each player’s salary and contribute the withheld amounts to an escrow account. If the league’s aggregate player compensation exceeds the designated percentage of league-wide revenues, some or all of such escrowed amounts are distributed equally to all NBA teams. In the event that the league’s aggregate player compensation is below the designated percentage of league-wide revenues, the teams will remit the shortfall to the NBPA for distribution to the players. The NBA also has a revenue sharing plan that generally requires the distribution of a pool of funds to teams with below-average net revenues (as defined in the plan), subject to reduction or elimination based on individual team market size and profitability. The plan is funded by a combination of disproportionate contributions from teams with above-average net revenues, subject to certain profit-based limits (each as defined in the plan); 50% of aggregate league-wide luxury tax proceeds; and collective league sources, if necessary. Additional amounts may also be distributed on a discretionary basis, funded by assessments on playoff ticket revenues and through collective league sources. The NHL CBA provides that each season the players receive as player compensation 50% of that season’s league-wide revenues, excluding the impact of agreed-upon aggregate transition payments of $300,000 to be paid on a deferred basis over three years beginning in 2014. Because the aggregate amount to be paid to the players is based upon league-wide revenues and not on a team-by-team basis, the Company may pay its players a higher or lower percentage of the Rangers’ revenues than other NHL teams pay of their own revenues. In order to implement the salary cap system, NHL teams withhold a portion of each player’s salary and contribute the withheld amounts to an escrow account. If the league’s aggregate player compensation for a season exceeds the designated percentage (50%) of that season’s league-wide revenues, the excess is retained by the league. Any excess funds will be distributed by the NHL to all teams in equal shares. The NHL CBA provides for a revenue sharing plan which generally requires the distribution of a pool of funds approximating 6.055% of league-wide revenues to certain qualifying lower-revenue teams. Under the NHL CBA, the pool is funded as follows: (a) 50% from contributions by the top ten revenue earning teams (based on pre-season and regular season revenues) in accordance with a formula; (b) then from payments by teams participating in the playoffs, with each team contributing 35% of its gate receipts for each home playoff game; and (c) the remainder from centrally-generated NHL sources. The Rangers are consistently among the top ten revenue teams and, accordingly, have consistently contributed to the top ten revenue teams component of the plan. The Company recognizes the amount of its estimated revenue sharing expense associated with the pre-season and regular season, net of the amount the Company expects to receive from the escrow, on a straight-line basis over the applicable NBA and NHL seasons as a component of direct operating expenses. In years when the Knicks or Rangers participate in the playoffs, the Company recognizes its estimate of the playoff revenue sharing contribution in the periods when the playoffs occur. League Assessments As members of the NBA and NHL, the Knicks and Rangers, respectively, are also subject to annual league assessments. The governing bodies of each league determine the amount of each season’s league assessments that are required from each member team. The Company recognizes its teams’ estimated league assessments on a straight-line basis over the applicable NBA or NHL season. Production Costs for the MSG Entertainment Segment The Company defers certain costs of productions such as creative design, scenery, wardrobes, rehearsal and other related costs for the Company’s proprietary shows. Deferred production costs are amortized on a straight-line basis over the course of a production’s performance period using the expected life of a show’s assets, which generally ranges from 5 to 15 years. Deferred production costs are subject to recoverability assessments whenever there is an indication of potential impairment. During the third quarter of fiscal year 2016, the Company recorded a $41,816 write-off of deferred production costs due to the creative decision to not include certain prior scenes in the production now called the New York Spectacular Starring the Radio City Rockettes . The Company has approximately $43,083 and $79,808 of net deferred production costs recorded within other current assets and other assets in the accompanying consolidated and combined balance sheets as of June 30, 2016 and 2015 , respectively. Of these amounts, approximately $37,433 and $70,065 are the net deferred production costs associated with the New York Spectacular Starring the Radio City Rockettes as of June 30, 2016 and 2015 , respectively. Advertising Expenses Advertising costs are typically charged to expense when incurred, however, advertising for productions and other live entertainment events are generally deferred within interim periods and expensed over the run of the show, but by no later than the end of the fiscal year. Total advertising costs classified in direct operating and selling, general and administrative expenses were $20,834 , $27,220 and $24,800 for the years ended June 30, 2016 , 2015 and 2014 , respectively. Income Taxes The Company accounts for income taxes in accordance with ASC 740, Income Taxes (“ASC 740”). For the periods before the Distribution, income taxes as presented herein attribute current and deferred income taxes of MSG Networks to the Company’s stand-alone financial statements in a manner that is systematic, rational, and consistent with the asset and liability method prescribed by ASC 740. Accordingly, the Company’s income tax provision was prepared following the separate return method. The separate return method applies ASC 740 to the stand-alone financial statements of each member of the combined group as if the group member were a separate taxpayer and the benefits of a consolidated return have been reflected where such returns have or could be filed based on the entities’ jurisdictions included in the combined financial statements. As a result, actual tax transactions included in the consolidated financial statements of MSG Networks may not be included in the combined financial statements. Similarly, the tax treatment of certain items reflected in the combined financial statements may not be reflected in the consolidated financial statements and tax returns of MSG Networks. Therefore, portions of items such as net operating losses, credit carryforwards, other deferred taxes, uncertain tax positions and valuation allowances may exist in the combined financial statements that may or may not exist in MSG Networks’ consolidated financial statements. Because the Company’s operations prior to the Distribution were included in MSG Networks’ tax returns, payments to certain tax authorities were made by MSG Networks, and not by the Company. The Company only maintains taxes payable to/from the taxing authorities for legal entities that are fully-dedicated to the Company's business. The Company did not maintain taxes payable to/from MSG Networks and the payments were deemed to settle the annual current tax payable balances immediately with the legal entities paying the tax in the respective jurisdictions through changes in MSG Networks’ investment. For the periods after the Distribution, the Company’s provision for income taxes is based on current period income, changes in deferred tax assets and liabilities and changes in estimates with regard to uncertain tax positions. Deferred tax assets are subject to an ongoing assessment of realizability. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax asset will not be realized. The Company’s ability to realize its deferred tax assets depends upon the generation of sufficient future taxable income to allow for the realization of its deductible temporary differences. If such estimates and related assumptions change in the future, the Company may be required to record valuation allowances against its deferred tax assets, resulting in additional income tax expense in the Company’s consolidated statements of operations. Interest and penalties, if any, associated with uncertain tax positions are included in income tax expense. The Company accounts for investment tax credits using the “flow-through” method, under which the tax benefit generated from an investment tax credit is recorded in the period the credit is generated. Share-based Compensation Prior to Distribution, the Company’s employees participated in MSG Networks’ share-based compensation plans. Share-based compensation expense has been attributed to the Company based on the awards and terms previously granted to MSG Networks’ employees. For purposes of the combined financial statements, an allocation of share-based compensation expense related to corporate employees was recorded in addition to the expense attributed to the Company’s direct employees. The allocated expense includes both directors and corporate executives of MSG Networks, allocated using a proportional allocation method which management has deemed to be reasonable. Following the Distribution, the Company measures the cost of employee services received in exchange for an award of equity-based instruments based on the grant date fair value of the award. Share-based compensation cost is recognized in earnings (net of estimated forfeitures) over the period during which an employee is required to provide service in exchange for the award, except for restricted stock units granted to non-employee directors which, unless otherwise provided under the applicable award agreement, are fully vested, and are expensed at the grant date. The Company estimates forfeitures based upon historical experience and its expectations regarding future vesting of awards. To the extent actual forfeitures are different from the Company’s estimates, share-based compensation is adjusted accordingly. Earnings (Loss) Per Common Share Basic earnings (loss) per common share (“EPS”) is based upon net income (loss) available to common stockholders divided by the weighted-average number of common shares outstanding during the period. Following the Distribution, the Company had 24,928 common shares outstanding on September 30, 2015. This amount has been utilized to calculate EPS for the periods prior to the Distribution as no Madison Square Garden common stock or equity-based awards were outstanding prior to September 30, 2015. The dilutive effect of the Company’s share-based compensation awards issued in connection with the Distribution is included in the computation of diluted EPS in the periods subsequent to the Distribution, when applicable. Diluted EPS reflects the effect of the assumed vesting of restricted stock units and exercise of stock options (see Note 10 ) only in the periods in which such effect would have been dilutive. For the periods when a net loss is reported, the computation of diluted loss per common share equals the basic loss per common share calculation since common stock equivalents were antidilutive due to losses from continuing operations. Cash and Cash Equivalents The Company considers the balance of its investment in funds that substantially hold highly liquid securities that mature within three months or less from the date the fund purchases these securities to be cash equivalents. The carrying amount of cash and cash equivalents either approximates fair value due to the short-term maturity of these instruments or is at fair value. Checks outstanding in excess of related book balances are included in accounts payable in the accompanying combined balance sheets. The Company presents the change in these book cash overdrafts as cash flows from operating activities. Restricted Cash Restricted cash includes cash required to be withheld from player salaries and deposited in an escrow account which is in the name of the Company pursuant to the NHL CBA. The escrow account will be distributed subsequent to the end of the season to the players and NHL teams based on the provisions of the NHL CBA. The carrying amount of restricted cash approximates fair value due to the short-term maturity of these instruments. Changes in restricted cash are reflected in cash flows from either operating or investing activities, depending on the circumstances to which the changes in the underlying restricted cash relate. Accounts Receivable Accounts receivable is recorded at net realizable value. The Company maintains an allowance for doubtful accounts to reserve for potentially uncollectible receivables. The allowance for doubtful accounts is estimated based on the Company’s analysis of receivables aging, specific identification of certain receivables that are at risk of not being paid, past collection experience and other factors. The Company’s allowance for doubtful accounts was $1,282 and $467 as of June 30, 2016 and 2015 , respectively. The increase was primarily due to a balance transfer made in connection with the Distribution. Investments in and Loans to Nonconsolidated Affiliates The Company’s investments in nonconsolidated affiliates are primarily accounted for using the equity method of accounting and are carried at cost, plus or minus the Company’s share of net earnings or losses of the investment, subject to certain other adjustments. The cost of equity method investments includes transaction costs of the acquisition. As required by GAAP, to the extent that there is a basis difference between the cost and the underlying equity in the net assets of an equity investment, companies are required to allocate such differences between tangible and intangible assets. The Company’s share of net earnings or losses of the investment, inclusive of amortization expense for intangible assets associated with the investment, is reflected in equity in earnings (loss) of nonconsolidated affiliates on the Company’s combined statements of operations. Dividends received from the investee reduce the carrying amount of the investment. Due to the timing of receiving financial information from its nonconsolidated affiliates, the Company records its share of net earnings or losses of such affiliates on a three-month lag basis, with the exception of the amortization expense of intangible assets which are recorded currently. In addition to the equity method investments, the Company also has other investments accounted for under the cost method of accounting. The Company also provides revolving credit facilities to certain of its nonconsolidated affiliates. The outstanding loan balances, including accrued interest, are reflected in investments in and loans to nonconsolidated affiliates in the accompanying consolidated and combined balance sheets. Interest income on the outstanding loan balances and related facility fees are recorded currently and are reflected in interest income in the accompanying consolidated and combined statements of operations. Impairment of Investments The Company reviews its investments at least quarterly to determine whether a decline in fair value below the cost basis is other-than-temporary. The primary factors the Company considers in its determination are the length of time that the fair value of the investment is below the Company’s carrying value; future prospects of the investee; and the Company’s intent and ability to hold the security for a period of time sufficient to allow for any anticipated recovery in fair value. In addition, the Company considers other factors such as general market conditions, industry conditions, and analysts’ ratings. If the decline in fair value is deemed to be other-than-temporary, the cost basis of the investment is written down to fair value and the loss is realized as a component of net income. See Note 4 for further discussion of impairments of investments. Long-Lived and Indefinite-Lived Assets The Company’s long-lived and indefinite-lived assets consist of property and equipment, goodwill, indefinite-lived intangible assets and amortizable intangible assets. Property and equipment is stated at cost. Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets or, with respect to leasehold improvements, amortized over the shorter of the lease term or the asset’s estimated useful life. The useful lives of the Company’s long-lived assets are based on estimates of the period over which the Company expects the assets to be of economic benefit to the Company. In estimating the useful lives the Company considers factors such as, but not limited to, risk of obsolescence, anticipated use, plans of the Company, and applicable laws and permit requirements. In July 2013, the permit for The Garden was renewed for ten years and these financial statements have been prepared assuming further renewal of that permit. Identifiable intangible assets with finite useful lives are amortized on a straight-line basis over their respective estimated useful lives. Goodwill and identifiable intangible assets that have indefinite useful lives are not amortized. Impairment of Long-Lived and Indefinite-Lived Assets In assessing the recoverability of the Company’s long-lived and indefinite-lived assets, the Company must make estimates and assumptions regarding future cash flows and other factors to determine the fair value of the respective assets. These estimates and assumptions could have a significant impact on whether an impairment charge is recognized and also the magnitude of any such charge. Fair value estimates are made at a specific point in time, based on relevant information. These estimates are subjective in nature and involve significant uncertainties and judgments and therefore cannot be determined with precision. Changes in assumptions could significantly affect the estimates. If these estimates or material related assumptions change in the future, the Company may be required to record impairment charges related to its long-lived and/or i |
Team Personnel Transactions
Team Personnel Transactions | 12 Months Ended |
Jun. 30, 2016 | |
Team Personnel Transactions [Abstract] | |
Team Personnel Transactions | Team Personnel Transactions Direct operating and selling, general and administrative expenses in the accompanying consolidated and combined statements of operations include net provisions for transactions relating to players and certain other team personnel on the Company’s sports teams for (i) waivers/contract termination costs, (ii) trades and (iii) season-ending injuries ("Team Personnel Transactions"). Team Personnel Transactions amounted to $7,484 , $25,317 and $54,225 for the years ended June 30, 2016 , 2015 and 2014 , respectively. |
Investments and Loans to Noncon
Investments and Loans to Nonconsolidated Affiliates | 12 Months Ended |
Jun. 30, 2016 | |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures [Abstract] | |
Cost and Equity Method Investments Disclosure [Text Block] | Investments and Loans to Nonconsolidated Affiliates The Company’s investments and loans to nonconsolidated affiliates consisted of the following: Ownership Percentage Investment Loan (d) Total June 30, 2016 Azoff MSG Entertainment LLC (“AMSGE”) (a) 50 % $ 112,147 $ 97,500 $ 209,647 Brooklyn Bowl Las Vegas, LLC (“BBLV”) (a) (b) — 2,662 2,662 Tribeca Enterprises LLC (“Tribeca Enterprises”) (a) 50 % 13,736 10,395 (e) 24,131 Fuse Media LLC (“Fuse Media”) (a) 15 % 21,634 — 21,634 Other (c) 3,794 1,678 5,472 Total investments and loans to nonconsolidated affiliates $ 151,311 $ 112,235 $ 263,546 June 30, 2015 AMSGE (a) 50 % $ 118,717 $ 75,000 $ 193,717 BBLV (a) (b) — 2,662 2,662 Tribeca Enterprises (a) 50 % 16,791 4,000 20,791 Fuse Media (a) 15 % 23,509 — 23,509 Other (a) 8,715 — 8,715 Total investments and loans to nonconsolidated affiliates $ 167,732 $ 81,662 $ 249,394 _________________ (a) Denotes that such investment is accounted for under the equity method of accounting. (b) The Company is entitled to receive back its capital, which was 74% of BBLV's total capital as of June 30, 2016 and June 30, 2015 , plus a preferred return, after which the Company would own a 20% interest in BBLV. (c) Denotes that such investments are accounted for under the cost method of accounting. (d) Represents outstanding loan balance, inclusive of amounts due to the Company for interest of $62 as of June 30, 2016 and 2015 . (e) Includes $95 of outstanding payments-in-kind (“PIK”) interest. PIK interest owed does not reduce availability under the revolving credit facility. The Company determined that these investments are not VIEs and therefore each was analyzed under the voting model. The Company determined that due to a lack of a voting majority and consistent with the accounting for partnership (or similar entities) interests, it does not control these entities. Accordingly, the Company accounts for these investments under the equity method of accounting or cost method of accounting in accordance with ASC 323 and ASC 325, respectively. In addition, for an investment in a limited liability company in which the Company has an ownership interest that exceeds 3-5%, the Company also accounts for such investment under the equity method of accounting. In September 2013, the Company acquired a 50% interest in AMSGE for $125,000 . The AMSGE entity owns and operates businesses in the entertainment industry and is currently focused on music management, performance rights, comedy and productions, and strategic marketing. As of the acquisition date the carrying amount of the investment was greater than the Company’s equity in the underlying assets of AMSGE. As such, the Company allocated the difference to goodwill and amortizable intangible assets of approximately $108,220 and $17,350 , respectively. The difference attributable to amortizable intangible assets is being amortized straight-line over the expected useful lives of the intangible assets, which range from 5 to 7 years. In connection with the Company's investment in AMSGE, the Company provides a $100,000 unsecured revolving credit facility to the entity. In August 2013, the Company acquired an interest in BBLV. In March 2014, BBLV opened a new venue in Las Vegas which brings together live music, bowling and a restaurant. The Company does not manage or otherwise control BBLV but has approval rights over certain decisions. Additionally, the Company agreed to loan up to $2,600 to BBLV. During the second quarter of fiscal year 2015, as a result of BBLV’s liquidity position, the Company evaluated whether or not an impairment of its investment had occurred. This evaluation resulted in the Company recording a pre-tax non-cash impairment charge of $23,600 to write-off the carrying value of its equity investment in BBLV, which is reflected in equity in loss of nonconsolidated affiliates in the accompanying consolidated statement of operations for the year ended June 30, 2015. The impairment charge was based on a comparison of the fair value of the investment, which was determined using a discounted cash flow analysis, to its carrying value. In March 2014, the Company acquired a 50% interest in Tribeca Enterprises for $22,500 . Tribeca Enterprises owns and operates the Tribeca Film Festival and certain other businesses. As of the acquisition date the carrying amount of the investment was greater than the Company’s equity in the underlying assets of Tribeca Enterprises. As such, the Company allocated the difference to indefinite-lived and amortizable intangible assets of approximately $5,750 and $5,350 , respectively. The difference attributable to amortizable intangible assets is being amortized straight-line over 10 years, the expected useful life of the intangible asset. In connection with the Company’s investment in Tribeca Enterprises, the Company provided a $6,000 revolving credit facility to this entity. In June 2016, the Company amended and restated its loan and security agreement with Tribeca Enterprises to increase the maximum revolving facility to $13,500 , subject to potential additional increases of up to $2,500 . The Company and Tribeca Enterprises have a services agreement pursuant to which the Company provides marketing inventory and consulting services to Tribeca Enterprises for a fee. In July 2014, the MSG Networks sold Fuse to Fuse Media, Inc., and as part of the transaction MSG Networks received a 15% equity interest in Fuse Media which was transferred to the Company in connection with the Distribution. In addition to the investments discussed above, the Company also has other investments in various sports and entertainment companies and related technologies, primarily accounted for under the cost method of accounting. As a result of certain legal and regulatory actions against one of the Company’s cost method investments, the Company evaluated whether or not an other-than-temporary impairment of this cost method investment had occurred during the second quarter of fiscal year 2016. This evaluation resulted in the Company recording a pre-tax non-cash impairment charge of $4,080 to partially write down the carrying value of its cost method investment, which is reflected in miscellaneous income (expense) in the accompanying consolidated statement of operations for the year ended June 30, 2016 . On May 5, 2016, one of the Company’s equity method nonconsolidated affiliates announced that it will close its Broadway production of Finding Neverland on August 21, 2016. As a result, the Company recorded a non-cash impairment charge of $7,270 to write off the carrying value of the Company’s investment in the show during the fourth quarter of fiscal year 2016, which is reflected in loss in equity method investments in the accompanying consolidated statement of operations for the year ended June 30, 2016 . The following is summarized financial information for the Company’s individually significant equity method investments, presented in aggregate, as required by the guidance in SEC Regulation S-X Rule 4-08(g). The amounts shown below represent 100% of these equity method investments’ financial position and results of operations. Balance Sheet June 30, 2016 June 30, 2015 Current assets $ 76,111 $ 85,584 Noncurrent assets 429,996 436,968 $ 506,107 $ 522,552 Current liabilities $ 89,415 $ 83,293 Noncurrent liabilities 394,923 366,743 Noncontrolling interests 60,832 59,786 Shareholders’ equity (39,063 ) 12,730 $ 506,107 $ 522,552 Years Ended June 30, Results of Operations 2016 2015 2014 Revenues $ 280,924 $ 152,580 $ 14,214 Loss from continuing operations (31,206 ) (28,845 ) (2,870 ) Net loss (31,206 ) (28,845 ) (2,870 ) Net loss attributable to controlling interest (32,006 ) (28,742 ) — |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Jun. 30, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill And Intangible Assets | Goodwill and Intangible Assets The carrying amounts of goodwill, by reportable segment, as of June 30, 2016 and 2015 are as follows: MSG Entertainment $ 58,979 MSG Sports 218,187 $ 277,166 During the first quarter of fiscal year 2016 , the Company performed its annual impairment test of goodwill and determined that there were no impairments of goodwill identified for any of its reportable segments. The Company’s indefinite-lived intangible assets as of June 30, 2016 and 2015 are as follows: Sports franchises (MSG Sports segment) $ 101,429 Trademarks (MSG Entertainment segment) 62,421 Photographic related rights (MSG Sports segment) 3,000 $ 166,850 During the first quarter of fiscal year 2016 , the Company performed its annual impairment test of identifiable indefinite-lived intangible assets and determined that there were no impairments identified. The Company’s intangible assets subject to amortization are as follows: June 30, 2016 Gross Accumulated Amortization Net Season ticket holder relationships $ 73,124 $ (59,178 ) $ 13,946 Other intangibles 4,217 (2,434 ) 1,783 $ 77,341 $ (61,612 ) $ 15,729 June 30, 2015 Gross Accumulated Amortization Net Season ticket holder relationships $ 73,124 $ (53,919 ) $ 19,205 Suite holder relationships 15,394 (14,339 ) 1,055 Other intangibles 4,217 (2,153 ) 2,064 $ 92,735 $ (70,411 ) $ 22,324 The recorded amounts for the gross carrying values of suite holder relationships, and the related accumulated amortization, decreased during the year ended June 30, 2016 as those intangible assets became fully amortized. The estimated useful lives of the Company’s intangible assets subject to amortization are as follows: Estimated Useful Lives Season ticket holder relationships 12 to 15 years Other intangibles 15 years Amortization expense for intangible assets was $6,595 , $6,939 , and $6,939 for the years ended June 30, 2016 , 2015 and 2014 , respectively. The Company expects its aggregate annual amortization expense for existing intangible assets subject to amortization for each fiscal year from 2017 through 2021 to be as follows: Fiscal year ending June 30, 2017 $ 5,067 Fiscal year ending June 30, 2018 3,617 Fiscal year ending June 30, 2019 3,617 Fiscal year ending June 30, 2020 2,771 Fiscal year ending June 30, 2021 281 |
