Hawkeye Acquisition (MDP) 10-Q 27 Oct 16 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	3 Months Ended
	Sep. 30, 2016shares
Document Information [Line Items]
Entity Registrant Name	MEREDITH CORP
Entity Central Index Key	65,011
Document Type	10-Q
Document Period End Date	Sep. 30, 2016
Amendment Flag	false
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--06-30
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Company Common Stock [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	39,275,992
Class B Shares [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	5,257,754

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2016	Jun. 30, 2016
Current assets
Cash and cash equivalents	$ 32,128	$ 24,970
Accounts receivable, net	273,387	273,927
Inventories	21,931	20,678
Current portion of subscription acquisition costs	133,917	133,338
Current portion of broadcast rights	14,827	4,220
Other current assets	25,525	24,023
Total current assets	501,715	481,156
Property, plant, and equipment	530,369	530,052
Less accumulated depreciation	(346,478)	(339,099)
Net property, plant, and equipment	183,891	190,953
Subscription acquisition costs	96,968	95,960
Broadcast rights	4,900	4,565
Other assets	56,984	57,151
Intangible assets, net	909,093	913,877
Goodwill	883,129	883,129
Total assets	2,636,680	2,626,791
Current liabilities
Current portion of long-term debt	75,000	75,000
Current portion of long-term broadcast rights payable	15,795	4,649
Accounts payable	74,496	82,107
Accrued expenses and other liabilities	111,094	116,777
Current portion of unearned subscription revenues	198,780	199,359
Total current liabilities	475,165	477,892
Long-term debt	622,402	618,506
Long-term broadcast rights payable	5,992	5,524
Unearned subscription revenues	130,162	128,534
Deferred income taxes	346,297	336,346
Other noncurrent liabilities	152,221	170,946
Total liabilities	1,732,239	1,737,748
Shareholders' equity
Additional paid-in capital	56,155	54,282
Retained earnings	830,247	818,706
Accumulated other comprehensive loss	(26,495)	(28,501)
Total shareholders' equity	904,441	889,043
Total liabilities and shareholders' equity	2,636,680	2,626,791
Series Preferred Stock [Member]
Shareholders' equity
Series preferred stock	0	0
Common Stock [Member]
Shareholders' equity
Common stock	39,276	39,272
Common Class B [Member]
Shareholders' equity
Common stock	$ 5,258	$ 5,284

Condensed Consolidated Statemen

Condensed Consolidated Statements of Earnings - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Revenues
Advertising	$ 225,889	$ 218,670
Circulation	68,668	72,175
All other	105,322	93,821
Total revenues	399,879	384,666
Operating expenses
Production, distribution, and editorial	150,228	153,178
Selling, general, and administrative	174,993	174,730
Depreciation and amortization	13,896	15,080
Merger-related costs	0	12,666
Total operating expenses	339,117	355,654
Income from operations	60,762	29,012
Interest expense, net	(4,749)	(5,313)
Earnings before income taxes	56,013	23,699
Income taxes	(22,040)	(12,670)
Net earnings	$ 33,973	$ 11,029
Basic earnings per share
Basic earnings per share (in usd per share)	$ 0.76	$ 0.25
Basic average shares outstanding (in shares)	44,558	44,612
Diluted earnings per share
Diluted earnings per share (in usd per share)	$ 0.75	$ 0.24
Diluted average shares outstanding (in shares)	45,484	45,366
Dividends paid per share (in usd per share)	$ 0.4950	$ 0.4575

Condensed Consolidated Stateme4

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Comprehensive income
Net earnings	$ 33,973	$ 11,029
Other comprehensive income, net of income taxes
Pension and other postretirement benefit plans activity	537	(1)
Unrealized gain (loss) on interest rate swaps	1,469	(2,208)
Other comprehensive income (loss), net of income taxes	2,006	(2,209)
Comprehensive income	$ 35,979	$ 8,820

Condensed Consolidated Stateme5

Condensed Consolidated Statement of Shareholders' Equity - 3 months ended Sep. 30, 2016 - USD ($) $ in Thousands	Total	Common Stock [Member]	Common Class B [Member]	Common Stock [Member]Common Stock [Member]	Common Stock [Member]Common Class B [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Retained Earnings [Member]Common Stock [Member]	Retained Earnings [Member]Common Class B [Member]	Accumulated Other Comprehensive Loss [Member]
Beginning balance at Jun. 30, 2016	$ 889,043			$ 39,272	$ 5,284	$ 54,282	$ 818,706			$ (28,501)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	33,973						33,973
Other comprehensive income, net of income taxes	2,006									2,006
Shares issued under incentive plans, net of forfeitures	13,019			317		12,702
Purchases of Company stock	(18,378)			(339)		(18,039)
Share-based compensation	6,358					6,358
Conversion of Class B to common stock	0			(26)	(26)
Dividends paid		$ (19,817)	$ (2,615)					$ (19,817)	$ (2,615)
Tax benefit from share-based awards	852					852
Ending balance at Sep. 30, 2016	$ 904,441			$ 39,276	$ 5,258	$ 56,155	$ 830,247			$ (26,495)

Condensed Consolidated Stateme6

Condensed Consolidated Statement of Shareholders' Equity (Parentheticals) - Common Stock [Member] - $ / shares	Sep. 30, 2016	Jun. 30, 2016
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 Stateme7

