Hawkeye Acquisition (MDP) 10-Q 29 Jan 14 2014 Q2 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	6 Months Ended
	Dec. 31, 2013
Document Information [Line Items]	'
Entity Registrant Name	'MEREDITH CORP
Entity Central Index Key	'0000065011
Document Type	'10-Q
Document Period End Date	31-Dec-13
Amendment Flag	'false
Document Fiscal Year Focus	'2014
Document Fiscal Period Focus	'Q2
Current Fiscal Year End Date	'--06-30
Entity Current Reporting Status	'Yes
Entity Filer Category	'Large Accelerated Filer
Entity Common Stock, Shares Outstanding	44,688,331
Company Common Stock [Member]	'
Document Information [Line Items]	'
Entity Common Stock, Shares Outstanding	36,375,590
Class B Shares [Member]	'
Document Information [Line Items]	'
Entity Common Stock, Shares Outstanding	8,312,741

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (USD $)	Dec. 31, 2013	Jun. 30, 2013
In Thousands, unless otherwise specified
Current assets	'	'
Cash and cash equivalents	$25,883	$27,674
Accounts receivable, net	238,573	232,305
Inventories	25,695	28,386
Current portion of subscription acquisition costs	103,133	97,982
Current portion of broadcast rights	6,577	2,831
Other current assets	17,953	18,514
Total current assets	417,814	407,692
Property, plant, and equipment	467,356	464,255
Less accumulated depreciation	-286,548	-277,938
Net property, plant, and equipment	180,808	186,317
Subscription acquisition costs	99,838	99,433
Broadcast rights	3,069	3,634
Other assets	71,601	69,848
Intangible assets, net	577,631	584,281
Goodwill	788,786	788,854
Total assets	2,139,547	2,140,059
Current liabilities	'	'
Current portion of long-term debt	25,000	50,000
Current portion of long-term broadcast rights payable	6,697	4,089
Accounts payable	57,950	78,458
Accrued expenses and other liabilities	132,079	132,676
Current portion of unearned subscription revenues	193,760	191,448
Total current liabilities	415,486	456,671
Long-term debt	315,000	300,000
Long-term broadcast rights payable	4,769	5,096
Unearned subscription revenues	163,204	163,809
Deferred income taxes	259,031	247,487
Other noncurrent liabilities	110,360	112,700
Total liabilities	1,267,850	1,285,763
Shareholders' equity	'	'
Additional paid-in capital	48,808	50,170
Retained earnings	793,883	775,901
Accumulated other comprehensive loss	-15,683	-16,341
Total shareholders' equity	871,697	854,296
Total liabilities and shareholders' equity	2,139,547	2,140,059
Preferred Stock [Member]	'	'
Shareholders' equity	'	'
Series preferred stock	0	0
Common Stock [Member]	'	'
Shareholders' equity	'	'
Common stock	36,376	36,242
Common Class B [Member]	'	'
Shareholders' equity	'	'
Common stock	$8,313	$8,324

Condensed_Consolidated_Stateme

Condensed Consolidated Statements of Earnings (USD $)	3 Months Ended		6 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013	Dec. 31, 2012
Revenues	'	'	'	'
Advertising	$193,531	$217,094	$392,078	$424,216
Circulation	67,733	67,398	143,467	142,887
All other	92,784	76,103	174,955	147,649
Total revenues	354,048	360,595	710,500	714,752
Operating expenses	'	'	'	'
Production, distribution, and editorial	132,216	134,117	272,993	274,728
Selling, general, and administrative	158,341	158,058	319,413	314,372
Depreciation and amortization	11,590	10,967	23,385	22,894
Total operating expenses	302,147	303,142	615,791	611,994
Income from operations	51,901	57,453	94,709	102,758
Interest expense, net	-2,555	-3,316	-5,268	-7,002
Earnings before income taxes	49,346	54,137	89,441	95,756
Income taxes	-18,777	-18,566	-34,831	-35,330
Net earnings	$30,569	$35,571	$54,610	$60,426
Basic earnings per share	'	'	'	'
Basic earnings per share	$0.68	$0.80	$1.22	$1.36
Basic average shares outstanding	44,696	44,409	44,672	44,451
Diluted earnings per share	'	'	'	'
Diluted earnings per share	$0.67	$0.79	$1.20	$1.34
Diluted average shares outstanding	45,619	44,936	45,499	44,989
Dividends paid per share	$0.41	$0.38	$0.82	$0.77

Condensed_Consolidated_Stateme1

Condensed Consolidated Statements of Comprehensive Income (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013	Dec. 31, 2012
Statement of Comprehensive Income [Abstract]	'	'	'	'
Net earnings	$30,569	$35,571	$54,610	$60,426
Other comprehensive income, net of income taxes	'	'	'	'
Pension and other postretirement benefit plans activity	268	364	658	728
Other comprehensive income, net of income taxes	268	364	658	728
Comprehensive income	$30,837	$35,935	$55,268	$61,154

