Financial Information about Industry Segments

6 Months Ended

Dec. 31, 2015

Segment Reporting [Abstract]

Financial Information about Industry Segments

Financial Information about Industry Segments

Meredith is a diversified media company focused primarily on the home and family marketplace. On the basis of products and services, the Company has established two reportable segments: national media and local media. There have been no changes in the basis of segmentation since June 30, 2015. There are no material intersegment transactions.

There are two principal financial measures reported to the chief executive officer for use in assessing segment performance and allocating resources. Those measures are operating profit and EBITDA. Operating profit for segment reporting, disclosed below, is revenues less operating costs excluding unallocated corporate expenses. Segment operating expenses include allocations of certain centrally incurred costs such as employee benefits, occupancy, information systems, accounting services, internal legal staff, and human resources administration. These costs are allocated based on actual usage or other appropriate methods, primarily number of employees. Unallocated corporate expenses are corporate overhead expenses not directly attributable to the operating groups. In accordance with authoritative guidance on disclosures about segments of an enterprise and related information, EBITDA is not presented below.

The following table presents financial information by segment:

	Three Months						Six Months
Periods ended December 31,	2015			2014			2015			2014
(In thousands)
Revenues
National media	$	266,527		$	242,381		$	524,726		$	488,707
Local media	139,886			156,524			266,353			281,382
Total revenues	$	406,413		$	398,905		$	791,079		$	770,089
Segment profit
National media	$	33,583		$	26,107		$	56,386		$	55,002
Local media	40,441			54,986			69,768			91,298
Unallocated corporate	(13,911		)	(12,231		)	(37,029		)	(24,586		)
Income from operations	60,113			68,862			89,125			121,714
Interest expense, net	(5,265		)	(4,785		)	(10,578		)	(9,027		)
Earnings before income taxes	$	54,848		$	64,077		$	78,547		$	112,687
Depreciation and amortization
National media	$	4,833		$	3,487		$	9,398		$	7,112
Local media	9,616			10,395			19,594			19,110
Unallocated corporate	537			426			1,074			855
Total depreciation and amortization	$	14,986		$	14,308		$	30,066		$	27,077