Property and Equipment
Property and Equipment | 12 Months Ended |
Jun. 30, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and Equipment As of June 30, 2016 and 2015 , property and equipment consisted of the following assets: June 30, June 30, Estimated Useful Lives Land $ 91,678 $ 91,678 Buildings 1,107,027 1,098,191 Up to 45 years Equipment 272,276 264,054 2 to 20 years Aircraft 38,090 — 20 years Furniture and fixtures 50,034 49,400 3 to 10 years Leasehold improvements 131,769 130,620 Shorter of term of lease or life of improvement Construction in progress 10,536 10,455 1,701,410 1,644,398 Less accumulated depreciation and amortization (540,801 ) (455,705 ) $ 1,160,609 $ 1,188,693 Depreciation and amortization expense on property and equipment was $95,887 , $101,819 and $84,770 for the years ended June 30, 2016 , 2015 and 2014 , respectively. During the first quarter of fiscal year 2015, 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 on the plane of approximately $8,400 during the first quarter of fiscal year 2015. Subsequently, during the fourth quarter of fiscal year 2015, the Company sold the sports teams’ plane. During the year ended June 30, 2016 , the Company purchased a new aircraft for $38,090 , inclusive of transaction costs. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Jun. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | Commitments and Contingencies Contractual Obligations and Off Balance Sheet Arrangements The Company has various long-term noncancelable operating lease agreements, primarily for entertainment venues and office space expiring at various dates through 2026. Certain leases include renewal provisions at the Company’s option and provide for additional rent based on sales. The rent expense associated with such operating leases is recognized on a straight-line basis over the initial lease term. The difference between rent expense and rent paid is recorded as deferred rent. Rent expense under these lease agreements totaled $35,617 , $34,239 and $34,191 for the years ended June 30, 2016 , 2015 and 2014 , respectively. In addition, the Company has certain future cash payments required under contracts entered into by the Company in the normal course of business and outstanding letters of credit. As of June 30, 2016 , future minimum rental payments under leases having noncancelable initial lease terms, other cash payments required under contracts entered into by the Company in the normal course of business in excess of one year and outstanding letters of credit are as follows: Off-Balance Sheet Commitments Contractual Obligations reflected on the Balance Sheet (c) Operating Leases Contractual Obligations (a) Letters of Credits (b) Total Total (d) Fiscal year ending June 30, 2017 $ 36,927 $ 131,389 $ 7,085 $ 175,401 $ 54,877 $ 230,278 Fiscal year ending June 30, 2018 36,659 120,988 — 157,647 3,633 161,280 Fiscal year ending June 30, 2019 36,369 84,989 — 121,358 3,655 125,013 Fiscal year ending June 30, 2020 35,523 28,328 — 63,851 3,654 67,505 Fiscal year ending June 30, 2021 34,617 15,146 — 49,763 3,208 52,971 Thereafter 106,968 8,744 — 115,712 11,341 127,053 $ 287,063 $ 389,584 $ 7,085 $ 683,732 $ 80,368 $ 764,100 _________________ (a) Consist principally of 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. (b) Consists of letters of credit obtained by the Company as collateral for certain insurance policies and for a lease agreement. (c) Consists primarily of amounts earned under employment agreements that the Company has with certain of its professional sports teams' personnel in the MSG Sports segment. (d) Pension obligations have been excluded from the table above as the timing of the future cash payments is uncertain. See Note 9 for information on the future funding requirements under our pension obligations. In addition, see Note 4 for information on the revolving credit facilities provided by the Company to AMSGE and Tribeca Enterprises. Under the terms of a lease agreement and related guaranty, subsidiaries of the Company have certain operating requirements and are required to meet a certain net worth obligation. In the event that these subsidiaries were to fail to meet the required obligations and were unable to avail themselves of the cure options, the landlord could terminate the lease. Legal Matters The Company is a defendant in various lawsuits. Although the outcome of these matters cannot be predicted with certainty, management does not believe that resolution of these lawsuits will have a material adverse effect on the Company. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Jun. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The following table presents for each of these hierarchy levels, the Company’s assets that are measured at fair value on a recurring basis, which include cash equivalent and marketable securities: Fair Value Hierarchy June 30, 2016 2015 Assets: Commercial paper I $ 79,968 $ — Money market accounts I 159,881 — Time deposits I 1,202,681 12,513 Marketable securities I 787 — Total assets measured at fair value $ 1,443,317 $ 12,513 Commercial paper, money market accounts, time deposits and marketable securities 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 commercial paper , money market accounts and time deposits approximates fair value due to their short-term maturities. As of June 30, 2016 , the carrying value and fair value of the Company’s financial instruments within other current assets in the accompanying consolidated balance sheet are as follow: June 30, 2016 Carrying Value Fair Value Notes receivable, including interest accruals $ 7,090 $ 7,090 Marketable securities 787 787 |
Pension Plans and Other Postret
Pension Plans and Other Postretirement Benefit Plan | 12 Months Ended |
Jun. 30, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension Plans And Other Postretirement Benefit Plan | Pension Plans and Other Postretirement Benefit Plan Defined Benefit Pension Plans and Postretirement Benefit Plan Pre-Distribution Prior to the Distribution, MSG Networks sponsored a non-contributory, qualified cash balance retirement plan covering its non-union employees (the “Cash Balance Pension Plan”) and an unfunded non-contributory, non-qualified excess cash balance plan covering certain employees who participate in the underlying qualified plan (collectively, the “Cash Balance Plans”). Since March 1, 2011, the Cash Balance Pension Plan has also included the assets and liabilities of a frozen (as of December 31, 2007) non-contributory qualified defined benefit pension plan covering non-union employees hired prior to January 1, 2001. These plans had participants from each of MSG Networks’ historical businesses (Media, Sports and Entertainment) as well as corporate employees. Also, MSG Networks historically sponsored an unfunded non-contributory, non-qualified defined benefit pension plan for the benefit of certain employees who participate in an underlying qualified plan which was merged into the Cash Balance Pension Plan on March 1, 2011 (the “Excess Plan”). As of December 31, 2007, the Excess Plan was amended to freeze all benefits earned through December 31, 2007 and to eliminate the ability of participants to earn benefits for future service under these plans. The Cash Balance Plans have been amended to freeze participation and future benefit accruals effective December 31, 2015 for all employees. Therefore, after December 31, 2015, no employee of the Company who was not already a participant may become a participant in the plans and no further annual pay credits will be made for any future year. Existing account balances under the plans will continue to be credited with monthly interest in accordance with the terms of the plans. In addition, MSG Networks sponsored a non-contributory, qualified defined benefit pension plan covering certain of its union employees (the “Union Plan”). Benefits payable to retirees under the Union Plan are based upon years of service and this plan is specific to employees of the businesses constituting Madison Square Garden. The Cash Balance Plans, Union Plan, and Excess Plan are collectively referred to as the “Pension Plans.” MSG Networks also sponsored 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 benefits under the Cash Balance Pension Plan and their dependents, as well as certain union employees (“Postretirement Plan”). For purposes of the combined financial statements issued prior to the Distribution, it was determined that the Company was to be treated as the obligor for the Pension Plans’ and Postretirement Plan’s liabilities. Therefore, the combined financial statements reflect the full impact of such plans on both the financial information for the three months ended September 30, 2015 that is included in the results of operations for the year ended June 30, 2016 and the financial information for the year ended June 30, 2015 and the combined balance sheet as of June 30, 2015 . The pension expense related to employees of MSG Networks participating in any of these plans during these periods was reflected as a contributory charge from the Company to MSG Networks, resulting in a decrease to the expense recognized in the combined statements of operations. Post-Distribution As of the Distribution date, the Company and MSG Networks entered into an employee matters agreement (the “Employee Matters Agreement”) which determined each company’s obligations after the Distribution with regard to liabilities historically under the former MSG Networks’ pension and postretirement plans. Under the Employee Matters Agreement, the Company assumed or retained certain of the Pension Plans and the Postretirement Plan previously sponsored by MSG Networks, as discussed in further detail in “Certain Relationships and Related Party Transactions — Relationship Between MSG and Us After the Distribution — Employee Matters Agreement” in the Company’s Information Statement filed as Exhibit 99.1 to Amendment No. 6 to the registration statement on Form 10 filed with the SEC on September 11, 2015. The following table summarizes the projected benefit obligations, assets, funded status and the amounts recorded on the Company’s consolidated and combined balance sheets as of June 30, 2016 and 2015 associated with the Pension Plans and Postretirement Plan based upon actuarial valuations as of those measurement dates. Pension Plans Postretirement Plan June 30, June 30, 2016 2015 2016 2015 Change in benefit obligation: Benefit obligation at beginning of period $ 174,131 $ 164,829 $ 8,704 $ 9,214 Service cost 3,054 6,495 137 198 Interest cost 6,986 7,226 253 331 Actuarial loss (gain) 17,115 2,956 708 (855 ) Benefits paid (4,849 ) (7,375 ) (417 ) (184 ) Transfer of liabilities (a) (22,852 ) — (3,161 ) — Benefit obligation at end of period 173,585 174,131 6,224 8,704 Change in plan assets: Fair value of plan assets at beginning of period 99,596 99,841 — — Actual return on plan assets 11,484 (808 ) — — Employer contributions 4,030 7,938 — — Benefits paid (4,849 ) (7,375 ) — — Fair value of plan assets at end of period 110,261 99,596 — — Funded status at end of period $ (63,324 ) $ (74,535 ) $ (6,224 ) $ (8,704 ) _________________ (a) Represents the benefit obligation related to the MSG Networks Plans as of September 30, 2015, the date of the Distribution, net of pre-Distribution benefit payments of $142 for MSG Networks employees. Amounts recognized in the consolidated and combined balance sheets as of June 30, 2016 and 2015 consist of: Pension Plans Postretirement Plan June 30, June 30, 2016 2015 2016 2015 Current liabilities (included in accrued employee related costs) $ (3,286 ) $ (2,015 ) $ (227 ) $ (324 ) Non-current liabilities (included in defined benefit and other postretirement obligations) (60,038 ) (72,520 ) (5,997 ) (8,380 ) $ (63,324 ) $ (74,535 ) $ (6,224 ) $ (8,704 ) Accumulated other comprehensive income (loss), before tax, as of June 30, 2016 and 2015 consists of the following amounts that have not yet been recognized in net periodic benefit cost: Pension Plans Postretirement Plan June 30, June 30, 2016 2015 2016 2015 Actuarial gain (loss) $ (42,120 ) $ (40,553 ) $ (583 ) $ 64 Prior service credit (cost) — (14 ) 92 288 $ (42,120 ) $ (40,567 ) $ (491 ) $ 352 Components of net periodic benefit cost for the Pension Plans and Postretirement Plan recognized in direct operating expenses and selling, general and administrative expenses in the accompanying consolidated and combined statements of operations for the years ended June 30, 2016 , 2015 and 2014 are as follows: Pension Plans Postretirement Plan Years Ended June 30, Years Ended June 30, 2016 2015 2014 2016 2015 2014 Service cost $ 3,054 $ 6,495 $ 5,924 $ 137 $ 198 $ 227 Interest cost 6,986 7,226 6,842 253 331 383 Expected return on plan assets (2,960 ) (3,228 ) (3,420 ) — — — Recognized actuarial loss (gain) 1,039 2,050 1,285 — — (20 ) Amortization of unrecognized prior service cost (credit) 14 26 26 (106 ) (138 ) (152 ) Net periodic benefit cost $ 8,133 $ 12,569 $ 10,657 $ 284 $ 391 $ 438 The net periodic benefit cost for the Pension Plans reported in the table above includes $520 , $2,080 and $2,106 of expenses related to MSG Networks employees, representing the contributory charge from the Company to MSG Networks for participation in the Pension Plans during the years ended June 30, 2016 , 2015 and 2014 , respectively. In addition, during the years ended June 30, 2016 , 2015 and 2014 the Company allocated to MSG Networks $229 , $848 and $845 , respectively, of net periodic benefit cost for the Pension Plans related to corporate employees not specifically identified to either the Company or MSG Networks. The net periodic benefit cost for the Postretirement Plan reported in the table above includes $18 , $104 and $100 of expenses related to MSG Networks employees, representing the contributory charge from the Company to MSG Networks for participation in the Postretirement Plan during the years ended June 30, 2016 , 2015 and 2014 , respectively. In addition, during the years ended June 30, 2016 , 2015 and 2014 the Company allocated to MSG Networks $11 , $19 and $19 , respectively, of net periodic benefit cost for the Postretirement Plan related to corporate employees not specifically identified to either the Company or MSG Networks. Other pre-tax changes in plan assets and benefit obligations recognized in other comprehensive income (loss) for the years ended June 30, 2016 , 2015 and 2014 are as follows: Pension Plans Postretirement Plan Years Ended June 30, Years Ended June 30, 2016 2015 2014 2016 2015 2014 Actuarial gain (loss) $ (8,532 ) $ (6,993 ) $ (10,942 ) $ (707 ) $ 855 $ (996 ) Recognized actuarial loss (gain) 1,039 2,050 1,285 — — (20 ) Recognized prior service (credit) cost 14 26 26 (106 ) (138 ) (152 ) Total recognized in other comprehensive income (loss) $ (7,479 ) $ (4,917 ) $ (9,631 ) $ (813 ) $ 717 $ (1,168 ) The estimated net loss for the Pension Plans expected to be amortized from accumulated other comprehensive income (loss) and recognized as a component of net periodic benefit cost over the next fiscal year is $1,376 . The estimated prior service credit for the Postretirement Plan expected to be amortized from accumulated other comprehensive income (loss) into net periodic benefit credit over the next fiscal year is $49 . Funded Status The accumulated benefit obligation for the Pension Plans aggregated to $173,585 and $173,942 at June 30, 2016 and 2015 , respectively. As of June 30, 2016 and 2015 each of the Pension Plans had accumulated benefit obligations and projected benefit obligations in excess of plan assets. Pension Plans and Postretirement Plan Assumptions Weighted-average assumptions used to determine benefit obligations (made at the end of the period) as of June 30, 2016 and 2015 are as follows: Pension Plans Postretirement Plan June 30, June 30, 2016 2015 2016 2015 Discount rate 3.61 % 4.46 % 3.27 % 4.15 % Rate of compensation increase n/a 3.00 % n/a n/a Healthcare cost trend rate assumed for next year n/a n/a 7.25 % 7.25 % Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) n/a n/a 5.00 % 5.00 % Year that the rate reaches the ultimate trend rate n/a n/a 2026 2021 Weighted-average assumptions used to determine net periodic benefit cost (made at the beginning of the period) for the years ended June 30, 2016 , 2015 and 2014 are as follows: Pension Plans Postretirement Plan Years Ended June 30, Years Ended June 30, 2016 2015 2014 2016 2015 2014 Discount rate 4.46 % 4.32 % 4.80 % 4.05 % 4.00 % 4.50 % Expected long-term return on plan assets 4.06 % 4.24 % 4.57 % n/a n/a n/a Rate of compensation increase n/a 3.00 % 3.00 % n/a n/a n/a Healthcare cost trend rate assumed for next year n/a n/a n/a 7.25 % 7.25 % 7.75 % Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) n/a n/a n/a 5.00 % 5.00 % 5.00 % Year that the rate reaches the ultimate trend rate n/a n/a n/a 2021 2020 2020 The discount rate was determined (based on the expected duration of the benefit payments for the plans) from the Willis Towers Watson U.S. Rate Link: 40-90 Discount Rate Model as of June 30, 2016 and 2015 to select a rate at which the Company believed the plans' benefits could be effectively settled. This model was developed by examining the yields on selected highly rated corporate bonds. The expected long-term return on plan assets is based on a periodic review and modeling of the plans' asset allocation structures over a long-term horizon. Expectations of returns for each asset class are the most important of the assumptions used in the review and modeling and are based on comprehensive reviews of historical data, forward-looking economic outlook, and economic/financial market theory. The expected long-term rate of return was selected from within the reasonable range of rates determined by (a) historical real returns, net of inflation, for the asset classes covered by the investment policy and (b) projections of inflation over the long-term period during which benefits are payable to plan participants. Assumed healthcare cost trend rates are a key assumption used for the amounts reported for the Postretirement Plan. A one percentage point change in assumed healthcare cost trend rates would have the following effects: Increase (Decrease) in Total of Service and Interest Cost Components for the Increase (Decrease) in Benefit Obligation at Years Ended June 30, June 30, 2016 2015 2014 2016 2015 One percentage point increase $ 29 $ 67 $ 76 $ 723 $ 984 One percentage point decrease (27 ) (58 ) (66 ) (624 ) (856 ) Plan Assets and Investment Policy The weighted-average asset allocation of the Pension Plans’ assets at June 30, 2016 and 2015 was as follows: June 30, Asset Classes (a) : 2016 2015 Fixed income securities 85 % 82 % Cash equivalents 15 % 18 % 100 % 100 % _____________________ (a) The Company’s target allocation for pension plan assets is 80% fixed income securities and 20% cash equivalents as of June 30, 2016 . Prior to the Distribution, investment allocation decisions were made by MSG Networks’ Investment and Benefits Committee. After the Distribution, investment allocation decisions have been made by the Company’s Investment and Benefits Committee, which takes into account investment advice provided by the Company’s external investment consultant. The investment consultant takes into account expected long-term risk, return, correlation, and other prudent investment assumptions when recommending asset classes and investment managers to the Company’s Investment and Benefits Committee. The investment consultant also takes into account the plans' liabilities when making investment allocation recommendations. Those decisions are driven by asset/liability studies conducted by the external investment consultant who combines actuarial considerations and strategic investment advice. The major categories of the pension plan assets are cash equivalents and long duration bonds which are marked-to-market on a daily basis. Due to the fact that the pension plan assets are significantly made up of long duration bonds, the pension plan assets are subjected to interest-rate risk; specifically, a rising interest rate environment. However, these assets are structured in an asset/liability framework. Consequently, an increase in interest rates would cause a corresponding decrease to the overall liability of the plans, thus creating a hedge against rising interest rates. Additional risks involving the asset/liability framework include earning insufficient returns to cover future liabilities and imperfect hedging of the liability. In addition, a portion of the long duration bond portfolio is invested in non-government securities which are subject to credit risk of the bond issuer defaulting on interest and/or principal payments. Investments at Estimated Fair Value The cumulative fair values of the individual plan assets at June 30, 2016 and 2015 by asset class are as follows: Fair Value Hierarchy June 30, 2016 2015 Fixed income securities: U.S. Treasury Securities I $ 26,102 $ 19,873 U.S. corporate bonds II 54,945 48,538 Foreign issued corporate bonds II 12,161 13,427 Municipal bonds II 236 196 Money market accounts I 16,817 17,562 Total investments measured at fair value $ 110,261 $ 99,596 Contributions for Qualified Defined Benefit Pension Plans During the year ended June 30, 2016 , MSG Networks contributed $3,700 to the Cash Balance Pension Plan and the Company contributed $220 to the Union Plan. The Company expects to contribute $11,000 and $240 to the Cash Balance Pension Plan and Union Plan, respectively, in fiscal year 2017 . Estimated Future Benefit Payments The following table presents estimated future fiscal year benefit payments for the Pension Plans and Postretirement Plan: Pension Plans Postretirement Plan Fiscal year ending June 30, 2017 $ 11,570 $ 231 Fiscal year ending June 30, 2018 7,690 253 Fiscal year ending June 30, 2019 7,430 291 Fiscal year ending June 30, 2020 7,240 330 Fiscal year ending June 30, 2021 6,930 398 Fiscal years ending June 30, 2022 – 2026 39,830 2,540 Defined Contribution Pension Plans Prior to the Distribution, MSG Networks sponsored the MSG Holdings, L.P. 401(k) Savings Plan (renamed The Madison Square Garden 401(k) Savings Plan) and the MSG Holdings, L.P. Excess Savings Plan (collectively, the “Savings Plans”). In connection with the Distribution, The Madison Square Garden 401(k) Savings Plan was converted into a multiple employer plan and, pursuant to the Employee Matters Agreement, the Company became the sponsor and a contributing employer to this plan. For the years ended June 30, 2016 , 2015 and 2014 , expenses related to the Savings Plans, excluding expenses related to MSG Networks employees, included in the accompanying consolidated and combined statements of operations were $4,191 , $3,080 and $2,855 , respectively. These amounts include $89 , $317 and $269 of expenses related to the Company’s corporate employees which were allocated to MSG Networks for the years ended June 30, 2016 , 2015 and 2014 , respectively. In addition, prior to the Distribution, MSG Networks sponsored the MSG Holdings, L.P. 401(k) Union Plan (renamed The Madison Square Garden 401(k) Union Plan, the “Union Savings Plan”). In connection with the Distribution, the Union Savings Plan was converted into a multiple employer plan and, pursuant to the Employee Matters Agreement, the Company became the sponsor and a contributing employer to this plan. For the years ended June 30, 2016 , 2015 and 2014 , expenses related to the Union Savings Plan included in the accompanying consolidated and combined statements of operations were $676 , $724 and $560 , respectively. Multiemployer Plans The Company contributes to a number of multiemployer defined benefit pension plans, multiemployer defined contribution pension plans, and multiemployer health and welfare plans that provide benefits to retired union-represented employees under the terms of CBAs. Multiemployer Defined Benefit Pension Plans The multiemployer defined benefit pension plans to which the Company contributes generally provide for retirement and death benefits for eligible union-represented employees based on specific eligibility/participant requirements, vesting periods and benefit formulas. The risks to the Company of participating in these multiemployer defined benefit pension plans are different from single-employer defined benefit pension plans in the following aspects: • Assets contributed to a multiemployer defined benefit pension plan by one employer may be used to provide benefits to employees of other participating employers. • If a participating employer stops contributing to a multiemployer defined benefit pension plan, the unfunded obligations of the plan may be borne by the remaining participating employers. • If the Company chooses to stop participating in some of these multiemployer defined benefit pension plans, the Company may be required to pay those plans an amount based on the Company's proportion of the underfunded status of the plan, referred to as a withdrawal liability. However, cessation of participation in a multiemployer defined benefit pension plan and subsequent payment of any withdrawal liability is subject to the collective bargaining process. The following table outlines the Company's participation in multiemployer defined benefit pension plans for the years ended June 30, 2016 , 2015 and 2014 , and summarizes the contributions that the Company has made during each period. The “EIN” and “Pension Plan Number” columns provide the Employer Identification Number and the three digit plan number for each applicable plan. The most recent Pension Protection Act zone status available as of June 30, 2016 and 2015 relates to the plan's two most recent years ended which are indicated. Among other factors, plans in the red zone are generally less than 65% funded, plans in the orange zone are both less than 80% funded and have an accumulated funding deficiency or are expected to have a deficiency in any of the next six plan years, plans in the yellow zone are less than 80% funded, and plans in the green zone are at least 80% funded. The “FIP/RP Status Pending/Implemented” column indicates whether a funding improvement plan (“FIP”) for yellow/orange zone plans or a rehabilitation plan (“RP”) for red zone plans is either pending or has been implemented by the trustees of such plan. The zone status and any FIP or RP information is based on information that the Company received from the plan, and the zone status is as certified by the plan's actuary. The last column lists the expiration date(s) or a range of expiration dates of the CBA to which the plans are subject. There are no other significant changes that affect such comparability. PPA Zone Status FIP/RP Status Pending / Implemented Madison Square Garden Contributions As of June 30, Years Ended June 30, Plan Name EIN Pension Plan Number 2016 2015 2016 2015 2014 Surcharge Imposed Expiration Date of CBA National Basketball Association Players' Pension Plan 13-5582586 003 Yellow as of 2/1/2015 Yellow as of 2/1/2014 Implemented $ 1,814 $ 1,853 $ 1,687 No 6/2021 (with certain termination rights becoming effective 6/2017) Pension Fund of Local No. 1 of I.A.T.S.E. 13-6414973 001 Green as of 12/31/2014 Green as of 12/31/2013 No 2,236 2,380 2,120 No 9/30/2016 - 2/28/2018 The Pension, Hospitalization and Benefit Plan of the Electrical Industry – Pension Trust Fund 13-6123601 001 Green as of 9/30/2015 Green as of 9/30/2014 No 2,533 2,458 2,051 No 6/30/2016 All Other Multiemployer Defined Benefit Pension Plans 3,026 2,966 2,342 $ 9,609 $ 9,657 $ 8,200 The Company was listed in the following plans’ Form 5500’s as providing more than 5 percent of the total contributions for the following plans and plan years: Fund Name Year Contributions to Plan Exceeded 5 Percent of Total Contributions (As of Plan's Year-End) Pension Fund of Local No. 1 of I.A.T.S.E December 31, 2014, 2013 and 2012 Pension Fund of Wardrobe Attendants Union Local 764 December 31, 2014, 2013 and 2012 32BJ/Broadway League Pension Fund December 31, 2014, 2013 and 2012 Pension Fund of Moving Picture Machine Operators Union of Greater New York, Local 306 December 31, 2013 and 2012 Treasurers and Ticket Sellers Local 751 Pension Fund August 31, 2015 Multiemployer Defined Contribution Pension Plans and Multiemployer Plans That Provide Health and Welfare Benefits The Company contributed $5,649 , $5,794 and $5,019 for the years ended June 30, 2016 , 2015 and 2014 , respectively, to multiemployer defined contribution pension plans. In addition, the Company contributed $13,429 , $12,828 and $9,912 for the years ended June 30, 2016 , 2015 and 2014 , respectively, to multiemployer plans that provide health and welfare benefits to retired employees. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Jun. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-based Compensation | Share-based Compensation In connection with the Distribution, the Company adopted its 2015 Employee Stock Plan (the “Employee Stock Plan”) and its 2015 Stock Plan for Non-Employee Directors (the “Non-Employee Director Plan”). Under the Employee Stock Plan, the Company is authorized to grant incentive stock options, non-qualified stock options, restricted shares, restricted stock units (“RSUs”), stock appreciation rights and other equity-based awards. The Company may grant awards for up to 2,650 shares of Madison Square Garden Class A Common Stock (subject to certain adjustments). Options and stock appreciation rights under the Employee Stock Plan must be granted with an exercise price of not less than the fair market value of a share of Madison Square Garden Class A Common Stock on the date of grant and must expire no later than 10 years from the date of grant (or up to one additional year in the case of the death of a holder). The terms and conditions of awards granted under the Employee Stock Plan, including vesting and exercisability, are determined by the Compensation Committee of the Board of Directors (“Compensation Committee”) and may include terms or conditions based upon performance criteria. RSUs that were awarded by the Company to its employees will settle in shares of the Company's Class A Common Stock (either from treasury or with newly issued shares), or, at the option of the Compensation Committee, in cash. Under the Non-Employee Director Plan, the Company is authorized to grant non-qualified stock options, restricted stock units, restricted shares, stock appreciation rights and other equity-based awards. The Company may grant awards for up to 160 shares of Madison Square Garden Class A Common Stock (subject to certain adjustments). Options under the Non-Employee Director Plan must be granted with an exercise price of not less than the fair market value of a share of the Company’s Class A Common Stock on the date of grant and must expire no later than 10 years from the date of grant (or up to one additional year in the case of the death of a holder). The terms and conditions of awards granted under the Non-Employee Director Plan, including vesting and exercisability, are determined by the Compensation Committee. Unless otherwise provided in an applicable award agreement, options granted under this plan will be fully vested and exercisable, and restricted stock units granted under this plan will be fully vested, upon the date of grant and will settle in shares of the Company's Class A Common Stock (either from treasury or with newly issued shares), or, at the option of the Compensation Committee, in cash, on the first business day after ninety days from the date the director's service on the Board of Directors ceases or, if earlier, upon the director's death. Treatment After the Distribution of Share-based Payment Awards Initially Granted Under MSG Networks Equity Award Programs Prior to the Distribution, certain Company employees and non-employee directors, as well as employees and non-employee directors of MSG Networks (some of whom are employees or directors of the Company) participated in MSG Networks’ equity award programs (“MSG Networks Stock Plans”). In connection with the Distribution, each holder of MSG Networks stock options at the Distribution date received Company stock options based on the one for three distribution ratio (i.e., one share of the Company’s Class A Common Stock for every three shares of MSG Networks Class A Common Stock). The existing exercise price was allocated between the existing MSG Networks options and the Company’s new options based upon the ten -day volume-weighted average prices of the MSG Networks Class A Common Stock and the Company’s Class A Common Stock, taking into account the one for three distribution ratio. As a result of this adjustment, 25.64% of the pre-Distribution exercise price of options was allocated to the MSG Networks options and 74.36% was allocated to the new Company options. The options with respect to the Company’s Class A Common Stock were issued under the Employee Stock Plan or the Non-Employee Director Plan, as applicable. In connection with the Distribution, one restricted stock unit of the Company (“MSG RSUs”) was issued in respect of every three MSG Networks’ restricted stock units (“Networks RSUs”) that were granted to employees prior to July 1, 2015 and were outstanding as of the Distribution date. In addition, all Networks RSUs and MSG Networks performance restricted stock units ("Networks PSUs") granted to the Company’s employees during the three months ended September 30, 2015 and outstanding as of the Distribution date were converted into MSG RSUs and Company performance restricted stock units (“MSG PSUs”), respectively. Further, all Networks RSUs and Networks PSUs granted during the three months ended September 30, 2015 to employees that were employed by both MSG Networks and the Company following the Distribution were converted such that 70% of the value of such grants became MSG RSUs and MSG PSUs, respectively. All conversions described in this paragraph were calculated based upon the ten -day volume-weighted average price of the Company’s Class A Common Stock through October 14, 2015. The MSG RSUs and MSG PSUs with respect to the Company’s Class A Common Stock were issued under the Employee Stock Plan. Further, in connection with the Distribution, one share of the Company’s Class A Common Stock was issued in respect of every three Networks RSUs outstanding under MSG Networks’ 2010 Non-Employee Director Plan. These shares were issued under the Non-Employee Director Plan. As a result of the Distribution, 26 , 432 and 95 of the Company’s stock options, RSUs and PSUs, respectively, were issued to holders of MSG Networks equity awards. Share-based Compensation Expense Share-based compensation expense is generally recognized straight-line over the vesting term of the award, which typically provides for three -year vesting subject to continued employment. For MSG PSUs, the Company did not recognize share-based compensation expense during the first quarter of fiscal year 2016 as the performance conditions were not yet determined and therefore there was not a grant date for accounting purposes. On December 18, 2015, the Company’s Compensation Committee approved the conversion of the awards to three -year, time-vested awards. Such awards will cliff-vest on the third anniversary of the original grant date without a performance condition (other than conditions to satisfy tax deductibility for executive officers). As such, the Company began recognizing share-based compensation expense during the second quarter of fiscal year 2016. Share-based compensation expense, reduced for estimated forfeiture, was recognized in the consolidated and combined statements of operations as a component of direct operating expenses or selling, general and administrative expenses. The following table presents the share-based compensation, reduced for estimated forfeiture, recorded during the years ended June 30, 2016 , 2015 and 2014 . Years Ended June 30, 2016 2015 2014 Company RSUs $ 18,404 $ — $ — MSG Networks RSUs 6,072 10,306 13,698 Total share-based compensation expense $ 24,476 $ 10,306 $ 13,698 As of June 30, 2016 , there was $49,336 of unrecognized compensation cost related to unvested RSUs held by the Company employees. The cost is expected to be recognized over a weighted-average period of 2.0 years for unvested RSUs. There were no costs related to share-based compensation that were capitalized. Share Units Award Activity The following table summarizes activity relating to the Company’s RSUs from Distribution to June 30, 2016 : Number of Weighted-Average Fair Value Per Share At Date of Grant Nonperformance Based Vesting RSUs Performance Based Vesting Unvested award balance as of September 30, 2015 103 19 $ 134.45 Granted 125 297 $ 176.04 Vested (12 ) — $ 170.99 Forfeited (44 ) (3 ) $ 157.02 Unvested award balance as of June 30, 2016 172 313 $ 167.51 The fair value of RSUs that vested during the year ended June 30, 2016 was $2,164 . Upon delivery, RSUs granted under the MSG Employee Stock Plan were net share-settled to cover the required statutory tax withholding obligations. To fulfill the employees’ statutory minimum tax withholding obligations for the applicable income and other employment taxes, 2 of these RSUs, with an aggregate value of $281 were retained by the Company. |
Stock Repurchase Program
Stock Repurchase Program | 12 Months Ended |
Jun. 30, 2016 | |
Stock Repurchase Program [Abstract] | |
Treasury Stock [Text Block] | Stock Repurchase Program On September 11, 2015, the Company’s board of directors authorized the repurchase of up to $525,000 of the Company’s Class A Common Stock once the shares of the Company’s Class A Common Stock began “regular way” trading on October 1, 2015. Under the authorization, shares of Class A Common Stock may be purchased from time to time in open market 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. From the date of the authorization of the repurchase program through June 30, 2016 , the Company has repurchased 679 shares (based on the settlement date of such trades) for a total cost of $105,736 , including commissions and fees. These acquired shares have been classified as treasury stock in the accompanying consolidated balance sheet as of June 30, 2016 . As of June 30, 2016 , the Company had $419,278 of availability remaining under its stock repurchase authorization. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Jun. 30, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions As of June 30, 2016 , members of the Dolan family group, for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, including trusts for the benefit of the Dolan family group, collectively beneficially own all of the Company's outstanding Class B Common Stock and own approximately 2.7% of the Company’s outstanding Class A Common Stock. Such shares of the Company’s Class A Common Stock and Class B Common Stock, collectively, represent approximately 70.4% of the aggregate voting power of the Company’s outstanding common stock. Members of the Dolan family are also the controlling stockholders of MSG Networks and AMC Networks Inc. (“AMC Networks”). Prior to June 21, 2016, members of the Dolan Family were also the controlling stockholders of Cablevision Systems Corporation (“Cablevision”). In connection with the Distribution, the Company has entered into various agreements with MSG Networks, including media rights agreements covering the Knicks and the Rangers games, an advertising sales representation agreement , and the TSA . Additionally, the Company has various agreements with Cablevision. These agreements include arrangements with respect to a number of ongoing commercial relationships. On June 21, 2016, Cablevision was acquired by a subsidiary of Altice N.V. and a change in control occurred, which resulted in members of the Dolan Family no longer being controlling stockholders of the surviving company, Altice USA. Accordingly, Altice USA is not a related party of the Company, and thus the related party transactions disclosed herein that relate to Cablevision were recognized prior to June 21, 2016. On June 16, 2016, the Company entered into an arrangement with the Dolan Family Office, LLC (“DFO”), AMC Networks and MSG Networks providing for the sharing of certain expenses associated with executive office space which will be available to James L. Dolan (the Executive Chairman and a director of the Company and MSG Networks and a director of AMC Networks), Charles F. Dolan (the Executive Chairman and a director of AMC Networks and a director of the Company and MSG Networks), and the DFO which is controlled by Charles F. Dolan. The Company’s share of initial set-up costs and office expenses is not material in this reporting period. Beginning in June 2016, the Company agreed to share certain executive support costs, including office space, executive assistants, security and transportation costs, for the Company’s Executive Chairman and Vice Chairman with MSG Networks and AMC Networks. The Company also has certain arrangements with its nonconsolidated affiliates. Revenues and Operating Expenses The following table summarizes the composition and amounts of the transactions with the Company's affiliates primarily with MSG Networks and Cablevision. These amounts are reflected in revenues and operating expenses in the accompanying consolidated and combined statements of operations for the years ended June 30, 2016 , 2015 and 2014 : Years Ended June 30, 2016 2015 2014 Revenues $ 153,538 $ 88,051 $ 79,707 Operating expenses (credits): Corporate general and administrative, net — MSG Networks $ (38,122 ) $ (56,999 ) $ (57,586 ) Corporate general and administrative, net — Cablevision 2,838 1,669 2,823 Consulting fees 3,444 — — Advertising 1,609 4,821 2,986 Telephone and other fiber optic transmission services 1,576 1,536 1,225 Other, net 1,252 1,269 1,014 Revenues In connection with the Distribution, the Company entered into new media rights agreements with MSG Networks covering the Knicks and Rangers, which provide MSG Networks with exclusive media rights to team games in their local markets and a new Advertising Sales Representation Agreement pursuant to which the Company has the exclusive right and obligation, for a commission, to sell MSG Networks’ advertising availabilities. Revenues from related parties primarily consist of local media rights recognized by the Company’s Sports segment from the licensing of team-related programming to MSG Networks under these new media rights agreements. Local media rights are generally recognized on a straight-line basis over the fiscal year. In addition, 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. Corporate General and Administrative Expense, net - MSG Networks The Company’s corporate overhead expenses are primarily related to centralized functions, including executive compensation, finance, treasury, tax, internal audit, legal, information technology, human resources and risk management functions. Prior to the Distribution, allocations of corporate overhead and shared services expense were based on direct usage or the relative proportion of revenue or headcount. In addition, the Company’s Sports and Entertainment segments charged MSG Networks for various services performed on behalf of Former Parent. The amounts for the years ended June 30, 2015 and 2014 are presented net of charges of $2,935 and $2,423 received from MSG Networks for services rendered to the Company’s Sports and Entertainment segments. Furthermore, for the year ended June 30, 2016 , Corporate general and administrative expense, net - MSG Networks amounts reflect charges from the Company to MSG Networks under the TSA of $6,595 , net of general and administrative costs charged to the Company by MSG Networks. Corporate General and Administrative Expenses, net - Cablevision Amounts are charged to the Company for corporate general and administrative expenses pursuant to administrative and other service agreements with Cablevision. Consulting Fees The Company pays AMSGE and its nonconsolidated affiliates for advisory and consulting services that AMSGE and its nonconsolidated affiliates provide to the Company, and for the reimbursement of certain expenses in connection with such services. The amounts disclosed above exclude $5,000 paid to AMSGE for work performed towards securing the right to lease property to be developed in Las Vegas. That amount is included in other assets in the accompanying consolidated balance sheet as of June 30, 2016 and will be amortized over the term of the lease. Advertising Expenses The Company incurs advertising expenses for services rendered by its related parties, primarily MSG Networks and Cablevision, most of which are related to the utilization of advertising and promotional benefits by the Company. 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, net 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 space equal to the allocated cost of such space and the cost of certain technology services. In addition, other operating expenses include net charges relating to a reciprocal aircraft arrangement between the Company and each of Cablevision and the DFO. Loan receivable from MSG Networks On June 21, 2011, the Company’s wholly-owned captive insurance subsidiary, Eden Insurance Company, Inc. (“Eden”), entered into a loan agreement with MSG Networks (the “Loan Agreement”), under which Eden granted MSG Networks an unsecured loan bearing interest at a rate of 3.50% plus the six month applicable LIBOR rate with a principal amount not exceeding $8,000 . Subsequently, the Loan Agreement was amended to increase the borrowing capacity to $40,000 . While the term of the loan was five years, the subsidiary could have induced prepayment by MSG Networks with five business days notice. As a result of the Distribution, the loan payable was transferred to the Company and is now eliminated in consolidation. As of June 30, 2015, the subsidiary had an outstanding loan receivable from MSG Networks of $30,836 , inclusive of accrued interest, and such amount was the largest amount outstanding during the periods ending on such date. For all periods presented, no interest or principal payments were received by Eden. Instead, on a semi-annual basis, the accrued but unpaid interest was added to the outstanding principal amount of the loan. Other See Note 4 for information on outstanding loans provided by the Company to its nonconsolidated affiliates. Cash Management Historically, MSG Networks used a centralized approach to cash management and financing of operations. The Company’s cash was available for use and was regularly “swept” by MSG Networks at its discretion. Transfers of cash both to and from MSG Networks are included as components of MSG Networks’ investment on the consolidated and combined statements of stockholders’ equity. The primary components of the net transfers to/from MSG Networks are cash pooling/general financing activities, various expense allocations to/from MSG Networks, and receivables/payables from/to MSG Networks deemed to be effectively net settled at the Distribution date. MSG Networks’ Investment All balances and transactions among the Company and MSG Networks and its subsidiaries, which, prior to the Distribution, include intercompany activities, are shown as components of stockholders’ equity in the combined balance sheet as of June 30, 2015. As the books and records of the Company were not kept on a separate basis from MSG Networks prior to the Distribution, the determination of the average net balance due to or from MSG Networks was not practicable for the periods prior to the Distribution. |
Income Taxes
Income Taxes | 12 Months Ended |
Jun. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure | Income Taxes For the periods prior to the Distribution, the Company did not file separate tax returns as the Company was included in the tax grouping of other MSG Networks entities within the respective entity’s tax jurisdiction. The income tax provision included in these periods has been calculated using the separate return basis, as if the Company filed a separate tax return. Income tax expense (benefit) is comprised of the following components: Years Ended June 30, 2016 2015 2014 Current expense: Federal $ — $ — $ — State and other — — — — — — Deferred expense (benefit): Federal 325 288 1,110 State and other (28 ) 148 587 297 436 1,697 Income tax expense $ 297 $ 436 $ 1,697 The income tax expense differs from the amount derived by applying the statutory federal rate to pre-tax income principally due to the effect of the following items: Years Ended June 30, 2016 2015 2014 Federal tax benefit at statutory federal rate $ (26,948 ) $ (14,087 ) $ (40,333 ) State income taxes, net of federal benefit (6,843 ) (3,334 ) (10,602 ) Change in the estimated applicable corporate tax rate used to determine deferred taxes (192 ) 699 350 Nondeductible disability insurance premiums expense 1,806 1,349 2,201 Tax effect of pre-distribution earnings 519 — — Federal tax credits (426 ) (1,426 ) (9,640 ) Change in valuation allowance (a) 31,301 16,260 58,846 Nondeductible expenses and other 1,080 975 875 Income tax expense $ 297 $ 436 $ 1,697 _________________ (a) For the year ended June 30, 2016 , the valuation allowance reflects an increase on the Company's net deferred tax asset related to the current year activity from the time of the Distribution. As part of the Distribution, MSG Networks is responsible for paying taxes on approximately $348,000 of deferred revenue from ticket sales, sponsorship and suite rentals collected in advance related to the Company's business. This initially created a deferred tax asset on which the Company recorded a full valuation allowance at the time of the Distribution as it was more likely than not that the deferred tax asset would not be realized. The tax effects of temporary differences which give rise to significant portions of the deferred tax assets and liabilities at June 30, 2016 and 2015 are as follows: June 30, 2016 2015 Deferred tax asset: Net operating loss carryforwards $ 109,074 $ 104,279 Tax credit carryforwards 426 15,965 Accrued employee benefits 92,799 99,510 Accrued expenses 32,605 25,983 Restricted stock and stock options 15,556 11,784 Other 9,263 9,740 Total deferred tax assets $ 259,723 $ 267,261 Less valuation allowance (190,602 ) (171,336 ) Net deferred tax assets $ 69,121 $ 95,925 Deferred tax liabilities: Intangible and other assets $ (199,308 ) $ (201,479 ) Property and equipment (25,364 ) (43,055 ) Deferred production costs (4,898 ) (15,526 ) Prepaid expenses (9,248 ) (8,601 ) Investments (24,886 ) (21,548 ) Total deferred tax liabilities $ (263,704 ) $ (290,209 ) Net deferred tax liability (a) (b) $ (194,583 ) $ (194,284 ) _________________ (a) Net deferred tax liability is presented net of current deferred tax assets of $12,660 as of June 30, 2015 . Current deferred tax assets are recorded in other current assets in the accompanying combined balance sheets as of June 30, 2015 . (b) For the balance sheet presentation as of June 30, 2016, the Company applies ASU No. 2015-17 and classify all deferred tax assets and liabilities as non-current. See “Note 2 . Summary of Significant Accounting Policies — Recently Adopted Accounting Pronouncement ” for further details about the adoption of ASU No. 2015-17 . In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax asset will not be realized. The Company’s ability to realize its deferred tax assets depends upon the generation of sufficient future taxable income to allow for the utilization of its deductible temporary differences carryforwards. At this time, based on current facts and circumstances, management believes that it is not more likely than not that the Company will realize the benefit for its net deferred tax asset excluding the deferred tax liability on indefinite lived intangibles, and a valuation allowance has been recorded on the same. Presenting the income tax expense and deferred taxes on a separate return basis results in the creation of net operating loss carryforwards reflected in the net deferred tax liability for the period beginning June 30, 2012 and ended June 30, 2015. For periods subsequent to the Distribution date, these net operating loss and tax credit carryforwards reflect amounts generated by the stand-alone Company beginning with the Distribution date. The federal and state income tax net operating loss carryforwards of $239,000 and $258,000 , respectively will primarily expire in 2036 . The expected benefit from these net operating loss carryforwards is recorded as a deferred tax asset of $109,074 . At this time, based on current facts and circumstances, management believes that it is not more likely than not that the Company will realize the benefit for its federal and state net operating loss deferred tax asset, therefore a full valuation allowance has been recorded. The operations of the Company were included in the consolidated federal income tax returns of MSG Networks for all periods prior to the Distribution date. Such inclusion results in utilization of losses each year to offset the taxable income of other members in MSG Networks’ federal consolidated group that are not included in these financial statements. Subsequent to the Distribution, any net operating losses generated by the Company are included as a deferred tax asset. The Company does not have any recorded unrecognized tax benefit for uncertain tax positions as of June 30, 2016 and 2015 . |
Segment Information
Segment Information | 12 Months Ended |
Jun. 30, 2016 | |
Segment Reporting [Abstract] | |
Segment Information | The Company is comprised of two reportable segments: MSG Entertainment and MSG Sports. In determining its reportable segments, the Company assessed the guidance of ASC 280-10-50-1, which provides the definition of an operating segment. The Company has evaluated this guidance and determined that there are two reportable segments based upon the information provided to its chief operating decision maker. The Company allocates certain corporate costs to each of its reportable segments. In addition, the Company allocates its venue operating expenses to each of its reportable 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 evaluates segment performance based on several factors, of which the key financial measure is their operating income (loss) before (i) depreciation, amortization and impairments of property and equipment and intangible assets, (ii) share-based compensation expense or benefit, (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), the most directly comparable GAAP financial measure. Information as to the operations of the Company’s reportable segments is set forth below. Year ended June 30, 2016 MSG Entertainment MSG Sports All Other Total Revenues $ 415,390 $ 699,062 $ 859 $ 1,115,311 Direct operating expenses 341,637 (a) 396,220 — 737,857 Selling, general and administrative expenses 96,204 182,131 55,268 (b) 333,603 Add back: share-based compensation expense 7,870 10,316 6,290 24,476 AOCF (14,581 ) 131,027 (48,119 ) 68,327 Depreciation and amortization 9,884 10,957 81,641 (c) 102,482 Share-based compensation expense 7,870 10,316 6,290 24,476 Operating income (loss) $ (32,335 ) $ 109,754 $ (136,050 ) $ (58,631 ) Loss in equity method investments (19,099 ) Interest income 6,782 Interest expense (2,028 ) Miscellaneous expense (d) (4,017 ) Loss from operations before income taxes $ (76,993 ) Other information: Capital expenditures $ 4,974 $ 4,578 $ 62,164 (e) $ 71,716 Year ended June 30, 2015 MSG Entertainment MSG Sports All Other Total Revenues $ 414,161 $ 656,683 $ 707 $ 1,071,551 Direct operating expenses 307,373 417,508 — 724,881 Selling, general and administrative expenses 69,215 144,770 24,333 (b) 238,318 Add back: share-based compensation expense 3,616 3,601 3,089 (f) 10,306 AOCF 41,189 98,006 (20,537 ) 118,658 Depreciation and amortization 10,321 19,089 79,348 (c) 108,758 Share-based compensation expense 3,616 3,601 3,089 10,306 Operating income (loss) $ 27,252 $ 75,316 $ (102,974 ) $ (406 ) Loss in equity method investments (40,590 ) Interest income 3,056 Interest expense (2,498 ) Miscellaneous income 190 Loss from operations before income taxes $ (40,248 ) Other information: Capital expenditures $ 5,665 $ 4,513 $ 53,905 (e) $ 64,083 Year ended June 30, 2014 MSG Entertainment MSG Sports All Other Total Revenues $ 300,998 $ 612,071 $ 546 $ 913,615 Direct operating expenses 233,116 481,713 (4 ) 714,825 Selling, general and administrative expenses 68,036 129,986 23,087 221,109 Add back: share-based compensation expense 4,397 5,606 3,695 (f) 13,698 AOCF 4,243 5,978 (18,842 ) (8,621 ) Depreciation and amortization 9,900 12,225 69,584 (c) 91,709 Share-based compensation expense 4,397 5,606 3,695 13,698 Operating loss $ (10,054 ) $ (11,853 ) $ (92,121 ) $ (114,028 ) Loss in equity method investments (1,323 ) Interest income 1,548 Interest expense (1,528 ) Miscellaneous income 95 Loss from operations before income taxes $ (115,236 ) Other information: Capital expenditures $ 6,130 $ 4,674 $ 294,062 (e) $ 304,866 _________________ (a) MSG Entertainment’s direct operating expenses for the year ended June 30, 2016 include a $41,816 write-off of deferred production costs due to the creative decision to not include certain prior scenes in the production now called the New York Spectacular Starring the Radio City Rockettes . (b) Consists of unallocated corporate general and administrative costs. Corporate general and administrative costs for the year ended June 30, 2016 include approximately $6,900 of reorganization costs which primarily consist of severance and related benefits. Such costs are expected to be paid during fiscal year 2017. (c) Principally includes depreciation and amortization expense on The Garden, The Theater at Madison Square Garden, the Forum, and certain corporate property, equipment and leasehold improvement assets not allocated to the Company’s reportable segments. (d) Miscellaneous expenses for the year ended June 30, 2016 primarily include partial write-down of one of the Company’s cost method investments (see Note 4 ). (e) Capital expenditures for the year ended June 30, 2016 are primarily associated with the purchase of a new aircraft, as well as certain investments with respect to The Garden. Capital expenditures for the years ended June 30, 2015 and 2014 are primarily associated with certain investments with respect to The Garden and the Forum. (f) The amounts for the years ended June 30, 2015 and 2014 include executive management transition costs. The table below sets forth, for the periods presented, the Company’s consolidated revenues for the year ended June 30, 2016 and combined revenues for the years ended June 30, 2015 and 2014 by component. Years Ended June 30, 2016 2015 2014 Revenues Event-related revenues (a) $ 834,213 $ 816,300 $ 680,909 Media rights revenues (b) 179,816 129,081 118,051 Advertising sales commission, sponsorship and signage revenues (c) 68,661 50,451 38,908 All other revenues (d) 32,621 75,719 75,747 $ 1,115,311 $ 1,071,551 $ 913,615 _________________ (a) Primarily consists of professional sports teams’, entertainment and other live sporting events revenue. These amounts include ticket sales, other ticket-related revenue, food, beverage and merchandise sales, venue license fees, and event-related sponsorship and signage revenues. (b) Primarily consists of telecast rights fees from MSG Networks and the Company’s share of league distributions. (c) Amounts exclude event-related sponsorship and signage revenues. (d) Primarily consists of playoff revenue, which includes ticket sales, food, beverage and merchandise sales, and suite rental fees. 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 (Notes)
