Cover Page
Cover Page - shares | 3 Months Ended | |
Sep. 30, 2021 | Oct. 31, 2021 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2021 | |
Entity File Number | 1-5128 | |
Entity Registrant Name | MEREDITH CORPORATION | |
Entity Incorporation, State or Country Code | IA | |
Entity Tax Identification Number | 42-0410230 | |
Entity Address, Address Line One | 1716 Locust Street, | |
Entity Address, City or Town | Des Moines, | |
Entity Address, State or Province | IA | |
Entity Address, Postal Zip Code | 50309-3023 | |
City Area Code | (515) | |
Local Phone Number | 284-3000 | |
Title of 12(b) Security | Common Stock, par value $1 | |
Trading Symbol | MDP | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Central Index Key | 0000065011 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --06-30 | |
Common Stock | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 40,741,018 | |
Class B Common Stock | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 5,060,957 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Sep. 30, 2021 | Jun. 30, 2021 |
Current assets | ||
Cash and cash equivalents | $ 269 | $ 240.2 |
Accounts receivable, net | 501.3 | 501.1 |
Inventories | 29.7 | 29.3 |
Current portion of subscription acquisition costs | 226.2 | 225.6 |
Other current assets | 58 | 115.9 |
Total current assets | 1,084.2 | 1,112.1 |
Property, plant, and equipment | 865.9 | 883.8 |
Less accumulated depreciation | (518.8) | (523.2) |
Net property, plant, and equipment | 347.1 | 360.6 |
Operating lease assets | 364.3 | 371 |
Subscription acquisition costs | 178.5 | 180.4 |
Other assets | 264.8 | 265.6 |
Intangible assets, net | 1,545.2 | 1,556.8 |
Goodwill | 1,719.2 | 1,719.3 |
Total assets | 5,503.3 | 5,565.8 |
Current liabilities | ||
Current portion of long-term debt | 4.1 | 4.1 |
Current portion of operating lease liabilities | 36.5 | 36.2 |
Accounts payable | 195.1 | 185.1 |
Accrued expenses and other liabilities | 140.5 | 237.7 |
Current portion of unearned revenues | 401.3 | 396.4 |
Total current liabilities | 777.5 | 859.5 |
Long-term debt | 2,743.5 | 2,741.9 |
Operating lease liabilities | 425 | 432.1 |
Unearned revenues | 215.6 | 218.8 |
Deferred income taxes | 462.4 | 462.4 |
Other noncurrent liabilities | 198.8 | 199 |
Total liabilities | 4,822.8 | 4,913.7 |
Shareholders’ equity | ||
Series preferred stock, par value $1 per share | 0 | 0 |
Additional paid-in capital | 185.7 | 178.5 |
Retained earnings | 531.1 | 506.3 |
Accumulated other comprehensive loss | (82.1) | (78.4) |
Total shareholders’ equity | 680.5 | 652.1 |
Total liabilities and shareholders’ equity | 5,503.3 | 5,565.8 |
Common Stock | ||
Shareholders’ equity | ||
Common stock, par value $1 per share | 40.7 | 40.6 |
Class B Common Stock | ||
Shareholders’ equity | ||
Common stock, par value $1 per share | $ 5.1 | $ 5.1 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2021 | Jun. 30, 2021 |
Class of Stock [Line Items] | ||
Series preferred stock, par value (in usd per share) | $ 1 | $ 1 |
Common Stock | ||
Class of Stock [Line Items] | ||
Common stock, par value (in usd per share) | 1 | 1 |
Class B Common Stock | ||
Class of Stock [Line Items] | ||
Common stock, par value (in usd per share) | $ 1 | $ 1 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Earnings - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Revenues | ||
Total revenues | $ 708.6 | $ 693.5 |
Operating expenses | ||
Production, distribution, and editorial | 266.4 | 241.1 |
Selling, general, and administrative | 319 | 311.2 |
Acquisition, disposition, and restructuring related activities | 18.4 | 14.1 |
Depreciation and amortization | 28.8 | 49 |
Total operating expenses | 632.6 | 615.4 |
Income from operations | 76 | 78.1 |
Non-operating income, net | 1.5 | 5.6 |
Interest expense, net | (38.3) | (43.5) |
Earnings before income taxes | 39.2 | 40.2 |
Income tax benefit (expense) | (14.4) | 2.1 |
Net earnings | 24.8 | 42.3 |
Diluted earnings attributable to common shareholders | $ 24.3 | $ 40.3 |
Basic earnings per share attributable to common shareholders | ||
Basic earnings per common share (in usd per share) | $ 0.52 | $ 0.88 |
Basic average common shares outstanding (in shares) | 46.5 | 46 |
Diluted earnings per share attributable to common shareholders | ||
Diluted earnings per common share (in usd per share) | $ 0.51 | $ 0.88 |
Diluted average common shares outstanding (in shares) | 47.2 | 46 |
Advertising related | ||
Revenues | ||
Total revenues | $ 338.2 | $ 358.5 |
Consumer related | ||
Revenues | ||
Total revenues | 345.9 | 318.7 |
Other | ||
Revenues | ||
Total revenues | $ 24.5 | $ 16.3 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||
Net earnings | $ 24.8 | $ 42.3 |
Other comprehensive income (loss) | ||
Pension and other postretirement benefit plans activity, net of income taxes | 2.5 | (1) |
Foreign currency translation adjustment | (6.2) | 8.1 |
Total other comprehensive income (loss) | (3.7) | 7.1 |
Comprehensive income | $ 21.1 | $ 49.4 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Shareholders' Equity - USD ($) $ in Millions | Total | Cumulative Effect, Period of Adoption, Adjustment | Common StockCommon Stock | Common StockClass B Common Stock | Additional Paid-in Capital | Retained Earnings | Retained EarningsCumulative Effect, Period of Adoption, Adjustment | Accumulated Other Comprehensive Loss |
Beginning balance at Jun. 30, 2020 | $ 388.2 | $ 2.1 | $ 40.3 | $ 5.1 | $ 227.6 | $ 197.6 | $ 2.1 | $ (82.4) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net earnings | 42.3 | 42.3 | ||||||
Other comprehensive income (loss), net of income taxes | 7.1 | 7.1 | ||||||
Stock issued under various incentive plans, net of forfeitures | 0.4 | 0.1 | 0.3 | |||||
Purchases of Company stock | (0.4) | (0.4) | ||||||
Share-based compensation | $ 8.8 | 8.8 | ||||||
Cumulative effect adjustment | Accounting Standards Update 2016-13 [Member] | |||||||
Ending balance at Sep. 30, 2020 | $ 448.5 | 40.4 | 5.1 | 236.3 | 242 | (75.3) | ||
Beginning balance at Jun. 30, 2021 | 652.1 | 40.6 | 5.1 | 178.5 | 506.3 | (78.4) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net earnings | 24.8 | 24.8 | ||||||
Other comprehensive income (loss), net of income taxes | (3.7) | (3.7) | ||||||
Stock issued under various incentive plans, net of forfeitures | 6 | 0.3 | 5.7 | |||||
Purchases of Company stock | (8.5) | (0.2) | (8.3) | |||||
Share-based compensation | 9.8 | 9.8 | ||||||
Ending balance at Sep. 30, 2021 | $ 680.5 | $ 40.7 | $ 5.1 | $ 185.7 | $ 531.1 | $ (82.1) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares | Sep. 30, 2021 | Jun. 30, 2021 | Sep. 30, 2020 | Jun. 30, 2020 |
Common Stock | ||||
Common stock, par value (in usd per share) | $ 1 | $ 1 | $ 1 | $ 1 |
Class B Common Stock | ||||
Common stock, par value (in usd per share) | $ 1 | $ 1 | $ 1 | $ 1 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions | 3 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash flows from operating activities | ||
Net earnings | $ 24.8 | $ 42.3 |
Adjustments to reconcile net earnings to net cash provided by operating activities | ||
Depreciation | 17.2 | 18.4 |
Amortization | 11.6 | 30.6 |
Non-cash lease expense | 9 | 9 |
Share-based compensation | 9.8 | 8.8 |
Deferred income taxes | 0.2 | 3 |
Amortization of original issue discount and debt issuance costs | 3.1 | 3.1 |
Amortization of broadcast rights | 3.7 | 4.6 |
Loss (gain) on sale of assets, net | 0.1 | (3) |
Fair value adjustments to contingent consideration | (1.5) | 0 |
Changes in assets and liabilities, net of acquisitions | (35.7) | (37.9) |
Net cash provided by operating activities | 42.3 | 78.9 |
Cash flows from investing activities | ||
Additions to property, plant, and equipment | (7.8) | (9.3) |
Other | 0 | 0.3 |
Net cash used in investing activities | (7.8) | (9) |
Cash flows from financing activities | ||
Repayments of long-term debt | (1) | (1) |
Purchases of Company stock | (8.5) | (0.4) |
Proceeds from common stock issued | 6 | 0.4 |
Payment of acquisition-related contingent consideration | (1.3) | 0 |
Financing lease payments | (0.7) | (0.6) |
Net cash used in financing activities | (5.5) | (1.6) |
Effect of exchange rate changes on cash and cash equivalents | (0.2) | 0.3 |
Net increase in cash and cash equivalents | 28.8 | 68.6 |
Cash and cash equivalents at beginning of period | 240.2 | 132.4 |
Cash and cash equivalents at end of period | $ 269 | $ 201 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 1. Summary of Significant Accounting Policies Basis of Presentation —The condensed consolidated financial statements include the accounts of Meredith Corporation and its wholly-owned and majority-owned subsidiaries (Meredith or the Company), after eliminating all significant intercompany balances and transactions. Meredith does not have any off-balance sheet arrangements. 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 (U.S. 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, 2021, filed with the SEC. The condensed consolidated financial statements as of September 30, 2021, and for the three months ended September 30, 2021 and 2020, are unaudited but, in management’s opinion, include all adjustments necessary for a fair presentation of the results of interim periods. All such adjustments are of a normal recurring nature. The year-end condensed consolidated balance sheet as of June 30, 2021, was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP. The results of operations for interim periods are not necessarily indicative of the results to be expected for the entire fiscal year. In particular, the COVID-19 pandemic continues to have an adverse impact on global economic conditions and there remains risk that COVID-19 could have material adverse impacts on the Company's future revenue growth as well as overall profitability. The financial position and operating results of the Company’s foreign operations are consolidated using primarily the local currency as the functional currency. Local currency assets and liabilities are translated at the rates of exchange as of the balance sheet date, and local currency revenues and expenses are translated at average rates of exchange during the period. Translation gains or losses on assets and liabilities are included as a component of accumulated other comprehensive loss. |
Pending Merger Transactions
Pending Merger Transactions | 3 Months Ended |
Sep. 30, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
