Company Quick10K Filing
Meredith
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 46 $2,445
10-Q 2019-11-12 Quarter: 2019-09-30
10-K 2019-09-13 Annual: 2019-06-30
10-Q 2019-05-14 Quarter: 2019-03-31
10-Q 2019-02-11 Quarter: 2018-12-31
10-Q 2018-11-09 Quarter: 2018-09-30
10-K 2018-09-04 Annual: 2018-06-30
10-Q 2018-05-15 Quarter: 2018-03-31
10-Q 2018-02-08 Quarter: 2017-12-31
10-Q 2017-10-26 Quarter: 2017-09-30
10-K 2017-08-29 Annual: 2017-06-30
10-Q 2017-04-27 Quarter: 2017-03-31
10-Q 2017-01-26 Quarter: 2016-12-31
10-Q 2016-10-27 Quarter: 2016-09-30
10-K 2016-08-26 Annual: 2016-06-30
10-Q 2016-04-28 Quarter: 2016-03-31
10-Q 2016-01-28 Quarter: 2015-12-31
10-Q 2015-11-06 Quarter: 2015-09-30
10-K 2015-08-26 Annual: 2015-06-30
10-Q 2015-04-27 Quarter: 2015-03-31
10-Q 2015-01-28 Quarter: 2014-12-31
10-Q 2014-10-23 Quarter: 2014-09-30
10-K 2014-08-27 Annual: 2014-06-30
10-Q 2014-04-28 Quarter: 2014-03-31
10-Q 2014-01-29 Quarter: 2013-12-31
10-Q 2013-10-24 Quarter: 2013-09-30
10-K 2013-08-21 Annual: 2013-06-30
10-Q 2013-04-25 Quarter: 2013-03-31
10-Q 2013-01-24 Quarter: 2012-12-31
10-Q 2012-10-25 Quarter: 2012-09-30
10-K 2012-08-23 Annual: 2012-06-30
10-Q 2012-04-25 Quarter: 2012-03-31
10-Q 2012-01-24 Quarter: 2011-12-31
10-Q 2011-10-26 Quarter: 2011-09-30
10-K 2011-08-24 Annual: 2011-06-30
10-Q 2011-04-27 Quarter: 2011-03-31
10-Q 2011-01-25 Quarter: 2010-12-31
10-Q 2010-10-27 Quarter: 2010-09-30
10-K 2010-08-30 Annual: 2010-06-30
10-Q 2010-04-28 Quarter: 2010-03-31
10-Q 2010-01-21 Quarter: 2009-12-31
8-K 2019-12-10 Regulation FD, Exhibits
8-K 2019-11-13 Shareholder Vote, Exhibits
8-K 2019-11-07 Earnings, Exhibits
8-K 2019-11-07 Earnings, Exhibits
8-K 2019-10-01 Officers, Exhibits
8-K 2019-09-05 Earnings, Exhibits
8-K 2019-09-05 Earnings, Exhibits
8-K 2019-08-28 Earnings, Other Events, Exhibits
8-K 2019-06-10 Officers, Exhibits
8-K 2019-05-10 Earnings, Exhibits
8-K 2019-05-10 Earnings, Exhibits
8-K 2019-03-31 Other Events
8-K 2019-03-19 Officers, Exhibits
8-K 2019-03-11 Regulation FD, Exhibits
8-K 2019-02-11 Earnings, Exhibits
8-K 2019-02-11 Earnings, Exhibits
8-K 2019-02-06 Officers, Exhibits
8-K 2019-01-15 Officers, Exhibits
8-K 2018-11-15 Shareholder Vote, Other Events, Exhibits
8-K 2018-11-07 Earnings, Exhibits
8-K 2018-11-07 Earnings, Exhibits
8-K 2018-10-03 Regulation FD, Exhibits
8-K 2018-09-06 Regulation FD, Exhibits
8-K 2018-08-10 Earnings, Exhibits
8-K 2018-08-10 Earnings, Exhibits
8-K 2018-05-15 Officers, Exhibits
8-K 2018-05-10 Earnings, Exhibits
8-K 2018-05-10 Earnings, Exhibits
8-K 2018-03-20 Exit Costs, Regulation FD, Exhibits
8-K 2018-03-15 Enter Agreement, M&A, Exhibits
8-K 2018-02-28 Regulation FD, Exhibits
8-K 2018-01-31
8-K 2018-01-31 Enter Agreement, Leave Agreement, M&A, Earnings, Off-BS Arrangement, Sale of Shares, Shareholder Rights, Amend Bylaw, Exhibits
8-K 2018-01-29 Officers
8-K 2018-01-19 Other Events, Exhibits
8-K 2018-01-04 Regulation FD, Exhibits
MDP 2019-09-30
Part I Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II Other Information
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
EX-10.1 fy20q1exhibit101.htm
EX-31.1 fy20q1exhibit311.htm
EX-31.2 fy20q1exhibit312.htm
EX-32 fy20q1exhibit32.htm

