Issuer, Guarantor, and Non-Guarantor Condensed Consolidating Financial Information (Tables)

12 Months Ended

Jun. 30, 2019

Condensed Financial Information Disclosure [Abstract]

Condensed Consolidated Balance Sheet

Meredith Corporation and Subsidiaries

Condensed Consolidated Balance Sheet

As of June 30, 2019

	Meredith Corporation (Parent Issuer)		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Consolidated
(In millions)
Current assets
Cash and cash equivalents	$	30.3	$	3.2	$	11.5	$	—		$	45.0
Accounts receivable, net	327.5		267.4		14.2		—			609.1
Inventories	53.7		8.9		0.1		—			62.7
Current portion of subscription acquisition costs	91.5		156.8		—		(6.3		)	242.0
Current portion of broadcast rights	4.9		2.2		—		—			7.1
Assets held-for-sale	—		208.8		112.2		—			321.0
Other current assets	46.5		14.1		2.6		—			63.2
Total current assets	554.4		661.4		140.6		(6.3		)	1,350.1
Net property, plant, and equipment	340.8		107.8		1.7		—			450.3
Subscription acquisition costs	152.3		121.6		—		—			273.9
Broadcast rights	4.8		1.2		—		—			6.0
Other assets	55.8		28.8		179.0		—			263.6
Intangible assets, net	627.7		1,181.0		4.9		—			1,813.6
Goodwill	614.8		1,317.6		47.0		—			1,979.4
Intercompany receivable	470.5		10,352.3		7,958.6		(18,781.4		)	—
Intercompany notes receivable	—		215.5		0.2		(215.7		)	—
Investment in subsidiaries	3,874.5		983.0		—		(4,857.5		)	—
Total assets	$	6,695.6	$	14,970.2	$	8,332.0	$	(23,860.9	)	$	6,136.9
Liabilities, Redeemable Convertible Preferred Stock, and Shareholders’ Equity
Current liabilities
Current portion of long-term broadcast rights payable	$	4.5	$	2.1	$	—	$	—		$	6.6
Accounts payable	141.5		90.4		10.7		—			242.6
Accrued expenses	190.9		105.1		4.6		—			300.6
Current portion of unearned revenues	183.2		277.7		3.8		(5.8		)	458.9
Liabilities associated with assets held-for-sale	—		190.8		61.3		—			252.1
Total current liabilities	520.1		666.1		80.4		(5.8		)	1,260.8
Long-term debt	2,333.3		—		—		—			2,333.3
Long-term broadcast rights payable	6.7		1.7		—		—			8.4
Unearned revenues	155.7		162.9		—		—			318.6
Deferred income taxes	221.8		266.2		18.2		—			506.2
Other noncurrent liabilities	91.0		84.2		19.6		—			194.8
Investment in subsidiaries	—		—		74.8		(74.8		)	—
Intercompany payable	1,852.2		9,105.0		7,824.2		(18,781.4		)	—
Intercompany notes payable	—		0.2		215.5		(215.7		)	—
Total liabilities	5,180.8		10,286.3		8,232.7		(19,077.7		)	4,622.1
Redeemable, convertible Series A preferred stock	540.2		—		—		—			540.2
Shareholders’ equity	974.6		4,683.9		99.3		(4,783.2		)	974.6
Total liabilities, redeemable convertible preferred stock, and shareholders’ equity	$	6,695.6	$	14,970.2	$	8,332.0	$	(23,860.9	)	$	6,136.9