Pending Merger Transactions | 2. Pending Merger Transactions As previously announced, the Company entered into an Agreement and Plan of Merger dated as of May 3, 2021, and as amended on June 2, 2021 and October 6, 2021, by and among Gray Television, Inc. (Gray), Gray Hawkeye Stations, Inc., a wholly-owned subsidiary of Gray (Gray Merger Sub) and Meredith (Gray Merger Agreement) under which Meredith, Gray, and Gray Merger Sub agreed to effect the acquisition of Meredith immediately after and subject to the consummation of the spin-off of the Company’s digital and magazine segments and corporate operations to the Company’s shareholders (the Spin-Off). Pursuant to the Spin-Off, Meredith shareholders will receive a number of shares of Meredith Holdings Corporation, a wholly-owned subsidiary of Meredith (Spin-Co) equal to the number and class of shares such shareholder holds in Meredith. As a result of the merger contemplated by the Gray Merger Agreement (the Gray Merger), Gray will acquire the Company's local media business segment and Meredith will become a wholly-owned subsidiary of Gray. The Company will hold a special shareholder meeting to vote on the Gray Merger. The Company expects the Spin-Off and the Gray Merger will be completed in the fourth quarter of calendar year 2021 subject to the satisfaction or waiver of closing conditions (including regulatory approvals and the receipt of Meredith shareholder approval of the Gray Merger). Upon consummation of the Gray Merger, Meredith shareholders will receive $16.99 in cash per share, without interest and subject to applicable tax withholding, for each share of Meredith common stock and Meredith class B stock owned by them, but will not receive any shares of Gray common stock. For more information concerning the Gray Merger, refer to the Current Reports on Form 8‑K filed with the SEC on May 3, 2021 and June 3, 2021, and the definitive proxy statement filed with the SEC on November 8, 2021. Separately, the Company recently announced that Meredith entered into an Agreement and Plan of Merger (the Dotdash Merger Agreement) dated as of October 6, 2021, by and among Meredith, Spin-Co, About, Inc. (Dotdash), and solely for the limited purposes set forth therein, IAC/InterActiveCorp (IAC) under which Dotdash will acquire Spin-Co (which will consist of the digital and magazine segments and corporate operations at the time of the acquisition), with Spin–Co surviving the merger as a wholly-owned subsidiary of Dotdash (the Dotdash Merger). Under the terms of the Dotdash Merger Agreement, Spin-Co shareholders will be entitled to receive $42.18 per share in cash (subject to downward adjustment as provided in the Dotdash Merger Agreement), without interest and subject to all applicable tax withholding, for each share of Spin-Co common stock and each share of Spin-Co class B stock that the shareholder owns immediately prior to the closing of the Dotdash Merger, and will have no ongoing ownership interest in the continuing business. The Dotdash Merger has been approved by Meredith's Board of Directors. As set forth in the Dotdash Merger Agreement, the closing of the Dotdash Merger Agreement is subject to certain customary conditions, including but not limited to, clearance under the Hart-Scott-Rodino antitrust act, the absence of legal barriers to the closing of the merger, and the occurrence of the Spin-Off. Because Meredith, as the sole shareholder of Spin-Co, approved the Dotdash Merger, Meredith shareholders are not required to vote on the Dotdash Merger Agreement. The Dotdash Merger is expected to close in the fourth quarter of calendar year 2021. For more information concerning this Dotdash Merger, refer to the Company's Current Reports on Form 8‑K filed with the SEC on October 7, 2021. The Company incurred $11.5 million of investment banking, legal, accounting, and other professional fees and expenses in the first quarter of fiscal 2022 related to the pending Gray Merger and Dotdash Merger. These costs are included in the acquisition, disposition, and restructuring related activities line on the Condensed Consolidated Statements of Earnings. The limited tax deductibility of certain of these merger-related expenses also impacted the fiscal 2022 first quarter effective tax rate. |
Inventories
Inventories | 3 Months Ended |
Sep. 30, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories | 3. Inventories Major components of inventories are summarized below. (In millions) September 30, 2021 June 30, 2021 Raw materials $ 15.8 $ 13.9 Work in process 11.9 13.2 Finished goods 2.0 2.2 Inventories $ 29.7 $ 29.3 |
Intangible Assets and Goodwill
Intangible Assets and Goodwill | 3 Months Ended |
Sep. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets and Goodwill | 4. Intangible Assets and Goodwill Intangible assets consisted of the following: September 30, 2021 June 30, 2021 (In millions) Gross Accumulated Net Gross Accumulated Net Intangible assets Digital Publisher relationships $ 10.3 $ (3.1) $ 7.2 $ 10.3 $ (2.8) $ 7.5 Customer lists 7.1 (4.0) 3.1 7.1 (3.6) 3.5 Partner relationships 3.2 (0.8) 2.4 3.2 (0.7) 2.5 Advertiser relationships — — — 95.9 (95.9) — Other 19.6 (14.8) 4.8 20.3 (14.5) 5.8 Magazine Publisher relationships 122.5 (64.2) 58.3 122.5 (59.8) 62.7 Partner relationships 95.0 (58.1) 36.9 95.0 (54.2) 40.8 Customer lists 0.9 (0.4) 0.5 0.9 (0.3) 0.6 Advertiser relationships — — — 115.1 (115.1) — Other 13.4 (1.6) 11.8 15.6 (3.7) 11.9 Local media Network affiliation agreements 218.6 (158.0) 60.6 229.3 (167.5) 61.8 Retransmission agreements 6.7 (3.0) 3.7 10.6 (6.8) 3.8 Advertiser relationships — — — 12.5 (12.5) — Other — — — 0.7 (0.7) — Total $ 497.3 $ (308.0) 189.3 $ 739.0 $ (538.1) 200.9 Intangible assets not Digital Trademarks 29.7 29.7 Internet domain names 8.3 8.3 Magazine Trademarks 665.0 665.0 Local media FCC licenses 652.9 652.9 Total 1,355.9 1,355.9 Intangible assets, net $ 1,545.2 $ 1,556.8 Amortization expense was $11.6 million and $30.6 million for the three months ended September 30, 2021 and 2020, respectively. Annual amortization expense for intangible assets is expected to be as follows: $45.3 million in fiscal 2022, $42.6 million in fiscal 2023, $34.5 million in fiscal 2024, $17.1 million in fiscal 2025, and $6.6 million in fiscal 2026. Changes in the carrying amount of goodwill were as follows: Three months ended September 30, 2021 2020 (In millions) Goodwill Accumulated Impairment Loss Net Carrying Amount Goodwill Accumulated Impairment Loss Net Carrying Amount Digital Balance at beginning of period $ 893.6 $ (121.7) $ 771.9 $ 893.7 $ (121.7) $ 772.0 Acquisition adjustments — — — (0.1) — (0.1) Balance at end of period 893.6 (121.7) 771.9 893.6 (121.7) 771.9 Magazine Balance at beginning of period 961.8 (131.0) 830.8 961.7 (131.0) 830.7 Foreign currency translation (0.1) — (0.1) 0.2 — 0.2 Balance at end of period 961.7 (131.0) 830.7 961.9 (131.0) 830.9 Local media Balance at beginning of period 116.6 — 116.6 116.6 — 116.6 Activity — — — — — — Balance at end of period 116.6 — 116.6 116.6 — 116.6 Total $ 1,971.9 $ (252.7) $ 1,719.2 $ 1,972.1 $ (252.7) $ 1,719.4 |
Restructuring Accrual
Restructuring Accrual | 3 Months Ended |
Sep. 30, 2021 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Accrual | 5. Restructuring Accrual In the first quarter of fiscal 2021, management committed to a performance improvement plan to control costs. Actions included consolidating certain local media functions and reallocating positions across the Company by shifting resources to the digital segment. In connection with this plan, the Company recorded pre-tax restructuring charges totaling $12.4 million for severance and related benefit costs associated with the involuntary termination of employees. These actions affected approximately 140 employees in the local media segment, 65 in the magazine segment, 15 in the digital segment, and 10 in unallocated corporate. The majority of the severance costs for these restructuring actions were paid during fiscal 2021, with the remainder to be paid in fiscal 2022. These costs were recorded in the acquisition, disposition, and restructuring related activities line on the Condensed Consolidated Statements of Earnings. Details of the severance and related benefit costs by segment for these performance improvement plans are as follows: Amounts Accrued in the Period Three months ended September 30, 2021 2020 (in millions) Digital $ — $ 0.8 Magazine — 3.8 Local media — 7.2 Unallocated corporate 0.1 0.6 Total $ 0.1 $ 12.4 The Company does not expect any additional costs to be incurred under previously approved restructuring plans. Details of changes in the Company’s restructuring accrual related to employee terminations are as follows: Three months ended September 30, 2021 2020 (In millions) Balance at beginning of period $ 4.3 $ 10.7 Accruals 0.1 12.4 Cash payments (1.8) (4.1) Reversal of excess accrual — (1.9) Balance at end of period $ 2.6 $ 17.1 As of September 30, 2021, the $2.6 million was classified as current liabilities on the Condensed Consolidated Balance Sheets. |
Long-term Debt
Long-term Debt | 3 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Long-term Debt | 6. Long-term Debt Long-term debt consisted of the following: September 30, 2021 June 30, 2021 (In millions) Principal Balance Unamortized Discount and Debt Issuance Costs Carrying Principal Balance Unamortized Discount and Debt Issuance Costs Carrying Variable-rate credit facility Senior credit facility term loan, due January 31, 2025 $ 1,062.5 $ (9.7) $ 1,052.8 $ 1,062.5 $ (10.4) $ 1,052.1 Senior credit facility incremental term loan, due January 31, 2025 404.9 (17.0) 387.9 405.9 (18.2) 387.7 Revolving credit facility of $350 million, due January 31, 2023 — — — — — — Senior Notes 6.875% senior notes, due February 1, 2026 1,022.9 (12.1) 1,010.8 1,022.9 (12.7) 1,010.2 6.500% senior secured notes, due July 1, 2025 300.0 (3.9) 296.1 300.0 (4.0) 296.0 Total long-term debt 2,790.3 (42.7) 2,747.6 2,791.3 (45.3) 2,746.0 Current portion of long-term debt (4.1) — (4.1) (4.1) — (4.1) Long-term debt $ 2,786.2 $ (42.7) $ 2,743.5 $ 2,787.2 $ (45.3) $ 2,741.9 |
Income Taxes