Meredith Earnings 2019-09-30

MDP 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
MDP 2,445 6,137 4,622 3,139 0 46 305 4,771 0% 15.6 1%
GCI 940 2,577 1,511 2,787 510 14 208 847 18% 4.1 1%
NEWM 569 1,488 821 1,588 0 1 127 988 0% 7.8 0%
DJCO 305 250 100 46 0 -18 -15 297 0% -20.1 -7%
LEE 122 574 596 526 0 19 105 567 0% 5.4 3%
AHC 80 171 90 196 0 13 31 28 0% 0.9 8%
AXR 47 100 10 6 -5 1 1 31 -82% 22.7 1%
TST 33 37 23 47 27 16 -3 8 56% -2.8 42%
MNI 21 1,276 1,649 763 0 -80 90 683 0% 7.6 -6%
TPCO

Document
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended
September 30, 2019
Commission file number 1-5128

image6a08.jpg
MEREDITH CORPORATION
(Exact name of registrant as specified in its charter)
 
 
Iowa
42-0410230
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
 
1716 Locust Street,
Des Moines,
Iowa
50309-3023
(Address of principal executive offices)
(ZIP Code)
Registrant’s telephone number, including area code: 
(515)
284-3000
Former name, former address, and former fiscal year, if changed since last report:  Not applicable
Securities registered pursuant to Section 12(b) of the Act:
 
Title of each class
 
Trading Symbol
 
Name of each exchange on which registered
 
 
Common Stock, par value $1
 
MDP
 
New York Stock Exchange
 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.         Yes x   No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).         Yes x   No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer x     Accelerated filer o     Non-accelerated filer o
Smaller reporting company      Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act     o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes    No x

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.
Shares of stock outstanding at October 31, 2019
 
Common shares
40,198,103

Class B shares
5,091,654

Total common and Class B shares
45,289,757

 
 

















(This page has been left blank intentionally.)





 
 
 
 
TABLE OF CONTENTS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Page
 
Part I - Financial Information
 
 
 
 
 
Item 1.
Financial Statements (Unaudited)
 
 
 
 
 
 
 
Condensed Consolidated Balance Sheets as of September 30, 2019 and June 30, 2019
 
 
 
 
 
 
Condensed Consolidated Statements of Earnings for the Three Months Ended September 30, 2019 and 2018
 
 
 
 
 
 
Condensed Consolidated Statements of Comprehensive Income for the Three Months Ended September 30, 2019 and 2018
 
 
 
 
 
 
Condensed Consolidated Statements of Shareholders' Equity for the Three Months Ended September 30, 2019 and 2018
 
 
 
 
 
 
Condensed Consolidated Statements of Cash Flows for the Three Months Ended September 30, 2019 and 2018
 
 
 
 
 
 
Notes to Condensed Consolidated Financial Statements
 
 
 
 
Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
 
 
 
 
Item 3.
Quantitative and Qualitative Disclosures About Market Risk
 
 
 
 
Item 4.
Controls and Procedures
 
 
 
 
 
Part II - Other Information
 
 
 
 
 
Item 1A.
Risk Factors
 
 
 
 
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
 
 
 
 
Item 6.
Exhibits
 
 
 
 
 
Signature
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Meredith Corporation and its consolidated subsidiaries are referred to in this Quarterly Report
 on Form 10-Q (Form 10-Q) as Meredith, the Company, we, our, and us.



PART I
FINANCIAL INFORMATION
 
Item 1.
Financial Statements
 

Meredith Corporation and Subsidiaries
Condensed Consolidated Balance Sheets
(Unaudited)

Assets
 
September 30, 2019
 
June 30, 2019
(In millions)
 
 
 
 
Current assets
 
 
 
 
Cash and cash equivalents
 
$
27.4


$
45.0

Accounts receivable, net
 
589.5


609.1

Inventories
 
66.1


62.7

Current portion of subscription acquisition costs
 
258.4


242.0

Assets held-for-sale
 
312.8

 
321.0

Other current assets
 
72.2


70.3

Total current assets
 
1,326.4

 
1,350.1

Property, plant, and equipment
 
893.2

 
897.9

Less accumulated depreciation
 
(448.2
)
 
(447.6
)
Net property, plant, and equipment
 
445.0

 
450.3

Operating lease assets
 
501.6

 

Subscription acquisition costs
 
291.5

 
273.9

Other assets
 
265.8

 
269.6

Intangible assets, net
 
1,785.6

 
1,813.6

Goodwill
 
1,979.4

 
1,979.4

Total assets
 
$
6,595.3

 
$
6,136.9


See accompanying Notes to Condensed Consolidated Financial Statements.

