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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 endedMarch 31, 2021
Commission file number 1-5128

MEREDITH CORPORATION
(Exact name of registrant as specified in its charter)
Iowa42-0410230
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
1716 Locust Street,Des Moines,Iowa50309-3023
(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 classTrading SymbolName of each exchange on which registered
Common Stock, par value $1MDPNew 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 þ   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 þ   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 þ     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 þ

Indicate the number of shares outstanding of each of the issuers classes of common stock, as of the latest practicable date.
Shares of stock outstanding at March 31, 2021
Common shares40,591,760 
Class B shares5,066,549 
Total common and class B shares45,658,309 

















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TABLE OF CONTENTS
Page
Part I - Financial Information
Item 1.Financial Statements (Unaudited)
Condensed Consolidated Balance Sheets as of March 31, 2021 and June 30, 2020
Condensed Consolidated Statements of Earnings (Loss) for the Three and Nine Months Ended March 31, 2021 and 2020
Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Nine Months Ended March 31, 2021 and 2020
Condensed Consolidated Statements of Shareholders’ Equity for the Three and Nine Months Ended March 31, 2021 and 2020
Condensed Consolidated Statements of Cash Flows for the Nine Months Ended March 31, 2021 and 2020
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, us, and our.



PART IFINANCIAL INFORMATION
Item 1.Financial Statements
Meredith Corporation and Subsidiaries
Condensed Consolidated Balance Sheets
(Unaudited)
AssetsMarch 31, 2021June 30,
2020
(In millions except per share data)
Current assets
Cash and cash equivalents$230.7 $132.4 
Accounts receivable, net486.4 461.9 
Inventories28.9 34.2 
Current portion of subscription acquisition costs205.5 213.2 
Other current assets61.4 43.1 
Total current assets1,012.9 884.8 
Property, plant, and equipment899.0 883.3 
Less accumulated depreciation(531.0)(483.4)
Net property, plant, and equipment368.0 399.9 
Operating lease assets379.8 404.6 
Subscription acquisition costs181.0 221.6 
Other assets290.0 232.4 
Intangible assets, net1,568.3 1,647.5 
Goodwill1,719.2 1,719.3 
Total assets$5,519.2 $5,510.1 
Liabilities and Shareholders Equity
Current liabilities
Current portion of long-term debt$4.1 $4.1 
Current portion of operating lease liabilities36.1 35.2 
Accounts payable141.7 121.1 
Accrued expenses and other liabilities188.5 168.1 
Current portion of unearned revenues376.2 403.2 
Total current liabilities746.6 731.7 
Long-term debt2,740.2 2,981.8 
Operating lease liabilities441.2 466.7 
Unearned revenues223.7 267.5 
Deferred income taxes468.6 463.8 
Other noncurrent liabilities205.0 210.4 
Total liabilities4,825.3 5,121.9 
Shareholders equity
Series preferred stock, par value $1 per share
  
Common stock, par value $1 per share
40.5 40.3 
Class B stock, par value $1 per share
5.1 5.1 
Additional paid-in capital243.0 227.6 
Retained earnings469.6 197.6 
Accumulated other comprehensive loss(64.3)(82.4)
Total shareholders equity
693.9 388.2 
Total liabilities and shareholders equity
$5,519.2 $5,510.1 
See accompanying Notes to Condensed Consolidated Financial Statements.
1