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Cash flows from operating activities
Net earnings	$ 33,973	$ 11,029
Adjustments to reconcile net earnings to net cash provided by operating activities
Depreciation	9,112	10,296
Amortization	4,784	4,784
Share-based compensation	6,358	5,850
Deferred income taxes	8,700	6,427
Amortization of broadcast rights	4,249	4,209
Payments for broadcast rights	(4,042)	(4,040)
Fair value adjustments to contingent consideration	708	(1,000)
Excess tax benefits from share-based payments	(2,071)	(1,356)
Changes in assets and liabilities	(26,411)	(33,370)
Net cash provided by operating activities	35,360	2,829
Cash flows from investing activities
Additions to property, plant, and equipment	(2,232)	(1,840)
Proceeds from disposition of assets	0	1,767
Net cash used in investing activities	(2,232)	(73)
Cash flows from financing activities
Proceeds from issuance of long-term debt	20,000	47,500
Repayments of long-term debt	(16,250)	(23,125)
Dividends paid	(22,432)	(20,668)
Purchases of Company stock	(18,378)	(5,738)
Proceeds from common stock issued	13,019	5,026
Payment of acquisition-related contingent consideration	(4,000)	0
Excess tax benefits from share-based payments	2,071	1,356
Net cash provided by (used in) financing activities	(25,970)	4,351
Net increase in cash and cash equivalents	7,158	7,107
Cash and cash equivalents, at beginning of period	24,970	22,833
Cash and cash equivalents, at end of period	$ 32,128	$ 29,940

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Sep. 30, 2016
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	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, 2016 , filed with the SEC. The condensed consolidated financial statements as of September 30, 2016 , and for the three months ended September 30, 2016 and 2015 , 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, 2016 , 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. Adopted Accounting Pronouncements —In April 2015, the Financial Accounting Standards Board (FASB) issued guidance on the presentation of debt issuance costs. The new standard requires that debt issuance costs be recorded as a reduction from the face amount of the related debt rather than recorded as a deferred asset, with amortization recorded as interest expense, rather than recording as a deferred asset. The Company adopted this guidance in the first quarter of fiscal 2017, and it was retrospectively applied to the prior period, as required. Adoption changed the classification of debt issuance costs from other assets to current portion of long-term debt or long-term debt based on the classification of the related debt instrument. As a result, other assets and long-term debt each decreased by $1.5 million as of June 30, 2016, compared to amounts previously reported. Additionally, the format of the long-term debt disclosure was updated to include debt issuance costs separately. The adoption did not have an impact on our results of operations or cash flows. In April 2015, the FASB issued guidance on the presentation of cloud computing arrangements that include a software license. The new guidance requires capitalization of the software license fee as internal-use software if certain criteria are met, otherwise the costs are expensed as incurred. The standard was prospectively adopted by the Company in the first quarter of fiscal 2017. The adoption of the standard had no impact to the Company's consolidated financial statements. In June 2015, the FASB issued an accounting standards update that made technical corrections to the FASB Accounting Standards Codification. These technical corrections are divided into four categories: amendments related to differences between original guidance and the codification, guidance clarification and reference corrections, minor structural changes to simplify the codification, and minor improvements that are not expected to have a significant impact on current accounting practice. The amendments were effective for the Company in the first quarter of fiscal 2017. The adoption of the amendments had no impact to the Company's consolidated financial statements. Pending Accounting Pronouncements —In August 2016, the FASB issued an accounting standards update clarifying the classification of certain cash receipts and payments in the statement of cash flows. The update is intended to reduce the diversity in practice around how certain transactions are classified within the statement of cash flows. Retrospective adoption is required in our first quarter of fiscal 2019 with early adoption permitted, including adoption in an interim period. The Company is currently evaluating the impact that this update will have on its consolidated financial statements and the timing of adoption.

Inventories

Inventories	3 Months Ended
	Sep. 30, 2016
Inventory Disclosure [Abstract]
Inventories	Inventories Major components of inventories are summarized below. Of total net inventory values shown, 51 percent are under the last-in first-out (LIFO) method at September 30, 2016 , and 54 percent at June 30, 2016 . (In thousands) September 30, 2016 June 30, Raw materials $ 8,643 $ 11,698 Work in process 14,517 10,107 Finished goods 1,732 1,834 24,892 23,639 Reserve for LIFO cost valuation (2,961 ) (2,961 ) Inventories $ 21,931 $ 20,678