1






Meredith Corporation and Subsidiaries
Condensed Consolidated Balance Sheets (continued)
(Unaudited)

Liabilities, Redeemable Convertible Preferred Stock, and Shareholders' Equity
 
September 30, 2019
 
June 30, 2019
(In millions except per share data)
 
 
 
 
Current liabilities
 
 
 
 
Current portion of operating lease liabilities
 
$
37.4

 
$

Accounts payable
 
217.3

 
242.6

Accrued expenses and other liabilities
 
199.8

 
307.2

Current portion of unearned revenues
 
473.0

 
458.9

Liabilities associated with assets held-for-sale
 
243.4

 
252.1

Total current liabilities
 
1,170.9

 
1,260.8

Long-term debt
 
2,394.6

 
2,333.3

Operating lease liabilities
 
495.3

 

Unearned revenues
 
341.1

 
318.6

Deferred income taxes
 
519.2

 
506.2

Other noncurrent liabilities
 
200.9

 
203.2

Total liabilities
 
5,122.0

 
4,622.1

 
 
 
 
 
Redeemable, convertible Series A preferred stock, par value $1 per share, $1,000 per share liquidation preference
 
544.7

 
540.2

 
 
 
 
 
Shareholders' equity
 
 
 
 
Series preferred stock, par value $1 per share
 

 

Common stock, par value $1 per share
 
40.1

 
40.1

Class B stock, par value $1 per share
 
5.1

 
5.1

Additional paid-in capital
 
222.9

 
216.7

Retained earnings
 
711.2

 
759.0

Accumulated other comprehensive loss
 
(50.7
)
 
(46.3
)
Total shareholders' equity
 
928.6

 
974.6

Total liabilities, redeemable convertible preferred stock, and shareholders' equity
 
$
6,595.3

 
$
6,136.9


See accompanying Notes to Condensed Consolidated Financial Statements.

2


Meredith Corporation and Subsidiaries
Condensed Consolidated Statements of Earnings
(Unaudited)

Three months ended September 30,
2019
 
2018
(In millions except per share data)
 
 
 
Revenues
 
 
 
Advertising related
$
379.6

 
$
425.5

Consumer related
323.1

 
327.8

Other
22.5

 
21.1

Total revenues
725.2

 
774.4

Operating expenses
 
 
 
Production, distribution, and editorial
273.7

 
289.1

Selling, general, and administrative
330.8

 
350.3

Acquisition, disposition, and restructuring related activities
14.1

 
17.1

Depreciation and amortization
58.5

 
63.7

Impairment of long-lived assets
5.2

 

Total operating expenses
682.3

 
720.2

Income from operations
42.9

 
54.2

Non-operating income, net
8.6

 
7.3

Interest expense, net
(38.9
)
 
(41.6
)
Earnings from continuing operations before income taxes
12.6

 
19.9

Income tax expense
(0.5
)
 
(3.7
)
Earnings from continuing operations
12.1

 
16.2

Earnings (loss) from discontinued operations, net of income taxes
(6.0
)
 
0.8

Net earnings
$
6.1

 
$
17.0

 
 
 
 
Loss attributable to common shareholders
$
(13.9
)
 
$
(2.6
)
 
 
 
 
Basic earnings (loss) per share attributable to common shareholders
 
 
 
Continuing operations
$
(0.17
)
 
$
(0.07
)
Discontinued operations
(0.13
)
 
0.01

Basic loss per common share
$
(0.30
)
 
$
(0.06
)
Basic average common shares outstanding
45.6

 
45.1

 
 
 
 
Diluted earnings (loss) per share attributable to common shareholders
 
 
 
Continuing operations
$
(0.17
)
 
$
(0.07
)
Discontinued operations
(0.13
)
 
0.01

Diluted loss per common share
$
(0.30
)
 
$
(0.06
)
Diluted average common shares outstanding
45.6

 
45.1


See accompanying Notes to Condensed Consolidated Financial Statements.

3


Meredith Corporation and Subsidiaries
Condensed Consolidated Statements of Comprehensive Income
(Unaudited)

Three months ended September 30,
2019
 
2018
(In millions)
 
 
 
Net earnings
$
6.1

 
$
17.0

Other comprehensive loss, net of income taxes
 
 
 
Pension and other postretirement benefit plans activity
0.5

 
0.4

Unrealized foreign currency translation loss, net
(4.9
)
 
(2.3
)
Other comprehensive loss, net of income taxes
(4.4
)
 
(1.9
)
Comprehensive income
$
1.7

 
$
15.1


See accompanying Notes to Condensed Consolidated Financial Statements.