Concentration of Risk (Notes) | 12 Months Ended |
Jun. 30, 2016 | |
Risks and Uncertainties [Abstract] | |
Concentration Risk Disclosure [Text Block] | Concentrations of Risk Financial instruments that may potentially subject the Company to a concentration of credit risk consist primarily of cash and cash equivalents and accounts receivable. Cash and cash equivalents are invested in commercial paper , money market accounts and time deposits . The Company monitors the financial institutions and money market funds where it invests its cash and cash equivalents with diversification among counterparties to mitigate exposure to any single financial institution. The Company’s emphasis is primarily on safety of principal and liquidity and secondarily on maximizing the yield on its investments. The following individual non-affiliated customers accounted for the following percentages of the Company’s consolidated accounts receivable balances: June 30, 2016 2015 Customer A 14 % 20 % Customer B 4 % 11 % The Company did not have a single non-affiliated customer that represented 10% or more of its consolidated revenues for the years ended June 30, 2016 , 2015 and 2014 . Revenues from MSG Networks amounted to $144,947 , $80,999 and $72,535 for the years ended June 30, 2016 , 2015 and 2014 , which represent 13% , 8% and 8% , respectively, of the Company’s consolidated revenues (see Note 12 ). As of June 30, 2016 , approximately 6,000 full-time and part-time employees, who represent a substantial portion of the Company’s workforce, are subject to CBAs. Approximately 6% are subject to CBAs that expired as of June 30, 2016 and approximately 55% are subject to CBAs that will expire by June 30, 2017 if they are not extended prior thereto. |
Interim Financial Information (
Interim Financial Information (Notes) | 12 Months Ended |
Jun. 30, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information [Text Block] | Interim Financial Information (Unaudited) The following is a summary of the Company's selected quarterly financial data for the years ended June 30, 2016 and 2015 : Three Months Ended Year ended June 30, 2016 September 30, December 31, March 31, June 30, 2015 2015 2016 2016 Revenues $ 150,381 $ 410,838 $ 336,328 $ 217,764 $ 1,115,311 Operating expenses 154,958 361,799 393,264 263,921 1,173,942 Operating income (loss) $ (4,577 ) $ 49,039 $ (56,936 ) $ (46,157 ) $ (58,631 ) Net income (loss) $ (1,603 ) $ 43,488 $ (60,756 ) $ (58,419 ) $ (77,290 ) Basic earnings (loss) per common share $ (0.06 ) $ 1.74 $ (2.47 ) $ (2.39 ) $ (3.12 ) Diluted earnings (loss) per common share $ (0.06 ) $ 1.74 $ (2.47 ) $ (2.39 ) $ (3.12 ) Three Months Ended Year ended June 30, 2015 September 30, December 31, March 31, June 30, 2014 2014 2015 2015 Revenues $ 118,916 $ 396,814 $ 300,856 $ 254,965 $ 1,071,551 Operating expenses 153,976 356,895 310,440 250,646 1,071,957 Operating income (loss) $ (35,060 ) $ 39,919 $ (9,584 ) $ 4,319 $ (406 ) Net income (loss) $ (37,730 ) $ 9,636 $ (11,471 ) $ (1,119 ) $ (40,684 ) Basic earnings (loss) per common share $ (1.51 ) $ 0.39 $ (0.46 ) $ (0.04 ) $ (1.63 ) Diluted earnings (loss) per common share $ (1.51 ) $ 0.39 $ (0.46 ) $ (0.04 ) $ (1.63 ) |
Schedule of Valuation and Quali
Schedule of Valuation and Qualifying Accounts | 12 Months Ended |
Jun. 30, 2016 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS (in thousands) (Additions) / Deductions Balance at Beginning of Period Charged to Costs and Expenses Charged to Other Accounts Deductions Balance at End of Period Year ended June 30, 2016 Allowance for doubtful accounts $ (467 ) $ (31 ) $ (914 ) (a) $ 130 $ (1,282 ) Deferred tax valuation allowance (171,336 ) (31,301 ) — 12,035 (b) (190,602 ) $ (171,803 ) $ (31,332 ) $ (914 ) $ 12,165 $ (191,884 ) Year ended June 30, 2015 Allowance for doubtful accounts $ (537 ) $ (58 ) $ — $ 128 $ (467 ) Deferred tax valuation allowance (182,378 ) (16,260 ) — 27,302 (c) (171,336 ) $ (182,915 ) $ (16,318 ) $ — $ 27,430 $ (171,803 ) Year ended June 30, 2014 Allowance for doubtful accounts $ (605 ) $ 21 $ — $ 47 $ (537 ) Deferred tax valuation allowance (118,649 ) (58,846 ) (4,883 ) — (182,378 ) $ (119,254 ) $ (58,825 ) $ (4,883 ) $ 47 $ (182,915 ) _____________________________ (a) The increase was primarily due to a balance transfer made in connection with the Distribution. (b) Net decrease in valuation allowance represents $15,613 for pre-Distribution activity partially offset by $3,578 recorded to accumulated other comprehensive income. (c) Net decrease in valuation allowance represents $29,189 for the transfer of an equity interest in Fuse Media, LLC from MSG Networks to the Company that has a different basis for financial reporting and tax purposes, partially offset by $1,887 recorded to accumulated other comprehensive income. |
Accounting Policies (Policies)
Accounting Policies (Policies) | 12 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Principles of Consolidation and Combination | Principles of Consolidation and Combination For the periods prior to the Distribution, the financial statements include certain assets and liabilities that were historically held at Former Parent’s corporate level but were specifically identifiable or otherwise attributable to the Company. All intercompany transactions between the Company and Former Parent have been included in the combined financial statements as components of MSG Networks’ investment. All significant intracompany transactions and accounts within the Company's consolidated and combined financial statements have been eliminated. Expenses related to corporate allocations prior to the Distribution were considered to be effectively settled in the combined financial statements at the time the transaction was recorded, with the offset recorded against MSG Networks’ investment. |
Use of Estimates | Use of Estimates The preparation of the accompanying 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, investments, 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 financial statements to be reasonable. Management evaluates its estimates on an ongoing basis using historical experience and other factors, including the general economic environment and actions it may take in the future. The Company adjusts such estimates when facts and circumstances dictate. However, these estimates may involve significant uncertainties and judgments and cannot be determined with precision. In addition, these estimates are based on management’s best judgment at a point in time and as such these estimates may ultimately differ from actual results. Changes in estimates resulting from weakness in the economic environment or other factors beyond the Company’s control could be material and would be reflected in the Company’s financial statements in future periods. |
Revenue Recognition, General | Revenue Recognition The Company recognizes revenue when the following conditions are satisfied: (a) persuasive evidence of a sales arrangement exists, (b) delivery occurs or services are rendered, (c) the sales price is fixed or determinable and (d) collectability is reasonably assured. Revenue recognition from the Company’s various revenue sources is discussed further in each respective segment’s revenue recognition policies below. MSG Entertainment The Company’s MSG Entertainment segment earns revenues from the sale of tickets for events that the Company produces or promotes/co-promotes. In addition, for entertainment events held at the Company’s venues that MSG Entertainment does not produce or promote/co-promote, revenues are earned from venue license fees charged to the third-party promoters of the event. Event-related revenues from the sale of tickets, venue license fees from third-party promoters, sponsorships, concessions and merchandise are recognized when the event occurs. Amounts collected in advance of an event are recorded as deferred revenue and are recognized as revenues when earned. Deferred revenue reported in the accompanying consolidated and combined balance sheets as of June 30, 2016 and 2015 includes amounts due to the third-party promoters of $45,877 and $37,987 , respectively. Revenues from the sale of advertising in the form of venue signage and sponsorships, which are not related to any specific event, are recorded and recognized ratably over the period of benefit of the respective agreements. Revenues from the rental of The Garden’s suites are recognized ratably over the period of benefit of the respective agreements for the benefit of both of the Company’s segments. MSG Sports The Knicks, Rangers and Liberty derive revenues principally from ticket sales and distributions of league-wide national and international television contracts and other league-wide revenue sources, which are recognized over the respective team’s season. Event-related revenues from other live sporting events, including the sale of tickets, venue license fees earned in connection with other live sporting events that the Company does not produce or promote, sponsorships, concessions and merchandise are recognized when the event occurs. Amounts collected in advance of an event are recorded as deferred revenue and are recognized as revenues when earned. Local media rights revenue recognized by MSG Sports for the licensing of team-related programming to MSG Networks is generally recognized on a straight-line basis over the fiscal year. Revenues from the sale of advertising in the form of venue signage and sponsorships, which are not related to any specific event, are recognized ratably over the period of benefit of the respective agreements. Revenues from the rental of The Garden’s suites are recognized ratably over the period of benefit of the respective agreements for the benefit of both of the Company’s segments. |
Revenue Recognition, Multiple-Deliverable Transactions | Multiple-Deliverable Transactions The Company enters into multiple-deliverable arrangements, primarily multi-year sponsorship agreements. The deliverables included in each sponsorship agreement vary and may include suite licenses, event tickets and various advertising benefits, which include items such as, but not limited to, signage at The Garden and the Company’s other venues. The timing of revenue recognition for each deliverable is dependent upon meeting the revenue recognition criteria for the respective deliverable. The Company allocates revenue to each deliverable within the arrangement based on its relative selling price. For many deliverables in an arrangement, such as event tickets and certain advertising benefits, the Company has vendor specific objective evidence (“VSOE”) of selling price as it typically sells the same or similar deliverables regularly on a stand-alone basis. Absent VSOE, the Company considers whether third party evidence (“TPE”) is available; however, in most instances TPE is not available. The Company’s process for determining its estimated selling prices for deliverables without VSOE or TPE involves management’s judgment and considers multiple factors including company specific and market specific factors that may vary depending upon the unique facts and circumstances related to each deliverable. Key factors considered by the Company in developing a best estimate of selling price for deliverables include, but are not limited to, prices charged for similar deliverables, the Company’s ongoing pricing strategy and policies, and consideration of pricing of similar deliverables sold in other multiple-deliverable agreements. |
Revenue Recognition, Gross versus Net Revenue Recognition | Gross versus Net Revenue Recognition The Company reports revenue on a gross or net basis based on management’s assessment of whether the Company acts as a principal or agent in the transaction. To the extent the Company acts as the principal, revenue is reported on a gross basis. The determination of whether the Company acts as a principal or an agent in a transaction is based on an evaluation of several qualitative factors, including for co-promotions where the Company has a 50% or lower economic interest. Generally, when the Company is the promoter or co-promoter of an event the Company reports revenue on a gross basis. When the Company acts as an agent, revenue is reported on a net basis. The Company accounts for taxes collected from customers and remitted to governmental authorities on a net basis and excludes these amounts from revenues. In connection with the Distribution, the Company entered into an advertising sales representation agreement with MSG Networks. Pursuant to the agreement, the Company has the exclusive right and obligation to sell advertising availabilities of MSG Networks . The Company is entitled to and earns commission revenue as MSG Networks records advertising revenue, which is typically recognized when the advertisements are aired. The Company recognizes the advertising commission revenue on a net basis in accordance with ASC 605-45. |
Nonmonetary Transactions | Nonmonetary Transactions The Company enters into nonmonetary transactions that involve the exchange of goods or services, such as advertising and promotional benefits as well as tickets, for other goods or services. Such transactions are measured and recorded at the fair value of the goods or services surrendered unless the goods or services received have a more readily determinable fair value. In addition, the Company enters into other monetary transactions in which nonmonetary consideration is also included and the entire transaction is recorded at fair value. If the fair values cannot be determined for either the asset(s) surrendered or received within reasonable limits, then the nonmonetary transaction is measured and recorded at the book value of the item(s) surrendered, which typically is zero. |
Direct Operating Expenses | Direct Operating Expenses Direct operating expenses include, but are not limited to, compensation expense for the Company’s professional sports teams’ players and certain other team personnel, as well as NBA luxury tax, NBA and NHL revenue sharing and league assessments for the MSG Sports segment; event costs related to the presentation and production of the Company’s live entertainment and sporting events; and venue lease, maintenance and other operating expenses. Player Costs and Other Team Personnel Transactions, NBA Luxury Tax, Escrow System/Revenue Sharing and League Assessments for the MSG Sports Segment Player Costs and Other Team Personnel Transactions Costs incurred to acquire player contracts, including signing bonuses, are deferred and amortized over the applicable NBA or NHL regular season on a straight-line basis over the fixed contract period of the respective player. The NBA and NHL seasons are typically from November through April and October through April, respectively. Player salaries are also expensed over the applicable NBA, NHL or WNBA regular season typically on a straight-line basis. In certain player contracts the annual contractual salary amounts (including any applicable signing bonuses) may fluctuate such that expensing the salary for the entire contract on a straight-line basis over each regular season more appropriately reflects the economic benefit of the services provided. In instances where a player sustains what is deemed to be a season-ending or career-ending injury, a provision is recorded, when that determination can be reasonably made, for the remainder of the player’s seasonal or contractual salary and related costs, together with any associated NBA luxury tax, net of any anticipated insurance recoveries. When players are traded, waived or contracts are terminated, any remaining unamortized signing bonuses are expensed to current operations. Amounts due to these individuals are generally paid over their remaining contract terms. Team personnel contract termination costs are recognized in the period in which those events occur. See Note 3 for further discussion of significant team personnel transactions. The NBA and NHL each have collective bargaining agreements (each a “CBA”) with the respective league’s players association, to which the Company is subject. The NBA CBA expires after the 2020-21 season (although the NBA and the National Basketball Players Association (“NBPA”) each have the right to terminate the CBA following the 2016-17 season). The NHL CBA expires on September 15, 2022 (although the NHL and National Hockey League Players’ Association each have the right to terminate the CBA following the 2019-20 season). The NBA CBA contains a “soft” salary cap (i.e., a cap on each team’s aggregate player salaries but with certain exceptions that enable teams to pay more, sometimes substantially more, than the cap). The NHL CBA provides for a “hard” salary cap (i.e., teams may not exceed a stated maximum that has been negotiated for the 2013-14 season and is adjusted each season thereafter based upon league-wide revenues). NBA Luxury Tax Amounts in this paragraph are in thousands, except for luxury tax rates. The NBA CBA provides for a luxury tax that is applicable to all teams with aggregate player salaries exceeding a threshold that is set prior to each season based upon projected league-wide revenues (as defined under the CBA). The luxury tax rates for teams with aggregate player salaries above such threshold start at $1.50 for each $1.00 of team salary above the threshold up to $5,000 and scale up to $3.25 for each $1.00 of team salary that is from $15,000 to $20,000 over the threshold, and an additional tax rate increment of $0.50 applies for each additional $5,000 (or part thereof) of team salary in excess of $20,000 over the threshold. In addition, for teams that are taxpayers in at least four of any five seasons beginning in 2011-12, the above tax rates are increased by $1.00 for each increment. Fifty percent of the aggregate luxury tax payments is a funding source for the revenue sharing plan and the remaining 50% of such payments is distributed in equal shares to non-taxpaying teams. The Company recognizes the estimated amount associated with luxury tax expense or the amount it expects to receive as a non-tax paying team, if applicable, on a straight-line basis over the NBA regular season as a component of direct operating expenses. NBA and NHL Escrow System/Revenue Sharing The NBA CBA also provides that players collectively receive a designated percentage of league-wide revenues (net of certain direct expenses) as compensation (approximately 51%), and the teams retain the remainder. The percentage of league-wide revenues paid as compensation and retained by the teams does not apply evenly across all teams and accordingly the Company may pay its players a higher or lower percentage of the Knicks’ revenues than other NBA teams. Throughout each season, NBA teams withhold 10% of each player’s salary and contribute the withheld amounts to an escrow account. If the league’s aggregate player compensation exceeds the designated percentage of league-wide revenues, some or all of such escrowed amounts are distributed equally to all NBA teams. In the event that the league’s aggregate player compensation is below the designated percentage of league-wide revenues, the teams will remit the shortfall to the NBPA for distribution to the players. The NBA also has a revenue sharing plan that generally requires the distribution of a pool of funds to teams with below-average net revenues (as defined in the plan), subject to reduction or elimination based on individual team market size and profitability. The plan is funded by a combination of disproportionate contributions from teams with above-average net revenues, subject to certain profit-based limits (each as defined in the plan); 50% of aggregate league-wide luxury tax proceeds; and collective league sources, if necessary. Additional amounts may also be distributed on a discretionary basis, funded by assessments on playoff ticket revenues and through collective league sources. The NHL CBA provides that each season the players receive as player compensation 50% of that season’s league-wide revenues, excluding the impact of agreed-upon aggregate transition payments of $300,000 to be paid on a deferred basis over three years beginning in 2014. Because the aggregate amount to be paid to the players is based upon league-wide revenues and not on a team-by-team basis, the Company may pay its players a higher or lower percentage of the Rangers’ revenues than other NHL teams pay of their own revenues. In order to implement the salary cap system, NHL teams withhold a portion of each player’s salary and contribute the withheld amounts to an escrow account. If the league’s aggregate player compensation for a season exceeds the designated percentage (50%) of that season’s league-wide revenues, the excess is retained by the league. Any excess funds will be distributed by the NHL to all teams in equal shares. The NHL CBA provides for a revenue sharing plan which generally requires the distribution of a pool of funds approximating 6.055% of league-wide revenues to certain qualifying lower-revenue teams. Under the NHL CBA, the pool is funded as follows: (a) 50% from contributions by the top ten revenue earning teams (based on pre-season and regular season revenues) in accordance with a formula; (b) then from payments by teams participating in the playoffs, with each team contributing 35% of its gate receipts for each home playoff game; and (c) the remainder from centrally-generated NHL sources. The Rangers are consistently among the top ten revenue teams and, accordingly, have consistently contributed to the top ten revenue teams component of the plan. The Company recognizes the amount of its estimated revenue sharing expense associated with the pre-season and regular season, net of the amount the Company expects to receive from the escrow, on a straight-line basis over the applicable NBA and NHL seasons as a component of direct operating expenses. In years when the Knicks or Rangers participate in the playoffs, the Company recognizes its estimate of the playoff revenue sharing contribution in the periods when the playoffs occur. League Assessments As members of the NBA and NHL, the Knicks and Rangers, respectively, are also subject to annual league assessments. The governing bodies of each league determine the amount of each season’s league assessments that are required from each member team. The Company recognizes its teams’ estimated league assessments on a straight-line basis over the applicable NBA or NHL season. Production Costs for the MSG Entertainment Segment The Company defers certain costs of productions such as creative design, scenery, wardrobes, rehearsal and other related costs for the Company’s proprietary shows. Deferred production costs are amortized on a straight-line basis over the course of a production’s performance period using the expected life of a show’s assets, which generally ranges from 5 to 15 years. Deferred production costs are subject to recoverability assessments whenever there is an indication of potential impairment. During the third quarter of fiscal year 2016, the Company recorded a $41,816 write-off of deferred production costs due to the creative decision to not include certain prior scenes in the production now called the New York Spectacular Starring the Radio City Rockettes . The Company has approximately $43,083 and $79,808 of net deferred production costs recorded within other current assets and other assets in the accompanying consolidated and combined balance sheets as of June 30, 2016 and 2015 , respectively. Of these amounts, approximately $37,433 and $70,065 are the net deferred production costs associated with the New York Spectacular Starring the Radio City Rockettes as of June 30, 2016 and 2015 , respectively. |
Advertising Expenses | Advertising Expenses Advertising costs are typically charged to expense when incurred, however, advertising for productions and other live entertainment events are generally deferred within interim periods and expensed over the run of the show, but by no later than the end of the fiscal year. Total advertising costs classified in direct operating and selling, general and administrative expenses were $20,834 , $27,220 and $24,800 for the years ended June 30, 2016 , 2015 and 2014 , respectively. |
Income Taxes | Income Taxes The Company accounts for income taxes in accordance with ASC 740, Income Taxes (“ASC 740”). For the periods before the Distribution, income taxes as presented herein attribute current and deferred income taxes of MSG Networks to the Company’s stand-alone financial statements in a manner that is systematic, rational, and consistent with the asset and liability method prescribed by ASC 740. Accordingly, the Company’s income tax provision was prepared following the separate return method. The separate return method applies ASC 740 to the stand-alone financial statements of each member of the combined group as if the group member were a separate taxpayer and the benefits of a consolidated return have been reflected where such returns have or could be filed based on the entities’ jurisdictions included in the combined financial statements. As a result, actual tax transactions included in the consolidated financial statements of MSG Networks may not be included in the combined financial statements. Similarly, the tax treatment of certain items reflected in the combined financial statements may not be reflected in the consolidated financial statements and tax returns of MSG Networks. Therefore, portions of items such as net operating losses, credit carryforwards, other deferred taxes, uncertain tax positions and valuation allowances may exist in the combined financial statements that may or may not exist in MSG Networks’ consolidated financial statements. Because the Company’s operations prior to the Distribution were included in MSG Networks’ tax returns, payments to certain tax authorities were made by MSG Networks, and not by the Company. The Company only maintains taxes payable to/from the taxing authorities for legal entities that are fully-dedicated to the Company's business. The Company did not maintain taxes payable to/from MSG Networks and the payments were deemed to settle the annual current tax payable balances immediately with the legal entities paying the tax in the respective jurisdictions through changes in MSG Networks’ investment. For the periods after the Distribution, the Company’s provision for income taxes is based on current period income, changes in deferred tax assets and liabilities and changes in estimates with regard to uncertain tax positions. Deferred tax assets are subject to an ongoing assessment of realizability. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax asset will not be realized. The Company’s ability to realize its deferred tax assets depends upon the generation of sufficient future taxable income to allow for the realization of its deductible temporary differences. If such estimates and related assumptions change in the future, the Company may be required to record valuation allowances against its deferred tax assets, resulting in additional income tax expense in the Company’s consolidated statements of operations. Interest and penalties, if any, associated with uncertain tax positions are included in income tax expense. The Company accounts for investment tax credits using the “flow-through” method, under which the tax benefit generated from an investment tax credit is recorded in the period the credit is generated. |
