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Fair Value Measurements (Tables)
 12 Months Ended
Jun. 30, 2018
Fair Value Disclosures [Abstract]  
Fair Value, by Balance Sheet Grouping
The following table sets forth the carrying value and the estimated fair value of the Company’s financial instruments not measured at fair value on a recurring basis:

 
June 30, 2018
 
 
June 30, 2017
(In millions)
Carrying Value
 
Fair Value
 
 
Carrying Value
 
Fair Value
Broadcast rights payable
$
29.7

 
$
27.4

 
 
$
31.7

 
$
30.5

Long-term debt
3,135.6

 
3,179.8

 
 
698.2

 
700.7
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following table sets forth the assets and liabilities measured at fair value on a recurring basis:

(In millions)
June 30, 2018
 
 
June 30, 2017
Machinery and equipment
 
 
 
 
Corporate airplanes, held-for-sale
$
—

 
 
$
1.9

Other assets
 
 
 
 
Interest rate swaps
—

 
 
0.2

Accrued expenses and other liabilities
 
 
 
 
Contingent consideration
24.6

 
 
4.0

Interest rate swaps
—

 
 
0.6

Deferred compensation plans
8.4

 
 
0.3

Other noncurrent liabilities
 
 
 
 
Contingent consideration
0.8

 
 
30.2

Deferred compensation plans
21.0

 
 
2.1
Fair Value, Liabilities Measured on Recurring and Nonrecurring Basis, Unobservable Input Reconciliation
The following table represents the changes in the fair value of Level 3 contingent consideration, corporate airplanes, trademarks, investment in Next Issue Media, and lease guarantees for the years ended June 30, 2018 and 2017.

Years ended June 30,
2018
 
2017
(in millions)
 
 
 
Contingent consideration
 
 
 
Balance at beginning of year
$
34.2

 
$
56.6

Accrual on Time’s opening balance sheet 1
1.1

 
—

Additions due to acquisitions
—

 
7.7

Payments 1
(5.1
)
 
(10.6
)
Fair value adjustment of contingent consideration
(4.8
)
 
(19.5
)
Balance at end of year
$
25.4

 
$
34.2

 
 
 
 
Corporate airplanes held-for-sale
 
 
 
Balance at beginning of year
$
1.9

 
$
2.8

Fair value adjustment of corporate airplanes
—

 
(0.9
)
Sale
(1.9
)
 
—

Balance at end of year
$
—

 
$
1.9

 
 
 
 
Trademarks
 
 
 
Balance at beginning of year 2
$
55.7

 
$
5.3

Impairment
(22.7
)
 
(5.3
)
Balance at end of year
$
33.0

 
$
—

 
 
 
 
Investment in Next Issue Media
 
 
 
Balance at beginning of year 3
$
11.0

 
$
—

Additions due to investment and acquisition
3.3

 
—

Equity method investment losses
(3.6
)
 
—

Impairment
(9.3
)
 
—

Sale
(1.4
)
 
—

Balance at end of year
$
—

 
$
—

 
 
 
 
Lease guarantee
 
 
 
Balance at beginning of year
$
—

 
$
—

Accrual on Time’s opening balance sheet
3.6

 
—

Issuance of new guarantees
9.2

 
—

Fair market value adjustment of lease guarantees
(0.4
)
 
—

Foreign currency exchange impact
(0.5
)
 
—

Balance at end of year
$
11.9

 
$
—

 
 
 
 
1   Of this amount, $0.5 million was classified in liabilities associated with assets held-for-sale on the opening balance
    sheet, and was subsequently paid in fiscal 2018.
2   Book value of trademarks impaired during the year.
3   Book value of investment impaired during the year.