4


Meredith Corporation and Subsidiaries
Condensed Consolidated Statements of Shareholders' Equity
(Unaudited)

(In millions except per share data)
Common
Stock - $1
par value
Class B
Stock - $1
par value
Additional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Loss
 
Total
Balance at June 30, 2019
$
40.1

$
5.1

$
216.7

$
759.0

 
$
(46.3
)
 
$
974.6

Net earnings



6.1

 

 
6.1

Other comprehensive loss, net of income taxes




 
(4.4
)
 
(4.4
)
Shares issued under incentive plans, net of forfeitures
0.1


0.4


 

 
0.5

Purchases of Company stock
(0.1
)

(1.7
)

 

 
(1.8
)
Share-based compensation


7.5


 

 
7.5

Dividends paid
 
 
 
 
 
 
 
 
Common stock ($0.575 dividend per share)



(24.3
)
 

 
(24.3
)
Class B stock ($0.575 dividend per share)



(2.9
)
 

 
(2.9
)
Series A preferred stock ($22.19 dividend per share)



(14.4
)
 

 
(14.4
)
Accretion of Series A preferred stock



(4.5
)
 

 
(4.5
)
Transition adjustment for adoption of Accounting Standards Update 2016-02



(7.8
)
 

 
(7.8
)
Balance at September 30, 2019
$
40.1

$
5.1

$
222.9

$
711.2

 
$
(50.7
)
 
$
928.6


(In millions except per share data)
Common
Stock - $1
par value
Class B
Stock - $1
par value
Additional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Loss
 
Total
Balance at June 30, 2018
$
39.8

$
5.1

$
199.5

$
889.8

 
$
(36.7
)
 
$
1,097.5

Net earnings



17.0

 

 
17.0

Other comprehensive loss, net of income taxes




 
(1.9
)
 
(1.9
)
Stock issued under various incentive plans, net of forfeitures
0.2


0.9


 

 
1.1

Purchases of Company stock
(0.1
)

(3.1
)

 

 
(3.2
)
Share-based compensation


10.2


 

 
10.2

Dividends paid
 
 
 
 
 
 
 
 
Common stock ($0.545 dividend per share)



(23.0
)
 

 
(23.0
)
Class B stock ($0.545 dividend per share)



(2.8
)
 

 
(2.8
)
Series A preferred stock ($21.49 dividend per share)



(14.0
)
 

 
(14.0
)
Accretion of Series A preferred stock
 
 
 
(4.3
)
 
 
 
(4.3
)
Cumulative effect adjustment for adoption of Accounting Standards Update 2016-09



2.4

 

 
2.4

Balance at September 30, 2018
$
39.9

$
5.1

$
207.5

$
865.1

 
$
(38.6
)
 
$
1,079.0


See accompanying Notes to Condensed Consolidated Financial Statements.

5


Meredith Corporation and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(Unaudited)

Three months ended September 30,
2019
 
2018
(In millions)
 
 
 
Cash flows from operating activities
 
 
 
Net earnings
$
6.1

 
$
17.0

Adjustments to reconcile net earnings to net cash used in operating activities
 
 
 
Depreciation
19.8

 
24.9

Amortization
38.7

 
38.8

Non-cash lease expense
9.8

 

Share-based compensation
7.5

 
10.2

Deferred income taxes
13.1

 
(9.6
)
Amortization of original issue discount and debt issuance costs
1.7

 
2.2

Amortization of broadcast rights
4.9

 
5.4

Loss (gain) on sale of assets
1.1

 
(10.2
)
Write-down of impaired assets
9.5

 

Fair value adjustments to contingent consideration

 
(0.1
)
Changes in assets and liabilities, net of acquisitions
(125.7
)
 
(114.6
)
Net cash used in operating activities
(13.5
)
 
(36.0
)
Cash flows from investing activities
 
 
 
Acquisitions of and investments in businesses and assets, net of cash acquired
(14.5
)
 
(1.8
)
Proceeds from disposition of assets, net of cash sold
0.3

 
13.4

Additions to property, plant, and equipment
(15.9
)
 
(7.5
)
Net cash provided by (used in) investing activities
(30.1
)
 
4.1

Cash flows from financing activities
 
 
 
Proceeds from issuance of long-term debt
165.0

 

Repayments of long-term debt
(105.0
)
 
