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Fair Value Measurements (Tables)
 9 Months Ended
Mar. 31, 2021
Fair Value Disclosures [Abstract]  
Schedule of Carrying Value and Estimated Fair Value of Liabilities Measured on a Recurring Basis
The following table sets forth the carrying value and the estimated fair value of the Company’s financial instruments not measured at fair value in the Condensed Consolidated Balance Sheets:

March 31, 2021June 30, 2020
(In millions)Carrying ValueFair ValueCarrying ValueFair Value
Broadcast rights payable$14.6 $13.4 $12.7 $11.7 
Total long-term debt2,744.3 2,829.1 2,985.9 2,753.6 
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following tables summarize recurring and nonrecurring fair value measurements at March 31, 2021 and June 30, 2020, along with the corresponding impacts to the Condensed Consolidated Statements of Earnings (Loss), if any:

March 31, 2021
(In millions)TotalLevel 1Level 2Level 3
Recurring fair value measurements
Cash and cash equivalents - cash equivalents$101.8 $101.8 $— $— 
Accrued expenses
Contingent consideration$2.6 $— $— $2.6 
Deferred compensation plans6.0 — 6.0 — 
Other noncurrent liabilities
Contingent consideration1.7 — — 1.7 
Deferred compensation plans11.4 — 11.4 — 
Total recurring liability fair value measurements$21.7 $— $17.4 $4.3 
Schedule of Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
June 30, 2020Nine months ended March 31, 2020
(In millions)TotalLevel 1Level 2Level 3Total Losses
Recurring fair value measurements
Cash and cash equivalents - cash equivalents$115.2 $115.2 $— $— 
Accrued expenses
Contingent consideration$1.3 $— $— $1.3 
Deferred compensation plans3.4 — 3.4 — 
Other noncurrent liabilities
Contingent consideration3.6 — — 3.6 
Deferred compensation plans13.5 — 13.5 — 
Total recurring liability fair value measurements$21.8 $— $16.9 $4.9 
Nonrecurring fair value measurements
Net property, plant, and equipment 1
$16.7 $— $— $16.7 $(23.4)
Operating lease assets 2
46.3 — — 46.3 (64.5)
Intangible assets, net 3
77.9 — — 77.9 (48.7)
Goodwill 4
1,602.5 — — 1,602.5 (252.7)
Total nonrecurring fair value measurements$1,743.4 $— $— $1,743.4 $(389.3)
1
Represents leasehold improvements and furniture and fixtures with a carrying value of $40.1 million partially impaired with its associated operating lease asset at March 31, 2020. The impairment charge was recorded in the impairment of goodwill and other long-lived assets line on the Condensed Consolidated Statements of Earnings (Loss). For further discussion, see below.
2
Represents an operating lease asset with a carrying value of $110.8 million partially impaired at March 31, 2020. The impairment charge was recorded in the impairment of goodwill and other long-lived assets line on the Condensed Consolidated Statements of Earnings (Loss). For further discussion, see below.
3
Represents a local media FCC license partially impaired at March 31, 2020, and five national media trademarks. One trademark was fully impaired at September 30, 2019, and four additional were partially impaired at March 31, 2020. The assets had a carrying value of $126.6 million prior to the impairment. The impairment charge was recorded in the impairment of goodwill and other long-lived assets line on the Condensed Consolidated Statements of Earnings (Loss). For further details, refer to Note 4.
4
Represents national media goodwill with a carrying value of $1,855.2 million partially impaired at March 31, 2020. The impairment charge was recorded in the impairment of goodwill and other long-lived assets line on the Condensed Consolidated Statements of Earnings (Loss). For further details, refer to Note 4.
Schedule of Changes in Fair Value of Liabilities subject to Level 3 Measurement
The following table represents changes in the fair value of liabilities subject to Level 3 measurement during the nine months ended March 31, 2021 and 2020.

Nine months ended March 31,20212020
(In millions)
Contingent consideration
Balance at beginning of period$4.9 $0.8 
Additions due to acquisitions— 4.1 
Payments(1.0)— 
Fair value adjustment of contingent consideration0.4 0.3 
Balance at end of period$4.3 $5.2