Condensed_Consolidated_Stateme2

Condensed Consolidated Statements of Shareholders' Equity (USD $)	Total	Common Stock [Member]	Common Class B [Member]	Common Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Retained Earnings [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Loss [Member]
In Thousands, unless otherwise specified					Common Class B [Member]			Common Stock [Member]	Common Class B [Member]
Balance at Jun. 30, 2013	$854,296	'	'	$36,242	$8,324	$50,170	$775,901	'	'	($16,341)
Increase (Decrease) in Stockholders' Equity [Roll Forward]	'	'	'	'	'	'	'	'	'	'
Net earnings	54,610	'	'	'	'	'	54,610	'	'	'
Pension and other postretirement benefit plans reclassifications, net of income taxes	658	'	'	'	'	'	'	'	'	658
Purchases of Company stock	-58,198	'	'	-1,202	0	-56,996	0	'	'	'
Share-based compensation	7,926	'	'	'	'	7,926	'	'	'	'
Conversion of Class B to common stock	0	'	'	11	-11	'	'	'	'	'
Dividends paid	'	-29,851	-6,777	'	'	'	'	-29,851	-6,777	'
Tax benefit from incentive plans	-1,600	'	'	'	'	-1,600	'	'	'	'
Share-based incentive plan transactions	50,633	'	'	1,325	'	49,308	'	'	'	'
Balance at Dec. 31, 2013	$871,697	'	'	$36,376	$8,313	$48,808	$793,883	'	'	($15,683)

Condensed_Consolidated_Stateme3

Condensed Consolidated Statements of Cash Flows (USD $)	6 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Cash flows from operating activities	'	'
Net earnings	$54,610	$60,426
Adjustments to reconcile net earnings to net cash provided by operating activities	'	'
Depreciation	16,735	17,202
Amortization	6,650	5,692
Share-based compensation	7,926	7,580
Deferred income taxes	10,764	22,277
Amortization of broadcast rights	4,437	5,014
Payments for broadcast rights	-5,338	-6,487
Fair value adjustment to contingent consideration	-1,100	0
Excess tax benefits from share-based payments	-3,866	-1,519
Changes in assets and liabilities	-30,131	-29,802
Net cash provided by operating activities	60,687	80,383
Cash flows from investing activities	'	'
Acquisitions of and investments in businesses	-879	-6,047
Additions to property, plant, and equipment	-11,272	-13,659
Net cash used in investing activities	-12,151	-19,706
Cash flows from financing activities	'	'
Proceeds from issuance of long-term debt	106,000	40,000
Repayments of long-term debt	-116,000	-55,000
Dividends paid	-36,628	-34,129
Purchases of Company stock	-58,198	-25,471
Proceeds from common stock issued	50,633	12,067
Excess tax benefits from share-based payments	3,866	1,519
Other	0	-769
Net cash used in financing activities	-50,327	-61,783
Net decrease in cash and cash equivalents	-1,791	-1,106
Cash and cash equivalents, at beginning of period	27,674	25,820
Cash and cash equivalents, at end of period	$25,883	$24,714

Summary_of_Significant_Account

Summary of Significant Accounting Policies	6 Months Ended
	Dec. 31, 2013
Accounting Policies [Abstract]	'
Summary of Significant Accounting Policies [Text Block]	'
	Summary of Significant Accounting Policies
	Basis of presentation—The condensed consolidated financial statements include the accounts of Meredith Corporation and its wholly owned subsidiaries (Meredith or the Company), after eliminating all significant intercompany balances and transactions. Meredith does not have any off-balance sheet arrangements. The Company's use of special-purpose entities is limited to Meredith Funding Corporation, whose activities are fully consolidated in Meredith's condensed consolidated financial statements.
	The accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America (GAAP) for complete financial statements. These condensed consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements, which are included in Meredith's Annual Report on Form 10‑K for the year ended June 30, 2013, filed with the United States Securities and Exchange Commission.
	The condensed consolidated financial statements as of December 31, 2013, and for the three and six months ended December 31, 2013 and 2012, are unaudited but, in management's opinion, include all normal, recurring adjustments necessary for a fair presentation of the results of interim periods. The year-end condensed consolidated balance sheet data as of June 30, 2013, was derived from audited financial statements, but does not include all disclosures required by GAAP. The results of operations for interim periods are not necessarily indicative of the results to be expected for the entire fiscal year.
	Recently Adopted Accounting Standards—In February 2013, the Financial Accounting Standards Board (FASB) issued guidance related to Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income, which requires companies to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, companies are required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income. This update was effective for us in our first quarter of fiscal 2014. The adoption of this guidance required a change in the format of presentation only and did not have an impact on our results of operations or financial position.
	Recently Issued Accounting Standards—In July 2013, the FASB issued guidance on the presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The guidance requires the netting of unrecognized tax benefits against a deferred tax asset for a loss or other carryforward that would apply in settlement of uncertain tax positions. Under the new standard, unrecognized tax benefits will be netted against all available same-jurisdiction loss or other tax carryforwards that would be utilized, rather than only against carryforwards that are created by the unrecognized tax benefits. The guidance is effective for us in our first quarter of fiscal 2015 with earlier adoption permitted. Retrospective application of the guidance is also permitted. While the adoption of this guidance will not have an impact on our results of operations or cash flows, we are currently evaluating the impact of presenting unrecognized tax benefits net of our deferred tax assets where applicable on our Condensed Consolidated Balance Sheets.
	Pending Acquisitions—On December 23, 2013, the Company entered into two separate definitive asset purchase agreements (collectively the Purchase Agreements) with Gannett Co. Inc. One of the Purchase Agreements provides for the purchase of substantially all of the assets of television station KMOV(TV) in St. Louis, Missouri. The other purchase agreement provides for the purchase of substantially all of the assets of television station KTVK(TV) in Phoenix, Arizona and the purchase of certain broadcast assets of television station KASW(TV) in Phoenix, Arizona. These pending acquisitions are subject to regulatory approval and as of December 31, 2013, had not closed.