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

Three MonthsNine Months
Periods ended March 31,2021202020212020
(In millions except per share data)
Revenues
Advertising related$303.6 $332.1 $1,187.2 $1,139.0 
Consumer related339.4 345.6 1,016.1 1,017.6 
Other21.5 24.0 56.2 80.8 
Total revenues664.5 701.7 2,259.5 2,237.4 
Operating expenses
Production, distribution, and editorial252.2 257.4 759.8 811.2 
Selling, general, and administrative302.7 294.2 946.5 963.4 
Acquisition, disposition, and restructuring related activities(85.8)6.5 (67.5)20.1 
Depreciation and amortization35.6 53.5 134.4 170.6 
Impairment of goodwill and other long-lived assets 384.1  389.3 
Total operating expenses504.7 995.7 1,773.2 2,354.6 
Income (loss) from operations159.8 (294.0)486.3 (117.2)
Non-operating income (expense), net2.1 (2.4)7.9 (1.0)
Interest expense, net(54.1)(36.6)(140.7)(112.4)
Earnings (loss) from continuing operations before income taxes107.8 (333.0)353.5 (230.6)
Income tax benefit (expense)(28.7)43.6 (83.6)15.4 
Earnings (loss) from continuing operations79.1 (289.4)269.9 (215.2)
Gain (loss) from discontinued operations, net of income taxes 5.0  (25.3)
Net earnings (loss)$79.1 $(284.4)$269.9 $(240.5)
Diluted earnings (loss) attributable to common shareholders$75.0 $(304.1)$256.3 $(300.0)
Basic earnings (loss) per share attributable to common shareholders
Continuing operations$1.62 $(6.76)$5.55 $(6.01)
Discontinued operations 0.11  (0.56)
Basic earnings (loss) per common share$1.62 $(6.65)$5.55 $(6.57)
Basic average common shares outstanding46.3 45.7 46.2 45.7 
Diluted earnings (loss) per share attributable to common shareholders
Continuing operations$1.61 $(6.76)$5.53 $(6.01)
Discontinued operations 0.11  (0.56)
Diluted earnings (loss) per common share$1.61 $(6.65)$5.53 $(6.57)
Diluted average common shares outstanding46.7 45.7 46.3 45.7 

See accompanying Notes to Condensed Consolidated Financial Statements.
2


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

Three MonthsNine Months
Periods ended March 31,2021202020212020
(In millions)
Net earnings (loss)$79.1 $(284.4)$269.9 $(240.5)
Other comprehensive income (loss)
Pension and other postretirement benefit plans activity, net of income taxes0.2 0.4 (2.4)1.3 
Foreign currency translation adjustment1.7 (9.4)20.5 (5.1)
Total other comprehensive income (loss)1.9 (9.0)18.1 (3.8)
Comprehensive income (loss)$81.0 $(293.4)$288.0 $(244.3)

See accompanying Notes to Condensed Consolidated Financial Statements.

3


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
Income (Loss)
Total
Balance at June 30, 2020$40.3 $5.1 $227.6 $197.6 $(82.4)$388.2 
Net earnings— — — 42.3 — 42.3 
Other comprehensive income, net of income taxes— — — — 7.1 7.1 
Shares issued under incentive plans, net of forfeitures0.1 — 0.3 — — 0.4 
Purchases of Company stock— — (0.4)— — (0.4)
Share-based compensation— — 8.8 — — 8.8 
Cumulative effect adjustment for adoption of Accounting Standards Update 2016-13
— — — 2.1 — 2.1 
Balance at September 30, 202040.4 5.1 236.3 242.0 (75.3)448.5 
Net earnings— — — 148.5 — 148.5 
Other comprehensive income, net of income taxes— — — — 9.1 9.1 
Shares issued under incentive plans, net of forfeitures0.2 — 0.3 — — 0.5 
Purchases of Company stock(0.1)— (0.4)— — (0.5)
Share-based compensation— — 3.8 — — 3.8 
Balance at December 31, 202040.5 5.1 240.0 390.5 (66.2)609.9 
Net earnings— — — 79.1 — 79.1 
Other comprehensive income, net of income taxes— — — — 1.9 1.9 
Shares issued under various incentive plans, net of forfeitures — 0.6 — — 0.6 
Purchases of Company stock— — (0.4)— — (0.4)
Share-based compensation— — 2.8 — — 2.8 
Balance at March 31, 2021$40.5 $5.1 $243.0 $469.6 $(64.3)$693.9 

See accompanying Notes to Condensed Consolidated Financial Statements.

