Hawkeye Acquisition (MDP) 10-Q 26 Jan 17 2017 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	6 Months Ended
	Dec. 31, 2016shares
Document Information [Line Items]
Entity Registrant Name	MEREDITH CORP
Entity Central Index Key	65,011
Document Type	10-Q
Document Period End Date	Dec. 31, 2016
Amendment Flag	false
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2
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	39,334,685
Class B Shares [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	5,160,053

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2016	Jun. 30, 2016
Current assets
Cash and cash equivalents	$ 44,488	$ 24,970
Accounts receivable, net	284,840	273,927
Inventories	20,009	20,678
Current portion of subscription acquisition costs	147,630	133,338
Current portion of broadcast rights	11,093	4,220
Other current assets	23,422	24,023
Total current assets	531,482	481,156
Property, plant, and equipment	536,744	530,052
Less accumulated depreciation	(352,986)	(339,099)
Net property, plant, and equipment	183,758	190,953
Subscription acquisition costs	97,939	95,960
Broadcast rights	4,610	4,565
Other assets	57,711	57,151
Intangible assets, net	913,157	913,877
Goodwill	895,389	883,129
Total assets	2,684,046	2,626,791
Current liabilities
Current portion of long-term debt	62,500	75,000
Current portion of long-term broadcast rights payable	11,956	4,649
Accounts payable	75,694	82,107
Accrued expenses and other liabilities	127,598	116,777
Current portion of unearned subscription revenues	213,648	199,359
Total current liabilities	491,396	477,892
Long-term debt	611,691	618,506
Long-term broadcast rights payable	5,528	5,524
Unearned subscription revenues	131,002	128,534
Deferred income taxes	361,278	336,346
Other noncurrent liabilities	127,266	170,946
Total liabilities	1,728,161	1,737,748
Shareholders' equity
Additional paid-in capital	55,333	54,282
Retained earnings	879,661	818,706
Accumulated other comprehensive loss	(23,604)	(28,501)
Total shareholders' equity	955,885	889,043
Total liabilities and shareholders' equity	2,684,046	2,626,791
Series Preferred Stock [Member]
Shareholders' equity
Series preferred stock	0	0
Common Stock [Member]
Shareholders' equity
Common stock	39,335	39,272
Common Class B [Member]
Shareholders' equity
Common stock	$ 5,160	$ 5,284

Condensed Consolidated Statemen

Condensed Consolidated Statements of Earnings - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015
Revenues
Advertising	$ 267,129	$ 241,571	$ 493,018	$ 460,241
Circulation	66,805	66,351	135,473	138,526
All other	108,708	98,491	214,030	192,312
Total revenues	442,642	406,413	842,521	791,079
Operating expenses
Production, distribution, and editorial	148,625	151,065	298,853	304,243
Selling, general, and administrative	170,643	176,792	345,636	351,522
Depreciation and amortization	13,549	14,986	27,445	30,066
Merger-related costs	0	3,457	0	16,123
Total operating expenses	332,817	346,300	671,934	701,954
Income from operations	109,825	60,113	170,587	89,125
Interest expense, net	(4,679)	(5,265)	(9,428)	(10,578)
Earnings before income taxes	105,146	54,848	161,159	78,547
Income taxes	(33,341)	(22,329)	(55,381)	(34,999)
Net earnings	$ 71,805	$ 32,519	$ 105,778	$ 43,548
Basic earnings per share (in usd per share)	$ 1.61	$ 0.73	$ 2.38	$ 0.98
Basic average shares outstanding (in shares)	44,511	44,640	44,535	44,626
Diluted earnings per share (in usd per share)	$ 1.58	$ 0.72	$ 2.33	$ 0.96
Diluted average shares outstanding (in shares)	45,378	45,358	45,385	45,373
Dividends paid per share (in usd per share)	$ 0.4950	$ 0.4575	$ 0.99	$ 0.9150

Condensed Consolidated Stateme4

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015
Comprehensive income
Net earnings	$ 71,805	$ 32,519	$ 105,778	$ 43,548
Other comprehensive income, net of income taxes
Pension and other postretirement benefit plans activity	537	(2)	1,075	(3)
Unrealized gain (loss) on interest rate swaps	2,354	2,162	3,822	(46)
Other comprehensive income (loss), net of income taxes	2,891	2,160	4,897	(49)
Comprehensive income	$ 74,696	$ 34,679	$ 110,675	$ 43,499

Condensed Consolidated Stateme5

Condensed Consolidated Statement of Shareholders' Equity - 6 months ended Dec. 31, 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	105,778						105,778
Other comprehensive income, net of income taxes	4,897									4,897
Shares issued under incentive plans, net of forfeitures	16,988			438		16,550
Purchases of Company stock	(26,453)			(499)		(25,954)
Share-based compensation	9,408					9,408
Conversion of Class B to common stock	0			(124)	(124)
Dividends paid		$ (39,654)	$ (5,169)					$ (39,654)	$ (5,169)
Tax benefit from share-based awards	1,047					1,047
Ending balance at Dec. 31, 2016	$ 955,885			$ 39,335	$ 5,160	$ 55,333	$ 879,661			$ (23,604)