Share-based Compensation | Share-based Compensation Prior to Distribution, the Company’s employees participated in MSG Networks’ share-based compensation plans. Share-based compensation expense has been attributed to the Company based on the awards and terms previously granted to MSG Networks’ employees. For purposes of the combined financial statements, an allocation of share-based compensation expense related to corporate employees was recorded in addition to the expense attributed to the Company’s direct employees. The allocated expense includes both directors and corporate executives of MSG Networks, allocated using a proportional allocation method which management has deemed to be reasonable. Following the Distribution, the Company measures the cost of employee services received in exchange for an award of equity-based instruments based on the grant date fair value of the award. Share-based compensation cost is recognized in earnings (net of estimated forfeitures) over the period during which an employee is required to provide service in exchange for the award, except for restricted stock units granted to non-employee directors which, unless otherwise provided under the applicable award agreement, are fully vested, and are expensed at the grant date. The Company estimates forfeitures based upon historical experience and its expectations regarding future vesting of awards. To the extent actual forfeitures are different from the Company’s estimates, share-based compensation is adjusted accordingly. |
Earnings (Loss) Per Common Share | Earnings (Loss) Per Common Share Basic earnings (loss) per common share (“EPS”) is based upon net income (loss) available to common stockholders divided by the weighted-average number of common shares outstanding during the period. Following the Distribution, the Company had 24,928 common shares outstanding on September 30, 2015. This amount has been utilized to calculate EPS for the periods prior to the Distribution as no Madison Square Garden common stock or equity-based awards were outstanding prior to September 30, 2015. The dilutive effect of the Company’s share-based compensation awards issued in connection with the Distribution is included in the computation of diluted EPS in the periods subsequent to the Distribution, when applicable. Diluted EPS reflects the effect of the assumed vesting of restricted stock units and exercise of stock options (see Note 10 ) only in the periods in which such effect would have been dilutive. For the periods when a net loss is reported, the computation of diluted loss per common share equals the basic loss per common share calculation since common stock equivalents were antidilutive due to losses from continuing operations. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers the balance of its investment in funds that substantially hold highly liquid securities that mature within three months or less from the date the fund purchases these securities to be cash equivalents. The carrying amount of cash and cash equivalents either approximates fair value due to the short-term maturity of these instruments or is at fair value. Checks outstanding in excess of related book balances are included in accounts payable in the accompanying combined balance sheets. The Company presents the change in these book cash overdrafts as cash flows from operating activities. |
Restricted Cash | Restricted Cash Restricted cash includes cash required to be withheld from player salaries and deposited in an escrow account which is in the name of the Company pursuant to the NHL CBA. The escrow account will be distributed subsequent to the end of the season to the players and NHL teams based on the provisions of the NHL CBA. The carrying amount of restricted cash approximates fair value due to the short-term maturity of these instruments. Changes in restricted cash are reflected in cash flows from either operating or investing activities, depending on the circumstances to which the changes in the underlying restricted cash relate. |
Accounts Receivable | Accounts Receivable Accounts receivable is recorded at net realizable value. The Company maintains an allowance for doubtful accounts to reserve for potentially uncollectible receivables. The allowance for doubtful accounts is estimated based on the Company’s analysis of receivables aging, specific identification of certain receivables that are at risk of not being paid, past collection experience and other factors. The Company’s allowance for doubtful accounts was $1,282 and $467 as of June 30, 2016 and 2015 , respectively. The increase was primarily due to a balance transfer made in connection with the Distribution. |
Investments in and Loans to Nonconsolidated Affiliates | Investments in and Loans to Nonconsolidated Affiliates The Company’s investments in nonconsolidated affiliates are primarily accounted for using the equity method of accounting and are carried at cost, plus or minus the Company’s share of net earnings or losses of the investment, subject to certain other adjustments. The cost of equity method investments includes transaction costs of the acquisition. As required by GAAP, to the extent that there is a basis difference between the cost and the underlying equity in the net assets of an equity investment, companies are required to allocate such differences between tangible and intangible assets. The Company’s share of net earnings or losses of the investment, inclusive of amortization expense for intangible assets associated with the investment, is reflected in equity in earnings (loss) of nonconsolidated affiliates on the Company’s combined statements of operations. Dividends received from the investee reduce the carrying amount of the investment. Due to the timing of receiving financial information from its nonconsolidated affiliates, the Company records its share of net earnings or losses of such affiliates on a three-month lag basis, with the exception of the amortization expense of intangible assets which are recorded currently. In addition to the equity method investments, the Company also has other investments accounted for under the cost method of accounting. The Company also provides revolving credit facilities to certain of its nonconsolidated affiliates. The outstanding loan balances, including accrued interest, are reflected in investments in and loans to nonconsolidated affiliates in the accompanying consolidated and combined balance sheets. Interest income on the outstanding loan balances and related facility fees are recorded currently and are reflected in interest income in the accompanying consolidated and combined statements of operations. Impairment of Investments The Company reviews its investments at least quarterly to determine whether a decline in fair value below the cost basis is other-than-temporary. The primary factors the Company considers in its determination are the length of time that the fair value of the investment is below the Company’s carrying value; future prospects of the investee; and the Company’s intent and ability to hold the security for a period of time sufficient to allow for any anticipated recovery in fair value. In addition, the Company considers other factors such as general market conditions, industry conditions, and analysts’ ratings. If the decline in fair value is deemed to be other-than-temporary, the cost basis of the investment is written down to fair value and the loss is realized as a component of net income. See Note 4 for further discussion of impairments of investments. |
Long Lived and Indefinite Lived Assets | Long-Lived and Indefinite-Lived Assets The Company’s long-lived and indefinite-lived assets consist of property and equipment, goodwill, indefinite-lived intangible assets and amortizable intangible assets. Property and equipment is stated at cost. Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets or, with respect to leasehold improvements, amortized over the shorter of the lease term or the asset’s estimated useful life. The useful lives of the Company’s long-lived assets are based on estimates of the period over which the Company expects the assets to be of economic benefit to the Company. In estimating the useful lives the Company considers factors such as, but not limited to, risk of obsolescence, anticipated use, plans of the Company, and applicable laws and permit requirements. In July 2013, the permit for The Garden was renewed for ten years and these financial statements have been prepared assuming further renewal of that permit. Identifiable intangible assets with finite useful lives are amortized on a straight-line basis over their respective estimated useful lives. Goodwill and identifiable intangible assets that have indefinite useful lives are not amortized. Impairment of Long-Lived and Indefinite-Lived Assets In assessing the recoverability of the Company’s long-lived and indefinite-lived assets, the Company must make estimates and assumptions regarding future cash flows and other factors to determine the fair value of the respective assets. These estimates and assumptions could have a significant impact on whether an impairment charge is recognized and also the magnitude of any such charge. Fair value estimates are made at a specific point in time, based on relevant information. These estimates are subjective in nature and involve significant uncertainties and judgments and therefore cannot be determined with precision. Changes in assumptions could significantly affect the estimates. If these estimates or material related assumptions change in the future, the Company may be required to record impairment charges related to its long-lived and/or indefinite-lived assets. Goodwill is tested annually for impairment as of August 31 st and at any time upon the occurrence of certain events or substantive changes in circumstances. The Company has the option to perform a qualitative assessment to determine if an impairment is more likely than not to have occurred. If the Company can support the conclusion that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, the Company would not need to perform the two-step impairment test for that reporting unit. If the Company cannot support such a conclusion or the Company does not elect to perform the qualitative assessment then the first step of the goodwill impairment test is used to identify potential impairment by comparing the fair value of a reporting unit with its carrying amount, including goodwill. The Company generally determines the fair value of a reporting unit using an income approach, such as the discounted cash flow method, in instances when it does not perform the qualitative assessment of goodwill. If the carrying amount of a reporting unit exceeds its fair value, the second step of the goodwill impairment test is performed to measure the amount of impairment loss, if any. The second step of the goodwill impairment test compares the implied fair value of the reporting unit’s goodwill with the carrying amount of that goodwill. If the carrying amount of the reporting unit’s goodwill exceeds the implied fair value of that goodwill, an impairment loss is recognized in an amount equal to that excess. The implied fair value of goodwill is determined in the same manner as the amount of goodwill that would be recognized in a business combination. The Company’s two reporting units for evaluating goodwill impairment are the same as its reportable segments, and both of them have goodwill. Identifiable indefinite-lived intangible assets are tested annually for impairment as of August 31 st and at any time upon the occurrence of certain events or substantive changes in circumstances. The Company has the option to perform a qualitative assessment to determine if an impairment is more likely than not to have occurred. In the qualitative assessment, the Company must evaluate the totality of qualitative factors, including any recent fair value measurements, that impact whether an indefinite-lived intangible asset other than goodwill has a carrying amount that more likely than not exceeds its fair value. The Company must proceed to conducting a quantitative analysis if the Company 1) determines that such an impairment is more likely than not to exist, or 2) foregoes the qualitative assessment entirely. Under the quantitative assessment, the impairment test for identifiable indefinite-lived intangible assets consists of a comparison of the estimated fair value of the intangible asset with its carrying value. If the carrying value of the intangible asset exceeds its fair value, then an impairment loss is recognized in an amount equal to that excess. The Company generally determines the fair value of an indefinite-lived intangible asset using an income approach, such as the relief from royalty method, in instances when it does not perform the qualitative assessment of the intangible asset. For other long-lived assets, including intangible assets that are amortized, the Company evaluates assets for recoverability when there is an indication of potential impairment. If the undiscounted cash flows from a group of assets being evaluated is less than the carrying value of that group of assets, the fair value of the asset group is determined and the carrying value of the asset group is written down to fair value. The Company generally determines the fair value of a finite-lived intangible asset using an income approach, such as the discounted cash flow method. |
Contingencies | Contingencies Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated. |
Defined Benefit Pension Plans and Other Postretirement Benefit Plan | Defined Benefit Pension Plans and Other Postretirement Benefit Plan As more fully described in Note 9 , certain of our employees participated in defined benefit pension plans (“Shared Plans”) sponsored by MSG Networks prior to the Distribution, which included participants of other MSG Networks subsidiaries. The Company accounted for the Shared Plans under the guidance of ASC 715, Compensation - Retirement Benefits . Accordingly, the Company recorded an asset or liability to recognize the funded status of the Shared Plans, as well as a liability only for any required contributions to the Shared Plans that were accrued and unpaid at the balance sheet date. The related pension expenses attributed to the Company were based primarily on pensionable compensation of active participants. For the Shared Plans’ liabilities, the combined financial statements reflect the full impact of such plans on both the combined statements of operations and combined balance sheets. The pension expense related to employees of other MSG Networks businesses participating in any of the Shared Plans is reflected as a contributory credit from MSG Networks to the Company, resulting in a decrease to the expense recognized in the consolidated and combined statements of operations. In addition to the Shared Plans, the Company sponsors a plan that certain of our employees participate in, accounted for as a defined benefit pension plan, both prior to and after the Distribution. Accordingly, the funded and unfunded position of the Direct Plan is recorded in the Company’s consolidated and combined balance sheet. Actuarial gains and losses that have not yet been recognized through income are recorded in accumulated other comprehensive income, until they are amortized as a component of net periodic benefit cost. After the Distribution, the Company maintains its own, both funded and unfunded, defined benefit plans, as well as a contributory other postretirement benefit plan, covering certain full-time employees and retirees. The majority of the defined benefit pension benefits are based on formulas that reflect the employees' years of service and compensation during their employment period and participation in the plans. The expense recognized by the Company is determined using certain assumptions, including the expected long-term rate of return, discount rate and rate of compensation increases, among others. The Company recognizes the funded status of its defined benefit pension and other postretirement plans (other than multiemployer plans) as an asset or liability in the consolidated balance sheets and recognizes changes in the funded status in the year in which the changes occur through other comprehensive income (loss). |
Fair Value Measurement | 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. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncement In November 2015, the FASB issued Accounting Standards Update (“ASU”) No. 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes (“ ASU No. 2015-17 ”), which eliminates the current requirement for companies to present deferred tax liabilities and assets as current and non-current in a classified balance sheet. Instead, companies will be required to classify all deferred tax assets and liabilities as non-current. This guidance is effective for annual and interim periods beginning after December 15, 2016, and early adoption is permitted. The Company early-adopted this ASU on a prospective basis as of December 31, 2015 and applicable prior periods were not retrospectively adjusted. |
Recently Issued Accounting Pronouncements Not Yet Adopted | Recently Issued Accounting Pronouncements Not Yet Adopted In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU No. 2014-09”), which supersedes the revenue recognition requirements in FASB ASC Topic 605, Revenue Recognition . This ASU is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange f or those goods or services. The ASU also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. In August 2015, the FASB issued ASU No. 2015-14 , Revenue from Contracts with Customers (Topic 606) : Deferral of the Effective Date , which defers the effective date of ASU No. 2014-09 for all entities by one year. In March 2016, the FASB issued ASU No. 2016-08, Revenue from Contracts with Customers (Topic 606), Principal versus Agent Considerations (Reporting Revenue versus Net) (“ASU No. 2016-08”) , which clarifies the implementation guidance on principal versus agent considerations in the new revenue recognition standard under ASU No. 2014-09. ASU No. 2016-08 clarifies how an entity should identify the unit of accounting (i.e. the specified good or service) for the principal versus agent evaluation and how it should apply the control principle to certain types of arrangements. In April 2016, the FASB issued ASU No. 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing (“ASU No. 2016-10”) , which clarifies the principle in ASU No. 2014-09 for determining whether a good or service is separately identifiable from other promises in the contract and, therefore, should be accounted for separately. ASU No. 2016-10 also clarifies that entities are not required to identify promised goods or services that are immaterial in the context of the contract and allows entities to elect to account for shipping and handling activities as a fulfillment cost rather than as an additional promised service. In May 2016, the FASB issued ASU No. 2016-12, Revenue from Contracts with Customers (Topic 606) – Narrow-Scope Improvements and Practical Expedients , which clarifies the following aspects in ASU 2014-09: collectability, presentation of sales taxes and other similar taxes collected from customers, noncash considerations, contract modifications at transition, completed contracts at transition, and technical correction. Early adoption of ASU No. 2014-09 and the related updates discussed above is permitted and the Company can early adopt ASU No. 2014-09 and the related updates beginning in the first quarter of fiscal year 2018. If the Company does not apply the early adoption provision, ASU No. 2014-09 and the related updates will be effective for the Company beginning in the first quarter of fiscal year 2019 using one of two retrospective application methods. The Company is currently evaluating the impact the standard and related updates will have on its consolidated financial statements. In February 2015, the FASB issued ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis , which changes the analysis to be performed in determining whether certain types of legal entities should be consolidated. Specifically, it (1) modifies the assessment of whether limited partnerships are variable interest entities (each a “VIE”) or voting interest entities, (2) eliminates the presumption that a limited partnership should be consolidated by its general partner, (3) removes certain conditions for the evaluation of whether a fee paid to a decision maker constitutes a variable interest, and (4) modifies the evaluation concerning the impact of related parties in the determination of the primary beneficiary of a VIE. This standard will be effective for the Company beginning in the first quarter of fiscal year 2017 using one of two retrospective application methods. The Company has evaluated the impact of this standard with respect to the Company’s investments as of June 30, 2016 and has concluded that the adoption of the standard will not have an impact on its consolidated financial statements. In April 2015, the FASB issued ASU No. 2015-05, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement , which provides guidance to customers about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract and expense the cost as the services are received. This standard will be effective for the Company beginning in the first quarter of fiscal year 2017. Early adoption is permitted. This standard may be adopted retrospectively or prospectively to arrangements entered into, or materially modified, after the effective date. The Company has evaluated the impact of this standard with respect to arrangements in place as of June 30, 2016 and has concluded that the adoption of the standard will not have an impact on its consolidated financial statements. In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. The standard addresses certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. This ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017. Early adoption is not permitted with the exception of certain provisions related to the presentation of other comprehensive income. This standard will be effective for the Company beginning in the first quarter of fiscal year 2019. The Company is currently evaluating the impact this standard will have on its consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (Subtopic 842) (“ASU No. 2016-02”) , which supersedes existing guidance on accounting for leases in FASB ASC Topic 840, Leases . The new standard requires lessees to account for leases as either finance leases or operating leases and generally requires all leases to be recorded on the balance sheet, including those leases classified as operating leases under previous accounting guidance, through the recognition of right-of-use assets and corresponding lease liabilities. The new standard also requires extensive qualitative and quantitative disclosures about leasing activities. The accounting applied by a lessor is largely unchanged from that applied under previous accounting guidance. ASU No. 2016-02 is required to be applied using the modified retrospective approach for all leases existing as of the effective date. The standard will be effective for the Company beginning in the first quarter of fiscal year 2020. Early adoption is permitted. The Company is currently evaluating the impact this standard will have on its consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-07, Investments - Equity Method and Joint Ventures (Topic 323), Simplifying the Transition to the Equity Method of Accounting . This standard eliminates the requirement for an investor to retrospectively apply the equity method when an investment that it had accounted for by another method qualifies for use of the equity method. This standard will be effective for the Company beginning in the first quarter of fiscal year 2018. Early adoption is permitted. The Company is currently evaluating the impact this standard will have on its consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-based Payment Accounting . This standard requires the income tax effects of all awards to be recognized in the statement of operations when the awards vest or are settled. This standard also allows an employer to repurchase more of an employee’s shares for tax withholding purposes than currently allowable, without triggering liability accounting, and provides companies with the option to make a policy election to account for forfeitures as they occur. In addition, this standard requires companies to present excess tax benefits as operating activity on the statement of cash flows rather than as financing activity. This standard will be effective for the Company beginning in the first quarter of fiscal year 2018. Early adoption is permitted. The Company is currently evaluating the impact this standard will have on its consolidated financial statements. |
Investments in Limited Liabilit
Investments in Limited Liability Companies (Policies) | 12 Months Ended |
Jun. 30, 2016 | |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures [Abstract] | |
Equity Method Investment Policy, Supplemental | In addition, for an investment in a limited liability company in which the Company has an ownership interest that exceeds 3-5%, the Company also accounts for such investment under the equity method of accounting. |
Operating Leases (Policies)
Operating Leases (Policies) | 12 Months Ended |
Jun. 30, 2016 | |
Operating Leases [Abstract] | |
Operating Leases | The Company has various long-term noncancelable operating lease agreements, primarily for entertainment venues and office space expiring at various dates through 2026. Certain leases include renewal provisions at the Company’s option and provide for additional rent based on sales. The rent expense associated with such operating leases is recognized on a straight-line basis over the initial lease term. The difference between rent expense and rent paid is recorded as deferred rent. |
Investments and Loans to Nonc29
Investments and Loans to Nonconsolidated Affiliates (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures [Abstract] | |
Cost and Equity Method Investments [Table Text Block] | The Company’s investments and loans to nonconsolidated affiliates consisted of the following: Ownership Percentage Investment Loan (d) Total June 30, 2016 Azoff MSG Entertainment LLC (“AMSGE”) (a) 50 % $ 112,147 $ 97,500 $ 209,647 Brooklyn Bowl Las Vegas, LLC (“BBLV”) (a) (b) — 2,662 2,662 Tribeca Enterprises LLC (“Tribeca Enterprises”) (a) 50 % 13,736 10,395 (e) 24,131 Fuse Media LLC (“Fuse Media”) (a) 15 % 21,634 — 21,634 Other (c) 3,794 1,678 5,472 Total investments and loans to nonconsolidated affiliates $ 151,311 $ 112,235 $ 263,546 June 30, 2015 AMSGE (a) 50 % $ 118,717 $ 75,000 $ 193,717 BBLV (a) (b) — 2,662 2,662 Tribeca Enterprises (a) 50 % 16,791 4,000 20,791 Fuse Media (a) 15 % 23,509 — 23,509 Other (a) 8,715 — 8,715 Total investments and loans to nonconsolidated affiliates $ 167,732 $ 81,662 $ 249,394 _________________ (a) Denotes that such investment is accounted for under the equity method of accounting. (b) The Company is entitled to receive back its capital, which was 74% of BBLV's total capital as of June 30, 2016 and June 30, 2015 , plus a preferred return, after which the Company would own a 20% interest in BBLV. (c) Denotes that such investments are accounted for under the cost method of accounting. (d) Represents outstanding loan balance, inclusive of amounts due to the Company for interest of $62 as of June 30, 2016 and 2015 . (e) Includes $95 of outstanding payments-in-kind (“PIK”) interest. PIK interest owed does not reduce availability under the revolving credit facility. |
Equity Method Investments [Table Text Block] | The following is summarized financial information for the Company’s individually significant equity method investments, presented in aggregate, as required by the guidance in SEC Regulation S-X Rule 4-08(g). The amounts shown below represent 100% of these equity method investments’ financial position and results of operations. Balance Sheet June 30, 2016 June 30, 2015 Current assets $ 76,111 $ 85,584 Noncurrent assets 429,996 436,968 $ 506,107 $ 522,552 Current liabilities $ 89,415 $ 83,293 Noncurrent liabilities 394,923 366,743 Noncontrolling interests 60,832 59,786 Shareholders’ equity (39,063 ) 12,730 $ 506,107 $ 522,552 Years Ended June 30, Results of Operations 2016 2015 2014 Revenues $ 280,924 $ 152,580 $ 14,214 Loss from continuing operations (31,206 ) (28,845 ) (2,870 ) Net loss (31,206 ) (28,845 ) (2,870 ) Net loss attributable to controlling interest (32,006 ) (28,742 ) — |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Carrying Amount of Goodwill by Reportable Segment | The carrying amounts of goodwill, by reportable segment, as of June 30, 2016 and 2015 are as follows: MSG Entertainment $ 58,979 MSG Sports 218,187 $ 277,166 |
Schedule of Indefinite-Lived Intangible Assets | The Company’s indefinite-lived intangible assets as of June 30, 2016 and 2015 are as follows: Sports franchises (MSG Sports segment) $ 101,429 Trademarks (MSG Entertainment segment) 62,421 Photographic related rights (MSG Sports segment) 3,000 $ 166,850 |
Schedule of Intangible Assets Subject to Amortization | The Company’s intangible assets subject to amortization are as follows: June 30, 2016 Gross Accumulated Amortization Net Season ticket holder relationships $ 73,124 $ (59,178 ) $ 13,946 Other intangibles 4,217 (2,434 ) 1,783 $ 77,341 $ (61,612 ) $ 15,729 June 30, 2015 Gross Accumulated Amortization Net Season ticket holder relationships $ 73,124 $ (53,919 ) $ 19,205 Suite holder relationships 15,394 (14,339 ) 1,055 Other intangibles 4,217 (2,153 ) 2,064 $ 92,735 $ (70,411 ) $ 22,324 |