(200.0
)
Dividends paid
(41.6
)
 
(39.8
)
Purchases of Company stock
(1.8
)
 
(3.2
)
Proceeds from common stock issued
0.5

 
1.1

Payment of acquisition-related contingent consideration

 
(19.3
)
Financing lease payments
(0.7
)
 

Net cash provided by (used in) financing activities
16.4

 
(261.2
)
Effect of exchange rate changes on cash and cash equivalents
0.3

 
(1.7
)
Change in cash in assets held-for-sale
9.3

 
1.2

Net decrease in cash and cash equivalents
(17.6
)
 
(293.6
)
Cash and cash equivalents at beginning of period
45.0

 
437.6

Cash and cash equivalents at end of period
$
27.4

 
$
144.0


See accompanying Notes to Condensed Consolidated Financial Statements.

6


Meredith Corporation and Subsidiaries
 
Notes to Condensed Consolidated Financial Statements
 
(Unaudited)
 


1. Summary of Significant Accounting Policies

Basis of Presentation—The condensed consolidated financial statements include the accounts of Meredith Corporation and its wholly-owned and majority-owned subsidiaries (Meredith or the Company), after eliminating all significant intercompany balances and transactions. Meredith does not have any off-balance sheet arrangements.

The financial position and operating results of the Company's foreign operations are consolidated using primarily the local currency as the functional currency. Local currency assets and liabilities are translated at the rates of exchange as of the balance sheet date, and local currency revenues and expenses are translated at average rates of exchange during the period. Translation gains or losses on assets and liabilities are included as a component of accumulated other comprehensive loss.

The accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the United States Securities and Exchange Commission (SEC). Accordingly, they do not include all of the information and notes required by accounting principles generally accepted in the United States of America (U.S. GAAP) for complete financial statements. These condensed consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements, which are included in Meredith's Annual Report on Form 10-K (Form 10-K) for the year ended June 30, 2019, filed with the SEC.

The condensed consolidated financial statements as of September 30, 2019, and for the three months ended September 30, 2019 and 2018, are unaudited but, in management's opinion, include all adjustments necessary for a fair presentation of the results of interim periods. All such adjustments are of a normal recurring nature. The year-end condensed consolidated balance sheet as of June 30, 2019, was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP. The results of operations for interim periods are not necessarily indicative of the results to be expected for the entire fiscal year.

Reclassification—Certain prior year amounts have been reclassified to conform to the fiscal 2020 presentation.

Adopted Accounting Pronouncements

ASU 2016-02—In February 2016, the Financial Accounting Standards Board (FASB) issued an accounting standards update that replaces existing lease accounting standards. The new standard requires lessees to recognize on the balance sheet a right-of-use asset, representing its right to use the underlying asset for the lease term, and a lease liability for all leases with terms greater than 12 months. The guidance also requires qualitative and quantitative disclosures designed to assess the amount, timing, and uncertainty of cash flows arising from leases. Treatment of lease payments in the statement of earnings and statement of cash flows is relatively unchanged from previous guidance. This standard is required to be applied using a modified retrospective approach, which gives the option of applying the new guidance as of the effective date with enhanced disclosure requirements for comparative periods presented under prior lease guidance or applying the new standard at the beginning of the earliest comparative period presented. The FASB issued amendments to further clarify provisions of this guidance. The Company adopted the standard, including the amendments made since initial issuance, on July 1, 2019.

As the effective date was the date of initial application, prior-period financial information was not updated and disclosures required under the new standard are not provided for dates and periods before July 1, 2019. The Company elected the practical expedient package permitted under transition guidance, which allows prior conclusions about lease identification and initial direct costs to not be reassessed and historical lease classification to be carried forward. The hindsight practical expedient was not elected. Accounting policy elections were made to

7


exempt leases with an initial term of twelve months or less from balance sheet recognition and not separate lease and non-lease components for any asset classes in the current portfolio.

Upon adoption, $509.9 million and $541.0 million were recorded for operating lease assets and liabilities, respectively, which includes the impact to previously recorded liabilities associated with deferred rent and exit or disposal costs, and impairments of certain operating lease assets related to conditions that existed prior to adoption, which resulted in a decrease of $7.8 million to retained earnings as of July 1, 2019. The standard did not materially affect the Company’s condensed consolidated results of operations or cash flows. Refer to Note 5 for further information and required disclosures related to this standard.

ASU 2017-04—In January 2017, the FASB issued an accounting standards update that simplifies the subsequent measurement of goodwill by eliminating Step 2 of the goodwill impairment test. The Step 2 test requires an entity to calculate the implied fair value of goodwill to measure a goodwill impairment charge. Instead, an entity will record an impairment charge based on the excess of a reporting unit’s carrying value over its fair value determined in Step 1. This update also eliminates the qualitative assessment requirements for a reporting unit with zero or negative carrying value. The Company has elected to prospectively early adopt this guidance in the first quarter of fiscal 2020. The adoption did not have an impact on the condensed consolidated financial statements.


2. Acquisitions

On September 1, 2019, Meredith completed an asset acquisition of certain intangible assets of magazines.com, a website that promotes, markets, and sells print and electronic magazines subscriptions, for $15.9 million. The assets will be transitioned onto Meredith's digital platforms and integrated into the national media group's existing affinity marketing operations.

The following table provides details of the identifiable acquired intangible assets in the acquisition:

(In millions)
 
Intangible assets subject to amortization
 
Publisher relationships
$
7.8

Intangible assets not subject to amortization
 
Trademark
7.6

Internet domain name
0.5

Total intangible assets
$
15.9



The useful life of the publisher relationships is nine years.

On January 31, 2018, Meredith completed the acquisition of all the outstanding shares of Time Inc. (Time). In preparing its condensed consolidated financial statements for the three and nine months ended March 31, 2019, the Company identified errors in the accounting for certain magazine subscriptions in prior periods beginning at the time of the acquisition of Time. The errors were due to the incorrect coding of certain magazine subscriptions by Time, which resulted in the subscriptions being recorded on a net basis instead of a gross basis in the Company's national media segment.

As a result of these errors, consumer related revenue and selling, general, and administrative expense were understated on the Company's Condensed Consolidated Statements of Earnings. In accordance with Staff Accounting Bulletin (SAB) No. 99, Materiality, the Company calculated the effect of these errors and determined that they were not material, individually or in the aggregate, to previously issued financial statements and, therefore, amendment of previously filed reports was not required. As permitted by SAB No. 108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements, the Company corrected, in the third quarter of fiscal 2019, previously reported results.

8


In accordance with Accounting Standards Codification 250, Accounting Changes and Error Corrections, the effect of the correction on each financial statement line item for each period affected is as follows:

Condensed Consolidated Statements of Earnings
As Reported
Adjustment
As Adjusted
(In millions)
 
 
 
For the three months ended September 30, 2018
 
 
 
Consumer related revenue
$
315.3

$
12.5

$
327.8

Selling, general, and administrative expense
337.8

12.5

350.3




3. Inventories

Major components of inventories are summarized below.

(In millions)
September 30, 2019
 
June 30, 2019
Raw materials
 
$
34.3

 
$
42.7

Work in process
 
26.9

 
15.4

Finished goods
 
4.9

 
4.6

Inventories
 
$
66.1

 
$
62.7




4. Assets Held-for-Sale, Discontinued Operations, and Dispositions

Assets Held-for-Sale and Discontinued Operations

The Company announced after the acquisition of Time that it was exploring the sale of certain brands. In accordance with accounting guidance, a business that, on acquisition or within a short period following the acquisition (usually within three months), meets the criteria to be classified as held-for-sale is considered a discontinued operation. As all of the required criteria for held-for-sale classification were met, the assets and liabilities related to Sports Illustrated; FanSided, a Sports Illustrated Brand being marketed separately from Sports Illustrated; and Viant operations were included as assets held-for-sale and liabilities associated with assets held-for-sale in the Condensed Consolidated Balance Sheets as of June 30, 2019 and September 30, 2019. The second step of the two-step transaction to sell the Sports Illustrated brand was completed in October 2019 and the sale of Viant, excluding the investment in Xumo, was completed in November 2019. Management expects to sell FanSided and Xumo during fiscal 2020. The assets and liabilities that are deemed held-for-sale are classified as current based on the anticipated disposal date. The revenue and expenses of these businesses, as well as the revenues and expenses of the TIME and Fortune brands, which were sold in the second quarter of fiscal 2019, were included in loss from discontinued operations, net of income taxes on the Condensed Consolidated Statements of Earnings for the periods prior to their sales. All discontinued operations relate to the national media segment.


9


The following table presents the major components which are included in assets held-for-sale and liabilities associated with assets held-for-sale.

(in millions)
September 30, 2019
June 30, 2019
Current assets
 
 
Cash and cash equivalents
$
14.4

$
5.1

Accounts receivable, net
65.7

78.1

Inventories
0.1

0.1

Current portion of subscription acquisition costs
32.4

34.4

Other current assets
1.7

0.8

Total current assets
114.3

118.5

Net property, plant, and equipment
4.8

14.3

Operating lease assets
10.1


Subscription acquisition costs
13.3

19.2

Other assets
34.5

1.0

Intangible assets, net
43.9

43.9

Goodwill
91.9

124.1

Total assets held-for-sale
$
312.8

$
321.0

 
 
 
Current liabilities
 
 
Current portion of operating lease liabilities
$
3.8

$

Accounts payable
40.3

45.2

Accrued expenses and other liabilities
27.0

27.8

Current portion of unearned revenues
58.6

67.9

Deferred sale proceeds
72.4

73.2

Total current liabilities
202.1

214.1

Operating lease liabilities
7.3


Unearned revenues
34.0

37.6

Other noncurrent liabilities

0.4

Total liabilities associated with assets held-for-sale
$
243.4

$
252.1



10


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

Three months ended September 30,
2019
 
2018
(In millions except per share data)
 
 
 
Revenues
$
85.5

 
$
123.7

Costs and expenses
(86.7
)
 
(116.3
)
Impairment of goodwill
(4.2
)
 

Interest expense
(1.2
)
 
(6.4
)
Earnings (loss) before income taxes
(6.6
)
 
1.0

Income tax benefit (expense)
0.6

 
(0.2
)
Earnings (loss) from discontinued operations, net of income taxes
$
(6.0
)
 
$
0.8

Earnings (loss) per share from discontinued operations
 
 
 
Basic
$
(0.13
)
 
$
0.01

Diluted
(0.13
)
 
0.01



The Company does not allocate interest to discontinued operations unless the interest is directly attributable to the discontinued operations or is interest on debt that is required to be repaid as a result of the disposal transaction. Interest expense included in discontinued operations reflects an estimate of interest expense related to the debt that will be repaid with the proceeds from the sales of FanSided and the investments in Viant and Xumo.

The discontinued operations did not have depreciation, amortization, or significant non-cash investing items for the three months ended September 30, 2019 or 2018. Share-based compensation expense related to discontinued operations was minimal for the three months ended September 30, 2019 and $0.5 million for the three months ended September 30, 2018 and is included in the calculation of net cash used in operating activities in the Condensed Consolidated Statements of Cash Flows.

Dispositions

In May 2019, the first step of a two-step transaction to sell Sports Illustrated was completed. At the time of first close, $90.0 million was received from the buyer. Simultaneously, the Company entered into an agreement to license back a portion of the Sports Illustrated brand to continue operating the publishing business. Although, under the agreement certain assets of the brand were sold for legal and tax purposes, because the Company retained control of the publishing business until the second close, the legal transfer of those assets has not been presented as a sale within the condensed consolidated financial statements. At the time of the second close, Meredith will owe the buyer $11.6 million for accounts receivable and accounts payable retained by Meredith, and a working capital true-up estimated to be approximately $0.7 million. This second close took place on October 3, 2019. Based on the selling price of Sports Illustrated, an impairment of goodwill for the Sports Illustrated brand of $4.2 million was recorded in the first quarter of fiscal 2020. No significant additional gain or loss is expected to be recognized upon the second close. Meredith entered into support services agreements with the buyer parties upon second close.

During the second quarter of fiscal 2019, Meredith closed on sales of the TIME and Fortune brands to unrelated third parties. Meredith continued to provide accounting, finance, human resources, information technology, and certain support services for a short period of time under Transition Services Agreements (TSA) with each buyer. In addition, Meredith continues to provide consumer marketing, subscription fulfillment, paper purchasing, printing, and other services under Outsourcing Agreements (OA) with each buyer. The services performed under the OAs have varying terms ranging from one to four years. Income of $3.0 million for the three months ended September 30, 2019, earned from performing services under the OAs is recorded in other revenue in the Condensed Consolidated Statements of Earnings while income of $1.9 million for the three months ended September 30, 2019, earned from performing services under the TSAs is recorded as a reduction of selling, general, and administrative expenses in the Condensed Consolidated Statements of Earnings.

11


5. Leases

Meredith's lessee portfolio is primarily comprised of real estate leases for the use of office space, land, and station facilities. The portfolio also contains leases for equipment, vehicles, and antenna and transmitter sites. Meredith determines whether an arrangement contains a lease at inception.

Lease assets and liabilities are recognized upon commencement of the lease based on the present value of the future minimum lease payments over the lease term. The lease term includes options to extend the lease when it is reasonably certain that the Company will exercise that option. The remaining terms of the leases are 1 to 23 years.

The Company generally utilizes its incremental borrowing rate based on information available at the commencement of the lease in determining the present value of future payments since the implicit rate for most of the Company's leases is not readily determinable. The incremental borrowing rate as of July 1, 2019, was utilized for the initial measurement of operating lease liabilities upon adoption of the new leasing standard and for new leases entered into during the quarter ended September 30, 2019.

Variable lease expense includes rental increases that are not fixed, such as those based on a consumer price index, and amounts paid to the lessor based on cost or consumption, such as maintenance and utilities.

Leases entered into that have not yet commenced were not significant at September 30, 2019.

Operating Leases

The total lease cost for operating leases included within selling, general, and administrative line in the Condensed Consolidated Statements of Earnings was as follows:

Three months ended September 30, 2019
 
(In millions)
 
Operating lease cost
$
16.8

Variable lease cost
0.6

Short term lease cost
0.1

Sublease income
(1.9
)
Total lease cost
$
15.6



The table below presents supplemental information related to operating leases:

Three months ended September 30, 2019
 
(In millions except for lease term and discount rate)
 
Operating cash flows for operating leases
$
16.7

Noncash lease liabilities arising from obtaining operating lease assets
2.9

Weighted average remaining lease term (in years)
11.6

Weighted average discount rate
5.3
%



12


Maturities of operating lease liabilities as of September 30, 2019 were as follows:

Years ending June 30,
 
(In millions)
 
2020
$
48.1

2021
62.6

2022
61.4

2023
60.6

2024
61.7

Thereafter
427.4

Total lease payments
721.8

Less: Interest
(189.1
)
Present value of lease liabilities
$
532.7



Future minimum lease payments under operating leases as of June 30, 2019, were as follows:

 
Payments Due In
 
Years ending June 30,
2020

2021

2022

2023

2024

Thereafter

Total

(In millions)
 
 
 
 
 
 
 
Operating leases
$
61.3

$
57.5

$
54.9

$
52.4

$
52.8

$
397.7

$
676.6



Future minimum operating lease payments have been reduced by estimated future minimum sublease income of $7.7 million in fiscal 2020, $8.7 million in fiscal 2021, $9.3 million in fiscal 2022, $9.1 million in fiscal 2023, $9.5 million in fiscal 2024 and $24.2 million thereafter.

Finance Leases

Meredith holds finance leases related to a broadcast tower and certain equipment with remaining terms ranging between four and seven years. Finance lease assets of $3.8 million were recorded in property, plant, and equipment, and current finance lease liabilities of $0.7 million and long-term finance lease liabilities of $3.3 million were recorded in accrued expenses and other liabilities and other noncurrent liabilities, respectively, in the Condensed Consolidated Balance Sheets at September 30, 2019.

For the three months ended September 30, 2019, $0.1 million of interest expense and $0.2 million of amortization were recorded within interest expense, net and depreciation and amortization, respectively, on the Condensed Consolidated Statements of Earnings. Operating cash flows of $0.1 million and financing cash flows of $0.7 million were also incurred during the three-month period. As of September 30, 2019, the finance leases have a weighted average remaining term of 5.8 years and weighted average interest rate of 6.7 percent.

Lessor Activities

The Company has several agreements to lease space to third parties on its owned broadcast towers. These leases all meet the operating lease criteria. The associated rental revenue on these leases is recorded in other revenue on the Condensed Consolidated Statements of Earnings, which was $0.2 million for the three months ended September 30, 2019.



13


6. Intangible Assets and Goodwill

Intangible assets consisted of the following:
 
September 30, 2019
 
 
June 30, 2019
(In millions)
Gross
Amount
 
Accumulated
Amortization
 
Net
Amount
 
 
Gross
Amount
 
Accumulated
Amortization
 
Net
Amount
Intangible assets
   subject to amortization
 
 
 
 
 
 
 
 
 
 
 
 
National media
 
 
 
 
 
 
 
 
 
 
 
 
Advertiser relationships
$
211.0

 
$
(117.3
)
 
$
93.7

 
 
$
213.3

 
$
(102.0
)
 
$
111.3

Publisher relationships
132.8

 
(29.9
)
 
102.9

 
 
125.0

 
(25.4
)
 
99.6

Partner relationships
98.2

 
(26.6
)
 
71.6

 
 
98.2

 
(22.7
)
 
75.5

Customer relationships
67.5

 
(54.2
)
 
13.3

 
 
67.5

 
(46.3
)
 
21.2

Other
21.5

 
(14.1
)
 
7.4

 
 
23.2

 
(14.9
)
 
8.3

Local media
 
 
 
 
 
 
 
 
 
 
 
 
Network affiliation agreements
229.3

 
(156.7
)
 
72.6

 
 
229.3

 
(155.1
)
 
74.2

Advertiser relationships
12.5

 
(6.9
)
 
5.6

 
 
12.5