Meredith Corporation and Subsidiaries

Condensed Consolidated Balance Sheet

As of June 30, 2018

Assets	Meredith Corporation (Parent Issuer)		Guarantor Subsidiaries		Non-Guarantor Subsidiaries			Eliminations			Consolidated
(In millions)
Current assets
Cash and cash equivalents	$	195.0	$	202.8	$	39.8		$	—		$	437.6
Accounts receivable, net	223.5		333.2		—			(11.5		)	545.2
Inventories	23.6		20.7		0.1			—			44.4
Current portion of subscription acquisition costs	107.0		38.0		—			—			145.0
Current portion of broadcast rights	7.7		2.1		—			—			9.8
Assets held-for-sale	—		654.6		65.2			—			719.8
Other current assets	55.3		37.6		22.0			—			114.9
Total current assets	612.1		1,289.0		127.1			(11.5		)	2,016.7
Net property, plant, and equipment	162.4		318.1		3.2			—			483.7
Subscription acquisition costs	57.1		9.2		—			—			66.3
Broadcast rights	16.9		2.0		—			—			18.9
Deferred income taxes	—		—		6.3			(6.3		)	—
Other assets	60.4		5.4		197.5			—			263.3
Intangible assets, net	676.2		1,329.0		1.0			—			2,006.2
Goodwill	614.7		1,266.9		34.2			—			1,915.8
Intercompany receivable	11.8		8,086.1		7,773.2			(15,871.1		)	—
Intercompany note receivable	—		204.7		—			(204.7		)	—
Investment in subsidiaries	3,844.5		1,050.6		—			(4,895.1		)	—
Total assets	$	6,056.1	$	13,561.0	$	8,142.5		$	(20,988.7	)	$	6,770.9
Liabilities and Shareholders’ Equity
Current liabilities
Current portion of long-term debt	$	17.7	$	—	$	—		$	—		$	17.7
Current portion of long-term broadcast rights payable	6.9		2.0		—			—			8.9
Accounts payable	67.2		95.4		44.0			(11.5		)	195.1
Accrued expenses	142.6		263.4		4.6			—			410.6
Current portion of unearned revenues	171.5		213.4		7.7			0.9			393.5
Liabilities associated with assets held-for-sale	—		125.8		74.2			—			200.0
Total current liabilities	405.9		700.0		130.5			(10.6		)	1,225.8
Long-term debt	3,117.9		—		—			—			3,117.9
Long-term broadcast rights payable	18.3		2.5		—			—			20.8
Unearned revenues	82.3		50.2		(0.2		)	—			132.3
Deferred income taxes	209.5		233.8		—			(6.3		)	437.0
Other noncurrent liabilities	99.4		97.8		19.8			—			217.0
Investment in subsidiaries	—		—		58.8			(58.8		)	—
Intercompany payable	502.7		7,846.4		7,522.0			(15,871.1		)	—
Intercompany notes payable	—		—		204.7			(204.7		)	—
Total liabilities	4,436.0		8,930.7		7,935.6			(16,151.5		)	5,150.8
Redeemable, convertible Series A preferred stock	522.6		—		—			—			522.6
Shareholders’ equity	1,097.5		4,630.3		206.9			(4,837.2		)	1,097.5
Total liabilities, redeemable convertible preferred stock, and shareholders’ equity	$	6,056.1	$	13,561.0	$	8,142.5		$	(20,988.7	)	$	6,770.9

Condensed Consolidated Statement of Comprehensive Income

Meredith Corporation and Subsidiaries

Condensed Consolidated Statement of Comprehensive Income

For the Year Ended June 30, 2019

	Meredith Corporation (Parent Issuer)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
(In millions)
Revenues
Advertising related	$	602.2		$	1,077.0		$	7.8		$	(0.4	)	$	1,686.6
Consumer related	536.9			884.0			42.7			(70.0		)	1,393.6
All other	49.0			77.5			13.8			(32.0		)	108.3
Total revenues	1,188.1			2,038.5			64.3			(102.4		)	3,188.5
Operating expenses
Production, distribution, and editorial	510.8			712.9			28.5			(91.0		)	1,161.2
Selling, general, and administrative	555.0			800.9			5.9			(11.8		)	1,350.0
Acquisition, disposition, and restructuring related activities	34.0			56.8			10.1			—			100.9
Depreciation and amortization	44.0			201.0			2.6			—			247.6
Impairment of long-lived assets	39.8			2.0			—			—			41.8
Total operating expenses	1,183.6			1,773.6			47.1			(102.8		)	2,901.5
Income from operations	4.5			264.9			17.2			0.4			287.0
Non-operating income, net	3.6			9.5			11.1			—			24.2
Interest income (expense), net	(172.2		)	14.9			(13.3		)	—			(170.6		)
Earnings (loss) from continuing operations before income taxes	(164.1		)	289.3			15.0			0.4			140.6
Income tax benefit (expense)	34.4			(42.5		)	(3.4		)	—			(11.5		)
Earnings (loss) from continuing operations	(129.7		)	246.8			11.6			0.4			129.1
Gain (loss) from discontinued operations, net of income taxes	—			(104.1		)	21.3			—			(82.8		)
Earnings (loss) before equity income (loss)	(129.7		)	142.7			32.9			0.4			46.3
Earnings (loss) from equity in subsidiaries	176.0			(65.5		)	(13.7		)	(96.8		)	—
Net earnings	$	46.3		$	77.2		$	19.2		$	(96.4	)	$	46.3
Total comprehensive income	$	41.6		$	77.2		$	14.3		$	(96.4	)	$	36.7