Intangible Assets and Goodwill

Intangible Assets and Goodwill	3 Months Ended
	Sep. 30, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets and Goodwill	Intangible Assets and Goodwill Intangible assets consist of the following: September 30, 2016 June 30, 2016 (In thousands) Gross Accumulated Net Gross Accumulated Net Intangible assets subject to amortization National media Advertiser relationships $ 18,610 $ (11,985 ) $ 6,625 $ 18,610 $ (10,670 ) $ 7,940 Customer lists 3,080 (2,545 ) 535 5,230 (4,310 ) 920 Other 17,925 (7,727 ) 10,198 19,425 (8,685 ) 10,740 Local media Network affiliation agreements 229,309 (137,396 ) 91,913 229,309 (135,789 ) 93,520 Retransmission agreements 21,229 (7,877 ) 13,352 21,229 (6,993 ) 14,236 Other 1,023 (279 ) 744 1,214 (419 ) 795 Total $ 291,176 $ (167,809 ) 123,367 $ 295,017 $ (166,866 ) 128,151 Intangible assets not subject to amortization National media Internet domain names 7,827 7,827 Trademarks 153,215 153,215 Local media FCC licenses 624,684 624,684 Total 785,726 785,726 Intangible assets, net $ 909,093 $ 913,877 Amortization expense was $4.8 million and $4.8 million for the three months ended September 30, 2016 and 2015 , respectively. Annual amortization expense for intangible assets is expected to be as follows: $18.0 million in fiscal 2017 , $15.0 million in fiscal 2018 , $12.5 million in fiscal 2019 , $11.6 million in fiscal 2020 , and $7.6 million in fiscal 2021 . Changes in the carrying amount of goodwill were as follows: Three months ended September 30, 2016 2015 (In thousands) National Local Total National Local Total Balance at beginning of period Goodwill $ 931,303 $ 68,775 $ 1,000,078 $ 932,471 $ 68,775 $ 1,001,246 Accumulated impairment losses (116,949 ) — (116,949 ) — — — Total goodwill 814,354 68,775 883,129 932,471 68,775 1,001,246 Acquisition adjustments — — — (2,986 ) — (2,986 ) Balance at end of period Goodwill 931,303 68,775 1,000,078 929,485 68,775 998,260 Accumulated impairment losses (116,949 ) — (116,949 ) — — — Total goodwill $ 814,354 $ 68,775 $ 883,129 $ 929,485 $ 68,775 $ 998,260

Restructuring Accrual

Restructuring Accrual	3 Months Ended
	Sep. 30, 2016
Restructuring and Related Activities [Abstract]
Restructuring Accrual	Restructuring Accrual During the first quarter of fiscal 2016, management committed to a performance improvement plan that included selected workforce reductions. In connection with this plan, the Company recorded pre-tax restructuring charges totaling $3.4 million for severance and related benefit costs related to the involuntary termination of employees. The plan affected approximately 45 employees. The Company also recorded $1.1 million in reversals of excess restructuring reserves accrued in prior fiscal years. The severance and related benefit costs and the credits for the reversal of excess restructuring reserves are 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: Three months ended September 30, 2016 2015 (In thousands) Balance at beginning of period $ 7,388 $ 15,731 Severance accruals — 3,366 Cash payments (2,267 ) (3,705 ) Reversal of excess accrual — (1,070 ) Balance at end of period $ 5,121 $ 14,322

Long-term Debt

Long-term Debt	3 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
Long-term Debt	Long-term Debt Long-term debt consists of the following: (In thousands) September 30, 2016 June 30, Variable-rate credit facilities Asset-backed bank facility of $100 million, due 10/20/2017 $ 80,000 $ 80,000 Revolving credit facility of $200 million, due 3/27/2019 50,000 40,000 Term loan due 3/27/2019 218,750 225,000 Private placement notes 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 100,000 100,000 Floating rate senior notes, due 2/28/2024 150,000 150,000 Total long-term debt 698,750 695,000 Unamortized debt issuance costs (1,348 ) (1,494 ) Current portion of long-term debt (75,000 ) (75,000 ) Long-term debt $ 622,402 $ 618,506 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 September 30, 2016 , $169.1 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, 3.50 percent at September 30, 2016 , 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. The Company holds 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) ( 0.54 percent on the swap maturing in August 2018, 0.86 percent on the swap maturing in March 2019, and 0.84 percent on the swaps maturing in August 2019 as of September 30, 2016 ) 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 income 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 either September 30, 2016 or 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 September 30, 2016 , the swaps had a fair value of $4.9 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 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 September 30, 2016 . 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 September 30, 2016 .

Pension and Postretirement Bene

Pension and Postretirement Benefit Plans	3 Months Ended
	Sep. 30, 2016
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]
Pension and Postretirement Benefit Plans	Pension and Postretirement Benefit Plans The following table presents the components of net periodic benefit costs: Three months ended September 30, 2016 2015 (In thousands) Pension benefits Service cost $ 3,137 $ 2,977 Interest cost 1,225 1,469 Expected return on plan assets (2,298 ) (2,746 ) Prior service cost amortization 48 49 Actuarial loss amortization 897 157 Net periodic benefit costs $ 3,009 $ 1,906 Postretirement benefits Service cost $ 23 $ 25 Interest cost 80 96 Prior service credit amortization (98 ) (107 ) Actuarial gain amortization (78 ) (169 ) Net periodic benefit credit $ (73 ) $ (155 ) The amortization of amounts related to unrecognized prior service costs and net actuarial gain/loss was reclassified out of other comprehensive income as components of net periodic benefit costs.

