Assets Held-for-Sale, Discontinued Operations, and Dispositions (Tables)

12 Months Ended

Jun. 30, 2019

Discontinued Operations and Disposal Groups [Abstract]

Major Components of Assets and Liabilities Held-for-Sale

The following table presents the major components included in assets held-for-sale and liabilities associated with assets held-for-sale which include Sports Illustrated; FanSided, a Sports Illustrated affiliated brand that is being marketed separately from Sports Illustrated; and Viant Technology (Viant), as of June 30, 2019. The balances as of June 30, 2018, include TIME, Fortune, Sports Illustrated (including FanSided), and Viant:

(in millions)	June 30,	2019		2018
Current assets
Cash and cash equivalents		$	5.1	$	2.3
Accounts receivable, net		78.1		91.4
Inventories		0.1		0.9
Current portion of subscription acquisition costs		34.4		10.4
Other current assets		0.8		5.9
Total current assets		118.5		110.9
Net property, plant, and equipment		14.3		14.1
Subscription acquisition costs		—		4.2
Other assets		20.2		1.0
Intangible assets, net		43.9		112.1
Goodwill		124.1		477.5
Total assets held-for-sale		$	321.0	$	719.8
Current liabilities
Accounts payable		$	45.2	$	44.9
Accrued expenses and other liabilities		27.8		14.7
Current portion of unearned revenues		67.9		110.6
Deferred sale proceeds		73.2		—
Total current liabilities		214.1		170.2
Unearned revenues		37.6		29.1
Other noncurrent liabilities		0.4		0.7
Total liabilities associated with assets held-for-sale		$	252.1	$	200.0

Amounts Applicable to Discontinued Operations in Consolidated Statements of Earnings

Amounts applicable to discontinued operations in the Consolidated Statements of Earnings are as follows:

Years ended June 30,	2019			2018
(In millions except per share data)
Revenues	$	423.4		$	253.8
Costs and expenses	(408.5		)	(242.7		)
Impairment of goodwill	(8.5		)	—
Interest expense	(21.4		)	(11.9		)
Gain (loss) on disposal	2.1			(12.3		)
Loss before income taxes	(12.9		)	(13.1		)
Income tax expense	(69.9		)	(1.5		)
Loss from discontinued operations, net of income taxes	$	(82.8	)	$	(14.6	)
Loss per share from discontinued operations
Basic	$	(1.83	)	$	(0.32	)
Diluted	(1.82		)	(0.32		)