Condensed Consolidated Stateme6

Condensed Consolidated Statement of Shareholders' Equity (Parenthetical) - Common Stock [Member] - $ / shares	Dec. 31, 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	6 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Cash flows from operating activities
Net earnings	$ 105,778	$ 43,548
Adjustments to reconcile net earnings to net cash provided by operating activities
Depreciation	17,885	20,249
Amortization	9,560	9,817
Share-based compensation	9,408	8,804
Deferred income taxes	21,879	15,149
Amortization of broadcast rights	8,740	8,452
Payments for broadcast rights	(8,346)	(8,313)
Provision for write-down of impaired assets	1,838	0
Fair value adjustments to contingent consideration	(17,961)	(140)
Excess tax benefits from share-based payments	(2,883)	(1,706)
Changes in assets and liabilities	(28,617)	(48,158)
Net cash provided by operating activities	117,281	47,702
Cash flows from investing activities
Acquisitions of and investments in businesses, net of cash acquired	(11,819)	(186)
Additions to property, plant, and equipment	(10,949)	(7,866)
Proceeds from disposition of assets	0	1,767
Net cash used in investing activities	(22,768)	(6,285)
Cash flows from financing activities
Proceeds from issuance of long-term debt	270,000	90,000
Repayments of long-term debt	(288,125)	(86,250)
Dividends paid	(44,823)	(41,362)
Purchases of Company stock	(26,453)	(6,538)
Proceeds from common stock issued	16,988	6,455
Payment of acquisition-related contingent consideration	(4,000)	(288)
Excess tax benefits from share-based payments	2,883	1,706
Other	(1,465)	(114)
Net cash used in financing activities	(74,995)	(36,391)
Net increase in cash and cash equivalents	19,518	5,026
Cash and cash equivalents, at beginning of period	24,970	22,833
Cash and cash equivalents, at end of period	$ 44,488	$ 27,859

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Dec. 31, 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 December 31, 2016 , and for the three and six months ended December 31, 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. 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 this update will have on its consolidated financial statements and the timing of adoption. In January 2017, the FASB issued an accounting standards update that clarifies the definition of a business and adds guidance to assist entities in the determination of whether an acquisition (or disposal) represents assets or a business. The update provides a test to determine whether or not an acquisition is a business. If substantially all of the fair value of the assets acquired is concentrated into a single asset or a group of similar identifiable assets, the acquired assets do not represent a business. If this test is not met, the update provides further guidance to evaluate if the acquisition represents a business. Prospective adoption is required in the first quarter of fiscal 2019. Early adoption is permitted if certain transaction criteria are met. The Company is currently evaluating the impact this update will have on its consolidated financial statements and the timing of adoption.

Acquisitions

Acquisitions	6 Months Ended
	Dec. 31, 2016
Business Combinations [Abstract]
Acquisitions	Acquisitions On December 7, 2016, Meredith acquired the assets of a digital lead-generation company in the home services market. The acquisition-date fair value of the consideration was $21.1 million , which consisted of $13.4 million of cash and $7.7 million of contingent consideration. The contingent consideration arrangement requires the Company to pay contingent payments based on the achievement of certain targets in fiscal 2017 and on financial performance during fiscal 2017 through fiscal 2021 measured in terms of 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 10. As of December 31, 2016 , the Company estimates the future payments will range from $7.3 million to $9.3 million . As a result of this acquisition, $21.1 million of goodwill and other intangible assets were recorded in the Condensed Consolidated Balance Sheet. In fiscal 2015, the Company acquired a business for a purchase price which included contingent consideration based on the fiscal 2018 results of the business. The fair value of the contingent consideration was estimated based on the projected results for fiscal 2018 in financial models developed for the business. These models are reviewed and updated on a quarterly basis. During the second quarter of fiscal 2017, a comprehensive review of the acquired business’s operations was completed. As a result of the business having failed to achieve certain key milestones, the Company revised its financial models for the acquired business. Projected fiscal 2018 results for the business are now lower than originally estimated. Accordingly, in the second quarter of fiscal 2017, the Company recognized a non-cash credit to operations of $19.6 million to reduce the estimated contingent consideration payable on the previously acquired business. This credit was recorded in the selling, general, and administrative expense line on the Consolidated Statements of Earnings. As of December 31, 2016 , the Company estimates the future aggregate payments for this business will range from zero to $10 million .

Inventories

Inventories	6 Months Ended
	Dec. 31, 2016
Inventory Disclosure [Abstract]
Inventories	Inventories Major components of inventories are summarized below. Of total net inventory values shown, 56 percent are under the last-in first-out (LIFO) method at December 31, 2016 , and 54 percent at June 30, 2016 . (In thousands) December 31, 2016 June 30, Raw materials $ 8,637 $ 11,698 Work in process 13,096 10,107 Finished goods 1,237 1,834 22,970 23,639 Reserve for LIFO cost valuation (2,961 ) (2,961 ) Inventories $ 20,009 $ 20,678