4


Meredith Corporation and Subsidiaries
Condensed Consolidated Statements of Shareholders’ Equity (Continued)
(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
Income (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)
Stock issued under various incentive plans, net of forfeitures0.1 — 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)
Cumulative effect adjustment for adoption of Accounting Standards Update 2016-02
— — — (7.8)— (7.8)
Balance at September 30, 201940.1 5.1 222.9 711.2 (50.7)928.6 
Net earnings— — — 37.8 — 37.8 
Other comprehensive income, net of income taxes— — — — 9.6 9.6 
Stock issued under various incentive plans, net of forfeitures0.1 — 0.5 — — 0.6 
Purchases of Company stock— — (2.4)— — (2.4)
Share-based compensation— — 2.2 — — 2.2 
Dividends paid
Common stock ($0.575 dividend per share)
— — — (24.5)— (24.5)
Class B stock ($0.575 dividend per share)
— — — (3.0)— (3.0)
Series A preferred stock ($21.72 dividend per share)
— — — (14.1)— (14.1)
Accretion of Series A preferred stock— — — (4.5)— (4.5)
Balance at December 31, 201940.2 5.1 223.2 702.9 (41.1)930.3 
Net loss— — — (284.4)— (284.4)
Other comprehensive loss, net of income taxes— — — — (9.0)(9.0)
Stock issued under various incentive plans, net of forfeitures0.1 — 0.3 — — 0.4 
Purchases of Company stock— — (0.5)— — (0.5)
Share-based compensation— — 2.2 — — 2.2 
Dividends paid
Common stock ($0.595 dividend per share)
— — — (25.3)— (25.3)
Class B stock ($0.595 dividend per share)
— — — (3.0)— (3.0)
Series A preferred stock ($21.49 dividend per share)
— — — (14.0)— (14.0)
Accretion of Series A preferred stock— — — (4.6)— (4.6)
Balance at March 31, 2020$40.3 $5.1 $225.2 $371.6 $(50.1)$592.1 

See accompanying Notes to Condensed Consolidated Financial Statements.
5


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

Nine months ended March 31,20212020
(In millions)
Cash flows from operating activities
Net earnings (loss)
$269.9 $(240.5)
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities
Depreciation55.2 59.0 
Amortization79.2 111.6 
Non-cash lease expense26.6 29.3 
Share-based compensation15.4 11.9 
Deferred income taxes2.7 (52.7)
Amortization of original issue discount and debt issuance costs9.5 5.1 
Amortization of broadcast rights12.2 14.3 
Gain on sale of assets, net
(100.1)(18.0)
Loss on extinguishment of debt11.9  
Write-down of impaired assets 405.3 
Changes in assets and liabilities, net of acquisitions(44.7)(142.3)
Net cash provided by operating activities337.8 183.0 
Cash flows from investing activities
Acquisitions of and investments in businesses and assets, net of cash acquired (23.1)
Net proceeds from disposition of assets, net of cash sold44.6 79.2 
Additions to property, plant, and equipment(25.6)(45.6)
Other4.1  
Net cash provided by investing activities23.1 10.5 
Cash flows from financing activities
Proceeds from issuance of long-term debt 375.0 
Repayments of long-term debt(261.7)(375.0)
Dividends paid (125.5)
Purchases of Company stock(1.3)(4.7)
Proceeds from common stock issued1.5 1.5 
Payment of acquisition-related contingent consideration(1.0) 
Financing lease payments(0.7)(0.8)
Net cash used in financing activities(263.2)(129.5)
Effect of exchange rate changes on cash and cash equivalents0.6 (0.5)
Change in cash in assets held-for-sale (5.1)
Net increase in cash and cash equivalents98.3 58.4 
Cash and cash equivalents at beginning of period132.4 45.0 
Cash and cash equivalents at end of period$230.7 $103.4 

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 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 for the year ended June 30, 2020, filed with the SEC.

The condensed consolidated financial statements as of March 31, 2021, and for the three and nine months ended March 31, 2021 and 2020, 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, 2020, 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. Interim results may vary significantly as the economic impact of the COVID-19 pandemic continues to evolve. The extent to which the evolving COVID-19 pandemic impacts the Company’s condensed consolidated financial statements will depend on a number of factors, including the magnitude and duration of the pandemic. There remains risk that COVID-19 could have material adverse impacts on future revenue growth as well as overall profitability.