Inventories

Inventories	6 Months Ended
	Dec. 31, 2013
Inventory Disclosure [Abstract]	'
Inventories [Text Block]	'
	Inventories
	Major components of inventories are summarized below. Of total net inventory values shown, 55 percent are under the last-in first-out (LIFO) method at December 31, 2013, and 50 percent at June 30, 2013.
	(In thousands)	December 31,				June 30,
		2013				2013
	Raw materials		$	11,229		$	14,336
	Work in process		16,443			16,392
	Finished goods		3,045			2,680
			30,717			33,408
	Reserve for LIFO cost valuation		(5,022		)	(5,022		)
	Inventories		$	25,695		$	28,386

Intangible_Assets_and_Goodwill

Intangible Assets and Goodwill	6 Months Ended
	Dec. 31, 2013
Goodwill and Intangible Assets Disclosure [Abstract]	'
Intangible Assets and Goodwill [Text Block]	'
	Intangible Assets and Goodwill
	Intangible assets consist of the following:
		December 31, 2013								June 30, 2013
	(In thousands)	Gross			Accumulated			Net		Gross		Accumulated			Net
		Amount			Amortization			Amount		Amount		Amortization			Amount
	Intangible assets
	subject to amortization
	National media
	Advertiser relationships	$	8,752		$	(5,051	)	$	3,701	$	8,752	$	(3,755	)	$	4,997
	Customer lists	16,257			(12,851		)	3,406		16,387		(11,242		)	5,145
	Other	17,105			(4,211		)	12,894		16,805		(3,041		)	13,764
	Local media
	Network affiliation agreements	218,559			(119,978		)	98,581		218,559		(117,533		)	101,026
	Total	$	260,673		$	(142,091	)	118,582		$	260,503	$	(135,571	)	124,932
	Intangible assets not
	subject to amortization
	National media
	Internet domain names							1,827							1,827
	Trademarks							158,146							158,446
	Local media
	FCC licenses							299,076							299,076
	Total							459,049							459,349
	Intangible assets, net							$	577,631						$	584,281
	Amortization expense was $6.7 million for the six months ended December 31, 2013. Annual amortization expense for intangible assets is expected to be as follows: $12.7 million in fiscal 2014, $10.4 million in fiscal 2015, $7.9 million in fiscal 2016, $6.6 million in fiscal 2017, and $6.1 million in fiscal 2018.
	Changes in the carrying amount of national media goodwill were as follows:
	Six months ended December 31,	2013			2012
	(In thousands)
	Balance at beginning of period	$	788,854		$	733,127
	Acquisitions	(68		)	81
	Balance at end of period	$	788,786		$	733,208

Restructuring_Accrual

Restructuring Accrual	6 Months Ended
	Dec. 31, 2013
Restructuring and Related Activities [Abstract]	'
Restructuring Accrual [Text Block]	'
	Restructuring Accrual
	Changes in the Company's restructuring accrual were as follows:
	Six months ended December 31,	2013			2012
	(In thousands)
	Balance at beginning of period	$	8,103		$	10,644
	Severance accrual	—			7,382
	Vacated leased space accrual	—			463
	Cash payments	(2,272		)	(3,921		)
	Reversal of excess accrual	—			(827		)
	Balance at end of period	$	5,831		$	13,741

Longterm_Debt

Long-term Debt	6 Months Ended
	Dec. 31, 2013
Debt Disclosure [Abstract]	'
Long-term Debt [Text Block]	'
	Long-term Debt
	Long-term debt consists of the following:
	(In thousands)	December 31,				June 30,
		2013				2013
	Variable-rate credit facilities
	Asset-backed bank facility of $100 million, due 4/24/2015		$	75,000		$	75,000
	Revolving credit facility of $150 million, due 9/12/2017		40,000			—
	Private placement notes
	6.70% senior notes, due 7/13/2013		—			50,000
	7.19% senior notes, due 7/13/2014		25,000			25,000
	2.62% senior notes, due 3/1/2015		50,000			50,000
	3.04% senior notes, due 3/1/2016		50,000			50,000
	3.04% senior notes, due 3/1/2017		50,000			50,000
	3.04% senior notes, due 3/1/2018		50,000			50,000
	Total long-term debt		340,000			350,000
	Current portion of long-term debt		(25,000		)	(50,000		)
	Long-term debt		$	315,000		$	300,000
	In connection with the asset-backed bank facility, Meredith entered into a revolving agreement to sell all of its rights, title, and interest in the majority of its accounts receivable related to advertising and miscellaneous revenues to Meredith Funding Corporation, a special-purpose entity established to purchase accounts receivable from Meredith. At December 31, 2013, $158.4 million of accounts receivable net of reserves was outstanding under the agreement. Meredith Funding Corporation in turn may sell receivable interests to a major national bank. In consideration of the sale, Meredith receives cash and a subordinated note, bearing interest at the prime rate, 3.25 percent at December 31, 2013, from Meredith Funding Corporation. The agreement is structured as a true sale under which the creditors of Meredith Funding Corporation will be entitled to be satisfied out of the assets of Meredith Funding Corporation prior to any value being returned to Meredith or its creditors. The accounts of Meredith Funding Corporation are fully consolidated in Meredith's condensed consolidated financial statements.