Income Taxes | 3 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 7. Income Taxes For the first three months of fiscal 2022, Meredith recorded tax expense of $14.4 million. This compares to a tax benefit recorded by the Company of $2.1 million for the first three months of fiscal 2021. The first three months of fiscal 2021 included a tax benefit of $15.2 million as a result of the finalization of a favorable court determination. In the third quarter of fiscal 2020, the Federal District Court ruled in the Company’s favor on a disputed Internal Revenue Code Section 199 issue for fiscal years 2006 through fiscal 2012. In the first quarter of fiscal 2021, the Department of Justice waived its right to appeal, resulting in the finalization of the Federal District Court decision and the release of the associated reserve for uncertain tax positions. The first three months of fiscal 2022 tax expense was impacted by the limited tax deductibility of certain merger-related expenses. Refer to Note 2 for further discussion of the pending merger transactions. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 8. Commitments and Contingencies Lease Guarantees The Company guarantees two leases of entities previously sold, one through January 2023 and another through November 2030. The carrying value of those guarantees, which are recorded in other noncurrent liabilities on the Condensed Consolidated Balance Sheets, was $1.9 million and $2.0 million at September 30, 2021 and June 30, 2021, respectively, and the maximum obligation for which the Company would be liable if the primary obligors fail to perform under the lease agreements is $11.6 million as of September 30, 2021. Legal Proceedings In the ordinary course of business, the Company is a defendant in or party to various legal claims, actions, and proceedings. These claims, actions, and proceedings are at varying stages of investigation, arbitration, or adjudication, and involve a variety of areas of law. On October 26, 2010, the Canadian Minister of National Revenue denied the claims by Time Inc. Retail (formerly Time/Warner Retail Sales & Marketing, Inc.) (TIR) for input tax credits in respect of goods and services tax that TIR had paid on magazines it imported into and had displayed at retail locations in Canada during the years 2006 to 2008, on the basis that TIR did not own those magazines and issued Notices of Reassessment in the amount of approximately C$52.0 million. On January 21, 2011, TIR filed an objection to the Notices of Reassessment with the Chief of Appeals of the Canada Revenue Agency (CRA), arguing that TIR claimed input tax credits only in respect of goods and services tax it actually paid and it is entitled to a rebate for such payments. On September 13, 2013, TIR received Notices of Reassessment in the amount of C$26.9 million relating to the same type of situation during the years 2009 to 2010, and TIR filed similar objections as for prior years. By letter dated June 19, 2015, the CRA requested payment of C$89.8 million, which includes interest accrued and stated that failure to pay may result in legal action. TIR responded by stating that collection should remain stayed pending resolution of the issues raised by TIR’s objection. Including interest accrued, the total of the reassessments claimed by the CRA for the years 2006 to 2010 was C$91.0 million as of November 30, 2015. The parties are engaged in mediation. On September 6, 2019, a shareholder filed a putative class action lawsuit in the U.S. District Court for the Southern District of New York against the Company, its Chief Executive Officer, and its Chief Financial Officer, seeking to represent a class of shareholders who acquired securities of the Company between May 10, 2018 and September 4, 2019 (the New York Action). On September 12, 2019, a shareholder filed a putative class action lawsuit in the U.S. District Court for the Southern District of Iowa against the Company, its Chief Executive Officer, its Chief Financial Officer, and its Chairman of the Board seeking to represent a class of shareholders who acquired securities of the Company between January 31, 2018 and September 5, 2019 (the Iowa Action). Both complaints allege that the defendants made materially false and/or misleading statements, and failed to disclose material adverse facts, about the Company’s business, operations, and prospects. Both complaints assert claims under the federal securities laws and seek unspecified monetary damages and other relief. On November 12, 2019, the plaintiff shareholder withdrew the New York Action, and the action has been dismissed. On November 25, 2019, the City of Plantation Police Officers Pension Fund was appointed to serve as lead plaintiff in the Iowa Action. On March 9, 2020, the lead plaintiff filed an amended complaint in the Iowa Action, seeking to represent a class of shareholders who acquired securities of the Company between January 31, 2018 and September 30, 2019. On June 22, 2020, the defendants filed a motion to dismiss the Iowa Action. On October 28, 2020, a U.S. District Judge granted defendants’ motion to dismiss, dismissing the Iowa Action with prejudice at plaintiffs’ cost due to plaintiffs’ failure to satisfy applicable pleading requirements. Specifically, the court held that plaintiffs had failed to plead any actionable misstatement or omission, scienter, or loss causation. On November 23, 2020, the lead plaintiff filed a notice of appeal of the District Court’s dismissal. The Eighth Circuit Court of Appeals issued an opinion on October 18, 2021, affirming the district court's dismissal of the case and denial of leave to amend the complaint. The plaintiff had until November 1, 2021 to request re-hearing or review, but did not. Accordingly, the Eighth Circuit Court of Appeals issued its mandate, closing this case. On April 3, 2019, a purported class of plaintiff purchasers of broadcast television spot advertising amended its pending consolidated complaint in the U.S. District Court for the Northern District of Illinois against a number of broadcast television station groups to add Meredith and other broadcast television station groups as defendants (the Defendants). The amended complaint alleges that the Defendants have violated federal antitrust law by entering agreements with their competitors to fix prices and exchange competitively sensitive information. The Defendants filed a joint motion to dismiss on June 5, 2019, after which the plaintiffs filed a consolidated second amended complaint on September 9, 2019. The Defendants filed a joint motion to dismiss the second amended complaint on October 8, 2019. On November 6, 2020, the court denied the motion to dismiss. The Court has set a pretrial schedule requiring that all fact discovery be completed by July 1, 2022, and briefing on class certification be completed by November 14, 2022. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 9. Fair Value Measurements The Company estimates the fair value of financial instruments using available market information and valuation methodologies the Company believes 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 the Company 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; and • 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 in the Condensed Consolidated Balance Sheets: September 30, 2021 June 30, 2021 (In millions) Carrying Value Fair Value Carrying Value Fair Value Broadcast rights payable $ 22.9 $ 21.6 $ 10.8 $ 9.8 Total long-term debt 2,747.6 2,850.4 2,746.0 2,859.3 The fair value of broadcast rights payable was determined utilizing Level 3 inputs. The fair value of total long-term debt was based on pricing from observable market information obtained from a non-active market, therefore is included as a Level 2 measurement. The following tables summarize recurring and nonrecurring fair value measurements at September 30, 2021 and June 30, 2021: September 30, 2021 (In millions) Total Level 1 Level 2 Level 3 Recurring fair value measurements Cash and cash equivalents - cash equivalents $ 87.5 $ 87.5 $ — $ — Accrued expenses Deferred compensation plans $ 2.1 $ — $ 2.1 $ — Other noncurrent liabilities Contingent consideration 1.0 — — 1.0 Deferred compensation plans 14.3 — 14.3 — Total recurring liability fair value measurements $ 17.4 $ — $ 16.4 $ 1.0 June 30, 2021 (In millions) Total Level 1 Level 2 Level 3 Recurring fair value measurements Cash and cash equivalents - cash equivalents $ 112.6 $ 112.6 $ — $ — Accrued expenses Contingent consideration $ 2.2 $ — $ — $ 2.2 Deferred compensation plans 2.1 — 2.1 — Other noncurrent liabilities Contingent consideration 1.6 — — 1.6 Deferred compensation plans 13.6 — 13.6 — Total recurring liability fair value measurements $ 19.5 $ — $ 15.7 $ 3.8 The fair value of deferred compensation plans is derived from quotes of similar investments observable in the market, and thus represents a Level 2 measurement. The fair value of contingent consideration is based on estimates of future performance benchmarks established in the associated acquisition agreement and the amortization of the present value discount. This estimate is based on inputs not observable in the market and thus represents a Level 3 measurement. Estimate utilizes a discount rate of 3.50 percent. The following table represents changes in the fair value of liabilities subject to Level 3 measurement during the three months ended September 30, 2021 and 2020. Three months ended September 30, 2021 2020 (In millions) Contingent consideration Balance at beginning of period $ 3.8 $ 4.9 Payments (1.3) — Fair value adjustment of contingent consideration (1.5) — Balance at end of period $ 1.0 $ 4.9 The fair value adjustment of contingent consideration was the change in the estimated earn-out payments based on projections of performance and the amortization of the present value discount. The fair value adjustment of contingent consideration was included in the selling, general, and administrative line on the Condensed Consolidated Statements of Earnings. |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Sep. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | 10. Revenue Recognition Meredith disaggregates revenue from contracts with customers by types of goods and services. A reconciliation of disaggregated revenue to segment revenue (as provided in Note 13) is as follows. Three months ended September 30, 2021 Digital Magazine Local Intersegment Total (In millions) Advertising related Digital $ 135.6 $ — $ 5.4 $ — $ 141.0 Magazine — 90.4 — — 90.4 Non-political spot — — 70.6 — 70.6 Political spot — — 5.0 — 5.0 Third party sales 3.3 0.7 27.8 (0.6) 31.2 Total advertising related 138.9 91.1 108.8 (0.6) 338.2 Consumer related Subscription — 136.9 — — 136.9 Retransmission — — 96.7 — 96.7 Newsstand — 43.3 — — 43.3 Licensing 31.7 — — — 31.7 Affinity marketing 7.4 13.6 — (5.5) 15.5 Digital and other consumer driven 20.9 0.7 0.2 — 21.8 Total consumer related 60.0 194.5 96.9 (5.5) 345.9 Other Projects based — 13.9 — — 13.9 Other 1.3 5.6 3.7 — 10.6 Total other 1.3 19.5 3.7 — 24.5 Total revenues $ 200.2 $ 305.1 $ 209.4 $ (6.1) $ 708.6 Three months ended September 30, 2020 Digital Magazine Local Intersegment Total (In millions) Advertising related Digital $ 105.1 $ — $ 4.3 $ — $ 109.4 Magazine — 108.5 — — 108.5 Non-political spot — — 56.8 — 56.8 Political spot — — 51.7 — 51.7 Third party sales 5.9 8.1 18.3 (0.2) 32.1 Total advertising related 111.0 116.6 131.1 (0.2) 358.5 Consumer related Subscription — 133.4 — — 133.4 Retransmission — — 91.4 — 91.4 Newsstand — 35.1 — — 35.1 Licensing 24.1 — — — 24.1 Affinity marketing 7.0 12.2 — (4.8) 14.4 Digital and other consumer driven 17.4 2.7 0.2 — 20.3 Total consumer related 48.5 183.4 91.6 (4.8) 318.7 Other Projects based — 9.9 — — 9.9 Other 1.4 1.7 3.3 — 6.4 Total other 1.4 11.6 3.3 — 16.3 Total revenues $ 160.9 $ 311.6 $ 226.0 $ (5.0) $ 693.5 Contract Balances The timing of Meredith’s performance under its various contracts often differs from the timing of the customer’s payment, which results in recognition of a contract asset or a contract liability. A contract asset is recognized when a good or service is transferred to a customer, and the Company does not have the contractual right to bill for the related performance obligations. Due to the nature of its contracts, the Company does not have any significant contract assets. A contract liability is recognized when consideration is received from the customer prior to the transfer of goods or services. Current portion of contract liabilities were $401.3 million and $396.4 million at September 30, 2021 and June 30, 2021, respectively, and are presented as current portion of unearned revenues on the Condensed Consolidated Balance Sheets. Noncurrent contract liabilities were $215.6 million and $218.8 million at September 30, 2021 and June 30, 2021 , respectively, and are reflected as unearned revenues on the Condensed Consolidated Balance Sheets. Revenue of $131.7 million and $137.3 million recognized during the three months ended September 30, 2021 and 2020, respectively, was in contract liabilities at the begi nning of the periods. |