Intangible Assets and Goodwill

Intangible Assets and Goodwill	6 Months Ended
	Dec. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets and Goodwill	Intangible Assets and Goodwill Intangible assets consist of the following: December 31, 2016 June 30, 2016 (In thousands) Gross Accumulated Net Gross Accumulated Net Intangible assets subject to amortization National media Advertiser relationships $ 21,860 $ (13,224 ) $ 8,636 $ 18,610 $ (10,670 ) $ 7,940 Customer lists 3,080 (2,930 ) 150 5,230 (4,310 ) 920 Other 23,515 (8,336 ) 15,179 19,425 (8,685 ) 10,740 Local media Network affiliation agreements 229,309 (139,003 ) 90,306 229,309 (135,789 ) 93,520 Retransmission agreements 21,229 (8,762 ) 12,467 21,229 (6,993 ) 14,236 Other 1,023 (330 ) 693 1,214 (419 ) 795 Total $ 300,016 $ (172,585 ) 127,431 $ 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 $ 913,157 $ 913,877 Amortization expense was $9.6 million and $9.8 million for the six months ended December 31, 2016 and 2015 , respectively. Annual amortization expense for intangible assets is expected to be as follows: $19.1 million in fiscal 2017 , $16.8 million in fiscal 2018 , $14.3 million in fiscal 2019 , $13.3 million in fiscal 2020 , and $9.3 million in fiscal 2021 . Changes in the carrying amount of goodwill were as follows: Six months ended December 31, 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 12,260 — 12,260 (1,168 ) — (1,168 ) Balance at end of period Goodwill 943,563 68,775 1,012,338 931,303 68,775 1,000,078 Accumulated impairment losses (116,949 ) — (116,949 ) — — — Total goodwill $ 826,614 $ 68,775 $ 895,389 $ 931,303 $ 68,775 $ 1,000,078

Restructuring Accrual

Restructuring Accrual	6 Months Ended
	Dec. 31, 2016
Restructuring and Related Activities [Abstract]
Restructuring Accrual	Restructuring Accrual During the second quarter of fiscal 2017, management committed to a performance improvement plan that included selected workforce reductions primarily in our national media group. In connection with this plan, the Company recorded pre-tax restructuring charges totaling $8.1 million including $7.6 million for severance and related benefit costs related to the involuntary termination of employees and other accruals of $0.3 million . The majority of severance costs are being paid out over a 12 -month period. The plan affects approximately 125 employees. The severance and related benefit costs and other accruals are recorded in the selling, general, and administrative line of the Condensed Consolidated Statements of Earnings. The Company also wrote down manuscript and art inventory by $0.2 million , which is recorded in the production, distribution, and editorial line of the Condensed Consolidated Statements of Earnings. 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 majority of severance costs have been paid out. 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. During the second 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 $1.0 million for severance and related benefit costs related to the involuntary termination of employees. The majority of severance costs have been paid out. The plan affected approximately 25 employees. The Company also recorded $0.5 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: Six months ended December 31, 2016 2015 (In thousands) Balance at beginning of period $ 7,388 $ 15,731 Severance accruals 7,578 4,380 Cash payments (3,484 ) (8,108 ) Reversal of excess accrual (13 ) (1,584 ) Balance at end of period $ 11,469 $ 10,419

Long-term Debt

Long-term Debt	6 Months Ended
	Dec. 31, 2016
Debt Disclosure [Abstract]
Long-term Debt	Long-term Debt Long-term debt consists of the following: (In thousands) December 31, 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 11/30/2021 — 40,000 Term loan due 11/30/2021 246,875 225,000 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 676,875 695,000 Unamortized debt issuance costs (2,684 ) (1,494 ) Current portion of long-term debt (62,500 ) (75,000 ) Long-term debt $ 611,691 $ 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 December 31, 2016 , $175.4 million of accounts receivable net of reserves was outstanding under the agreement. Meredith Funding Corporation in turn may sell receivable interests to a major national bank. In consideration of the sale, Meredith receives cash and a subordinated note, bearing interest at the prime rate, 3.75 percent at December 31, 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. During the second quarter of fiscal 2017, Meredith amended and restated its credit agreement that provides a revolving credit facility of $200.0 million and a term loan facility of $250.0 million , which now expires in November 2021. Other than extending the expiration date, the terms of the amended and restated credit agreement are substantially the same as those previously in place. The interest rate under both facilities is variable based on London Interbank Offered Rate (LIBOR) and Meredith's debt to trailing 12 month EBITDA (earnings before interest, taxes, depreciation and amortization as defined in the debt agreement) ratio. The commitment fees under the revolving credit facility range from 0.125 percent to 0.250 percent of the unused commitment based on the Company's leverage ratio. The amended and restated credit agreement replaced our prior revolving credit facility and term loan. 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 LIBOR ( 0.74 percent on the swap maturing in August 2018, 0.99 percent on the swap maturing in March 2019, and 0.94 percent on the swaps maturing in August 2019 as of December 31, 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 December 31, 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 December 31, 2016 , the swaps had a fair value of $1.0 million liability. The Company is exposed to credit-related losses in the event of nonperformance by counterparties to the swap agreements. The Company strives to manage this exposure through diversification and monitoring of the creditworthiness of the counterparties. There was $0.4 million of 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 December 31, 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 December 31, 2016 .

Income Taxes

Income Taxes	6 Months Ended
	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Our effective tax rate was 31.7 percent in the second quarter and 34.4 percent in the first six months of fiscal 2017 as compared to 40.7 percent in the second quarter and 44.6 percent in the first six months of fiscal 2016 . The fiscal 2017 effective tax rates were primarily impacted by a credit to income taxes of $6.7 million in the second quarter of fiscal 2017 related to the resolution of certain federal and state tax matters. The fiscal 2016 effective tax rates were primarily impacted by anticipated limitations on the tax deductibility of certain expenses.