Pension_and_Postretirement_Ben

Pension and Postretirement Benefit Plans	6 Months Ended
	Dec. 31, 2013
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]	'
Pension and Postretirement Benefit Plans [Text Block]	'
	Pension and Postretirement Benefit Plans
	The following table presents the components of net periodic benefit costs:
		Three Months						Six Months
	Periods ended December 31,	2013			2012			2013			2012
	(In thousands)
	Pension benefits
	Service cost	$	2,537		$	2,525		$	5,075		$	5,050
	Interest cost	1,397			1,228			2,795			2,456
	Expected return on plan assets	(2,422		)	(2,366		)	(4,844		)	(4,732		)
	Prior service cost amortization	80			90			161			180
	Actuarial loss amortization	511			812			1,022			1,625
	Net periodic benefit costs	$	2,103		$	2,289		$	4,209		$	4,579
	Postretirement benefits
	Service cost	$	35		$	94		$	100		$	188
	Interest cost	116			153			247			306
	Prior service cost amortization	(105		)	(134		)	(230		)	(268		)
	Actuarial gain amortization	(101		)	—			(162		)	—
	Curtailment credit	—			—			(1,511		)	—
	Net periodic benefit costs (benefit)	$	(55	)	$	113		$	(1,556	)	$	226
	The amortization of amounts related to unrecognized prior service costs and net actuarial loss were reclassified out of other comprehensive income as components of net periodic benefit costs.
	The curtailment credit was triggered by a change in the postretirement benefit plan to no longer subsidize retiree medical coverage and life insurance to future non-union retirees.

Earnings_per_Share

Earnings per Share	6 Months Ended
	Dec. 31, 2013
Earnings Per Share [Abstract]	'
Earnings per Share [Text Block]	'
	Earnings per Share
	The following table presents the calculations of earnings per share:
		Three Months				Six Months
	Periods ended December 31,	2013		2012		2013		2012
	(In thousands except per share data)
	Net earnings	$	30,569	$	35,571	$	54,610	$	60,426
	Basic average shares outstanding	44,696		44,409		44,672		44,451
	Dilutive effect of stock options and equivalents	923		527		827		538
	Diluted average shares outstanding	45,619		44,936		45,499		44,989
	Earnings per share
	Basic earnings per share	$	0.68	$	0.8	$	1.22	$	1.36
	Diluted earnings per share	0.67		0.79		1.2		1.34
	For the three months ended December 31, 2013 and 2012, antidilutive options excluded from the above calculations totaled 814,000 (with a weighted average exercise price of $51.78) and 3,320,000 (with a weighted average exercise price of $45.60), respectively. For the six months ended December 31, 2013 and 2012, antidilutive options excluded from the above calculations totaled 1,654,000 (with a weighted average exercise price of $50.76) and 3,272,000 (with a weighted average exercise price of $45.94), respectively.
	In the six months ended December 31, 2013 and 2012, options were exercised to purchase 1,157,000 and 367,000 common shares, respectively.

Fair_Value_Measurements

Fair Value Measurements	6 Months Ended
	Dec. 31, 2013
Fair Value Disclosures [Abstract]	'
Fair Value Measurements [Text Block]	'
	Fair Value Measurements
	We have estimated the fair value of our financial instruments using available market information and valuation methodologies we believe to be appropriate for these purposes. Considerable judgment and a high degree of subjectivity are involved in developing these estimates and, accordingly, they are not necessarily indicative of amounts that we would realize upon disposition.
	The fair value hierarchy consists of three broad levels of inputs that may be used to measure fair value, which are described below:
	•	Level 1	Quoted prices (unadjusted) in active markets for identical assets or liabilities;
	•	Level 2	Inputs other than quoted prices included within Level 1 that are either directly or indirectly observable;
	•	Level 3	Assets or liabilities for which fair value is based on valuation models with significant unobservable pricing inputs and which result in the use of management estimates.
	The following table sets forth the carrying value and the estimated fair value of the Company's financial instruments:
			December 31, 2013				June 30, 2013
	(In thousands)		Carrying Value		Fair Value		Carrying Value		Fair Value
	Broadcast rights payable		$	11,466	$	10,872	$	9,185	$	8,723
	Long-term debt		340,000		339,657		350,000		350,132
	The fair value of broadcast rights payable was determined using the present value of expected future cash flows discounted at the Company's current borrowing rate with inputs included in Level 3. The fair value of long-term debt was determined using the present value of expected future cash flows using borrowing rates currently available for debt with similar terms and maturities with inputs included in Level 2.

Financial_Information_about_In

Financial Information about Industry Segments	6 Months Ended
	Dec. 31, 2013
Segment Reporting [Abstract]	'
Financial Information about Industry Segments [Text Block]	'
	Financial Information about Industry Segments
	Meredith is a diversified media company focused primarily on the home and family marketplace. On the basis of products and services, the Company has established two reportable segments: national media and local media. There have been no changes in the basis of segmentation since June 30, 2013. There are no material intersegment transactions.
	There are two principal financial measures reported to the chief executive officer for use in assessing segment performance and allocating resources. Those measures are operating profit and earnings from continuing operations before interest, taxes, depreciation, and amortization (EBITDA). Operating profit for segment reporting, disclosed below, is revenues less operating costs excluding unallocated corporate expenses. Segment operating expenses include allocations of certain centrally incurred costs such as employee benefits, occupancy, information systems, accounting services, internal legal staff, and human resources administration. These costs are allocated based on actual usage or other appropriate methods, primarily number of employees. Unallocated corporate expenses are corporate overhead expenses not directly attributable to the operating groups. In accordance with authoritative guidance on disclosures about segments of an enterprise and related information, EBITDA is not presented below.
	The following table presents financial information by segment:
		Three Months						Six Months
	Periods ended December 31,	2013			2012			2013			2012
	(In thousands)
	Revenues
	National media	$	249,694		$	249,436		$	516,593		$	516,406
	Local media	104,354			111,159			193,907			198,346
	Total revenues	$	354,048		$	360,595		$	710,500		$	714,752
	Operating profit
	National media	$	28,070		$	22,177		$	56,146		$	51,601
	Local media	35,225			44,711			60,901			72,355
	Unallocated corporate	(11,394		)	(9,435		)	(22,338		)	(21,198		)
	Income from operations	$	51,901		$	57,453		$	94,709		$	102,758
	Depreciation and amortization
	National media	$	4,783		$	4,475		$	9,733		$	9,865
	Local media	6,399			6,070			12,832			12,172
	Unallocated corporate	408			422			820			857
	Total depreciation and amortization	$	11,590		$	10,967		$	23,385		$	22,894