Pension and Postretirement Bene
Pension and Postretirement Benefit Plans | 3 Months Ended |
Sep. 30, 2021 | |
Retirement Benefits [Abstract] | |
Pension and Postretirement Benefit Plans | 11. Pension and Postretirement Benefit Plans The following table presents the components of net periodic benefit costs for Meredith’s pension and postretirement benefit plans: Three months ended September 30, 2021 2020 (In millions) Domestic Pension Benefits Service cost $ 2.2 $ 2.3 Interest cost 0.8 0.8 Expected return on plan assets (2.2) (2.0) Prior service cost amortization 0.1 0.1 Actuarial loss amortization 0.3 0.7 Net periodic benefit costs $ 1.2 $ 1.9 International Pension Benefits Interest cost $ 3.3 $ 2.3 Expected return on plan assets (3.7) (3.8) Prior service cost amortization 0.1 — Net periodic benefit credit $ (0.3) $ (1.5) Postretirement Benefits Interest cost $ 0.1 $ 0.1 Actuarial gain amortization (0.1) (0.1) Net periodic benefit costs $ — $ — The components of net periodic benefit costs (credit), other than the service cost component, are included in the non-operating income, net line on the accompanying Condensed Consolidated Statements of Earnings. The amortization of amounts related to unrecognized prior service costs/credit and net actuarial gain/loss was reclassified out of other comprehensive income (loss) as components of net periodic benefit costs (credit). |
Earnings Per Common Share
Earnings Per Common Share | 3 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | 12. Earnings Per Common Share The following table presents the calculations of basic earnings per common share: Three months ended September 30, 2021 2020 (In millions except per share data) Net earnings $ 24.8 $ 42.3 Undistributed earnings allocated to participating securities (0.5) (2.0) Basic earnings attributable to common shareholders $ 24.3 $ 40.3 Basic weighted average common shares outstanding 46.5 46.0 Basic earnings per common share $ 0.52 $ 0.88 Diluted earnings per common share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. The dilutive effects of these share-based awards were computed using the two-class method. Three months ended September 30, 2021 2020 (In millions except per share data) Basic weighted-average common shares outstanding 46.5 46.0 Dilutive effect of stock options and equivalents 0.7 — Diluted weighted-average shares outstanding 47.2 46.0 Diluted earnings attributable to common shareholders $ 24.3 $ 40.3 Diluted earnings per common share 0.51 0.88 For the three months ended September 30, 2021, 0.6 million shares of restricted stock were excluded from the computation of diluted earnings per common share. These securities have an antidilutive effect on the earnings per common share calculation (the diluted earnings per share becoming more than the basic earnings per share). Therefore, these securities were not taken into account in determining the weighted average number of shares for the calculation of diluted earnings per share for the three months ended September 30, 2021. For the three months ended September 30, 2020, 1.5 million warrants were excluded from the computation of diluted earnings per common share. These securities have an antidilutive effect on the earnings per common share calculation (the diluted earnings per share becoming more than the basic earnings per share). Therefore, these securities were not taken into account in determining the weighted average number of shares for the calculation of diluted earnings per share for the three months ended September 30, 2020. For the three months ended September 30, 2021 and 2020, antidilutive options excluded from the above calculations totaled 3.0 million (with a weighted average exercise price per share of $58.09) and 4.2 million (with a weighted average exercise price per share of $49.67), respectively. In the three months ended September 30, 2021, 0.1 million options were exercised to purchase common shares. No options were exercised during the three months ended September 30, 2020. |
Financial Information about Ind
Financial Information about Industry Segments | 3 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Financial Information about Industry Segments | 13. Financial Information about Industry Segments Meredith is a multiplatform media and marketing company that provides information and inspiration. On the basis of products and services, the Company historically had two reportable segments: national media and local media. On July 1, 2021, the operating structure of the Company was changed, resulting a split in the existing national media segment into two reportable segments: digital and magazine. There have been no material intersegment transactions. There are two principal financial measures reported to the chief executive officer (the chief operating decision maker) for use in assessing segment performance and allocating resources. Those measures are operating profit and earnings before interest expense, income 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, 2021 2020 (In millions) Revenues Digital $ 200.2 $ 160.9 Magazine 305.1 311.6 Local media 209.4 226.0 Total revenues, gross 714.7 698.5 Intersegment revenue elimination (6.1) (5.0) Total revenues $ 708.6 $ 693.5 Segment profit Digital $ 56.3 $ 25.8 Magazine 4.6 5.7 Local media 46.6 63.8 Unallocated corporate (31.5) (17.2) Income from operations 76.0 78.1 Non-operating income, net 1.5 5.6 Interest expense, net (38.3) (43.5) Earnings before income taxes $ 39.2 $ 40.2 Depreciation and amortization Digital $ 7.7 $ 15.8 Magazine 14.0 24.2 Local media 6.7 8.6 Unallocated corporate 0.4 0.4 Total depreciation and amortization $ 28.8 $ 49.0 The following table presents assets by segment: (In millions) September 30, 2021 June 30, Assets Digital $ 1,472.7 $ 1,465.1 Magazine 2,462.5 2,498.4 Local media 1,145.0 1,137.1 Unallocated corporate 423.1 465.2 Total assets $ 5,503.3 $ 5,565.8 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | The condensed consolidated financial statements include the accounts of Meredith Corporation and its wholly-owned and majority-owned subsidiaries (Meredith or the Company), after eliminating all significant intercompany balances and transactions. Meredith does not have any off-balance sheet arrangements. |
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 (U.S. 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, 2021, filed with the SEC. The condensed consolidated financial statements as of September 30, 2021, and for the three months ended September 30, 2021 and 2020, are unaudited but, in management’s opinion, include all adjustments necessary for a fair presentation of the results of interim periods. All such adjustments are of a normal recurring nature. The year-end condensed consolidated balance sheet as of June 30, 2021, was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP. The results of operations for interim periods are not necessarily indicative of the results to be expected for the entire fiscal year. In particular, the COVID-19 pandemic continues to have an adverse impact on global economic conditions and there remains risk that COVID-19 could have material adverse impacts on the Company's future revenue growth as well as overall profitability. The financial position and operating results of the Company’s foreign operations are consolidated using primarily the local currency as the functional currency. Local currency assets and liabilities are translated at the rates of exchange as of the balance sheet date, and local currency revenues and expenses are translated at average rates of exchange during the period. Translation gains or losses on assets and liabilities are included as a component of accumulated other comprehensive loss. |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Sep. 30, 2021 | |
Inventory Disclosure [Abstract] | |
Schedule of Major Components of Inventories | Major components of inventories are summarized below. (In millions) September 30, 2021 June 30, 2021 Raw materials $ 15.8 $ 13.9 Work in process 11.9 13.2 Finished goods 2.0 2.2 Inventories $ 29.7 $ 29.3 |
Intangible Assets and Goodwill
Intangible Assets and Goodwill (Tables) | 3 Months Ended |
Sep. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Finite-Lived Intangible Assets | Intangible assets consisted of the following: September 30, 2021 June 30, 2021 (In millions) Gross Accumulated Net Gross Accumulated Net Intangible assets Digital Publisher relationships $ 10.3 $ (3.1) $ 7.2 $ 10.3 $ (2.8) $ 7.5 Customer lists 7.1 (4.0) 3.1 7.1 (3.6) 3.5 Partner relationships 3.2 (0.8) 2.4 3.2 (0.7) 2.5 Advertiser relationships — — — 95.9 (95.9) — Other 19.6 (14.8) 4.8 20.3 (14.5) 5.8 Magazine Publisher relationships 122.5 (64.2) 58.3 122.5 (59.8) 62.7 Partner relationships 95.0 (58.1) 36.9 95.0 (54.2) 40.8 Customer lists 0.9 (0.4) 0.5 0.9 (0.3) 0.6 Advertiser relationships — — — 115.1 (115.1) — Other 13.4 (1.6) 11.8 15.6 (3.7) 11.9 Local media Network affiliation agreements 218.6 (158.0) 60.6 229.3 (167.5) 61.8 Retransmission agreements 6.7 (3.0) 3.7 10.6 (6.8) 3.8 Advertiser relationships — — — 12.5 (12.5) — Other — — — 0.7 (0.7) — Total $ 497.3 $ (308.0) 189.3 $ 739.0 $ (538.1) 200.9 Intangible assets not Digital Trademarks 29.7 29.7 Internet domain names 8.3 8.3 Magazine Trademarks 665.0 665.0 Local media FCC licenses 652.9 652.9 Total 1,355.9 1,355.9 Intangible assets, net $ 1,545.2 $ 1,556.8 |