Pension and Postretirement Bene

Pension and Postretirement Benefit Plans	6 Months Ended
	Dec. 31, 2016
Compensation and Retirement Disclosure [Abstract]
Pension and Postretirement Benefit Plans	Pension and Postretirement Benefit Plans The following table presents the components of net periodic benefit costs: Three Months Six Months Periods ended December 31, 2016 2015 2016 2015 (In thousands) Pension benefits Service cost $ 3,136 $ 2,977 $ 6,273 $ 5,954 Interest cost 1,225 1,469 2,450 2,938 Expected return on plan assets (2,298 ) (2,746 ) (4,596 ) (5,492 ) Prior service cost amortization 49 49 97 98 Actuarial loss amortization 897 157 1,794 314 Net periodic benefit costs $ 3,009 $ 1,906 $ 6,018 $ 3,812 Postretirement benefits Service cost $ 23 $ 25 $ 46 $ 50 Interest cost 80 96 160 192 Prior service credit amortization (98 ) (107 ) (196 ) (214 ) Actuarial gain amortization (77 ) (169 ) (155 ) (338 ) Net periodic benefit credit $ (72 ) $ (155 ) $ (145 ) $ (310 ) 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	6 Months Ended
	Dec. 31, 2016
Earnings Per Share [Abstract]
Earnings per Share	Earnings per Share The following table presents the calculations of earnings per share: Three Months Six Months Periods ended December 31, 2016 2015 2016 2015 (In thousands except per share data) Net earnings $ 71,805 $ 32,519 $ 105,778 $ 43,548 Basic average shares outstanding 44,511 44,640 44,535 44,626 Dilutive effect of stock options and equivalents 867 718 850 747 Diluted average shares outstanding 45,378 45,358 45,385 45,373 Earnings per share Basic earnings per share $ 1.61 $ 0.73 $ 2.38 $ 0.98 Diluted earnings per share 1.58 0.72 2.33 0.96 For the three months ended December 31, 2016 and 2015 , antidilutive options excluded from the above calculations totaled 0.8 million (with a weighted average exercise price of $53.64 ) and 1.5 million (with a weighted average exercise price of $48.58 ), respectively. For the six months ended December 31, 2016 and 2015 , antidilutive options excluded from the above calculations totaled 0.5 million (with a weighted average exercise price of $53.98 ) and 1.3 million (with a weighted average exercise price of $49.26 ), respectively. In the six months ended December 31, 2016 and 2015 , options were exercised to purchase 0.4 million and 0.1 million common shares, respectively.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Dec. 31, 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: December 31, 2016 June 30, 2016 (In thousands) Carrying Value Fair Value Carrying Value Fair Value Broadcast rights payable $ 17,484 $ 16,709 $ 10,173 $ 9,655 Total long-term debt 676,875 677,125 695,000 695,533 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) December 31, 2016 June 30, 2016 Property, plant, and equipment Corporate airplanes, held for sale $ 2,800 $ 2,800 Other assets Interest rate swaps 414 — Accrued expenses and other liabilities Contingent consideration 10,431 — Interest rate swaps 1,420 2,768 Other noncurrent liabilities Contingent consideration 31,920 56,631 Interest rate swaps — 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: Six months ended December 31, 2016 2015 (in thousands) Contingent consideration Balance at beginning of period $ 56,631 $ 61,535 Additions due to acquisitions 7,681 — Payments (4,000 ) (288 ) Change in present value of contingent consideration (1) (17,961 ) (140 ) Balance at end of period $ 42,351 $ 61,107 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 accretion 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	6 Months Ended
	Dec. 31, 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 EBITDA. Operating profit for segment reporting, disclosed below, is revenues less operating costs excluding unallocated corporate expenses. Segment operating expenses include allocations of certain centrally incurred costs such as employee benefits, occupancy, information systems, accounting services, internal legal staff, and human resources administration. These costs are allocated based on actual usage or other appropriate methods, primarily number of employees. Unallocated corporate expenses are corporate overhead expenses not directly attributable to the operating groups. In accordance with authoritative guidance on disclosures about segments of an enterprise and related information, EBITDA is not presented below. The following table presents financial information by segment: Three Months Six Months Periods ended December 31, 2016 2015 2016 2015 (In thousands) Revenues National media $ 259,345 $ 266,527 $ 506,638 $ 524,726 Local media 183,297 139,886 335,883 266,353 Total revenues $ 442,642 $ 406,413 $ 842,521 $ 791,079 Segment profit National media $ 46,757 $ 33,583 $ 70,868 $ 56,386 Local media 76,815 40,441 127,437 69,768 Unallocated corporate (13,747 ) (13,911 ) (27,718 ) (37,029 ) Income from operations 109,825 60,113 170,587 89,125 Interest expense, net (4,679 ) (5,265 ) (9,428 ) (10,578 ) Earnings before income taxes $ 105,146 $ 54,848 $ 161,159 $ 78,547 Depreciation and amortization National media $ 4,330 $ 4,833 $ 8,848 $ 9,398 Local media 8,865 9,616 17,855 19,594 Unallocated corporate 354 537 742 1,074 Total depreciation and amortization $ 13,549 $ 14,986 $ 27,445 $ 30,066

Summary of Significant Accoun19

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Dec. 31, 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 December 31, 2016 , and for the three and six months ended December 31, 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. 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 this update will have on its consolidated financial statements and the timing of adoption. In January 2017, the FASB issued an accounting standards update that clarifies the definition of a business and adds guidance to assist entities in the determination of whether an acquisition (or disposal) represents assets or a business. The update provides a test to determine whether or not an acquisition is a business. If substantially all of the fair value of the assets acquired is concentrated into a single asset or a group of similar identifiable assets, the acquired assets do not represent a business. If this test is not met, the update provides further guidance to evaluate if the acquisition represents a business. Prospective adoption is required in the first quarter of fiscal 2019. Early adoption is permitted if certain transaction criteria are met. The Company is currently evaluating the impact this update will have on its consolidated financial statements and the timing of adoption.