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Dec. 31, 2013
Accounting Policies [Abstract]	'
Basis of Presentation [Policy Text Block]	'
	The condensed consolidated financial statements include the accounts of Meredith Corporation and its wholly owned subsidiaries (Meredith or the Company), after eliminating all significant intercompany balances and transactions. Meredith does not have any off-balance sheet arrangements. The Company's use of special-purpose entities is limited to Meredith Funding Corporation, whose activities are fully consolidated in Meredith's condensed consolidated financial statements.
Basis of Accounting [Policy Text Block]	'
	The accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America (GAAP) for complete financial statements. These condensed consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements, which are included in Meredith's Annual Report on Form 10‑K for the year ended June 30, 2013, filed with the United States Securities and Exchange Commission.
New Accounting Pronouncements [Policy Text Block]	'
	Recently Adopted Accounting Standards—In February 2013, the Financial Accounting Standards Board (FASB) issued guidance related to Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income, which requires companies to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, companies are required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income. This update was effective for us in our first quarter of fiscal 2014. The adoption of this guidance required a change in the format of presentation only and did not have an impact on our results of operations or financial position.
	Recently Issued Accounting Standards—In July 2013, the FASB issued guidance on the presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The guidance requires the netting of unrecognized tax benefits against a deferred tax asset for a loss or other carryforward that would apply in settlement of uncertain tax positions. Under the new standard, unrecognized tax benefits will be netted against all available same-jurisdiction loss or other tax carryforwards that would be utilized, rather than only against carryforwards that are created by the unrecognized tax benefits. The guidance is effective for us in our first quarter of fiscal 2015 with earlier adoption permitted. Retrospective application of the guidance is also permitted. While the adoption of this guidance will not have an impact on our results of operations or cash flows, we are currently evaluating the impact of presenting unrecognized tax benefits net of our deferred tax assets where applicable on our Condensed Consolidated Balance Sheets.

Inventories_Tables

Inventories (Tables)	6 Months Ended
	Dec. 31, 2013
Inventory Disclosure [Abstract]	'
Schedule of Inventory, Current [Table Text Block]	'
	Major components of inventories are summarized below. Of total net inventory values shown, 55 percent are under the last-in first-out (LIFO) method at December 31, 2013, and 50 percent at June 30, 2013.
	(In thousands)	December 31,				June 30,
		2013				2013
	Raw materials		$	11,229		$	14,336
	Work in process		16,443			16,392
	Finished goods		3,045			2,680
			30,717			33,408
	Reserve for LIFO cost valuation		(5,022		)	(5,022		)
	Inventories		$	25,695		$	28,386

Intangible_Assets_and_Goodwill1

Intangible Assets and Goodwill (Tables)	6 Months Ended
	Dec. 31, 2013
Goodwill and Intangible Assets Disclosure [Abstract]	'
Schedule of Finite And Indefinite Lived Intangible Assets By Major Class [Table Text Block]	'
	Intangible assets consist of the following:
		December 31, 2013								June 30, 2013
	(In thousands)	Gross			Accumulated			Net		Gross		Accumulated			Net
		Amount			Amortization			Amount		Amount		Amortization			Amount
	Intangible assets
	subject to amortization
	National media
	Advertiser relationships	$	8,752		$	(5,051	)	$	3,701	$	8,752	$	(3,755	)	$	4,997
	Customer lists	16,257			(12,851		)	3,406		16,387		(11,242		)	5,145
	Other	17,105			(4,211		)	12,894		16,805		(3,041		)	13,764
	Local media
	Network affiliation agreements	218,559			(119,978		)	98,581		218,559		(117,533		)	101,026
	Total	$	260,673		$	(142,091	)	118,582		$	260,503	$	(135,571	)	124,932
	Intangible assets not
	subject to amortization
	National media
	Internet domain names							1,827							1,827
	Trademarks							158,146							158,446
	Local media
	FCC licenses							299,076							299,076
	Total							459,049							459,349
	Intangible assets, net							$	577,631						$	584,281
Schedule of Goodwill [Table Text Block]	'
	Changes in the carrying amount of national media goodwill were as follows:
	Six months ended December 31,	2013			2012
	(In thousands)
	Balance at beginning of period	$	788,854		$	733,127
	Acquisitions	(68		)	81
	Balance at end of period	$	788,786		$	733,208

Restructuring_Accrual_Tables

Restructuring Accrual (Tables)	6 Months Ended
	Dec. 31, 2013
Restructuring and Related Activities [Abstract]	'
Schedule of Restructuring and Related Costs [Table Text Block]	'
	Changes in the Company's restructuring accrual were as follows:
	Six months ended December 31,	2013			2012
	(In thousands)
	Balance at beginning of period	$	8,103		$	10,644
	Severance accrual	—			7,382
	Vacated leased space accrual	—			463
	Cash payments	(2,272		)	(3,921		)
	Reversal of excess accrual	—			(827		)
	Balance at end of period	$	5,831		$	13,741