Schedule of Indefinite-Lived Intangible Assets | Intangible assets consisted of the following: September 30, 2021 June 30, 2021 (In millions) Gross Accumulated Net Gross Accumulated Net Intangible assets Digital Publisher relationships $ 10.3 $ (3.1) $ 7.2 $ 10.3 $ (2.8) $ 7.5 Customer lists 7.1 (4.0) 3.1 7.1 (3.6) 3.5 Partner relationships 3.2 (0.8) 2.4 3.2 (0.7) 2.5 Advertiser relationships — — — 95.9 (95.9) — Other 19.6 (14.8) 4.8 20.3 (14.5) 5.8 Magazine Publisher relationships 122.5 (64.2) 58.3 122.5 (59.8) 62.7 Partner relationships 95.0 (58.1) 36.9 95.0 (54.2) 40.8 Customer lists 0.9 (0.4) 0.5 0.9 (0.3) 0.6 Advertiser relationships — — — 115.1 (115.1) — Other 13.4 (1.6) 11.8 15.6 (3.7) 11.9 Local media Network affiliation agreements 218.6 (158.0) 60.6 229.3 (167.5) 61.8 Retransmission agreements 6.7 (3.0) 3.7 10.6 (6.8) 3.8 Advertiser relationships — — — 12.5 (12.5) — Other — — — 0.7 (0.7) — Total $ 497.3 $ (308.0) 189.3 $ 739.0 $ (538.1) 200.9 Intangible assets not Digital Trademarks 29.7 29.7 Internet domain names 8.3 8.3 Magazine Trademarks 665.0 665.0 Local media FCC licenses 652.9 652.9 Total 1,355.9 1,355.9 Intangible assets, net $ 1,545.2 $ 1,556.8 |
Schedule of Goodwill | Changes in the carrying amount of goodwill were as follows: Three months ended September 30, 2021 2020 (In millions) Goodwill Accumulated Impairment Loss Net Carrying Amount Goodwill Accumulated Impairment Loss Net Carrying Amount Digital Balance at beginning of period $ 893.6 $ (121.7) $ 771.9 $ 893.7 $ (121.7) $ 772.0 Acquisition adjustments — — — (0.1) — (0.1) Balance at end of period 893.6 (121.7) 771.9 893.6 (121.7) 771.9 Magazine Balance at beginning of period 961.8 (131.0) 830.8 961.7 (131.0) 830.7 Foreign currency translation (0.1) — (0.1) 0.2 — 0.2 Balance at end of period 961.7 (131.0) 830.7 961.9 (131.0) 830.9 Local media Balance at beginning of period 116.6 — 116.6 116.6 — 116.6 Activity — — — — — — Balance at end of period 116.6 — 116.6 116.6 — 116.6 Total $ 1,971.9 $ (252.7) $ 1,719.2 $ 1,972.1 $ (252.7) $ 1,719.4 |
Restructuring Accrual (Tables)
Restructuring Accrual (Tables) | 3 Months Ended |
Sep. 30, 2021 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring and Related Costs | Details of the severance and related benefit costs by segment for these performance improvement plans are as follows: Amounts Accrued in the Period Three months ended September 30, 2021 2020 (in millions) Digital $ — $ 0.8 Magazine — 3.8 Local media — 7.2 Unallocated corporate 0.1 0.6 Total $ 0.1 $ 12.4 Details of changes in the Company’s restructuring accrual related to employee terminations are as follows: Three months ended September 30, 2021 2020 (In millions) Balance at beginning of period $ 4.3 $ 10.7 Accruals 0.1 12.4 Cash payments (1.8) (4.1) Reversal of excess accrual — (1.9) Balance at end of period $ 2.6 $ 17.1 |
Long-term Debt (Tables)
Long-term Debt (Tables) | 3 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt | Long-term debt consisted of the following: September 30, 2021 June 30, 2021 (In millions) Principal Balance Unamortized Discount and Debt Issuance Costs Carrying Principal Balance Unamortized Discount and Debt Issuance Costs Carrying Variable-rate credit facility Senior credit facility term loan, due January 31, 2025 $ 1,062.5 $ (9.7) $ 1,052.8 $ 1,062.5 $ (10.4) $ 1,052.1 Senior credit facility incremental term loan, due January 31, 2025 404.9 (17.0) 387.9 405.9 (18.2) 387.7 Revolving credit facility of $350 million, due January 31, 2023 — — — — — — Senior Notes 6.875% senior notes, due February 1, 2026 1,022.9 (12.1) 1,010.8 1,022.9 (12.7) 1,010.2 6.500% senior secured notes, due July 1, 2025 300.0 (3.9) 296.1 300.0 (4.0) 296.0 Total long-term debt 2,790.3 (42.7) 2,747.6 2,791.3 (45.3) 2,746.0 Current portion of long-term debt (4.1) — (4.1) (4.1) — (4.1) Long-term debt $ 2,786.2 $ (42.7) $ 2,743.5 $ 2,787.2 $ (45.3) $ 2,741.9 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Carrying Value and Estimated Fair Value of Liabilities Measured on a Recurring Basis | The following table sets forth the carrying value and the estimated fair value of the Company’s financial instruments not measured at fair value in the Condensed Consolidated Balance Sheets: September 30, 2021 June 30, 2021 (In millions) Carrying Value Fair Value Carrying Value Fair Value Broadcast rights payable $ 22.9 $ 21.6 $ 10.8 $ 9.8 Total long-term debt 2,747.6 2,850.4 2,746.0 2,859.3 |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following tables summarize recurring and nonrecurring fair value measurements at September 30, 2021 and June 30, 2021: September 30, 2021 (In millions) Total Level 1 Level 2 Level 3 Recurring fair value measurements Cash and cash equivalents - cash equivalents $ 87.5 $ 87.5 $ — $ — Accrued expenses Deferred compensation plans $ 2.1 $ — $ 2.1 $ — Other noncurrent liabilities Contingent consideration 1.0 — — 1.0 Deferred compensation plans 14.3 — 14.3 — Total recurring liability fair value measurements $ 17.4 $ — $ 16.4 $ 1.0 |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | June 30, 2021 (In millions) Total Level 1 Level 2 Level 3 Recurring fair value measurements Cash and cash equivalents - cash equivalents $ 112.6 $ 112.6 $ — $ — Accrued expenses Contingent consideration $ 2.2 $ — $ — $ 2.2 Deferred compensation plans 2.1 — 2.1 — Other noncurrent liabilities Contingent consideration 1.6 — — 1.6 Deferred compensation plans 13.6 — 13.6 — Total recurring liability fair value measurements $ 19.5 $ — $ 15.7 $ 3.8 |
Schedule of Changes in Fair Value of Liabilities subject to Level 3 Measurement | The following table represents changes in the fair value of liabilities subject to Level 3 measurement during the three months ended September 30, 2021 and 2020. Three months ended September 30, 2021 2020 (In millions) Contingent consideration Balance at beginning of period $ 3.8 $ 4.9 Payments (1.3) — Fair value adjustment of contingent consideration (1.5) — Balance at end of period $ 1.0 $ 4.9 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Sep. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | A reconciliation of disaggregated revenue to segment revenue (as provided in Note 13) is as follows. Three months ended September 30, 2021 Digital Magazine Local Intersegment Total (In millions) Advertising related Digital $ 135.6 $ — $ 5.4 $ — $ 141.0 Magazine — 90.4 — — 90.4 Non-political spot — — 70.6 — 70.6 Political spot — — 5.0 — 5.0 Third party sales 3.3 0.7 27.8 (0.6) 31.2 Total advertising related 138.9 91.1 108.8 (0.6) 338.2 Consumer related Subscription — 136.9 — — 136.9 Retransmission — — 96.7 — 96.7 Newsstand — 43.3 — — 43.3 Licensing 31.7 — — — 31.7 Affinity marketing 7.4 13.6 — (5.5) 15.5 Digital and other consumer driven 20.9 0.7 0.2 — 21.8 Total consumer related 60.0 194.5 96.9 (5.5) 345.9 Other Projects based — 13.9 — — 13.9 Other 1.3 5.6 3.7 — 10.6 Total other 1.3 19.5 3.7 — 24.5 Total revenues $ 200.2 $ 305.1 $ 209.4 $ (6.1) $ 708.6 Three months ended September 30, 2020 Digital Magazine Local Intersegment Total (In millions) Advertising related Digital $ 105.1 $ — $ 4.3 $ — $ 109.4 Magazine — 108.5 — — 108.5 Non-political spot — — 56.8 — 56.8 Political spot — — 51.7 — 51.7 Third party sales 5.9 8.1 18.3 (0.2) 32.1 Total advertising related 111.0 116.6 131.1 (0.2) 358.5 Consumer related Subscription — 133.4 — — 133.4 Retransmission — — 91.4 — 91.4 Newsstand — 35.1 — — 35.1 Licensing 24.1 — — — 24.1 Affinity marketing 7.0 12.2 — (4.8) 14.4 Digital and other consumer driven 17.4 2.7 0.2 — 20.3 Total consumer related 48.5 183.4 91.6 (4.8) 318.7 Other Projects based — 9.9 — — 9.9 Other 1.4 1.7 3.3 — 6.4 Total other 1.4 11.6 3.3 — 16.3 Total revenues $ 160.9 $ 311.6 $ 226.0 $ (5.0) $ 693.5 |
Pension and Postretirement Be_2
Pension and Postretirement Benefit Plans (Tables) | 3 Months Ended |
Sep. 30, 2021 | |
Retirement Benefits [Abstract] | |
Schedule of Net Periodic Benefit Costs | The following table presents the components of net periodic benefit costs for Meredith’s pension and postretirement benefit plans: Three months ended September 30, 2021 2020 (In millions) Domestic Pension Benefits Service cost $ 2.2 $ 2.3 Interest cost 0.8 0.8 Expected return on plan assets (2.2) (2.0) Prior service cost amortization 0.1 0.1 Actuarial loss amortization 0.3 0.7 Net periodic benefit costs $ 1.2 $ 1.9 International Pension Benefits Interest cost $ 3.3 $ 2.3 Expected return on plan assets (3.7) (3.8) Prior service cost amortization 0.1 — Net periodic benefit credit $ (0.3) $ (1.5) Postretirement Benefits Interest cost $ 0.1 $ 0.1 Actuarial gain amortization (0.1) (0.1) Net periodic benefit costs $ — $ — |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 3 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table presents the calculations of basic earnings per common share: Three months ended September 30, 2021 2020 (In millions except per share data) Net earnings $ 24.8 $ 42.3 Undistributed earnings allocated to participating securities (0.5) (2.0) Basic earnings attributable to common shareholders $ 24.3 $ 40.3 Basic weighted average common shares outstanding 46.5 46.0 Basic earnings per common share $ 0.52 $ 0.88 Diluted earnings per common share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. The dilutive effects of these share-based awards were computed using the two-class method. Three months ended September 30, 2021 2020 (In millions except per share data) Basic weighted-average common shares outstanding 46.5 46.0 Dilutive effect of stock options and equivalents 0.7 — Diluted weighted-average shares outstanding 47.2 46.0 Diluted earnings attributable to common shareholders $ 24.3 $ 40.3 Diluted earnings per common share 0.51 0.88 |
Financial Information about I_2
Financial Information about Industry Segments (Tables) | 3 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | The following table presents financial information by segment: Three months ended September 30, 2021 2020 (In millions) Revenues Digital $ 200.2 $ 160.9 Magazine 305.1 311.6 Local media 209.4 226.0 Total revenues, gross 714.7 698.5 Intersegment revenue elimination (6.1) (5.0) Total revenues $ 708.6 $ 693.5 Segment profit Digital $ 56.3 $ 25.8 Magazine 4.6 5.7 Local media 46.6 63.8 Unallocated corporate (31.5) (17.2) Income from operations 76.0 78.1 Non-operating income, net 1.5 5.6 Interest expense, net (38.3) (43.5) Earnings before income taxes $ 39.2 $ 40.2 Depreciation and amortization Digital $ 7.7 $ 15.8 Magazine 14.0 24.2 Local media 6.7 8.6 Unallocated corporate 0.4 0.4 Total depreciation and amortization $ 28.8 $ 49.0 The following table presents assets by segment: (In millions) September 30, 2021 June 30, Assets Digital $ 1,472.7 $ 1,465.1 Magazine 2,462.5 2,498.4 Local media 1,145.0 1,137.1 Unallocated corporate 423.1 465.2 Total assets $ 5,503.3 $ 5,565.8 |
