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Commitments and Contingent Liabilities
 12 Months Ended
Jun. 30, 2012
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingent Liabilities [Text Block]
Commitments and Contingent Liabilities

The Company occupies certain facilities and sales offices and uses certain equipment under lease agreements. Rental expense for such leases was $21.1 million in fiscal 2012, $19.3 million in fiscal 2011, and $18.3 million in fiscal 2010.

Below are the minimum rental commitments at June 30, 2012, under all noncancelable operating leases due in succeeding fiscal years:

Years ending June 30,
 
(In thousands)
 
2013
$
18,468

2014
17,771

2015
17,481

2016
15,305

2017
10,612

Later years
95,883

Total minimum rentals
$
175,520



Most of the future lease payments relate to the lease of office facilities in New York City through December 31, 2026. In the normal course of business, leases that expire are generally renewed or replaced by leases on similar properties.

The Company has recorded commitments for broadcast rights payable in future fiscal years. The Company also is obligated to make payments under contracts for broadcast rights not currently available for use and therefore not included in the consolidated financial statements. Such unavailable contracts amounted to $13.2 million at June 30, 2012. The fair value of these commitments for unavailable broadcast rights, determined by the present value of future cash flows discounted at the Company's current borrowing rate, was $12.6 million at June 30, 2012.

The table shows broadcast rights payments due in succeeding fiscal years:

Years ending June 30,
Recorded
Commitments
Unavailable
Rights
(In thousands)
 
 
 
 
 
 
2013
 
$
6,752


 
$
5,285

 
2014
 
3,133


 
5,514

 
2015
 
525


 
1,209

 
2016
 
22


 
337

 
2017
 
14

 
 
307

 
Later years
 
1


 
535

 
Total amounts payable
 
$
10,447


 
$
13,187

 


The Company is involved in certain litigation and claims arising in the normal course of business. In the opinion of management, liabilities, if any, arising from existing litigation and claims will not have a material effect on the Company's earnings, financial position, or liquidity.