Meredith Corporation and Subsidiaries

Condensed Consolidated Statement of Comprehensive Income

For the Year Ended June 30, 2018

	Meredith Corporation (Parent Issuer)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
(In millions)
Revenues
Advertising related	$	625.7		$	561.3		$	3.7		$	—		$	1,190.7
Consumer related	545.9			414.8			21.6			(61.0		)	921.3
All other	33.2			58.5			87.3			(26.8		)	152.2
Total revenues	1,204.8			1,034.6			112.6			(87.8		)	2,264.2
Operating expenses
Production, distribution, and editorial	488.7			420.4			42.1			(83.2		)	868.0
Selling, general, and administrative	509.5			432.1			49.7			(3.8		)	987.5
Acquisition, disposition, and restructuring related activities	58.4			111.7			—			—			170.1
Depreciation and amortization	33.3			94.4			1.3			—			129.0
Impairment of long-lived assets	22.7			—			—			—			22.7
Total operating expenses	1,112.6			1,058.6			93.1			(87.0		)	2,177.3
Income (loss) from operations	92.2			(24.0		)	19.5			(0.8		)	86.9
Non-operating income (expense), net	(9.1		)	0.6			9.2			—			0.7
Interest income (expense), net	(95.4		)	7.2			(9.0		)	—			(97.2		)
Earnings (loss) from continuing operations before income taxes	(12.3		)	(16.2		)	19.7			(0.8		)	(9.6		)
Income taxes benefit (expense)	116.6			8.4			(1.4		)	—			123.6
Earnings (loss) from continuing operations	104.3			(7.8		)	18.3			(0.8		)	114.0
Gain (loss) from discontinued operations, net of income taxes	(12.2		)	18.6			(21.0		)	—			(14.6		)
Earnings (loss) before equity income (loss)	92.1			10.8			(2.7		)	(0.8		)	99.4
Earnings (loss) from equity in subsidiaries	7.3			6.9			(10.7		)	(3.5		)	—
Net earnings (loss)	$	99.4		$	17.7		$	(13.4	)	$	(4.3	)	$	99.4
Total comprehensive income (loss)	$	101.5		$	17.7		$	(29.2	)	$	(4.3	)	$	85.7

Meredith Corporation and Subsidiaries

Condensed Consolidated Statement of Comprehensive Income

For the Year Ended June 30, 2017

	Meredith Corporation (Parent Issuer)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
(In millions)
Revenues
Advertising related	$	671.6		$	260.7		$	1.8		$	—		$	934.1
Consumer related	524.6			78.6			10.3			—			613.5
All other	42.9			1.8			121.0			—			165.7
Total revenues	1,239.1			341.1			133.1			—			1,713.3
Operating expenses
Production, distribution, and editorial	477.1			100.2			31.1			—			608.4
Selling, general, and administrative	538.6			105.4			82.4			—			726.4
Acquisition, disposition, and restructuring related activities	8.3			—			2.0			—			10.3
Depreciation and amortization	37.6			15.7			0.5			—			53.8
Impairment of goodwill and other long-lived assets	0.9			5.3			—			—			6.2
Total operating expenses	1,062.5			226.6			116.0			—			1,405.1
Income from operations	176.6			114.5			17.1			—			308.2
Non-operating income, net	0.9			—			—			—			0.9
Interest expense, net	(14.2		)	—			(4.6		)	—			(18.8		)
Earnings before income taxes	163.3			114.5			12.5			—			290.3
Income tax expense	(51.7		)	(45.5		)	(4.2		)	—			(101.4		)
Earnings before equity income	111.6			69.0			8.3			—			188.9
Earnings from equity in subsidiaries	77.3			—			—			(77.3		)	—
Net earnings	$	188.9		$	69.0		$	8.3		$	(77.3	)	$	188.9
Total comprehensive income	$	198.4		$	69.0		$	8.3		$	(77.3	)	$	198.4

Condensed Consolidated Statement of Cash Flows

Meredith Corporation and Subsidiaries

Condensed Consolidated Statement of Cash Flows

For the Year Ended June 30, 2019

	Meredith Corporation (Parent Issuer)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated
(In millions)
Cash flows from operating activities	$	(0.3	)	$	403.8		$	(158.2	)	$	—	$	245.3
Cash flows from investing activities
Acquisition of and investments in businesses, net of cash acquired	(18.4		)	—			—			—		(18.4		)
Proceeds from disposition of assets, net of cash sold	13.3			334.5			1.3			—		349.1
Proceeds received in advance of sale of business	—			90.0			—			—		90.0
Additions to property, plant, and equipment	(37.5		)	(8.8		)	(0.1		)	—		(46.4		)
Net cash provided by (used in) investing activities	(42.6		)	415.7			1.2			—		374.3
Cash flows from financing activities
Proceeds from issuance of long-term debt	210.0			—			—			—		210.0
Repayments of long-term debt	(1,037.0		)	—			—			—		(1,037.0		)
Dividends paid	(161.9		)	—			—			—		(161.9		)
Purchases of Company stock	(10.0		)	—			—			—		(10.0		)
Proceeds from common stock issued	4.6			—			—			—		4.6
Payment of acquisition related contingent consideration	(19.3		)	—			—			—		(19.3		)
Net increase (decrease) in intercompany obligations	891.8			(1,019.1		)	127.3			—		—
Net cash provided by (used in) financing activities	(121.8		)	(1,019.1		)	127.3			—		(1,013.6		)
Effect of exchange rate changes on cash and cash equivalents	—			—			(1.4		)	—		(1.4		)
Change in cash held-for-sale	—			—			2.8			—		2.8
Net decrease in cash and cash equivalents	(164.7		)	(199.6		)	(28.3		)	—		(392.6		)
Cash and cash equivalents at beginning of year	195.0			202.8			39.8			—		437.6
Cash and cash equivalents at end of year	$	30.3		$	3.2		$	11.5		$	—	$	45.0