Pending Merger Transactions (De
Pending Merger Transactions (Details) - Spinoff - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |
Sep. 30, 2021 | Oct. 06, 2021 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Investment banking, legal, accounting and other professional fees and expenses related to pending mergers | $ 11.5 | |
Subsequent Event | Gray and Gray Merger Subsidiary | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Share price (in dollars per share) | $ 16.99 | |
Subsequent Event | About, Inc. | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Share price (in dollars per share) | $ 42.18 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Jun. 30, 2021 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 15.8 | $ 13.9 |
Work in process | 11.9 | 13.2 |
Finished goods | 2 | 2.2 |
Inventories | $ 29.7 | $ 29.3 |
Intangible Assets and Goodwil_2
Intangible Assets and Goodwill - Intangible Assets subject to Amortization (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Jun. 30, 2021 |
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets subject to amortization, gross amount | $ 497,300 | $ 739,000 |
Intangible assets subject to amortization, accumulated amortization | (308,000) | (538,100) |
Intangible assets subject to amortization, net amount | 189,300 | 200,900 |
Indefinite-lived Intangible Assets [Line Items] | ||
Intangible assets not subject to amortization, gross amount | 1,355,900 | 1,355,900 |
Intangible assets, net | 1,545,200 | 1,556,800 |
Magazine | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Intangible assets not subject to amortization, gross amount | 665,000 | 665,000 |
Trademarks | Digital | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Intangible assets not subject to amortization, gross amount | 29,700 | 29,700 |
Internet domain names | Digital | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Intangible assets not subject to amortization, gross amount | 8,300 | 8,300 |
FCC licenses | Local media | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Intangible assets not subject to amortization, gross amount | 652,900 | 652,900 |
Advertiser relationships | Digital | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets subject to amortization, gross amount | 0 | 95,900 |
Intangible assets subject to amortization, accumulated amortization | 0 | (95,900) |
Intangible assets subject to amortization, net amount | 0 | 0 |
Advertiser relationships | Magazine | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets subject to amortization, gross amount | 0 | 115,100 |
Intangible assets subject to amortization, accumulated amortization | 0 | (115,100) |
Intangible assets subject to amortization, net amount | 0 | 0 |
Advertiser relationships | Local media | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets subject to amortization, gross amount | 0 | 12,500 |
Intangible assets subject to amortization, accumulated amortization | 0 | (12,500) |
Intangible assets subject to amortization, net amount | 0 | 0 |
Publisher relationships | Digital | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets subject to amortization, gross amount | 10,300 | 10,300 |
Intangible assets subject to amortization, accumulated amortization | (3,100) | (2,800) |
Intangible assets subject to amortization, net amount | 7,200 | 7,500 |
Publisher relationships | Magazine | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets subject to amortization, gross amount | 122,500 | 122,500 |
Intangible assets subject to amortization, accumulated amortization | (64,200) | (59,800) |
Intangible assets subject to amortization, net amount | 58,300 | 62,700 |
Partner relationships | Digital | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets subject to amortization, gross amount | 3,200 | 3,200 |
Intangible assets subject to amortization, accumulated amortization | (800) | (700) |
Intangible assets subject to amortization, net amount | 2,400 | 2,500 |
Partner relationships | Magazine | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets subject to amortization, gross amount | 95,000 | 95,000 |
Intangible assets subject to amortization, accumulated amortization | (58,100) | (54,200) |
Intangible assets subject to amortization, net amount | 36,900 | 40,800 |
Customer lists | Digital | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets subject to amortization, gross amount | 7,100 | 7,100 |
Intangible assets subject to amortization, accumulated amortization | (4,000) | (3,600) |
Intangible assets subject to amortization, net amount | 3,100 | 3,500 |
Customer lists | Magazine | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets subject to amortization, gross amount | 900 | 900 |
Intangible assets subject to amortization, accumulated amortization | (400) | (300) |
Intangible assets subject to amortization, net amount | 500 | 600 |
Network affiliation agreements | Local media | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets subject to amortization, gross amount | 218,600 | 229,300 |
Intangible assets subject to amortization, accumulated amortization | (158,000) | (167,500) |
Intangible assets subject to amortization, net amount | 60,600 | 61,800 |
Retransmission agreements | Local media | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets subject to amortization, gross amount | 6,700 | 10,600 |
Intangible assets subject to amortization, accumulated amortization | (3,000) | (6,800) |
Intangible assets subject to amortization, net amount | 3,700 | 3,800 |
Other | Digital | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets subject to amortization, gross amount | 19,600 | 20,300 |
Intangible assets subject to amortization, accumulated amortization | (14,800) | (14,500) |
Intangible assets subject to amortization, net amount | 4,800 | 5,800 |
Other | Magazine | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets subject to amortization, gross amount | 13,400 | 15,600 |
Intangible assets subject to amortization, accumulated amortization | (1,600) | (3,700) |
Intangible assets subject to amortization, net amount | 11,800 | 11,900 |
Other | Local media | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets subject to amortization, gross amount | 0 | 700 |
Intangible assets subject to amortization, accumulated amortization | 0 | (700) |
Intangible assets subject to amortization, net amount | $ 0 | $ 0 |
Intangible Assets and Goodwil_3
Intangible Assets and Goodwill - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Amortization expense | $ 11,600 | $ 30,600 |
Future amortization expense for intangible assets [Abstract] | ||
Future amortization expense, fiscal 2022 | 45,300 | |
Future amortization expense, fiscal 2023 | 42,600 | |
Future amortization expense, fiscal 2024 | 34,500 | |
Future amortization expense, fiscal 2025 | 17,100 | |
Future amortization expense, fiscal 2026 | $ 6,600 |
Intangible Assets and Goodwil_4
Intangible Assets and Goodwill - Schedule of Goodwill (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Goodwill [Roll Forward] | ||||
Goodwill, net at beginning of period | $ 1,719.3 | |||
Accumulated impairment loss | (252.7) | $ (252.7) | ||
Goodwill, gross, end of period | 1,971.9 | 1,972.1 | ||
Goodwill, net at end of period | 1,719.2 | 1,719.4 | ||
Digital | ||||
Goodwill [Roll Forward] | ||||
Goodwill, gross, beginning of period | 893.6 | 893.7 | ||
Goodwill, net at beginning of period | 771.9 | 772 | ||
Acquisition adjustments | 0 | (0.1) | ||
Accumulated impairment loss | (121.7) | (121.7) | $ (121.7) | $ (121.7) |
Goodwill, gross, end of period | 893.6 | 893.6 | ||
Goodwill, net at end of period | 771.9 | 771.9 | ||
Magazine | ||||
Goodwill [Roll Forward] | ||||
Goodwill, gross, beginning of period | 961.8 | 961.7 | ||
Goodwill, net at beginning of period | 830.8 | 830.7 | ||
Foreign currency translation | (0.1) | 0.2 | ||
Accumulated impairment loss | (131) | (131) | $ (131) | $ (131) |
Goodwill, gross, end of period | 961.7 | 961.9 | ||
Goodwill, net at end of period | 830.7 | 830.9 | ||
Local media | ||||
Goodwill [Roll Forward] | ||||
Goodwill, gross, beginning of period | 116.6 | 116.6 | ||
Goodwill, net at beginning of period | 116.6 | 116.6 | ||
Activity | 0 | 0 | ||
Goodwill, gross, end of period | 116.6 | 116.6 | ||
Goodwill, net at end of period | $ 116.6 | $ 116.6 |
Restructuring Accrual - Narrati
Restructuring Accrual - Narrative (Details) $ in Millions | 3 Months Ended | |
Sep. 30, 2020USD ($)employee | Sep. 30, 2021USD ($) | |
Restructuring Cost and Reserve [Line Items] | ||
Restructuring liability, current portion | $ | $ 2.6 | |
Employee Severance | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring charges | $ | $ 12.4 | |
Employee Severance | Unallocated corporate | ||
Restructuring Cost and Reserve [Line Items] | ||
Number of employees affected | 10 | |
Employee Severance | Local Media | Operating Segments | ||
Restructuring Cost and Reserve [Line Items] | ||
Number of employees affected | 140 | |
Employee Severance | Magazine | Operating Segments | ||
Restructuring Cost and Reserve [Line Items] | ||
Number of employees affected | 65 | |
Employee Severance | Digital | Operating Segments | ||
Restructuring Cost and Reserve [Line Items] | ||
Number of employees affected | 15 |
Restructuring Accrual - Severan
Restructuring Accrual - Severance and Related Benefit Costs by Segment (Details) - USD ($) $ in Millions | 3 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Restructuring Cost and Reserve [Line Items] | ||
Total | $ 0.1 | $ 12.4 |
Total amount expected to be incurred | 0 | |
Operating Segments | Digital | ||
Restructuring Cost and Reserve [Line Items] | ||
Total | 0 | 0.8 |
Operating Segments | Magazine | ||
Restructuring Cost and Reserve [Line Items] | ||
Total | 0 | 3.8 |
Operating Segments | Local media | ||
Restructuring Cost and Reserve [Line Items] | ||
Total | 0 | 7.2 |
Unallocated corporate | ||
Restructuring Cost and Reserve [Line Items] | ||
Total | $ 0.1 | $ 0.6 |
Restructuring Accrual - Changes
Restructuring Accrual - Changes in Restructuring Accrual (Details) - Employee Severance - USD ($) $ in Millions | 3 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Restructuring Reserve [Roll Forward] | ||
Balance at beginning of period | $ 4.3 | $ 10.7 |
Accruals | 0.1 | 12.4 |
Cash payments | (1.8) | (4.1) |
Reversal of excess accrual | 0 | (1.9) |
Balance at end of period | $ 2.6 | $ 17.1 |
Long-term Debt - Schedule of Lo
Long-term Debt - Schedule of Long-term Debt (Details) - USD ($) | Sep. 30, 2021 | Jun. 30, 2021 |
Principal Balance | ||
Principal Balance | $ 2,790,300,000 | $ 2,791,300,000 |