Longterm_Debt_Tables

Long-term Debt (Tables)	6 Months Ended
	Dec. 31, 2013
Debt Disclosure [Abstract]	'
Schedule of Long-term Debt Instruments [Table Text Block]	'
	Long-term debt consists of the following:
	(In thousands)	December 31,				June 30,
		2013				2013
	Variable-rate credit facilities
	Asset-backed bank facility of $100 million, due 4/24/2015		$	75,000		$	75,000
	Revolving credit facility of $150 million, due 9/12/2017		40,000			—
	Private placement notes
	6.70% senior notes, due 7/13/2013		—			50,000
	7.19% senior notes, due 7/13/2014		25,000			25,000
	2.62% senior notes, due 3/1/2015		50,000			50,000
	3.04% senior notes, due 3/1/2016		50,000			50,000
	3.04% senior notes, due 3/1/2017		50,000			50,000
	3.04% senior notes, due 3/1/2018		50,000			50,000
	Total long-term debt		340,000			350,000
	Current portion of long-term debt		(25,000		)	(50,000		)
	Long-term debt		$	315,000		$	300,000

Pension_and_Postretirement_Ben1

Pension and Postretirement Benefit Plans (Tables)	6 Months Ended
	Dec. 31, 2013
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]	'
Schedule of Net Benefit Costs [Table Text Block]	'
	The following table presents the components of net periodic benefit costs:
		Three Months						Six Months
	Periods ended December 31,	2013			2012			2013			2012
	(In thousands)
	Pension benefits
	Service cost	$	2,537		$	2,525		$	5,075		$	5,050
	Interest cost	1,397			1,228			2,795			2,456
	Expected return on plan assets	(2,422		)	(2,366		)	(4,844		)	(4,732		)
	Prior service cost amortization	80			90			161			180
	Actuarial loss amortization	511			812			1,022			1,625
	Net periodic benefit costs	$	2,103		$	2,289		$	4,209		$	4,579
	Postretirement benefits
	Service cost	$	35		$	94		$	100		$	188
	Interest cost	116			153			247			306
	Prior service cost amortization	(105		)	(134		)	(230		)	(268		)
	Actuarial gain amortization	(101		)	—			(162		)	—
	Curtailment credit	—			—			(1,511		)	—
	Net periodic benefit costs (benefit)	$	(55	)	$	113		$	(1,556	)	$	226

Earnings_per_Share_Tables

Earnings per Share (Tables)	6 Months Ended
	Dec. 31, 2013
Earnings Per Share [Abstract]	'
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	'
	The following table presents the calculations of earnings per share:
		Three Months				Six Months
	Periods ended December 31,	2013		2012		2013		2012
	(In thousands except per share data)
	Net earnings	$	30,569	$	35,571	$	54,610	$	60,426
	Basic average shares outstanding	44,696		44,409		44,672		44,451
	Dilutive effect of stock options and equivalents	923		527		827		538
	Diluted average shares outstanding	45,619		44,936		45,499		44,989
	Earnings per share
	Basic earnings per share	$	0.68	$	0.8	$	1.22	$	1.36
	Diluted earnings per share	0.67		0.79		1.2		1.34

Fair_Value_Measurements_Tables

Fair Value Measurements (Tables)	6 Months Ended
	Dec. 31, 2013
Fair Value Disclosures [Abstract]	'
Fair Value, by Balance Sheet Grouping [Table Text Block]	'
	The following table sets forth the carrying value and the estimated fair value of the Company's financial instruments:
		December 31, 2013				June 30, 2013
	(In thousands)	Carrying Value		Fair Value		Carrying Value		Fair Value
	Broadcast rights payable	$	11,466	$	10,872	$	9,185	$	8,723
	Long-term debt	340,000		339,657		350,000		350,132

Financial_Information_about_In1

Financial Information about Industry Segments (Tables)	6 Months Ended
	Dec. 31, 2013
Segment Reporting [Abstract]	'
Schedule of Segment Reporting Information, by Segment [Table Text Block]	'
	The following table presents financial information by segment:
		Three Months						Six Months
	Periods ended December 31,	2013			2012			2013			2012
	(In thousands)
	Revenues
	National media	$	249,694		$	249,436		$	516,593		$	516,406
	Local media	104,354			111,159			193,907			198,346
	Total revenues	$	354,048		$	360,595		$	710,500		$	714,752
	Operating profit
	National media	$	28,070		$	22,177		$	56,146		$	51,601
	Local media	35,225			44,711			60,901			72,355
	Unallocated corporate	(11,394		)	(9,435		)	(22,338		)	(21,198		)
	Income from operations	$	51,901		$	57,453		$	94,709		$	102,758
	Depreciation and amortization
	National media	$	4,783		$	4,475		$	9,733		$	9,865
	Local media	6,399			6,070			12,832			12,172
	Unallocated corporate	408			422			820			857
	Total depreciation and amortization	$	11,590		$	10,967		$	23,385		$	22,894

Summary_of_Significant_Account2

Summary of Significant Accounting Policies Acquisition (Details)	0 Months Ended
	Dec. 23, 2013
	agreement
Accounting Policies [Abstract]	'
Number of Acquisition Agreements	2

