Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended |
Mar. 31, 2015 | |
Document Information [Line Items] | |
Entity Registrant Name | MEREDITH CORP |
Entity Central Index Key | 65011 |
Document Type | 10-Q |
Document Period End Date | 31-Mar-15 |
Amendment Flag | FALSE |
Document Fiscal Year Focus | 2015 |
Document Fiscal Period Focus | Q3 |
Current Fiscal Year End Date | -24 |
Entity Current Reporting Status | Yes |
Entity Filer Category | Large Accelerated Filer |
Company Common Stock [Member] | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 37,563,004 |
Class B Shares [Member] | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 7,024,768 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | ||
Current assets | ||
Cash and cash equivalents | $19,658 | $36,587 |
Accounts receivable, net | 269,527 | 257,644 |
Inventories | 29,506 | 24,008 |
Current portion of subscription acquisition costs | 115,617 | 96,893 |
Current portion of broadcast rights | 8,455 | 4,551 |
Assets held for sale | 0 | 56,010 |
Other current assets | 27,564 | 17,429 |
Total current assets | 470,327 | 493,122 |
Property, plant, and equipment | 531,176 | 501,106 |
Less accumulated depreciation | -320,910 | -296,168 |
Net property, plant, and equipment | 210,266 | 204,938 |
Subscription acquisition costs | 96,877 | 101,533 |
Broadcast rights | 2,241 | 3,114 |
Other assets | 69,379 | 86,935 |
Intangible assets, net | 941,742 | 813,297 |
Goodwill | 1,037,891 | 840,861 |
Total assets | 2,828,723 | 2,543,800 |
Current liabilities | ||
Current portion of long-term debt | 62,500 | 87,500 |
Current portion of long-term broadcast rights payable | 8,942 | 4,511 |
Accounts payable | 83,661 | 81,402 |
Accrued expenses and other liabilities | 139,503 | 136,047 |
Current portion of unearned subscription revenues | 212,097 | 173,643 |
Total current liabilities | 506,703 | 483,103 |
Long-term debt | 763,125 | 627,500 |
Long-term broadcast rights payable | 3,640 | 4,327 |
Unearned subscription revenues | 155,170 | 151,533 |
Deferred income taxes | 297,762 | 277,477 |
Other noncurrent liabilities | 172,586 | 108,208 |
Total liabilities | 1,898,986 | 1,652,148 |
Shareholders' equity | ||
Additional paid-in capital | 47,161 | 41,884 |
Retained earnings | 848,872 | 814,050 |
Accumulated other comprehensive loss | -10,884 | -8,758 |
Total shareholders' equity | 929,737 | 891,652 |
Total liabilities and shareholders' equity | 2,828,723 | 2,543,800 |
Preferred Stock [Member] | ||
Shareholders' equity | ||
Series preferred stock | 0 | 0 |
Common Stock [Member] | ||
Shareholders' equity | ||
Common stock | 37,563 | 36,776 |
Common Class B [Member] | ||
Shareholders' equity | ||
Common stock | $7,025 | $7,700 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Earnings (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 |
Revenues | ||||
Advertising | $206,010 | $182,175 | $665,463 | $574,253 |
Circulation | 96,037 | 96,078 | 221,390 | 239,545 |
All other | 96,132 | 89,161 | 281,415 | 264,116 |
Total revenues | 398,179 | 367,414 | 1,168,268 | 1,077,914 |
Operating expenses | ||||
Production, distribution, and editorial | 154,448 | 144,766 | 436,618 | 417,759 |
Selling, general, and administrative | 182,015 | 168,386 | 521,143 | 487,799 |
Depreciation and amortization | 14,610 | 23,033 | 41,687 | 46,418 |
Total operating expenses | 351,073 | 336,185 | 999,448 | 951,976 |
Income from operations | 47,106 | 31,229 | 168,820 | 125,938 |
Interest expense, net | -5,179 | -3,408 | -14,206 | -8,676 |
Earnings before income taxes | 41,927 | 27,821 | 154,614 | 117,262 |
Income taxes | -16,671 | -9,335 | -60,402 | -44,166 |
Net earnings | $25,256 | $18,486 | $94,212 | $73,096 |
Basic earnings per share | ||||
Basic earnings per share (in usd per share) | $0.57 | $0.41 | $2.12 | $1.64 |
Basic average shares outstanding (in shares) | 44,549 | 44,649 | 44,497 | 44,665 |
Diluted earnings per share | ||||
Diluted earnings per share (in usd per share) | $0.56 | $0.41 | $2.08 | $1.61 |
Diluted average shares outstanding (in shares) | 45,387 | 45,376 | 45,289 | 45,462 |
Dividends paid per share (in usd per share) | $0.46 | $0.43 | $1.32 | $1.25 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 |
Comprehensive income | ||||
Net earnings | $25,256 | $18,486 | $94,212 | $73,096 |
Other comprehensive income, net of income taxes | ||||
Pension and other postretirement benefit plans activity | 42 | 269 | 126 | 927 |
Unrealized loss on interest rate swaps | -1,753 | 0 | -2,252 | 0 |
Other comprehensive income (loss), net of income taxes | -1,711 | 269 | -2,126 | 927 |
Comprehensive income | $23,545 | $18,755 | $92,086 | $74,023 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statement 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, 2014 | $891,652 | $36,776 | $7,700 | $41,884 | $814,050 | ($8,758) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net earnings | 94,212 | 94,212 | ||||||||
Other comprehensive loss, net of income taxes | -2,126 | -2,126 | ||||||||
Share-based incentive plan transactions | 35,472 | 946 | 34,526 | |||||||
Purchases of Company stock | -41,957 | -833 | -1 | -41,123 | ||||||
Share-based compensation | 10,907 | 10,907 | ||||||||
Conversion of Class B to common stock | 0 | 674 | -674 | |||||||
Dividends paid | -49,871 | -9,519 | -49,871 | -9,519 | ||||||
Tax benefit from share-based awards | 967 | 967 | ||||||||
Balance at Mar. 31, 2015 | $929,737 | $37,563 | $7,025 | $47,161 | $848,872 | ($10,884) |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statement of Shareholders' Equity (Parentheticals) (Common Stock [Member], USD $) | Mar. 31, 2015 | Jun. 30, 2014 |
Common Stock [Member] | ||
Common stock, par value (in usd per share) | $1 | $1 |
Common Class B [Member] | ||
Common stock, par value (in usd per share) | $1 | $1 |
Condensed_Consolidated_Stateme4
Condensed Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cash flows from operating activities | ||
Net earnings | $94,212 | $73,096 |
Adjustments to reconcile net earnings to net cash provided by operating activities | ||
Depreciation | 28,593 | 25,322 |
Amortization | 11,835 | 9,894 |
Share-based compensation | 10,907 | 10,402 |
Deferred income taxes | 24,185 | 7,862 |
Amortization of broadcast rights | 12,396 | 6,118 |
Payments for broadcast rights | -11,761 | -7,692 |
Provision for write-down of impaired assets | 3,142 | 11,447 |
Fair value adjustment to contingent consideration | -600 | -3,400 |
Excess tax benefits from share-based payments | -6,790 | -4,092 |
Changes in assets and liabilities | -42,824 | -37,600 |
Net cash provided by operating activities | 123,295 | 91,357 |
Cash flows from investing activities | ||
Acquisitions of and investments in businesses, net of cash acquired | -254,965 | -188,654 |
Additions to property, plant, and equipment | -19,997 | -16,483 |
Proceeds from disposition of assets | 83,434 | 0 |
Net cash used in investing activities | -191,528 | -205,137 |
Cash flows from financing activities | ||
Proceeds from issuance of long-term debt | 420,000 | 386,000 |
Repayments of long-term debt | -309,375 | -211,000 |
Dividends paid | -59,390 | -56,034 |
Purchases of Company stock | -41,957 | -67,820 |
Proceeds from common stock issued | 35,472 | 54,903 |
Excess tax benefits from share-based payments | 6,790 | 4,092 |
Other | -236 | -1,914 |
Net cash provided by financing activities | 51,304 | 108,227 |
Net decrease in cash and cash equivalents | -16,929 | -5,553 |
Cash and cash equivalents, at beginning of period | 36,587 | 27,674 |
Cash and cash equivalents, at end of period | $19,658 | $22,121 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 9 Months Ended |
Mar. 31, 2015 | |
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 United States Securities and Exchange Commission (SEC). Accordingly, they do not include all of the information and notes required by accounting principles generally accepted in the United States of America (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, 2014, filed with the SEC. | |
The condensed consolidated financial statements as of March 31, 2015, and for the three and nine months ended March 31, 2015 and 2014, 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, 2014, were derived from audited financial statements, but do 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. | |
Retrospective Adjustments—During fiscal 2015, we updated the purchase accounting for an acquisition that occurred in fiscal 2014. We retrospectively adjusted the provisional amounts recognized at the acquisition date to reflect fair values and, as required by the accounting guidance for business combinations, made adjustments to the June 30, 2014, Consolidated Balance Sheet. (See Note 2.) | |
Derivative Financial Instruments—Meredith does not engage in derivative or hedging activities, except to hedge interest rate risk on debt as described in Note 6. Fundamental to our approach to risk management is the desire to minimize exposure to volatility in interest costs of variable rate debt, which can impact our earnings and cash flows. In fiscal 2015, we entered into interest rate swap agreements with counterparties that are major financial institutions. These agreements effectively fix the variable rate cash flow on $300.0 million of a combination of our variable-rate private placement senior notes and bank term loan. We designated and accounted for the interest rate swaps as cash flow hedges in accordance with Accounting Standards Codification 815, Derivatives and Hedging. The effective portion of the change in the fair value of interest rate swaps is reported in other comprehensive income (loss). The gain or loss included in other comprehensive income (loss) is subsequently reclassified into net earnings on the same line in the Condensed Consolidated Statements of Earnings as the hedged item in the same period that the hedge transaction affects net earnings. The ineffective portion of a change in fair value of the interest rate swaps would be reported in interest expense. During the first nine months of fiscal 2015, the interest rate swap agreements were considered effective hedges and there were no material gains or losses recognized in earnings for hedge ineffectiveness. | |
Adopted Accounting Pronouncements—In July 2013, the Financial Accounting Standards Board (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 was effective for the Company in the first quarter of fiscal 2015. The adoption of this guidance did not have an impact on our results of operations or cash flows and we have updated our presentation of unrecognized tax benefits net of our deferred tax assets where applicable on our Condensed Consolidated Balance Sheets. | |
Recently Issued Accounting Standards—In April 2015, the FASB issued guidance on the presentation of debt issuance costs. The new standard requires that debt issuance costs are recorded as a reduction from the face amount of the related debt, with amortization recorded as interest expense, rather than recording as a deferred asset. The guidance is effective for the Company in the first quarter of fiscal 2017 with early adoption permitted. The guidance is to be retrospectively applied to all prior periods. Adoption of the new guidance is not expected to have a material impact on the condensed consolidated financial statements. |
Acquisitions
Acquisitions | 9 Months Ended | |||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||
Business Combinations [Abstract] | ||||||||||||||||||||||
Acquisitions [Text Block] | Acquisitions | |||||||||||||||||||||
Fiscal 2015 | ||||||||||||||||||||||
On October 31, 2014, Meredith acquired WGGB, the ABC affiliate in Springfield, Massachusetts. The results of WGGB's operations have been included in the condensed consolidated financial statements since that date. The acquisition-date fair value of the consideration totaled $53.3 million, which consisted of $50.0 million of cash and $3.3 million of contingent consideration. The contingent consideration arrangement requires the Company to pay contingent payments based on certain future regulatory actions. We estimated the fair value of the contingent consideration using a probability-weighted discounted cash flow model. The fair value is based on significant inputs not observable in the market and thus represents a Level 3 measurement as defined in Note 9. As of March 31, 2015, the Company estimates the future payments will range from zero to $4.0 million. | ||||||||||||||||||||||