Current portion of long-term debt | (4,100,000) | (4,100,000) |
Long-term debt | 2,786,200,000 | 2,787,200,000 |
Unamortized Discount and Debt Issuance Costs | ||
Unamortized Discount and Debt Issuance Costs | (42,700,000) | (45,300,000) |
Current portion of long-term debt | 0 | 0 |
Long-term debt | (42,700,000) | (45,300,000) |
Carrying Value | ||
Long-term debt, including current maturities | 2,747,600,000 | 2,746,000,000 |
Current portion of long-term debt | (4,100,000) | (4,100,000) |
Long-term debt, carrying value | $ 2,743,500,000 | $ 2,741,900,000 |
Senior Notes | 6.875% senior notes, due February 1, 2026 | ||
Debt Instrument [Line Items] | ||
Debt instrument, stated interest rate | 6.875% | 6.875% |
Principal Balance | ||
Principal Balance | $ 1,022,900,000 | $ 1,022,900,000 |
Unamortized Discount and Debt Issuance Costs | ||
Unamortized Discount and Debt Issuance Costs | (12,100,000) | (12,700,000) |
Carrying Value | ||
Long-term debt, including current maturities | $ 1,010,800,000 | $ 1,010,200,000 |
Senior Secured Notes | 6.500% senior secured notes, due July 1, 2025 | ||
Debt Instrument [Line Items] | ||
Debt instrument, stated interest rate | 6.50% | 6.50% |
Principal Balance | ||
Principal Balance | $ 300,000,000 | $ 300,000,000 |
Unamortized Discount and Debt Issuance Costs | ||
Unamortized Discount and Debt Issuance Costs | (3,900,000) | (4,000,000) |
Carrying Value | ||
Long-term debt, including current maturities | 296,100,000 | 296,000,000 |
Variable-rate credit facility | Variable-rate credit facility | Senior credit facility term loan, due January 31, 2025 | ||
Principal Balance | ||
Principal Balance | 1,062,500,000 | 1,062,500,000 |
Unamortized Discount and Debt Issuance Costs | ||
Unamortized Discount and Debt Issuance Costs | (9,700,000) | (10,400,000) |
Carrying Value | ||
Long-term debt, including current maturities | 1,052,800,000 | 1,052,100,000 |
Variable-rate credit facility | Variable-rate credit facility | Senior credit facility incremental term loan, due January 31, 2025 | ||
Principal Balance | ||
Principal Balance | 404,900,000 | 405,900,000 |
Unamortized Discount and Debt Issuance Costs | ||
Unamortized Discount and Debt Issuance Costs | (17,000,000) | (18,200,000) |
Carrying Value | ||
Long-term debt, including current maturities | 387,900,000 | 387,700,000 |
Variable-rate credit facility | Variable-rate credit facility | Revolving credit facility of $350 million, due January 31, 2023 | ||
Debt Instrument [Line Items] | ||
Line of credit facility, maximum borrowing capacity | 350,000,000 | 350,000,000 |
Principal Balance | ||
Principal Balance | 0 | 0 |
Unamortized Discount and Debt Issuance Costs | ||
Unamortized Discount and Debt Issuance Costs | 0 | 0 |
Carrying Value | ||
Long-term debt, including current maturities | $ 0 | $ 0 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Income Tax Examination [Line Items] | ||
Income tax expense (benefit) | $ 14.4 | $ (2.1) |
Domestic Tax Authority | ||
Income Tax Examination [Line Items] | ||
Income tax expense (benefit) | $ (15.2) |
Commitments and Contingencies -
Commitments and Contingencies - Lease Guarantees (Details) - Performance Guarantee - Discontinued Operations, Disposed of by Sale - Sunset and INVNT Lease Guarantees - USD ($) $ in Millions | Sep. 30, 2021 | Jun. 30, 2021 |
Loss Contingencies [Line Items] | ||
Guarantee obligations, current carrying amount | $ 1.9 | $ 2 |
Maximum lease guarantee obligation | $ 11.6 |
Commitments and Contingencies_2
Commitments and Contingencies - Legal Proceedings (Details) - CAD ($) $ in Millions | Nov. 30, 2015 | Jun. 19, 2015 | Sep. 13, 2013 | Oct. 26, 2010 |
Time, Inc. | TIR vs. Canadian Prime Minister of National Revenue | Pending Litigation | ||||
Loss Contingencies [Line Items] | ||||
Estimate of possible loss | $ 91 | $ 89.8 | $ 26.9 | $ 52 |
Fair Value Measurements - Carry
Fair Value Measurements - Carrying Value and Estimated Fair Value of Financial Instruments (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Jun. 30, 2021 |
Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Broadcast rights payable | $ 22.9 | $ 10.8 |
Total long-term debt | 2,747.6 | 2,746 |
Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Broadcast rights payable | 21.6 | 9.8 |
Total long-term debt | $ 2,850.4 | $ 2,859.3 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis (Details) - Measured at Fair Value on Recurring Basis - USD ($) $ in Millions | Sep. 30, 2021 | Jun. 30, 2021 |
Recurring fair value measurements | ||
Cash and cash equivalents - cash equivalents | $ 87.5 | $ 112.6 |
Accrued expenses | ||
Contingent consideration | 2.2 | |
Deferred compensation plans | 2.1 | 2.1 |
Other noncurrent liabilities | ||
Contingent consideration | 1 | 1.6 |
Deferred compensation plans | 14.3 | 13.6 |
Total recurring liability fair value measurements | 17.4 | 19.5 |
Level 1 | ||
Recurring fair value measurements | ||
Cash and cash equivalents - cash equivalents | 87.5 | 112.6 |
Accrued expenses | ||
Contingent consideration | 0 | |
Deferred compensation plans | 0 | 0 |
Other noncurrent liabilities | ||
Contingent consideration | 0 | 0 |
Deferred compensation plans | 0 | 0 |
Total recurring liability fair value measurements | 0 | 0 |
Level 2 | ||
Recurring fair value measurements | ||
Cash and cash equivalents - cash equivalents | 0 | 0 |
Accrued expenses | ||
Contingent consideration | 0 | |
Deferred compensation plans | 2.1 | 2.1 |
Other noncurrent liabilities | ||
Contingent consideration | 0 | 0 |
Deferred compensation plans | 14.3 | 13.6 |
Total recurring liability fair value measurements | 16.4 | 15.7 |
Level 3 | ||
Recurring fair value measurements | ||
Cash and cash equivalents - cash equivalents | 0 | 0 |
Accrued expenses | ||
Contingent consideration | 2.2 | |
Deferred compensation plans | 0 | 0 |
Other noncurrent liabilities | ||
Contingent consideration | 1 | 1.6 |
Deferred compensation plans | 0 | 0 |
Total recurring liability fair value measurements | $ 1 | $ 3.8 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) | Sep. 30, 2021 |
Weighted Average | Level 3 | Discount Rate | Measured at Fair Value on Recurring Basis | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Contingent consideration measurement input | 0.035 |
Fair Value Measurements - Chang
Fair Value Measurements - Changes in Fair Value of Level 3 Contingent Consideration (Details) - Level 3 - Measured at Fair Value on Recurring Basis - Contingent Consideration - USD ($) $ in Millions | 3 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Fair Value Liabilities [Roll Forward] | ||
Balance at beginning of period | $ 3.8 | $ 4.9 |
Payments | (1.3) | 0 |
Fair value adjustment of contingent consideration | (1.5) | 0 |
Balance at end of period | $ 1 | $ 4.9 |
Revenue Recognition - Disaggreg
Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Disaggregation of Revenue [Line Items] | ||
Total revenues | $ 708.6 | $ 693.5 |
Total advertising related | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 338.2 | 358.5 |
Digital | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 141 | 109.4 |
Magazine | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 90.4 | 108.5 |
Non-political spot | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 70.6 | 56.8 |
Political spot | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 5 | 51.7 |
Third party sales | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 31.2 | 32.1 |
Total consumer related | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 345.9 | 318.7 |
Subscription | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 136.9 | 133.4 |
Retransmission | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 96.7 | 91.4 |
Newsstand | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 43.3 | 35.1 |
Licensing | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 31.7 | 24.1 |
Affinity marketing | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 15.5 | 14.4 |
Digital and other consumer driven | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 21.8 | 20.3 |
Total other | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 24.5 | 16.3 |
Projects based | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 13.9 | 9.9 |
Other | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 10.6 | 6.4 |
Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 714.7 | 698.5 |
Operating Segments | Digital | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 200.2 | 160.9 |
Operating Segments | Digital | Total advertising related | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 138.9 | 111 |
Operating Segments | Digital | Digital | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 135.6 | 105.1 |
Operating Segments | Digital | Magazine | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 0 | 0 |
Operating Segments | Digital | Non-political spot | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 0 | 0 |
Operating Segments | Digital | Political spot | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 0 | 0 |
Operating Segments | Digital | Third party sales | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 3.3 | 5.9 |
Operating Segments | Digital | Total consumer related | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 60 | 48.5 |
Operating Segments | Digital | Subscription | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 0 | 0 |
Operating Segments | Digital | Retransmission | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 0 | 0 |
Operating Segments | Digital | Newsstand | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 0 | 0 |
Operating Segments | Digital | Licensing | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 31.7 | 24.1 |
Operating Segments | Digital | Affinity marketing | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 7.4 | 7 |
Operating Segments | Digital | Digital and other consumer driven | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 20.9 | 17.4 |
Operating Segments | Digital | Total other | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 1.3 | 1.4 |
Operating Segments | Digital | Projects based | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 0 | 0 |
Operating Segments | Digital | Other | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 1.3 | 1.4 |
Operating Segments | Magazine | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 305.1 | 311.6 |
Operating Segments | Magazine | Total advertising related | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 91.1 | 116.6 |
Operating Segments | Magazine | Digital | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 0 | 0 |
Operating Segments | Magazine | Magazine | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 90.4 | 108.5 |
Operating Segments | Magazine | Non-political spot | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 0 | 0 |
Operating Segments | Magazine | Political spot | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 0 | 0 |
Operating Segments | Magazine | Third party sales | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 0.7 | 8.1 |
Operating Segments | Magazine | Total consumer related | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 194.5 | 183.4 |
Operating Segments | Magazine | Subscription | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 136.9 | 133.4 |
Operating Segments | Magazine | Retransmission | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 0 | 0 |
Operating Segments | Magazine | Newsstand | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 43.3 | 35.1 |
Operating Segments | Magazine | Licensing | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 0 | 0 |
Operating Segments | Magazine | Affinity marketing | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 13.6 | 12.2 |
Operating Segments | Magazine | Digital and other consumer driven | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 0.7 | 2.7 |
Operating Segments | Magazine | Total other | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 19.5 | 11.6 |
Operating Segments | Magazine | Projects based | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 13.9 | 9.9 |
Operating Segments | Magazine | Other | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 5.6 | 1.7 |
Operating Segments | Local Media | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 209.4 | 226 |
Operating Segments | Local Media | Total advertising related | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 108.8 | 131.1 |
Operating Segments | Local Media | Digital | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 5.4 | 4.3 |
Operating Segments | Local Media | Magazine | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 0 | 0 |
Operating Segments | Local Media | Non-political spot | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 70.6 | 56.8 |
Operating Segments | Local Media | Political spot | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 5 | 51.7 |
Operating Segments | Local Media | Third party sales | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 27.8 | 18.3 |
Operating Segments | Local Media | Total consumer related | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 96.9 | 91.6 |
Operating Segments | Local Media | Subscription | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 0 | 0 |
Operating Segments | Local Media | Retransmission | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 96.7 | 91.4 |
Operating Segments | Local Media | Newsstand | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 0 | 0 |
Operating Segments | Local Media | Licensing | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 0 | 0 |
Operating Segments | Local Media | Affinity marketing | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 0 | 0 |
Operating Segments | Local Media | Digital and other consumer driven | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 0.2 | 0.2 |
Operating Segments | Local Media | Total other | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 3.7 | 3.3 |
Operating Segments | Local Media | Projects based | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 0 | 0 |
Operating Segments | Local Media | Other | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 3.7 | 3.3 |
Intersegment Eliminations | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | (6.1) | (5) |
Intersegment Eliminations | Total advertising related | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | (0.6) | (0.2) |
Intersegment Eliminations | Digital | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 0 | 0 |
Intersegment Eliminations | Magazine | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 0 | 0 |
Intersegment Eliminations | Non-political spot | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 0 | 0 |
Intersegment Eliminations | Political spot | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 0 | 0 |
Intersegment Eliminations | Third party sales | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | (0.6) | (0.2) |
Intersegment Eliminations | Total consumer related | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | (5.5) | (4.8) |
Intersegment Eliminations | Subscription | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 0 | 0 |
Intersegment Eliminations | Retransmission | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 0 | 0 |
Intersegment Eliminations | Newsstand | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 0 | 0 |
Intersegment Eliminations | Licensing | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 0 | 0 |
Intersegment Eliminations | Affinity marketing | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | (5.5) | (4.8) |
Intersegment Eliminations | Digital and other consumer driven | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 0 | 0 |
Intersegment Eliminations | Total other | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 0 | 0 |
Intersegment Eliminations | Projects based | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 0 | 0 |
Intersegment Eliminations | Other | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | $ 0 | $ 0 |
Revenue Recognition - Narrative
Revenue Recognition - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Jun. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |||
Current portion of contract liabilities | $ 401.3 | $ 396.4 | |
Noncurrent contract liabilities | 215.6 | $ 218.8 | |
Revenue recognized | $ 131.7 | $ 137.3 |
Pension and Postretirement Be_3
Pension and Postretirement Benefit Plans - Components of Net Periodic Benefit Costs (Details) - USD ($) $ in Millions | 3 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Pension Benefits | United States | ||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||
Service cost | $ 2.2 | $ 2.3 |
Interest cost | 0.8 | 0.8 |
Expected return on plan assets | (2.2) | (2) |
Prior service cost amortization | 0.1 | 0.1 |
Actuarial loss amortization | 0.3 | 0.7 |
Net periodic benefit costs | 1.2 | 1.9 |
Pension Benefits | International Plan | ||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||
Interest cost | 3.3 | 2.3 |
Expected return on plan assets | (3.7) | (3.8) |
Prior service cost amortization | 0.1 | 0 |
Net periodic benefit costs | (0.3) | (1.5) |
Postretirement Benefits | United States | ||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||
Interest cost | 0.1 | 0.1 |
Actuarial loss amortization | (0.1) | (0.1) |
Net periodic benefit costs | $ 0 | $ 0 |
Earnings Per Common Share - Com
Earnings Per Common Share - Computation of Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Earnings Per Share [Abstract] | ||
Net earnings | $ 24.8 | $ 42.3 |
Undistributed earnings allocated to participating securities | (0.5) | (2) |
Basic earnings attributable to common shareholders | $ 24.3 | $ 40.3 |
Basic weighted average common shares outstanding (in shares) | 46.5 | 46 |
Basic earnings per common share (in usd per share) | $ 0.52 | $ 0.88 |
Earnings Per Common Share - Dil
Earnings Per Common Share - Dilutive Effect of Share-Based Awards (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Basic weighted-average common shares outstanding (in shares) | 46.5 | 46 |
Diluted weighted-average shares outstanding (in shares) | 47.2 | 46 |
Diluted earnings attributable to common shareholders | $ 24.3 | $ 40.3 |
Diluted earnings per common share (in usd per share) | $ 0.51 | $ 0.88 |
Dilutive effect of stock options and equivalents | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Dilutive effect of stock options and equivalents (in shares) | 0.7 | 0 |
Earnings Per Common Share - Nar
Earnings Per Common Share - Narrative (Details) - $ / shares shares in Millions | 3 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Options exercised to purchase common stock (in shares) | 0.1 | 0 |
Restricted Stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from calculation of earnings per share, number of options (in shares) | 0.6 | |
Warrant | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from calculation of earnings per share, number of options (in shares) | 1.5 | |
Options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from calculation of earnings per share, number of options (in shares) | 3 | 4.2 |
Antidilutive options excluded from calculation of earnings per share, weighted average exercise price (in usd per share) | $ 58.09 | $ 49.67 |
Financial Information about I_3
Financial Information about Industry Segments - Financial Information by Segment (Details) $ in Millions | Jul. 01, 2021segment | Sep. 30, 2021USD ($)segmentmeasure | Sep. 30, 2020USD ($) |
Segment Reporting Information [Line Items] | |||
Number of reportable segments | segment | 2 | ||
Number of principal financial measures | measure | 2 | ||
Total revenues | $ 708.6 | $ 693.5 | |
Income from operations | 76 | 78.1 | |
Non-operating income, net | 1.5 | 5.6 | |
Interest expense, net | (38.3) | (43.5) | |
Earnings before income taxes | 39.2 | 40.2 | |
Depreciation and amortization | 28.8 | 49 | |
National Media | |||
Segment Reporting Information [Line Items] | |||
Number of reportable segments | segment | 2 | ||
Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 714.7 | 698.5 | |
Operating Segments | Digital | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 200.2 | 160.9 | |
Income from operations | 56.3 | 25.8 | |
Depreciation and amortization | 7.7 | 15.8 | |
Operating Segments | Magazine | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 305.1 | 311.6 | |
Income from operations | 4.6 | 5.7 | |
Depreciation and amortization | 14 | 24.2 | |
Operating Segments | Local media | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 209.4 | 226 | |
Income from operations | 46.6 | 63.8 | |
Depreciation and amortization | 6.7 | 8.6 | |
Unallocated corporate | |||
Segment Reporting Information [Line Items] | |||
Income from operations | (31.5) | (17.2) | |
Depreciation and amortization | 0.4 | 0.4 | |
Intersegment Eliminations | |||
Segment Reporting Information [Line Items] | |||
Total revenues | $ (6.1) | $ (5) |
Financial Information about I_4
Financial Information about Industry Segments - Assets by Segment (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Jun. 30, 2021 |
Segment Reporting Information [Line Items] | ||
Assets | $ 5,503.3 | $ 5,565.8 |
Operating Segments | Digital | ||
Segment Reporting Information [Line Items] | ||
Assets | 1,472.7 | 1,465.1 |
Operating Segments | Magazine | ||
Segment Reporting Information [Line Items] | ||
Assets | 2,462.5 | 2,498.4 |
Operating Segments | Local media | ||
Segment Reporting Information [Line Items] | ||
Assets | 1,145 | 1,137.1 |
Unallocated corporate | ||
Segment Reporting Information [Line Items] | ||
Assets | $ 423.1 | $ 465.2 |