Inventories_Details

Inventories (Details) (USD $)	Dec. 31, 2013	Jun. 30, 2013
In Thousands, unless otherwise specified
Inventory Disclosure [Abstract]	'	'
Percentage of LIFO Inventory	55.00%	50.00%
Raw materials	$11,229	$14,336
Work in process	16,443	16,392
Finished goods	3,045	2,680
Subtotal	30,717	33,408
Reserve for LIFO cost valuation	-5,022	-5,022
Inventories	$25,695	$28,386

Intangible_Assets_and_Goodwill2

Intangible Assets and Goodwill - Intangible (Details) (USD $)	6 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Jun. 30, 2013
Finite And Indefinite Lived Intangible Assets By Major Class [Line Items]	'	'	'
Intangible assets subject to amortization, gross amount	$260,673,000	'	$260,503,000
Intangible assets subject to amortization, accumulated amortization	-142,091,000	'	-135,571,000
Intangible assets subject to amortization, net amount	118,582,000	'	124,932,000
Intangible assets not subject to amortization	459,049,000	'	459,349,000
Intangible assets, net	577,631,000	'	584,281,000
Amortization of Intangible Assets	6,650,000	5,692,000	'
Future amortization expense for intangible assets [Abstract]	'	'	'
Future amortization expense, fiscal 2014	12,700,000	'	'
Future amortization expense, fiscal 2015	10,400,000	'	'
Future amortization expense, fiscal 2016	7,900,000	'	'
Future amortization expense, fiscal 2017	6,600,000	'	'
Future amortization expense, fiscal 2018	6,100,000	'	'
National Media [Member] | Internet Domain Names [Member]	'	'	'
Finite And Indefinite Lived Intangible Assets By Major Class [Line Items]	'	'	'
Intangible assets not subject to amortization	1,827,000	'	1,827,000
National Media [Member] | Trademarks [Member]	'	'	'
Finite And Indefinite Lived Intangible Assets By Major Class [Line Items]	'	'	'
Intangible assets not subject to amortization	158,146,000	'	158,446,000
National Media [Member] | Advertiser Relationships [Member]	'	'	'
Finite And Indefinite Lived Intangible Assets By Major Class [Line Items]	'	'	'
Intangible assets subject to amortization, gross amount	8,752,000	'	8,752,000
Intangible assets subject to amortization, accumulated amortization	-5,051,000	'	-3,755,000
Intangible assets subject to amortization, net amount	3,701,000	'	4,997,000
National Media [Member] | Customer Lists [Member]	'	'	'
Finite And Indefinite Lived Intangible Assets By Major Class [Line Items]	'	'	'
Intangible assets subject to amortization, gross amount	16,257,000	'	16,387,000
Intangible assets subject to amortization, accumulated amortization	-12,851,000	'	-11,242,000
Intangible assets subject to amortization, net amount	3,406,000	'	5,145,000
National Media [Member] | Other Intangible Assets [Member]	'	'	'
Finite And Indefinite Lived Intangible Assets By Major Class [Line Items]	'	'	'
Intangible assets subject to amortization, gross amount	17,105,000	'	16,805,000
Intangible assets subject to amortization, accumulated amortization	-4,211,000	'	-3,041,000
Intangible assets subject to amortization, net amount	12,894,000	'	13,764,000
Local Media [Member] | FCC Licenses [Member]	'	'	'
Finite And Indefinite Lived Intangible Assets By Major Class [Line Items]	'	'	'
Intangible assets not subject to amortization	299,076,000	'	299,076,000
Local Media [Member] | Network Affiliation Agreements [Member]	'	'	'
Finite And Indefinite Lived Intangible Assets By Major Class [Line Items]	'	'	'
Intangible assets subject to amortization, gross amount	218,559,000	'	218,559,000
Intangible assets subject to amortization, accumulated amortization	-119,978,000	'	-117,533,000
Intangible assets subject to amortization, net amount	$98,581,000	'	$101,026,000

Intangible_Assets_and_Goodwill3

Intangible Assets and Goodwill - Goodwill (Details) (USD $)	Dec. 31, 2013	Jun. 30, 2013	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified			National Media [Member]	National Media [Member]
Goodwill [Roll Forward]	'	'	'	'
Balance at beginning of period	$788,786	$788,854	$788,854	$733,127
Acquisitions	'	'	-68	81
Balance at end of period	$788,786	$788,854	$788,786	$733,208

Restructuring_Accrual_Details

Restructuring Accrual (Details) (USD $)	6 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Changes in restructuring accrual [Roll Forward]	'	'
Balance at beginning of period	$8,103	$10,644
Cash payments	-2,272	-3,921
Balance at end of period	5,831	13,741
Selling, General and Administrative Expenses [Member]	'	'
Changes in restructuring accrual [Roll Forward]	'	'
Reversal of excess accrual	0	-827
Employee Severance [Member]	'	'
Changes in restructuring accrual [Roll Forward]	'	'
Restructuring accrual	0	7,382
Vacated Lease Space [Member]	'	'
Changes in restructuring accrual [Roll Forward]	'	'
Restructuring accrual	$0	$463