Effective November 1, 2014, Meredith completed its acquisition of Martha Stewart Living magazine and its related digital assets (collectively Martha Stewart Living Media Properties). In addition, Meredith entered into a 10‑year licensing arrangement with Martha Stewart Living Omnimedia (MSLO) for the licensing of the Martha Stewart Living trade name. The acquired business operations include sales and marketing, circulation, production, and other non-editorial functions. Meredith will source editorial content from MSLO. The results of the Martha Stewart Living Media Properties have been included in the condensed consolidated financial statements since the effective date. There was no cash consideration exchanged in this transaction. | ||||||||||||||||||||||
On November 13, 2014, Meredith acquired 100 percent of the membership interests in MyWedding, LLC (Mywedding). Mywedding operates mywedding.com, one of the top wedding websites in the U.S., providing couples with a complete wedding planning product suite. The results of Mywedding have been included in the condensed consolidated financial statements since that date. The acquisition-date fair value of the consideration was $42.6 million, which consisted of $20.0 million of cash and $22.6 million of contingent consideration. The contingent consideration arrangement requires the Company to pay a contingent payment based on certain financial targets achieved during fiscal 2018 primarily based on earnings before interest, taxes, depreciation, and amortization (EBITDA), as defined in the acquisition agreement. The contingent consideration is not dependent on the continued employment of the sellers. We estimated the fair value of the contingent consideration using a probability-weighted discounted cash flow model. The fair value is based on significant inputs not observable in the market and thus represents a Level 3 measurement as defined in Note 9. As of March 31, 2015, the Company estimates the future payments will range from $11.1 million to $40.0 million. During the third quarter of fiscal 2015, the provisional amounts recorded to the advertiser relationships were decreased $0.6 million, trademark intangible assets were decreased $1.3 million, cash consideration increased $0.1 million due to a working capital adjustment, and a corresponding increase of $2.0 million was recorded to goodwill based on an updated valuation report and other fair value determinations. | ||||||||||||||||||||||
On December 19, 2014, Meredith acquired WALA, the FOX affiliate in Mobile, Alabama-Pensacola, Florida. The results of WALA's operations have been included in the condensed consolidated financial statements since that date. The cash purchase price, including the purchase of working capital, was $89.9 million. | ||||||||||||||||||||||
On December 30, 2014, Meredith acquired 100 percent of the outstanding stock of Selectable Media, Inc. (Selectable Media), a leading native and engagement-based digital advertising company. The results of Selectable Media have been included in the condensed consolidated financial statements since that date. The acquisition-date fair value of the consideration totaled $30.2 million, which consisted of $23.0 million of cash and $7.2 million of contingent consideration. The contingent consideration arrangement requires the Company to pay contingent payments based on certain financial targets over the next three fiscal years primarily based on revenue, as defined in the acquisition agreement. The contingent consideration is not dependent on the continued employment of the sellers. We estimated the fair value of the contingent consideration using a probability-weighted discounted cash flow model. The fair value is based on significant inputs not observable in the market and thus represents a Level 3 measurement as defined in Note 9. As of March 31, 2015, the Company estimates the future payments will range from $7.3 million to $8.0 million. | ||||||||||||||||||||||
Effective February 1, 2015, Meredith completed its acquisition of Shape, Natural Health, and Fit Pregnancy magazines and their related digital assets (collectively Shape). Shape is the women's active lifestyle category leader with content focusing on exercise, beauty, nutrition, health, fashion, wellness, and other lifestyle topics to help women lead a healthier, active lifestyle. The results of Shape's digital operations and certain expenses related to the print operations have been included in the condensed consolidated financial statements since the effective date. The print operations will publish its first issue in the fourth quarter of fiscal 2015. The acquisition-date fair value of the consideration totaled $87.4 million, which consisted of $60.0 million of cash and $27.4 million of contingent consideration. The contingent consideration arrangement requires the Company to pay a contingent payment based on the achievement of certain financial targets over the next three fiscal years primarily based on operating profit, as defined in the acquisition agreement. We estimated the fair value of the contingent consideration using a probability-weighted discounted cash flow model. The fair value is based on significant inputs not observable in the market and thus represent a Level 3 measurement as defined in Note 9. As of March 31, 2015, the Company estimates the future payments will range from $26.0 million to $36.8 million. | ||||||||||||||||||||||
As of the date of each acquisition, Meredith allocated the purchase price to the assets acquired and liabilities assumed based on their respective preliminary fair values. The Company is in the process of obtaining third-party valuations of fixed and intangible assets; therefore, the provisional measurements of fixed assets, intangible assets, goodwill, and deferred income tax balances are subject to change. | ||||||||||||||||||||||
The following table summarizes the total estimated fair values of the assets acquired and liabilities assumed by segment during the nine months ended March 31, 2015: | ||||||||||||||||||||||
(In thousands) | Local Media Acquisitions | National Media Acquisitions | Total | |||||||||||||||||||
Accounts receivable | $ | 4,375 | $ | 4,060 | $ | 8,435 | ||||||||||||||||
Current portion of broadcast rights | 1,582 | — | 1,582 | |||||||||||||||||||
Other current assets | 1,437 | 1,070 | 2,507 | |||||||||||||||||||
Property, plant, and equipment | 13,695 | 140 | 13,835 | |||||||||||||||||||
Other noncurrent assets | 1,907 | 3,063 | 4,970 | |||||||||||||||||||
Intangible assets | 107,518 | 33,875 | 141,393 | |||||||||||||||||||
Total identifiable assets acquired | 130,514 | 42,208 | 172,722 | |||||||||||||||||||
Deferred subscription revenue | — | (51,976 | ) | (51,976 | ) | |||||||||||||||||
Current portion of broadcast rights | (1,582 | ) | — | (1,582 | ) | |||||||||||||||||
Other current liabilities | (1,718 | ) | (7,702 | ) | (9,420 | ) | ||||||||||||||||
Long-term liabilities | (5,242 | ) | (58,835 | ) | (64,077 | ) | ||||||||||||||||
Total liabilities assumed | (8,542 | ) | (118,513 | ) | (127,055 | ) | ||||||||||||||||
Net identifiable assets acquired | 121,972 | (76,305 | ) | 45,667 | ||||||||||||||||||
Goodwill | 17,974 | 179,424 | 197,398 | |||||||||||||||||||
Net assets acquired | $ | 139,946 | $ | 103,119 | $ | 243,065 | ||||||||||||||||
The following table provides details of the acquired intangible assets by acquisition: | ||||||||||||||||||||||
(In thousands) | WGGB | Martha Stewart | Mywedding | WALA | Selectable Media | Shape | Total | |||||||||||||||
Intangible assets | ||||||||||||||||||||||
subject to amortization | ||||||||||||||||||||||
National media | ||||||||||||||||||||||
Advertiser relationships | $ | — | $ | 2,500 | $ | 2,100 | $ | — | $ | 3,200 | $ | 3,150 | $ | 10,950 | ||||||||
Customer lists | — | 1,500 | — | — | — | 2,650 | 4,150 | |||||||||||||||
Other | — | — | — | — | 700 | 975 | 1,675 | |||||||||||||||
Local media | ||||||||||||||||||||||
Retransmission agreements | 761 | — | — | 3,254 | — | — | 4,015 | |||||||||||||||
Other | 70 | — | — | 102 | — | — | 172 | |||||||||||||||
Total | 831 | 4,000 | 2,100 | 3,356 | 3,900 | 6,775 | 20,962 | |||||||||||||||
Intangible assets not | ||||||||||||||||||||||
subject to amortization | ||||||||||||||||||||||
National media | ||||||||||||||||||||||
Trademarks | — | — | 5,200 | — | 300 | 7,200 | 12,700 | |||||||||||||||
Internet domain names | — | — | — | — | — | 4,400 | 4,400 | |||||||||||||||
Local media | ||||||||||||||||||||||
FCC licenses | 33,116 | — | — | 70,215 | — | — | 103,331 | |||||||||||||||
Total | 33,116 | — | 5,200 | 70,215 | 300 | 11,600 | 120,431 | |||||||||||||||
Intangible assets, net | $ | 33,947 | $ | 4,000 | $ | 7,300 | $ | 73,571 | $ | 4,200 | $ | 18,375 | $ | 141,393 | ||||||||
The above purchase price allocations are considered preliminary and are subject to revisions when the valuations of intangible assets are finalized upon receipt of the various final valuation reports for those assets from third party valuation experts. | ||||||||||||||||||||||
The useful life of the advertiser relationships ranges from three to five years, the customer lists' useful lives are two years, and other national media intangible assets' useful lives are three to five years. The useful lives of the retransmission agreements are six years and local media other intangible assets' useful lives are three years. | ||||||||||||||||||||||
For all acquisitions, goodwill is attributable primarily to expected synergies and the assembled workforces. Goodwill, with a provisionally assigned value of $172.3 million, is expected to be fully deductible for tax purposes. | ||||||||||||||||||||||
Mywedding and Selectable Media are subject to legal and regulatory requirements, including but not limited to those related to taxation, in each of the jurisdictions in the countries in which they operate. The Company has conducted a preliminary assessment of liabilities arising in each of these jurisdictions, and has recognized provisional amounts in its initial accounting for the acquisitions for all identified liabilities in accordance with the business combinations guidance. However, the Company is continuing its review of these matters during the measurement period, and if new information about facts and circumstances that existed at the acquisition date identifies adjustments to the liabilities initially recognized, or any additional liabilities that existed at the acquisition date, the acquisition accounting will be revised to reflect the resulting adjustments to the provisional amounts initially recognized. | ||||||||||||||||||||||
During the second quarter of fiscal 2015, acquisition related costs of $1.3 million were incurred. During the third quarter of fiscal 2015, acquisition related costs of $0.1 million were incurred. These costs are included in the selling, general, and administrative line in the Condensed Consolidated Statements of Earnings. | ||||||||||||||||||||||
Fiscal 2014 | ||||||||||||||||||||||
Effective February 28, 2014, Meredith acquired KMOV. The results of KMOV's operations have been included in the consolidated financial statements since that date. During fiscal 2015, the Company finalized the determination of the fair values of the assets acquired and liabilities assumed. During fiscal 2015, the provisional amounts recorded to fixed assets were decreased $0.5 million, network affiliation agreements intangible assets were increased $1.0 million, other intangibles were decreased $0.1 million, and a corresponding decrease of $0.4 million was recorded to goodwill based on an updated valuation report and other fair value determinations. These adjustments did not have a significant impact on our Consolidated Balance Sheet as of June 30, 2014. Therefore, we have not retrospectively adjusted for these measurement period adjustments. | ||||||||||||||||||||||