Meredith Corporation and Subsidiaries

Condensed Consolidated Statement of Cash Flows

For the Year Ended June 30, 2018

	Meredith Corporation (Parent Issuer)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated
(In millions)
Cash flows from operating activities	$	(465.4	)	$	515.3		$	100.0		$	—	$	149.9
Cash flows from investing activities
Acquisition of and investments in businesses, net of cash acquired	(2,786.5		)	—			—			—		(2,786.5		)
Proceeds from disposition of assets, net of cash sold	86.4			—			132.8			—		219.2
Additions to property, plant, and equipment	(41.2		)	(11.6		)	(0.4		)	—		(53.2		)
Other	3.8			—			—			—		3.8
Net cash provided by (used in) investing activities	(2,737.5		)	(11.6		)	132.4			—		(2,616.7		)
Cash flows from financing activities
Proceeds from issuance of long-term debt	3,260.0			—			—			—		3,260.0
Repayments of long-term debt	(689.7		)	—			(75.4		)	—		(765.1		)
Issued preferred stock, warrants, and options proceeds, net of issuance costs	631.0			—			—			—		631.0
Dividends paid	(121.5		)	—			—			—		(121.5		)
Purchases of Company stock	(31.1		)	—			—			—		(31.1		)
Proceeds from common stock issued	19.3			—			—			—		19.3
Payment of acquisition related contingent consideration	(3.2		)	(1.1		)	—			—		(4.3		)
Debt acquisition costs	(70.8		)	—			—			—		(70.8		)
Net increase (decrease) in intercompany obligations	382.1			(299.8		)	(82.3		)	—		—
Net cash provided by (used in) financing activities	3,376.1			(300.9		)	(157.7		)	—		2,917.5
Effect of exchange rate changes on cash and cash equivalents	—			—			(4.1		)	—		(4.1		)
Change in cash held for sale	—			—			(31.3		)	—		(31.3		)
Net increase in cash and cash equivalents	173.2			202.8			39.3			—		415.3
Cash and cash equivalents at beginning of year	21.8			—			0.5			—		22.3
Cash and cash equivalents at end of year	$	195.0		$	202.8		$	39.8		$	—	$	437.6

Meredith Corporation and Subsidiaries

Condensed Consolidated Statement of Cash Flows

For the Year Ended June 30, 2017

	Meredith Corporation (Parent Issuer)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated
(In millions)
Cash flows from operating activities	$	240.0		$	22.8		$	(44.2	)	$	—	$	218.6
Cash flows from investing activities
Acquisition of and investments in businesses, net of cash acquired	(84.4		)	—			—			—		(84.4		)
Proceeds from disposition of assets, net of cash sold	1.5			—			—			—		1.5
Additions to property, plant, and equipment	(28.8		)	(6.0		)	—			—		(34.8		)
Net cash used in investing activities	(111.7		)	(6.0		)	—			—		(117.7		)
Cash flows from financing activities
Proceeds from issuance of long-term debt	365.0			—			15.0			—		380.0
Repayments of long-term debt	(354.4		)	—			(20.0		)	—		(374.4		)
Dividends paid	(91.9		)	—			—			—		(91.9		)
Purchases of Company stock	(53.3		)	—			—			—		(53.3		)
Proceeds from common stock issued	38.0			—			—			—		38.0
Excess tax benefits from share-based payments	6.8			—			—			—		6.8
Payment of acquisition related contingent consideration	(7.3		)	—			—			—		(7.3		)
Debt acquisition costs	(1.5		)	—			—			—		(1.5		)
Net increase (decrease) in intercompany obligations	(32.1		)	(16.8		)	48.9			—		—
Net cash provided by (used in) financing activities	(130.7		)	(16.8		)	43.9			—		(103.6		)
Net decrease in cash and cash equivalents	(2.4		)	—			(0.3		)	—		(2.7		)
Cash and cash equivalents at beginning of year	24.2			—			0.8			—		25.0
Cash and cash equivalents at end of year	$	21.8		$	—		$	0.5		$	—	$	22.3