Earnings per Share

Earnings per Share	3 Months Ended
	Sep. 30, 2016
Earnings Per Share [Abstract]
Earnings per Share	Earnings per Share The following table presents the calculations of earnings per share: Three months ended September 30, 2016 2015 (In thousands except per share data) Net earnings $ 33,973 $ 11,029 Basic average shares outstanding 44,558 44,612 Dilutive effect of stock options and equivalents 926 754 Diluted average shares outstanding 45,484 45,366 Earnings per share Basic earnings per share $ 0.76 $ 0.25 Diluted earnings per share 0.75 0.24 For the three months ended September 30, 2016 and 2015 , antidilutive options excluded from the above calculations totaled 0.5 million (with a weighted average exercise price of $54.11 ) and 1.2 million (with a weighted average exercise price of $49.47 ), respectively.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Sep. 30, 2016
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements We 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 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 not measured at fair value on a recurring basis: September 30, 2016 June 30, 2016 (In thousands) Carrying Value Fair Value Carrying Value Fair Value Broadcast rights payable $ 21,787 $ 21,071 $ 10,173 $ 9,655 Total long-term debt 698,750 699,330 695,000 695,533 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 total 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 assets and liabilities measured at fair value on a recurring basis: (In thousands) September 30, 2016 June 30, 2016 Property, plant, and equipment Corporate airplanes, held for sale $ 2,800 $ 2,800 Accrued expenses and other liabilities Interest rate swaps 2,059 2,768 Other noncurrent liabilities Contingent consideration 53,339 56,631 Interest rate swaps 2,794 4,511 The fair value of interest rate swaps is determined using discounted cash flows derived from market observable inputs including swap curves that are included in Level 2. The fair values of contingent consideration and corporate airplanes are based on significant inputs not observable in the market and thus represents Level 3 measurements. Details of changes in the fair value of Level 3 contingent consideration and corporate airplanes are as follows: Three months ended September 30, 2016 2015 (in thousands) Contingent consideration Balance at beginning of period $ 56,631 $ 61,535 Payments (4,000 ) — Change in present value of contingent consideration (1) 708 (1,000 ) Balance at end of period $ 53,339 $ 60,535 Corporate airplanes, held for sale Balance at beginning of period (2) $ 2,800 $ — Fair market adjustment of corporate airplanes — — Balance at end of period $ 2,800 $ — (1) Change in present value of contingent consideration is recorded in the selling, general, and administrative expense line on the Condensed Consolidated Statements of Earnings and is comprised of changes in estimated earn out payments based on projections of performance and the amortization of the present value discount. (2) Consistent with the decision to sell the corporate airplanes, these assets were adjusted to fair value in the fourth quarter of fiscal 2016.

Financial Information about Ind

Financial Information about Industry Segments	3 Months Ended
	Sep. 30, 2016
Segment Reporting [Abstract]
Financial Information about Industry Segments	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, 2016 . There have been no material intersegment transactions. There are two principal financial measures reported to the chief executive officer for use in assessing segment performance and allocating resources. Those measures are operating profit and earnings before interest, taxes, depreciation, and amortization (EBITDA). Operating profit for segment reporting, disclosed below, is revenues less operating costs excluding unallocated corporate expenses. Segment operating expenses include allocations of certain centrally incurred costs such as employee benefits, occupancy, information systems, accounting services, internal legal staff, and human resources administration. These costs are allocated based on actual usage or other appropriate methods, primarily number of employees. Unallocated corporate expenses are corporate overhead expenses not directly attributable to the operating groups. In accordance with authoritative guidance on disclosures about segments of an enterprise and related information, EBITDA is not presented below. The following table presents financial information by segment: Three months ended September 30, 2016 2015 (In thousands) Revenues National media $ 247,293 $ 258,199 Local media 152,586 126,467 Total revenues $ 399,879 $ 384,666 Segment profit National media $ 24,111 $ 22,803 Local media 50,622 29,327 Unallocated corporate (13,971 ) (23,118 ) Income from operations 60,762 29,012 Interest expense, net (4,749 ) (5,313 ) Earnings before income taxes $ 56,013 $ 23,699 Depreciation and amortization National media $ 4,518 $ 4,565 Local media 8,990 9,978 Unallocated corporate 388 537 Total depreciation and amortization $ 13,896 $ 15,080

Summary of Significant Accoun17

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Sep. 30, 2016
Accounting Policies [Abstract]
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.
Basis of Accounting	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, 2016 , filed with the SEC. The condensed consolidated financial statements as of September 30, 2016 , and for the three months ended September 30, 2016 and 2015 , 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, 2016 , 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.
Adopted and Pending Accounting Pronouncements	In April 2015, the Financial Accounting Standards Board (FASB) issued guidance on the presentation of debt issuance costs. The new standard requires that debt issuance costs be recorded as a reduction from the face amount of the related debt rather than recorded as a deferred asset, with amortization recorded as interest expense, rather than recording as a deferred asset. The Company adopted this guidance in the first quarter of fiscal 2017, and it was retrospectively applied to the prior period, as required. Adoption changed the classification of debt issuance costs from other assets to current portion of long-term debt or long-term debt based on the classification of the related debt instrument. As a result, other assets and long-term debt each decreased by $1.5 million as of June 30, 2016, compared to amounts previously reported. Additionally, the format of the long-term debt disclosure was updated to include debt issuance costs separately. The adoption did not have an impact on our results of operations or cash flows. In April 2015, the FASB issued guidance on the presentation of cloud computing arrangements that include a software license. The new guidance requires capitalization of the software license fee as internal-use software if certain criteria are met, otherwise the costs are expensed as incurred. The standard was prospectively adopted by the Company in the first quarter of fiscal 2017. The adoption of the standard had no impact to the Company's consolidated financial statements. In June 2015, the FASB issued an accounting standards update that made technical corrections to the FASB Accounting Standards Codification. These technical corrections are divided into four categories: amendments related to differences between original guidance and the codification, guidance clarification and reference corrections, minor structural changes to simplify the codification, and minor improvements that are not expected to have a significant impact on current accounting practice. The amendments were effective for the Company in the first quarter of fiscal 2017. The adoption of the amendments had no impact to the Company's consolidated financial statements. Pending Accounting Pronouncements —In August 2016, the FASB issued an accounting standards update clarifying the classification of certain cash receipts and payments in the statement of cash flows. The update is intended to reduce the diversity in practice around how certain transactions are classified within the statement of cash flows. Retrospective adoption is required in our first quarter of fiscal 2019 with early adoption permitted, including adoption in an interim period. The Company is currently evaluating the impact that this update will have on its consolidated financial statements and the timing of adoption.