Finite-Lived Intangible Assets Useful Life | The estimated useful lives of the Company’s intangible assets subject to amortization are as follows: Estimated Useful Lives Season ticket holder relationships 12 to 15 years Other intangibles 15 years |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | The Company expects its aggregate annual amortization expense for existing intangible assets subject to amortization for each fiscal year from 2017 through 2021 to be as follows: Fiscal year ending June 30, 2017 $ 5,067 Fiscal year ending June 30, 2018 3,617 Fiscal year ending June 30, 2019 3,617 Fiscal year ending June 30, 2020 2,771 Fiscal year ending June 30, 2021 281 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | As of June 30, 2016 and 2015 , property and equipment consisted of the following assets: June 30, June 30, Estimated Useful Lives Land $ 91,678 $ 91,678 Buildings 1,107,027 1,098,191 Up to 45 years Equipment 272,276 264,054 2 to 20 years Aircraft 38,090 — 20 years Furniture and fixtures 50,034 49,400 3 to 10 years Leasehold improvements 131,769 130,620 Shorter of term of lease or life of improvement Construction in progress 10,536 10,455 1,701,410 1,644,398 Less accumulated depreciation and amortization (540,801 ) (455,705 ) $ 1,160,609 $ 1,188,693 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Other Commitments [Table Text Block] | As of June 30, 2016 , future minimum rental payments under leases having noncancelable initial lease terms, other cash payments required under contracts entered into by the Company in the normal course of business in excess of one year and outstanding letters of credit are as follows: Off-Balance Sheet Commitments Contractual Obligations reflected on the Balance Sheet (c) Operating Leases Contractual Obligations (a) Letters of Credits (b) Total Total (d) Fiscal year ending June 30, 2017 $ 36,927 $ 131,389 $ 7,085 $ 175,401 $ 54,877 $ 230,278 Fiscal year ending June 30, 2018 36,659 120,988 — 157,647 3,633 161,280 Fiscal year ending June 30, 2019 36,369 84,989 — 121,358 3,655 125,013 Fiscal year ending June 30, 2020 35,523 28,328 — 63,851 3,654 67,505 Fiscal year ending June 30, 2021 34,617 15,146 — 49,763 3,208 52,971 Thereafter 106,968 8,744 — 115,712 11,341 127,053 $ 287,063 $ 389,584 $ 7,085 $ 683,732 $ 80,368 $ 764,100 _________________ (a) Consist principally of 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. (b) Consists of letters of credit obtained by the Company as collateral for certain insurance policies and for a lease agreement. (c) Consists primarily of amounts earned under employment agreements that the Company has with certain of its professional sports teams' personnel in the MSG Sports segment. (d) Pension obligations have been excluded from the table above as the timing of the future cash payments is uncertain. See Note 9 for information on the future funding requirements under our pension obligations. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets Measured on a 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, which include cash equivalent and marketable securities: Fair Value Hierarchy June 30, 2016 2015 Assets: Commercial paper I $ 79,968 $ — Money market accounts I 159,881 — Time deposits I 1,202,681 12,513 Marketable securities I 787 — Total assets measured at fair value $ 1,443,317 $ 12,513 |
Schedule of Financial Instruments | As of June 30, 2016 , the carrying value and fair value of the Company’s financial instruments within other current assets in the accompanying consolidated balance sheet are as follow: June 30, 2016 Carrying Value Fair Value Notes receivable, including interest accruals $ 7,090 $ 7,090 Marketable securities 787 787 |
Pension Plans and Other Postr34
Pension Plans and Other Postretirement Benefit Plan (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Schedule of Net Funded Status | The following table summarizes the projected benefit obligations, assets, funded status and the amounts recorded on the Company’s consolidated and combined balance sheets as of June 30, 2016 and 2015 associated with the Pension Plans and Postretirement Plan based upon actuarial valuations as of those measurement dates. Pension Plans Postretirement Plan June 30, June 30, 2016 2015 2016 2015 Change in benefit obligation: Benefit obligation at beginning of period $ 174,131 $ 164,829 $ 8,704 $ 9,214 Service cost 3,054 6,495 137 198 Interest cost 6,986 7,226 253 331 Actuarial loss (gain) 17,115 2,956 708 (855 ) Benefits paid (4,849 ) (7,375 ) (417 ) (184 ) Transfer of liabilities (a) (22,852 ) — (3,161 ) — Benefit obligation at end of period 173,585 174,131 6,224 8,704 Change in plan assets: Fair value of plan assets at beginning of period 99,596 99,841 — — Actual return on plan assets 11,484 (808 ) — — Employer contributions 4,030 7,938 — — Benefits paid (4,849 ) (7,375 ) — — Fair value of plan assets at end of period 110,261 99,596 — — Funded status at end of period $ (63,324 ) $ (74,535 ) $ (6,224 ) $ (8,704 ) _________________ (a) Represents the benefit obligation related to the MSG Networks Plans as of September 30, 2015, the date of the Distribution, net of pre-Distribution benefit payments of $142 for MSG Networks employees. |
Schedule of Amounts Recognized in Balance Sheet | Amounts recognized in the consolidated and combined balance sheets as of June 30, 2016 and 2015 consist of: Pension Plans Postretirement Plan June 30, June 30, 2016 2015 2016 2015 Current liabilities (included in accrued employee related costs) $ (3,286 ) $ (2,015 ) $ (227 ) $ (324 ) Non-current liabilities (included in defined benefit and other postretirement obligations) (60,038 ) (72,520 ) (5,997 ) (8,380 ) $ (63,324 ) $ (74,535 ) $ (6,224 ) $ (8,704 ) |
Schedule of Net Periodic Benefit Cost Not yet Recognized | Accumulated other comprehensive income (loss), before tax, as of June 30, 2016 and 2015 consists of the following amounts that have not yet been recognized in net periodic benefit cost: Pension Plans Postretirement Plan June 30, June 30, 2016 2015 2016 2015 Actuarial gain (loss) $ (42,120 ) $ (40,553 ) $ (583 ) $ 64 Prior service credit (cost) — (14 ) 92 288 $ (42,120 ) $ (40,567 ) $ (491 ) $ 352 |
Schedule of Net Periodic Benefit Cost | Components of net periodic benefit cost for the Pension Plans and Postretirement Plan recognized in direct operating expenses and selling, general and administrative expenses in the accompanying consolidated and combined statements of operations for the years ended June 30, 2016 , 2015 and 2014 are as follows: Pension Plans Postretirement Plan Years Ended June 30, Years Ended June 30, 2016 2015 2014 2016 2015 2014 Service cost $ 3,054 $ 6,495 $ 5,924 $ 137 $ 198 $ 227 Interest cost 6,986 7,226 6,842 253 331 383 Expected return on plan assets (2,960 ) (3,228 ) (3,420 ) — — — Recognized actuarial loss (gain) 1,039 2,050 1,285 — — (20 ) Amortization of unrecognized prior service cost (credit) 14 26 26 (106 ) (138 ) (152 ) Net periodic benefit cost $ 8,133 $ 12,569 $ 10,657 $ 284 $ 391 $ 438 |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | Other pre-tax changes in plan assets and benefit obligations recognized in other comprehensive income (loss) for the years ended June 30, 2016 , 2015 and 2014 are as follows: Pension Plans Postretirement Plan Years Ended June 30, Years Ended June 30, 2016 2015 2014 2016 2015 2014 Actuarial gain (loss) $ (8,532 ) $ (6,993 ) $ (10,942 ) $ (707 ) $ 855 $ (996 ) Recognized actuarial loss (gain) 1,039 2,050 1,285 — — (20 ) Recognized prior service (credit) cost 14 26 26 (106 ) (138 ) (152 ) Total recognized in other comprehensive income (loss) $ (7,479 ) $ (4,917 ) $ (9,631 ) $ (813 ) $ 717 $ (1,168 ) |
Schedule of Assumptions Used | Weighted-average assumptions used to determine benefit obligations (made at the end of the period) as of June 30, 2016 and 2015 are as follows: Pension Plans Postretirement Plan June 30, June 30, 2016 2015 2016 2015 Discount rate 3.61 % 4.46 % 3.27 % 4.15 % Rate of compensation increase n/a 3.00 % n/a n/a Healthcare cost trend rate assumed for next year n/a n/a 7.25 % 7.25 % Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) n/a n/a 5.00 % 5.00 % Year that the rate reaches the ultimate trend rate n/a n/a 2026 2021 Weighted-average assumptions used to determine net periodic benefit cost (made at the beginning of the period) for the years ended June 30, 2016 , 2015 and 2014 are as follows: Pension Plans Postretirement Plan Years Ended June 30, Years Ended June 30, 2016 2015 2014 2016 2015 2014 Discount rate 4.46 % 4.32 % 4.80 % 4.05 % 4.00 % 4.50 % Expected long-term return on plan assets 4.06 % 4.24 % 4.57 % n/a n/a n/a Rate of compensation increase n/a 3.00 % 3.00 % n/a n/a n/a Healthcare cost trend rate assumed for next year n/a n/a n/a 7.25 % 7.25 % 7.75 % Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) n/a n/a n/a 5.00 % 5.00 % 5.00 % Year that the rate reaches the ultimate trend rate n/a n/a n/a 2021 2020 2020 |
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates | A one percentage point change in assumed healthcare cost trend rates would have the following effects: Increase (Decrease) in Total of Service and Interest Cost Components for the Increase (Decrease) in Benefit Obligation at Years Ended June 30, June 30, 2016 2015 2014 2016 2015 One percentage point increase $ 29 $ 67 $ 76 $ 723 $ 984 One percentage point decrease (27 ) (58 ) (66 ) (624 ) (856 ) |
Schedule of Allocation of Plan Assets | The weighted-average asset allocation of the Pension Plans’ assets at June 30, 2016 and 2015 was as follows: June 30, Asset Classes (a) : 2016 2015 Fixed income securities 85 % 82 % Cash equivalents 15 % 18 % 100 % 100 % _____________________ (a) The Company’s target allocation for pension plan assets is 80% fixed income securities and 20% cash equivalents as of June 30, 2016 . |
Schedule of Changes in Fair Value of Plan Assets | The cumulative fair values of the individual plan assets at June 30, 2016 and 2015 by asset class are as follows: Fair Value Hierarchy June 30, 2016 2015 Fixed income securities: U.S. Treasury Securities I $ 26,102 $ 19,873 U.S. corporate bonds II 54,945 48,538 Foreign issued corporate bonds II 12,161 13,427 Municipal bonds II 236 196 Money market accounts I 16,817 17,562 Total investments measured at fair value $ 110,261 $ 99,596 |
Schedule of Expected Benefit Payments | The following table presents estimated future fiscal year benefit payments for the Pension Plans and Postretirement Plan: Pension Plans Postretirement Plan Fiscal year ending June 30, 2017 $ 11,570 $ 231 Fiscal year ending June 30, 2018 7,690 253 Fiscal year ending June 30, 2019 7,430 291 Fiscal year ending June 30, 2020 7,240 330 Fiscal year ending June 30, 2021 6,930 398 Fiscal years ending June 30, 2022 – 2026 39,830 2,540 |
Schedule of Multiemployer Plans | The following table outlines the Company's participation in multiemployer defined benefit pension plans for the years ended June 30, 2016 , 2015 and 2014 , and summarizes the contributions that the Company has made during each period. The “EIN” and “Pension Plan Number” columns provide the Employer Identification Number and the three digit plan number for each applicable plan. The most recent Pension Protection Act zone status available as of June 30, 2016 and 2015 relates to the plan's two most recent years ended which are indicated. Among other factors, plans in the red zone are generally less than 65% funded, plans in the orange zone are both less than 80% funded and have an accumulated funding deficiency or are expected to have a deficiency in any of the next six plan years, plans in the yellow zone are less than 80% funded, and plans in the green zone are at least 80% funded. The “FIP/RP Status Pending/Implemented” column indicates whether a funding improvement plan (“FIP”) for yellow/orange zone plans or a rehabilitation plan (“RP”) for red zone plans is either pending or has been implemented by the trustees of such plan. The zone status and any FIP or RP information is based on information that the Company received from the plan, and the zone status is as certified by the plan's actuary. The last column lists the expiration date(s) or a range of expiration dates of the CBA to which the plans are subject. There are no other significant changes that affect such comparability. PPA Zone Status FIP/RP Status Pending / Implemented Madison Square Garden Contributions As of June 30, Years Ended June 30, Plan Name EIN Pension Plan Number 2016 2015 2016 2015 2014 Surcharge Imposed Expiration Date of CBA National Basketball Association Players' Pension Plan 13-5582586 003 Yellow as of 2/1/2015 Yellow as of 2/1/2014 Implemented $ 1,814 $ 1,853 $ 1,687 No 6/2021 (with certain termination rights becoming effective 6/2017) Pension Fund of Local No. 1 of I.A.T.S.E. 13-6414973 001 Green as of 12/31/2014 Green as of 12/31/2013 No 2,236 2,380 2,120 No 9/30/2016 - 2/28/2018 The Pension, Hospitalization and Benefit Plan of the Electrical Industry – Pension Trust Fund 13-6123601 001 Green as of 9/30/2015 Green as of 9/30/2014 No 2,533 2,458 2,051 No 6/30/2016 All Other Multiemployer Defined Benefit Pension Plans 3,026 2,966 2,342 $ 9,609 $ 9,657 $ 8,200 |
Schedule Of Multiemployer Plans Year Contributions Exceeded More Than 5 Percent Of Total Contributions [Table Text Block] | The Company was listed in the following plans’ Form 5500’s as providing more than 5 percent of the total contributions for the following plans and plan years: Fund Name Year Contributions to Plan Exceeded 5 Percent of Total Contributions (As of Plan's Year-End) Pension Fund of Local No. 1 of I.A.T.S.E December 31, 2014, 2013 and 2012 Pension Fund of Wardrobe Attendants Union Local 764 December 31, 2014, 2013 and 2012 32BJ/Broadway League Pension Fund December 31, 2014, 2013 and 2012 Pension Fund of Moving Picture Machine Operators Union of Greater New York, Local 306 December 31, 2013 and 2012 Treasurers and Ticket Sellers Local 751 Pension Fund August 31, 2015 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Compensation Expense [Table Text Block] | Share-based compensation expense, reduced for estimated forfeiture, was recognized in the consolidated and combined statements of operations as a component of direct operating expenses or selling, general and administrative expenses. The following table presents the share-based compensation, reduced for estimated forfeiture, recorded during the years ended June 30, 2016 , 2015 and 2014 . Years Ended June 30, 2016 2015 2014 Company RSUs $ 18,404 $ — $ — MSG Networks RSUs 6,072 10,306 13,698 Total share-based compensation expense $ 24,476 $ 10,306 $ 13,698 |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | The following table summarizes activity relating to the Company’s RSUs from Distribution to June 30, 2016 : Number of Weighted-Average Fair Value Per Share At Date of Grant Nonperformance Based Vesting RSUs Performance Based Vesting Unvested award balance as of September 30, 2015 103 19 $ 134.45 Granted 125 297 $ 176.04 Vested (12 ) — $ 170.99 Forfeited (44 ) (3 ) $ 157.02 Unvested award balance as of June 30, 2016 172 313 $ 167.51 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions [Table Text Block] | The following table summarizes the composition and amounts of the transactions with the Company's affiliates primarily with MSG Networks and Cablevision. These amounts are reflected in revenues and operating expenses in the accompanying consolidated and combined statements of operations for the years ended June 30, 2016 , 2015 and 2014 : Years Ended June 30, 2016 2015 2014 Revenues $ 153,538 $ 88,051 $ 79,707 Operating expenses (credits): Corporate general and administrative, net — MSG Networks $ (38,122 ) $ (56,999 ) $ (57,586 ) Corporate general and administrative, net — Cablevision 2,838 1,669 2,823 Consulting fees 3,444 — — Advertising 1,609 4,821 2,986 Telephone and other fiber optic transmission services 1,576 1,536 1,225 Other, net 1,252 1,269 1,014 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | Income tax expense (benefit) is comprised of the following components: Years Ended June 30, 2016 2015 2014 Current expense: Federal $ — $ — $ — State and other — — — — — — Deferred expense (benefit): Federal 325 288 1,110 State and other (28 ) 148 587 297 436 1,697 Income tax expense $ 297 $ 436 $ 1,697 |
Schedule of Effective Income Tax Rate Reconciliation | The income tax expense differs from the amount derived by applying the statutory federal rate to pre-tax income principally due to the effect of the following items: Years Ended June 30, 2016 2015 2014 Federal tax benefit at statutory federal rate $ (26,948 ) $ (14,087 ) $ (40,333 ) State income taxes, net of federal benefit (6,843 ) (3,334 ) (10,602 ) Change in the estimated applicable corporate tax rate used to determine deferred taxes (192 ) 699 350 Nondeductible disability insurance premiums expense 1,806 1,349 2,201 Tax effect of pre-distribution earnings 519 — — Federal tax credits (426 ) (1,426 ) (9,640 ) Change in valuation allowance (a) 31,301 16,260 58,846 Nondeductible expenses and other 1,080 975 875 Income tax expense $ 297 $ 436 $ 1,697 _________________ (a) For the year ended June 30, 2016 , the valuation allowance reflects an increase on the Company's net deferred tax asset related to the current year activity from the time of the Distribution. As part of the Distribution, MSG Networks is responsible for paying taxes on approximately $348,000 of deferred revenue from ticket sales, sponsorship and suite rentals collected in advance related to the Company's business. This initially created a deferred tax asset on which the Company recorded a full valuation allowance at the time of the Distribution as it was more likely than not that the deferred tax asset would not be realized. |
Schedule of Deferred Tax Assets and Liabilities | The tax effects of temporary differences which give rise to significant portions of the deferred tax assets and liabilities at June 30, 2016 and 2015 are as follows: June 30, 2016 2015 Deferred tax asset: Net operating loss carryforwards $ 109,074 $ 104,279 Tax credit carryforwards 426 15,965 Accrued employee benefits 92,799 99,510 Accrued expenses 32,605 25,983 Restricted stock and stock options 15,556 11,784 Other 9,263 9,740 Total deferred tax assets $ 259,723 $ 267,261 Less valuation allowance (190,602 ) (171,336 ) Net deferred tax assets $ 69,121 $ 95,925 Deferred tax liabilities: Intangible and other assets $ (199,308 ) $ (201,479 ) Property and equipment (25,364 ) (43,055 ) Deferred production costs (4,898 ) (15,526 ) Prepaid expenses (9,248 ) (8,601 ) Investments (24,886 ) (21,548 ) Total deferred tax liabilities $ (263,704 ) $ (290,209 ) Net deferred tax liability (a) (b) $ (194,583 ) $ (194,284 ) _________________ (a) Net deferred tax liability is presented net of current deferred tax assets of $12,660 as of June 30, 2015 . Current deferred tax assets are recorded in other current assets in the accompanying combined balance sheets as of June 30, 2015 . (b) For the balance sheet presentation as of June 30, 2016, the Company applies ASU No. 2015-17 and classify all deferred tax assets and liabilities as non-current. See “Note 2 . Summary of Significant Accounting Policies — Recently Adopted Accounting Pronouncement ” for further details about the adoption of ASU No. 2015-17 . |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
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. Year ended June 30, 2016 MSG Entertainment MSG Sports All Other Total Revenues $ 415,390 $ 699,062 $ 859 $ 1,115,311 Direct operating expenses 341,637 (a) 396,220 — 737,857 Selling, general and administrative expenses 96,204 182,131 55,268 (b) 333,603 Add back: share-based compensation expense 7,870 10,316 6,290 24,476 AOCF (14,581 ) 131,027 (48,119 ) 68,327 Depreciation and amortization 9,884 10,957 81,641 (c) 102,482 Share-based compensation expense 7,870 10,316 6,290 24,476 Operating income (loss) $ (32,335 ) $ 109,754 $ (136,050 ) $ (58,631 ) Loss in equity method investments (19,099 ) Interest income 6,782 Interest expense (2,028 ) Miscellaneous expense (d) (4,017 ) Loss from operations before income taxes $ (76,993 ) Other information: Capital expenditures $ 4,974 $ 4,578 $ 62,164 (e) $ 71,716 Year ended June 30, 2015 MSG Entertainment MSG Sports All Other Total Revenues $ 414,161 $ 656,683 $ 707 $ 1,071,551 Direct operating expenses 307,373 417,508 — 724,881 Selling, general and administrative expenses 69,215 144,770 24,333 (b) 238,318 Add back: share-based compensation expense 3,616 3,601 3,089 (f) 10,306 AOCF 41,189 98,006 (20,537 ) 118,658 Depreciation and amortization 10,321 19,089 79,348 (c) 108,758 Share-based compensation expense 3,616 3,601 3,089 10,306 Operating income (loss) $ 27,252 $ 75,316 $ (102,974 ) $ (406 ) Loss in equity method investments (40,590 ) Interest income 3,056 Interest expense (2,498 ) Miscellaneous income 190 Loss from operations before income taxes $ (40,248 ) Other information: Capital expenditures $ 5,665 $ 4,513 $ 53,905 (e) $ 64,083 Year ended June 30, 2014 MSG Entertainment MSG Sports All Other Total Revenues $ 300,998 $ 612,071 $ 546 $ 913,615 Direct operating expenses 233,116 481,713 (4 ) 714,825 Selling, general and administrative expenses 68,036 129,986 23,087 221,109 Add back: share-based compensation expense 4,397 5,606 3,695 (f) 13,698 AOCF 4,243 5,978 (18,842 ) (8,621 ) Depreciation and amortization 9,900 12,225 69,584 (c) 91,709 Share-based compensation expense 4,397 5,606 3,695 13,698 Operating loss $ (10,054 ) $ (11,853 ) $ (92,121 ) $ (114,028 ) Loss in equity method investments (1,323 ) Interest income 1,548 Interest expense (1,528 ) Miscellaneous income 95 Loss from operations before income taxes $ (115,236 ) Other information: Capital expenditures $ 6,130 $ 4,674 $ 294,062 (e) $ 304,866 _________________ (a) MSG Entertainment’s direct operating expenses for the year ended June 30, 2016 include a $41,816 write-off of deferred production costs due to the creative decision to not include certain prior scenes in the production now called the New York Spectacular Starring the Radio City Rockettes . (b) Consists of unallocated corporate general and administrative costs. Corporate general and administrative costs for the year ended June 30, 2016 include approximately $6,900 of reorganization costs which primarily consist of severance and related benefits. Such costs are expected to be paid during fiscal year 2017. (c) Principally includes depreciation and amortization expense on The Garden, The Theater at Madison Square Garden, the Forum, and certain corporate property, equipment and leasehold improvement assets not allocated to the Company’s reportable segments. (d) Miscellaneous expenses for the year ended June 30, 2016 primarily include partial write-down of one of the Company’s cost method investments (see Note 4 ). (e) Capital expenditures for the year ended June 30, 2016 are primarily associated with the purchase of a new aircraft, as well as certain investments with respect to The Garden. Capital expenditures for the years ended June 30, 2015 and 2014 are primarily associated with certain investments with respect to The Garden and the Forum. (f) The amounts for the years ended June 30, 2015 and 2014 include executive management transition costs. |
Schedule of Revenue from External Customers by Products and Services | The table below sets forth, for the periods presented, the Company’s consolidated revenues for the year ended June 30, 2016 and combined revenues for the years ended June 30, 2015 and 2014 by component. Years Ended June 30, 2016 2015 2014 Revenues Event-related revenues (a) $ 834,213 $ 816,300 $ 680,909 Media rights revenues (b) 179,816 129,081 118,051 Advertising sales commission, sponsorship and signage revenues (c) 68,661 50,451 38,908 All other revenues (d) 32,621 75,719 75,747 $ 1,115,311 $ 1,071,551 $ 913,615 _________________ (a) Primarily consists of professional sports teams’, entertainment and other live sporting events revenue. These amounts include ticket sales, other ticket-related revenue, food, beverage and merchandise sales, venue license fees, and event-related sponsorship and signage revenues. (b) Primarily consists of telecast rights fees from MSG Networks and the Company’s share of league distributions. (c) Amounts exclude event-related sponsorship and signage revenues. (d) Primarily consists of playoff revenue, which includes ticket sales, food, beverage and merchandise sales, and suite rental fees. |
Concentration of Risk (Tables)
Concentration of Risk (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Risks and Uncertainties [Abstract] | |
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | The following individual non-affiliated customers accounted for the following percentages of the Company’s consolidated accounts receivable balances: June 30, 2016 2015 Customer A 14 % 20 % Customer B 4 % 11 % |
Interim Financial Information40
Interim Financial Information (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information [Table Text Block] | The following is a summary of the Company's selected quarterly financial data for the years ended June 30, 2016 and 2015 : Three Months Ended Year ended June 30, 2016 September 30, December 31, March 31, June 30, 2015 2015 2016 2016 Revenues $ 150,381 $ 410,838 $ 336,328 $ 217,764 $ 1,115,311 Operating expenses 154,958 361,799 393,264 263,921 1,173,942 Operating income (loss) $ (4,577 ) $ 49,039 $ (56,936 ) $ (46,157 ) $ (58,631 ) Net income (loss) $ (1,603 ) $ 43,488 $ (60,756 ) $ (58,419 ) $ (77,290 ) Basic earnings (loss) per common share $ (0.06 ) $ 1.74 $ (2.47 ) $ (2.39 ) $ (3.12 ) Diluted earnings (loss) per common share $ (0.06 ) $ 1.74 $ (2.47 ) $ (2.39 ) $ (3.12 ) Three Months Ended Year ended June 30, 2015 September 30, December 31, March 31, June 30, 2014 2014 2015 2015 Revenues $ 118,916 $ 396,814 $ 300,856 $ 254,965 $ 1,071,551 Operating expenses 153,976 356,895 310,440 250,646 1,071,957 Operating income (loss) $ (35,060 ) $ 39,919 $ (9,584 ) $ 4,319 $ (406 ) Net income (loss) $ (37,730 ) $ 9,636 $ (11,471 ) $ (1,119 ) $ (40,684 ) Basic earnings (loss) per common share $ (1.51 ) $ 0.39 $ (0.46 ) $ (0.04 ) $ (1.63 ) Diluted earnings (loss) per common share $ (1.51 ) $ 0.39 $ (0.46 ) $ (0.04 ) $ (1.63 ) |
Description of Business and B41
Description of Business and Basis of Presentation (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |
Sep. 30, 2015USD ($) | Jun. 30, 2016segments$ / shares | Sep. 21, 2015$ / shares | |
Percentage of ownership of business distributed to stockholders in Distribution | 100.00% | ||
Number of Reportable Segments | segments | 2 | ||
MSG Networks [Member] | |||
Proceeds from Distribution | $ | $ 1,467,093 | ||
Class A Common Stock [Member] | |||
Common stock, par value (dollars per share) | $ 0.01 | $ 0.01 | |
Stock Conversion Ratio in Distribution | 0.3333 | ||
Class B Common Stock [Member] | |||
Common stock, par value (dollars per share) | $ 0.01 | $ 0.01 |
Revenue Recognition (Narrative)
Revenue Recognition (Narrative) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 |
Accounting Policies [Abstract] | ||
Due To Third-Party Promoters | $ 45,877 | $ 37,987 |
Direct operating expenses (Narr
Direct operating expenses (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Deferred Production Costs [Line Items] | |||
Deferred Production Costs Useful Life in Years, Estimated Range, Lower Bound | 5 years | ||
Deferred Production Costs Useful Life in Years, Estimated Range, Upper Bound | 15 years | ||
Write-off of deferred production costs | $ 41,816 | $ 0 | $ 2,228 |
Deferred Production Costs, Net Current And Noncurrent | 43,083 | 79,808 | |
New York Spectacular [Member] | |||
Deferred Production Costs [Line Items] | |||
Deferred Production Costs, Net Current And Noncurrent | $ 37,433 | $ 70,065 |
Advertising Costs, Policy (Narr
Advertising Costs, Policy (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Accounting Policies [Abstract] | |||
Advertising Expense | $ 20,834 | $ 27,220 | $ 24,800 |
Earnings (Loss) Per Common Shar
Earnings (Loss) Per Common Share (Narrative) (Details) shares in Thousands | Sep. 30, 2015shares |
Accounting Policies [Abstract] | |
Common stock, shares outstanding | 24,928 |
Accounts Receivable (Narrative)
Accounts Receivable (Narrative) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 |
Accounting Policies [Abstract] | ||
Allowance for Doubtful Accounts Receivable, Current | $ 1,282 | $ 467 |
Team Personnel Transactions (De
Team Personnel Transactions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Team Personnel Transactions [Abstract] | |||
Provisions for Team Personnel Transactions | $ 7,484 | $ 25,317 | $ 54,225 |
Investments and Loans to Nonc48
Investments and Loans to Nonconsolidated Affiliates (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||
Jul. 31, 2014 | Dec. 31, 2014 | Jun. 30, 2016 | Jun. 30, 2015 | Mar. 31, 2014 | Sep. 30, 2013 | ||||
Schedule of Investments [Line Items] | |||||||||
Investments | $ 151,311 | $ 167,732 | |||||||