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Dec. 31, 2016
Inventory Disclosure [Abstract]
Schedule of Inventory, Current	Major components of inventories are summarized below. Of total net inventory values shown, 56 percent are under the last-in first-out (LIFO) method at December 31, 2016 , and 54 percent at June 30, 2016 . (In thousands) December 31, 2016 June 30, Raw materials $ 8,637 $ 11,698 Work in process 13,096 10,107 Finished goods 1,237 1,834 22,970 23,639 Reserve for LIFO cost valuation (2,961 ) (2,961 ) Inventories $ 20,009 $ 20,678

Intangible Assets and Goodwill

Intangible Assets and Goodwill (Tables)	6 Months Ended
	Dec. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets	Intangible assets consist of the following: December 31, 2016 June 30, 2016 (In thousands) Gross Accumulated Net Gross Accumulated Net Intangible assets subject to amortization National media Advertiser relationships $ 21,860 $ (13,224 ) $ 8,636 $ 18,610 $ (10,670 ) $ 7,940 Customer lists 3,080 (2,930 ) 150 5,230 (4,310 ) 920 Other 23,515 (8,336 ) 15,179 19,425 (8,685 ) 10,740 Local media Network affiliation agreements 229,309 (139,003 ) 90,306 229,309 (135,789 ) 93,520 Retransmission agreements 21,229 (8,762 ) 12,467 21,229 (6,993 ) 14,236 Other 1,023 (330 ) 693 1,214 (419 ) 795 Total $ 300,016 $ (172,585 ) 127,431 $ 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 $ 913,157 $ 913,877
Schedule of Indefinite-Lived Intangible Assets	Intangible assets consist of the following: December 31, 2016 June 30, 2016 (In thousands) Gross Accumulated Net Gross Accumulated Net Intangible assets subject to amortization National media Advertiser relationships $ 21,860 $ (13,224 ) $ 8,636 $ 18,610 $ (10,670 ) $ 7,940 Customer lists 3,080 (2,930 ) 150 5,230 (4,310 ) 920 Other 23,515 (8,336 ) 15,179 19,425 (8,685 ) 10,740 Local media Network affiliation agreements 229,309 (139,003 ) 90,306 229,309 (135,789 ) 93,520 Retransmission agreements 21,229 (8,762 ) 12,467 21,229 (6,993 ) 14,236 Other 1,023 (330 ) 693 1,214 (419 ) 795 Total $ 300,016 $ (172,585 ) 127,431 $ 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 $ 913,157 $ 913,877
Schedule of Goodwill	Changes in the carrying amount of goodwill were as follows: Six months ended December 31, 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 12,260 — 12,260 (1,168 ) — (1,168 ) Balance at end of period Goodwill 943,563 68,775 1,012,338 931,303 68,775 1,000,078 Accumulated impairment losses (116,949 ) — (116,949 ) — — — Total goodwill $ 826,614 $ 68,775 $ 895,389 $ 931,303 $ 68,775 $ 1,000,078

Restructuring Accrual (Tables)

Restructuring Accrual (Tables)	6 Months Ended
	Dec. 31, 2016
Restructuring and Related Activities [Abstract]
Schedule of Restructuring and Related Costs	Details of changes in the Company's restructuring accrual are as follows: Six months ended December 31, 2016 2015 (In thousands) Balance at beginning of period $ 7,388 $ 15,731 Severance accruals 7,578 4,380 Cash payments (3,484 ) (8,108 ) Reversal of excess accrual (13 ) (1,584 ) Balance at end of period $ 11,469 $ 10,419

Long-term Debt (Tables)

Long-term Debt (Tables)	6 Months Ended
	Dec. 31, 2016
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	Long-term debt consists of the following: (In thousands) December 31, 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 11/30/2021 — 40,000 Term loan due 11/30/2021 246,875 225,000 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 676,875 695,000 Unamortized debt issuance costs (2,684 ) (1,494 ) Current portion of long-term debt (62,500 ) (75,000 ) Long-term debt $ 611,691 $ 618,506

Pension and Postretirement Be24

Pension and Postretirement Benefit Plans (Tables)	6 Months Ended
	Dec. 31, 2016
Compensation and Retirement Disclosure [Abstract]
Schedule of Net Periodic Benefit Costs	The following table presents the components of net periodic benefit costs: Three Months Six Months Periods ended December 31, 2016 2015 2016 2015 (In thousands) Pension benefits Service cost $ 3,136 $ 2,977 $ 6,273 $ 5,954 Interest cost 1,225 1,469 2,450 2,938 Expected return on plan assets (2,298 ) (2,746 ) (4,596 ) (5,492 ) Prior service cost amortization 49 49 97 98 Actuarial loss amortization 897 157 1,794 314 Net periodic benefit costs $ 3,009 $ 1,906 $ 6,018 $ 3,812 Postretirement benefits Service cost $ 23 $ 25 $ 46 $ 50 Interest cost 80 96 160 192 Prior service credit amortization (98 ) (107 ) (196 ) (214 ) Actuarial gain amortization (77 ) (169 ) (155 ) (338 ) Net periodic benefit credit $ (72 ) $ (155 ) $ (145 ) $ (310 )

