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Financial Information about Industry Segments
 6 Months Ended
Dec. 31, 2019
Segment Reporting [Abstract]  
Financial Information about Industry Segments
15. Financial Information about Industry Segments

Meredith is a diversified media company that utilizes multiple platforms, including broadcast television, print, digital, mobile and video, to deliver the content consumers desire and to deliver the messages of advertising and marketing partners. 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, 2019. There have been no material intersegment transactions.

There are two principal financial measures reported to the chief executive officer (the chief operating decision maker) for use in assessing segment performance and allocating resources. Those measures are operating profit and earnings before interest expense, income taxes, depreciation, and amortization (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,
2019
 
2018
 
 
2019
 
2018
(In millions)
 
 
 
 
 
 
 
 
Revenues
 
 
 
 
 
 
 
 
National media
$
597.2

 
$
616.2

 
 
$
1,130.1

 
$
1,176.8

Local media
214.0

 
262.4

 
 
406.8

 
476.8

Total revenues, gross
811.2

 
878.6

 
 
1,536.9

 
1,653.6

Intersegment revenue elimination
(0.7
)
 
(0.2
)
 
 
(1.2
)
 
(0.8
)
Total revenues
$
810.5

 
$
878.4

 
 
$
1,535.7

 
$
1,652.8

 
 
 
 
 
 
 
 
 
Segment profit
 
 
 
 
 
 
 
 
National media
$
100.5

 
$
47.0

 
 
$
128.6

 
$
65.1

Local media
54.8

 
106.6

 
 
93.2

 
174.1

Unallocated corporate
(21.4
)
 
(19.9
)
 
 
(45.0
)
 
(51.3
)
Income from operations
133.9

 
133.7

 
 
176.8

 
187.9

Non-operating income (expense), net
(7.2
)
 
5.9

 
 
1.4

 
13.2

Interest expense, net
(36.9
)
 
(50.9
)
 
 
(75.8
)
 
(92.5
)
Earnings from continuing operations before income taxes
$
89.8

 
$
88.7

 
 
$
102.4

 
$
108.6

 
 
 
 
 
 
 
 
 
Depreciation and amortization
 
 
 
 
 
 
 
 
National media
$
47.8

 
$
55.1

 
 
$
95.2

 
$
107.4

Local media
9.9

 
9.2

 
 
19.5

 
18.3

Unallocated corporate
0.9

 
0.8

 
 
2.4

 
3.1

Total depreciation and amortization
$
58.6

 
$
65.1

 
 
$
117.1

 
$
128.8