Advances to Affiliates | 112,235 | 81,662 | |||||||
Investments and loans to nonconsolidated affiliates | 263,546 | 249,394 | |||||||
Advances to Affiliates, Interest Receivable | 62 | $ 62 | |||||||
Noncash or Part Noncash Acquisition, Interest Acquired | 15.00% | ||||||||
Cost Method Investment, Other than Temporary Impairment | 4,080 | ||||||||
Equity Method Investment, Other than Temporary Impairment | $ 23,600 | $ 7,270 | |||||||
Azoff MSG Entertainment LLC [Member] | |||||||||
Schedule of Investments [Line Items] | |||||||||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | 50.00% | ||||||
Investments | [1] | $ 112,147 | $ 118,717 | ||||||
Advances to Affiliates | 97,500 | 75,000 | |||||||
Investments and loans to nonconsolidated affiliates | 209,647 | $ 193,717 | |||||||
Equity Method Investment Aggregate Cost Excluding Transaction Costs | [1] | $ 125,000 | |||||||
Commitments To Equity Method Investments | [1] | $ 100,000 | |||||||
Azoff MSG Entertainment LLC [Member] | Goodwill Component [Member] | |||||||||
Schedule of Investments [Line Items] | |||||||||
Equity Method Investments Allocated Difference Between Initial Carrying Value and Underlying Equity Value | 108,220 | ||||||||
Azoff MSG Entertainment LLC [Member] | Amortizable Intangible Assets [Member] | |||||||||
Schedule of Investments [Line Items] | |||||||||
Equity Method Investments Allocated Difference Between Initial Carrying Value and Underlying Equity Value | $ 17,350 | ||||||||
Brooklyn Bowl Las Vegas LLC [Member] | |||||||||
Schedule of Investments [Line Items] | |||||||||
Equity Method Investment, Ownership Percentage | 74.00% | 74.00% | |||||||
Investments | [1],[2] | $ 0 | $ 0 | ||||||
Advances to Affiliates | [3] | 2,662 | 2,662 | ||||||
Investments and loans to nonconsolidated affiliates | $ 2,662 | $ 2,662 | |||||||
Equity Method Investment, Ownership Percentage after Change | 20.00% | ||||||||
Commitments To Equity Method Investments | [1] | $ 2,600 | |||||||
Tribeca Enterprises, LLC [Member] | |||||||||
Schedule of Investments [Line Items] | |||||||||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | 50.00% | ||||||
Investments | [1] | $ 13,736 | $ 16,791 | ||||||
Advances to Affiliates | 10,395 | [4] | 4,000 | ||||||
Investments and loans to nonconsolidated affiliates | 24,131 | 20,791 | |||||||
Equity Method Investment Aggregate Cost Excluding Transaction Costs | [1] | $ 22,500 | |||||||
Commitments To Equity Method Investments | [1] | 13,500 | $ 6,000 | ||||||
Potential Additional Commitments To Equity Method Investments | [1] | $ 2,500 | |||||||
Tribeca Enterprises, LLC [Member] | Amortizable Intangible Assets [Member] | |||||||||
Schedule of Investments [Line Items] | |||||||||
Equity Method Investments Allocated Difference Between Initial Carrying Value and Underlying Equity Value | 5,350 | ||||||||
Amortization Period For Intangible Assets | 10 years | ||||||||
Tribeca Enterprises, LLC [Member] | Indefinite-lived Intangible Assets [Member] | |||||||||
Schedule of Investments [Line Items] | |||||||||
Equity Method Investments Allocated Difference Between Initial Carrying Value and Underlying Equity Value | $ 5,750 | ||||||||
Fuse Media, LLC [Member] | |||||||||
Schedule of Investments [Line Items] | |||||||||
Equity Method Investment, Ownership Percentage | 15.00% | 15.00% | |||||||
Investments | [1] | $ 21,634 | $ 23,509 | ||||||
Investments and loans to nonconsolidated affiliates | 21,634 | 23,509 | |||||||
Other Equity Or Cost Method Investments [Member] | |||||||||
Schedule of Investments [Line Items] | |||||||||
Investments | 3,794 | [5] | 8,715 | [1] | |||||
Advances to Affiliates | 1,678 | ||||||||
Investments and loans to nonconsolidated affiliates | $ 5,472 | $ 8,715 | |||||||
Minimum [Member] | Azoff MSG Entertainment LLC [Member] | Amortizable Intangible Assets [Member] | |||||||||
Schedule of Investments [Line Items] | |||||||||
Amortization Period For Intangible Assets | 5 years | ||||||||
Maximum [Member] | Azoff MSG Entertainment LLC [Member] | Amortizable Intangible Assets [Member] | |||||||||
Schedule of Investments [Line Items] | |||||||||
Amortization Period For Intangible Assets | 7 years | ||||||||
Payment in Kind (PIK) Note [Member] | Tribeca Enterprises, LLC [Member] | |||||||||
Schedule of Investments [Line Items] | |||||||||
Advances to Affiliates | $ 95 | ||||||||
[1] | Denotes that such investment is accounted for under the equity method of accounting. | ||||||||
[2] | The Company is entitled to receive back its capital, which was 74% of BBLV's total capital as of June 30, 2016 and June 30, 2015, plus a preferred return, after which the Company would own a 20% interest in BBLV. | ||||||||
[3] | Represents outstanding loan balance, inclusive of amounts due to the Company for interest of $62 as of June 30, 2016 and 2015. | ||||||||
[4] | Includes $95 of outstanding payments-in-kind (“PIK”) interest. PIK interest owed does not reduce availability under the revolving credit facility. | ||||||||
[5] | Denotes that such investments are accounted for under the cost method of accounting. |
Summarized Financial Informatio
Summarized Financial Information of Equity Investments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Equity Method Investment, Summarized Financial Information [Abstract] | |||
Current assets | $ 76,111 | $ 85,584 | |
Noncurrent assets | 429,996 | 436,968 | |
Total Assets | 506,107 | 522,552 | |
Current liabilities | 89,415 | 83,293 | |
Noncurrent liabilities | 394,923 | 366,743 | |
Noncontrolling interests | 60,832 | 59,786 | |
Shareholders’ equity | (39,063) | 12,730 | |
Total Liabilities and Equity | 506,107 | 522,552 | |
Revenues | 280,924 | 152,580 | $ 14,214 |
Loss from continuing operations | (31,206) | (28,845) | (2,870) |
Net loss | (31,206) | (28,845) | (2,870) |
Net loss attributable to controlling interest | $ (32,006) | $ (28,742) | $ 0 |
Goodwill and Intangible Asset50
Goodwill and Intangible Assets (Carrying Amount of Goodwill By Reportable Segment) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Goodwill [Line Items] | ||
Goodwill | $ 277,166 | $ 277,166 |
Impairment of goodwill | 0 | |
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 Asset51
Goodwill and Intangible Assets (Schedule of Indefinite-Lived Intangible Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Indefinite-lived Intangible Assets by Major Class [Line Items] | ||
Indefinite-lived intangible assets | $ 166,850 | $ 166,850 |
Impairment of indefinite-lived intangible assets | 0 | |
Sports franchises [Member] | Madison Square Garden Sports [Member] | ||
Indefinite-lived Intangible Assets by Major Class [Line Items] | ||
Indefinite-lived intangible assets | 101,429 | 101,429 |
Trademarks [Member] | Madison Square Garden Entertainment [Member] | ||
Indefinite-lived Intangible Assets by Major Class [Line Items] | ||
Indefinite-lived intangible assets | 62,421 | 62,421 |
Photographic related rights [Member] | Madison Square Garden Sports [Member] | ||
Indefinite-lived Intangible Assets by Major Class [Line Items] | ||
Indefinite-lived intangible assets | $ 3,000 | $ 3,000 |
Goodwill and Intangible Asset52
Goodwill and Intangible Assets (Schedule of Intangible Assets Subject To Amortization) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Finite-Lived Intangible Assets [Line Items] | |||
Gross | $ 77,341 | $ 92,735 | |
Accumulated Amortization | (61,612) | (70,411) | |
Net | 15,729 | 22,324 | |
Finite-Lived Intangible Assets, Amortization Expense | 6,595 | 6,939 | $ 6,939 |
Season Ticket Holder Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross | 73,124 | 73,124 | |
Accumulated Amortization | (59,178) | (53,919) | |
Net | $ 13,946 | 19,205 | |
Suite Holder Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross | 15,394 | ||
Accumulated Amortization | (14,339) | ||
Net | 1,055 | ||
Other Intangible Assets [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 15 years | ||
Gross | $ 4,217 | 4,217 | |
Accumulated Amortization | (2,434) | (2,153) | |
Net | $ 1,783 | $ 2,064 | |
Minimum [Member] | Season Ticket Holder Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 12 years | ||
Maximum [Member] | Season Ticket Holder Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 15 years |
Goodwill and Intangible Asset53
Goodwill and Intangible Assets Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Details) $ in Thousands | Jun. 30, 2016USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | $ 5,067 |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 3,617 |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 3,617 |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 2,771 |
Finite-Lived Intangible Assets, Amortization Expense, Year Five | $ 281 |
Property and Equipment (Schedul
Property and Equipment (Schedule of Property, Plant and Equipment) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 1,701,410 | $ 1,644,398 |
Less accumulated depreciation and amortization | (540,801) | (455,705) |
Property and equipment, net | 1,160,609 | 1,188,693 |
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 | 1,107,027 | 1,098,191 |
Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 272,276 | 264,054 |
Aircraft [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 20 years | |
Property and equipment, gross | $ 38,090 | 0 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 50,034 | 49,400 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 131,769 | 130,620 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 10,536 | $ 10,455 |
Maximum [Member] | Buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 45 years | |
Maximum [Member] | Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 20 years | |
Maximum [Member] | Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 10 years | |
Minimum [Member] | Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 2 years | |
Minimum [Member] | Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 3 years |
Property and Equipment (Narrati
Property and Equipment (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2014 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Property, Plant and Equipment [Line Items] | ||||
Property Plant And Equipment Useful Life Average | Shorter of term of lease or life of improvement | |||
Depreciation and amortization expense on property and equipment | $ 95,887 | $ 101,819 | $ 84,770 | |
Aircraft [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Accelerated Depreciation Expense | $ 8,400 | |||
Property, Plant and Equipment, Additions | $ 38,090 |
Commitments - Contractual Oblig
Commitments - Contractual Obligations And Off Balance Sheet Arrangements (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | ||
Other Commitments [Line Items] | ||||
Commitments, Due Next Year | $ 230,278 | |||
Commitments, Due in Second Year | 161,280 | |||
Commitments, Due in Third Year | 125,013 | |||
Commitments, Due in Fourth Year | 67,505 | |||
Commitments, Due in Fifth Year | 52,971 | |||
Commitments, Due after Fifth Year | 127,053 | |||
Other Commitment | 764,100 | |||
Operating Leases, Rent Expense, Net | 35,617 | $ 34,239 | $ 34,191 | |
Off Balance Sheet [Member] | ||||
Other Commitments [Line Items] | ||||
Commitments, Due Next Year | 175,401 | |||
Commitments, Due in Second Year | 157,647 | |||
Commitments, Due in Third Year | 121,358 | |||
Commitments, Due in Fourth Year | 63,851 | |||
Commitments, Due in Fifth Year | 49,763 | |||
Commitments, Due after Fifth Year | 115,712 | |||
Other Commitment | 683,732 | |||
Off Balance Sheet [Member] | Operating Leases [Member] | ||||
Other Commitments [Line Items] | ||||
Commitments, Due Next Year | 36,927 | |||
Commitments, Due in Second Year | 36,659 | |||
Commitments, Due in Third Year | 36,369 | |||
Commitments, Due in Fourth Year | 35,523 | |||
Commitments, Due in Fifth Year | 34,617 | |||
Commitments, Due after Fifth Year | 106,968 | |||
Other Commitment | 287,063 | |||
Off Balance Sheet [Member] | Other Contractual Obligations [Member] | ||||
Other Commitments [Line Items] | ||||
Commitments, Due Next Year | [1] | 131,389 | ||
Commitments, Due in Second Year | [1] | 120,988 | ||
Commitments, Due in Third Year | [1] | 84,989 | ||
Commitments, Due in Fourth Year | [1] | 28,328 | ||
Commitments, Due in Fifth Year | [1] | 15,146 | ||
Commitments, Due after Fifth Year | [1] | 8,744 | ||
Other Commitment | [1] | 389,584 | ||
Off Balance Sheet [Member] | Letter of Credit [Member] | ||||
Other Commitments [Line Items] | ||||
Commitments, Due Next Year | [2] | 7,085 | ||
Commitments, Due in Second Year | [2] | 0 | ||
Commitments, Due in Third Year | [2] | 0 | ||
Commitments, Due in Fourth Year | [2] | 0 | ||
Commitments, Due in Fifth Year | [2] | 0 | ||
Commitments, Due after Fifth Year | [2] | 0 | ||
Other Commitment | [2] | 7,085 | ||
Reflected On Balance Sheet [Member] | ||||
Other Commitments [Line Items] | ||||
Commitments, Due Next Year | [3],[4] | 54,877 | ||
Commitments, Due in Second Year | [3],[4] | 3,633 | ||
Commitments, Due in Third Year | [3],[4] | 3,655 | ||
Commitments, Due in Fourth Year | [3],[4] | 3,654 | ||
Commitments, Due in Fifth Year | [3],[4] | 3,208 | ||
Commitments, Due after Fifth Year | [3],[4] | 11,341 | ||
Other Commitment | [3],[4] | $ 80,368 | ||
[1] | Consist principally of 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. | |||
[2] | Consists of letters of credit obtained by the Company as collateral for certain insurance policies and for a lease agreement. | |||
[3] | Consists primarily of amounts earned under employment agreements that the Company has with certain of its professional sports teams' personnel in the MSG Sports segment. | |||
[4] | Pension obligations have been excluded from the table above as the timing of the future cash payments is uncertain. |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule of Fair Value, Assets Measured on Recurring Basis) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 |
Fair Value, Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | $ 1,443,317 | $ 12,513 |
Commercial Paper [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 79,968 | 0 |
Money market accounts | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 159,881 | 0 |
Time deposits [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 1,202,681 | 12,513 |
Marketable Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | $ 787 | $ 0 |
Fair Value Measurements (Sche58
Fair Value Measurements (Schedule of Fair Value, Financial Instruments) (Details) $ in Thousands | Jun. 30, 2016USD ($) |
Notes Receivable [Member] | |
Schedule of Financial Instruments [Line Items] | |
Carrying Value Of Financial Instrument Assets | $ 7,090 |
Fair Value Of Financial Instrument Assets | 7,090 |
Marketable Securities [Member] | |
Schedule of Financial Instruments [Line Items] | |
Carrying Value Of Financial Instrument Assets | 787 |
Fair Value Of Financial Instrument Assets | $ 787 |
Pension and Other Postretiremen
Pension and Other Postretirement Plans - Schedule of Net Funded Status (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | ||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | $ 110,261 | $ 99,596 | ||
Pension Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Benefit Obligation | 173,585 | 174,131 | $ 164,829 | |
Defined Benefit Plan, Service Cost | 3,054 | 6,495 | 5,924 | |
Defined Benefit Plan, Interest Cost | 6,986 | 7,226 | 6,842 | |
Defined Benefit Plan, Actuarial Gain (Loss) | 17,115 | 2,956 | ||
Defined Benefit Plan, Benefits Paid | (4,849) | (7,375) | ||
Defined Benefit Plan, Transfer of Liabilities | [1] | (22,852) | ||
Defined Benefit Plan, Fair Value of Plan Assets | 110,261 | 99,596 | 99,841 | |
Defined Benefit Plan, Actual Return on Plan Assets | 11,484 | (808) | ||
Defined Benefit Plan, Employer Contributions | 4,030 | 7,938 | ||
Defined Benefit Plan, Funded Status of Plan | (63,324) | (74,535) | ||
Other Postretirement Benefit Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Benefit Obligation | 6,224 | 8,704 | 9,214 | |
Defined Benefit Plan, Service Cost | 137 | 198 | 227 | |
Defined Benefit Plan, Interest Cost | 253 | 331 | $ 383 | |
Defined Benefit Plan, Actuarial Gain (Loss) | 708 | (855) | ||
Defined Benefit Plan, Benefits Paid | (417) | (184) | ||
Defined Benefit Plan, Transfer of Liabilities | [1] | (3,161) | ||
Defined Benefit Plan, Funded Status of Plan | (6,224) | $ (8,704) | ||
Employee [Member] | MSG Networks [Member] | Pension Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Benefits Paid | $ (142) | |||
[1] | Represents the benefit obligation related to the MSG Networks Plans as of September 30, 2015, the date of the Distribution, net of pre-Distribution benefit payments of $142 |
Pension and Other Postretirem60
Pension and Other Postretirement Plans - Schedule of Amounts Recognized in Balance Sheet (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 |
Defined Benefit Plan Disclosure [Line Items] | ||
Pension and Other Postretirement Defined Benefit Plans, Liabilities, Noncurrent | $ (66,035) | $ (80,900) |
Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension and Other Postretirement Defined Benefit Plans, Current Liabilities | (3,286) | (2,015) |
Pension and Other Postretirement Defined Benefit Plans, Liabilities, Noncurrent | (60,038) | (72,520) |
Defined Benefit Plan, Amounts Recognized in Balance Sheet | (63,324) | (74,535) |
Other Postretirement Benefit Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension and Other Postretirement Defined Benefit Plans, Current Liabilities | (227) | (324) |
Pension and Other Postretirement Defined Benefit Plans, Liabilities, Noncurrent | (5,997) | (8,380) |
Defined Benefit Plan, Amounts Recognized in Balance Sheet | $ (6,224) | $ (8,704) |
Pension and Other Postretirem61
Pension and Other Postretirement Plans - Schedule of Net Periodic Benefit Cost Not yet Recognized (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 |
Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Gains (Losses), before Tax | $ (42,120) | $ (40,553) |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Prior Service Cost (Credit), before Tax | 0 | (14) |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax | (42,120) | (40,567) |
Other Postretirement Benefit Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Gains (Losses), before Tax | (583) | 64 |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Prior Service Cost (Credit), before Tax | 92 | 288 |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax | $ (491) | $ 352 |
Pension and Other Postretirem62
Pension and Other Postretirement Plans - Schedule of Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 3,054 | $ 6,495 | $ 5,924 |
Interest cost | 6,986 | 7,226 | 6,842 |
Expected return on plan assets | (2,960) | (3,228) | (3,420) |
Recognized actuarial loss (gain) | 1,039 | 2,050 | 1,285 |
Amortization of unrecognized prior service cost (credit) | 14 | 26 | 26 |
Net periodic benefit cost | 8,133 | 12,569 | 10,657 |
Other Postretirement Benefit Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 137 | 198 | 227 |
Interest cost | 253 | 331 | 383 |
Expected return on plan assets | 0 | 0 | 0 |
Recognized actuarial loss (gain) | 0 | 0 | (20) |
Amortization of unrecognized prior service cost (credit) | (106) | (138) | (152) |
Net periodic benefit cost | $ 284 | $ 391 | $ 438 |
Pension and Other Postretirem63
Pension and Other Postretirement Plans - Schedule of Net Periodic Benefit Cost (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Net Periodic Benefit Cost | $ 8,133 | $ 12,569 | $ 10,657 |
Pension Plans [Member] | Employee [Member] | MSG Networks [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Net Periodic Benefit Cost | 520 | 2,080 | 2,106 |
Pension Plans [Member] | Corporate Employee [Member] | MSG Networks [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Net Periodic Benefit Cost | 229 | 848 | 845 |
Other Postretirement Benefit Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Net Periodic Benefit Cost | 284 | 391 | 438 |
Other Postretirement Benefit Plan [Member] | Employee [Member] | MSG Networks [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Net Periodic Benefit Cost | 18 | 104 | 100 |
Other Postretirement Benefit Plan [Member] | Corporate Employee [Member] | MSG Networks [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Net Periodic Benefit Cost | $ 11 | $ 19 | $ 19 |
Pension and Other Postretirem64
Pension and Other Postretirement Plans - Schedule of Amounts Recognized in Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, before Tax | $ (8,532) | $ (6,993) | $ (10,942) |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Gain (Loss), before Tax | (1,039) | (2,050) | (1,285) |
Other Comprehensive (Income) Loss, Amortization Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Prior Service Cost (Credit), before Tax | 14 | 26 | 26 |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, before Tax | (7,479) | (4,917) | (9,631) |
Defined Benefit Plan, Future Amortization of Gain (Loss) | 1,376 | ||
Other Postretirement Benefit Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, before Tax | (707) | 855 | (996) |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Gain (Loss), before Tax | 0 | 0 | 20 |
Other Comprehensive (Income) Loss, Amortization Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Prior Service Cost (Credit), before Tax | (106) | (138) | (152) |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, before Tax | (813) | $ 717 | $ (1,168) |
Defined Benefit Plan, Future Amortization of Gain (Loss) | $ 49 |
Pension and Other Postretirem65
Pension and Other Postretirement Plans - Pension Plans Fund Status (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 |
Pension Plans [Member] | ||
Schedule of Pension Plan Funded Status [Line Items] | ||
Defined Benefit Plan, Accumulated Benefit Obligation | $ 173,585 | $ 173,942 |
Pension and Other Postretirem66
Pension and Other Postretirement Plans - Schedule of Assumptions Used (Details) | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
To Determine Net Periodic Cost [Member] | Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 4.46% | 4.32% | 4.80% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 4.06% | 4.24% | 4.57% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase | 3.00% | 3.00% | |
To Determine Net Periodic Cost [Member] | Other Postretirement Benefit Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Health Care Cost Trend Rate Assumed for Next Fiscal Year | 7.25% | 7.25% | 7.75% |
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate | 5.00% | 5.00% | 5.00% |
Defined Benefit Plan, Year that Rate Reaches Ultimate Trend Rate | 2,021 | 2,020 | 2,020 |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 4.05% | 4.00% | 4.50% |
To Determine Benefit Obligations [Member] | Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 3.61% | 4.46% | |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 3.00% | ||
To Determine Benefit Obligations [Member] | Other Postretirement Benefit Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 3.27% | 4.15% | |
Defined Benefit Plan, Health Care Cost Trend Rate Assumed for Next Fiscal Year | 7.25% | 7.25% | |
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate | 5.00% | 5.00% | |
Defined Benefit Plan, Year that Rate Reaches Ultimate Trend Rate | 2,026 | 2,021 |
Pension and Other Postretirem67
Pension and Other Postretirement Plans - Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates (Details) - Other Postretirement Benefit Plan [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Effect of One Percentage Point Increase on Service and Interest Cost Components | $ 29 | $ 67 | $ 76 |
Defined Benefit Plan, Effect of One Percentage Point Increase on Accumulated Postretirement Benefit Obligation | 723 | 984 | |
Defined Benefit Plan, Effect of One Percentage Point Decrease on Service and Interest Cost Components | (27) | (58) | $ (66) |
Defined Benefit Plan, Effect of One Percentage Point Decrease on Accumulated Postretirement Benefit Obligation | $ (624) | $ (856) |
Pension and Other Postretirem68
Pension and Other Postretirement Plans - Schedule of Allocation of Plan Assets (Details) | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | ||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Actual Plan Asset Allocations | [1] | 100.00% | 100.00% |
Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Actual Plan Asset Allocations | [1] | 85.00% | 82.00% |
Defined Benefit Plan, Target Plan Asset Allocations | 80.00% | ||
Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Actual Plan Asset Allocations | [1] | 15.00% | 18.00% |
Defined Benefit Plan, Target Plan Asset Allocations | 20.00% | ||
[1] | The Company’s target allocation for pension plan assets is 80% fixed income securities and 20% cash equivalents as of June 30, 2016. |
Pension and Other Postretirem69
Pension and Other Postretirement Plans - Schedule of Changes in Fair Value of Plan Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 |
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ 110,261 | $ 99,596 |
U.S. Treasury Securities | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 26,102 | 19,873 |
U.S. corporate bonds | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 54,945 | 48,538 |
Foreign issued corporate bonds | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 12,161 | 13,427 |
Municipal bonds | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 236 | 196 |
Money market accounts | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ 16,817 | $ 17,562 |
Pension and Other Postretirem70
Pension and Other Postretirement Plans - Contributions for Qualified Defined Benefit Pension Plan (Narrative) (Details) - Pension Plans [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Employer Contributions | $ 4,030 | $ 7,938 |
Cash Balance Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year | 11,000 | |
Union Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Employer Contributions | 220 | |
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year | 240 | |
MSG Networks [Member] | Cash Balance Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Employer Contributions | $ 3,700 |
Pension and Other Postretirem71
Pension and Other Postretirement Plans - Schedule of Expected Benefit Payments (Details) $ in Thousands | Jun. 30, 2016USD ($) |
Pension Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months | $ 11,570 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Two | 7,690 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Three | 7,430 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Four | 7,240 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Five | 6,930 |
Defined Benefit Plan, Expected Future Benefit Payments, Five Fiscal Years Thereafter | 39,830 |
Other Postretirement Benefit Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months | 231 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Two | 253 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Three | 291 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Four | 330 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Five | 398 |
Defined Benefit Plan, Expected Future Benefit Payments, Five Fiscal Years Thereafter | $ 2,540 |
Pension and Other Postretirem72
Pension and Other Postretirement Plans - Defined Contribution Plan (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Union Savings Plan [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Cost Recognized | $ 676 | $ 724 | $ 560 |
Savings Plans [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Cost Recognized | 4,191 | 3,080 | 2,855 |
Corporate Employee [Member] | MSG Networks [Member] | Savings Plans [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Cost Recognized | $ 89 | $ 317 | $ 269 |
Pension and Other Postretirem73
Pension and Other Postretirement Plans - Schedule of Multiemployer Defined Benefit Pension Plans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Multiemployer Plans [Line Items] | |||
Multiemployer Plan, Period Contributions | $ 9,609 | $ 9,657 | $ 8,200 |
National Basketball Association Players' Pension Plan [Member] | |||
Multiemployer Plans [Line Items] | |||
Entity Tax Identification Number | 135,582,586 | ||
Multiemployer Plan Number | 3 | ||
Multiemployer Plans, Certified Zone Status | Yellow | Yellow | |
Multiemployer Plans, Certified Zone Status, Date | Feb. 1, 2015 | Feb. 1, 2014 | |
Multiemployer Plans, Collective-Bargaining Arrangement, Description | 6/2021 (with certain termination rights becoming effective 6/2017) | ||
Multiemployer Plans, Funding Improvement Plan and Rehabilitation Plan | Implemented | ||
Multiemployer Plan, Period Contributions | $ 1,814 | $ 1,853 | 1,687 |
Multiemployer Plans, Surcharge | No | ||
Pension Fund of Local No. 1 of I.A.T.S.E. [Member] | |||
Multiemployer Plans [Line Items] | |||
Entity Tax Identification Number | 136,414,973 | ||
Multiemployer Plan Number | 1 | ||
Multiemployer Plans, Certified Zone Status | Green | Green | |
Multiemployer Plans, Certified Zone Status, Date | Dec. 31, 2014 | Dec. 31, 2013 | |
Multiemployer Plans, Funding Improvement Plan and Rehabilitation Plan | No | ||
Multiemployer Plan, Period Contributions | $ 2,236 | $ 2,380 | 2,120 |
Multiemployer Plans, Surcharge | No | ||
Multiemployer Plans, Collective-Bargaining Arrangement, Expiration Date, First | Sep. 30, 2016 | ||
Multiemployer Plans, Collective-Bargaining Arrangement, Expiration Date, Last | Feb. 28, 2018 | ||
The Pension, Hospitalization and Benefit Plan of the Electrical Industry – Pension Trust Fund [Member] | |||
Multiemployer Plans [Line Items] | |||
Entity Tax Identification Number | 136,123,601 | ||
Multiemployer Plan Number | 1 | ||
Multiemployer Plans, Certified Zone Status | Green | Green | |
Multiemployer Plans, Certified Zone Status, Date | Sep. 30, 2015 | Sep. 30, 2014 | |
Multiemployer Plans, Funding Improvement Plan and Rehabilitation Plan | No | ||
Multiemployer Plan, Period Contributions | $ 2,533 | $ 2,458 | 2,051 |
Multiemployer Plans, Surcharge | No | ||
Multiemployer Plans, Collective-Bargaining Arrangement, Expiration Date | Jun. 30, 2016 | ||
Multiemployer Plan, Individually Insignificant Multiemployer Plans [Member] | |||
Multiemployer Plans [Line Items] | |||
Multiemployer Plan, Period Contributions | $ 3,026 | $ 2,966 | $ 2,342 |
Pension and Other Postretirem74
Pension and Other Postretirement Plans - Schedule of Plan Listed in Form 5500 providing more than 5 Percent of Total Contribution (Details) | 12 Months Ended |
Jun. 30, 2016 | |
Pension Fund of Local No. 1 of I.A.T.S.E. [Member] | |
Multiemployer Plans [Line Items] | |
Multiemployer Plans Year Contributions To Plan Exceeded More Than 5 Percent Of Total Contributions | December 31, 2014, 2013 and 2012 |
Pension Fund of Wardrobe Attendants Union Local 764 [Member] | |
Multiemployer Plans [Line Items] | |
Multiemployer Plans Year Contributions To Plan Exceeded More Than 5 Percent Of Total Contributions | December 31, 2014, 2013 and 2012 |
32BJ/Broadway League Pension Fund [Member] | |
Multiemployer Plans [Line Items] | |
Multiemployer Plans Year Contributions To Plan Exceeded More Than 5 Percent Of Total Contributions | December 31, 2014, 2013 and 2012 |
Pension Fund of Moving Picture Machine Operators Union of Greater New York, Local 306 [Member] | |
Multiemployer Plans [Line Items] | |
Multiemployer Plans Year Contributions To Plan Exceeded More Than 5 Percent Of Total Contributions | December 31, 2013 and 2012 |
Treasurers and Ticket Sellers Local 751 Pension Fund [Member] | |
Multiemployer Plans [Line Items] | |
Multiemployer Plans Year Contributions To Plan Exceeded More Than 5 Percent Of Total Contributions | August 31, 2015 |
Pension and Other Postretirem75
Pension and Other Postretirement Plans - Multiemployer Defined Contribution Pension Plans and Multiemployer Plans That Provide Health and Welfare Benefits (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Multiemployer Plans [Line Items] | |||
Multiemployer Defined Contribution Pension Plans, Period Contributions | $ 5,649 | $ 5,794 | $ 5,019 |
Postretirement Health Coverage [Member] | |||
Multiemployer Plans [Line Items] | |||
Multiemployer Defined Benefit Plan, Contributions By Employer | $ 13,429 | $ 12,828 | $ 9,912 |
Share-Based Compensation (Narra
Share-Based Compensation (Narrative) (Details) shares in Thousands | 3 Months Ended | 12 Months Ended | |
Sep. 30, 2015shares | Jun. 30, 2016shares | Sep. 21, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||
Class A Common Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Conversion Ratio in Distribution for Common Stock and Equity Awards | 0.3333 | ||
Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Conversion Ratio in Distribution for Common Stock and Equity Awards | 0.3333 | ||
Employee Stock Option [Member] | Class A Common Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Exercise Price of Options Allocated, Percent | 74.36% | ||
Employee Stock Option [Member] | 2015 Employee Stock Plan [Member] | Class A Common Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 2,650 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||
Employee Stock Option [Member] | 2015 Stock Plan for Non-Employee Directors [Member] | Class A Common Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 160 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||
Employee Stock Option [Member] | MSG Networks [Member] | Class A Common Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Weighed Average Price Term | 10 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Exercise Price of Options Allocated, Percent | 25.64% | ||
Employee Stock Option [Member] | Expiration Triggered By The Death of the Grantee [Member] | 2015 Employee Stock Plan [Member] | Class A Common Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 1 year | ||
Employee Stock Option [Member] | Expiration Triggered By The Death of the Grantee [Member] | 2015 Stock Plan for Non-Employee Directors [Member] | Class A Common Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 1 year | ||
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Conversion Ratio in Distribution for Common Stock and Equity Awards | 0.3333 | ||
Restricted Stock Units (RSUs) [Member] | Class A Common Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Weighed Average Price Term | 10 days | ||
Restricted Stock Units (RSUs) [Member] | 2015 Stock Plan for Non-Employee Directors [Member] | Class A Common Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Conversion Ratio in Distribution for Common Stock and Equity Awards | 0.3333 | ||
Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||
Performance Shares [Member] | Class A Common Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Weighed Average Price Term | 10 days | ||
In Connection with the Distribution [Member] | Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 26 | ||
In Connection with the Distribution [Member] | Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Equity Instruments Other than Options, Grants in Period | 432 | ||
In Connection with the Distribution [Member] | Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Equity Instruments Other than Options, Grants in Period | 95 | ||
Shared Employees [Member] | 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, Percent of Value of Grants Allocated as Result of Distribution | 70.00% | ||
Shared Employees [Member] | Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Percent of Value of Grants Allocated as Result of Distribution | 70.00% |
Share-Based Compensation Schedu
Share-Based Compensation Schedule of Share-based Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Schedule of Share-based Compensation Expense [Line Items] | |||
Share-based Compensation, Compensation Cost Not yet Recognized | $ 49,336 | ||
Share-based Compensation, Compensation Cost Not yet Recognized, Period for Recognition | 2 years | ||
Performance Stock Units and Restricted Stock Units [Member] | |||
Schedule of Share-based Compensation Expense [Line Items] | |||
Share-based Compensation Expense | $ 24,476 | $ 10,306 | $ 13,698 |
The Madison Square Garden Company [Member] | Performance Stock Units and Restricted Stock Units [Member] | |||
Schedule of Share-based Compensation Expense [Line Items] | |||
Share-based Compensation Expense | 18,404 | ||
MSG Networks [Member] | Performance Stock Units and Restricted Stock Units [Member] | |||
Schedule of Share-based Compensation Expense [Line Items] | |||
Share-based Compensation Expense | $ 6,072 | $ 10,306 | $ 13,698 |
Schedule of Share-based Compens
Schedule of Share-based Compensation, Restricted Stock Units Award Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |
Jun. 30, 2016 | Sep. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Equity Instruments Other than Options, Vested in Period, Fair Value | $ 2,164 | |
Shares Paid for Tax Withholding for Share Based Compensation | 2 | |
Payments Related to Tax Withholding for Share-based Compensation | $ 281 | |
Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 167.51 | $ 134.45 |
Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | 176.04 | |
Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | 170.99 | |
Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 157.02 | |
Non-Performance Vesting [Member] | Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Equity Instruments Other than Options, Nonvested, Number | 172 | 103 |
Equity Instruments Other than Options, Grants in Period | 125 | |
Equity Instruments Other than Options, Vested in Period | (12) | |
Equity Instruments Other than Options, Forfeited in Period | (44) | |
Performance Vesting [Member] | Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Equity Instruments Other than Options, Nonvested, Number | 313 | 19 |
Equity Instruments Other than Options, Grants in Period | 297 | |
Equity Instruments Other than Options, Vested in Period | 0 | |
Equity Instruments Other than Options, Forfeited in Period | (3) |
Stock Repurchase Program (Detai
Stock Repurchase Program (Details) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |
Jun. 30, 2016 | Sep. 11, 2015 | |
Stock Repurchase Program [Abstract] | ||
Stock Repurchase Program, Authorized Amount | $ 525,000 | |
Treasury Stock, Shares, Acquired | 679 | |
Treasury Stock, Value, Acquired, Cost Method | $ 105,736 | |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 419,278 |
Related Party Transactions (Own
Related Party Transactions (Ownership Percentage) (Details) | Jun. 30, 2016 |
Related Party Ownership Percentage [Line Items] | |
Aggregate Voting Power Held By Related Party | 70.40% |
Class A Common Stock [Member] | |
Related Party Ownership Percentage [Line Items] | |
Percentage of Common Stock Owned by Related Party | 2.70% |
Class B Common Stock [Member] | |
Related Party Ownership Percentage [Line Items] | |
Percentage of Common Stock Owned by Related Party | 100.00% |
Related Party Transactions (Tra
Related Party Transactions (Transactions by Type) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Related Party Transaction [Line Items] | |||
Revenues | $ 153,538 | $ 88,051 | $ 79,707 |
Consulting fees | 3,444 | 0 | 0 |
Advertising | 1,609 | 4,821 | 2,986 |
Telephone and other fiber optic transmission services | 1,576 | 1,536 | 1,225 |
Other, net | 1,252 | 1,269 | 1,014 |
MSG Networks [Member] | |||
Related Party Transaction [Line Items] | |||
Revenues | 144,947 | 80,999 | 72,535 |
Corporate general and administrative, net | (38,122) | (56,999) | (57,586) |
Affiliate, Cablevision [Member] | |||
Related Party Transaction [Line Items] | |||
Corporate general and administrative, net | $ 2,838 | $ 1,669 | $ 2,823 |
Related Party Transactions (Nar
Related Party Transactions (Narrative) (Details) - USD ($) $ in Thousands | Jun. 21, 2011 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 |
Related Party Transaction [Line Items] | ||||
Loan receivable from MSG Networks | $ 0 | $ 30,836 | ||
MSG Networks [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related Party Transaction, Expenses from Transactions with Related Party | 2,935 | $ 2,423 | ||
Related party transaction, transition services agreement | 6,595 | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 8,000 | |||
Line of Credit Facility, Current Borrowing Capacity | 40,000 | |||
Loan receivable from MSG Networks | 0 | $ 30,836 | ||
Azoff MSG Entertainment LLC [Member] | ||||
Related Party Transaction [Line Items] | ||||
Initial Direct Costs For Operating Leases | $ 5,000 | |||
London Interbank Offered Rate (LIBOR) [Member] | Unsecured Debt [Member] | MSG Networks [Member] | ||||
Related Party Transaction [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 3.50% | |||
Debt Instrument, Term | 5 years | |||
Debt Instrument, Prepayment Notice Term, Minimum | 5 days |
Income Taxes Schedule of Compon
Income Taxes Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Income Tax Disclosure [Abstract] | |||
Current Federal Tax Expense (Benefit) | $ 0 | $ 0 | $ 0 |
Current State and Local Tax Expense (Benefit) | 0 | 0 | 0 |
Current Income Tax Expense (Benefit) | 0 | 0 | 0 |
Deferred Federal Income Tax Expense (Benefit) | 325 | 288 | 1,110 |
Deferred State and Local Income Tax Expense (Benefit) | (28) | 148 | 587 |
Deferred Income Tax Expense (Benefit) | 297 | 436 | 1,697 |
Income Tax Expense (Benefit) | $ 297 | $ 436 | $ 1,697 |
Income Taxes Schedule of Effect
Income Taxes Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | ||
Income Tax Disclosure [Abstract] | ||||
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount | $ (26,948) | $ (14,087) | $ (40,333) | |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount | (6,843) | (3,334) | (10,602) | |
Effective Income Tax Rate Reconciliation, Change in Estimated Applicable Corporate Tax Rate Used to Determine Deferred Taxes | (192) | 699 | 350 | |
Effective Income Tax Rate Reconciliation, Nondeductible Disability Insurance Premiums Expense | 1,806 | 1,349 | 2,201 | |
Effective Income Tax Rate Reconciliation, Tax Effect On Earnings From Periods Prior To Spin-Off | 519 | 0 | 0 | |
Effective Income Tax Rate Reconciliation, Tax Credit, Amount | (426) | (1,426) | (9,640) | |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | 31,301 | [1] | 16,260 | 58,846 |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Other, Amount | 1,080 | 975 | 875 | |
Income Tax Expense (Benefit) | 297 | $ 436 | $ 1,697 | |
Deferred Tax Assets, Deferred Income | $ 348,000 | |||
[1] | For the year ended June 30, 2016, the valuation allowance reflects an increase on the Company's net deferred tax asset related to the current year activity from the time of the Distribution. As part of the Distribution, MSG Networks is responsible for paying taxes on approximately $348,000 of deferred revenue from ticket sales, sponsorship and suite rentals collected in advance related to the Company's business. This initially created a deferred tax asset on which the Company recorded a full valuation allowance at the time of the Distribution as it was more likely than not that the deferred tax asset would not be realized. |
Income Taxes Schedule of Deferr
Income Taxes Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | |||
Operating Loss Carryforwards [Line Items] | ||||
Deferred Tax Assets, Operating Loss Carryforwards | $ 109,074 | $ 104,279 | ||
Deferred Tax Assets, Tax Credit Carryforwards | 426 | 15,965 | ||
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Employee Benefits | 92,799 | 99,510 | ||
Deferred Tax Assets, Tax Deferred Expense, Other | 32,605 | 25,983 | ||
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost | 15,556 | 11,784 | ||
Deferred Tax Assets, Other | 9,263 | 9,740 | ||
Deferred Tax Assets, Gross | 259,723 | 267,261 | ||
Deferred Tax Assets, Valuation Allowance | (190,602) | (171,336) | ||
Deferred Tax Assets, Net of Valuation Allowance | 69,121 | 95,925 | ||
Deferred Tax Liabilities, Goodwill and Intangible Assets | (199,308) | (201,479) | ||
Deferred Tax Liabilities, Property, Plant and Equipment | (25,364) | (43,055) | ||
Deferred Tax Liabilities, Deferred Production Costs | (4,898) | (15,526) | ||
Deferred Tax Liabilities, Prepaid Expenses | (9,248) | (8,601) | ||
Deferred Tax Liabilities, Investments | (24,886) | (21,548) | ||
Deferred Tax Liabilities, Gross | (263,704) | (290,209) | ||
Deferred Tax Liabilities, Net | $ (194,583) | [1] | (194,284) | [2] |
Deferred Tax Assets, Current | $ 12,660 | |||
Operating Loss Carryforwards Expiration Year | 2,036 | |||
Federal Tax Authority [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Operating Loss Carryforwards | $ 239,000 | |||
State and Local Jurisdiction [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Operating Loss Carryforwards | $ 258,000 | |||
[1] | For the balance sheet presentation as of June 30, 2016, the Company applies ASU No. 2015-17 and classify all deferred tax assets and liabilities as non-current. See “Note 2. Summary of Significant Accounting Policies — Recently Adopted Accounting Pronouncement” for further details about the adoption of ASU No. 2015-17. | |||
[2] | Net deferred tax liability is presented net of current deferred tax assets of $12,660 as of June 30, 2015. Current deferred tax assets are recorded in other current assets in the accompanying combined balance sheets as of June 30, 2015. |
Segment Information (Schedule o
Segment Information (Schedule of Segment Reporting Information by Segment) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2016USD ($)segments | Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | |||||
Segment Reporting Information [Line Items] | |||||||||||||||
Number of Reportable Segments | segments | 2 | ||||||||||||||
Revenues | $ 217,764 | $ 336,328 | $ 410,838 | $ 150,381 | $ 254,965 | $ 300,856 | $ 396,814 | $ 118,916 | $ 1,115,311 | [1] | $ 1,071,551 | [1] | $ 913,615 | [1] | |
Direct operating expenses (b) | [2] | 737,857 | 724,881 | 714,825 | |||||||||||
Selling, general and administrative expenses (c) | [3] | 333,603 | 238,318 | 221,109 | |||||||||||
AOCF | 68,327 | 118,658 | (8,621) | ||||||||||||
Depreciation and amortization | 102,482 | 108,758 | 91,709 | ||||||||||||
Share-based compensation expense | 24,476 | 10,306 | 13,698 | ||||||||||||
Operating income (loss) | $ (46,157) | $ (56,936) | $ 49,039 | $ (4,577) | $ 4,319 | $ (9,584) | $ 39,919 | $ (35,060) | (58,631) | (406) | (114,028) | ||||
Loss in equity method investments | (19,099) | (40,590) | (1,323) | ||||||||||||
Interest income | [4] | 6,782 | 3,056 | 1,548 | |||||||||||
Interest expense | (2,028) | (2,498) | (1,528) | ||||||||||||
Miscellaneous income (expense) | (4,017) | [5] | 190 | 95 | |||||||||||
Income (loss) from operations before income taxes | (76,993) | (40,248) | (115,236) | ||||||||||||
Capital expenditures | 71,716 | 64,083 | 304,866 | ||||||||||||
Write-off of deferred production costs | 41,816 | 0 | 2,228 | ||||||||||||
Operating Segments [Member] | Madison Square Garden Entertainment [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Revenues | 415,390 | 414,161 | 300,998 | ||||||||||||
Direct operating expenses (b) | 341,637 | [6] | 307,373 | 233,116 | |||||||||||
Selling, general and administrative expenses (c) | 96,204 | 69,215 | 68,036 | ||||||||||||
AOCF | (14,581) | 41,189 | 4,243 | ||||||||||||
Depreciation and amortization | 9,884 | 10,321 | 9,900 | ||||||||||||
Share-based compensation expense | 7,870 | 3,616 | 4,397 | ||||||||||||
Operating income (loss) | (32,335) | 27,252 | (10,054) | ||||||||||||
Capital expenditures | 4,974 | 5,665 | 6,130 | ||||||||||||
Operating Segments [Member] | Madison Square Garden Sports [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Revenues | 699,062 | 656,683 | 612,071 | ||||||||||||
Direct operating expenses (b) | 396,220 | 417,508 | 481,713 | ||||||||||||
Selling, general and administrative expenses (c) | 182,131 | 144,770 | 129,986 | ||||||||||||
AOCF | 131,027 | 98,006 | 5,978 | ||||||||||||
Depreciation and amortization | 10,957 | 19,089 | 12,225 | ||||||||||||
Share-based compensation expense | 10,316 | 3,601 | 5,606 | ||||||||||||
Operating income (loss) | 109,754 | 75,316 | (11,853) | ||||||||||||
Capital expenditures | 4,578 | 4,513 | 4,674 | ||||||||||||
Corporate, Non-Segment [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Revenues | 859 | 707 | 546 | ||||||||||||
Direct operating expenses (b) | 0 | 0 | (4) | ||||||||||||
Selling, general and administrative expenses (c) | [7] | 55,268 | 24,333 | 23,087 | |||||||||||
AOCF | (48,119) | (20,537) | (18,842) | ||||||||||||
Depreciation and amortization | [8] | 81,641 | 79,348 | 69,584 | |||||||||||
Share-based compensation expense | 6,290 | 3,089 | [9] | 3,695 | [9] | ||||||||||
Operating income (loss) | (136,050) | (102,974) | (92,121) | ||||||||||||
Capital expenditures | [10] | 62,164 | $ 53,905 | $ 294,062 | |||||||||||
Severance Costs | 6,900 | ||||||||||||||
New York Spectacular [Member] | Madison Square Garden Entertainment [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Write-off of deferred production costs | $ 41,816 | ||||||||||||||
[1] | Include revenues from related parties of $153,538, $88,051 and $79,707 for the years ended June 30, 2016, 2015 and 2014, respectively. | ||||||||||||||
[2] | Include net charges from related parties of $1,133, $1,670 and $110 for the years ended June 30, 2016, 2015 and 2014, respectively. | ||||||||||||||
[3] | Include net charges to related parties of $(28,536), $(49,374) and $(49,648) for the years ended June 30, 2016, 2015 and 2014, respectively. | ||||||||||||||
[4] | Include interest income from MSG Networks of $307, $1,153 and $957 for the years ended June 30, 2016, 2015 and 2014, respectively. In addition, interest income includes interest income from nonconsolidated affiliates of $2,930, $1,886 and $589 for the years ended June 30, 2016, 2015 and 2014, respectively. | ||||||||||||||
[5] | Miscellaneous expenses for the year ended June 30, 2016 primarily include partial write-down of one of the Company’s cost method investments (see Note 4) | ||||||||||||||
[6] | MSG Entertainment’s direct operating expenses for the year ended June 30, 2016 include a $41,816 write-off of deferred production costs due to the creative decision to not include certain prior scenes in the production now called the New York Spectacular Starring the Radio City Rockettes. | ||||||||||||||
[7] | Consists of unallocated corporate general and administrative costs. Corporate general and administrative costs for the year ended June 30, 2016 include approximately $6,900 of reorganization costs which primarily consist of severance and related benefits. Such costs are expected to be paid during fiscal year 2017. | ||||||||||||||
[8] | Principally includes depreciation and amortization expense on The Garden, The Theater at Madison Square Garden, the Forum, and certain corporate property, equipment and leasehold improvement assets not allocated to the Company’s reportable segments. | ||||||||||||||
[9] | The amounts for the years ended June 30, 2015 and 2014 include executive management transition costs. | ||||||||||||||
[10] | Capital expenditures for the year ended June 30, 2016 are primarily associated with the purchase of a new aircraft, as well as certain investments with respect to The Garden. Capital expenditures for the years ended June 30, 2015 and 2014 are primarily associated with certain investments with respect to The Garden and the Forum. |
Segment Information (Schedule87
Segment Information (Schedule of Revenue from External Customers by Products and Services) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |||||
Revenue from External Customer [Line Items] | |||||||||||||||
Revenues | $ 217,764 | $ 336,328 | $ 410,838 | $ 150,381 | $ 254,965 | $ 300,856 | $ 396,814 | $ 118,916 | $ 1,115,311 | [1] | $ 1,071,551 | [1] | $ 913,615 | [1] | |
Event-related Revenue [Member] | |||||||||||||||
Revenue from External Customer [Line Items] | |||||||||||||||
Revenues | [2] | 834,213 | 816,300 | 680,909 | |||||||||||
Media Rights Revenues [Member] | |||||||||||||||
Revenue from External Customer [Line Items] | |||||||||||||||
Revenues | [3] | 179,816 | 129,081 | 118,051 | |||||||||||
Advertising Sales Commission & Sponsorship & Signage Revenues [Member] | |||||||||||||||
Revenue from External Customer [Line Items] | |||||||||||||||
Revenues | [4] | 68,661 | 50,451 | 38,908 | |||||||||||
All Other Revenues [Member] | |||||||||||||||
Revenue from External Customer [Line Items] | |||||||||||||||
Revenues | [5] | $ 32,621 | $ 75,719 | $ 75,747 | |||||||||||
[1] | Include revenues from related parties of $153,538, $88,051 and $79,707 for the years ended June 30, 2016, 2015 and 2014, respectively. | ||||||||||||||
[2] | Primarily consists of professional sports teams’, entertainment and other live sporting events revenue. These amounts include ticket sales, other ticket-related revenue, food, beverage and merchandise sales, venue license fees, and event-related sponsorship and signage revenues. | ||||||||||||||
[3] | Primarily consists of telecast rights fees from MSG Networks and the Company’s share of league distributions. | ||||||||||||||
[4] | Amounts exclude event-related sponsorship and signage revenues. | ||||||||||||||
[5] | Primarily consists of playoff revenue, which includes ticket sales, food, beverage and merchandise sales, and suite rental fees. |
Schedules of Concentration of R
Schedules of Concentration of Risk, by Risk Factor (Details) - Accounts Receivable [Member] - Credit Concentration Risk [Member] | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Customer A [Member] | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 14.00% | 20.00% |
Customer B [Member] | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 4.00% | 11.00% |
Concentration of Risk (Narrativ
Concentration of Risk (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Concentration Risk [Line Items] | |||
Revenues from related party | $ 153,538 | $ 88,051 | $ 79,707 |
Concentration Risk, Labor Subject to Collective Bargaining Arrangements | 6,000 | ||
Workforce Subject to Collective Bargaining Arrangements Expiring within One Year [Member] | Unionized Employees Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 55.00% | ||
MSG Networks [Member] | |||
Concentration Risk [Line Items] | |||
Revenues from related party | $ 144,947 | $ 80,999 | $ 72,535 |
MSG Networks [Member] | Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 13.00% | 8.00% | 8.00% |
Already Expired As of The Current Year End [Member] | Workforce Subject to Collective Bargaining Arrangements [Member] | Unionized Employees Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 6.00% |
Interim Financial Information Q
Interim Financial Information Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||
Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | ||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||
Revenues | $ 217,764 | $ 336,328 | $ 410,838 | $ 150,381 | $ 254,965 | $ 300,856 | $ 396,814 | $ 118,916 | $ 1,115,311 | [1] | $ 1,071,551 | [1] | $ 913,615 | [1] |
Operating expenses | 263,921 | 393,264 | 361,799 | 154,958 | 250,646 | 310,440 | 356,895 | 153,976 | 1,173,942 | 1,071,957 | ||||
Operating income (loss) | (46,157) | (56,936) | 49,039 | (4,577) | 4,319 | (9,584) | 39,919 | (35,060) | (58,631) | (406) | (114,028) | |||
Net Income (Loss) | $ (58,419) | $ (60,756) | $ 43,488 | $ (1,603) | $ (1,119) | $ (11,471) | $ 9,636 | $ (37,730) | $ (77,290) | $ (40,684) | $ (116,933) | |||
Basic earnings (loss) per common share | $ (2.39) | $ (2.47) | $ 1.74 | $ (0.06) | $ (0.04) | $ (0.46) | $ 0.39 | $ (1.51) | $ (3.12) | $ (1.63) | $ (4.69) | |||
Diluted earnings (loss) per common share | $ (2.39) | $ (2.47) | $ 1.74 | $ (0.06) | $ (0.04) | $ (0.46) | $ 0.39 | $ (1.51) | $ (3.12) | $ (1.63) | $ (4.69) | |||
[1] | Include revenues from related parties of $153,538, $88,051 and $79,707 for the years ended June 30, 2016, 2015 and 2014, respectively. |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | ||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||||
Balance at Beginning of Period | $ (171,803) | $ (182,915) | $ (119,254) | |||
(Additions) Deductions Charged to Cost and Expense | (31,332) | (16,318) | (58,825) | |||
(Additions) Deductions Charged to Other Accounts | (914) | 0 | (4,883) | |||
Deductions | 12,165 | 27,430 | 47 | |||
Balance at End of Period | (191,884) | (171,803) | (182,915) | |||
Allowance for Doubtful Accounts [Member] | ||||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||||
Balance at Beginning of Period | (467) | (537) | (605) | |||
(Additions) Deductions Charged to Cost and Expense | (31) | (58) | 21 | |||
(Additions) Deductions Charged to Other Accounts | (914) | [1] | 0 | 0 | ||
Deductions | 130 | 128 | 47 | |||
Balance at End of Period | (1,282) | (467) | (537) | |||
Valuation Allowance of Deferred Tax Assets [Member] | ||||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||||
Balance at Beginning of Period | (171,336) | (182,378) | (118,649) | |||
(Additions) Deductions Charged to Cost and Expense | (31,301) | (16,260) | (58,846) | |||
(Additions) Deductions Charged to Other Accounts | 0 | 0 | (4,883) | |||
Deductions | 12,035 | [2] | 27,302 | [3] | 0 | |
Balance at End of Period | (190,602) | (171,336) | $ (182,378) | |||
Fuse Media, LLC [Member] | ||||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||||
Decrease in valuation allowance for deferred tax asset from equity investment transfer from the parent | 29,189 | |||||
Reclassification of Valuation Allowance for Deferred Tax Assets to Accumulated Other Comprehensive Income | $ 1,887 | |||||
Pre Spin Off Activities [Member] | Valuation Allowance of Deferred Tax Assets [Member] | ||||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||||
Deductions | [2] | 15,613 | ||||
Pre Spin Off Activities [Member] | Related to Accumulated Other Comprehensive Income (Loss) [Member] | ||||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||||
Deductions | [2] | $ 3,578 | ||||
[1] | The increase was primarily due to a balance transfer made in connection with the Distribution. | |||||
[2] | Net decrease in valuation allowance represents $15,613 for pre-Distribution activity partially offset by $3,578 recorded to accumulated other comprehensive income. | |||||
[3] | Net decrease in valuation allowance represents $29,189 for the transfer of an equity interest in Fuse Media, LLC from MSG Networks to the Company that has a different basis for financial reporting and tax purposes, partially offset by $1,887 recorded to accumulated other comprehensive income. |