Effective June 19, 2014, Meredith acquired KTVK and an interest in the assets of KASW. The results of KTVK's operations have been included in the consolidated financial statements since that date. As part of the Federal Communications Commission's (FCC) approval of the transaction, Meredith was required to sell its interest in the KASW assets. Accordingly, this interest was shown on the Condensed Consolidated Balance Sheet as assets held for sale at June 30, 2014. As of June 30, 2014, the final valuation of the intangible assets acquired was not complete. As a result, the recorded intangible asset values were based on provisional estimates of fair value. The valuation of such assets was updated during the nine-month period ended March 31, 2015, and as a result the provisional amount recorded to assets held for sale were retrospectively increased $23.0 million, partially offset by $1.4 million of estimated costs to sell. A corresponding respective adjustment to the assets of KTVK was recorded as a $23.9 million reduction to the FCC license and $0.8 million reduction of goodwill, partially offset by a $1.7 million increase in retransmission agreements. All adjustments were based on an updated preliminary valuation report. The Company is in the process of obtaining final third-party valuations of fixed and intangible assets; thus, the provisional measurements of fixed assets, intangible assets, goodwill, and deferred income tax balances are subject to change for KTVK and KASW. The sale of the Company's interest in the KASW assets was completed in the third quarter of fiscal 2015. The comparative information as of June 30, 2014, was retrospectively adjusted, as required by the accounting guidance for business combinations, to reflect the updated values assigned to each of the intangible assets. | ||||||||||||||||||||||
The measurement period adjustments related to fiscal 2014 acquisitions did not have a significant impact on our Condensed Consolidated Statements of Earnings for the three and nine months ended March 31, 2015. Therefore, we have not retrospectively adjusted this financial information. |
Inventories
Inventories | 9 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Inventories [Text Block] | Inventories | ||||||||
Major components of inventories are summarized below. Of total net inventory values shown, 40 percent are under the last-in first-out (LIFO) method at March 31, 2015, and 49 percent at June 30, 2014. | |||||||||
(In thousands) | March 31, | June 30, | |||||||
2015 | 2014 | ||||||||
Raw materials | $ | 19,097 | $ | 11,993 | |||||
Work in process | 12,444 | 13,398 | |||||||
Finished goods | 2,162 | 2,814 | |||||||
33,703 | 28,205 | ||||||||
Reserve for LIFO cost valuation | (4,197 | ) | (4,197 | ) | |||||
Inventories | $ | 29,506 | $ | 24,008 | |||||
Intangible_Assets_and_Goodwill
Intangible Assets and Goodwill | 9 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||
Intangible Assets and Goodwill [Text Block] | Intangible Assets and Goodwill | ||||||||||||||||||||||||
Intangible assets consist of the following: | |||||||||||||||||||||||||
March 31, 2015 | June 30, 2014 | ||||||||||||||||||||||||
(In thousands) | Gross | Accumulated | Net | Gross | Accumulated | Net | |||||||||||||||||||
Amount | Amortization | Amount | Amount | Amortization | Amount | ||||||||||||||||||||
Intangible assets | |||||||||||||||||||||||||
subject to amortization | |||||||||||||||||||||||||
National media | |||||||||||||||||||||||||
Advertiser relationships | $ | 18,079 | $ | (6,054 | ) | $ | 12,025 | $ | 8,752 | $ | (6,069 | ) | $ | 2,683 | |||||||||||
Customer lists | 10,220 | (5,815 | ) | 4,405 | 16,257 | (14,852 | ) | 1,405 | |||||||||||||||||
Other | 18,000 | (6,572 | ) | 11,428 | 17,105 | (5,608 | ) | 11,497 | |||||||||||||||||
Local media | |||||||||||||||||||||||||
Network affiliation agreements | 229,309 | (127,755 | ) | 101,554 | 228,314 | (122,888 | ) | 105,426 | |||||||||||||||||
Retransmission agreements | 21,290 | (2,574 | ) | 18,716 | 17,404 | (188 | ) | 17,216 | |||||||||||||||||
Other | 1,194 | (80 | ) | 1,114 | 1,020 | — | 1,020 | ||||||||||||||||||
Total | $ | 298,092 | $ | (148,850 | ) | 149,242 | $ | 288,852 | $ | (149,605 | ) | 139,247 | |||||||||||||
Intangible assets not | |||||||||||||||||||||||||
subject to amortization | |||||||||||||||||||||||||
National media | |||||||||||||||||||||||||
Internet domain names | 6,227 | 1,827 | |||||||||||||||||||||||
Trademarks | 161,589 | 148,889 | |||||||||||||||||||||||
Local media | |||||||||||||||||||||||||
FCC licenses | 624,684 | 523,334 | |||||||||||||||||||||||
Total | 792,500 | 674,050 | |||||||||||||||||||||||
Intangible assets, net | $ | 941,742 | $ | 813,297 | |||||||||||||||||||||
Amortization expense was $11.8 million for the nine months ended March 31, 2015. Annual amortization expense for intangible assets is expected to be as follows: $17.0 million in fiscal 2015, $19.3 million in fiscal 2016, $16.7 million in fiscal 2017, $13.5 million in fiscal 2018, and $12.3 million in fiscal 2019. | |||||||||||||||||||||||||
Changes in the carrying amount of goodwill were as follows: | |||||||||||||||||||||||||
Nine months ended March 31, | 2015 | 2014 | |||||||||||||||||||||||
(In thousands) | National | Local | Total | National | Local | Total | |||||||||||||||||||
Media | Media | Media | Media | ||||||||||||||||||||||
Balance at beginning of period | $ | 789,038 | $ | 51,823 | $ | 840,861 | $ | 788,854 | $ | — | $ | 788,854 | |||||||||||||
Acquisitions | 179,424 | 17,606 | 197,030 | (68 | ) | 68,410 | 68,342 | ||||||||||||||||||
Balance at end of period | $ | 968,462 | $ | 69,429 | $ | 1,037,891 | $ | 788,786 | $ | 68,410 | $ | 857,196 | |||||||||||||
Restructuring_Accrual
Restructuring Accrual | 9 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Restructuring and Related Activities [Abstract] | ||||||||
Restructuring Accrual [Text Block] | Restructuring Accrual | |||||||
During the second quarter of fiscal 2015, management committed to several performance improvement plans related to business realignments resulting primarily from recent broadcast station acquisitions, recent digital business acquisitions, and other selected workforce reductions. In connection with these plans, the Company recorded a pre-tax restructuring charge of $6.7 million. The restructuring charge includes severance and related benefit costs of $5.3 million related to the involuntary termination of employees and other write-downs and accruals of $0.2 million, which are recorded in the selling, general, and administrative line of the Condensed Consolidated Statements of Earnings. The Company also wrote down video production fixed assets that the Company plans to abandon for $1.2 million, which is recorded in the depreciation and amortization line of the Condensed Consolidated Statements of Earnings. The majority of severance costs are being paid out over a twelve-month period. The plans affect approximately 140 employees. | ||||||||
During the third quarter of fiscal 2015, management committed to several performance improvement plans related to certain acquisition integrations, business realignments, and other selected workforce reductions. In connection with these plans, the Company recorded a pre-tax restructuring charge of $9.9 million. The restructuring charge includes severance and related benefit costs of $9.4 million related to the involuntary termination of employees and other write-downs and accruals of $0.2 million, which are recorded in the selling, general, and administrative line of the Condensed Consolidated Statements of Earnings. The Company also wrote down manuscript and art for $0.3 million, which is recorded in the production, distribution, and editorial line of the Condensed Consolidated Statements of Earnings. The majority of severance costs will be paid out over the next 12 months. The plans affect approximately 135 employees. | ||||||||
Additionally during the third quarter of fiscal 2015, the Company recorded a reversal of $0.1 million of excess restructuring reserves accrued in prior fiscal years. The reversal is recorded in the selling, general, and administrative line of the Condensed Consolidated Statements of Earnings. | ||||||||
Details of changes in the Company's restructuring accrual are as follows: | ||||||||
Nine months ended March 31, | 2015 | 2014 | ||||||
(In thousands) | ||||||||
Balance at beginning of period | $ | 13,545 | $ | 8,103 | ||||
Severance accruals | 14,670 | 8,549 | ||||||
Other accruals | 285 | 821 | ||||||
Cash payments | (9,124 | ) | (3,099 | ) | ||||
Reversal of excess accrual | (105 | ) | (1,356 | ) | ||||
Balance at end of period | $ | 19,271 | $ | 13,018 | ||||
Longterm_Debt
Long-term Debt | 9 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Long-term Debt [Text Block] | Long-term Debt | ||||||||
Long-term debt consists of the following: | |||||||||
(In thousands) | March 31, | June 30, | |||||||
2015 | 2014 | ||||||||
Variable-rate credit facilities | |||||||||
Asset-backed bank facility of $100 million, due 10/23/2015 | $ | 80,000 | $ | 70,000 | |||||
Revolving credit facility of $200 million, due 3/27/2019 | 105,000 | 20,000 | |||||||
Term loan of $250 million, due 3/27/2019 | 240,625 | 250,000 | |||||||
Private placement notes | |||||||||
7.19% senior notes, due 7/13/2014 | — | 25,000 | |||||||
2.62% senior notes, due 3/1/2015 | — | 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 | |||||||
Floating rate senior notes, due 12/19/2022 | 100,000 | — | |||||||
Floating rate senior notes, due 2/28/2024 | 150,000 | 150,000 | |||||||
Total long-term debt | 825,625 | 715,000 | |||||||
Current portion of long-term debt | (62,500 | ) | (87,500 | ) | |||||
Long-term debt | $ | 763,125 | $ | 627,500 | |||||
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 March 31, 2015, $163.1 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 March 31, 2015, 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. | |||||||||
In February 2015, we renewed our asset-backed bank facility for an additional six-month period on terms substantially similar to those previously in place. The renewed facility will expire in October 2015. We expect to renew the asset-backed bank facility on or before its expiration date under substantially similar terms. | |||||||||
During fiscal 2015, the Company entered into interest rate swap agreements to hedge variable interest rate risk on the $250.0 million floating-rate senior notes and on $50.0 million of the term loan. The expiration of the swaps is as follows: $50.0 million in August 2018, $100.0 million in March 2019, and $150.0 million in August 2019. Under the swaps the Company will pay fixed rates of interest (1.36 percent on the swap maturing in August 2018, 1.53 percent on the swap maturing in March 2019, and 1.76 percent on the swaps maturing in August 2019) and receive variable rates of interest based on the one to three-month London Interbank Offered Rate (LIBOR) (0.17 percent on the swap maturing in August 2018, 0.26 percent on the swap maturing in March 2019, and 0.26 percent on the swaps maturing in August 2019 as of March 31, 2015) on the $300.0 million notional amount of indebtedness. The swaps are designated as cash flow hedges. The Company evaluates the effectiveness of the hedging relationships on an ongoing basis by recalculating changes in fair value of the derivatives and related hedged items independently. | |||||||||
Unrealized gains or losses on cash flow hedges are recorded in other comprehensive loss to the extent the cash flow hedges are effective. The amount of the swap that offsets the effects of interest rate changes on the related debt is subsequently reclassified into interest expense. Any ineffective portions on cash flow hedges are recorded in interest expense. No material ineffectiveness existed at March 31, 2015. | |||||||||
The fair value of the interest rate swap agreements is the estimated amount the Company would pay or receive to terminate the swap agreements. At March 31, 2015, the swaps had a fair value of $3.7 million liability. The Company is exposed to credit-related losses in the event of nonperformance by counterparties to the swap agreements. This exposure is managed through diversification and the monitoring of the creditworthiness of the counterparties. There was no potential loss that the Company would incur on the interest rate swaps if the counterparties were to fail to meet their obligations under the agreements at March 31, 2015. Given the strong creditworthiness of the counterparties, management does not expect any of them to fail to meet their obligations. Additionally, the concentration of risk with any individual counterparty is not considered significant at March 31, 2015. |
Pension_and_Postretirement_Ben
Pension and Postretirement Benefit Plans | 9 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
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 | Nine Months | ||||||||||||||||
Periods ended March 31, | 2015 | 2014 | 2015 | 2014 | |||||||||||||
(In thousands) | |||||||||||||||||
Pension benefits | |||||||||||||||||
Service cost | $ | 3,043 | $ | 2,538 | $ | 9,129 | $ | 7,613 | |||||||||
Interest cost | 1,395 | 1,398 | 4,187 | 4,193 | |||||||||||||
Expected return on plan assets | (2,759 | ) | (2,422 | ) | (8,277 | ) | (7,266 | ) | |||||||||
Prior service cost amortization | 56 | 81 | 168 | 242 | |||||||||||||
Actuarial loss amortization | 169 | 511 | 507 | 1,533 | |||||||||||||
Net periodic benefit costs | $ | 1,904 | $ | 2,106 | $ | 5,714 | $ | 6,315 | |||||||||
Postretirement benefits | |||||||||||||||||
Service cost | $ | 29 | $ | 35 | $ | 87 | $ | 135 | |||||||||
Interest cost | 102 | 117 | 306 | 363 | |||||||||||||
Prior service cost amortization | (108 | ) | (105 | ) | (324 | ) | (335 | ) | |||||||||
Actuarial gain amortization | (108 | ) | (102 | ) | (324 | ) | (263 | ) | |||||||||
Curtailment credit | — | — | — | (1,511 | ) | ||||||||||||
Net periodic benefit | $ | (85 | ) | $ | (55 | ) | $ | (255 | ) | $ | (1,611 | ) | |||||
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 for non-vested future non-union retirees. |
Earnings_per_Share
Earnings per Share | 9 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||
Earnings per Share [Text Block] | Earnings per Share | ||||||||||||||||
The following table presents the calculations of earnings per share: | |||||||||||||||||
Three Months | Nine Months | ||||||||||||||||
Periods ended March 31, | 2015 | 2014 | 2015 | 2014 | |||||||||||||
(In thousands except per share data) | |||||||||||||||||
Net earnings | $ | 25,256 | $ | 18,486 | $ | 94,212 | $ | 73,096 | |||||||||
Basic average shares outstanding | 44,549 | 44,649 | 44,497 | 44,665 | |||||||||||||
Dilutive effect of stock options and equivalents | 838 | 727 | 792 | 797 | |||||||||||||
Diluted average shares outstanding | 45,387 | 45,376 | 45,289 | 45,462 | |||||||||||||
Earnings per share | |||||||||||||||||
Basic earnings per share | $ | 0.57 | $ | 0.41 | $ | 2.12 | $ | 1.64 | |||||||||
Diluted earnings per share | 0.56 | 0.41 | 2.08 | 1.61 | |||||||||||||
For the three months ended March 31, 2015 and 2014, antidilutive options excluded from the above calculations totaled 0.6 million (with a weighted average exercise price of $50.98) and 2.0 million (with a weighted average exercise price of $50.02), respectively. For the nine months ended March 31, 2015 and 2014, antidilutive options excluded from the above calculations totaled 1.0 million (with a weighted average exercise price of $50.49) and 1.7 million (with a weighted average exercise price of $50.62), respectively. | |||||||||||||||||
In the nine months ended March 31, 2015 and 2014, options were exercised to purchase 0.9 million and 1.2 million common shares, respectively. |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
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: | |||||||||||||||||
March 31, 2015 | June 30, 2014 | ||||||||||||||||
(In thousands) | Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||||
Broadcast rights payable | $ | 12,582 | $ | 12,230 | $ | 8,838 | $ | 8,408 | |||||||||
Long-term debt | 825,625 | 828,106 | 715,000 | 717,032 | |||||||||||||
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. | |||||||||||||||||
The following table sets forth the liabilities measured at fair value on a recurring basis: | |||||||||||||||||
(In thousands) | March 31, 2015 | June 30, | |||||||||||||||
2014 | |||||||||||||||||
Accrued expenses and other liabilities | |||||||||||||||||
Contingent consideration | $ | — | $ | 50 | |||||||||||||
Interest rate swaps | 3,415 | — | |||||||||||||||
Other noncurrent liabilities | |||||||||||||||||
Contingent consideration | 61,635 | 1,650 | |||||||||||||||
Interest rate swaps | 288 | — | |||||||||||||||
The fair value of interest rate swaps is determined based on discounted cash flows derived using market observable inputs including swap curves that are included in Level 2. The fair value of the contingent consideration is based on significant inputs not observable in the market and thus represents Level 3 measurements. | |||||||||||||||||
The following table represents the changes in the fair value of Level 3 contingent consideration for the nine months ended March 31, 2015. | |||||||||||||||||
(in thousands) | |||||||||||||||||
Balance at beginning of period | $ | 1,700 | |||||||||||||||
Additions due to acquisitions | 60,535 | ||||||||||||||||
Change in present value of contingent consideration (1) | (600 | ) | |||||||||||||||
Balance at end of period | $ | 61,635 | |||||||||||||||
(1) Change in present value of contingent consideration is included in earning and comprised of changes in estimated earn out payments based on projections of performance and the amortization of the present value discount. | |||||||||||||||||
Financial_Information_about_In
Financial Information about Industry Segments | 9 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
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, 2014. 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 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 | Nine Months | ||||||||||||||||
Periods ended March 31, | 2015 | 2014 | 2015 | 2014 | |||||||||||||
(In thousands) | |||||||||||||||||
Revenues | |||||||||||||||||
National media | $ | 275,298 | $ | 269,680 | $ | 764,005 | $ | 786,273 | |||||||||
Local media | 122,881 | 97,734 | 404,263 | 291,641 | |||||||||||||
Total revenues | $ | 398,179 | $ | 367,414 | $ | 1,168,268 | $ | 1,077,914 | |||||||||
Segment profit | |||||||||||||||||
National media | $ | 23,460 | $ | 13,614 | $ | 78,462 | $ | 69,760 | |||||||||
Local media | 31,420 | 26,696 | 122,718 | 87,597 | |||||||||||||
Unallocated corporate | (7,774 | ) | (9,081 | ) | (32,360 | ) | (31,419 | ) | |||||||||
Income from operations | 47,106 | 31,229 | 168,820 | 125,938 | |||||||||||||
Interest expense, net | (5,179 | ) | (3,408 | ) | (14,206 | ) | (8,676 | ) | |||||||||
Earnings before income taxes | $ | 41,927 | $ | 27,821 | $ | 154,614 | $ | 117,262 | |||||||||
Depreciation and amortization | |||||||||||||||||
National media | $ | 4,369 | $ | 15,622 | $ | 11,481 | $ | 25,355 | |||||||||
Local media | 9,816 | 7,009 | 28,926 | 19,841 | |||||||||||||
Unallocated corporate | 425 | 402 | 1,280 | 1,222 | |||||||||||||
Total depreciation and amortization | $ | 14,610 | $ | 23,033 | $ | 41,687 | $ | 46,418 | |||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Mar. 31, 2015 | |
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 United States Securities and Exchange Commission (SEC). Accordingly, they do not include all of the information and notes required by accounting principles generally accepted in the United States of America (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, 2014, filed with the SEC. |
The condensed consolidated financial statements as of March 31, 2015, and for the three and nine months ended March 31, 2015 and 2014, 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, 2014, were derived from audited financial statements, but do 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. | |
Retrospective Adjustments—During fiscal 2015, we updated the purchase accounting for an acquisition that occurred in fiscal 2014. We retrospectively adjusted the provisional amounts recognized at the acquisition date to reflect fair values and, as required by the accounting guidance for business combinations, made adjustments to the June 30, 2014, Consolidated Balance Sheet. (See Note 2.) | |
Derivative Financial Instruments [Policy Text Block] | Meredith does not engage in derivative or hedging activities, except to hedge interest rate risk on debt as described in Note 6. Fundamental to our approach to risk management is the desire to minimize exposure to volatility in interest costs of variable rate debt, which can impact our earnings and cash flows. In fiscal 2015, we entered into interest rate swap agreements with counterparties that are major financial institutions. These agreements effectively fix the variable rate cash flow on $300.0 million of a combination of our variable-rate private placement senior notes and bank term loan. We designated and accounted for the interest rate swaps as cash flow hedges in accordance with Accounting Standards Codification 815, Derivatives and Hedging. The effective portion of the change in the fair value of interest rate swaps is reported in other comprehensive income (loss). The gain or loss included in other comprehensive income (loss) is subsequently reclassified into net earnings on the same line in the Condensed Consolidated Statements of Earnings as the hedged item in the same period that the hedge transaction affects net earnings. The ineffective portion of a change in fair value of the interest rate swaps would be reported in interest expense. During the first nine months of fiscal 2015, the interest rate swap agreements were considered effective hedges and there were no material gains or losses recognized in earnings for hedge ineffectiveness. |
New Accounting Pronouncements [Policy Text Block] | Adopted Accounting Pronouncements—In July 2013, the Financial Accounting Standards Board (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 was effective for the Company in the first quarter of fiscal 2015. The adoption of this guidance did not have an impact on our results of operations or cash flows and we have updated our presentation of unrecognized tax benefits net of our deferred tax assets where applicable on our Condensed Consolidated Balance Sheets. |
Recently Issued Accounting Standards—In April 2015, the FASB issued guidance on the presentation of debt issuance costs. The new standard requires that debt issuance costs are recorded as a reduction from the face amount of the related debt, with amortization recorded as interest expense, rather than recording as a deferred asset. The guidance is effective for the Company in the first quarter of fiscal 2017 with early adoption permitted. The guidance is to be retrospectively applied to all prior periods. Adoption of the new guidance is not expected to have a material impact on the condensed consolidated financial statements. |
Acquisitions_Tables
Acquisitions (Tables) | 9 Months Ended | |||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||
Business Combinations [Abstract] | ||||||||||||||||||||||
Schedule of Assets Acquired and Liabilities Assumed by Segment [Table Text Block] | The following table summarizes the total estimated fair values of the assets acquired and liabilities assumed by segment during the nine months ended March 31, 2015: | |||||||||||||||||||||
(In thousands) | Local Media Acquisitions | National Media Acquisitions | Total | |||||||||||||||||||
Accounts receivable | $ | 4,375 | $ | 4,060 | $ | 8,435 | ||||||||||||||||
Current portion of broadcast rights | 1,582 | — | 1,582 | |||||||||||||||||||
Other current assets | 1,437 | 1,070 | 2,507 | |||||||||||||||||||
Property, plant, and equipment | 13,695 | 140 | 13,835 | |||||||||||||||||||
Other noncurrent assets | 1,907 | 3,063 | 4,970 | |||||||||||||||||||
Intangible assets | 107,518 | 33,875 | 141,393 | |||||||||||||||||||
Total identifiable assets acquired | 130,514 | 42,208 | 172,722 | |||||||||||||||||||
Deferred subscription revenue | — | (51,976 | ) | (51,976 | ) | |||||||||||||||||
Current portion of broadcast rights | (1,582 | ) | — | (1,582 | ) | |||||||||||||||||
Other current liabilities | (1,718 | ) | (7,702 | ) | (9,420 | ) | ||||||||||||||||
Long-term liabilities | (5,242 | ) | (58,835 | ) | (64,077 | ) | ||||||||||||||||
Total liabilities assumed | (8,542 | ) | (118,513 | ) | (127,055 | ) | ||||||||||||||||
Net identifiable assets acquired | 121,972 | (76,305 | ) | 45,667 | ||||||||||||||||||
Goodwill | 17,974 | 179,424 | 197,398 | |||||||||||||||||||
Net assets acquired | $ | 139,946 | $ | 103,119 | $ | 243,065 | ||||||||||||||||
Schedule of Acquired Intangible Assets by Acquisition [Table Text Block] | The following table provides details of the acquired intangible assets by acquisition: | |||||||||||||||||||||
(In thousands) | WGGB | Martha Stewart | Mywedding | WALA | Selectable Media | Shape | Total | |||||||||||||||
Intangible assets | ||||||||||||||||||||||
subject to amortization | ||||||||||||||||||||||
National media | ||||||||||||||||||||||
Advertiser relationships | $ | — | $ | 2,500 | $ | 2,100 | $ | — | $ | 3,200 | $ | 3,150 | $ | 10,950 | ||||||||
Customer lists | — | 1,500 | — | — | — | 2,650 | 4,150 | |||||||||||||||
Other | — | — | — | — | 700 | 975 | 1,675 | |||||||||||||||
Local media | ||||||||||||||||||||||
Retransmission agreements | 761 | — | — | 3,254 | — | — | 4,015 | |||||||||||||||
Other | 70 | — | — | 102 | — | — | 172 | |||||||||||||||
Total | 831 | 4,000 | 2,100 | 3,356 | 3,900 | 6,775 | 20,962 | |||||||||||||||
Intangible assets not | ||||||||||||||||||||||
subject to amortization | ||||||||||||||||||||||
National media | ||||||||||||||||||||||
Trademarks | — | — | 5,200 | — | 300 | 7,200 | 12,700 | |||||||||||||||
Internet domain names | — | — | — | — | — | 4,400 | 4,400 | |||||||||||||||
Local media | ||||||||||||||||||||||
FCC licenses | 33,116 | — | — | 70,215 | — | — | 103,331 | |||||||||||||||
Total | 33,116 | — | 5,200 | 70,215 | 300 | 11,600 | 120,431 | |||||||||||||||
Intangible assets, net | $ | 33,947 | $ | 4,000 | $ | 7,300 | $ | 73,571 | $ | 4,200 | $ | 18,375 | $ | 141,393 | ||||||||
Inventories_Tables
Inventories (Tables) | 9 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Schedule of Inventory, Current [Table Text Block] | Major components of inventories are summarized below. Of total net inventory values shown, 40 percent are under the last-in first-out (LIFO) method at March 31, 2015, and 49 percent at June 30, 2014. | ||||||||
(In thousands) | March 31, | June 30, | |||||||
2015 | 2014 | ||||||||
Raw materials | $ | 19,097 | $ | 11,993 | |||||
Work in process | 12,444 | 13,398 | |||||||
Finished goods | 2,162 | 2,814 | |||||||
33,703 | 28,205 | ||||||||
Reserve for LIFO cost valuation | (4,197 | ) | (4,197 | ) | |||||
Inventories | $ | 29,506 | $ | 24,008 | |||||
Intangible_Assets_and_Goodwill1
Intangible Assets and Goodwill (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Intangible assets consist of the following: | ||||||||||||||||||||||||
March 31, 2015 | June 30, 2014 | ||||||||||||||||||||||||
(In thousands) | Gross | Accumulated | Net | Gross | Accumulated | Net | |||||||||||||||||||
Amount | Amortization | Amount | Amount | Amortization | Amount | ||||||||||||||||||||
Intangible assets | |||||||||||||||||||||||||
subject to amortization | |||||||||||||||||||||||||
National media | |||||||||||||||||||||||||
Advertiser relationships | $ | 18,079 | $ | (6,054 | ) | $ | 12,025 | $ | 8,752 | $ | (6,069 | ) | $ | 2,683 | |||||||||||
Customer lists | 10,220 | (5,815 | ) | 4,405 | 16,257 | (14,852 | ) | 1,405 | |||||||||||||||||
Other | 18,000 | (6,572 | ) | 11,428 | 17,105 | (5,608 | ) | 11,497 | |||||||||||||||||
Local media | |||||||||||||||||||||||||
Network affiliation agreements | 229,309 | (127,755 | ) | 101,554 | 228,314 | (122,888 | ) | 105,426 | |||||||||||||||||
Retransmission agreements | 21,290 | (2,574 | ) | 18,716 | 17,404 | (188 | ) | 17,216 | |||||||||||||||||
Other | 1,194 | (80 | ) | 1,114 | 1,020 | — | 1,020 | ||||||||||||||||||
Total | $ | 298,092 | $ | (148,850 | ) | 149,242 | $ | 288,852 | $ | (149,605 | ) | 139,247 | |||||||||||||
Intangible assets not | |||||||||||||||||||||||||
subject to amortization | |||||||||||||||||||||||||
National media | |||||||||||||||||||||||||
Internet domain names | 6,227 | 1,827 | |||||||||||||||||||||||
Trademarks | 161,589 | 148,889 | |||||||||||||||||||||||
Local media | |||||||||||||||||||||||||
FCC licenses | 624,684 | 523,334 | |||||||||||||||||||||||
Total | 792,500 | 674,050 | |||||||||||||||||||||||
Intangible assets, net | $ | 941,742 | $ | 813,297 | |||||||||||||||||||||
Schedule of Indefinite-Lived Intangible Assets [Table Text Block] | Intangible assets consist of the following: | ||||||||||||||||||||||||
March 31, 2015 | June 30, 2014 | ||||||||||||||||||||||||
(In thousands) | Gross | Accumulated | Net | Gross | Accumulated | Net | |||||||||||||||||||
Amount | Amortization | Amount | Amount | Amortization | Amount | ||||||||||||||||||||
Intangible assets | |||||||||||||||||||||||||
subject to amortization | |||||||||||||||||||||||||
National media | |||||||||||||||||||||||||
Advertiser relationships | $ | 18,079 | $ | (6,054 | ) | $ | 12,025 | $ | 8,752 | $ | (6,069 | ) | $ | 2,683 | |||||||||||
Customer lists | 10,220 | (5,815 | ) | 4,405 | 16,257 | (14,852 | ) | 1,405 | |||||||||||||||||
Other | 18,000 | (6,572 | ) | 11,428 | 17,105 | (5,608 | ) | 11,497 | |||||||||||||||||
Local media | |||||||||||||||||||||||||
Network affiliation agreements | 229,309 | (127,755 | ) | 101,554 | 228,314 | (122,888 | ) | 105,426 | |||||||||||||||||
Retransmission agreements | 21,290 | (2,574 | ) | 18,716 | 17,404 | (188 | ) | 17,216 | |||||||||||||||||
Other | 1,194 | (80 | ) | 1,114 | 1,020 | — | 1,020 | ||||||||||||||||||
Total | $ | 298,092 | $ | (148,850 | ) | 149,242 | $ | 288,852 | $ | (149,605 | ) | 139,247 | |||||||||||||
Intangible assets not | |||||||||||||||||||||||||
subject to amortization | |||||||||||||||||||||||||
National media | |||||||||||||||||||||||||
Internet domain names | 6,227 | 1,827 | |||||||||||||||||||||||
Trademarks | 161,589 | 148,889 | |||||||||||||||||||||||
Local media | |||||||||||||||||||||||||
FCC licenses | 624,684 | 523,334 | |||||||||||||||||||||||
Total | 792,500 | 674,050 | |||||||||||||||||||||||
Intangible assets, net | $ | 941,742 | $ | 813,297 | |||||||||||||||||||||
Schedule of Goodwill [Table Text Block] | Changes in the carrying amount of goodwill were as follows: | ||||||||||||||||||||||||
Nine months ended March 31, | 2015 | 2014 | |||||||||||||||||||||||
(In thousands) | National | Local | Total | National | Local | Total | |||||||||||||||||||
Media | Media | Media | Media | ||||||||||||||||||||||
Balance at beginning of period | $ | 789,038 | $ | 51,823 | $ | 840,861 | $ | 788,854 | $ | — | $ | 788,854 | |||||||||||||
Acquisitions | 179,424 | 17,606 | 197,030 | (68 | ) | 68,410 | 68,342 | ||||||||||||||||||
Balance at end of period | $ | 968,462 | $ | 69,429 | $ | 1,037,891 | $ | 788,786 | $ | 68,410 | $ | 857,196 | |||||||||||||
Restructuring_Accrual_Tables
Restructuring Accrual (Tables) | 9 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Restructuring and Related Activities [Abstract] | ||||||||
Schedule of Restructuring and Related Costs [Table Text Block] | Details of changes in the Company's restructuring accrual are as follows: | |||||||
Nine months ended March 31, | 2015 | 2014 | ||||||
(In thousands) | ||||||||
Balance at beginning of period | $ | 13,545 | $ | 8,103 | ||||
Severance accruals | 14,670 | 8,549 | ||||||
Other accruals | 285 | 821 | ||||||
Cash payments | (9,124 | ) | (3,099 | ) | ||||
Reversal of excess accrual | (105 | ) | (1,356 | ) | ||||
Balance at end of period | $ | 19,271 | $ | 13,018 | ||||
Longterm_Debt_Tables
Long-term Debt (Tables) | 9 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Schedule of Long-term Debt Instruments [Table Text Block] | Long-term debt consists of the following: | ||||||||
(In thousands) | March 31, | June 30, | |||||||
2015 | 2014 | ||||||||
Variable-rate credit facilities | |||||||||
Asset-backed bank facility of $100 million, due 10/23/2015 | $ | 80,000 | $ | 70,000 | |||||
Revolving credit facility of $200 million, due 3/27/2019 | 105,000 | 20,000 | |||||||
Term loan of $250 million, due 3/27/2019 | 240,625 | 250,000 | |||||||
Private placement notes | |||||||||
7.19% senior notes, due 7/13/2014 | — | 25,000 | |||||||
2.62% senior notes, due 3/1/2015 | — | 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 | |||||||
Floating rate senior notes, due 12/19/2022 | 100,000 | — | |||||||
Floating rate senior notes, due 2/28/2024 | 150,000 | 150,000 | |||||||
Total long-term debt | 825,625 | 715,000 | |||||||
Current portion of long-term debt | (62,500 | ) | (87,500 | ) | |||||
Long-term debt | $ | 763,125 | $ | 627,500 | |||||
Pension_and_Postretirement_Ben1
Pension and Postretirement Benefit Plans (Tables) | 9 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
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 | Nine Months | ||||||||||||||||
Periods ended March 31, | 2015 | 2014 | 2015 | 2014 | |||||||||||||
(In thousands) | |||||||||||||||||
Pension benefits | |||||||||||||||||
Service cost | $ | 3,043 | $ | 2,538 | $ | 9,129 | $ | 7,613 | |||||||||
Interest cost | 1,395 | 1,398 | 4,187 | 4,193 | |||||||||||||
Expected return on plan assets | (2,759 | ) | (2,422 | ) | (8,277 | ) | (7,266 | ) | |||||||||
Prior service cost amortization | 56 | 81 | 168 | 242 | |||||||||||||
Actuarial loss amortization | 169 | 511 | 507 | 1,533 | |||||||||||||
Net periodic benefit costs | $ | 1,904 | $ | 2,106 | $ | 5,714 | $ | 6,315 | |||||||||
Postretirement benefits | |||||||||||||||||
Service cost | $ | 29 | $ | 35 | $ | 87 | $ | 135 | |||||||||
Interest cost | 102 | 117 | 306 | 363 | |||||||||||||
Prior service cost amortization | (108 | ) | (105 | ) | (324 | ) | (335 | ) | |||||||||
Actuarial gain amortization | (108 | ) | (102 | ) | (324 | ) | (263 | ) | |||||||||
Curtailment credit | — | — | — | (1,511 | ) | ||||||||||||
Net periodic benefit | $ | (85 | ) | $ | (55 | ) | $ | (255 | ) | $ | (1,611 | ) |
Earnings_per_Share_Tables
Earnings per Share (Tables) | 9 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
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 | Nine Months | ||||||||||||||||
Periods ended March 31, | 2015 | 2014 | 2015 | 2014 | |||||||||||||
(In thousands except per share data) | |||||||||||||||||
Net earnings | $ | 25,256 | $ | 18,486 | $ | 94,212 | $ | 73,096 | |||||||||
Basic average shares outstanding | 44,549 | 44,649 | 44,497 | 44,665 | |||||||||||||
Dilutive effect of stock options and equivalents | 838 | 727 | 792 | 797 | |||||||||||||
Diluted average shares outstanding | 45,387 | 45,376 | 45,289 | 45,462 | |||||||||||||
Earnings per share | |||||||||||||||||
Basic earnings per share | $ | 0.57 | $ | 0.41 | $ | 2.12 | $ | 1.64 | |||||||||
Diluted earnings per share | 0.56 | 0.41 | 2.08 | 1.61 | |||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
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: | ||||||||||||||||
March 31, 2015 | June 30, 2014 | ||||||||||||||||
(In thousands) | Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||||
Broadcast rights payable | $ | 12,582 | $ | 12,230 | $ | 8,838 | $ | 8,408 | |||||||||
Long-term debt | 825,625 | 828,106 | 715,000 | 717,032 | |||||||||||||
Fair Value, Liabilities Measured on Recurring Basis [Table Text Block] | The following table sets forth the liabilities measured at fair value on a recurring basis: | ||||||||||||||||
(In thousands) | March 31, 2015 | June 30, | |||||||||||||||
2014 | |||||||||||||||||
Accrued expenses and other liabilities | |||||||||||||||||
Contingent consideration | $ | — | $ | 50 | |||||||||||||
Interest rate swaps | 3,415 | — | |||||||||||||||
Other noncurrent liabilities | |||||||||||||||||
Contingent consideration | 61,635 | 1,650 | |||||||||||||||
Interest rate swaps | 288 | — | |||||||||||||||
Schedule of Contingent Consideration [Table Text Block] | The following table represents the changes in the fair value of Level 3 contingent consideration for the nine months ended March 31, 2015. | ||||||||||||||||
(in thousands) | |||||||||||||||||
Balance at beginning of period | $ | 1,700 | |||||||||||||||
Additions due to acquisitions | 60,535 | ||||||||||||||||
Change in present value of contingent consideration (1) | (600 | ) | |||||||||||||||
Balance at end of period | $ | 61,635 | |||||||||||||||
(1) Change in present value of contingent consideration is included in earning and comprised of changes in estimated earn out payments based on projections of performance and the amortization of the present value discount. | |||||||||||||||||
Financial_Information_about_In1
Financial Information about Industry Segments (Tables) | 9 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | The following table presents financial information by segment: | ||||||||||||||||
Three Months | Nine Months | ||||||||||||||||
Periods ended March 31, | 2015 | 2014 | 2015 | 2014 | |||||||||||||
(In thousands) | |||||||||||||||||
Revenues | |||||||||||||||||
National media | $ | 275,298 | $ | 269,680 | $ | 764,005 | $ | 786,273 | |||||||||
Local media | 122,881 | 97,734 | 404,263 | 291,641 | |||||||||||||
Total revenues | $ | 398,179 | $ | 367,414 | $ | 1,168,268 | $ | 1,077,914 | |||||||||
Segment profit | |||||||||||||||||
National media | $ | 23,460 | $ | 13,614 | $ | 78,462 | $ | 69,760 | |||||||||
Local media | 31,420 | 26,696 | 122,718 | 87,597 | |||||||||||||
Unallocated corporate | (7,774 | ) | (9,081 | ) | (32,360 | ) | (31,419 | ) | |||||||||
Income from operations | 47,106 | 31,229 | 168,820 | 125,938 | |||||||||||||
Interest expense, net | (5,179 | ) | (3,408 | ) | (14,206 | ) | (8,676 | ) | |||||||||
Earnings before income taxes | $ | 41,927 | $ | 27,821 | $ | 154,614 | $ | 117,262 | |||||||||
Depreciation and amortization | |||||||||||||||||
National media | $ | 4,369 | $ | 15,622 | $ | 11,481 | $ | 25,355 | |||||||||
Local media | 9,816 | 7,009 | 28,926 | 19,841 | |||||||||||||
Unallocated corporate | 425 | 402 | 1,280 | 1,222 | |||||||||||||
Total depreciation and amortization | $ | 14,610 | $ | 23,033 | $ | 41,687 | $ | 46,418 | |||||||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies Derivative (Details) (Cash Flow Hedging [Member], Interest Rate Swap [Member], USD $) | Mar. 31, 2015 |
In Millions, unless otherwise specified | |
Cash Flow Hedging [Member] | Interest Rate Swap [Member] | |
Derivative [Line Items] | |
Derivative, amount of hedged items | $300 |
Acquisitions_Narrative_Details
Acquisitions - Narrative (Details) (USD $) | 9 Months Ended | 3 Months Ended | 0 Months Ended | |||||||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Dec. 31, 2014 | Oct. 31, 2014 | Nov. 01, 2014 | Nov. 13, 2014 | Dec. 19, 2014 | Dec. 30, 2014 | Feb. 01, 2015 | |
Business Acquisition [Line Items] | ||||||||||
Cash purchase price | $254,965,000 | $188,654,000 | ||||||||
Goodwill, amount deductible for tax purposes | 172,300,000 | 172,300,000 | ||||||||
KASW [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Increase (decrease) in assets held for sale based on updated valuation report | 23,000,000 | |||||||||
Estimated costs to sell | 1,400,000 | |||||||||
Selling, general and administrative [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Acquisition related costs | 100,000 | 1,300,000 | ||||||||
Advertiser Relationships [Member] | Minimum [Member] | National Media [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Intangible assets, useful life | 3 years | |||||||||
Advertiser Relationships [Member] | Maximum [Member] | National Media [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Intangible assets, useful life | 5 years | |||||||||
Customer Lists [Member] | National Media [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Intangible assets, useful life | 2 years | |||||||||
Retransmission Agreements [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Intangible assets, useful life | 6 years | |||||||||
Other Intangible Assets [Member] | Local Media [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Intangible assets, useful life | 3 years | |||||||||
Other Intangible Assets [Member] | Minimum [Member] | National Media [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Intangible assets, useful life | 3 years | |||||||||
Other Intangible Assets [Member] | Maximum [Member] | National Media [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Intangible assets, useful life | 5 years | |||||||||
WGGB [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Acquisition-date fair value of the consideration | 53,300,000 | |||||||||
Cash purchase price | 50,000,000 | |||||||||
Contingent consideration | 3,300,000 | |||||||||
Contingent consideration, low end of range | 0 | 0 | ||||||||
Contingent consideration, high end of range | 4,000,000 | 4,000,000 | ||||||||
Martha Stewart [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Acquisition-date fair value of the consideration | 0 | |||||||||
Term of licensing arrangement | 10 years | |||||||||
Mywedding [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Acquisition-date fair value of the consideration | 42,600,000 | |||||||||
Cash purchase price | 20,000,000 | |||||||||
Contingent consideration | 22,600,000 | |||||||||
Contingent consideration, low end of range | 11,100,000 | 11,100,000 | ||||||||
Contingent consideration, high end of range | 40,000,000 | 40,000,000 | ||||||||
Percentage of membership interests or stock acquired | 100.00% | |||||||||
Increase (decrease) in consideration transferred | 100,000 | |||||||||
Increase (decrease) in goodwill based on updated valuation report and other fair value determinations | 2,000,000 | |||||||||
Mywedding [Member] | Trademarks [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Increase (decrease) in intangible assets based on updated valuation report and other fair value determinations | -1,300,000 | |||||||||
Mywedding [Member] | Advertiser Relationships [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Increase (decrease) in intangible assets based on updated valuation report and other fair value determinations | -600,000 | |||||||||
WALA [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Cash purchase price | 89,900,000 | |||||||||
Selectable Media [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Acquisition-date fair value of the consideration | 30,200,000 | |||||||||
Cash purchase price | 23,000,000 | |||||||||
Contingent consideration | 7,200,000 | |||||||||
Contingent consideration, low end of range | 7,300,000 | 7,300,000 | ||||||||
Contingent consideration, high end of range | 8,000,000 | 8,000,000 | ||||||||
Percentage of membership interests or stock acquired | 100.00% | |||||||||
Basis for contingent consideration, certain financial targets, measurement period | 3 years | |||||||||
Shape [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Acquisition-date fair value of the consideration | 87,400,000 | |||||||||
Cash purchase price | 60,000,000 | |||||||||
Contingent consideration | 27,400,000 | |||||||||
Contingent consideration, low end of range | 26,000,000 | 26,000,000 | ||||||||
Contingent consideration, high end of range | 36,800,000 | 36,800,000 | ||||||||
Basis for contingent consideration, certain financial targets, measurement period | 3 years | |||||||||
KMOV [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Increase (decrease) in goodwill based on updated valuation report and other fair value determinations | -400,000 | |||||||||
KMOV [Member] | Other Intangible Assets [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Increase (decrease) in intangible assets based on updated valuation report and other fair value determinations | -100,000 | |||||||||
KMOV [Member] | Network Affiliation Agreements [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Increase (decrease) in intangible assets based on updated valuation report and other fair value determinations | 1,000,000 | |||||||||
KMOV [Member] | Property, Plant and Equipment [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Increase (decrease) in fixed assets based on updated valuation report and other fair value determinations | -500,000 | |||||||||
KTVK [Member] | KASW [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Increase (decrease) in goodwill based on updated valuation report and other fair value determinations | -800,000 | |||||||||
KTVK [Member] | KASW [Member] | FCC Licenses [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Increase (decrease) in intangible assets based on updated valuation report and other fair value determinations | -23,900,000 | |||||||||
KTVK [Member] | Retransmission Agreements [Member] | KASW [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Increase (decrease) in intangible assets based on updated valuation report and other fair value determinations | $1,700,000 |
Acquisitions_Assets_Acquired_a
Acquisitions - Assets Acquired and Liabilities Assumed by Segment (Details) (USD $) | Mar. 31, 2015 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||||
Business Acquisition [Line Items] | ||||
Goodwill | $1,037,891 | $840,861 | $857,196 | $788,854 |
Local Media [Member] | ||||
Business Acquisition [Line Items] | ||||
Goodwill | 69,429 | 51,823 | 68,410 | 0 |
National Media [Member] | ||||
Business Acquisition [Line Items] | ||||
Goodwill | 968,462 | 789,038 | 788,786 | 788,854 |
Fiscal 2015 Acquisitions [Member] | ||||
Business Acquisition [Line Items] | ||||
Accounts receivable | 8,435 | |||
Current portion of broadcast rights | 1,582 | |||
Other current assets | 2,507 | |||
Property, plant, and equipment | 13,835 | |||
Other noncurrent assets | 4,970 | |||
Intangible assets | 141,393 | |||
Total identifiable assets acquired | 172,722 | |||
Deferred subscription revenue | -51,976 | |||
Current portion of broadcast rights | -1,582 | |||
Other current liabilities | -9,420 | |||
Long-term liabilities | -64,077 | |||
Total liabilities assumed | -127,055 | |||
Net identifiable assets acquired | 45,667 | |||
Goodwill | 197,398 | |||
Net assets acquired | 243,065 | |||
Fiscal 2015 Acquisitions [Member] | Local Media [Member] | ||||
Business Acquisition [Line Items] | ||||
Accounts receivable | 4,375 | |||
Current portion of broadcast rights | 1,582 | |||
Other current assets | 1,437 | |||
Property, plant, and equipment | 13,695 | |||
Other noncurrent assets | 1,907 | |||
Intangible assets | 107,518 | |||
Total identifiable assets acquired | 130,514 | |||
Deferred subscription revenue | 0 | |||
Current portion of broadcast rights | -1,582 | |||
Other current liabilities | -1,718 | |||
Long-term liabilities | -5,242 | |||
Total liabilities assumed | -8,542 | |||
Net identifiable assets acquired | 121,972 | |||
Goodwill | 17,974 | |||
Net assets acquired | 139,946 | |||
Fiscal 2015 Acquisitions [Member] | National Media [Member] | ||||
Business Acquisition [Line Items] | ||||
Accounts receivable | 4,060 | |||
Current portion of broadcast rights | 0 | |||
Other current assets | 1,070 | |||
Property, plant, and equipment | 140 | |||
Other noncurrent assets | 3,063 | |||
Intangible assets | 33,875 | |||
Total identifiable assets acquired | 42,208 | |||
Deferred subscription revenue | -51,976 | |||
Current portion of broadcast rights | 0 | |||
Other current liabilities | -7,702 | |||
Long-term liabilities | -58,835 | |||
Total liabilities assumed | -118,513 | |||
Net identifiable assets acquired | -76,305 | |||
Goodwill | 179,424 | |||
Net assets acquired | $103,119 |
Acquisitions_Acquired_Intangib
Acquisitions - Acquired Intangible Assets by Acquisition (Details) (USD $) | 9 Months Ended | 0 Months Ended | |||||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Oct. 31, 2014 | Nov. 01, 2014 | Nov. 13, 2014 | Dec. 19, 2014 | Dec. 30, 2014 | Feb. 01, 2015 |
Business Acquisition [Line Items] | |||||||
Intangible assets subject to amortization | $20,962 | ||||||
Intangible assets not subject to amortization | 120,431 | ||||||
Intangible assets, net | 141,393 | ||||||
National Media [Member] | Trademarks [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Intangible assets not subject to amortization | 12,700 | ||||||
National Media [Member] | Internet Domain Names [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Intangible assets not subject to amortization | 4,400 | ||||||
National Media [Member] | Advertiser Relationships [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Intangible assets subject to amortization | 10,950 | ||||||
National Media [Member] | Customer Lists [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Intangible assets subject to amortization | 4,150 | ||||||
National Media [Member] | Other Intangible Assets [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Intangible assets subject to amortization | 1,675 | ||||||
Local Media [Member] | FCC Licenses [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Intangible assets not subject to amortization | 103,331 | ||||||
Local Media [Member] | Retransmission Agreements [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Intangible assets subject to amortization | 4,015 | ||||||
Local Media [Member] | Other Intangible Assets [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Intangible assets subject to amortization | 172 | ||||||
WGGB [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Intangible assets subject to amortization | 831 | ||||||
Intangible assets not subject to amortization | 33,116 | ||||||
Intangible assets, net | 33,947 | ||||||
WGGB [Member] | National Media [Member] | Trademarks [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Intangible assets not subject to amortization | 0 | ||||||
WGGB [Member] | National Media [Member] | Advertiser Relationships [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Intangible assets subject to amortization | 0 | ||||||
WGGB [Member] | National Media [Member] | Customer Lists [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Intangible assets subject to amortization | 0 | ||||||
WGGB [Member] | National Media [Member] | Other Intangible Assets [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Intangible assets subject to amortization | 0 | ||||||
WGGB [Member] | Local Media [Member] | FCC Licenses [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Intangible assets not subject to amortization | 33,116 | ||||||
WGGB [Member] | Local Media [Member] | Retransmission Agreements [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Intangible assets subject to amortization | 761 | ||||||
WGGB [Member] | Local Media [Member] | Other Intangible Assets [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Intangible assets subject to amortization | 70 | ||||||
Martha Stewart [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Intangible assets subject to amortization | 4,000 | ||||||
Intangible assets not subject to amortization | 0 | ||||||
Intangible assets, net | 4,000 | ||||||
Martha Stewart [Member] | National Media [Member] | Trademarks [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Intangible assets not subject to amortization | 0 | ||||||
Martha Stewart [Member] | National Media [Member] | Advertiser Relationships [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Intangible assets subject to amortization | 2,500 | ||||||
Martha Stewart [Member] | National Media [Member] | Customer Lists [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Intangible assets subject to amortization | 1,500 | ||||||
Martha Stewart [Member] | National Media [Member] | Other Intangible Assets [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Intangible assets subject to amortization | 0 | ||||||
Martha Stewart [Member] | Local Media [Member] | FCC Licenses [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Intangible assets not subject to amortization | 0 | ||||||
Martha Stewart [Member] | Local Media [Member] | Retransmission Agreements [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Intangible assets subject to amortization | 0 | ||||||
Martha Stewart [Member] | Local Media [Member] | Other Intangible Assets [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Intangible assets subject to amortization | 0 | ||||||
Mywedding [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Intangible assets subject to amortization | 2,100 | ||||||
Intangible assets not subject to amortization | 5,200 | ||||||
Intangible assets, net | 7,300 | ||||||
Mywedding [Member] | National Media [Member] | Trademarks [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Intangible assets not subject to amortization | 5,200 | ||||||
Mywedding [Member] | National Media [Member] | Advertiser Relationships [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Intangible assets subject to amortization | 2,100 | ||||||
Mywedding [Member] | National Media [Member] | Customer Lists [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Intangible assets subject to amortization | 0 | ||||||
Mywedding [Member] | National Media [Member] | Other Intangible Assets [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Intangible assets subject to amortization | 0 | ||||||
Mywedding [Member] | Local Media [Member] | FCC Licenses [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Intangible assets not subject to amortization | 0 | ||||||
Mywedding [Member] | Local Media [Member] | Retransmission Agreements [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Intangible assets subject to amortization | 0 | ||||||
Mywedding [Member] | Local Media [Member] | Other Intangible Assets [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Intangible assets subject to amortization | 0 | ||||||
WALA [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Intangible assets subject to amortization | 3,356 | ||||||
Intangible assets not subject to amortization | 70,215 | ||||||
Intangible assets, net | 73,571 | ||||||
WALA [Member] | National Media [Member] | Trademarks [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Intangible assets not subject to amortization | 0 | ||||||
WALA [Member] | National Media [Member] | Advertiser Relationships [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Intangible assets subject to amortization | 0 | ||||||
WALA [Member] | National Media [Member] | Customer Lists [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Intangible assets subject to amortization | 0 | ||||||
WALA [Member] | National Media [Member] | Other Intangible Assets [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Intangible assets subject to amortization | 0 | ||||||
WALA [Member] | Local Media [Member] | FCC Licenses [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Intangible assets not subject to amortization | 70,215 | ||||||
WALA [Member] | Local Media [Member] | Retransmission Agreements [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Intangible assets subject to amortization | 3,254 | ||||||
WALA [Member] | Local Media [Member] | Other Intangible Assets [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Intangible assets subject to amortization | 102 | ||||||
Selectable Media [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Intangible assets subject to amortization | 3,900 | ||||||
Intangible assets not subject to amortization | 300 | ||||||
Intangible assets, net | 4,200 | ||||||
Selectable Media [Member] | National Media [Member] | Trademarks [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Intangible assets not subject to amortization | 300 | ||||||
Selectable Media [Member] | National Media [Member] | Advertiser Relationships [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Intangible assets subject to amortization | 3,200 | ||||||
Selectable Media [Member] | National Media [Member] | Customer Lists [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Intangible assets subject to amortization | 0 | ||||||
Selectable Media [Member] | National Media [Member] | Other Intangible Assets [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Intangible assets subject to amortization | 700 | ||||||
Selectable Media [Member] | Local Media [Member] | FCC Licenses [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Intangible assets not subject to amortization | 0 | ||||||
Selectable Media [Member] | Local Media [Member] | Retransmission Agreements [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Intangible assets subject to amortization | 0 | ||||||
Selectable Media [Member] | Local Media [Member] | Other Intangible Assets [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Intangible assets subject to amortization | 0 | ||||||
Shape [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Intangible assets subject to amortization | 6,775 | ||||||
Intangible assets not subject to amortization | 11,600 | ||||||
Intangible assets, net | 18,375 | ||||||
Shape [Member] | National Media [Member] | Trademarks [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Intangible assets not subject to amortization | 7,200 | ||||||
Shape [Member] | National Media [Member] | Internet Domain Names [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Intangible assets not subject to amortization | 4,400 | ||||||
Shape [Member] | National Media [Member] | Advertiser Relationships [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Intangible assets subject to amortization | 3,150 | ||||||
Shape [Member] | National Media [Member] | Customer Lists [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Intangible assets subject to amortization | 2,650 | ||||||
Shape [Member] | National Media [Member] | Other Intangible Assets [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Intangible assets subject to amortization | 975 | ||||||
Shape [Member] | Local Media [Member] | FCC Licenses [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Intangible assets not subject to amortization | 0 | ||||||
Shape [Member] | Local Media [Member] | Retransmission Agreements [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Intangible assets subject to amortization | 0 | ||||||
Shape [Member] | Local Media [Member] | Other Intangible Assets [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Intangible assets subject to amortization | $0 |
Inventories_Details
Inventories (Details) (USD $) | Mar. 31, 2015 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ||
Percentage of LIFO Inventory | 40.00% | 49.00% |
Raw materials | $19,097 | $11,993 |
Work in process | 12,444 | 13,398 |
Finished goods | 2,162 | 2,814 |
Subtotal | 33,703 | 28,205 |
Reserve for LIFO cost valuation | -4,197 | -4,197 |
Inventories | $29,506 | $24,008 |
Intangible_Assets_and_Goodwill2
Intangible Assets and Goodwill - Intangible Assets (Details) (USD $) | 9 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Jun. 30, 2014 | |
Finite And Indefinite Lived Intangible Assets By Major Class [Line Items] | |||
Intangible assets subject to amortization, gross amount | $298,092,000 | $288,852,000 | |
Intangible assets subject to amortization, accumulated amortization | -148,850,000 | -149,605,000 | |
Intangible assets subject to amortization, net amount | 149,242,000 | 139,247,000 | |
Intangible assets not subject to amortization | 792,500,000 | 674,050,000 | |
Intangible assets, net | 941,742,000 | 813,297,000 | |
Amortization expense | 11,835,000 | 9,894,000 | |
Future amortization expense for intangible assets [Abstract] | |||
Future amortization expense, fiscal 2015 | 17,000,000 | ||
Future amortization expense, fiscal 2016 | 19,300,000 | ||
Future amortization expense, fiscal 2017 | 16,700,000 | ||
Future amortization expense, fiscal 2018 | 13,500,000 | ||
Future amortization expense, fiscal 2019 | 12,300,000 | ||
National Media [Member] | Internet Domain Names [Member] | |||
Finite And Indefinite Lived Intangible Assets By Major Class [Line Items] | |||
Intangible assets not subject to amortization | 6,227,000 | 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 | 161,589,000 | 148,889,000 | |
National Media [Member] | Advertiser Relationships [Member] | |||
Finite And Indefinite Lived Intangible Assets By Major Class [Line Items] | |||
Intangible assets subject to amortization, gross amount | 18,079,000 | 8,752,000 | |
Intangible assets subject to amortization, accumulated amortization | -6,054,000 | -6,069,000 | |
Intangible assets subject to amortization, net amount | 12,025,000 | 2,683,000 | |
National Media [Member] | Customer Lists [Member] | |||
Finite And Indefinite Lived Intangible Assets By Major Class [Line Items] | |||
Intangible assets subject to amortization, gross amount | 10,220,000 | 16,257,000 | |
Intangible assets subject to amortization, accumulated amortization | -5,815,000 | -14,852,000 | |
Intangible assets subject to amortization, net amount | 4,405,000 | 1,405,000 | |
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 | 18,000,000 | 17,105,000 | |
Intangible assets subject to amortization, accumulated amortization | -6,572,000 | -5,608,000 | |
Intangible assets subject to amortization, net amount | 11,428,000 | 11,497,000 | |
Local Media [Member] | FCC Licenses [Member] | |||
Finite And Indefinite Lived Intangible Assets By Major Class [Line Items] | |||
Intangible assets not subject to amortization | 624,684,000 | 523,334,000 | |
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 | 229,309,000 | 228,314,000 | |
Intangible assets subject to amortization, accumulated amortization | -127,755,000 | -122,888,000 | |
Intangible assets subject to amortization, net amount | 101,554,000 | 105,426,000 | |
Local Media [Member] | Retransmission Agreements [Member] | |||
Finite And Indefinite Lived Intangible Assets By Major Class [Line Items] | |||
Intangible assets subject to amortization, gross amount | 21,290,000 | 17,404,000 | |
Intangible assets subject to amortization, accumulated amortization | -2,574,000 | -188,000 | |
Intangible assets subject to amortization, net amount | 18,716,000 | 17,216,000 | |
Local Media [Member] | Other Intangible Assets [Member] | |||
Finite And Indefinite Lived Intangible Assets By Major Class [Line Items] | |||
Intangible assets subject to amortization, gross amount | 1,194,000 | 1,020,000 | |
Intangible assets subject to amortization, accumulated amortization | -80,000 | 0 | |
Intangible assets subject to amortization, net amount | $1,114,000 | $1,020,000 |
Intangible_Assets_and_Goodwill3
Intangible Assets and Goodwill - Goodwill (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Goodwill [Roll Forward] | ||
Balance at beginning of period | $840,861 | $788,854 |
Acquisitions | 197,030 | 68,342 |
Balance at end of period | 1,037,891 | 857,196 |
National Media [Member] | ||
Goodwill [Roll Forward] | ||
Balance at beginning of period | 789,038 | 788,854 |
Acquisitions | 179,424 | -68 |
Balance at end of period | 968,462 | 788,786 |
Local Media [Member] | ||
Goodwill [Roll Forward] | ||
Balance at beginning of period | 51,823 | 0 |
Acquisitions | 17,606 | 68,410 |
Balance at end of period | $69,429 | $68,410 |
Restructuring_Accrual_Narrativ
Restructuring Accrual - Narrative (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | |
employees | employees | |||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charge | $9,900,000 | $6,700,000 | ||
Write-down of impaired assets | 3,142,000 | 11,447,000 | ||
Severance costs, expected period of payment | 12 months | 12 months | ||
Expected number of employees affected | 135 | 140 | ||
Selling, general and administrative [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Severance and related benefit costs | 9,400,000 | 5,300,000 | ||
Other write-downs and accruals | 200,000 | 200,000 | ||
Reversal of excess accrual | -105,000 | -1,356,000 | ||
Depreciation and amortization [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Write-down of impaired assets | 1,200,000 | |||
Production, distribution, and editorial [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Write-down of impaired assets | $300,000 |
Restructuring_Accrual_Changes_
Restructuring Accrual - Changes in Restructuring Accrual (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 |
Changes in restructuring accrual [Roll Forward] | ||||
Balance at beginning of period | $13,545 | $8,103 | ||
Accruals | 9,900 | 6,700 | ||
Cash payments | -9,124 | -3,099 | ||
Balance at end of period | 19,271 | 19,271 | 13,018 | |
Selling, general and administrative [Member] | ||||
Changes in restructuring accrual [Roll Forward] | ||||
Reversal of excess accrual | -105 | -1,356 | ||
Selling, general and administrative [Member] | Employee Severance [Member] | ||||
Changes in restructuring accrual [Roll Forward] | ||||
Accruals | 14,670 | 8,549 | ||
Selling, general and administrative [Member] | Other Restructuring [Member] | ||||
Changes in restructuring accrual [Roll Forward] | ||||
Accruals | $285 | $821 |
Longterm_Debt_Details
Long-term Debt (Details) (USD $) | 9 Months Ended | |
Mar. 31, 2015 | Jun. 30, 2014 | |
Debt Instrument [Line Items] | ||
Total long-term debt | $825,625,000 | $715,000,000 |
Current portion of long-term debt | -62,500,000 | -87,500,000 |
Long-term debt | 763,125,000 | 627,500,000 |
Subordinated note receivable, interest rate | 3.25% | |
Line of Credit [Member] | Asset Backed Bank Facility [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 80,000,000 | 70,000,000 |
Line of credit facility, maximum borrowing capacity | 100,000,000 | |
Accounts receivable outstanding under the revolving agreement | 163,100,000 | |
Line of Credit [Member] | Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 105,000,000 | 20,000,000 |
Line of credit facility, maximum borrowing capacity | 200,000,000 | |
Term Loan Facility [Member] | Term Loan Facility [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 240,625,000 | 250,000,000 |
Line of credit facility, maximum borrowing capacity | 250,000,000 | |
Senior Notes [Member] | Senior Notes Due 2014 [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 0 | 25,000,000 |
Debt instrument, stated interest rate | 7.19% | |
Senior Notes [Member] | Senior Notes Due 2015 [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 0 | 50,000,000 |
Debt instrument, stated interest rate | 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, stated interest rate | 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, stated interest rate | 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, stated interest rate | 3.04% | |
Senior Notes [Member] | Senior Notes Due 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 100,000,000 | 0 |
Senior Notes [Member] | Senior Notes Due 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | $150,000,000 | $150,000,000 |
Longterm_Debt_Derivative_Detai
Long-term Debt - Derivative (Details) (Cash Flow Hedging [Member], USD $) | 9 Months Ended |
Mar. 31, 2015 | |
Interest Rate Swap [Member] | |
Derivative [Line Items] | |
Derivative, amount of hedged items | $300,000,000 |
Derivative, Notional Amount | 300,000,000 |
Fair value of interest rate swaps | 3,700,000 |
Maximum loss on counterparties failure to meet obligations | 0 |
Interest Rate Swap Expiring August 2018 [Member] | |
Derivative [Line Items] | |
Derivative, amount of hedged items | 50,000,000 |
Derivative, Fixed Interest Rate | 1.36% |
Derivative, Variable Interest Rate | 0.17% |
Interest Rate Swap Expiring March 2019 [Member] | |
Derivative [Line Items] | |
Derivative, amount of hedged items | 100,000,000 |
Derivative, Fixed Interest Rate | 1.53% |
Derivative, Variable Interest Rate | 0.26% |
Interest Rate Swap Expiring August 2019 [Member] | |
Derivative [Line Items] | |
Derivative, amount of hedged items | 150,000,000 |
Derivative, Fixed Interest Rate | 1.76% |
Derivative, Variable Interest Rate | 0.26% |
Senior Notes Due 2024 [Member] | Interest Rate Swap [Member] | |
Derivative [Line Items] | |
Derivative, amount of hedged items | 250,000,000 |
Term Loan Facility [Member] | Interest Rate Swap [Member] | |
Derivative [Line Items] | |
Derivative, amount of hedged items | $50,000,000 |
Pension_and_Postretirement_Ben2
Pension and Postretirement Benefit Plans (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 |
Pension Plans [Member] | ||||
Components of Net Periodic Benefit Costs [Abstract] | ||||
Service cost | $3,043 | $2,538 | $9,129 | $7,613 |
Interest cost | 1,395 | 1,398 | 4,187 | 4,193 |
Expected return on plan assets | -2,759 | -2,422 | -8,277 | -7,266 |
Prior service cost amortization | 56 | 81 | 168 | 242 |
Actuarial loss (gain) amortization | 169 | 511 | 507 | 1,533 |
Net periodic benefit | 1,904 | 2,106 | 5,714 | 6,315 |
Postretirement Benefit Plans [Member] | ||||
Components of Net Periodic Benefit Costs [Abstract] | ||||
Service cost | 29 | 35 | 87 | 135 |
Interest cost | 102 | 117 | 306 | 363 |
Prior service cost amortization | -108 | -105 | -324 | -335 |
Actuarial loss (gain) amortization | -108 | -102 | -324 | -263 |
Curtailment credit | 0 | 0 | 0 | -1,511 |
Net periodic benefit | ($85) | ($55) | ($255) | ($1,611) |
Earnings_per_Share_Details
Earnings per Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 |
Earnings Per Share [Abstract] | ||||
Net earnings | $25,256 | $18,486 | $94,212 | $73,096 |
Basic average shares outstanding (in shares) | 44,549,000 | 44,649,000 | 44,497,000 | 44,665,000 |
Dilutive effect of stock options and equivalents (in shares) | 838,000 | 727,000 | 792,000 | 797,000 |
Diluted average shares outstanding (in shares) | 45,387,000 | 45,376,000 | 45,289,000 | 45,462,000 |
Earnings per share | ||||
Basic earnings per share (in usd per share) | $0.57 | $0.41 | $2.12 | $1.64 |
Diluted earnings per share (in usd per share) | $0.56 | $0.41 | $2.08 | $1.61 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Options exercised to purchase common shares | 900,000 | 1,200,000 | ||
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 | 600,000 | 2,000,000 | 1,000,000 | 1,700,000 |
Antidilutive options excluded from calculation of earnings per share, weighted average exercise price | $50.98 | $50.02 | $50.49 | $50.62 |
Fair_Value_Measurements_Carryi
Fair Value Measurements - Carrying Value and Estimated Fair Value of Financial Instruments (Details) (USD $) | Mar. 31, 2015 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | ||
Carrying Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Broadcast rights payable | $12,582 | $8,838 |
Long-term debt | 825,625 | 715,000 |
Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Broadcast rights payable | 12,230 | 8,408 |
Long-term debt | $828,106 | $717,032 |
Fair_Value_Measurements_Recurr
Fair Value Measurements - Recurring Basis (Details) (Measured at fair value on recurring basis [Member], USD $) | Mar. 31, 2015 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | ||
Accrued expenses and other liabilities [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps | $3,415 | $0 |
Accrued expenses and other liabilities [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Contingent consideration | 0 | 50 |
Other noncurrent liabilities [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps | 288 | 0 |
Other noncurrent liabilities [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Contingent consideration | $61,635 | $1,650 |
Fair_Value_Measurements_Change
Fair Value Measurements - Changes in Fair Value of Level 3 Contingent Consideration (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 |
Contingent consideration [Roll Forward] | |
Balance at beginning of period | $1,700 |
Additions due to acquisitions | 60,535 |
Changes in present value of contingent consideration | -600 |
Balance at end of period | $61,635 |
Financial_Information_about_In2
Financial Information about Industry Segments (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 |
segment | ||||
measures | ||||
Segment Reporting Information [Line Items] | ||||
Number of reportable segments | 2 | |||
Number of principal financial measures | 2 | |||
Total revenues | $398,179 | $367,414 | $1,168,268 | $1,077,914 |
Income from operations | 47,106 | 31,229 | 168,820 | 125,938 |
Interest expense, net | -5,179 | -3,408 | -14,206 | -8,676 |
Earnings before income taxes | 41,927 | 27,821 | 154,614 | 117,262 |
Total depreciation and amortization | 14,610 | 23,033 | 41,687 | 46,418 |
National Media [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 275,298 | 269,680 | 764,005 | 786,273 |
Income from operations | 23,460 | 13,614 | 78,462 | 69,760 |
Total depreciation and amortization | 4,369 | 15,622 | 11,481 | 25,355 |
Local Media [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 122,881 | 97,734 | 404,263 | 291,641 |
Income from operations | 31,420 | 26,696 | 122,718 | 87,597 |
Total depreciation and amortization | 9,816 | 7,009 | 28,926 | 19,841 |
Unallocated Corporate [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Income from operations | -7,774 | -9,081 | -32,360 | -31,419 |
Total depreciation and amortization | $425 | $402 | $1,280 | $1,222 |