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Sep. 30, 2016
Inventory Disclosure [Abstract]
Schedule of Inventory, Current	Major components of inventories are summarized below. Of total net inventory values shown, 51 percent are under the last-in first-out (LIFO) method at September 30, 2016 , and 54 percent at June 30, 2016 . (In thousands) September 30, 2016 June 30, Raw materials $ 8,643 $ 11,698 Work in process 14,517 10,107 Finished goods 1,732 1,834 24,892 23,639 Reserve for LIFO cost valuation (2,961 ) (2,961 ) Inventories $ 21,931 $ 20,678

Intangible Assets and Goodwill

Intangible Assets and Goodwill (Tables)	3 Months Ended
	Sep. 30, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets	Intangible assets consist of the following: September 30, 2016 June 30, 2016 (In thousands) Gross Accumulated Net Gross Accumulated Net Intangible assets subject to amortization National media Advertiser relationships $ 18,610 $ (11,985 ) $ 6,625 $ 18,610 $ (10,670 ) $ 7,940 Customer lists 3,080 (2,545 ) 535 5,230 (4,310 ) 920 Other 17,925 (7,727 ) 10,198 19,425 (8,685 ) 10,740 Local media Network affiliation agreements 229,309 (137,396 ) 91,913 229,309 (135,789 ) 93,520 Retransmission agreements 21,229 (7,877 ) 13,352 21,229 (6,993 ) 14,236 Other 1,023 (279 ) 744 1,214 (419 ) 795 Total $ 291,176 $ (167,809 ) 123,367 $ 295,017 $ (166,866 ) 128,151 Intangible assets not subject to amortization National media Internet domain names 7,827 7,827 Trademarks 153,215 153,215 Local media FCC licenses 624,684 624,684 Total 785,726 785,726 Intangible assets, net $ 909,093 $ 913,877
Schedule of Indefinite-Lived Intangible Assets	Intangible assets consist of the following: September 30, 2016 June 30, 2016 (In thousands) Gross Accumulated Net Gross Accumulated Net Intangible assets subject to amortization National media Advertiser relationships $ 18,610 $ (11,985 ) $ 6,625 $ 18,610 $ (10,670 ) $ 7,940 Customer lists 3,080 (2,545 ) 535 5,230 (4,310 ) 920 Other 17,925 (7,727 ) 10,198 19,425 (8,685 ) 10,740 Local media Network affiliation agreements 229,309 (137,396 ) 91,913 229,309 (135,789 ) 93,520 Retransmission agreements 21,229 (7,877 ) 13,352 21,229 (6,993 ) 14,236 Other 1,023 (279 ) 744 1,214 (419 ) 795 Total $ 291,176 $ (167,809 ) 123,367 $ 295,017 $ (166,866 ) 128,151 Intangible assets not subject to amortization National media Internet domain names 7,827 7,827 Trademarks 153,215 153,215 Local media FCC licenses 624,684 624,684 Total 785,726 785,726 Intangible assets, net $ 909,093 $ 913,877
Schedule of Goodwill	Changes in the carrying amount of goodwill were as follows: Three months ended September 30, 2016 2015 (In thousands) National Local Total National Local Total Balance at beginning of period Goodwill $ 931,303 $ 68,775 $ 1,000,078 $ 932,471 $ 68,775 $ 1,001,246 Accumulated impairment losses (116,949 ) — (116,949 ) — — — Total goodwill 814,354 68,775 883,129 932,471 68,775 1,001,246 Acquisition adjustments — — — (2,986 ) — (2,986 ) Balance at end of period Goodwill 931,303 68,775 1,000,078 929,485 68,775 998,260 Accumulated impairment losses (116,949 ) — (116,949 ) — — — Total goodwill $ 814,354 $ 68,775 $ 883,129 $ 929,485 $ 68,775 $ 998,260

Restructuring Accrual (Tables)

Restructuring Accrual (Tables)	3 Months Ended
	Sep. 30, 2016
Restructuring and Related Activities [Abstract]
Schedule of Restructuring and Related Costs	Details of changes in the Company's restructuring accrual are as follows: Three months ended September 30, 2016 2015 (In thousands) Balance at beginning of period $ 7,388 $ 15,731 Severance accruals — 3,366 Cash payments (2,267 ) (3,705 ) Reversal of excess accrual — (1,070 ) Balance at end of period $ 5,121 $ 14,322

Long-term Debt (Tables)

Long-term Debt (Tables)	3 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	Long-term debt consists of the following: (In thousands) September 30, 2016 June 30, Variable-rate credit facilities Asset-backed bank facility of $100 million, due 10/20/2017 $ 80,000 $ 80,000 Revolving credit facility of $200 million, due 3/27/2019 50,000 40,000 Term loan due 3/27/2019 218,750 225,000 Private placement notes 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 100,000 100,000 Floating rate senior notes, due 2/28/2024 150,000 150,000 Total long-term debt 698,750 695,000 Unamortized debt issuance costs (1,348 ) (1,494 ) Current portion of long-term debt (75,000 ) (75,000 ) Long-term debt $ 622,402 $ 618,506