Earnings per Share (Tables)

Earnings per Share (Tables)	6 Months Ended
	Dec. 31, 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 Six Months Periods ended December 31, 2016 2015 2016 2015 (In thousands except per share data) Net earnings $ 71,805 $ 32,519 $ 105,778 $ 43,548 Basic average shares outstanding 44,511 44,640 44,535 44,626 Dilutive effect of stock options and equivalents 867 718 850 747 Diluted average shares outstanding 45,378 45,358 45,385 45,373 Earnings per share Basic earnings per share $ 1.61 $ 0.73 $ 2.38 $ 0.98 Diluted earnings per share 1.58 0.72 2.33 0.96

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Dec. 31, 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: December 31, 2016 June 30, 2016 (In thousands) Carrying Value Fair Value Carrying Value Fair Value Broadcast rights payable $ 17,484 $ 16,709 $ 10,173 $ 9,655 Total long-term debt 676,875 677,125 695,000 695,533
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) December 31, 2016 June 30, 2016 Property, plant, and equipment Corporate airplanes, held for sale $ 2,800 $ 2,800 Other assets Interest rate swaps 414 — Accrued expenses and other liabilities Contingent consideration 10,431 — Interest rate swaps 1,420 2,768 Other noncurrent liabilities Contingent consideration 31,920 56,631 Interest rate swaps — 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: Six months ended December 31, 2016 2015 (in thousands) Contingent consideration Balance at beginning of period $ 56,631 $ 61,535 Additions due to acquisitions 7,681 — Payments (4,000 ) (288 ) Change in present value of contingent consideration (1) (17,961 ) (140 ) Balance at end of period $ 42,351 $ 61,107 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 accretion 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 I27

Financial Information about Industry Segments (Tables)	6 Months Ended
	Dec. 31, 2016
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	The following table presents financial information by segment: Three Months Six Months Periods ended December 31, 2016 2015 2016 2015 (In thousands) Revenues National media $ 259,345 $ 266,527 $ 506,638 $ 524,726 Local media 183,297 139,886 335,883 266,353 Total revenues $ 442,642 $ 406,413 $ 842,521 $ 791,079 Segment profit National media $ 46,757 $ 33,583 $ 70,868 $ 56,386 Local media 76,815 40,441 127,437 69,768 Unallocated corporate (13,747 ) (13,911 ) (27,718 ) (37,029 ) Income from operations 109,825 60,113 170,587 89,125 Interest expense, net (4,679 ) (5,265 ) (9,428 ) (10,578 ) Earnings before income taxes $ 105,146 $ 54,848 $ 161,159 $ 78,547 Depreciation and amortization National media $ 4,330 $ 4,833 $ 8,848 $ 9,398 Local media 8,865 9,616 17,855 19,594 Unallocated corporate 354 537 742 1,074 Total depreciation and amortization $ 13,549 $ 14,986 $ 27,445 $ 30,066

Summary of Significant Accoun28

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Jun. 30, 2016
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Decrease in debt issuance costs	$ (2,684)	$ (1,494)
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
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

Acquisitions (Details)

Acquisitions (Details) - USD ($) $ in Thousands	Dec. 07, 2016	Dec. 31, 2016	Dec. 31, 2016	Dec. 31, 2015
Business Acquisition [Line Items]
Fair value adjustments to contingent consideration			$ (17,961)	$ (140)
FY 2017 Acquisition [Member]
Business Acquisition [Line Items]
Acquisition-date fair value of consideration transferred	$ 21,100
Payments for acquisitions of businesses	13,400
Acquisition-date fair value of consideration transferred, contingent consideration	$ 7,700
Estimate of future aggregate contingent payments, low range		$ 7,300	7,300
Estimate of future aggregate contingent payments, high range		9,300	9,300
Goodwill and other intangible assets acquired		21,100	21,100
FY 2015 Acquisition [Member]
Business Acquisition [Line Items]
Estimate of future aggregate contingent payments, low range		0	0
Estimate of future aggregate contingent payments, high range		10,000	$ 10,000
FY 2015 Acquisition [Member] | Selling, general and administrative [Member]
Business Acquisition [Line Items]
Fair value adjustments to contingent consideration		$ 19,600

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Jun. 30, 2016
Inventory Disclosure [Abstract]
Percentage of LIFO Inventory	56.00%	54.00%
Raw materials	$ 8,637	$ 11,698
Work in process	13,096	10,107
Finished goods	1,237	1,834
Subtotal	22,970	23,639
Reserve for LIFO cost valuation	(2,961)	(2,961)
Inventories	$ 20,009	$ 20,678

Intangible Assets and Goodwil31

Intangible Assets and Goodwill - Intangible Assets (Details) - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Jun. 30, 2016
Finite-Lived Intangible Assets [Line Items]
Intangible assets subject to amortization, gross amount	$ 300,016		$ 295,017
Intangible assets subject to amortization, accumulated amortization	(172,585)		(166,866)
Intangible assets subject to amortization, net amount	127,431		128,151
Indefinite-lived Intangible Assets [Line Items]
Intangible assets not subject to amortization	785,726		785,726
Intangible assets, net	913,157		913,877
Amortization expense	9,560	$ 9,817
Future amortization expense for intangible assets [Abstract]
Future amortization expense, fiscal 2017	19,100
Future amortization expense, fiscal 2018	16,800
Future amortization expense, fiscal 2019	14,300
Future amortization expense, fiscal 2020	13,300
Future amortization expense, fiscal 2021	9,300
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	21,860		18,610
Intangible assets subject to amortization, accumulated amortization	(13,224)		(10,670)
Intangible assets subject to amortization, net amount	8,636		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	(2,930)		(4,310)
Intangible assets subject to amortization, net amount	150		920
Other [Member] | National media [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets subject to amortization, gross amount	23,515		19,425
Intangible assets subject to amortization, accumulated amortization	(8,336)		(8,685)
Intangible assets subject to amortization, net amount	15,179		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	(330)		(419)
Intangible assets subject to amortization, net amount	693		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	(139,003)		(135,789)
Intangible assets subject to amortization, net amount	90,306		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	(8,762)		(6,993)
Intangible assets subject to amortization, net amount	$ 12,467		$ 14,236

Intangible Assets and Goodwil32

Intangible Assets and Goodwill - Goodwill (Details) - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 1,000,078	$ 1,001,246
Accumulated impairment loss	(116,949)	0
Total goodwill	883,129	1,001,246
Acquisition adjustments	12,260	(1,168)
Goodwill, ending balance	1,012,338	1,000,078
Accumulated impairment loss	(116,949)	0
Total goodwill	895,389	1,000,078
National media [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance	931,303	932,471
Accumulated impairment loss	(116,949)	0
Total goodwill	814,354	932,471
Acquisition adjustments	12,260	(1,168)
Goodwill, ending balance	943,563	931,303
Accumulated impairment loss	(116,949)	0
Total goodwill	826,614	931,303
Local media [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance	68,775	68,775
Accumulated impairment loss	0	0
Total goodwill	68,775	68,775
Acquisition adjustments	0	0
Goodwill, ending balance	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			6 Months Ended
	Dec. 31, 2016USD ($)employee	Dec. 31, 2015USD ($)employee	Sep. 30, 2015USD ($)employee	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Restructuring Cost and Reserve [Line Items]
Expected pay out period of severance costs (in months)	12 months
Number of employees affected by the plan | employee	125	25	45
Selling, general and administrative [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 8,100
Reversal of excess accrual		$ 500	$ 1,100	$ 13	$ 1,584
Production, distribution, and editorial [Member]
Restructuring Cost and Reserve [Line Items]
Manuscript and art inventory write-down	200
Employee Severance [Member] | Selling, general and administrative [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges	7,578	$ 1,000	$ 3,400		$ 4,380
Other Restructuring [Member] | Selling, general and administrative [Member]
Restructuring Cost and Reserve [Line Items]
Other restructuring costs	$ 300

Restructuring Accrual - Changes

Restructuring Accrual - Changes in Restructuring Accrual (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Dec. 31, 2016	Dec. 31, 2015
Restructuring Reserve [Roll Forward]
Balance at beginning of period			$ 15,731	$ 7,388	$ 15,731
Cash payments				(3,484)	(8,108)
Balance at end of period	$ 11,469	$ 10,419		11,469	10,419
Selling, general and administrative [Member]
Restructuring Reserve [Roll Forward]
Severance accruals	8,100
Reversal of excess accrual		(500)	(1,100)	$ (13)	(1,584)
Selling, general and administrative [Member] | Employee Severance [Member]
Restructuring Reserve [Roll Forward]
Severance accruals	$ 7,578	$ 1,000	$ 3,400		$ 4,380

Long-term Debt (Details)

Long-term Debt (Details) - USD ($)	3 Months Ended	6 Months Ended
	Dec. 31, 2016	Dec. 31, 2016	Jun. 30, 2016
Debt Instrument [Line Items]
Total long-term debt	$ 676,875,000	$ 676,875,000	$ 695,000,000
Unamortized debt issuance costs	(2,684,000)	(2,684,000)	(1,494,000)
Current portion of long-term debt	(62,500,000)	(62,500,000)	(75,000,000)
Long-term debt	611,691,000	$ 611,691,000	618,506,000
Subordinated note receivable, interest rate		3.75%
Line of Credit [Member] | Asset Backed Bank Facility [Member]
Debt Instrument [Line Items]
Total long-term debt	80,000,000	$ 80,000,000	80,000,000
Line of credit facility, maximum borrowing capacity	100,000,000	100,000,000	100,000,000
Accounts receivable outstanding under the revolving agreement	175,400,000	175,400,000
Line of Credit [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Total long-term debt	0	0	40,000,000
Line of credit facility, maximum borrowing capacity	$ 200,000,000	200,000,000	200,000,000
Line of Credit [Member] | Revolving Credit Facility [Member] | Minimum [Member]
Debt Instrument [Line Items]
Commitment fee percentage	0.125%
Line of Credit [Member] | Revolving Credit Facility [Member] | Maximum [Member]
Debt Instrument [Line Items]
Commitment fee percentage	0.25%
Term Loan Facility [Member] | Term Loan Facility [Member]
Debt Instrument [Line Items]
Total long-term debt	$ 246,875,000	246,875,000	225,000,000
Line of credit facility, maximum borrowing capacity	250,000,000	250,000,000
Senior Notes [Member] | Senior Notes 3.04% due 2017 [Member]
Debt Instrument [Line Items]
Total long-term debt	$ 50,000,000	$ 50,000,000	$ 50,000,000
Debt instrument, stated interest rate	3.04%	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	$ 50,000,000
Debt instrument, stated interest rate	3.04%	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	$ 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	$ 150,000,000

Long-term Debt - Derivative (De

Long-term Debt - Derivative (Details) - Cash Flow Hedging [Member]	6 Months Ended
	Dec. 31, 2016USD ($)
Interest Rate Swap [Member]
Derivative [Line Items]
Notional amount of derivative	$ 300,000,000
Fair value of interest rate swaps	1,000,000
Maximum loss on counterparties failure to meet obligations	400,000
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	0.74%
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	0.99%
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	0.94%
Term Loan Facility [Member] | Interest Rate Swap [Member]
Derivative [Line Items]
Derivative, amount of hedged items	$ 50,000,000
Senior Notes Due 2024 [Member] | Interest Rate Swap [Member]
Derivative [Line Items]
Derivative, amount of hedged items	$ 250,000,000

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Effective tax rate	31.70%	40.70%	34.40%	44.60%
Income tax credit	$ 6.7

Pension and Postretirement Be38

Pension and Postretirement Benefit Plans (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015
Pension Plans [Member]
Components of Net Periodic Benefit Costs [Abstract]
Service cost	$ 3,136	$ 2,977	$ 6,273	$ 5,954
Interest cost	1,225	1,469	2,450	2,938
Expected return on plan assets	(2,298)	(2,746)	(4,596)	(5,492)
Prior service cost (credit) amortization	49	49	97	98
Actuarial loss (gain) amortization	897	157	1,794	314
Net periodic benefit credit	3,009	1,906	6,018	3,812
Postretirement Benefit Plans [Member]
Components of Net Periodic Benefit Costs [Abstract]
Service cost	23	25	46	50
Interest cost	80	96	160	192
Prior service cost (credit) amortization	(98)	(107)	(196)	(214)
Actuarial loss (gain) amortization	(77)	(169)	(155)	(338)
Net periodic benefit credit	$ (72)	$ (155)	$ (145)	$ (310)

Earnings per Share (Details)

Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015
Earnings Per Share [Abstract]
Net earnings	$ 71,805	$ 32,519	$ 105,778	$ 43,548
Basic average shares outstanding (in shares)	44,511	44,640	44,535	44,626
Dilutive effect of stock options and equivalents (in shares)	867	718	850	747
Diluted average shares outstanding (in shares)	45,378	45,358	45,385	45,373
Earnings per share
Basic earnings per share (in usd per share)	$ 1.61	$ 0.73	$ 2.38	$ 0.98
Diluted earnings per share (in usd per share)	$ 1.58	$ 0.72	$ 2.33	$ 0.96
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Option exercise purchases			400	100
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	800	1,500	500	1,300
Antidilutive options excluded from calculation of earnings per share, weighted average exercise price (in usd per share)	$ 53.64	$ 48.58	$ 53.98	$ 49.26

Fair Value Measurements - Carry

Fair Value Measurements - Carrying Value and Estimated Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Jun. 30, 2016
Carrying Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Broadcast rights payable	$ 17,484	$ 10,173
Total long-term debt	676,875	695,000
Fair Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Broadcast rights payable	16,709	9,655
Total long-term debt	$ 677,125	$ 695,533

Fair Value Measurements - Recur

Fair Value Measurements - Recurring Basis (Details) - Measured at fair value on recurring basis [Member] - USD ($) $ in Thousands	Dec. 31, 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
Other assets [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps	414	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	10,431	0
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	1,420	2,768
Other noncurrent liabilities [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	31,920	56,631
Other noncurrent liabilities [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps	$ 0	$ 4,511

Fair Value Measurements - Chang

Fair Value Measurements - Changes in Fair Value of Level 3 Contingent Consideration (Details) - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2016	Dec. 31, 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
Additions due to acquisitions	7,681	0
Payments	(4,000)	(288)
Change in present value of contingent consideration	(17,961)	(140)
Balance at end of period	$ 42,351	$ 61,107

Financial Information about I43

Financial Information about Industry Segments (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2016USD ($)measuresegment	Dec. 31, 2015USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | segment			2
Number of principal financial measures | measure			2
Total revenues	$ 442,642	$ 406,413	$ 842,521	$ 791,079
Income from operations	109,825	60,113	170,587	89,125
Interest expense, net	(4,679)	(5,265)	(9,428)	(10,578)
Earnings before income taxes	105,146	54,848	161,159	78,547
Depreciation and amortization	13,549	14,986	27,445	30,066
National media [Member]
Segment Reporting Information [Line Items]
Total revenues	259,345	266,527	506,638	524,726
Income from operations	46,757	33,583	70,868	56,386
Depreciation and amortization	4,330	4,833	8,848	9,398
Local media [Member]
Segment Reporting Information [Line Items]
Total revenues	183,297	139,886	335,883	266,353
Income from operations	76,815	40,441	127,437	69,768
Depreciation and amortization	8,865	9,616	17,855	19,594
Unallocated corporate [Member]
Segment Reporting Information [Line Items]
Income from operations	(13,747)	(13,911)	(27,718)	(37,029)
Depreciation and amortization	$ 354	$ 537	$ 742	$ 1,074