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.

Adopted Accounting Pronouncements

ASU 2016-13—In June 2016, the Financial Accounting Standards Board (FASB) issued a standard that replaced the then current incurred loss methodology for recognizing credit losses with a current expected credit loss methodology. Under this standard, the establishment of an allowance for credit losses reflects all relevant information about past events, current conditions, and reasonable supportable forecasts rather than delaying the recognition of the full amount of a credit loss until the loss is probable of occurring. The new standard changed the impairment model for most financial assets and certain other instruments, including trade receivables. The Company implemented the new standard on July 1, 2020, on a modified retrospective basis. The adoption of this standard resulted in a decrease in the allowance for doubtful accounts of $2.8 million and an increase in deferred tax liabilities of $0.7 million, with a corresponding increase in retained earnings of $2.1 million. This standard did not have a material impact on the Company’s condensed consolidated financial statements and related disclosures upon adoption.

ASU 2018-13—In August 2018, the FASB issued an accounting standards update which changed the fair value measurement disclosure requirements. The update removes, modifies, and adds certain additional disclosures. The Company adopted this pronouncement in the first quarter of fiscal 2021. The adoption required additional disclosure on the Company’s Level 3 measurements as defined in Note 9. There were no other impacts to the Company’s condensed consolidated financial statements.
7


ASU 2019-02—In March 2019, the FASB issued an accounting standards update that aligned the accounting for production costs of episodic television series with the accounting for production costs of films. In addition, the update modified certain aspects of the capitalization, impairment, presentation, and disclosure requirements in the accounting standards for entities in the film and broadcast entertainment industries. The update was prospectively adopted in the first quarter of fiscal 2021. Due to existing Company policies and the nature of its episodic television series, the update had no impact on the Company’s condensed consolidated financial statements.

ASU 2020-09—In October 2020, the FASB issued an accounting standards update to formally codify the new disclosure requirements of an SEC final rule issued in March 2020 related to certain registered securities under SEC Regulation S-X, Rule 3-10 (Rule 3-10). The most pertinent portions of the final rule applicable to the Company included: (i) replacing the previous requirement under Rule 3-10 to provide condensed consolidated financial information in the registrant’s financial statements with a requirement to provide alternative financial disclosures (which include summarized financial information of the parent and any issuers and guarantors, as well as other qualitative disclosures) in either the registrant’s Management Discussion & Analysis section or its financial statements; and, (ii) reducing the periods for which summarized financial information is required to the most recent annual period and year-to-date interim period. The final rule was effective for filings on or after January 4, 2021. The Company elected to early-adopt the provisions of the final rule during the third quarter of fiscal 2020 and elected to provide the summarized financial information in Item II, Management’s Discussion and Analysis of Financial Condition and Results of Operations.

ASU 2020-10—In October 2020, the FASB issued an accounting standards update containing codification improvements. These improvements include providing a consistent location for disclosure guidance and providing clarification to other certain guidance sections. The Company early adopted this guidance retrospectively as of July 1, 2020. The early adoption of this guidance did not materially impact the Company’s condensed consolidated financial statements.


2. Inventories

Major components of inventories are summarized below.

(In millions)March 31, 2021June 30, 2020
Raw materials$14.1 $21.0 
Work in process12.4 10.6 
Finished goods2.4 2.6 
Inventories$28.9 $34.2 


3. Discontinued Operations and Dispositions

Discontinued Operations

Shortly after the Company’s acquisition of Time Inc. in fiscal 2018, it announced the planned sale of certain brands and investments. Several of these brands and investments were held during fiscal 2020, and all sales were completed by the end of the third quarter of fiscal 2020. The revenues and expenses of these businesses were included in the gain (loss) from discontinued operations, net of income taxes line on the Condensed Consolidated Statements of Earnings (Loss) for the periods prior to their sales. The second step of the two-step transaction to sell the Sports Illustrated brand and the sale of Viant were completed in October 2019. There was a gain of $3.0 million recognized on these sales in the second quarter of fiscal 2020. 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. FanSided was sold in January 2020 to an unrelated third party for $16.4 million, and the investment in Xumo
8


was sold to an unrelated third party in February 2020 for $37.4 million. There was a gain of $8.6 million recognized on these sales in the third quarter of fiscal 2020. Based on the selling price of FanSided, an impairment of goodwill for the FanSided brand of $11.8 million was recorded in the second quarter of fiscal 2020. All discontinued operations related to the national media segment.