Pension and Postretirement Be22

Pension and Postretirement Benefit Plans (Tables)	3 Months Ended
	Sep. 30, 2016
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]
Schedule of Net Benefit Costs	The following table presents the components of net periodic benefit costs: Three months ended September 30, 2016 2015 (In thousands) Pension benefits Service cost $ 3,137 $ 2,977 Interest cost 1,225 1,469 Expected return on plan assets (2,298 ) (2,746 ) Prior service cost amortization 48 49 Actuarial loss amortization 897 157 Net periodic benefit costs $ 3,009 $ 1,906 Postretirement benefits Service cost $ 23 $ 25 Interest cost 80 96 Prior service credit amortization (98 ) (107 ) Actuarial gain amortization (78 ) (169 ) Net periodic benefit credit $ (73 ) $ (155 )

Earnings per Share (Tables)

Earnings per Share (Tables)	3 Months Ended
	Sep. 30, 2016
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table presents the calculations of earnings per share: Three months ended September 30, 2016 2015 (In thousands except per share data) Net earnings $ 33,973 $ 11,029 Basic average shares outstanding 44,558 44,612 Dilutive effect of stock options and equivalents 926 754 Diluted average shares outstanding 45,484 45,366 Earnings per share Basic earnings per share $ 0.76 $ 0.25 Diluted earnings per share 0.75 0.24

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Sep. 30, 2016
Fair Value Disclosures [Abstract]
Fair Value, by Balance Sheet Grouping	The following table sets forth the carrying value and the estimated fair value of the Company's financial instruments not measured at fair value on a recurring basis: September 30, 2016 June 30, 2016 (In thousands) Carrying Value Fair Value Carrying Value Fair Value Broadcast rights payable $ 21,787 $ 21,071 $ 10,173 $ 9,655 Total long-term debt 698,750 699,330 695,000 695,533
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The following table sets forth the assets and liabilities measured at fair value on a recurring basis: (In thousands) September 30, 2016 June 30, 2016 Property, plant, and equipment Corporate airplanes, held for sale $ 2,800 $ 2,800 Accrued expenses and other liabilities Interest rate swaps 2,059 2,768 Other noncurrent liabilities Contingent consideration 53,339 56,631 Interest rate swaps 2,794 4,511
Changes in Fair Value of Level 3 Contingent Consideration and Corporate Airplanes	Details of changes in the fair value of Level 3 contingent consideration and corporate airplanes are as follows: Three months ended September 30, 2016 2015 (in thousands) Contingent consideration Balance at beginning of period $ 56,631 $ 61,535 Payments (4,000 ) — Change in present value of contingent consideration (1) 708 (1,000 ) Balance at end of period $ 53,339 $ 60,535 Corporate airplanes, held for sale Balance at beginning of period (2) $ 2,800 $ — Fair market adjustment of corporate airplanes — — Balance at end of period $ 2,800 $ — (1) Change in present value of contingent consideration is recorded in the selling, general, and administrative expense line on the Condensed Consolidated Statements of Earnings and is comprised of changes in estimated earn out payments based on projections of performance and the amortization of the present value discount. (2) Consistent with the decision to sell the corporate airplanes, these assets were adjusted to fair value in the fourth quarter of fiscal 2016.

Financial Information about I25

Financial Information about Industry Segments (Tables)	3 Months Ended
	Sep. 30, 2016
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	The following table presents financial information by segment: Three months ended September 30, 2016 2015 (In thousands) Revenues National media $ 247,293 $ 258,199 Local media 152,586 126,467 Total revenues $ 399,879 $ 384,666 Segment profit National media $ 24,111 $ 22,803 Local media 50,622 29,327 Unallocated corporate (13,971 ) (23,118 ) Income from operations 60,762 29,012 Interest expense, net (4,749 ) (5,313 ) Earnings before income taxes $ 56,013 $ 23,699 Depreciation and amortization National media $ 4,518 $ 4,565 Local media 8,990 9,978 Unallocated corporate 388 537 Total depreciation and amortization $ 13,896 $ 15,080

Summary of Significant Accoun26

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Jun. 30, 2016
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Decrease in debt issuance costs	$ (1,348)	$ (1,494)
Accounting Standards Update 2015-03 [Member] | Other Assets [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Decrease in debt issuance costs		1,500
Accounting Standards Update 2015-03 [Member] | Long-term Debt [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Decrease in debt issuance costs		$ 1,500

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Jun. 30, 2016
Inventory Disclosure [Abstract]
Percentage of LIFO Inventory	51.00%	54.00%
Raw materials	$ 8,643	$ 11,698
Work in process	14,517	10,107
Finished goods	1,732	1,834
Subtotal	24,892	23,639
Reserve for LIFO cost valuation	(2,961)	(2,961)
Inventories	$ 21,931	$ 20,678

Intangible Assets and Goodwil28

Intangible Assets and Goodwill - Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Jun. 30, 2016
Finite-Lived Intangible Assets [Line Items]
Intangible assets subject to amortization, gross amount	$ 291,176		$ 295,017
Intangible assets subject to amortization, accumulated amortization	(167,809)		(166,866)
Intangible assets subject to amortization, net amount	123,367		128,151
Indefinite-lived Intangible Assets [Line Items]
Intangible assets not subject to amortization	785,726		785,726
Intangible assets, net	909,093		913,877
Amortization expense	4,784	$ 4,784
Future amortization expense for intangible assets [Abstract]
Future amortization expense, fiscal 2017	18,000
Future amortization expense, fiscal 2018	15,000
Future amortization expense, fiscal 2019	12,500
Future amortization expense, fiscal 2020	11,600
Future amortization expense, fiscal 2021	7,600
Internet domain names [Member] | National media [Member]
Indefinite-lived Intangible Assets [Line Items]
Intangible assets not subject to amortization	7,827		7,827
Trademarks [Member] | National media [Member]
Indefinite-lived Intangible Assets [Line Items]
Intangible assets not subject to amortization	153,215		153,215
FCC licenses [Member] | Local media [Member]
Indefinite-lived Intangible Assets [Line Items]
Intangible assets not subject to amortization	624,684		624,684
Advertiser relationships [Member] | National media [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets subject to amortization, gross amount	18,610		18,610
Intangible assets subject to amortization, accumulated amortization	(11,985)		(10,670)
Intangible assets subject to amortization, net amount	6,625		7,940
Customer lists [Member] | National media [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets subject to amortization, gross amount	3,080		5,230
Intangible assets subject to amortization, accumulated amortization	(2,545)		(4,310)
Intangible assets subject to amortization, net amount	535		920
Other [Member] | National media [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets subject to amortization, gross amount	17,925		19,425
Intangible assets subject to amortization, accumulated amortization	(7,727)		(8,685)
Intangible assets subject to amortization, net amount	10,198		10,740
Other [Member] | Local media [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets subject to amortization, gross amount	1,023		1,214
Intangible assets subject to amortization, accumulated amortization	(279)		(419)
Intangible assets subject to amortization, net amount	744		795
Network affiliation agreements [Member] | Local media [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets subject to amortization, gross amount	229,309		229,309
Intangible assets subject to amortization, accumulated amortization	(137,396)		(135,789)
Intangible assets subject to amortization, net amount	91,913		93,520
Retransmission agreements [Member] | Local media [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets subject to amortization, gross amount	21,229		21,229
Intangible assets subject to amortization, accumulated amortization	(7,877)		(6,993)
Intangible assets subject to amortization, net amount	$ 13,352		$ 14,236

Intangible Assets and Goodwil29

Intangible Assets and Goodwill - Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Goodwill [Roll Forward]
Goodwill	$ 1,000,078	$ 1,001,246
Accumulated impairment loss	(116,949)	0
Total goodwill	883,129	1,001,246
Acquisition adjustments	0	(2,986)
Goodwill	1,000,078	998,260
Accumulated impairment loss	(116,949)	0
Total goodwill	883,129	998,260
National media [Member]
Goodwill [Roll Forward]
Goodwill	931,303	932,471
Accumulated impairment loss	(116,949)	0
Total goodwill	814,354	932,471
Acquisition adjustments	0	(2,986)
Goodwill	931,303	929,485
Accumulated impairment loss	(116,949)	0
Total goodwill	814,354	929,485
Local media [Member]
Goodwill [Roll Forward]
Goodwill	68,775	68,775
Accumulated impairment loss	0	0
Total goodwill	68,775	68,775
Acquisition adjustments	0	0
Goodwill	68,775	68,775
Accumulated impairment loss	0	0
Total goodwill	$ 68,775	$ 68,775

Restructuring Accrual - Narrati

Restructuring Accrual - Narrative (Details) $ in Thousands	3 Months Ended
	Sep. 30, 2016USD ($)	Sep. 30, 2015USD ($)employee
Restructuring Cost and Reserve [Line Items]
Expected number of employees affected | employee		45
Selling, general and administrative [Member]
Restructuring Cost and Reserve [Line Items]
Reversal of excess accrual	$ 0	$ 1,070
Employee Severance [Member] | Selling, general and administrative [Member]
Restructuring Cost and Reserve [Line Items]
Severance and related benefit accruals	$ 0	$ 3,366

Restructuring Accrual - Changes

Restructuring Accrual - Changes in Restructuring Accrual (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Changes in restructuring accrual [Roll Forward]
Balance at beginning of period	$ 7,388	$ 15,731
Cash payments	(2,267)	(3,705)
Balance at end of period	5,121	14,322
Selling, general and administrative [Member]
Changes in restructuring accrual [Roll Forward]
Reversal of excess accrual	0	(1,070)
Selling, general and administrative [Member] | Employee Severance [Member]
Changes in restructuring accrual [Roll Forward]
Severance accruals	$ 0	$ 3,366

Long-term Debt (Details)

Long-term Debt (Details) - USD ($)	3 Months Ended
	Sep. 30, 2016	Jun. 30, 2016
Debt Instrument [Line Items]
Total long-term debt	$ 698,750,000	$ 695,000,000
Unamortized debt issuance costs	(1,348,000)	(1,494,000)
Current portion of long-term debt	(75,000,000)	(75,000,000)
Long-term debt	$ 622,402,000	618,506,000
Subordinated note receivable, interest rate	3.50%
Line of Credit [Member] | Asset Backed Bank Facility [Member]
Debt Instrument [Line Items]
Total long-term debt	$ 80,000,000	80,000,000
Line of credit facility, maximum borrowing capacity	100,000,000	100,000,000
Accounts receivable outstanding under the revolving agreement	169,100,000
Line of Credit [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Total long-term debt	50,000,000	40,000,000
Line of credit facility, maximum borrowing capacity	200,000,000	200,000,000
Term Loan Facility [Member] | Term Loan Facility [Member]
Debt Instrument [Line Items]
Total long-term debt	218,750,000	225,000,000
Senior Notes [Member] | Senior Notes 3.04% due 2017 [Member]
Debt Instrument [Line Items]
Total long-term debt	$ 50,000,000	$ 50,000,000
Debt instrument, stated interest rate	3.04%	3.04%
Senior Notes [Member] | Senior Notes 3.04% due 2018 [Member]
Debt Instrument [Line Items]
Total long-term debt	$ 50,000,000	$ 50,000,000
Debt instrument, stated interest rate	3.04%	3.04%
Senior Notes [Member] | Senior Notes Due 2022 [Member]
Debt Instrument [Line Items]
Total long-term debt	$ 100,000,000	$ 100,000,000
Senior Notes [Member] | Senior Notes Due 2024 [Member]
Debt Instrument [Line Items]
Total long-term debt	$ 150,000,000	$ 150,000,000

Long-term Debt - Derivative (De

Long-term Debt - Derivative (Details) - Cash Flow Hedging [Member]	3 Months Ended
	Sep. 30, 2016USD ($)
Interest Rate Swap [Member]
Derivative [Line Items]
Notional amount of derivative	$ 300,000,000
Fair value of interest rate swaps	4,900,000
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
Fixed interest rate of derivative	1.36%
Variable interest rate of derivative	0.54%
Interest Rate Swap Expiring March 2019 [Member]
Derivative [Line Items]
Derivative, amount of hedged items	$ 100,000,000
Fixed interest rate of derivative	1.53%
Variable interest rate of derivative	0.86%
Interest Rate Swaps Expiring August 2019 [Member]
Derivative [Line Items]
Derivative, amount of hedged items	$ 150,000,000
Fixed interest rate of derivative	1.76%
Variable interest rate of derivative	0.84%
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 Be34

Pension and Postretirement Benefit Plans (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Pension Plans [Member]
Components of Net Periodic Benefit Costs [Abstract]
Service cost	$ 3,137	$ 2,977
Interest cost	1,225	1,469
Expected return on plan assets	(2,298)	(2,746)
Prior service cost (credit) amortization	48	49
Actuarial loss (gain) amortization	897	157
Net periodic benefit credit	3,009	1,906
Postretirement Benefit Plans [Member]
Components of Net Periodic Benefit Costs [Abstract]
Service cost	23	25
Interest cost	80	96
Prior service cost (credit) amortization	(98)	(107)
Actuarial loss (gain) amortization	(78)	(169)
Net periodic benefit credit	$ (73)	$ (155)

Earnings per Share (Details)

Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Earnings Per Share [Abstract]
Net earnings	$ 33,973	$ 11,029
Basic average shares outstanding (in shares)	44,558	44,612
Dilutive effect of stock options and equivalents (in shares)	926	754
Diluted average shares outstanding (in shares)	45,484	45,366
Earnings per share
Basic earnings per share (in usd per share)	$ 0.76	$ 0.25
Diluted earnings per share (in usd per share)	$ 0.75	$ 0.24
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	500	1,200
Antidilutive options excluded from calculation of earnings per share, weighted average exercise price (in usd per share)	$ 54.11	$ 49.47

Fair Value Measurements - Carry

Fair Value Measurements - Carrying Value and Estimated Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Jun. 30, 2016
Carrying Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Broadcast rights payable	$ 21,787	$ 10,173
Total long-term debt	698,750	695,000
Fair Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Broadcast rights payable	21,071	9,655
Total long-term debt	$ 699,330	$ 695,533

Fair Value Measurements - Recur

Fair Value Measurements - Recurring Basis (Details) - Measured at fair value on recurring basis [Member] - USD ($) $ in Thousands	Sep. 30, 2016	Jun. 30, 2016
Property, Plant and Equipment [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Corporate airplanes, held for sale	$ 2,800	$ 2,800
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	2,059	2,768
Other noncurrent liabilities [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps	2,794	4,511
Other noncurrent liabilities [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	$ 53,339	$ 56,631

Fair Value Measurements - Chang

Fair Value Measurements - Changes in Fair Value of Level 3 Contingent Consideration (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Corporate airplanes [Member]
Corporate airplanes [Roll Forward]
Balance at beginning of period	$ 2,800	$ 0
Fair market adjustment of corporate airplanes	0	0
Balance at end of period	2,800	0
Contingent Consideration [Member]
Contingent consideration [Roll Forward]
Balance at beginning of period	56,631	61,535
Payments	(4,000)	0
Change in present value of contingent consideration	708	(1,000)
Balance at end of period	$ 53,339	$ 60,535

Financial Information about I39

Financial Information about Industry Segments (Details) $ in Thousands	3 Months Ended
	Sep. 30, 2016USD ($)measuresegment	Sep. 30, 2015USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | segment	2
Number of principal financial measures | measure	2
Total revenues	$ 399,879	$ 384,666
Income from operations	60,762	29,012
Interest expense, net	(4,749)	(5,313)
Earnings before income taxes	56,013	23,699
Depreciation and amortization	13,896	15,080
National media [Member]
Segment Reporting Information [Line Items]
Total revenues	247,293	258,199
Income from operations	24,111	22,803
Depreciation and amortization	4,518	4,565
Local media [Member]
Segment Reporting Information [Line Items]
Total revenues	152,586	126,467
Income from operations	50,622	29,327
Depreciation and amortization	8,990	9,978
Unallocated corporate [Member]
Segment Reporting Information [Line Items]
Income from operations	(13,971)	(23,118)
Depreciation and amortization	$ 388	$ 537