Longterm_Debt_Details

Long-term Debt (Details) (USD $)	6 Months Ended
	Dec. 31, 2013	Jun. 30, 2013
Debt Instrument [Line Items]	'	'
Total long-term debt	$340,000,000	$350,000,000
Current portion of long-term debt	-25,000,000	-50,000,000
Long-term debt	315,000,000	300,000,000
Receivable with Imputed Interest, Effective Yield (Interest Rate)	3.25%	'
Line of Credit [Member] | Asset Backed Bank Facility [Member]	'	'
Debt Instrument [Line Items]	'	'
Total long-term debt	75,000,000	75,000,000
Line of credit facility, maximum borrowing capacity	100,000,000	'
Accounts receivable outstanding under the revolving agreement	158,400,000	'
Line of Credit [Member] | Revolving Credit Facility [Member]	'	'
Debt Instrument [Line Items]	'	'
Total long-term debt	40,000,000	0
Line of credit facility, maximum borrowing capacity	150,000,000	'
Senior Notes [Member] | Senior Notes Due 2013 [Member]	'	'
Debt Instrument [Line Items]	'	'
Total long-term debt	0	50,000,000
Debt Instrument, Interest Rate, Stated Percentage	6.70%	'
Senior Notes [Member] | Senior Notes Due 2014 [Member]	'	'
Debt Instrument [Line Items]	'	'
Total long-term debt	25,000,000	25,000,000
Debt Instrument, Interest Rate, Stated Percentage	7.19%	'
Senior Notes [Member] | Senior Notes Due 2015 [Member]	'	'
Debt Instrument [Line Items]	'	'
Total long-term debt	50,000,000	50,000,000
Debt Instrument, Interest Rate, Stated Percentage	2.62%	'
Senior Notes [Member] | Senior Notes Due 2016 [Member]	'	'
Debt Instrument [Line Items]	'	'
Total long-term debt	50,000,000	50,000,000
Debt Instrument, Interest Rate, Stated Percentage	3.04%	'
Senior Notes [Member] | Senior Notes Due 2017 [Member]	'	'
Debt Instrument [Line Items]	'	'
Total long-term debt	50,000,000	50,000,000
Debt Instrument, Interest Rate, Stated Percentage	3.04%	'
Senior Notes [Member] | Senior Notes Due 2018 [Member]	'	'
Debt Instrument [Line Items]	'	'
Total long-term debt	$50,000,000	$50,000,000
Debt Instrument, Interest Rate, Stated Percentage	3.04%	'

Pension_and_Postretirement_Ben2

Pension and Postretirement Benefit Plans (Details) (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013	Dec. 31, 2012
Pension Plans [Member]	'	'	'	'
Components of Net Periodic Benefit Costs [Abstract]	'	'	'	'
Service cost	$2,537	$2,525	$5,075	$5,050
Interest cost	1,397	1,228	2,795	2,456
Expected return on plan assets	-2,422	-2,366	-4,844	-4,732
Prior service cost amortization	80	90	161	180
Actuarial loss (gain) amortization	511	812	1,022	1,625
Net periodic benefit costs (benefit)	2,103	2,289	4,209	4,579
Postretirement Benefit Plans [Member]	'	'	'	'
Components of Net Periodic Benefit Costs [Abstract]	'	'	'	'
Service cost	35	94	100	188
Interest cost	116	153	247	306
Prior service cost amortization	-105	-134	-230	-268
Actuarial loss (gain) amortization	-101	0	-162	0
Curtailment credit	0	0	-1,511	0
Net periodic benefit costs (benefit)	($55)	$113	($1,556)	$226

Earnings_per_Share_Details

Earnings per Share (Details) (USD $)	3 Months Ended		6 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013	Dec. 31, 2012
Earnings Per Share [Abstract]	'	'	'	'
Net earnings	$30,569	$35,571	$54,610	$60,426
Basic average shares outstanding	44,696	44,409	44,672	44,451
Dilutive effect of stock options and equivalents	923	527	827	538
Diluted average shares outstanding	45,619	44,936	45,499	44,989
Earnings per share	'	'	'	'
Basic earnings per share	$0.68	$0.80	$1.22	$1.36
Diluted earnings per share	$0.67	$0.79	$1.20	$1.34
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'	'	'
Options exercised to purchase common shares	'	'	1,157	367
Employee Stock Option [Member]	'	'	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'	'	'
Antidilutive options excluded from calculation of earnings per share, number of options	814	3,320	1,654	3,272
Antidilutive options excluded from calculation of earnings per share, weighted average exercise price	$51.78	$45.60	$50.76	$45.94

Fair_Value_Measurements_Detail

Fair Value Measurements (Details) (USD $)	Dec. 31, 2013	Jun. 30, 2013
In Thousands, unless otherwise specified
Carrying Amount [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Broadcast rights payable	$11,466	$9,185
Long-term debt	340,000	350,000
Estimated Fair Value [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Broadcast rights payable	10,872	8,723
Long-term debt	$339,657	$350,132

Financial_Information_about_In2

Financial Information about Industry Segments (Details) (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013	Dec. 31, 2012
			segment
			measures
Segment Reporting Information [Line Items]	'	'	'	'
Number of reportable segments	'	'	2	'
Number of principal financial measures	'	'	2	'
Total revenues	$354,048	$360,595	$710,500	$714,752
Income from operations	51,901	57,453	94,709	102,758
Total depreciation and amortization	11,590	10,967	23,385	22,894
National Media [Member]	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'
Total revenues	249,694	249,436	516,593	516,406
Income from operations	28,070	22,177	56,146	51,601
Total depreciation and amortization	4,783	4,475	9,733	9,865
Local Media [Member]	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'
Total revenues	104,354	111,159	193,907	198,346
Income from operations	35,225	44,711	60,901	72,355
Total depreciation and amortization	6,399	6,070	12,832	12,172
Unallocated Corporate [Member]	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'
Income from operations	-11,394	-9,435	-22,338	-21,198
Total depreciation and amortization	$408	$422	$820	$857