Amounts applicable to discontinued operations on the Condensed Consolidated Statements of Earnings (Loss) were as follows:

Periods ended March 31, 2020Three MonthsNine Months
(In millions except per share data)
Revenues$1.3 $112.1 
Costs and expenses(1.0)(108.6)
Impairment of goodwill (16.0)
Interest expense(0.1)(2.1)
Gain on disposal9.3 12.3 
Earnings (loss) before income taxes9.5 (2.3)
Income tax expense(4.5)(23.0)
Gain (loss) from discontinued operations, net of income taxes$5.0 $(25.3)
Gain (loss) per share from discontinued operations
Basic$0.11 $(0.56)
Diluted0.11 (0.56)

The Company did not allocate interest to discontinued operations unless the interest was directly attributable to the discontinued operations or was interest on debt that was required to be repaid as a result of the disposal transaction. Interest expense included in discontinued operations reflected an estimate of interest expense related to the debt that was repaid with the proceeds from the sales of the businesses.

The discontinued operations did not have depreciation, amortization, or significant non-cash investing items for the nine months ended March 31, 2020. Share-based compensation expense related to discontinued operations was a benefit of $0.8 million for the nine months ended March 31, 2020, due to the forfeiture of stock compensation upon sale, and is included in the calculation of net cash provided by operating activities on the Condensed Consolidated Statements of Cash Flows.

Dispositions

In January 2021, Meredith sold the Travel + Leisure trademark and other related assets, including the Travel + Leisure travel clubs, to an unrelated third party for $100.0 million, which included $35.0 million of cash at closing and a non-interest bearing note receivable of $65.0 million. Payments on the note receivable are due annually starting on June 30, 2021, and will be completed by June 30, 2024. The $65.0 million note receivable was discounted by $3.7 million utilizing an interest rate reflecting the borrower’s specific credit risk. The sale resulted in a gain of $97.6 million, which was recorded in the acquisition, disposition, and restructuring related activities line on the Condensed Consolidated Statements of Earnings (Loss). Meredith entered into a 30-year royalty-free licensing relationship to license back the Travel + Leisure brand and continues to publish the magazine and operate the Travel + Leisure media platforms. Refer to Note 4 for additional information related to the intangible assets associated with this sale.

In October 2019, Meredith sold the Money brand to an unrelated third party for $24.9 million, which resulted in a gain on sale of $8.3 million. This gain was recorded in the acquisition, disposition, and restructuring related activities line on the Condensed Consolidated Statements of Earnings (Loss).

9


Meredith continued to provide accounting, finance, human resources, information technology, and certain support services for a short period of time under Transition Services Agreements (TSAs) with certain buyers. In addition, Meredith continues to provide consumer marketing, information technology, subscription fulfillment, paper purchasing, printing, and other services under Outsourcing Agreements (OAs) with certain buyers. The remaining OAs have terms of up to approximately three years, subject to renewal. Income of $0.4 million and $1.4 million for the three months ended, and $1.9 million and $7.4 million for the nine months ended March 31, 2021 and 2020, respectively, earned from performing services under the OAs was recorded in the other revenue line on the Condensed Consolidated Statements of Earnings (Loss). Income of less than $0.1 million and $1.8 million for the three months ended, and $0.1 million and $10.8 million for the nine months ended March 31, 2021 and 2020, respectively, earned from performing services under the TSAs was recorded as a reduction to the selling, general, and administrative expense line on the Condensed Consolidated Statements of Earnings (Loss).


4. Intangible Assets and Goodwill

Intangible assets consisted of the following: